KUALA LUMPUR (Aug 12): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Encorp Bhd (KL: ENCORP), with Felda Investment Corp Sdn Bhd (FIC) holding 67.13% stake, has suspended group chief executive officer Hazurin Harun to facilitate an internal investigation related to allegations involving the Malaysian Anti-Corruption Commission (MACC).
The company did not disclose specifics but confirmed that three officers were arrested by the MACC on August 8. Encorp will support and cooperate with the MACC, continue business as usual, and has appointed group chief financial officer Kamarul Azman Kamarozaman @ Amir as officer in charge during Hazurin's suspension. — Encorp suspends group CEO to facilitate internal probe after MACC allegations
Maxis Bhd (KL: MAXIS) and Huawei Technologies (Malaysia) Sdn Bhd have announced a strategic partnership to establish a joint innovation centre focused on developing 5G-advanced technology. The collaboration aims to enhance customer experience, improve operational efficiencies, and support rapid deployment of 5G solutions. The partnership will explore innovations in gigabit capacity, mobile edge computing, network slicing, and AI/ML applications to optimise network performance and advance Malaysia’s position in global telecommunications. — Maxis, Huawei to team up on 5G-advanced joint innovation centre
Icon Offshore Bhd (KL:ICON) confirmed that an explosion occurred on its platform supply vessel, Icon Amara, off the coast of Sarawak on Aug 2. The incident, which took place at the Sapar Alpha platform near Bintulu, resulted in two deaths and serious injuries to a third person. — Icon Offshore confirms explosion on its platform supply vessel
Carlo Rino Group Bhd (KL:CRG) has received approval from Bursa Malaysia for its transfer from the LEAP Market to the ACE Market. The move involves an initial public offering (IPO) with a public issue of 171.87 million new shares and an offer for sale of up to 87.98 million existing shares, totaling a 26.58% stake available to investors. — Carlo Rino secures Bursa nod for transfer to ACE Market
Straits Energy Resources Bhd (KL:STRAITS) plans to list its 76.68%-owned subsidiary, TMD Energy Ltd (TMDEL), on the NYSE American, an exchange for growing companies, by the fourth quarter of 2024, instead of Nasdaq as initially planned. The IPO is expected to raise between US$5.69 million and US$15 million, with issue prices ranging from US$3.25 to US$3.75 per share. TMDEL will use the funds to expand its oil bunkering segment and cover listing expenses, including up to RM50.93 million for expansion and RM19.16 million for listing costs. — Straits Energy plans to list unit on NYSE American by 4Q 2024
The Employees Provident Fund (EPF) has become a substantial shareholder in SMRT Holdings Bhd (KL:SMRT) for the first time, increasing its stake to 5.017%, or 22.73 million shares. This follows the EPF's purchase of 250,000 shares on Aug 7 through Citigroup Nominees (Tempatan) Sdn Bhd. Nevertheless, the transaction price was not disclosed. — EPF emerges as substantial shareholder in SMRT Holdings for first time
Recently-listed Well Chip Group Bhd (KL:WELLCHIP) reported a net profit of RM14.28 million in the second-quarter ended June 30,2024(2QFY2024), a 20% increase from RM11.9 million in the first quarter. Revenue grew 16.6% to RM63.92 million from RM54.82 million in the previous quarter. The company, which did not declare a dividend, indicated that RM22.48 million or 35.2% of revenue came from pawnbroking services, while RM41.44 million or 64.8% was from retail sales and trading of jewellery and gold. — Newly-listed Well Chip 2Q earnings up 20% q-o-q
Censof Holdings Bhd (KL:CENSOF) has secured a RM14.6 million contract from the Penang Development Corp (PDC) for the provision of an enterprise-wide financial management information system. The development phase, valued at RM7.34 million, will span one year starting Sept 1. This will be followed by a five-year maintenance phase worth RM7.3 million, ending on August 31, 2031. — Censof secures information system contract from Penang Development Corp
The chairman of Karyon Industries Bhd (KL:KARYON) and independent non-executive director of Enra Group Bhd (KL:ENRA), Loh Chen Yook, has become a substantial shareholder in Sycal Ventures Bhd (KL:SYCAL). This follows Loh's purchase of eight million shares on the open market last Friday, increasing his stake to 6.82%. — Loh Chen Yook emerges as substantial shareholder in Sycal Ventures
Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM111.23 million contract from Sime Darby Property (Bukit Raja) Sdn Bhd for constructing factories and industrial facilities in Klang, Selangor. The contract, awarded to its subsidiary Kitacon Sdn Bhd, includes building 27 detached factories with two-storey offices, one larger factory with a two-storey office, and two TNB substations with related infrastructure at Bandar Bukit Raja III. The project is set to start on September 2 and is expected to be completed within 23 months. — Kitacon bags RM111.23 mil contract to build factories in Klang
Mikro MSC Bhd (KL:MIKROMB) plans to acquire TES Productions & Projects Pte Ltd, a Singapore-based sign and advertising display manufacturer, for RM30 million in shares. A heads of agreement with Calida Group Pte Ltd was signed on Monday for the purchase. The acquisition will be paid with 134.83 million new Mikro shares at 22.25 sen each, a 9.99% discount to the five-day average price. Mikro also proposed to expand into sign design, manufacturing, installation, and interior fit-out services. — Mikro MSC to buy Singapore signage firm TES Productions for RM30m in shares
Pekat Group Bhd (KL:PEKAT) has secured a RM21.78 million contract from Gamuda Engineering Sdn Bhd for installing earthing and lightning protection at a data centre. The subcontract, awarded to Pekat’s wholly-owned subsidiary Pekat E & LP Sdn Bhd (PELP), involves construction, testing, and commissioning of the systems. The work is set to complete by Sept 30, 2025, with the main contract’s substantial completion expected by Feb 27, 2026. — Pekat wins RM21.8m lightning protection job for data centre
Petroliam Nasional Bhd (Petronas) on Monday introduced a supplier support programme (PSSP) to encourage Malaysia’s oil and gas services and equipment (OGSE) suppliers to adopt sustainability principles. The programme, in collaboration with the Joint Committee for Climate Change (JC3) , Bursa Malaysia, and the UN Global Compact Network Malaysia & Brunei, aims to provide suppliers with tools, training, and financing to enhance their sustainability practices, in alignment with the National Energy Transition Roadmap. — Petronas launches supplier support programme to boost sustainability in OGSE sector