KUALA LUMPUR (Dec 31): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Gamuda Bhd (KL:GAMUDA) is acquiring 389.7 acres of land in the Springhill Industrial Park, Port Dickson for RM424.4 million, cash, from a joint venture (JV) between MUI Properties Bhd (KL:MUIPROP) and Chin Teck Plantations Bhd (KL:CHINTEK). Gamuda intends to use the land to develop cloud or data centre infrastructure. The land is valued at RM25 per square foot based on the purchase price. An independent valuation by Savills (M) Sdn Bhd appraised the land's market value at RM400 million, or RM23 per square foot. Gamuda plans to use internal funds to pay for the acquisition. — Gamuda buys land from MUI Properties-Chin Teck JV for RM424m cash, for data centre project
Gadang Holdings Bhd (KL:GADANG) and its joint venture (JV) partners have successfully won a bid to develop a 15-megawatt alternating current large-scale solar photovoltaic plant in Tawau, Sabah. It said that the Energy Commission of Sabah (Ecos) had issued a letter of notification (LON), awarding the project to the JV of its wholly-owned subsidiary, Regional Utilities Sdn Bhd (RUSB), and Hotrend Corporation Sdn Bhd. The LON requires the RUSB–Hotrend JV to fulfil certain compliance obligations, including submitting and executing project documents to confirm acceptance. However, Gadang did not provide further details. — Gadang unit’s JV wins bid to develop 15MWac solar plant in Tawau, Sabah
Apex Equity Holdings Bhd (KL:APEX), which is involved in stockbroking, property development and money lending services, said on Monday it is buying a boutique office building in Bangsar South, Kuala Lumpur for RM50 million. Apex said its wholly-owned unit Apex Development Sdn Bhd has entered into a sale and purchase agreement with Noah Foundation for the acquisition of the building, measuring approximately 54,876 sq ft, for RM911.15 per sq ft. The building, currently vacant, will serve as the office for Apex Group and its subsidiaries, the company said. Unoccupied floors will be made available for lease. — Apex Equity buys office building in Bangsar South for RM50 mil for relocation
Samaiden Group Bhd (KL:SAMAIDEN) said on Monday it has been selected to develop a 99.99-megawatt large-scale solar photovoltaic plant in Pasir Mas, Kelantan. A letter of notification from the Energy Commission was received by its unit Samaiden Sdn Bhd for the project under Package 3 of the Large Scale Solar 5 programme, the company said. The project is expected to be completed by the commercial operation date on Oct 11, 2027. The project will operate under a 21-year solar power purchase agreement between Samaiden and Tenaga Nasional Bhd (KL:TENAGA). — Samaiden picked for Kelantan solar plant project
Yinson Production, the offshore business arm of Yinson Holdings Bhd (KL:YINSON), has secured an 18-month extension for the bareboat charter contract of its floating production storage and offloading (FPSO) unit operating in offshore Vietnam. The FPSO PTSC Lam Son — jointly owned by Yinson Production (49%) and PetroVietnam Technical Services Corporation (PTSC) (51%) through their joint venture, PTSC Asia Pacific Pte Ltd — has been operating for PetroVietnam in Block 1-2/97 offshore Vietnam since 2014. The contract value is estimated at US$36.2 million (RM161.8 million), of which about US$17.7 million is attributable to Yinson Production. — Yinson unit secures RM161.8m bareboat charter extension for FPSO unit
Well Chip Group Bhd (KL:WELLCHIP), a Johor-based pawnbroker listed in July this year, announced an acquisition of three pawnbroking companies in Perak for RM63.44 million, cash. The three companies, namely Pajak Gadai Koong Sing Sdn Bhd, Lian Foh Pawnshop Sdn Bhd and Fook Foh Pawnshop Sdn Bhd, will become Well Chip’s subsidiaries following the acquisition, slated to be completed by the first quarter of 2025. — Well Chip acquires three pawnshops in Perak for RM63 mil
Sunway Bhd (KL:SUNWAY) has appointed its independent director Datuk Mohd Anuar Taib to an executive role as deputy president effective Jan 2, 2025. Mohd Anuar, who will step down as chief executive officer of Sapura Energy Bhd (KL:SAPNRG) on Tuesday, joined the board of Sunway in July 2023 as an independent non-executive director. Also appointed as deputy president is Evan Cheah Yean Shin, the son of Sunway founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, who is being promoted from an alternate director to his father. Besides that, Yean Shin's sister Datin Paduka Sarena Cheah Yean Tih, who is currently an executive director, has been named as deputy executive chairman. — Sunway appoints outgoing Sapura Energy CEO Anuar Taib as deputy president
Marine transportation and offshore storage company EA Technique (M) Bhd (KL:EATECH) has proposed to change its name to Avangaad Bhd. This transition is expected to be finalised by the first quarter of 2025, subject to shareholder consent and regulatory clearances. — EA Technique proposes name change to Avangaad Bhd