KUALA LUMPUR (Sept 9): Here is a brief recap of some corporate announcements that made news on Monday. 

Shares of 99 Speed Mart Retail Holdings Bhd (KL:99SMART) closed up 23 sen or 13.94% on its market debut at RM1.88, valuing the mini market group at RM15.79 billion, based on its issued capital of 8.4 billion shares. At Monday’s closing, 99 Speed Mart had the 32nd largest market capitalisation across Bursa Malaysia and was 14.6% higher than KLCI component Genting Malaysia Bhd (KL:GENM), which had a market valuation of RM13.77 billion. The counter opened at RM1.85 — a 12.1% or 20 sen premium to its initial public offering (IPO) price of RM1.65 — on its debut on the Main Market of Bursa Malaysia on Monday. At one point, the counter rose as much as 27 sen or 16.36% to RM1.92, which valued the group at RM16.13 billion. The IPO of 99 Speed Mart, Malaysia's largest in seven years, raised a total of RM2.36 billion, including RM1.7 billion from an offer for sale of 1.028 billion shares by founder and chief executive officer Lee Thiam Wah and his wife Ng Lee Tieng.  — 99 Speed Mart the 32nd largest firm by market cap after 14% rise on Bursa debut

Tenaga Nasional Bhd or TNB (KL:TENAGA) has obtained an interim stay from the High Court over it having to pay RM1.39 billion in additional tax to the Inland Revenue Board (IRB). Judge Datuk Amarjeet Singh Serjit Singh granted the interim stay, despite objections from the Attorney General's Chambers (AGC) and IRB, which also indicated that they are objecting to the national utility company’s challenge via a judicial review. Following this, Amarjeet directed the AGC and IRB to file their written submissions by Oct 4. TNB will have to file its submissions by Oct 11, said the judge, who fixed Oct 15 as the hearing date for TNB's leave application. The additional assessments cover the years 2020 (amounting to RM685.8 million) and 2021 (amounting to RM705.2 million). — TNB obtains interim stay over IRB seeking RM1.39b tax bill

Eversendai Corp Bhd (KL:SENDAI) won new contracts worth RM1.1 billion in India, Singapore and Saudi Arabia, bringing its order book to a new record high of RM6.7 billion. “Going forward, there are more lucrative high-profile projects expected to be secured in the Middle East and other countries where we currently have operations,” said executive chairman and group managing director Tan Sri AK Nathan. — Eversendai order book hits new record of RM6.7b after RM1.1b job wins

Meanwhile, the group has received full debt settlement in relation to one of its oil and gas (O&G) lift boat deliveries (Vahana Aryan) to the private vehicle of Nathan. Eversendai raised borrowings to build two lift boats contracted by Vahana Offshore, where Nathan is also a shareholder, back in 2014.  “Eversendai’s total borrowings has reduced by 26% from RM1.05 billion (at end-2023) to RM778 million, and we are working towards reducing the borrowings further in the next few years,” said Nathan, who owns 69.77% in Eversendai. — Eversendai says major shareholder-linked Vahana settled payment for first O&G liftboat

Binastra Corp Bhd (KL:BNASTRA) has secured a project worth RM574.4 million from Exsim Jalil Link Sdn Bhd for a proposed development of a data centre. The building works include a five-storey data centre block, office spaces and electrical substation, among other facilities. This contract, the second one for Binastra related to data centers, is expected to provide an additional income stream for the group over the next two financial years. The first one, awarded to Binastra in 2023 (then Comintel Corp Bhd), entailed the construction of two building blocks by the end of this year. Work for this new contract under the data centre project, located along Jalan Jalil Perkasa in Bukit Jalil, is expected to start in October for a period of 16 months. Binastra's executive director Lee Seng Yong, who owns 12.98% in the company, also owns 5% in Exsim Jalil Link via his interest in TRE Holding Sdn Bhd. The contract would be Binastra’s' eleventh in the financial year ending Jan 31, 2025 (FY2025) totalling RM2.5 billion, bringing the group's outstanding order book now stands at RM3.3 billion. — Binastra gets RM574 mil construction job from Exsim Jalil

Kelington Group Bhd (KL:KGB) has secured new contracts totalling RM413 million over the past two months, bringing its total value of contracts secured year-to-date to RM977 million. While it did not clarify the specific contracts, the integrated engineering solutions provider said the majority of the projects were awarded in Malaysia and China, involving ultra-high purity (UHP), process engineering, and general contracting services. None of the projects individually met the materiality threshold for a Bursa Malaysia announcement, and therefore separate disclosures were not required. — Kelington secures RM413 mil worth of new contracts over past two months

Infrastructure and engineering solutions provider Jati Tinggi Group Bhd (KL:JTGROUP) said it has bagged two contracts worth RM36.36 million for the installation of underground cables. The first contract with a tenure of 17 months is valued at RM6.59 million. The contract, awarded by Worktime Engineering Sdn Bhd, involves the installation of 132kV underground cables for a data centre at Bukit Jalil. The second contract, worth RM29.77 million, is to lay 33kV aluminium cross-linked polyethylene underground cables for asset development in the southern region of Peninsular Malaysia. The contract, awarded by YM Teras Sdn Bhd, is valid for 580 days from the acceptance date. — Jati Tinggi bags two contracts to lay underground cables

Plastic pipes and fittings maker Resintech Bhd (KL:RESINTC) has secured a joint venture (JV) partner and a tenant for a proposed hostel development in Kuala Langat, Selangor, with an estimated gross development value of RM34.1 million. The JV partner is construction and engineering firm CNH Group Sdn Bhd, with whom it will jointly develop the mixed development on part of a land measuring some 4.6 acres that Resintech's unit Johan Panglima (M) Sdn Bhd bought in 2021 for RM23.54 million. The land is currently pledged to a bank for a loan facility of RM21 million, with an outstanding loan of RM17.87 million as of end-June this year. Under a share subscription agreement inked, CNH Group will invest RM1.8 million to take up a 45% stake in Johan Panglima by subscribing for 1.8 million new Johan Panglima shares, while Resintech will put in RM200,000 for another 200,000 shares that will give Resintech a total of 2.2 million shares in Johan Panglima, diluting Resintech's stake to 55%. Concurrently, Johan Panglima has entered into a 36-month tenancy agreement with Concepts ATC, a company specialising in the supply of labour and worker accommodations that will rent three blocks of buildings, including 158 hostel units and four retail shops from Johan Panglima. These facilities will serve as worker accommodations and commercial outlets. The total rental over the period is estimated at RM12.09 million. — Resintech secures joint development partner, tenant for proposed RM34m hostel project

Gadang Holdings Bhd (KL:GADANG) said a sum of RM9.77 million allegedly owed by its units for work done related to the Johor Bahru–Singapore Rapid Transit System (RTS) Link project are idling costs that are not payable. On Sept 6, the builder-cum-property developer had announced that its unit Gadang Engineering (M) Sdn Bhd (GESB), together with GESB's sub-subsidiary Usaha Pesona Sdn Bhd, have been sued by its subcontractor JF Foundation (M) Sdn Bhd over bored piling works carried out in relation to the RTS Link project. On Monday, Gadang said JF Foundation's suit centres on the alleged failure of Usaha Pesona "to certify and pay for certain items, primarily the idling costs". It also referred to the delay in making an immediate announcement about the suit, explaining that ongoing negotiations between the parties initially aimed to resolve the matter amicably. — Gadang says RM9.77 mil claimed by subcontractor is idling costs that are not payable