KUALA LUMPUR (Jan 16): Here is a brief recap of some corporate announcements that made the news on Tuesday:

Builder Kanger International Bhd has cancelled a March 2021 proposal to award a RM478 million contract to Vegetta Champion Sdn Bhd to undertake the foundation and main building works of a serviced apartment project in Genting Highlands, Pahang. Kanger, however, did not specify why. It only said the collaboration has been terminated on mutual agreement. Kanger International scraps RM478m LOI with Vegetta Champion for Genting Highlands project after three years

Chin Hin Group Property Bhd (CHGP) is buying six parcels of land in Melaka for RM41.94 million, cash, to develop a residential project with an expected gross development value of RM1.01 billion. Chin Hin said it is buying the leasehold plots — measuring approximately 838,736 sq ft — at a discount of about 50% from their current market value, which were RM84 million as of October 2023. The group has, via its unit, inked the agreement to acquire the plots from MDS Developments Management Sdn Bhd, Aim Development Worldwide Sdn Bhd (ADW) and Aim Holdings Worldwide Sdn Bhd (AHW). Chin Hin Group Property buys land in Melaka to build RM1.01b residential development

Sarawak Consolidated Bhd (SCIB) has received an unusual market activity (UMA) query from Bursa Malaysia over the sharp fall in its share price on Tuesday.  SCIB, the day’s third largest loser on Bursa Malaysia, saw its shares plunge 29.83% or 35.5 sen to close limit down at 83.5 sen, valuing the company at RM534.6 million. The stock was also the day’s second most actively traded, with some 230.2 million shares changing hands, more than five times SCIB’s 200-day average volume of 45.7 million shares. The sell-off ended a rally that lasted a little over three months since October 2023, which saw the counter rise as much as 161% to a peak of RM1.19 on Monday — its highest since June 2021. Over the past one year, SCIB shares have risen by 475%, even after including Tuesday’s pullback. SCIB gets UMA query as share price hits limit down

Construction group MN Holdings Bhd is looking to raise between RM20.66 million and RM37.16 million through a private placement of 73.58 million shares or 10% of its enlarged issued share capital at an issue price to be fixed. The ACE Market-listee said proceeds from the corporate exercise will be used for working capital. Assuming the placement shares are issued at an indicative issue price of 50.5 sen each, which is a 9.66% discount to the five-day volume weighted average market price of MN Holdings shares of 55.9 sen per share as at Jan 12, 2024, the group would raise RM20.66 million under the minimum scenario via the issuance of 40.9 million shares, or 10% of its existing issued share capital. It would raise RM37.16 million under the maximum scenario where 73.58 million shares, or 10% of its enlarged issued share capital, will be placed out. MN Holdings seeks to raise up to RM37m via private placement for working capital

Ageson Bhd, which is involved in mineral resources trading, property development and engineering, procurement, construction and commissioning, has appointed Virdos Lima Consultancy (M) Sdn Bhd (VL Consultancy) to look into audit issues and matters raised by its external auditor Messrs Jamal, Amin & Partners, and their basis for expressing a disclaimer of opinion on the company’s audited financial statements for the 18 months ended Dec 31, 2022 (FPE2022). Ageson said the audit issues raised encompasses transactions within the company and three other subsidiaries, namely Ageson SMSGMBH Sdn Bhd, Ageson Power Sdn Bhd and Ageson Industrial Sdn Bhd. Ageson appoints independent auditor to look into allegation of suspicious transactions

The emergence of Abang Abdillah Izzarim Abang Abdul Rahman Zohari — son of Sarawak premier Tan Sri Abang Abdul Rahman Zohari Abang Openg — as the largest shareholder of Minetech Resources Bhd has been followed by boardroom changes at the group. The civil engineering specialist, bituminous products manufacturer, which is also an emerging player in the solar energy space, said its founder and executive director Choy Sen @ Chin Kim Sang, 70, has resigned to spend more time with his family. Choy Sen still has a 2.74% direct stake in the company, as well as a 5.46% indirect stake through his family. His son Chin Jet Choy, 38, also ceased to be his alternate director. Minetech Resources announces boardroom shake-up after Abang Abdillah Izzarim emerges as largest shareholder

BLD Plantation Bhd has acquired two properties in Bintulu, Sarawak, for RM24 million for business expansion. The Sarawak-based plantation is buying the properties — a 1.4533-hectare property for RM7 million and a 3.459ha property for RM17 million — from Syarikat Sebangun Sdn Bhd. BLD Plantation acquires two Bintulu properties for business expansion

Bina Darulaman Bhd (BDB), Kedah state government’s investment holding company, plans to form a joint venture (JV) with privately-held Enfiniti Escapes (M) Sdn Bhd to collaborate in the business of eco-tourism development or other accommodations. BDB's unit has signed a memorandum of understanding (MOU) with Enfiniti to establish a basis of cooperation and collaboration between the two parties. Enfiniti is involved in the business of hotels, resort hotels and other accommodation development. Bina Darulaman signs MOU for potential eco-tourism accommodation development in Langkawi

Fashion group Carlo Rino Group Bhd (CRG) has appointed Vincent Loh, the former chairman of Visdynamics Holdings Bhd, as its independent and non-executive chairman, effective immediately. Loh, 73, succeeds Datuk Ng Peng Hong @ Ng Peng Hay, who resigned due to work commitments. Carlo Rino is in the midst of transferring its listing from Bursa Malaysia's Leading Entrepreneur Accelerator Platform (LEAP) Market to the ACE Market. Ng holds directorships in a number of public listed companies, including Bonia Corp Bhd and Wellcall Holdings Bhd. Carlo Rino appoints Vincent Loh as chairman

The second extension of chief financial officer (CFO) Mazatul 'Aini Shahar Abdul Malek Shahar’s garden leave will have no operational or financial impact on sugar manufacturer MSM Malaysia Holdings Bhd. “It is a board matter,” said MSM group chief operating officer (COO) Hasni Ahmad, without elaborating on the reason for the extension. “We are still running as normal, and we have OIC (officer in charge) in place (for financial matters). For us, there are no issues. So, we leave it to the board to make a decision on that,” he told reporters during a media visit to MSM Sugar Refinery (Johor) Sdn Bhd. MSM just cites 'board matter' over CFO's garden leave extension

ACE Market-bound freight forwarding and aerospace logistics provider AGX Bhd has set its initial public offering (IPO) price at 35 sen per share, and remains confident about the outlook of the logistics service industry in 2024 amid rising geopolitical tensions as it intends to adopt a cost-plus pricing strategy. Its IPO price of 35 sen per share would translate to a market capitalisation of RM151.5 million upon the company's listing on Bursa Securities with an enlarged share capital of 432.87 million shares. At its IPO price, the group is valued at about 11 times its price-earnings ratio based on a net profit of RM13.54 million for FY2022. AGX sets IPO price at 35 sen per share, remains confident amid rising geopolitical tensions

Kerjaya Prospek Group Bhd's wholly-owned unit has secured an RM111.8 million job to develop a residential development in Mukim Setapak, Kuala Lumpur. The project entails the construction of a 52-storey main building works, comprising a 42-storey serviced apartment block and an eight-storey elevated car park, among others. Construction works are slated to be completed within 40 months from Jan 16, 2024. Kerjaya Prospek bags RM111.8 mil job, fourth contract win of the year

Intra-day short-selling of Sarawak Consolidated Industries Bhd (SCIB) shares has been suspended, as they fell 29.83% or 35.5 sen to close at limit down on Tuesday. Just a day ago, SCIB shares closed at RM1.19 sen — its highest since June 2021. Some 230.2 million shares exchanged hands, more than four times its two-month average volume of 57.32 million shares. The sell-off ended a rally that begun since October 2023, which saw the counter rise as much as 161% in just three months to its Jan 15 peak of RM1.19. SCIB hits limit down after touching 30-month high, intra-day short-selling suspended