KUALA LUMPUR (June 14): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Hibiscus Petroleum Bhd (KL:HIBISCS) is venturing into Brunei with the acquisition of gas-producing assets in that country. Its unit Simpor Hibiscus Sdn Bhd has entered into a conditional share purchase agreement (SPA) with TotalEnergies Holdings International BV to acquire a 100% interest in TotalEnergies EP (Brunei) BV (TotalEnergies Brunei) for US$259.4 million (about RM1.22 billion) cash. Hibiscus said the acquisition is for TotalEnergies Brunei’s 37.5% operated interest in the Block B Maharajalela Jamalulalam field, a high-quality gas asset located offshore Brunei. The exercise will bring the gas production share of the group’s portfolio to almost 50%, in line with the group’s energy transition strategy of acquiring gas-weighted assets in stable regulatory jurisdictions. The SPA is subject to receipt of the approval of shareholders of Hibiscus Petroleum. — Hibiscus ventures into Brunei with purchase of gas-producing assets

Genting Bhd (KL:GENTING) is still looking at opportunities to list in the US, with the intention of unlocking shareholder value. Its president and chief operating officer Datuk Seri Tan Kong Han told investors at Genting’s annual general meeting that pursuing the listing plan would depend on finding the right time, but this remains an opportunity of interest, according to industry magazine Inside Asian Gaming (IAG), which cited a report in Sin Chew Daily. Genting’s US operations include the US$5 billion (RM23.58 billion) Resorts World Las Vegas, plus Resorts World New York City, Resorts World Catskills and Resorts World Hudson Valley via subsidiary Genting Malaysia Bhd (KL:GENM). The report added that Tan had also confirmed the group’s interest in exploring possible integrated resort developments in emerging jurisdictions, such as Thailand and the United Arab Emirates, stating that it had previously demonstrated its ability to operate across multiple jurisdictions by obtaining licences in the US and UK. — Genting still keen on US listing — report

Meanwhile, Genting Malaysia said a fire broke out at 4.30pm on Friday at SkyAvenue, Resorts World Genting, the integrated resort in Genting Highlands. The rest of the resort was unaffected. Evacuation procedures were promptly executed to ensure the safety of the public, according to Genting Malaysia. There were no reports of casualties. — Fire breaks out at Resorts World Genting

PPB Group Bhd (KL:PPB) has emerged as a substantial shareholder of Techbond Group Bhd (KL:TECHBND) after acquiring a 15% stake in the company on Friday. PPB said it had acquired over 82.9 million shares and over 34 million unexercised warrants in Techbond from Sonicbond Sdn Bhd via a direct business transaction for RM37.67 million. The shareholding will remain the same, PPB said, if it exercises all its warrants and assuming all other warrants are also exercised, but its total consideration for the acquisition will increase to RM48.9 million. The shareholding of Sonicbond, which is the private vehicle of Techbond managing director Lee Seng Thye, will reduce to 54.39% after the disposal of the shares to PPB. — Robert Kuok’s PPB acquires 15% stake in Techbond

Fitters Diversified Bhd (KL:FITTERS) said Cita Realiti Sdn Bhd has ceased to be its largest shareholder after selling a 6.26% stake in the fire protection equipment supplier on Friday. Cita Realiti offloaded the stake comprising 147.47 million shares via the open market, bringing down its shareholding to 4.47% from 10.73% previously, said Fitters Diversified. According to Bloomberg data, the largest shareholder now is Ho Jien Shiung, an executive director of PDZ Holdings Bhd (KL:PDZ). — Cita Realiti ceases to be Fitters Diversified's largest shareholder after selling 6.3% stake

PIE Industrial Bhd (KL:PIE), whose share price rose 18% on Friday, said it is not aware of any corporate development, rumour or report that may have triggered the jump. PIE Industrial was among Bursa Malaysia’s top gainers on Friday. It surged 18% or RM1.09 to an all-time high of RM7.28 in morning trade, before closing the day at RM7.08, still up 89 sen or 14%. The counter saw 2.58 million shares traded during the day, almost triple its four-week average. At RM7.08, PIE Industrial has a market capitalisation of RM2.72 billion. PIE Industrial is 51.42%-owned by Taiwan’s Pan International Industrial Corp, which in turn is 27.33%-held by iPhone assembler Foxconn, more formally known as Hon Hai Precision Industry Co Ltd. — PIE Industrial says unaware of reason for unusual market activity as shares jump 18% to record high

Destini Bhd (KL:DESTINI) said its indirect subsidiary has been served with a winding-up petition for purportedly failing to pay RM18.55 million owed to the tax authority. The Inland Revenue Board is seeking for Destini Shipbuilding and Engineering Sdn Bhd to be wound up and that the Official Receiver of Malaysia be appointed as the official liquidator, according to Destini. The unit, however, is not a major subsidiary, Destini noted. Destini Shipbuilding is seeking legal advice, the company said. Case management for e-review has been fixed for July 9 and hearing date has been set for Sept 12 this year. — Destini's indirect unit served winding-up petition over RM18.55 mil tax owed

Trive Property Group Bhd (KL:TRIVE) has proposed a bonus issue of warrants on the basis of two warrants for every five existing shares, to reward its shareholders and strengthen its financial position and capital base. As at May 31, 2024, Thrive Property’s total issued share capital is RM196.04 million comprising 1.26 billion issued shares. As such, up to 505.46 million warrants may be issued under exercise. The warrants, with a tenure of five years, will be issued at no cost to the entitled shareholders. The exercise price of the warrants will be determined at a later date. Assuming full exercise of the warrants, Trive Property is expected to raise gross proceeds of up to RM25.27 million based on an illustrative price of five sen for each warrant. — Trive Property proposes two-for-five bonus issue of warrants

Electronic circuit board maker GUH Holdings Bhd (KL:GUH) said it has scrapped a plan to develop a lithium battery assembly plant in Malaysia. The company and its joint venture (JV) partner, Chinese battery manufacturer Shenzhen Xixin Electronic Technology Co Ltd, have mutually agreed to terminate the agreement signed in November last year. No battery assembly plant has been established, no equipment has been purchased, and no shares in the JV have been transferred to Xixin pursuant to the cooperation agreement. The termination does not have any financial impact on the company and its subsidiaries, GUH added. — GUH Holdings scraps lithium battery assembly project with Chinese partner

Multi-wall industrial paper bag maker KYM Holdings Bhd (KL:KYM) reported a significant decline of 94.8% in its first quarter ended April 30, 2024 (1QFY2025) net profit, due to the absence of a one-off gain amounting to RM15.29 million from the sale of a piece of land and building during the same period last year. Net profit for its 1QFY2025 plummeted to RM585,000 or 0.38 sen per share, from RM11.27 million or 7.42 sen per share recorded a year earlier. The company’s revenue dropped slightly by 0.8% to RM22.72 million in 1QFY2025 as compared to RM22.91 million a year prior. This was mainly due to lower sales in the carbon box division, partially offset by increased revenue from the multi-wall industrial paper sacks division. The group did not declare any dividend for the quarter. — KYM’s 1Q profit plummets 95% on absence of one-off gain