<div class=newsTextDataWrapInner><p dir="ltr">KUALA LUMPUR (Oct 27): Kossan Holdings (M) Sdn Bhd, the largest shareholder of Kossan Rubber Industries Bhd, has emerged as the substantial shareholder in Luxchem Corp Bhd, after acquiring 6.09 million shares, or a 0.569% stake.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p dir="ltr">According to Luxchem’s filing, Kossan Holdings bought the block of shares via direct business transaction on Wednesday (Oct 25). Based on the back-of-the envelope calculation, the cost&nbsp;of this purchase was RM2.86 million, based on Luxchem’s closing price of 47 sen at the time.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p dir="ltr">This raised Kossan’s shareholding in Luxchem to 5.168% or 55.29 million shares. Prior to the transaction, Kossan Holdings held a 4.599% stake or 49.2 million shares in the group.&nbsp;</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p dir="ltr">Kossan Holdings — which is controlled by founder Tan Sri Lim Kuang Sia and directors, including his three sibblings Lim Kuang Wang, Lim Kuang Yong and Lim Leng Bung — is the second largest shareholder in Luxchem, after Chemplex Resources Sdn Bhd (38.92% stake).&nbsp;</p></div>

<div class=newsTextDataWrapInner><p dir="ltr">Shares of Luxchem closed up one sen or 2.13% at 48 sen on Friday, valuing the group at RM508.07 million.&nbsp;</p></div>


KUALA LUMPUR (Oct 27): Kossan Holdings (M) Sdn Bhd, the largest shareholder of Kossan Rubber Industries Bhd, has emerged as the substantial shareholder in Luxchem Corp Bhd, after acquiring 6.09 million shares, or a 0.569% stake.

Kossan’s founding Lim family emerges as Luxchem’s substantial shareholder

An infected blood scandal in Britain was no accident but the fault of doctors and a succession of governments that led to 3,000 deaths and thousands more contracting hepatitis or HIV, a public inquiry reported on Monday.

UK's infected blood scandal could and should have been avoided, inquiry finds

Wheat is one of the world’s most-vital crops. The grain is used in staples like bread, couscous, chapatis and noodles — and high prices for the commodity have a long history of kickstarting unrest.

US wheat comes to rescue market plagued by Russian shortfall

The cancellation of the permit for popular comedian Sharul Channa to perform in Malaysia by the Central Agency for Application for Filming and Performance by Foreign Artistes (Puspal) was made after taking into account police reports lodged over an old video of hers that allegedly touched on race, religion, and royalty (3R) issues, says Communications Minister Fahmi Fadzil.

Cancellation of Sharul Channa's permit took into account police reports on video related to 3R issues — Fahmi

KUALA LUMPUR (May 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Hubline, Public Bank, Batu Kawan, KLK, Menang Corp, Kotra, Media Chinese, FGV, Magma Binasta, Bright Packaging, Annum, Pertama 

China is committed to deepening collaboration with Malaysia across various fields including economics, cultural exchange, tourism, education, and science and technology, said Chinese ambassador to Malaysia Ouyang Yujing.

China ready to broaden partnership with Malaysia across various fields — envoy

Malaysia and the People's Republic of China have achieved significant milestones in the half-century of diplomatic relations, said Deputy Communications Minister Teo Nie Ching.

Malaysia-China diplomatic relations have achieved significant milestones, says Teo

Annum Bhd’s (KL:ANNUM) largest shareholder, Datuk Seri Chin Kok Foong, has disposed of his entire 14.83% stake in the Practice Note 17 (PN17) wood-based products manufacturer.

Annum’s largest shareholder Chin Kok Foong exits group after selling 15% stake to Ageson's Larry Liew

Iranian President Ebrahim Raisi's death in a helicopter crash upsets the plans of hardliners who wanted him to succeed Supreme Leader Ayatollah Ali Khamenei and will stir rivalries in their camp over who will take over the Islamic Republic when he dies.

Death of Iran's Raisi could stir race for Khamenei succession, say insiders 

A court in Sabah has struck out a man’s claim for RM24.92 million damages against FGV Holdings Bhd (KL:FGV) for alleged fraudulent transactions and trespass relating to land in the state held under a native title.

Court strikes out man’s RM25 mil trespassing suit against FGV

Engineering, procurement, commissioning and construction (EPCC) work has yet to begin on Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) thermal power plant project in Vietnam, said Sunway Construction Group Bhd's (KL:SUNCON) stock exchange disclosure on Monday.

EPCC work yet to start on Toyo’s Song Hau power plant, says SunCon

<p>The High Court has ordered former Mara Corp chief executive officer (CEO) Datuk Badlisyah Abdul Ghani to pay the firm RM3.4 million after finding him guilty for breach of duty during his three-month term with the company, which is the investment and commercial arm of Majlis Amanah Rakyat.</p>


Former Mara Corp CEO ordered to pay RM3.4m to company for breach of duty

<p>A senior banker from Maybank Investment Bank Bhd, Kevin Davies, is said to be moving to smaller-sized rival RHB Investment Bank Bhd to take on the CEO role, according to at least three industry sources.</p>

<p>“The move is subject to regulatory approvals,” one of the sources tells The Edge.</p...

Maybank senior banker Kevin Davies said to be headed to RHB

<p>Bumiputera-mandated agencies under the Ministry of Economy will move away from giving out ‘free money’ or grants, to focus on providing financial leverage and assistance for business expansion, its minister Rafizi Ramli said on Monday.</p>


Bumiputera agencies to move away from giving out 'free money', says Rafizi

<p>The government has decided to once again extend the freeze on foreign worker applications, according to Home Minister Datuk Seri Saifuddin Nasution Ismail.</p>


Govt extends freeze on foreign worker applications, no new quota

<p>TWO days can mean a lot in the world of high finance. The minority shareholders of Kuchai Development Bhd (KL:KUCHAI) learnt this the hard way.</p>

<p>Last Tuesday, the shareholders of Kuchai approved a transaction to dispose of all the assets and liabilities in the company to Sungei Bagan Rub...

Kuchai shareholders missed out on bonanza by a mere two days 

<p>Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labour costs and a disastrous unlimited shrimp promotion.<br />
&nbsp;<br />
The Orlando, Florida-based company filed for Chapter 11 protection on Sunday (May 19), listing assets and liabilities of US$1 billion (RM4.68 billion) to US$10 billion each in its bankruptcy petition. The filing allows the company to keep operating while it works out a plan to repay creditors.&nbsp;</p>


Red Lobster chain goes bankrupt after unlimited shrimp deal

<p>Kuala Lumpur Kepong Bhd (KL:KLK), Malaysia’s third-largest palm oil producer by acreage, said on Monday its net profit fell 39% in the second quarter as the same quarter in the previous year was partly inflated by disposal gains.</p>


KLK, Batu Kawan post lower 2Q earnings despite improved performance by plantation segment

<p>Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high.</p>


Menang declares six sen special dividend as earnings rises to six-year high

<p>Putrajaya is expected to roll out the multi-tier levy mechanism (MTLM) for foreign workers in January next year, according to Human Resources Minister&nbsp;Steven Sim Chee Keong.</p>


Multi-tier levy on foreign workers to be implemented in January 2025, says HR minister

<p>Sarawak-based shipping company Hubline Bhd disclosed to the local stock exchange that it is in talks with state-owned equity firm Ekuiti Nasional Bhd (Ekuinas) in regards to the potential acquisition of Orkim Sdn Bhd.</p>


Hubline confirms talks to acquire Ekuinas' Orkim

<p>Energy and engineering services firm Kinergy Advancement Bhd (KL:KAB) said on Monday its net profit doubled in the first quarter, thanks to new projects and entities acquired.</p>


Kinergy's 1Q net profit doubles on new projects, entities

<p>Sunway Construction Group Bhd (KL:SUNCON), or SunCon, on Monday reported a 16.4% year-on-year (y-o-y) increase in net profit for the first quarter, thanks to higher billings in newer projects.</p>


Sunway Construction posts 16% rise in 1Q net profit, eyes more advanced jobs

<p>Last week was a bad one for the world order. Russia made new military advances in Ukraine, and the US slapped punitive tariffs on Chinese imports. None of that spooked stock market indices, which reached&nbsp;record highs&nbsp;on both sides of the Atlantic.</p>


Pricey stocks overlook the world’s troubles

<p>Ehsan Bina Group has formed a partnership through a Memorandum of Understanding (MOU) with Maybank Islamic Bhd to extend a financing programme called HouzKEY to buyers of ForestHill Residences, a high-rise residential project located in Damansara Perdana, Selangor.</p>


Ehsan Bina Group partners Maybank Islamic to provide financing solution

Here’s a quick look at some of the stories that made headlines today.



EVENING 5: Five things you need to know today

<p>Palm oil player TSH Resources Bhd (KL:TSH) reported a 13% year-on-year increase in its first quarter core profit before tax (PBT) to RM34.8 million from RM30.8 million, amid lower fertiliser prices and reduced losses from joint ventures.</p>


TSH Resources reports 13% rise in core 1Q PBT to RM34.8m

<p>Electronics manufacturing services (EMS) firm Notion VTec Bhd (KL:NOTION) reported a net profit of RM14.04 million in the second quarter ended March 31, 2024 (2QFY2024), a turnaround from the net loss of RM7.77 million a year ago, driven by strong demand for the group’s EMS products.</p>


Notion VTec logs RM14 mil net profit in 2Q amid stronger demand for EMS products

<p>AS Malaysia finalises its Semiconductor Strategic Plan (SSP), expectations are high for a roadmap that will not only attract global players but also elevate local firms in the electrical and electronics (E&amp;E) sector.</p>

<p>The Ministry of Investment, Trade and Industry (Miti) is set to un...

The State of the Nation: Chipping in to move up the E&E value chain

<p>The Court of Appeal (COA) has allowed two appeals filed by a 53-year-old former remisier with AmBank (M) Bhd and AmInvestment Bank Bhd for her expert witness to testify in a High Court trial to help her application in seeking alleged damages for wrongfully preventing her to continue to ply her trade as a remisier and for usurping her profit-generating apparatus.</p>


Expert witness can testify on estimation of damages for ex-remisier, says COA

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Monday.</p>
