KUALA LUMPUR (Jan 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Petra Energy Bhd (KL:PENERGY) has secured four contracts to provide pan-Malaysia offshore services to the national oil and gas company Petronas and its production sharing contractors. The jobs for undisclosed contract values involve offshore maintenance, construction, and modification (MCM) as well as hook-up and commissioning (HUC) services in Sarawak, Petra Energy said. The latest contract, secured from Petronas and announced on Friday, will last five years, with extension options of three plus two years, it noted. The contract with Petronas began on Sept 27, 2024. — Petra Energy gets four pan-Malaysia services contracts
Asia Internet Holdings Sdn Bhd has ceased to be a substantial shareholder in Cuscapi Bhd (KL:CUSCAPI) after paring 5.29% stake in the point-of-sale systems provider. Asia Internet is a private vehicle of Wong Thean Soon, the managing director MyEG Services Bhd (KL:MYEG). Also known as TS Wong, he still personally holds 21.96% in Cuscapi, making him the biggest shareholder of Cuscapi. The disposal on Dec 26 involved 50 million Cuscapi shares. The value of the transaction was not disclosed though the block of shares would be worth RM10.25 million based on Cuscapi's closing price of 20.5 sen on Dec 26. — Asia Internet, private vehicle of MyEG’s TS Wong, ceases to be substantial shareholder of Cuscapi
Permodalan Nasional Bhd's unit, Yayasan Pelaburan Bumiputra (YPB), has now taken over the 5.02% substantial stake that Yayasan Ekuiti Nasional (YEN) held in offshore support vessel firm Icon Offshore Bhd (KL:ICON) via Ekuiti Nasional Bhd (Ekuinas). This is because ownership of Ekuinas has now been placed under YPB, following the consolidation of Bumiputera-focused investment institutions into YPB — a move announced under Budget 2024 — to strengthen the development of Bumiputera businesses. Hence, YEN is no longer a substantial shareholder of Icon Offshore, while YPB has become a substantial shareholder due to Ekuinas Capital being its wholly owned unit. — PNB's unit Yayasan Pelaburan Bumiputra now owns Ekuinas' substantial stake in Icon Offshore
Velocity Capital Partner Bhd (KL:VELOCITY) has made its new largest shareholder Datuk Fam Chee Way its non-independent and non-executive director, effective Friday. On the same day, executive director Tan Yip Jiun resigned from his post "to pursue other interests". His resignation comes a day after he disposed of his entire 12.17% stake in the company to Fam. Fam, who has acquired another 16.61% stake in Velocity Capital from Datuk Liu Han Ming, now holds a 28.79% stake in the group. — Velocity Capital's new largest shareholder Fam Chee Way joins its board as ED Tan Yip Jiun resigns
Industrial services firm Swift Energy Technology Bhd (KL:SET), which is slated to be listed on the ACE Market next Wednesday, made a net profit of RM5.18 million for the fourth quarter ended Sept 30, 2024 (4QFY2024), on the back of RM29.3 million in revenue. Earnings per share stood at 0.69 sen. No dividend was declared. This is the first interim financial report announced by Swift Energy, so no comparative figures are available as no interim financial report was prepared previously. The group's revenue for 4QFY2024 was mainly from its manufacturing segment, which contributed RM22.01 million or 75.11% of total revenue. — ACE Market-bound Swift Energy posts 4Q net profit of RM5.18 mil