KUALA LUMPUR (Jan 14): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Gamuda Bhd (KL:GAMUDA) said its consortium has been appointed as the main contractor to deliver the first civil works package worth over RM8 billion for the Penang Light Rail Transit (LRT) project. SRS Consortium Sdn Bhd, a joint venture in which Gamuda owns a 60% stake, will build the Mutiara Line stretching 24km from Komtar in George Town to Island A of the Penang South Reclamation project. The contract involves 19 stations and other related facilities. Loh Phoy Yen Holdings Sdn Bhd and Ideal Property Development Sdn Bhd each own 20% of SRS Consortium. Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) is the project developer and asset owner of the Mutiara Line. — Gamuda gets first package worth over RM8 bil of Penang LRT project
Energy infrastructure firm Yinson Holdings Bhd (KL:YINSON) is close to signing up investors for a funding round in its unit that makes equipment used by the offshore oil and gas industry, according to people with knowledge of the matter, Bloomberg reported. Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corp (BCI) and RRJ Capital will likely subscribe to US$1 billion (RM4.51 billion) in redeemable convertible preference shares as soon as this week, the people said, asking not to be identified because the process is private. The trio is also expected to subscribe to another US$500 million at a later, unspecified date, according to the people. — Yinson close to deal with investors including Abu Dhabi for US$1b funding — Bloomberg
YTL Power International Bhd (KL:YTLPOWR), which is in the midst of setting up its own artificial intelligence (AI) data centres using the latest chips by US chip giant Nvidia Corp, does not expect to be impacted by the proposed US rules on advanced chip exports into countries like Malaysia. Speaking to The Edge in response to a query on the impact of the potential export curbs, YTL Power managing director Datuk Seri Yeoh Seok Hong reiterated that the group is the first non-US company selected in Asia to partner Nvidia to deploy and manage a supercomputer driven by the GB200 Blackwell GPUs or graphic processing units in the region. “We are confident that we will not be affected by the latest announcement on the limitation on the export of GPUs,” said Yeoh. — YTL Power ‘confident’ not affected by potential US chip export curbs amid Nvidia partnership
Eden Inc Bhd (KL:EDEN) said its wholly owned subsidiary, Daya Cipta Sdn Bhd, has been selected to develop a 29.99-megawatt (MW) large-scale solar photovoltaic plant in Gebeng, Kuantan. Daya Cipta had accepted a letter of notification (LON) from the Energy Commission (EC) on Jan 10. According to the LON, the plant's maximum export capacity must not exceed 29.99MW, and it will operate under a 21-year solar power purchase agreement with Tenaga Nasional Bhd (KL:TENAGA). The scheduled commercial operation date is set for no later than July 28, 2027. — Eden picked to develop 29.99MW solar plant in Kuantan
IT services provider Infomina Bhd (KL:INFOM) has secured a purchase order worth US$2.9 million (RM13 million) to provide technology application and infrastructure operations to a Hong Kong-based technology firm. The order, accepted through its wholly owned subsidiary Infomina Pte Ltd (Infomina SG), was issued by PCCW Solutions Ltd for its entity, Hong Kong Telecommunications (HKT) Ltd. Under the two-year agreement, Infomina SG will assist HKT with renewing licence subscriptions, providing training for HKT personnel on installation and start-up processes, supervising the installation and start-up of hardware and software systems. — Infomina secures technology services order from Hong Kong-based firm
Engineering and construction services provider Kimlun Corp Bhd (KL:KIMLUN) is selling a plot of freehold land measuring 56.5ha in Kota Tinggi, Johor, for RM55 million to KT Techpark Sdn Bhd. Its indirect wholly owned unit Kitaran Lintas Sdn Bhd has inked the agreement for the sale. The land has been used for oil palm plantation. Over the past three years, the land produced 1,950 tonnes of fresh fruit bunches (FFB). According to Kim Lun's latest audited financial statements for FY2023, the land contributed to a net loss of RM500,000 for the year. The sale price represents a 59.98% premium over the land's net book value of RM34.48 million as of Dec 31, 2023. — Kimlun sells plantation land in Kota Tinggi for RM55 mil
Solarvest Holdings Bhd (KL:SLVEST) is acquiring three plots of land in Kedah for RM19.99 million cash to secure strategic land for renewable energy asset development projects. The solar photovoltaic provider's subsidiary Atlantic Blue Sdn Bhd has entered into two separate sale and purchase agreements with Aziho Trading Sdn Bhd to purchase the plots measuring 48.86ha in total in Mukim Gurun in Kuala Muda. "The lands are expected to provide the company with the opportunity to secure an EPCC (engineering, procurement, construction and commissioning) contract, and/or provide recurring income from the sale of electricity, and/or future land lease income to the company," Solarvest said. — Solarvest buys land for RE projects in Kedah for RM19.9 mil
Sapura Energy Bhd (KL:SAPNRG), which has been in Practice Note 17 (PN17) status since end-May 2022, is a step closer to revive its financial health. The oil & gas (O&G) giant said it has secured approval-in-principle from at least 75% of its financiers for the proposed restructuring of its multi-currency financing facilities. “The second approval-in-principle for the proposed restructuring scheme paves the way for court-convened meetings with the relevant classes of creditors of Sapura Energy and its relevant subsidiaries. It will also facilitate a prospective financial investment from a white knight,” the company said in a statement. — Sapura Energy secures second approval-in-principle for debt restructuring exercise
Apex Equity Holdings Bhd (KL:APEX) said its executive chairman, Datuk Wira Farhash Wafa Salvador, is seeking a court order to get the company to replace its memorandum and articles of association (M&A) with a new constitution, to comply with Bursa Malaysia's listing requirements. Farhash said the lawsuit at the High Court is brought in the best interest of Apex. The chairman noted in an affidavit that it is not practicable to adopt or amend the M&A in its entirety and substitute it with a new constitution using the procedure set out in the M&A. — Apex Equity chairman Farhash Wafa seeks court order to get company to amend constitution