KUALA LUMPUR (Nov 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Plantation group SD Guthrie Bhd (KL:SDG) has teamed up with property developer AME Elite Consortium Bhd (KL:AME) to develop a green industrial park within the Johor-Singapore Special Economic Zone (JS-SEZ). SD Guthrie said the park will be developed on 641 acres of land in its estate in Kulai as a hub for high-value industries such as logistics, advanced manufacturing and clean technologies. It will feature a range of ready-built and built-to-suit factories. SD Guthrie signed a memorandum of understanding with AME Elite’s wholly-owned unit, AME Industrial Park Sdn Bhd, on Monday to formalise the collaboration, which includes stringent environmental standards and sustainable practices, while a joint venture agreement is expected within the next five months. — SD Guthrie, AME Elite to jointly develop green industrial park in Kulai
TGI Fridays Malaysia's operations in the country will continue to operate as usual and remain unaffected by the recent bankruptcy filing of TGI Fridays Inc in the US, says Techna-X Bhd (KL:TECHNAX), which owns Craveat International Sdn Bhd — the master franchisee and developer for TGI Fridays Malaysia. Craveat International operates under the franchise agreement with TGI Fridays Franchisor LLC, which is separate from TGI Fridays Inc, Techna-X said in a statement. It also announced several new developments for TGI Fridays Malaysia, including the opening of a new outlet in Mid Valley Megamall this month, the reopening of its Sunway Pyramid outlet in December 2024 and a new outlet launch in Putrajaya scheduled for the first half of 2025. — TGI Fridays' ops in Malaysia unaffected by bankruptcy of US parent, says master franchisee
The six-year dispute between Star Media Group Bhd (KL:STAR) and property developer JAKS Resources Bhd (KL:JAKS) over the development of a parcel of land in Section 13, Petaling Jaya, which started in 2018, has come to an end, with both parties inking an agreement to settle the issue. With the settlement agreement, the parties have agreed to withdraw legal proceedings and any counter claim against each other, with no liberty to file afresh. Star Media will also be allowed to recognise the bank guarantee of RM50 million it called in February 2018 as "other income". — Star Media, JAKS ink settlement to end six-year dispute over Section 13 land deal
Datasonic Group Bhd (KL:DSONIC) is buying a 51% stake in Innov8tif Holdings Sdn Bhd from Revenue Group Bhd (KL:REVENUE) for RM40 million, cash. Innov8tif, a two-year-old company, specialises in ID verification technology to support e-know-your-customer (e-KYC) and e-know-your-business (e-KYB) and anti-fraud processes, customer onboarding process automation and mobile biometric authentication. The remaining 49% equity interest in Innov8tif is held by Innov8tif Consortium Sdn Bhd, whose shareholders are Law Tien Soon, Lee Chin Seong, Soh Peng Nam, Law Seeh Key and ACE Market-listed Securemetric Bhd. The acquisition comes with a profit guarantee of RM2.5 million for the financial year ending Dec 31, 2025 (FY2025) and RM3 million for FY2026. — Datasonic buys 51% stake in Innov8tif Holdings from Revenue Group for RM40 mil cash
Dayang Enterprise Holdings Bhd (KL:DAYANG) has bagged a contract from Shell for the provision of pan-Malaysia offshore maintenance, construction, modification (MCM) and hook-up commissioning (HUC) services. The contract value was not disclosed but will be based on work orders issues. The contract is for Package B4 and was awarded by Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC) to its wholly-owned unit Dayang Enterprise Sdn Bhd. The contract is effective from Oct 14 for five years, with an optional extension of three years, followed by another two years. — Dayang wins pan-Malaysia services contract from Shell
Carimin Petroleum Bhd (KL:CARIMIN) said it has secured a five-year contract from Shell for the provision of pan-Malaysia maintenance, construction, modification (MCM), and hook-up and commissioning (HUC) services. The group said the contract awarded by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd covers all offshore facilities operated by the two companies. The five-year contract involves supplying skilled manpower, materials and equipment for various projects, which include major maintenance for topsides, facility improvement initiatives, HUC for both brownfield and greenfield projects, as well as riser repair and pig trap maintenance. — Carimin Petroleum gets five-year services contract from Shell
MN Holdings Bhd (KL:MNHLDG), an underground utilities and substation engineering specialist, has secured various contracts worth RM315 million since its new financial year started on July 1, 2024, pushing its order book to RM625.8 million. These new contracts included three substation engineering projects with a total contract value of RM285.2 million, which it had announced from July to October. “As to date, we have an order book of RM625.8 million, an increase of approximately RM192.5 million since the end of the last financial year ended 30 June 2024,” Datuk Dang Siong Diang, executive director of MN Holdings said in a statement. He expects that the order book will provide MN Holdings’ earnings for the next two to three financial years. — MN Holdings's order book hits record high at RM625.8 mil
Builder Tuju Setia Bhd (KL:TJSETIA) has secured a construction contract worth RM411 million to build serviced apartments and landed residential units in Kelana Jaya for the Sunway Serene 2 development project. The job was awarded to Tuju Setia’s wholly -owned Pembinaan Tuju Setia Sdn (PTS) by Sunway Serene Sdn Bhd, a wholly-owned unit of Sunway Bhd (KL:SUNWAY). The contract involves two blocks of 45-storey serviced apartments with nine levels of podium carpark and two levels of facilities, while the landed properties comprise two rows of two-storey super link residential units and a row of three-storey super link residential units. With Monday's announcement, Tuju Setia has secured four contracts this year totalling RM1.19 billion. — Tuju Setia gets RM411 mil job to build mixed high-rise, landed homes in Kelana Jaya for Sunway Serene 2
Bina Puri Holdings Bhd (KL:BPURI) has bagged a RM113.3 million contract to build water pipelines under the Serian Regional Phase 2 project in Sarawak. The contract was granted to its wholly-owned subsidiary Bina Puri Builder Sdn Bhd by Tokoh Ilham Sdn Bhd. The project, under the Sarawak Rural Water Supply Department, is expected to be completed by April 9, 2027. — Bina Puri secures RM113 mil water pipeline construction contract in Sarawak
Newly-listed Elridge Energy Holdings Bhd (KL:ELRIDGE) said it has entered into a deal to supply biomass feedstock to a Japanese trading company for 15 years. Under the memorandum of understanding signed with JFE Shoji Group on Monday, Elridge Energy will supply the Japanese company 150,000 tonnes of Green Gold Label certified palm kernel shells annually, from April 2025 until March 2040. — Elridge Energy signs deal to supply biomass feedstock to Japanese company for 15 years
MCE Holdings Bhd (KL:MCEHLDG), a manufacturer of automotive electronic and mechatronic parts, is partnering with Nanjing Chuhang Technology Co Ltd to exclusively develop, manufacture and market a sensing radar technology for autonomous driving application for global markets, excluding China. Under the MOU signed between MCE's wholly-owned MCE Ventures Sdn Bhd and the China-based company, the two parties will form a new company, with Chuhang bringing in its technical expertise — including technology transfer, product development support and assistance in establishing a production line in Malaysia — while MCE will establish a manufacturing facility at its upcoming MCE Auto Hub in Serendah, set to be operational by the second half of next year. — MCE explores development of autonomous driving solutions with Chinese company
Bintai Kinden Corp Bhd (KL:BINTAI) has secured a RM61.22 million contract for the construction of a housing project in Jasin, Melaka. The group received the contract from N&T Asset Sdn Bhd, the registered owner of the 38-acre land on which the project will be developed. The project involves 30 single-story semi-detached houses, 90 single-story cluster semi-detached houses, 136 single-story terrace houses, six single-story bungalows and 13 single-story shop lot units. — Bintai Kinden clinches RM61m housing construction job in Melaka