KUALA LUMPUR (Dec 29): Here is a brief recap of some corporate announcements that made news on the last trading day of 2023 on Friday:

Malaysia Airports Holdings Bhd (MAHB) is said to be mulling over hiring an IJM Corp Bhd-led consortium to carry on with the aerotrain replacement project that was halted in August, according to sources familiar with the matter. The other consortium members are said to be Pestech International Bhd and French rolling stock maker Alstom, both of which are the original contractors. The 25-year-old aerotrain was suspended in March this year, after a major breakdown that resulted in 114 passengers being stranded midway on the track. IJM Corp-led consortium to complete KLIA aerotrain replacement project, sources say

Kuchai Development Bhd is injecting RM275.47 million worth of assets and liabilities into Sungei Bagan Rubber Co (M) Bhd in a share deal, as part of efforts to consolidate the assets of two sister companies linked to Kluang Rubber Company (M) Bhd (KRCB). The deal will see Kuchai holding 29.37% in Sg Bagan in exchange for the asset injection, after which the shares will be distributed to Kuchai shareholders for them to have direct exposure to Sg Bagan. This would be the second time Kuchai distributed its shares in Sg Bagan — it distributed its entire 26.51% stake in Sg Bagan to shareholders back in Sept 2022. Kuchai Development to inject RM275 mil of assets into Sg Bagan for shares, to distribute Sg Bagan shares to shareholders for second time

Kumpulan Perangsang Selangor Bhd (KPS) is streamlining its business operation in China amid larger trade diversion and supply chain diversification trends within the industry. This involves the voluntary winding-up of a China unit, Toyoplas Manufacturing (Shanghai) Co Ltd (TMS), while it grows its presence in Vietnam where Toyoplas has opened a new factory. Kumpulan Perangsang Selangor consolidates business ops in China amid trade diversion, supply chain diversification

Harn Len Corp Bhd has proposed to acquire an aquaculture outfit which owns 30 ponds on a 300-acre piece of land in Pekan, Pahang from its substantial shareholder, Mohamed Nizam Jakel, through a RM42.5 million share deal. The deal will be satisfied through the issuance of 47.22 million new Harn Len shares, constituting 7.71% of its enlarged share base, which will raise Nizam’s stake to 12.8%. Harn Len will also issue Class A Islamic Redeemable Convertible Preference Shares (RCPS-i A) at 45 sen per share. Harn Len plans RM42.5 mil purchase of aquaculture business from substantial shareholder Mohamed Nizam Jakel

Bintai Kinden Corp Bhd has secured an agreement to settle RM3 million of debt with MBSB Bank Bhd, which will see the bank withdraw a legal suit arising from Bintai Kinden’s default in March this year. The conditional relief indulgence (CRI) agreement involves a six-month relief period for Optimal Property Management Sdn Bhd (OPM), a 100% subsidiary of Bintai Kinden, with monthly loan repayment of RM500,000. Bintai Kinden was classified as a Practice Note 17 (PN17) entity on March 28, 2023, after defaulting on a loan repayment to MBSB. Bintai Kinden seals deal for MBSB to drop legal suit over default

Boustead Heavy Industries Corp Bhd (BHIC) has received the nod from shareholders to proceed with a debt settlement proposal with three lenders and its 64.99% parent Boustead Holdings Bhd (BHB) totalling RM417 million. The partial debt settlement will see BHB’s stake in BHIC raised to 72.38%, followed by Affin Bank Bhd (4.96%), MBSB Bank Bhd(4.92%) and AmBank Islamic Bhd (2.33%). They will also obtain preference shares in BHIC. BHIC gets shareholders' nod for RM417 mil debt settlement plan via share, RCPS issuance

Maxis Bhd announced that its unit will make a final settlement of RM73 million in relation to additional assessments with penalties imposed by the Inland Revenue Board, two years after it was given the assessments for the 2016-2020 period of RM477 million.  Maxis to pay RM73 mil to resolve tax assessments with Inland Revenue Board

Syarikat Takaful M Keluarga Bhd has declared an interim single-tier dividend of 14 sen per ordinary share for the financial year ending Dec 31, 2023, which will be paid on Feb 2, 2024. The total dividend payout amounts to RM117.22 million for the financial year. The declared dividend translates into a dividend yield of 3.8% based on the closing market price of the group’s share of RM3.70 as at Dec 28, 2023. Takaful Malaysia declares 14 sen dividend for FY2023

Berjaya Corp Bhd (BCorp) is seeking an extension of the deadline to complete the transfer of its shares in its waste management unit, Berjaya Enviro Holdings Sdn Bhd (BEnviro), to Naza Corp Holdings Bhd. BCorp said BEnviro had sought from the Public Private Partnership Unit in the Prime Minister’s Department and Sustainable Energy Development Authority Malaysia (SEDA) an extension of time from Dec 31 to a later date, or after obtaining approval from the Energy Commission of Malaysia. BCorp seeks more time to complete transfer of waste management unit to Naza Corp

Kanger International Bhd intends to undertake a private placement of up to 129.97 million shares, or 20% of its issued share capital, to raise gross proceeds of up to RM10.46 million in the maximum scenario, based on an illustrative issue price of 5.8 sen per share. The group said the proceeds would be primarily used for general working capital, the construction of shoplots in its Ijok development and working capital. Kanger International plans private placement to raise up to RM10.5m

Citaglobal Bhd updated that it is still in “active discussion” towards a joint collaboration agreement with Petronas Global Technical Solutions Sdn Bhd (PGTSSB), a wholly-owned subsidiary of Petroliam Nasional Bhd, for deployment of a Battery Energy Storage System, six months after both signed the Memorandum of Understanding on June 27. The discussion is especially in the area of deployment of its Generation Two Battery Energy Storage System (Gen2 MYBESS) at various Petronas’ upstream, midstream and downstream businesses such as production platforms, processing plants, and retail stations and outlets, it said. Citaglobal still in 'active discussion' with Petronas on battery storage system six months after MOU inked