KUALA LUMPUR (July 4): Here is brief recap of some business news and corporate announcements that made the headlines on Thursday:
Toyo Ventures Holdings Bhd (KL:TOYOVEN), whose share price plunged to its lowest in over one month on Thursday, has confirmed the termination of the Song Hau 2 thermal power plant project by the Vietnamese government. Its wholly-owned subsidiary, Song Hau 2 Power Company Ld (SH2P), received the termination letter from Vietnam's Ministry of Industry and Trade on July 1. — Toyo Ventures confirms termination of Song Hau 2 thermal power plant project in Vietnam
Oil and gas service company Keyfield International Bhd‘s (KL:KEYFIELD) wholly-owned subsidiary Keyfield Offshore Sdn Bhd has successfully secured two contracts, totalling RM40 million, to supply accommodation workboats. The contracts involve providing an accommodation work barge and an anchor handling tug supply vessel for Hess Exploration and Production Malaysia BV’s offshore operations. The contracts, which commenced in June 2024 and July 2024, are for a charter period of five months and six months respectively. — Keyfield secures two contracts totalling RM40m to supply accommodation workboats
AwanBiru Technology Bhd (KL:AWANTEC), a technology and talent digitalisation enabler, has bagged a RM25.69 million contract from the Ministry of Education (MOE) to provide cloud-based solutions, such as Google Workspace for Education and Google Cloud Platform, to all schools under the MOE. Awantec views the project presents a positive opportunity for the group, as it aligns with its strategic goals and will contribute to its growth and success. — Awantec bags RM26m contract to provide cloud-based solutions to all schools under MOE
MMAG Holdings Bhd (KL:MMAG) said its 80%-owned cargo unit MJets Air Sdn Bhd has inked a cargo interline agreement with Capital A Bhd’s (KL:CAPITALA) logistics arm Teleport Everywhere Pte Ltd to improve cargo operations. MJets and Teleport have agreed to carry out each other’s cargo shipments on designated routes. The agreement is initially valid for one year, from July 1, 2024, to July 31, 2025, and both parties have the option to extend the agreement for an additional year. It said the charges will be determined based on the actual completed transport by each party during the duration and validity of the agreement. — MMAG’s air cargo unit inks interline deal with Teleport
Mudajaya Group Bhd (KL:MUDAJYA) said its former employee Michael Chua Khian Keng has filed an appeal on July 1 to challenge the High Court’s decision in the civil suit brought against him by the group. The court, in its decision on June 7, ruled that Chua and his wife, Tan Kah Lua, are liable to pay RM43.55 million in relation to an acknowledged debt to Mudajaya. The group had also filed an appeal against part of the court's decision, said Mudajaya, without giving further details. — Former Mudajaya employee appeals court order to pay group RM43.6m
NTT DATA Japan Corp (NTTD Japan) is now in control of GHL Systems Bhd (KL:GHLSYS) after accumulating 92.71% of the payment solutions provider's total issued shares as at July 4, paving the way for GHL to be delisted from Bursa Malaysia. The offer will remain open for acceptances until July 9. CIMB Investment Bank, which is acting on NTTD Japan's behalf in its privatisation bid, said the offeror does not intend to maintain the listing status of GHL on the Main Market. — NTT DATA Japan's bid to delist GHL Systems crosses 90% threshold
Johor-based furniture manufacturer SHH Resources Holdings Bhd's (KL:SHH) deputy managing director Datin Teo Chan Huat is stepping down effective October 2, citing retirement and health concerns. She is the mother of Teo Chee Teng, managing director of SHH Resources and the spouse of Datuk Teo Wee Cheng, founder, managing director and a substantial shareholder of the group. Chan Huat held a direct stake of 6.54% and an indirect stake of 10.75% in the group through Wee Cheng as at Oct 3, 2023. — SHH Resources deputy managing director to step down next month, cites health concerns