Monday 22 Jul 2024
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KUALA LUMPUR (April 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Sunzen Biotech Bhd has initiated the closure of its loss-making animal health division to reduce costs and bolster profitability, focusing instead on its human health and loan financing segments. Despite management efforts, the animal health division has faced persistent losses due to challenging market conditions. While the division recorded revenue of RM4.78 million, it suffered a loss before tax of RM4.76 million in the 12-month financial period ended Dec 31, 2023 (12MFY2024). The group emphasised that the discontinuation of its animal health division is necessary for the company's financial health and in the best interest of shareholders. — Sunzen Biotech begins shutdown of animal health business to cut losses

NationGate Holdings Bhd, an electronic manufacturing services company listed on the ACE Market since January 2023, intends to transfer its listing status to the Main Market of Bursa Malaysia. Meeting requirements set by the Securities Commission Malaysia, including equity and public shareholdings, along with demonstrating a healthy financial performance, NationGate aims to enhance its prestige and reputation, garnering greater recognition and acceptance among investors, particularly institutional ones. — ACE Market-listed NationGate seeks transfer to Main Market

After winning RM231.55 million in its lawsuit against the government over the termination of the RM3.5 billion National Immigration Control System (SKIN) project, AwanBiru Technology Bhd's (Awantec) wholly-owned unit Prestaring Skin Sdn Bhd (PSKIN) has filed an appeal against the High Court’s decision. This latest appeal contrasts with Awantec’s stance following the court win in March, as the group had expressed closure on the matter. However, when approached, the group declined to comment, citing limitations on information it can disclose beyond the official announcement. — Awantec appeals RM232m award over termination of RM3.5b SKIN project

Inta Bina Group Bhd has secured a contract worth RM348.92 million for a mixed development project in Shah Alam, Selangor. The project, named Maya Integrated Development, will be undertaken by Inta Bina Sdn Bhd, a wholly-owned subsidiary of the company. The project's first phase will include the construction of commercial shop lots, an office tower, a podium car park and facilities deck for Tower A, while the second phase will involve the construction of serviced apartments in Towers A and B, along with facilities deck for Tower B. The company plans to finance the project through a combination of internally generated funds and external borrowings. — Inta Bina wins RM348.92m job for mixed development project in Shah Alam

Sarawak Consolidated Industries Bhd (SCIB) has accepted a revised contract worth RM162 million for the construction of high-rise residential units in Kota Bharu, Kelantan, under the PR1MA Corp Malaysia affordable homes scheme. The agreement follows the company's unit SCIB Properties Sdn Bhd's novation agreement with AUEI Teras Holding Sdn Bhd on April 5, appointing another unit, SCIB Industrialised Building System Sdn Bhd (SIBS), as the main contractor. SCIB anticipates positive contributions to future earnings from the revised contract. — Sarawak Consolidated bags revised contract of RM162m for PR1MA housing project

Aeon Credit Service (M) Bhd reported a 24.7% increase in net profit to RM118.92 million for the fourth quarter ended Feb 29, 2024 (4QFY2024), driven by higher revenue, with earnings per share rising to 22.32 sen. Revenue rose 15.9% to RM501.58 million, attributed to stronger loan and financing growth. A final dividend of 14 sen was declared, bringing the total dividend payout for FY2024 to 42.5 sen. However, full-year net profit showed only a marginal growth of 1.5%, reaching RM424.02 million, while revenue increased by 16.6% to RM1.91 billion. — Aeon Credit's 4Q net profit up 25% on higher revenue, declares 14 sen dividend

Hong Seng Consolidated Bhd (HSCB) has appointed Francis Leong Seng Wui as executive director, effective immediately. Leong, 44, currently holds the position of executive director at Revenue Group Bhd and has previously served in similar roles at Green Packet Bhd and Classita Holdings Bhd. Additionally, Leong recently became a substantial shareholder in HSCB after acquiring 163.73 million shares through a direct business transaction, resulting in a total stake of 5.09% in the company. — Hong Seng appoints Francis Leong as executive director

Meridian Bhd was designated as a Practice Note 17 (PN17) affected listed issuer due to a disclaimer of opinion expressed by its external auditor in the audited financial statements for the period ending Sept 30, 2023. The disclaimer indicated that the auditor cannot form an opinion on the company's financials. The auditor, Jamal, Amin & Partners, cited insufficient evidence in the cash flow projections made by Meridian's management regarding the company's ability to continue operating. — Meridian falls under PN17 as auditor refrains from expressing opinion on financial statements

Datuk Kang Pang Kiang, CEO of EG Industries Bhd, has acquired a 12.11% stake in Eduspec Holdings Bhd, making him a substantial shareholder. Kang purchased 24 million shares of Eduspec, valued at approximately RM2.88 million. With this acquisition, Kang now holds a total of 142.26 million shares in Eduspec. Besides Kang, Datuk Seri Gan Chow Tee is the only other substantial shareholder in Eduspec, with a 7.65% stake. — EG Industries CEO emerges as substantial shareholder in Eduspec

Edited ByS Kanagaraju
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