KUALA LUMPUR (Oct 12): Here is a brief recap of some business news and corporate announcement that made the headlines on Friday:
Less than two weeks after being appointed director of Alliance Bank Malaysia Bhd (KL:ABMB), Tan Sri Amirsham A Aziz has been named the bank’s new chairman. His appointment took effect on Thursday (Oct 10). Amirsham, former president and chief executive officer of Malayan Banking Bhd (KL:MAYBANK), replaces Tan Sri Ahmad Don, who passed away last month. Amirsham first joined Alliance Bank’s board as an independent, non-executive director on Oct 1. — Alliance Bank appoints Amirsham Aziz as new chairman
Press Metal Aluminium Holdings Bhd (KL:PMETAL) executive director Datuk Koon Poh Kong has offloaded 6.3 million shares, representing 0.08% in the aluminium company, for a total of RM32.04 million. The shares were sold on Wednesday (Oct 9) through a direct business transaction at RM5.0853 per share, trimming his stake in the company from 2.082% to 2.006%. — Press Metal founder sells 6.3 mil shares for RM32.04m
Exsim Borneo Sdn Bhd and a person acting in concert have proposed to acquire a 70% stake in Sabah-based property developer WMG Holdings Bhd (KL:WMG) at 16.5 sen per share, and make a general offer for the remaining shares at the same price. The offer price represents a discount of 70% to WMG’s closing price of 54.5 sen on Friday. Exsim Borneo, which is owned by Lim Aik Hoe and his brothers Aik Kiat and Aik Fu, have entered into an agreement with Syarikat Kretam (Far East) Holdings Sdn Bhd to acquire a 52.5% stake in WMG for a cash consideration of RM75.12 million, according to the notice of mandatory takeover offer issued on behalf of Exsim by AmInvestment Bank Bhd. Simultaneously, Ben Kong Chung Vui, a person acting in concert with Exsim, proposed to buy an additional 17.5% in WMG from Syarikat Kretam for RM25 million. — Exsim to acquire 70% stake in WMG, undertake general offer for remaining shares
Pertama Digital Bhd (KL:PERTAMA), whose share price dived to a more than four-year low on Wednesday, saw its non-independent and non-executive chairman Datuk Ahmad Nazri Abdullah reemerge as a substantial shareholder after raising his stake to 34.3 million shares or 7.83% in the company. Pertama Digital said that Ahmad Nazri had bought an additional 4.14 million new shares or 0.94% stake on Wednesday (Oct 9). Ahmad Nazri ceased to be a substantial shareholder in the digital services firm on March 15, when his shareholding dropped to 20.91 million shares or 4.77% stake — falling below the 5% threshold required for substantial shareholding status. — Pertama Digital chairman Ahmad Nazri reemerges as substantial shareholder
Pharmaniaga Bhd (KL:PHARMA) has secured funding from the government for research and development (R&D) of vaccines through the National Vaccine Production Development and Strengthening Fund (DPVN). The pharmaceutical group's wholly-owned unit Pharmaniaga Lifescience Sdn Bhd (PLS) has entered into a fund agreement with the National Institutes of Biotechnology Malaysia on behalf of the Ministry of Science, Technology and Innovation (Mosti). The fund agreement is effective from March 1, 2024, until May 31, 2027, or subject to earlier termination. The Practice Note (PN17) company, however, did not mention the value of the fund. — Pharmaniaga unit secures grant from Mosti for vaccine R&D
Construction company Fajarbaru Builder Group Bhd (KL:FAJAR) has proposed to dispose of its 44.44% stake in an Australian property development company in a related-party transaction. The 44.14% stake in BFB Project Pty Ltd is being sold to Mayfair International Investments Pty Ltd — which owns the remaining 55.56% stake — for A$4.2 million (RM12.11 million). BFB director Chan Jiaheng is also the director and shareholder of Mayfair. The other shareholder of Mayfair is Teh En Yee. Chan and Teh are the son and daughter-in-law of Fajarbaru executive chairman Tan Sri Chan Kong Choy. — Fajarbaru to sell 44.44% stake in Australian property company
Oil and gas service provider Steel Hawk Bhd (KL:HAWK) has been awarded an operational pigging supply and services contract by Petronas Gas Bhd (KL:PETGAS). The three-year contract is on a call-out basis and so does not have a fixed value. It expects the contract to contribute positively to its earnings for the financial year ending Dec 31, 2024. — Steel Hawk secures operational pigging supply and services contract from Petronas Gas
Oil and gas company Barakah Offshore Petroleum Bhd (KL:BARAKAH) announced the resignation of its independent non-executive chairman Datuk Mohd Zaid Ibrahim after five years at the helm. Barakah Offshore said Zaid, 73, has stepped down to "take a rest from work". Zaid was appointed to the board on Oct 14, 2019, and does not hold any shares in Barakah Offshore. — Barakah Offshore chairman Zaid Ibrahim resigns, founder Nik Hamdan steps in
Gadang Holdings Bhd (KL:GADANG) is disposing of a leasehold land in Damansara Perdana for RM65 million to partially finance its existing construction projects and repay borrowings. Its wholly-owned unit Gadang Construction Sdn Bhd inked a deal to sell the land, measuring 10,779 sq m, to property developer Opulent Abode Sdn Bhd. — Gadang to sell leasehold land in Damansara Perdana for RM65m
Kerjaya Prospek Group Bhd (KL:KERJAYA) has filed a new lawsuit against Yong Tai Bhd (KL:YONGTAI) and its chief executive officer Datuk Boo Kuang Loon over an alleged unpaid contract sum of RM105.14 million related to a construction project in Melaka. Kerjaya Prospek stated that its wholly-owned subsidiary, Kerjaya Prospek (M) Sdn Bhd (KP), has served a writ of summons and statement of claim to Yong Tai and Boo. Yong Tai is being sued under the corporate guarantee, while Boo is being sued under his personal guarantee for the residual contract in dispute, which was signed between KP and Apple 99 Development Sdn Bhd, a wholly-owned subsidiary of Yong Tai, on Feb 25, 2020. In response, Yong Tai has filed another defence and counterclaim, asserting that KP failed to complete the construction work as agreed, leading to significant project delays. — Kerjaya Prospek files fresh lawsuit against Yong Tai and CEO over RM105m contract dispute