KUALA LUMPUR (June 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
Swiss investment bank UBS Group AG has ceased to be a substantial shareholder of YTL Corp Bhd (KL:YTL) after a series of share disposals since February, which eventually led to its shareholding in the company going below the 5% threshold. UBS disposed of about 14.9 million shares in the company last Friday, after which it crossed below the 5% line. Based on May 31’s closing price of RM3.59, the block of shares could be worth RM53.40 million. Prior to that, UBS’ shareholding in YTL stood at 5.25% as of April 18. — Swiss banking group UBS ceases to be substantial shareholder of YTL Corp
XOX Bhd (KL:XOX) said it plans to consolidate every 30 of its shares into one share a month after its proposed share capital reduction to set off its accumulated losses. The loss-making mobile network operator said the share consolidation is part of its plan to improve its capital structure. The proposal is not expected to alter the total value of the shares held by shareholders, according to XOX, with the theoretical share price set to increase by 30 times and the total number of issued shares to be reduced by the corresponding ratio. — XOX plans for 30-to-one share consolidation after proposing capital reduction
Avaland Bhd (KL:AVALAND) has topped out the Sanderling condominium, which has a 90% take-up rate. Sanderling is the third phase of the developer’s 23-acre freehold Lakefront Residence development in Cyberjaya. Phases one and two of the Lakefront Residence comprise the first two phases of the project. Sanderling has a gross development value of RM327 million. It is a two-tower condominium with 606 units in total. The units, featuring three bedrooms and 3+1 bedroom configurations, have built-ups from 958 sq ft to 1,711 sq ft. The selling price starts from RM499,000. Sanderling is targeted for completion by 3Q2025. — Avaland tops out Sanderling lakefront condo in Cyberjaya
Nestcon Bhd (KL:NESTCON), whose share price shot up over 20% two weeks ago, announced that its 51%-owned unit Nestcon Sustainable Solutions Sdn Bhd (NSS) has secured a RM3.6 million contract to develop and install a solar photovoltaic (PV) system. NSS had entered into an agreement with Subang Safety Glass Sdn Bhd to develop, design, install, construct and commission a solar PV system on the rooftop of Subang Safety Glass' premises. — Nestcon unit secures RM3.6m contract to install solar PV system
The Australia & New Zealand Banking Group Ltd (ANZ) has disposed of its remaining 5.17% stake in AMMB Holdings Bhd (KL:AMBANK) for RM701.16 million, confirming a report by The Edge last week that the Australian group was planning to exit Malaysia’s sixth-largest lender by assets. ANZ, through its wholly-owned subsidiary ANZ Fund Pty Ltd, sold the stake comprising 171.02 million shares on Wednesday. ANZ said it had agreed to sell the chunk of shares via a block trade at RM4.10 per share. The offer price represents a 2.84% discount to AMMB’s closing price on May 30 of RM4.22. — ANZ exits AMMB with sale of remaining 5.17% stake
Suria Capital Holdings Bhd (KL:SURIA), which operates eight major ports in Sabah, said it has entered into a deal to develop a mixed commercial project in the Kota Kinabalu Port area. The group said it will be jointly developing the project, known as the Jesselton Docklands 1 project, with Jesselton Docklands 1 Sdn Bhd (JD 1). Suria Capital will be entitled to at least RM180 million, representing 18% of the estimated net development value (NDV) of RM1 billion. This entitlement will be satisfied through RM45 million in cash and RM135 million in kind. — Suria Capital inks JV agreement for mixed commercial project in Kota Kinabalu
Sarawak Cable Bhd (KL:SCABLE) said it is being sued by Serendib Capital Ltd over the termination of the memorandum of agreement between the two parties to undertake a “resuscitation exercise” to revive the loss-making manufacturer. Sarawak Cable said the UK-based company is seeking declaratory reliefs, specific performance, a permanent injunction and damages in the lawsuit. Also named as defendants in the suit are several individuals related to the group including chairman Datuk Seri Mahmud Abu Bekir Taib, directors Yek Siew Liong, Datuk Kevin How Kow and Redzuan Rauf, former deputy chairman Datuk Sri Fong Joo Chung, group chief executive officer Russel Walter Boyd, and former company secretary Tai Yit Chan. Sarawak Cable said it has appointed the legal firm of Dinesh Ratnarajah Partnership to "vigorously defend" the group and the other defendants. The Practice Note 17 (PN17) company added that the legal proceedings would not have an impact on its regularisation plan. — Sarawak Cable sued by Serendib Capital over termination of white knight agreement
Leong Hup International Bhd’s (KL:LHI) group chief executive officer Tan Sri Lau Tuang Nguang has bought a total of 8.88 million shares in the poultry, egg and livestock feed producer over the past week, for about RM5.02 million. These transactions raised his direct stake in Leong Hup to 0.24%. He also holds a 1.74% indirect stake in the group. — Leong Hup CEO mops up shares