KUALA LUMPUR (Dec 7): Here is a brief recap of the business news and corporate announcements that made the headlines on Friday:
Genting Bhd’s (KL:GENTING) indirect wholly-owned subsidiary Resorts World Las Vegas LLC (RWLV) has announced the establishment of a board of directors with industry veteran Jim Murren as chairman, effective Dec 4, 2024. The integrated Las Vegas gaming resort also announced the appointment of Alex Dixon, who will come on board on Jan 16, 2025, as its chief executive officer. — Genting's Resorts World Las Vegas appoints new board members
JAKS Resources Bhd (KL:JAKS) said its indirect subsidiary MNH Global Assets Management Sdn Bhd has filed for the establishment of a medium-term note (MTN) programme of up to RM250 million with the Securities Commission Malaysia. MNH Global is involved in the investment holding and management of malls, JAKS' latest annual report showed. The group said the proceeds raised from the MTN issuance shall be used to refinance MNH Global’s existing financing. — JAKS' indirect subsidiary to raise RM250m via medium-term note programme
The Employees Provident Fund (EPF) has emerged as a substantial shareholder in KIP Real Estate Investment Trust (KL:KIPREIT) for the first time, after acquiring a 6.07% stake in the REIT, comprising 48.51 million units. EPF, via Citigroup Nominees (Tempatan) Sdn Bhd, acquired the block of shares on Dec 3 via a private placement deal. The REIT announced on Dec 2 that its overall placement, totalling 180 million shares, would be priced at 82.5 sen. — EPF emerges as substantial shareholder in KIP REIT for first time
ITMAX System Bhd (KL:ITMAX) said on Friday it is partnering with Aim-Force Sdn Bhd to jointly develop smart parking enforcement solutions, and enterprise mobility software and technologies for various projects. ITMAX said it has entered into a joint venture (JV) agreement with Aim-Force for the collaboration, which they will undertake via a JV company named Enforcemax that was incorporated on Nov 1 this year. ITMAX holds a 70% equity stake in Enforcemax, while Aim-Force owns the remaining 30%. — ITMAX to jointly develop smart parking solutions
OSK Holdings Bhd’s (KL:OSK) property arm, OSK Property Holdings Bhd, plans to expand its activities in Kedah with the acquisition of five parcels of plantation land totalling 330.53 acres (133.76 hectares) for RM72 million. OSK Amanjaya Sdn Bhd, a wholly-owned subsidiary of OSK Property, is buying the land, located north of Sungai Petani, from Central Kedah Properties Sdn Bhd. — OSK Property buys more land in Sungai Petani
Kawan Food Bhd (KL:KAWAN) is venturing into the supply and distribution of information technology equipment via a joint venture with several individuals, including its founder cum major shareholder, and its current chairman. It has, via its wholly-owned KG Pastry Marketing Sdn Bhd (KGPM), inked a joint venture agreement with Sun Cheng Leng, Huang Er-Wen, Gan Thiam Chai and Lim Hun Soon @ David Lim on Friday to undertake the business via a special purpose vehicle, Reka Innotech Sdn Bhd. — Kawan Food ventures into IT equipment business via JV
Crescendo Corp Bhd (KL:CRESNDO) is selling more land for the development of data centres in Johor, this time for RM120.06 million, cash. Crescendo said it signed an agreement with Data Cloud Innovation Sdn Bhd, a wholly-owned unit of UK-based Magma Holding Company Ltd, on Friday for the sale of five plots of freehold vacant land in Iskandar Puteri. — Crescendo seals seventh land sale in Johor, to data centre operator
Cypark Resources Bhd (KL:CYPARK) is partnering with the Terengganu state government to develop a 500 megawatt (MW) large hybrid hydro floating solar (HHFS) plant at Tasik Kenyir. Cypark said it has signed a heads of agreement for the joint venture (JV) with Terengganu Incorporated Sdn Bhd (Terengganu Inc), the state’s strategic investment arm. The 500MW HHFS project is the first of its kind in Malaysia, harnessing Tasik Kenyir's water for clean energy generation. — Cypark partners Terengganu govt to develop 500MW hybrid hydro floating solar plant
FSBM Holdings Bhd (KL:FSBM) said it has teamed up with a US technology firm to develop a consumer-to-manufacturer (C2M) platform for the Malaysian and Southeast Asian market. FSBM, which signed the collaboration agreement with Synergies Intelligent Systems Inc on Friday, said the project seeks to transform how custom-machining parts are produced to empower businesses to achieve greater efficiency. FSBM will help launch the C2M platform in Malaysia by providing IT solutions, onboarding clients and supporting operations. — FSBM partners US firm to launch AI-driven manufacturing platform in Malaysia
MMAG Holdings Bhd (KL:MMAG) has proposed a share capital reduction to wipe out up to RM270 million of its accumulated losses. At the group level, MMAG’s accumulated losses stood at RM290.2 million at the end of the audited 18 months ended Sept 30, 2024. This will be reduced to RM20.37 million after the share capital reduction. — MMAG proposes RM270m share capital reduction to reduce accumulated losses