Friday 21 Jun 2024
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KUALA LUMPUR (April 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Capital A Bhd, which is currently under Practice Note 17 (PN17) status, announced that its management "is in the midst of exploring a potential fundraising exercise by its aviation business", but has no intention to undertake a private placement of new Capital A shares. "Shareholders are advised not to speculate in the trading of shares in the company," the company told Bursa Malaysia in its response to The Edge's article entitled 'Capital A seeks private placement to raise up to US$400 mil, says source', in the latest edition of the Malaysian business weekly. Capital A says no share placement plan, just its aviation division exploring a fundraising exercise

YNH Property Bhd said the independent review of its joint venture (JV) and turnkey construction agreements, which was initially slated to be completed this week, needs more time. It had only been able to move towards finalising the appointment of a professional firm after it appointed a new audit committee chairman and engaged with new statutory auditors last month, it added. “There will be a revised timeline for the intended appointment and the estimated completion date,” it said. YNH Property says independent review of its JV, turnkey agreements needs more time

Electricity cable manufacturer Master Tec Group Bhd expects higher revenue growth and a demand shift towards aluminium in conductors, amid the recent surge in copper prices. Its chief executive officer Tee Kok Hwa said production cost for copper conductors has increased by around 5% and the company is passing on the higher cost to its customers. Master Tec has also observed the rising trend among customers preferring aluminium conductors. With the renewed surge in copper prices, the use of aluminium may expand to other applications, such as power cables for infrastructure, he said. Master Tec expects higher revenue growth amid copper price rally

EP Manufacturing Bhd (EPMB) said its wholly-owned unit PEPS-JV (Melaka) Sdn Bhd (PJVM) has teamed up with China-based BAIC Motor Corporation Ltd to assemble and manufacture BAIC's authorised model vehicles in Malaysia. Under the 10-year agreement, PJVM's responsibilities include assembling and manufacturing the vehicles in Malaysia, ensuring that the assembly plant has a capacity of at least 5,000 vehicles per year by Sept 1, and at least 10,000 vehicles per year by March 1 next year. EP Manufacturing inks deal with China's BAIC for vehicle assembly in Malaysia

Eduspec Holdings Bhd, an education technology products and services provider, has appointed its new substantial shareholder Datuk Kang Pang Kiang as executive deputy chairman, effective Monday. The 52-year-old is currently the chief executive officer (CEO) of electronic manufacturing services firm EG Industries Bhd, in which he is also the largest shareholder with a 15.71% stake. Eduspec appoints EG Industries CEO as deputy chair as the firms mull plans for a training centre

HeiTech Padu Bhd said it had bagged a RM190.01 million contract to provide maintenance and technical support services for the Road Transport Department's (JPJ) information and communications technology infrastructure and MySIKAP (driver and vehicle information) system. The three-year contract from May 2024 involves the provision of services at JPJ offices throughout the country. While details of the job scope were not disclosed, the contract value is higher when compared to previous similar contracts awarded to the group by JPJ. HeiTech Padu bags RM190m system maintenance contract from JPJ

Iris Corp Bhd has called off the sale of an 80% stake in its wholly-owned Iris Information Technology Systems Sdn Bhd (IITS), the former developer of the RM1.16 billion National Integrated Immigration System (NIISe) project, for RM70 million cash. Iris terminated the agreement after the buyer, Tass Tech Technologies Sdn Bhd (TTTSB), failed to pay the second tranche of the deal’s disposal consideration. IITS lost the RM1.16 billion contract to develop the NIISe after the Home Ministry terminated the job in August last year due to its failure to meet the project’s planning schedule. Iris fails to sell stake in subsidiary that lost NIISe project

Kumpulan Kitacon Bhd has secured a letter of award (LOA) for main building works for a contract worth RM134.8 million in Ijok, Selangor. Phase 1 of the project comprises 399 units of double-storey terrace houses (20’ x 70’), 32 units of double-storey terrace houses (22’ x 70’), and three units of TNB substations. The 22-month contract will commence on April 18 this year. Kumpulan Kitacon secures LOA worth RM135 mil for building works in Ijok

Eastern Pacific Industrial Corporation Bhd (Epic) has announced the appointment of Muhtar Suhaili as the new group chief executive officer (CEO) effective April 17. It said Muhtar has over 20 years of experience in the oil and gas, automotive, commodities, port management, logistics and renewable energy sectors. Prior to joining Epic, Muhtar had worked at Shell MalaysiaEpic appoints Muhtar as new group CEO as well as Perodua Auto Corporation Sdn Bhd.

Renewable energy solution provider G Capital Bhd has partnered with Hong Kong-based CCIAM Logistic Company Limited to raise RM325 million for its small hydropower projects in Pahang. It said a full-term agreement is expected within 60 days from the effective date of the MOU, which will include the roles of the parties in the project and a success fee payable to CCIAM Logistic as capital-raising lead arranger. CCIAM Logistic is fully owned by CCIAM Future Energy Limited, a public-listed company on the Hong Kong Stock Exchange primarily involved in the provision of energy-saving solutions and loan financing business. G Capital partners with Hong Kong’s CCIAM Logistic to raise RM325 mil for hydropower projects

Edited ByEsther Lee
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