KUALA LUMPUR (June 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Eco World Development Group Bhd (KL:ECOWLD) said it plans to sell a 123.14-acre industrial land in Iskandar Malaysia, Johor to a company providing data centre services, for RM402.3 million or RM75 per sq ft. The group said it had acquired the land — which forms part of the master land measuring 403.78 acres within Eco Business Park VI (EBP VI) — in September 2023 at RM12 per sq ft. The proposed cash sale of the land to Microsoft Payments (Malaysia) Sdn Bhd marks the first transaction for EBP VI. With this deal, EcoWorld has joined other companies that have ridden the recent wave of artificial intelligence, particularly in data centres, which has swept through the capital market in Malaysia. — EcoWorld sells land in Iskandar Malaysia to data centre firm for RM402 mil
Scientex Bhd’s wholly owned subsidiary Scientex Quatari Sdn Bhd has entered into a conditional sale and purchase agreement with Lee Pineapple Company (Pte) Ltd to acquire 14 parcels of freehold land, measuring 141.74 hectares, in Johor for RM381.43 million. The property developer noted that Scientex Quatari has proposed to develop the land into a mixed-property development. The proposed acquisition, which will be funded via internally generated funds and bank borrowings, is expected to be completed in the first half of 2025. — Scientex unit to acquire land in Johor for RM381.43 mil
Cypark Resources Bhd (KL:CYPARK) said that it achieved the commercial operation date of its 100MW Large Scale Solar 3 (LSS3) hybrid solar plant project in Merchang, Terengganu on June 9. The group’s executive director Muhammad Ashraf Muhammad Amir also expressed confidence in the timely delivery of the LSS2 floating solar plant in Danau Tok Uban, Kelantan, targeted for COD in the third quarter of this year, as well as readiness to participate in the Third-Party Access (TPA) programme anticipated to be introduced later in 2024. — Cypark achieves commercial operation date for 100MW LSS3
Property developer Tropicana Corp Bhd (KL:TROP) has redeemed the third tranche of its sukuk wakalah programme worth RM110 million which was due on June 7. This is part of the RM1.5 billion sukuk programme issued by the group in 2020 to facilitate its development plan. The group noted that it is in a good position to deliver sustainable performance in the next few years, supported by its unbilled sales of RM2.4 billion and a 1,842-acre land bank with an estimated gross development value (GDV) of RM120 billion. — Tropicana redeems RM110 mil third tranche sukuk
The federal government has agreed in principle to grant a 20-year concession for the operation and maintenance management of Kuala Lumpur Tower to construction company Lim Seong Hai Capital Bhd (KL:LSH) and its joint venture (JV) partner. LSH Capital said that its subsidiary, LSH BEST Builders Sdn Bhd, and Service Master (M) Sdn Bhd formed LSHBB-SMMSB JV, which received a letter from the Public Private Partnership Unit (UKAS), Prime Minister’s Department, on June 7, informing them of the government's agreement in principle for the operation and maintenance management of KL Tower. LSHBB-SMMSB JV is 70% owned by LSH BEST Builders, with the remaining stake held by Service Master. — Putrajaya awards LSH Capital's JV a 20-year concession for KL Tower operation
KPJ Healthcare Bhd (KL:KPJ) has secured an RM18.3 million contract for hospital renovation work, in a related party transaction. KPJ, through its indirect wholly owned unit Bandar Dato Onn Specialist Hospital Sdn Bhd, issued a letter of acceptance to Tg Langsat Development Sdn Bhd (TLDSB) for the renovation of floors 8 and 9 at KPJ Bandar Dato Onn Specialist Hospital (KPJ BDOSH). TLDSB is a wholly owned unit of TPM Technopark Sdn Bhd, which in turn is an indirect subsidiary of Johor Corp (JCorp). Meanwhile, JCorp is KPJ’s major shareholder, holding a 44.99% stake in the private healthcare group. — KPJ Healthcare secures RM18.3m contract for hospital renovation work in related party transaction
Deleum Bhd (KL:DELEUM) has bagged a letter of award worth RM105 million from Petronas Carigali Sdn Bhd (PCSB) — a wholly owned subsidiary of Petroliam Nasional Bhd (Petronas). Deleum said its 86.67%-owned indirect subsidiary Deleum Technology Solutions Sdn Bhd (DTS) had been awarded the LOA to provide offshore maintenance, construction and modification (MCM) services, covering Peninsular Malaysia assets (gas package) for the year 2024. It said the contact period is from May 16 to Dec 31, 2024. — Deleum gets letter of award worth RM105m from Petronas Carigali
Practice Note 17 (PN17) outfit Ageson Bhd (KL:AGES) said it has secured a RM75.67 million contract to undertake a construction project in the Sepang district of Selangor. The project, awarded by construction company Mateen Group Sdn Bhd, is for the construction of a main building at Kampung Limau Manis, a Malay reserve land near Putrajaya. Ageson said it is responsible for providing labour, materials, tools, equipment and machinery for the project, with the contract expected to last 42 months upon obtaining building plan approval. — Ageson secures RM76m construction job in Sepang
E-payment solutions provider Managepay Systems Bhd (KL:MPAY) has secured a five-year contract to develop a SuperApp for the national railway company Keretapi Tanah Melayu Bhd (KTMB). The SuperApp is expected to improve user experience and potentially encourage ridership on KTMB's railway network. The group's wholly-owned unit, ManagePay Services Sdn Bhd (MPSB), accepted the contract from KTMB for a five-year period, with an option for a five-year extension, contingent upon MPSB’s satisfactory performance. — Managepay gets five-year contract to develop SuperApp for KTMB
PUC Bhd (KL:PUC) said it plans to acquire digital money lender Alevate Capital Sdn Bhd and digital transformation solution provider Alevate Solutions Sdn Bhd for a total of RM200 million. The digital payment solutions provider said it has signed a heads of agreement with Eatcosys Sdn Bhd and Tham Lih Chung for the acquisitions. PUC said that under the heads of agreement, the group will settle the first RM100 million through the issuance of 800 million shares priced at 12.5 sen per share. — PUC seeks to boost digital service offerings with RM200 mil acquisitions