Monday 22 Jul 2024
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KUALA LUMPUR (April 1): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Electronic manufacturing services firm Betamek Bhd said it is acquiring tuner and car stereo maker Sanshin (Malaysia) Sdn Bhd for RM13.44 million from its Japanese owner, which is expected to broaden its product offerings and profit margins. The proposed acquisition is expected to be completed by the second quarter of the financial year ending March 31, 2025, and the planned purchase will be financed entirely though internally generated funds. — Betamek to acquire tuner-and-stereo maker Sanshin for RM13.44 mil

MISC Bhd, which owns one of the world's largest fleets of petroleum shipping vessels, announced that it has secured long-term contracts for three liquefied natural gas (LNG) carriers from QatarEnergy. The contract involves the time charter of three newbuild LNG carriers to be constructed by Samsung Heavy Industries Co Ltd. These carriers will be chartered by QatarEnergy for a firm period of 15 years starting from 2026 onwards. — MISC signs charter contracts for three LNG carriers with QatarEnergy

Meridian Bhd faces a trading suspension for its shares and warrants starting April 8 if it doesn't submit its 2023 annual report by April 5, having missed the March 31 deadline for its annual audited financial statements. Bursa Securities added that if Meridian fails to issue the outstanding financial statements within six months of the stipulated timeframe’s expiry, the bourse regulator shall commence delisting procedures against the company, in addition to any enforcement actions it may take.  — Meridian's securities at risk of trading suspension if it fails to submit annual report in five days

Boustead Heavy Industries Corp Bhd (BHIC) has extended the planned disposal of its 20.77% stake in the troubled Boustead Naval Shipyard Sdn Bhd (BNS, now known as Lumut Naval Shipyard Sdn Bhd) to the Ministry of Finance (MOF) for RM1 for another month until April 30. This extension, the sixth agreed upon by BHIC and MOF, allows additional time to fulfil the conditions precedent for the deal.  — BHIC’s RM1 disposal of BNS stake to MOF extended for yet another month, marking sixth extension

Construction outfit Kerjaya Prospek Group Bhd has secured a RM33.19 million contract for piling and earthworks for a proposed service apartment in Pulau Andaman, Penang from Persada Mentari Sdn Bhd, a subsidiary of property developer Eastern & Oriental Bhd (E&O). The contract will commence on June 17, 2024, and is expected to be completed within 12 months. This deal is considered a recurrent related party transaction due to the significant ownership overlap between Kerjaya Prospek and E&O, with Datuk Tee Eng Ho serving as both companies' executive chairman and major shareholder.  — Kerjaya Prospek gets RM33.2 mil piling job for Andaman Island apartment project

Ahmad Zaki Resources Bhd (AZRB) said it has been awarded a contract worth RM315.90 million by the Public Works Department for upgrading and renovation works on Istana Abu Bakar in Pekan, Pahang. The letter of acceptance was awarded to its wholly-owned subsidiary Ahmad Zaki Sdn Bhd (AZSB) with the contract valid for 30 months, starting from April 1, 2024. The contract is expected to contribute positively to the group’s future earnings. — AZRB bags RM316m contract for Istana Abu Bakar renovation 

EVD Bhd has secured two contracts worth RM19.5 million for mechanical and engineering (M&E) works involving the construction of a wastepaper warehouse and a power generation facility in Kuala Langat, Selangor. The contracts were awarded to EVD Engineering Sdn Bhd, its wholly-owned subsidiary, by Sing Foong Niap Engineering Sdn Bhd. The first project, valued at RM3.52 million, includes M&E works for a wastepaper warehouse owned by Best Eternity Recycle Technology Sdn Bhd, while the second project, valued at RM15.98 million, involves M&E works for a power generation facility owned by BERT. — EVD wins mechanical and engineering contracts worth RM19.5m

Berjaya Corp Bhd (BCorp) has finalised the acquisition of eight parcels of freehold land totaling 20,977.15 sq meters in Yokohama, Japan for ¥12.61 billion (RM407.3 million). The acquisition, initially announced in December 2022, was conducted through its subsidiary Berjaya Yokohama Hospitality Asset TMK (BY-TMK), with the aim of developing the Four Seasons Yokohama Harbour Edge project, featuring a luxury hotel, upscale residences, an aquarium and retail outlets, at a cost of ¥12.66 billion. The final amount was reduced by ¥47.09 million against the superficies of Minato Mirai Bridge as compensation to BY-TMK, which has been fully settled. Despite increased gearing from partial borrowing for the acquisition, BCorp expects the project to positively impact its earnings. — Berjaya Corp completes acquisition of Yokohama land for Four Seasons project

K-One Technology Bhd, known for its significant share price surge back in 2020 due to a Nasa JPL licence for ventilator production during the Covid-19 pandemic, is proposing a diversification into the healthcare industry to lessen dependency on existing segments. It has already started developing medical products under its EMS business and aims to venture into manufacturing its brand products like ventilators. However, it acknowledges risks such as economic downturns and limited experience in the healthcare sector. Despite these challenges, it anticipates the healthcare segment to contribute 25% or more to its future net profit. — K-One Technology proposes to diversify into healthcare business


Edited ByS Kanagaraju
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