KUALA LUMPUR (Feb 5): Here is a brief recap of some corporate announcements that made the news on Monday [Feb 5]: Chin Hin Group Bhd, YNH Property Bhd, Swift Haulage Bhd, Vestland Bhd, Scientex Bhd, Coastal Contracts Bhd, Titijaya Land Bhd, FGV Holdings Bhd, Tan Chong Motors Holdings Bhd, AME Real Estate Investment Trust, CapitaLand Malaysia Trust, Salcon Bhd Straits Energy Resources Bhd and Sime Darby Plantation Bhd.

Chin Hin Group Bhd, which owned a 28.72% stake in Signature International Bhd as at Jan 16, is proposing to buy an additional 4.77% stake from Teoh Hai Hin and Por Tong Eng for RM25.45 million cash or 84 sen per share. With its total stake rising to 33.49% upon completion of the acquisition, Chin Hin will be obliged to extend a conditional MGO for the remaining shares in the kitchen cabinet manufacturer at 84 sen a share — two sen lower against Monday's closing of 86 sen. — Chin Hin to raise stake in Signature to above 33%, launch MGO for remaining shares

YNH Property Bhd explained that ALX Asset Bhd was not able to raise enough funds for the purchase of the former’s retail asset — 163 Retail Park. Consequently, YNH had to terminate the RM270.5 million sale on Jan 26, about 14 months after YNH had sealed the deal. It also decided not to pursue the proposed RM152 million disposal of AEON Seri Manjung in Perak to ALX Asset Bhd in view of the situation. Nonetheless, the developer swiftly found a new buyer albeit at a lower price. It entered into a new deal to sell the Mont'Kiara shopping mall to Sunway Real Estate Investment Trust for RM215 million cash. — YNH says ALX Asset can’t raise enough fund to buy 163 Retail Park

Swift Haulage Bhd’s substantial shareholder Persada Bina Sdn Bhd, which currently holds 309.62 million shares or a 35.16% stake in the company, is selling an 11.16% stake or 98.27 million shares in the company to Singapore-based logistics company JWD Asian Holding Pte Ltd for RM61.9 million or 63 sen apiece cash. The proposed disposal is expected to be completed on Feb 22. — Thai logistics group JWD to emerge as Swift Haulage's substantial shareholder

Construction group Vestland Bhd has bagged a RM278.81 million contract from Sg Besi Construction Sdn Bhd to undertake design and building works for two blocks — 30 and 44 storeys each — of service apartments and related facilities in Ara Damansara, Petaling Jaya. Construction works will commence effective immediately, with completion on Aug 4, 2026. — Vestland bags RM279m job for service apartments in PJ

Plastic packaging material manufacturer Scientex Bhd is looking to develop a mixed-property development in Muar, Johor as it acquired 24 parcels of land measuring 442.76 hectares in total for RM200 million from Singapore-incorporated Guan Hong Plantation Pte Ltd to boost its property development segment. The landbank expansion is also in line with the goal of the group to build more affordable homes to meet its objective of completing 50,000 affordable homes throughout the country by 2028. — Scientex acquires 24 parcels of land in Muar for RM200 mil for mixed development

Coastal Contracts Bhd’s 50%-owned joint venture (JV) has secured a contract extension for the provision of gas sweetening services in Mexico from state-owned oil company Petroleos Mexicanos (Pemex) to end-2025. The maximum contract value has also been raised to 2.78 billion Mexican peso [about RM777.67 million] representing an increase of 1.14 billion Mexican peso, which is equivalent to approximately RM318.9 million. — Coastal Contracts’ 50%-owned Mexican JV secures contract extension to December 2025, maximum contract value also raised to RM778 mil

Property developer Titijaya Land Bhd's 70%-owned indirect subsidiary Pride Hectares Sdn Bhd is buying a five-storey medium-cost flat building, comprising 97 two-bedroom units, in SS15, Subang Jaya, Selangor from Bank Negara Malaysia for RM44.5 million cash. It intends to redevelop the properties into mixed commercial properties. — Titijaya Land unit buys Subang Jaya flats from BNM for RM44.5m cash to redevelop into mixed commercial properties

FGV Holdings Bhd's subsidiary FGV Refineries Sdn Bhd is expected to increase the group's average sales by 9% with the launch of the Fract 750 Refinery at the Kuantan Port. FGV group director of logistics and support division Fakhrunniam Othman said the factory can help the group diversify the types of palm oil products produced. He said the effort also enables FGV to reduce its dependence on crude palm oil, which is exposed to the volatility in world market prices. — FGV says new refinery able to increase average sales by 9%

Tan Chong Motor Holdings Bhd's indirect wholly owned subsidiary TC Services Vietnam Co Ltd has been appointed as the agent for importing, distributing and selling vehicles and spare parts, as well as providing after-sales services for fuel vehicles in Vietnam on behalf of Chinese car manufacturer Guangzhou Automobile Group Co Ltd. — Tan Chong Motor's unit appointed as distributor for Chinese car manufacturer GAC Group in Vietnam
 

AME Real Estate Investment Trust (AME REIT) saw its net income grow 19.4% year-on-year to RM9.95 million for the third financial quarter ended Dec 31, 2023 (3QFY2024) from RM8.33 million, driven by additional contributions from three industrial properties acquired from sponsor AME Elite Consortium Bhd. AME REIT declared an income distribution of 1.88 sen per unit, with Feb 20 being the ex-date. — AME REIT says 3Q net income up 19%, declares distribution of 1.88 sen per unit

CapitaLand Malaysia Trust (CLMT) is buying three prime freehold ready-built factories located at the Nusajaya Tech Park in Iskandar Malaysia, Johor from Nusajaya Tech Park Sdn Bhd for a combined RM27 million, marking the REIT’s entry into the industrial market and further diversifying its geographical footprint to Johor. The value of RM27 million, negotiated on a willing buyer, willing seller basis, is in line with the independent market valuation of RM28.2 million commissioned by MTrustee Bhd, the trustee of CLMT. — CapitaLand Malaysia Trust ventures into industrial segment with acquisition of three Iskandar M'sia factories for RM27m

Salcon Bhd’s 60%-owned unit Envitech Sdn Bhd secured a RM19.68 million contract from Penang Development Corp to undertake the design and construction of sewer pipelines and related works in Batu Kawan Industrial Park, Penang. The contract commences immediately for a duration of 24 months, and is expected to be completed on Feb 4, 2026. — Salcon’s 60%-owned unit secures RM19.7m sewerage contract in Penang

Straits Energy Resources Bhd’s 70%-owned subsidiary Straits CommNet Solutions Sdn Bhd has secured a RM15.72 million contract from Tianu Sdn Bhd for the installation, testing and commissioning of aluminium XLPE underground cables and accessories for asset development for Tenaga Nasional Bhd (TNB). — Straits Energy secures RM16 mil TNB underground cable contract

Sime Darby Plantation Bhd has appointed Employees Provident Fund's (EPF) head of global equity Sharifah Sheila Syed Muhamad as its new non-independent non-executive director effective immediately. Sharifah Sheila will be the new EPF representative in Sime Darby Plantation's board following the resignation of former EPF chief executive officer Datuk Seri Amir Hamzah Azizan after he was appointed as finance minister II in December last year. — Sime Darby Plantation appoints new EPF rep into board of directors