KUALA LUMPUR (Oct 8): Here is a brief recap of some business news and corporate announcements that made headlines on Tuesday:
A corporate development is brewing at Public Bank Bhd (KL:PBBANK), sources say, with the country’s third-largest banking group by assets believed to be undertaking a potential acquisition of a related company. While it is not immediately clear which company it is, industry sources say the development may be in relation to LPI Capital Bhd (KL:LPI). Trading in the securities of both companies will be suspended from 9am on Wednesday (Oct 9). Main Market-listed LPI Capital wholly owns Lonpac Insurance Bhd, a leading general insurance provider in Malaysia. LPI Capital’s latest annual report shows that, as at Jan 24, Consolidated Teh Holdings Sdn Bhd held a 42.74% stake (or 170.27 million shares) in the insurer. Consolidated Teh Holdings is the private investment vehicle of the late Tan Sri Teh Hong Piow, the founder of Public Bank. Teh passed away in December 2022. — Corporate development brewing at Public Bank — sources & Trading in Public Bank, LPI securities to be halted on Wednesday pending material announcement
Ireka Corp Bhd (KL:IREKA), a Practice Note 17 (PN17) construction company, has secured a sub-contract worth RM1.07 billion for the upgrade of a section of the Pan Borneo Highway in Sabah. The four-year sub-contract, granted by Sabah-based Gammerlite Sdn Bhd, involves the upgrading of the road from Kampung Lomou Baru to Kampung Toupus. — Ireka Corp secures RM1.07 bil highway upgrade job in Sabah
Perdana Petroleum Bhd (KL:PERDANA) has bagged two work orders worth a combined RM19.1 million for the provision of two units of accommodation workboat. Perdana Nautika Sdn Bhd, the wholly owned subsidiary accepted the work order from DESN Marine Services Sdn Bhd, a wholly owned subsidiary of Dayang Enterprise Holdings Bhd. The work order is a related party transaction as Dayang is the controlling shareholder of Perdana Petroleum, with a 63.59% stake in the company as at April 5, 2024. — Perdana Petroleum bags two related-party work orders to provide accommodation workboat
MClean Technologies Bhd (KL:MCLEAN) plans to raise up to RM12.33 million via private placement to acquire a plastic injection moulding business as part of its strategy to diversify its service offerings and revenue stream. MClean is also proposing to undertake a share capital reduction of RM35 million for the purpose of rationalising the company’s financial position by eliminating its accumulated losses and to appropriately reflect the value of the underlying assets and financial position of the group. — MClean Technologies to raise RM12.33 mil via private placement to acquire plastic injection moulding business
Enest Group Bhd (KL:ENEST), which is seeking a transfer from the LEAP Market to the ACE Market of Bursa Malaysia, has received approval from the exchange to waive the requirement to extend the exit offer to shareholders. Bursa has also granted the company an exemption from the need to appoint an independent adviser for the proposed transfer. The approval is conditional on the undertakings provided by all shareholders in their irrevocable written agreements remaining valid and binding until the completion of the transfer. — Enest Group gets Bursa's nod for exemption from extending exit offer as firm seeks transfer to ACE Market
Sunsuria Bhd (KL:SUNSURIA) has won the exclusive rights to operate new British international schools in Malaysia, Singapore, Taiwan, Hong Kong, Japan, South Korea, India and other regions across Southeast and South Asia. The rights were granted by Concord College International Ltd, which is owned by a UK-based educational charity that operates Concord College UK, a leading independent international school in Shropshire, England. — Sunsuria awarded rights to run UK international schools in Southeast and South Asia
Media Prima Bhd (KL:MEDIA) has clarified that Tan Sri Syed Mokhtar Al-Bukhary remains a substantial media group shareholder. This comes after Aurora Mulia Sdn Bhd’s confirmation in a letter that it still holds a direct interest of 353.82 million shares, representing 31.9% of Media Prima, and Syed Mokhtar continues to hold his substantial shareholding in the company via Aurora Mulia. — Media Prima clarifies Syed Mokhtar remains as its substantial shareholder
Property developer Seal Inc Bhd (KL:SEAL) said it needs more time to evaluate and negotiate the additional 10% stake buy in MSR Green Energy Sdn Bhd. Seal and the sellers have agreed to extend the deadline to enter into a definite agreement to Oct 30. It did not state the initial deadline for the deal. MSR is currently 20% owned by Seal. The planned purchase of another 10% would be a related party transaction as MSR is 40.8% owned by KVC Corp Sdn Bhd, which is linked to Seal’s 30.7% shareholder Aaron Chen Khai Voon. Separately, Seal has proposed diversifying into the renewable energy business, as the group seeks new business opportunities to improve its business resilience and diversify income sources from the investment in renewable energy. — Seal seeks more time to evaluate additional 10% stake buy in solar panel installer
Sime Darby Bhd (KL:SIME) is expanding its electric vehicle offerings as it is set to bring Denza, a premium sub-brand by BYD, into Malaysia. Sime Darby's unit Sime Darby Auto Imports Sdn Bhd was appointed as the official importer for the Denza brand, while BYD Malaysia Sdn Bhd is the official distributor for Denza. Through Denza, BYD aims to provide Malaysians a more diverse, innovative and premium EV experience. — Sime Darby partners BYD to bring Denza EVs to Malaysia