KUALA LUMPUR (Sept 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
National oil and gas corporation Petroliam Nasional Bhd (Petronas) has reaffirmed its commitment to resolving issues surrounding natural gas distribution in Sarawak through discussions with the state and federal governments, as well as Sarawak’s Petros. This follows a news report suggesting that Petronas might seek a court injunction to retain control over Malaysia's hydrocarbon resources. Petronas did not confirm or deny the report but emphasised the need for a win-win partnership that prioritises the country's economic stability and investment climate. — Petronas reiterates commitment towards mutual resolution; did not deny mulling taking Sarawak to court
Globetronics Technology Bhd (KL:GTRONIC) saw its share price plummet 32.5% or 26 sen after announcing that its external auditor, KPMG PLT, has resigned voluntarily, leading to the suspension of its intraday short-selling. APB Resources Bhd (KL:APB), a new substantial shareholder that owns 10.36% stake in Globetronics also saw a 4.41% decline, as its investment in the contract manufacturer of semiconductor-based products faced a RM102 million paper loss. — Globetronics plummets as auditor resigns, dragging new shareholder APB into RM102m paper loss
A consortium of KV Asia Capital Pte Ltd, Kumpulan Wang Persaraan (KWAP), and Indonesia’s Kapal Api Group has invested RM250 million in Zuspresso (M) Sdn Bhd, the operator of ZUS Coffee, to support its global expansion. The funding will help ZUS Coffee grow and enter new markets, including Singapore and Brunei later this year. — KWAP, Kapal Api, KV Asia Capital invest RM250m in ZUS Coffee, confirms The Edge report
Chin Hin Group Property Bhd (KL:CHGP) is partnering with Atlan Holdings Bhd (KL:ATLAN) on a high-rise project in Johor Bahru with an estimated gross development value of RM478.42 million. The project will feature two blocks of serviced apartments, 1,260 residential units, 10 retail lots, and multi-storey car parks on a 4.29-acre site. Atlan will receive 18% of the project's net saleable area. — Chin Hin Group Property to jointly undertake high-rise project in JB with Atlan
HE Group Bhd (KL:HEGROUP) has secured a RM30.6 million contract to build a 132kV power station for a semiconductor plant in Ulu Klang Free Trade Zone. The contract, awarded to its subsidiary Hexatech Engineering Sdn Bhd, was given by an unspecified engineering, procurement, and construction contractor. — HE Group secures RM30.6 mil power station contract in Ulu Klang
Datin Afinaliza Zainal Abidin, a non-independent executive director at ITMAX System Bhd (KL:ITMAX), has sold 61.9 million shares through her private vehicle Ganda Sensasi Sdn Bhd for over RM201.1 million. The sale, executed on Sept 6 at RM3.25 per share, reduced her stake from 10.6% to 4.58%, below the 5% threshold for substantial shareholders. The buyer's identity was not disclosed. — ITMAX executive director offloads 6% stake for RM201 mil, ceases to be substantial shareholder
Property developer Land & General Bhd (KL:L&G) plans to launch the U10 Aria Rimba township in Shah Alam next year, with a total GDV of RM2.4 billion, developed in six phases. Phase 1 will include 150 terraced houses with a GDV of RM113 million. The company also plans to launch 1,008 high-rise serviced apartments in Sri Damansara with a GDV of RM621 million in 2025 and 602 affordable serviced apartments, Kamelia @ Bandar Sri Damansara, with a GDV of RM156 million by the end of this year. — Land & General to launch RM2.4b GDV township project in Shah Alam next year
Press Metal Aluminium Holdings Bhd (KL:PMETAL) reported a fire at its Phase 3 smelter in the Samalaju Industrial Park on Sept 9. The fire, which was extinguished, affected 9% of the company’s total smelting capacity. Press Metal expects it will take about four months to restore operations. — Press Metal says 3% of smelting capacity affected by fire incident
Calcium carbonate producer Zantat Holdings Bhd (KL:ZANTAT), after raising RM18.2 million from its March IPO, is now aiming to raise around RM14 million through a special issue of up to 40 million new shares to Bumiputera investors. Assuming the special issue shares are priced at 35 sen each, the funds will primarily support working capital (RM11.6 million), repay bank borrowings (RM2 million), and cover placement expenses (RM400,000). — Zantat seeks to raise RM14 mil via share issuance to Bumiputera investors