Monday 22 Jul 2024
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KUALA LUMPUR (Jan 5): Here is a brief recap of some corporate announcements that made news on Friday:

Palm oil refinery builder Ecoscience International Bhd’s (EIB) wholly-owned subsidiary Ecoscience Manufacturing & Engineering Sdn Bhd is suing RDS Marketing Malaysia Sdn Bhd to recover RM2.38 million in unpaid dues. The ACE Market-listed company said Ecoscience Manufacturing & Engineering has served a writ of summons and statement of claim to RDS Marketing in the High Court. Ecoscience Manufacturing & Engineering’s claim against RDS Marketing pertains to the latter's failure to pay the remaining sum of RM2.38 million for the completion of a project featuring a one-storey factory and warehouse, a two-storey office building and a substation in Bandar Sri Sendayan, Negeri Sembilan for GoodGloves Industries Sdn Bhd. Ecoscience International's unit sues RDS Marketing over RM2.4 mil unpaid dues

Global Oriental Bhd, which bought a 55% stake in a car park management firm for RM27.5 million late last year, has proposed to acquire the remaining 45% stake for RM22.5 million. The group is buying the 45% in EdisiJuta Parking Sdn Bhd (EPSB) from Edisijuta Sdn Bhd and Cahaya Impian Sdn Bhd, according to a bourse filing on Friday. Both acquisitions represent a price-earnings multiple of 9.9 times, based on the EPSB’s profit after tax of RM5.05 million for the financial year ended Dec 31, 2022. Global Oriental said the takeover of EPSB will enable the group to diversify into the car park operations business. Global Oriental acquires remaining 45% stake in car park management firm

UEM Sunrise Bhd, Telekom Malaysia Bhd (TM) and Iskandar Investment Bhd (IIB) are shutting down the joint venture (JV) that they started nearly 10 years ago to provide smart in-building and smart city services around Iskandar Puteri, Johor. The JV — Inneonusa Sdn Bhd — is 51% owned by TM, 39% owned by UEM and 10% by IIB. All three parties have mutually agreed for the unit to be voluntarily wound up after an extraordinary general meeting held on Friday. Both UEM and TM, in their respective disclosures to Bursa Malaysia on Friday, said the termination of the JV was part of their respective initiatives to streamline their businesses. UEM Sunrise's JV for smart-city solutions with TM and Iskandar Investment to be wound up

ManagePay Systems Bhd (MPay) said its wholly-owned unit, ManagePay Services Sdn Bhd (MPSB), has been appointed by Indonesian digital payment service provider PT Finnet Indonesia to provide white label services for its e-wallet and mobile application. Called Finpay Money Migrant, the app will feature e-wallets in ringgit (powered by MPSB) and rupiah (powered by Finnet). Other functions include facilitating contributions by Indonesian migrant workers in Malaysia from the Finpay Money Migrant mobile app to the Social Security Administrative Body of Indonesia (BPJS TK), and payment of e-compensation claims to the mobile app of Indonesian migrant workers in Malaysia from BPJS TK. ManagePay to provide white label services for Indonesian e-wallet, mobile app

Dayang Enterprise Holdings Bhd’s unit, Dayang Enterprise Sdn Bhd (DESB) has received a contract extension for the Provision of Pan Malaysia Maintenance, Construction and Modification (PM-MCM) from Abu Dhabi-based firm, Mubadala Energy. The oil and gas services company said that the value of the contract extension is based on work orders issued by Mubadala Energy throughout the contract extension duration. It added that the contract extension duration is approximately one year five months and 15 days commencing from July 17, 2023 till Dec 31, 2024. Mubadala Energy extends Dayang unit's contract by one year

Loss-making copper product maker Ta Win Holdings Bhd has proposed to team up with China-based energy cable manufacturing company Ningbo Kibor Wire & Cable Co Ltd to manufacture solar cables, tinned coated wires and other cable wire products. The collaboration will take the form of a joint venture (JV) company named Cyprium Kibor Tech Sdn Bhd, with Cyprium Capital Sdn Bhd (Ta Win’s wholly-owned unit) and Ningbo Kibor holding a 50% stake each. Total investment for the JV company is set to reach up to RM15 million, and will be financed through a combination of debt and equity. Ta Win planning 50:50 JV with China firm to manufacture cable wire products

Perak Transit Bhd has proposed to undertake a bonus issue of up to 433.64 million new shares on the basis of one bonus share for every two existing ordinary shares. As at Jan 2, the group's share base consists of 742.13 million shares and 125.16 million outstanding warrants. Based on Perak Transit’s share price of RM1.14 on Jan 2, the theoretical ex-bonus share prices would be 76 sen after the corporate exercise. Perak Transit announces one-for-two bonus issue

Cahya Mata Sarawak Bhd (CMS) said its subsidiary has been hit with a RM342.25 million counterclaim from state utility firm Syarikat Sesco Bhd in the pair’s arbitration proceedings over a purchase power agreement (PPA) dispute. CMS said the counterclaim against the group's 79.07%-owned subsidiary, Cahya Mata Phosphates Industries Sdn Bhd (CMPI), was made in Sesco’s memorial (presentation of facts and evidence to support its claims). The group said the counterclaim by Sesco would not cause any material financial impact on its financials and operations. Sesco hits Cahya Mata Sarawak with RM342m counterclaim in power supply dispute

Scientex Bhd’s second attempt to buy prime land in Johor Baru from S P Setia Bhd, this time for RM548 million, has fallen through again. Scientex first attempted to acquire the Johor land in 2021 for RM518.1 million. However, the deal fell through in March 2023, after it failed to obtain a waiver of the Bumiputera equity condition imposed by the Economic Planning Unit (EPU). In July 2023, both parties revisited the deal, with a new price tag of RM547.65 million. On Friday, Scientex and S P Setia said in a Bursa filings that the deal to purchase the freehold 960-acre land in Tebrau was terminated due to non-fulfilment of the conditions precedent within the extended completion period. Scientex nixes second attempt to buy Johor land from S P Setia at higher price of RM548 mil

MyEG Services Bhd said it will be resuming online temporary work permit (PLKS) renewal services for foreign workers on Jan 15. The e-government services provider said the service relaunch follows the completion of system enhancements mandated in the Home Ministry's letter granting an extension of the service. MyEG's three-year concession for immigration-related services was initially set to conclude in May last year, following an extension from May 2020. Subsequently, the group said it had received a letter dated July 4 from the Home Ministry to confirm that the Ministry of Finance had agreed to an extension of the concession. MyEG to resume online renewal of foreign workers' temporary work permits Jan 15

Eversendai Corp Bhd, which just scrapped a planned injection of a liftboat business into the group from its founder and chairman-cum-managing director Tan Sri AK Nathan Elumalay last month, is selling two parcels of land in Sungai Buloh, Selangor for RM63 million cash to repay bank borrowings. The loss-making construction group said in a bourse filing that its wholly-owned ECB Properties Sdn Bhd had inked a sale and purchase agreement with Pelangi Tulus Sdn Bhd for the proposed disposal. The plots' original investment cost was RM61.29 million, based on its audited financial statements as at end-2022.Proceeds from the disposal that will go towards repayment of its bank borrowings will improve the company’s gearing ratio by 6.18% from 3.61 to 3.39, the group said, based on its balance sheet as at Sept 30, 2023.Eversendai sells two Sungai Buloh plots for RM63 mil to repay bank borrowings

Evergreen Max Cash Capital Bhd (EMCC) is expanding its “Pajaking” pawnshop network by acquiring two more pawnshops in high foot-traffic areas of Sri Petaling, Kuala Lumpur and Shah Alam, Selangor, aiming to grow its total pawnshop count to 24. EMCC said its revenue had increased by 63.8% to RM74.8 million, while profit after tax rose by 35.7% to RM10.2 million as compared to the previous year.Datuk Low Kok Chuan, EMCC's executive director and group managing director, highlighted that proceeds from the company's initial public offering are aimed at expanding its network, with plans to add five more pawnshops by 2024. Evergreen Max Cash acquires two outlets to expand pawnshop network

Shares of Ibraco Bhd rose by as much as 20% to a high of RM1.11 in Friday morning trade after the group announced its intention to partner with two units of China Railway Group to form a joint venture company to undertake infrastructure works for the Kuching Urban Transportation System (KUTS). At the time of writing, the stock pared some gains to RM1.07, still up 15 sen or 15.68%, and valuing the group at RM580.91 million, making it one of the top gainers on Bursa in early trade. The traded volume stood at 4.13 million shares, surpassing its 200-day average volume of 390,543 by over 11 times. Ibraco shares jump after news of JV with China Railway units for Kuching rapid transit project

Edited ByS Kanagaraju
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