KUALA LUMPUR (Jan 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Tenaga Nasional Bhd or TNB (KL:TENAGA) said its unit TNB Western Energy Bhd (TNB WE) has been slapped with an income tax bill amounting to RM291.55 million from the Inland Revenue Board for the year of assessment 2018. TNB WE is an indirect wholly-owned subsidiary. The national utility company said TNB WE had on Dec 31, 2024 filed a judicial review application at the High Court to challenge matters arising from the assessment notice. On Thursday, the High Court had granted an interim stay of all further proceedings, including the enforcement of the notice, until the full and final disposal of the judicial review leave application. — IRB slaps TNB unit with RM292m tax bill
Berjaya Corporation Bhd (KL:BJCORP) is seeking a new partner as it bids for a proposed multibillion-dollar high-speed rail (HSR) line between Kuala Lumpur and Singapore, after Malaysian Resources Corp Bhd (KL:MRCB) withdrew from the consortium last month, Berjaya Corp founder Tan Sri Vincent Tan Chee Yioun Chiun told reporters after officiating the Brahmarpanam Soup Kitchen in Kuala Lumpur. The consortium now comprises Berjaya Rail Sdn Bhd, Keretapi Tanah Melayu Bhd, IJM Corporation Bhd (KL:IJM), and technical partners such as Deutsche Bahn AG, Hitachi Rail and Hyundai Rotem Co. — Berjaya Corp's Vincent Tan seeks new partner in KL-Singapore HSR bid
Sime Darby Property Bhd (KL:SIMEPROP) has acquired two modern double-storey logistics warehouses in Bandar Bukit Raja, Selangor for RM232 million. The assets — previously owned by a 50:50 joint venture with a Japanese consortium — consolidates Sime Darby Property’s ownership of the logistics assets, according to its statement. The warehouses have a combined net lettable area of about 700,000 square feet. Sime Darby Property previously partnered Japan’s Mitsui & Co Ltd and Mitsubishi Estate Co Ltd to jointly develop and lease the built-to-suit facilities in Bandar Bukit Raja. — Sime Darby Property fully acquires Bandar Bukit Raja warehouses for RM232 mil
Uzma Bhd (KL:UZMA), through its subsidiary Setegap Ventures Petroleum Sdn Bhd (SVP), has secured a one-year contract extension worth RM100 million from Petronas Carigali Sdn Bhd. The upstream supportive services provider said the contract is for the provision of coiled tubing and services for Petronas Carigali’s field offshore in east Malaysia. — Uzma bags RM100m contract extension from Petronas Carigali
Metronic Global Bhd (KL:MTRONIC), which provides system integration services and integrated management systems, announced that its subsidiary, MAT JV Sdn Bhd, has been awarded a RM31 million contract by Gamuda M&E Sdn Bhd to supply instrumentation systems for the Sungai Rasau Water Supply Scheme project. Under the agreement, MAT JV will undertake the supply, installation, testing, commissioning and maintenance of instrumentation systems. — Metronic bags RM31m job to supply instrumentation systems for Sg Rasau Water Supply Scheme project
Kumpulan Perangsang Selangor Bhd (KL:KPS) said its subsidiary's appeal to the Inland Revenue Board (IRB) against the RM7.89 million capital gains tax and penalty that was imposed on the company in November last year was accepted. The appeal was filed by its wholly-owned Bold Approach Sdn Bhd on Dec 17 last year. — IRB drops RM7.9 mil tax claim against Kumpulan Perangsang Selangor
Key Alliance Group Bhd (KL:KGROUP) has proposed to consolidate its shares on a 30-to-one basis to improve its capital structure and aims to reduce the volatility of the trading price for its shares. Based on its closing price of 0.5 sen on Jan 3, according to the filing, the shares could theoretically adjust to 15 sen post-consolidation. Upon completion, the group's share base would shrink to 122.61 million shares from 3.68 billion, with a share capital of RM193.39 million. Key Alliance has also proposed a capital reduction of up to RM96 million of its issued share capital to offset accumulated losses of RM101.05 million at the group level as of Sept 30, 2024 (2QFY2025). — Key Alliance proposes capital reduction to erase RM101.5m in losses