KUALA LUMPUR (Oct 25): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Gamuda Bhd (KL:GAMUDA) said its 75%-owned joint venture company has been appointed as the total development contractor to build a hydroelectric plant in Sabah for RM3.05 billion. The contract, awarded by Upper Padas Power Sdn Bhd (UPPSB), involves the design and construction of a 187.5-megawatt Ulu Padas dam in Tenom. It is a related-party transaction as Gamuda holds an indirect interest of 45% in UPPSB through UPP Holdings Sdn Bhd. Conlay Construction Sdn Bhd, a construction and property development company, will hold the remaining 25% stake in the joint venture. Gamuda JV named total development contractor for RM3.05b to build Sabah hydro plant
ACE Market-bound OB Holdings Bhd’s (KL:OBHB) wholly-owned subsidiary has received a dispute notice from a customer, Nature One Dairy (Hong Kong) Ltd (NOD), for allegedly breaching the purchase and supply agreement between the two. NOD also claims that the subsidiary, Orient Biotech Sdn Bhd, had infringed its intellectual property rights. The allegations stem from Orient Biotech’s production of a milk powder product for a new customer, which NOD claims uses "formulations, recipes and ingredients" identical to its own. Orient Biotech has denied the allegations, asserting that the ingredients in question are generic and commonly available in the market. ACE Market-bound OB Holdings in legal dispute over alleged breach of contract, IP infringement
MyEG Services Bhd's (KL:MYEG) joint venture company MYEG Philippines Inc (MYEG PH) has partnered with the Philippines' National Home Mortgage Finance Corporation (NHMFC) to integrate its payment system with the state-owned agency's platform. NHMFC is a Philippine government agency tasked with expanding access to affordable housing finance in the country. The two parties signed a Memorandum of Agreement on Oct 22, paving the way for the expansion of payment channels available to NHMFC borrowers. MyEG unit partners Philippine state-owned home mortgage operator to integrate online payments
MN Holdings Bhd (KL:MNHLDG) has partnered with Protech Builders Sdn Bhd (PBSB) to jointly tender for sub-contract works for the construction of a data centre project. However, it is unable to disclose the identity of the customer, as the customer is not agreeable to provide consent for disclosure. The underground utilities and substation engineering specialist also did not disclose the contract value of the sub-contract works. MN Holdings said its wholly-owned subsidiary, Mutu Nusantara Sdn Bhd (MNSB), has inked a joint venture agreement with PBSB for the said sub-contract work. MN Holdings in JV to bid for data centre construction sub-contract
Padini Holdings Bhd (KL:PADINI) announced plans to refurbish nine stores, open four new outlets, and close one location in Malaysia in the current financial year ending June 30, 2025 (FY2025) as part of efforts to streamline its retail operations. The fashion retailer will also close one of its seven stores in Thailand as part of its overseas market strategy, it said in its latest annual report. Padini announces retail revamp plans in Malaysia, Thailand for FY2025
Malakoff Corp Bhd (KL:MALAKOF) said the deadline for the fulfilment of the conditions precedent in the group's proposed acquisition of a 49% stake in solid management company E-Idaman Sdn Bhd has been extended for a third time till Jan 28, 2025. Malakoff's wholly-owned unit Tuah Utama Sdn Bhd had agreed to buy the stake from Metacorp Bhd for RM133.2 million on Oct 27, 2023. Malakoff extends E-Idaman stake buy cut-off date for third time