KUALA LUMPUR (Oct 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
AirAsia X Bhd’s (KL:AAX) shareholders and proxies have voted 99.08% in favour of the proposed RM6.8 billion acquisition of AirAsia’s aviation business — AirAsia Bhd and AirAsia Aviation Group Ltd — from its sister company Capital A Bhd (KL:CAPITALA). The acquisition is expected to be completed by the end of this year, subject to final court and regulatory approvals. AAX’s shareholders have also voted in favour of the proposed issuance of free warrants, private placement to raise gross proceeds of RM1 billion, share capital reduction and subscription shares. — AAX shareholders approve RM6.8b aviation assets buy from Capital A
Crescendo Corp Bhd (KL:CRESNDO) is buying SGR Land Development Sdn Bhd and taking on its six land purchase obligations in Johor for RM168.85 million. The company will be paying RM10.79 million for a 100% stake in SGR Land to sole owners Ong Soon Liong (Ong Soon Chong) and Lok Kok Lee. Meanwhile, the balance purchase price of RM158.06 million will not assume any liabilities from the acquisition. The land provides access to the Second Link to Singapore, Port of Tanjung Pelepas, North-South Expressway, as well as the Senai International Airport, making it ideal for development of industrial properties. — Crescendo to buy SGR Land, assume Johor land purchase agreements in RM169m deal
Infoline Tec Group Bhd (KL:INFOTEC) and Pappajack Bhd (KL:PPJACK) have received approval from the Securities Commission Malaysia (SC) to transfer their listings from the ACE Market to the Main Market of Bursa Malaysia. The SC granted the approvals through a letter dated Oct 15, which both companies received on Oct 16. The approvals were issued under Section 214(1) of the Capital Markets and Services Act 2007, in addition to fulfilling the Bumiputera equity requirement for public-listed companies. — Infoline Tec, Pappajack secure SC nod for Main Market transfer
Construction outfit Fajarbaru Builder Group Bhd (KL:FAJAR), which in April clinched a deal to build apartments under the first phase of WCT Holdings Bhd's (KL:WCT) AdisonWest development in Johor Bahru, has now been awarded the contract for the second phase. The second contract, valued at RM246.09 million, is for the construction of four towers comprising 896 serviced apartment units, recreational facilities, a six-storey podium with car parks, commercial lots and an apartment lobby. — Fajarbaru Builder secures second contract for JB apartment project
Econpile Holdings Bhd (KL:ECONBHD) has been awarded a RM35.11 million contract to undertake bored piling, earthworks, and retaining wall and sub-structure works for an apartment project in Kuala Lumpur. The contract, awarded by WCT OUG Development Sdn Bhd, is expected to be completed within 13 months. The apartment project, comprising two 57-storey blocks with 636 units each, is located on Jalan Awan Besar, off Jalan Klang Lama. — Econpile secures RM35m piling contract for KL apartment project
Electrical and mechanical engineering firm LFE Corp Bhd (KL:LFECORP) has secured a subcontract worth RM38.8 million at the hyperscale data centre being developed in Elmina Business Park in Sungai Buloh. The contract to build a single-story data centre block with an attached office and utility rooms was awarded by Gamuda Engineering Sdn Bhd, a wholly-owned subsidiary of Gamuda Bhd (KL:GAMUDA), to R&L Engineering Sdn Bhd. — LFE Corp secures subcontract from Gamuda for Elmina Business Park data centre project
Aizo Group Bhd (KL:AIZO) has inked an MOU with NetRunner Sdn Bhd to jointly establish a Tier 4 data centre hub in Sarawak to meet the increasing demand for secure and reliable data storage and processing facilities. Formerly known as Minetech Resources Bhd, the group said the signing of this MOU also represents Aizo’s maiden venture into the data centre industry. Aizo is currently involved in various business segments, including civil engineering, bituminous products, renewable energy and financial technology. — Aizo ventures into data centres via MOU for Tier 4 data centre hub in Sarawak
Retail technology solution provider Radiant Globaltech Bhd (KL:RGTECH) has bagged a RM25 million contract from a utility company for the implementation of a hardware technical refresh project. However, it did not name the utility company it received the contract from. Radiant Globaltech said its wholly-owned subsidiaries Radiant Global ADC Sdn Bhd and Grand-Flo Spritvest Sdn Bhd have accepted a letter of award for the contract. — Radiant Globaltech secures RM25 mil contract for hardware technical refresh project