Thursday 20 Jun 2024
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KUALA LUMPUR (Jan 23): Here is a brief recap of some corporate announcements that made the news on Tuesday:

Former chief executive officer (CEO) of IOI Properties Group Bhd Datuk Voon Tin Yow is set to come out of retirement and assume the role of CEO at Mah Sing Group Bhd, effective Feb 2, 2024. Voon, 66, with 40 years of experience in the construction and property development industry, will replace Datuk Ho Hon Sang, 63, who has been at the helm since 2016 and cited retirement as the reason for his resignation. However, Ho will continue to serve as executive director of the company until March 31, 2024 to facilitate a smooth transition, according to the property developer's stock exchange disclosure. — Mah Sing names former IOI Properties chief Voon Tin Yow as CEO, founder's son as deputy CEO

Separately, Mah Sing has entered into an agreement with PT Gaya Sukses Mandiri Kaseindo to jointly carry out business relating to manufacturing and trading of plastic pallets, containers and related material handling and storing products in Indonesia. The property developer said its wholly owned subsidiary Mah Sing Plastics Industries Sdn Bhd (MSPI) entered into a master cooperation agreement with PT Gaya and that the venture will be carried out through a joint venture company whereby MSPI will hold 70% shareholding while PT Gaya will hold another 30%. — Mah Sing ventures into manufacturing, trading of plastic pallets in Indonesia

Sentral Real Estate Investment Trust's (Sentral REIT) net property income (NPI) rose 30.21% to RM36.26 million for the fourth quarter ended Dec 31, 2023 (4QFY2023), from RM27.85 million a year earlier, on the back of higher revenue. Gross revenue increased 28.24% to RM46.66 million from RM36.39 million in 4QFY2022, mainly due to higher revenue generated from Platinum Sentral, Menara Shell and newly acquired Menara CelcomDigi. The improvement in gross revenue was also due to the impact of revenue straight-lining over the lease term under requirements of Malaysian Financial Reporting Standard 16 Leases. — Sentral REIT's 4Q NPI up 30%, declares 0.68 sen DPU

AirAsia X Bhd’s (AAX) passenger load factor (PLF) continued to climb to 80% for the financial year ended Dec 31, 2023 (FY2023), versus 78% a year earlier, even as seat capacity jumped 6.6 times year-on-year (y-o-y) to 3.55 million. The medium-haul budget carrier said it carried over 2.82 million passengers in the year, 6.8 times more than the 417,195 it carried in FY2022. AAX Malaysia's total fleet comprised 18 A330s as of end-December 2023, with 16 aircraft activated and operational. It served a total of 22 destinations, eight of which were launched in the last 12 months. — AirAsia X achieves 80% passenger load factor for FY2023

Digital solutions and application development player Agmo Holdings Bhd has teamed up with two individuals to provide end-to-end machine learning and artificial intelligence-powered (AI) solutions. Agmo said its wholly-owned unit Agmo Capital Sdn Bhd and the individuals, Wong Zhi Heng and Ong Yong Seng, will undertake the collaboration through a joint-venture (JV) company, Dah Reply Sdn Bhd. Agmo Capital will hold a 35% equity interest in Dah Reply, with Wong and Ong controlling stakes of 40% and 25% respectively. — Agmo sets up JV company to provide machine learning and AI-powered solutions

Hextar Capital Bhd's (HexCap) plans to dispose of its 40% stakes in Unigel (UK) Ltd and Unigel IP Ltd as the group is looking to refocus its resources on its fibre optic cables and cable-related products manufacturing activities, while diversifying into the power generation and transmission businesses. The group said its wholly-owned unit, Unigel Compounds Sdn Bhd, will sell its 40% stake in Unigel (UK) to Unigel Technologies Ltd for £1.3 million (RM7.6 million) and its 40% stake in Unigel IP to Unigel Ltd for £400,000 (RM2.34 million). Unigel (UK) is principally involved in manufacturing cable filing and flooding compounds, while Unigel IP is mainly involved in the provision of licensing services for intellectual property rights. — Hextar Capital to divest stakes in Unigel units, refocus resources on core businesses

Star Media Group Bhd has appointed Chan Seng Fatt as its new group chief executive officer, effective March 1, 2024. Following the appointment, Chan resigned from the group’s boardroom as an independent non-executive director effective Feb 29, 2024. He first joined the group's board in August 2018. — Star Media appoints Chan Seng Fatt as new CEO effective March 1

Ni Hsin Group Bhd's wholly owned subsidiary Ni Hsin EV Mobility Sdn Bhd on Tuesday signed a master dealer agreement with MYUS Autotech Sdn Bhd, to promote and market EBIXON motorcycles in Perlis and Langkawi. According to Ni Hsin's statement, MYUS, as a master dealer, will be promoting both the sale and rental of EBIXON motorcycles. The rental operations will be based at the Kuala Perlis Jetty, where there is a constant stream of visitors and tourists coming in and out from Langkawi, said Ni Hsin. — Ni Hsin inks deal with MYUS to promote EBIXON motorcycles

Tenaga Nasional Bhd (TNB), via its subsidiary TNB Repair and Maintenance Sdn Bhd (TNB Remaco), is broadening its power plant maintenance business in Kuwait, with a multi-year maintenance programme agreement for the Shuaiba North Power Generation and Water Distillation Plant in Ahmadi. TNB reported that TNB Remaco had entered into a joint venture (JV) with Kuwaiti-based company Al Dhow Engineering, and inked a long-term service agreement with General Electric Global Services (GE Vernova). This agreement aligns with the ministry’s broader initiative to modernise Kuwait’s power generation infrastructure, contributing to the global effort for a sustainable energy transition. — TNB expands power plant maintenance business with multi-year agreement in Kuwait

Edited ByTan Choe Choe
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