Sunday 19 May 2024
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KUALA LUMPUR (Feb 8): Here is a brief recap of some corporate announcements that made the news on Thursday: Kumpulan Jetson Bhd, KUB Malaysia Bhd, Reneuco Bhd, CIMB Group Holdings Bhd, Boustead Heavy Industries Corp Bhd, Dataprep Holdings Bhd, MGB Bhd, RCE Capital Bhd, KKB Engineering Bhd, NationGate Holdings Bhd, Southern Acids (M) Bhd, Perdana Petroleum Bhd, Globetronics Technology Bhd and Industronics Bhd.

A group of  Kumpulan Jetson Bhd’s minority shareholders, who claimed to own at least 10% stake in the company, are making a second attempt to call for an extraordinary general meeting to replace the group’s incumbent board of directors. They sought to remove the entire board, including chairman Tunku Nooruddin Tunku Shahabuddin, executive director Edward Ng Kah Jiun, non-executive directors Louise Paul a/l Joseph Paul, Hong Cheong Liang and Goh Rui Yee. They are naming Chee Beng, Chee Lup, Chuan Sieh Yee, Boey Sook Yen and Melvin Ong Kok Ho as the new set of board members for the loss-making industrial anti-vibration products maker. — Kumpulan Jetson minority shareholders making second attempt to remove incumbent board members

Independent adviser Inter-Pacific Securities Sdn Bhd has deemed the unconditional mandatory takeover offer for KUB Malaysia Bhd by JAG Capital Holdings Bhd major shareholder Datuk Seri Johari Abdul Ghani as "not fair and not reasonable", advising shareholders to reject the offer. The adviser deemed the offer price of 60 sen per share unfair as it represents a discount ranging between 68 sen (53.13%) and 73 sen (54.89%) over the estimated value per KUB share derived using the sum-of-parts valuation methodology, ranging from RM1.28 to RM1.33, before completion of the takeover. The adviser deemed the offer unreasonable since KUB shares, including any new ones from redeemable convertible preference share conversion, will still be tradable on Bursa Malaysia if JAG Capital intends to maintain KUB's listing status. — Independent adviser deems KUB Malaysia takeover offer 'not fair and not reasonable', tells shareholders to reject offer

Reneuco Bhd’s external auditor issued a disclaimer of opinion for the group’s 15-month financial statements ended Sept 30, 2023 (FY2023) due to insufficient appropriate audit evidence. Following the submission of the annual report, Reneuco said there will be no suspension in the trading of its shares. However, the external auditor’s disclaimer of opinion has classified the group as a Practice Note 17 affected listed issuer. — Reneuco’s auditor not able to gather sufficient evidence to form an audit opinion

CIMB Group Holdings Bhd has completed the acquisition of KAF Equities Sdn Bhd via CIMB Investment Bank Bhd, and the entity will be rebranded as CIMB Securities Sdn Bhd. The stockbroking arm will be headed by Ruzi Rani Ajith as the chief executive officer, reporting to Novan Amirudin co-CEO of Group Wholesale Banking, CIMB Group. Ruzi is leaving her position as the CEO and Malaysia country head of the previous stockbroking joint venture CGS-CIMB Securities to take on the current role. — CIMB completes acquisition of KAF Equities, rebrands stockbroking arm as CIMB Securities

The Kuala Lumpur High Court has struck out a lawsuit brought by subcontractors of the littoral combat ship (LCS) project, Contraves Advanced Devices Sdn Bhd (CAD) and its wholly owned unit Contraves Electrodynamics Sdn Bhd (CED), against Boustead Heavy Industries Corp Bhd (BHIC) and its directors Salihin Abang and Vice Admiral Datuk Syed Zahiruddin Putra Syed Osman, over the termination of their contracts. The court also ordered Sylvia Sinniah, who, based on CAD’s website, is its CEO, to personally pay BHIC and BHIC DT RM15,000 costs, and another RM15,000 in costs to Salihin and Syed Zahiruddin. CAD is a 51:49 JV between BHIC DT and RD Investment AG, a unit of German defence firm Rheinmetall AG, while CED is a wholly-owned subsidiary of CAD. — Court strikes out LCS subcontractors' lawsuit against BHIC, directors

Dataprep Holdings Bhd’s Indonesian unit PT Jaringan Pintar Bersama (JPB) inked an agreement with PT Bandung Infra Investama (Perseroda) Tbk for a 30-year concession to develop and maintain passive telecommunication infrastructure in Bandung, Indonesia. JPB’s parent PT Dataprep Teknologi Indonesia Tbk is the lead consortium member to construct and maintain the infrastructure. The estimated investment for the next three years of the development period is 313 billion Indonesian rupiah (around RM95.4 million). — Dataprep unit inks 30-year concession for Bandung passive telco infra project, sees RM95m investment over three years

MGB Bhd’s indirect wholly-owned unit MGB International for Industry has secured two purchase orders, totalling approximately 94.5 million riyals (RM119.55 million), from Saudi Arabia-based Sany Alameriah Industrial (SA). MGBI inked a joint-venture agreement with SA in July last year, in which the company will operate SA’s precast concrete factory. The purchase orders are concerned a contract signed between SA and SALD Industrial Company for the supply and installation of precast elements consisting walls, staircases, beams and hollow core slabs for 400 villas in the Roshn Alarous development. — MGB secures two purchase orders worth RM120m from Saudi Arabia-based Sany Alameriah Industrial

RCE Capital Bhd’s net profit slipped a marginal 1.7% to RM34.56 million for the third quarter ended Dec 31, 2023, from RM35.18 million a year earlier, on higher directors' remuneration and staff costs as well as allowances for impairment loss on receivables. This was despite a 7.16% rise in quarterly revenue to RM87.41 million from RM81.57 million previously, due to higher profit and fee income. — RCE Capital sees marginal net profit decline in 3Q

OceanMight Sdn Bhd, a 66.31% subsidiary of KKB Engineering Bhd, has entered into a memorandum of understanding with Samsung Engineering Co Ltd to cooperate in the tendering for potential global projects which may involve specialised scope of work and supply such as oil and gas process modules and structures. — KKB unit signs MOU with Samsung Engineering for potential O&G equipment projects

NationGate Holdings Bhd is acquiring Hesechan Industries in Prai, Penang from Heap Seong Chan Company Sdn Bhd for RM25 million in cash, as it seeks to acquire additional manufacturing space to facilitate its business expansion.  Hesechan is principally involved in the business of warehousing and logistics services. The acquisition is expected to be completed by the end of the first quarter ending March 31, 2024. — NationGate acquires Hesechan Industries in Penang for RM25m cash

Southern Acids (M) Bhd entered into a share sales agreement to acquire the remaining 10% stake or 300,000 ordinary shares in Firstview Development Sdn Bhd from Low Mong Hua Sdn Bhd for a total cash consideration of RM23.5 million. Post-acquisition, Firstview Development — which is engaged in oil palm plantation and milling activities, and currently owns two subsidiaries in Indonesia, PT Mustika Agro Sari and PT Wanasari Nusantara — will become a wholly owned subsidiary of Southern Acids. The acquisition is expected to be completed by the end of February 2024. — Southern Acids to buy out Firstview Development for RM23 mil

Perdana Petroleum Bhd’s wholly-owned subsidiary Perdana Nautika Sdn Bhd has secured two separate contracts totalling RM14.3 million — RM8.4 million from ROC Oil (Sarawak) Sdn Bhd to provide a unit of anchor handling tug and supply vessels, and RM5.9 million from T7 Marine Sdn Bhd to provide a unit of accommodation work barge. — Perdana Petroleum bags contracts worth a total of RM14.3 mil from ROC Oil and T7 Marine

Semiconductor company Globetronics Technology Bhd has appointed three new executive directors Liaw Way Gian, Kang Wei Luen, and Ku Chong Hong in its latest boardroom addition. The appointments follow a heavy sell-down of small-cap counters, including Globetronics, earlier last month lasting for about two weeks, resulting in at least 11 companies hitting their respective limit-downs. Notably, all three new appointees also currently hold directorships in APB Resources Bhd, Artroniq Bhd, and Sarawak Consolidated Industries Bhd, which were the counters affected by the heavy selling pressure in January. — Globetronics appoints three new executive directors

Electronics products manufacturer Industronics Bhd is venturing into the halal F&B and halal convenience store business in Hong Kong. It acquired a dormant company in Hong Kong owned by Datuk Chu Boon Tiong, for HK$1 (61 sen), to undertake the new business. The company has been renamed as Halal Group Ltd. — Industronics ventures into halal F&B, convenience store business in Hong Kong


Edited ByS Kanagaraju
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