KUALA LUMPUR (July 12): Here is a brief recap of some business news and corporate announcements that made headlines on Thursday:
Astro Malaysia Holdings Bhd (KL:ASTRO) has been served with an additional tax bill of RM734.88 million, for the years of assessment of 2019 to 2023, including penalties. Notices for the additional tax were received by its wholly-owned units Astro Shaw Sdn Bhd and MEASAT Broadcast Network Systems Sdn Bhd on Tuesday. Astro Shaw's notice showed an additional tax of RM22.01 million while MBNS has to pay RM712.87 million. The notices for additional assessment were issued as production costs incurred during the said years of assessment were disallowed for deduction. — Astro gets RM735 mil additional tax bill from IRB
The Ling family behind shipping company Shin Yang Group Bhd (KL:SYGROUP) is injecting part of their Toyota and Lexus car dealership business in East Malaysia into Shin Yang for RM144.5 million, in a cash and share deal. Shin Yang had signed two separate agreements to buy Boulevard Jaya Sdn Bhd — an authorised dealer of Toyota vehicles in Sarawak and an authorised agent of Lexus vehicles in the state — and to take up a 60% stake each in three other companies involved in related automotive businesses, including sale of spare parts, after-sales services, and the servicing and repairing of Toyota and Lexus vehicles in East Malaysia. The acquisitions are to diversify its revenue stream. It is buying Boulevard Jaya for RM27.5 million cash from Shin Yang Holding Sdn Bhd, KTE Motors Sdn Bhd and Ling Chiong Sing, the brother of Shin Yang's group executive chairman Tan Sri Ling Chiong Ho. Shin Yang Holding is the major shareholder of Shin Yang and the private vehicle of the Ling family, which controls over 60% of Shin Yang. Shin Yang Holding's shareholding is split equally between the brothers Chiong Ho, Chiong Sing, Chiong Sieng and Chiong Pin at 25% each. — Shin Yang's controlling Ling family injects East Malaysia car dealership business into group for RM144.5 mil
BM Greentech Bhd (KL:BMGREEN), or BMG, has proposed to undertake a bonus issue of up to 171.95 million warrants on the basis of one warrant for every four existing BMG shares held by entitled shareholders. The company will undertake the exercise once it completes the proposed acquisition of the entire stake, or 66.6 million shares, in solar firm Plus XNergy Holding Sdn Bhd (PXH) as well as a special issuance to QL Resources Bhd (KL:QL), which holds a 52.57% stake in BGM. The proposed acquisition and the special issuance were announced earlier on June 18. The warrants will be issued at no cost to the entitled shareholders. The exercise price of the warrants is assumed at RM1.63, which is equivalent to the five-day volume weighted average market price of BMG shares of RM1.69. — BM Greentech proposes one-for-four bonus issue of warrants
Internet of Things (IoT) solutions provider G3 Global Bhd (KL:G3) has secured a project to develop the National Integrated Migrant Workers Dormitory (NiMWD) for the Maldives government. This project aims to oversee and manage the accommodation and welfare of all migrant workers in the Maldives. The project will be undertaken through a public-private partnership model, with 100% private finance initiative and revenue sharing between Maldives and G3 Global. The concession period for the project is 30 years, starting from the date of issuance of the land lease, with an automatic extension of an additional period of 30 years. — G3 Global secures 30-year concession to develop migrant worker dormitories in Maldives
Oil-and-gas services firm Keyfield International Bhd (KL:KEYFIELD) delivered its Keyfield Helms 1 (KH1) geotechnical vessel to Helms Geomarine Sdn Bhd for a three-plus-two years charter contract. The charter party agreement, signed in December 2023, will begin this month until end-June 2027, Keyfield said in a statement. KH1 will be utilised to primarily support Helms Geomarine which recently secured a three-year geotechnical investigation contract from Petroliam Nasional Bhd (Petronas). Additionally, the vessel will support Helms Geomarine’s long-term contracts with other oil majors in Malaysia and in Thailand — Keyfield delivers vessel to Helms Geomarine for three-plus-two years charter
Construction company Aneka Jaringan Holdings Bhd (KL:ANEKA) has secured a RM53 million sub-contract for the execution of bored piles and precast reinforced concrete piles works in Selangor. The sub-contract was awarded to its wholly owned subsidiary Aneka Jaringan Sdn Bhd by Grand Dynamic Builders Sdn Bhd. The project, scheduled to start on July 17 and is expected to be completed by March 1, 2025, involves the construction of a new logistics hub for Strategic Sonata Sdn Bhd. — Aneka Jaringan bags RM53 mil sub-contract for construction project in Selangor
Loss-making Asia Poly Holdings Bhd (KL:ASIAPLY) said it is buying a 50% stake in a IT engineering firm, Darwell Asia Pacific Sdn Bhd — a move to venture into telecommunications engineering and data centre support services. The stake acquisition will cost RM6.1 million in cash. The cast acrylic sheets manufacturer is buying the stake from Darwell’s current directors namely Ooi Chee Seong, who will disposed 48% of his stake valued at RM5.86 million, and Tan Lian Li (disposing 2% stake worth RM244,000). This is a related party transaction as the company’s non-independent and non-executive director Thoo Soon Huat also owns a 30% stake in Darwell. — Asia Poly buys stake in director’s company to jump onto data centre bandwagon