KUALA LUMPUR (Sept 17): Here is a brief recap of some corporate announcements that made the news on Tuesday:
Two of Genting Malaysia Bhd’s (KL:GENM) subsidiaries, video lottery facility operator Genting New York LLC and its unit Genny Capital Inc, have priced an additional US$100 million (RM427 million) of 7.25% senior unsecured notes, due 2029. This came after the two indirect wholly-owned units priced an offering of US$525 million of 7.25% senior unsecured notes, also due 2029, last Tuesday. "These additional notes form part of the same series as the initial US$525 million aggregate principal amount of notes that were priced on Sept 10, 2024 (initial notes) and the additional notes will carry the same terms as the initial notes.” Net proceeds from the additional corporate notes will be used to repay existing debts. Post-issuance, its gross borrowings is expected to increase to RM17.69 billion from RM14.98 billion. Net gearing is expected to increase to 1.04 times from 0.81 times. — Genting Malaysia units issue additional US$100m senior notes at 7.25%
Supermax Corp Bhd’s (KL:SUPERMX) first US manufacturing facility in Texas will begin commercial production by January 2025. Its US-based unit Maxter Healthcare Inc will commence testing and commissioning of its first batch of production lines in December 2024. Phase one operation has a total production capacity of 4.8 billion pieces of gloves per annum, and it expects to achieve half capacity by next year. The remaining capacity expansion is expected to be completed in the fourth quarter of 2025. Based on analysts’ compilation, Supermax's current production capacity is about 21 billion pieces of gloves per annum. Some 29% of its total sales are to the US. — Supermax to begin glove production in US by Jan 2025
Samaiden Group Bhd (KL:SAMAIDEN) plans to expand its renewable energy (RE) business into Indonesia via the setting up of a joint venture (JV) company. Its subsidiary, Samaiden SG Pte Ltd, will establish the JV with PT MCS Bina Energi on a 70:30 basis, with an authorised capital of 10 billion rupiah (RM2.8 million). MCS Bina is involved in sectors such as basic infrastructure, RE and mineral resources. The company is closely aligned with Bintang Timur Investama, a diversified investment firm that actively engages in infrastructure, RE and technology sectors. Samaiden will provide technical advisory services in solar photovoltaic systems and RE, while MCS Bina will focus on identifying local business opportunities and navigating the regulatory landscape in Indonesia. — Samaiden to set up JV for renewable energy business in Indonesia
Pipes and fittings maker Resintech Bhd (KL:RESINTC) is forming a joint venture (JV) with a unit of a Sarawak state agency to jointly trade industrial plastic products in the state. The JV will boost Resintech’s trading capabilities and open doors to new opportunities in Sarawak’s rapidly growing industrial sector, providing a steady revenue stream from the Sarawak market. The JV will initially focus on trading industrial plastics products, with the possibility of expanding into manufacturing based on future market demands. SEDC Energy Sdn Bhd, a unit of Sarawak Economic Development Corp, has agreed to subscribe to 40,000 new shares or 40% in the JV, while Resintech will have the remaining 60%. — Resintech forms JV for industrial plastics business in Sarawak
Debt-ridden Perak Corp Bhd (KL:PRKCORP) has been given another six-month extension by Bursa Malaysia to submit its regularisation plan, with the deadline now being postponed to Feb 9, 2025. This was in response to the company’s application for an extension of time in Aug 9, which it submitted as its previous Aug 10 submission deadline approached. — Perak Corp gets sixth extension, has until Feb 2025 to submit regularisation plan
MyEG Services Bhd (KL:MYEG) has teamed up with the Federation of Malaysian Freight Forwarders (FMFF) to promote ZTrade — a blockchain-based trade document system — as Malaysia's National Single Window (NSW) for cross-border trade facilitation. FMFF currently has 1,500 members nationwide. This partnership follows MyEG’s recent exclusive collaboration with East Logistics Link Co Ltd, a unit of the General Administration of Customs of China, to jointly develop and implement an NSW to facilitate cross-border trade in Asean. ZTrade, a Web3 technology based on MyEG's Zetrix blockchain platform, provides near real-time access to certificate data, enhancing tariff calculations and customs clearance efficiency. — MyEG partners with freight forwarders to promote its blockchain-based ZTrade as single window for cross-border trades