KUALA LUMPUR (Oct 10): Here is a brief recap of some business news and corporate announcement that made the headlines on Thursday:
Public Bank Bhd (KL:PBBANK), the third-largest bank in Malaysia by assets, is acquiring a 44.15% stake in insurer LPI Capital Bhd (KL:LPI) for RM1.72 billion in cash from the family of the late Tan Sri Teh Hong Piow. Teh, who passed away in 2022, founded Public Bank as well as LPI, which mainly provides general insurance. His estate holds a 1.41% direct stake in LPI and another 42.74% through its private vehicle Consolidated Teh Holdings Sdn Bhd. Public Bank will also be required to make a mandatory general offer for the remaining shares it does not own, at the same price of RM9.80 per share. The bank intends to maintain LPI’s listing status on Bursa Malaysia’s Main Market. — Public Bank to acquire 44.15% stake in LPI Capital for RM1.72 bil, triggering MGO at RM9.80; Public Bank’s Teh family to trim down shareholdings to 10% in next five years via restricted offer for sale
Top Glove Corporation Bhd‘s (KL:TOPGLOV) net losses narrowed sharply for the three months ended Aug 31, 2024 (4QFY2024) as sales surged, while the world’s largest glovemaker by capacity also booked gains from land sale. Net losses for the quarter was RM3.57 million, compared to RM461.73 million over the same period last year. The company said it booked a RM39.35 million gain on disposal of property, plant and equipment during the quarter. Revenue for the quarter rose 75% year-on-year to RM835.31 million from RM476.06 million. The company did not declare any dividend. — Top Glove’s net loss narrows sharply in 4Q on higher sales, gain from land sale
Sunway Bhd’s (KL:SUNWAY) unit Sunway Developments Pte Ltd (SDPL), together with Hoi Hup Realty Pte Ltd, have been awarded a parcel of land by the Housing and Development Board of Singapore. This was after the duo’s successful joint tender for the land. The leasehold land, measuring 23,512 square metres at Tampines, will be used for a mixed commercial and residential development worth S$668.28 million (RM2.19 billion). — Sunway to jointly develop Singapore land for mixed-use development worth S$668.28 mil
KJTS Group Bhd (KL:KJTS) has secured a subcontract worth RM12.3 million for a data centre project in Selangor. The building support services provider said the subcontract for the supply and installation of air-conditioning and mechanical ventilation pipework, complete with equipment, was awarded by Sunway Engie DC Sdn Bhd. Sunway Engie is 70%-owned by Sunway Engineering Sdn Bhd and 30% by Engie Services Malaysia Sdn Bhd. Sunway Engineering, in turn, is fully owned by Sunway Construction Sdn Bhd, a wholly-owned unit of Sunway Construction Group Bhd (KL:SUNCON). — KJTS secures second subcontract from SunCon unit for data centre job in Selangor
Construction and property development company MGB Bhd (KL:MGB) will undertake mixed development and residential projects on 26 acres of land in Taman Bukit Serdang, Seri Kembangan with a combined gross development value of RM861.35 million. The company, which is 57.98%-owned by LBS Bina Group Bhd (KL:LBS) is teaming up with Talam Transform Bhd (KL:TALAMT) to develop 16.5 acres of land for a mixed development project that includes commercial shop lots and affordable housing under the Rumah Selangorku scheme. — MGB to undertake RM861m GDV mixed development, residential projects in Seri Kembangan
Sapura Resources Bhd (KL:SAPRES) has issued show cause letters to its managing director Datuk Shahriman Shamsuddin and appointed a new acting MD. The company said Shariman "remains on leave of absence", confirming a report by The Edge on Wednesday that his leave has been extended. The filing did not reveal the duration of Shahriman's leave of absence, but The Edge, citing sources, said the leave has been extended for another month. — Sapura Resources issues show cause letters to Shahriman, appoints Reza Abdul Rahim as acting MD
Trading in Sarawak Cable Bhd’s (KL:SCABLE) shares will be suspended on Friday as the company faces a judicial management order, according to its bourse filing on Thursday. The suspension, including the transfer of shares, will remain in effect until the hearing on Oct 15, 2024. Bursa Malaysia may lift the suspension if the judicial management order is not granted. Otherwise, the trading suspension and transfer suspension will remain until the expiry of the judicial management order as may be granted by the Kuala Lumpur High Court. — Trading in Sarawak Cable to be suspended Friday pending judicial management order