KUALA LUMPUR (Jan 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.
A consortium led by Khazanah Nasional Bhd is revising the terms for its takeover offer for Malaysia Airports Holdings Bhd (KL:AIRPORT) to lower the acceptance conditions to at least 85%. The offer price of RM11 per share, as well as all other terms and conditions of the offer, remained unchanged. The revisions came as the consortium secured acceptance of 86.51%, below the initial rate of 90% required for the offer to become valid, following several extensions. The consortium — which also includes the Employees Provident Fund, Abu Dhabi Investment Authority and Global Infrastructure Partners — said it “shortly expects to declare the offer unconditional and remains confident that total acceptances will exceed 90%”. — Khazanah-led consortium lowers acceptance terms for Malaysia Airports takeover to 85%, deadline extended
Convenience store chain operator 7-Eleven Malaysia Holdings Bhd (KL:SEM), in which Berjaya Group founder Tan Sri Vincent Tan owns a 28.07% stake, is setting up 100 original cash recycling machines (CRM) at its outlets across Malaysia. The CRMs — offering cheque deposit machines and automated teller machines services — are deployed by Reachful Malaysia Sdn Bhd (formerly known as Abadi Tambah Mulia Internasional Malaysia Sdn Bhd). Reachful is a joint venture company of Japan-based Seven Bank Ltd (50.1%), 7-Eleven Malaysia's unit 7-Eleven Services Sdn Bhd (24.9%), HQZ Credit Sdn Bhd (20%) and SMRT Holdings Bhd (KL:SMRT) (5%). HQZ Credit is 99.99%-owned by Tan. — 7-Eleven Malaysia to set up 100 Japan's Seven Bank ATM services at its outlets
Fajarbaru Builder Group Bhd (KL:FAJAR) has signed the master purchase and development agreement with Penang Development Corp (PDC) for the first phase of the Penang Medi-City project in Batu Kawan. As part of the agreement, Fajarbaru Builder will acquire Parcel 1 of the project, measuring 51.2 acres, for RM111.5 million, to be funded through a mix of bank borrowings and internally generated funds. The development of Parcel 1 is projected to have a gross development value of RM2 billion over eight years. A profit-sharing arrangement has also been established, ensuring that PDC will receive RM36.8 million over the same period. Fajarbaru Builder also entered into strategic collaborations with various partners to enhance the project's impact, including Pelaburan Hartanah Bhd (PHB), Solarvest Holdings Bhd (KL:SLVEST), KJTS Group Bhd (KL:KJTS), and Cellaax Sdn Bhd. PHB will explore the development of facilities such as an international school and additional healthcare infrastructure, while Solarvest will provide renewable energy solutions to promote sustainability. KJTS will implement a district cooling system designed for efficiency, while Cellaax will establish a stem cell facility to enhance the medical hub's ecosystem. — Fajarbaru Builder to lead Medi-City project in Penang
Datasonic Group Bhd (KL:DSONIC) has received one-year extensions for its contracts to supply Malaysian passports and polycarbonate biodata pages to the Immigration Department of Malaysia. The extensions came with additional contract ceilings of RM57.15 million for the passport supply contract, and RM93.3 million for the polycarbonate biodata pages supply contract. The extensions for both contracts are effective from Dec 1, 2024 to Nov 30, 2025. These are the contracts' fourth extensions awarded by the Home Ministry. — Datasonic secures one-year extensions for passport supply and biodata page contracts
A vehicle linked to Scanwolf Corp Bhd (KL:SCNWOLF) managing director Eddy Seah Ley Hong has triggered a mandatory takeover offer to acquire all the remaining shares it does not own in the plastic extrusion maker at 54 sen per share. The takeover offer was triggered after the offeror, Mighty Alliance Sdn Bhd, acquired a 34.38% stake or 69.81 million shares in Scanwolf from its shareholders’ vehicles at 54 sen apiece. The offeror said it intends to maintain Scanwolf’s listing on Bursa Malaysia. Mighty Alliance is 50%-owned by Seah, 30% by Datuk Seri Bryan Wong Sze Chien, and 10% each by Datuk Seri Azlan Azmi and Datuk Seri Andrew Lim Eng Guan. The four are deemed the offer’s joint ultimate offerors. The collective shareholding of the offeror, joint ultimate offerors and persons acting in concert (PACs) stands at 39.67% or 80.54 million shares. — Scanwolf MD-linked vehicle triggers mandatory takeover offer, intends to maintain listing
WTK Holdings Bhd (KL:WTK) said a fire broke out at its unit’s tape manufacturing factory in Perai, Penang, on Jan 17. The financial impact of the fire that occurred at its wholly owned Loytape Industries Sdn Bhd’s manufacturing plant last Friday is still being assessed, but WTK’s preliminary estimate points to the impact on its earnings not being substantial and will be mitigated by adequate insurance coverage. — Timber outfit WTK reports fire in Penang tape factory, financial impact ‘not expected to be substantial’
UUE Holdings Bhd (KL:UUE) has secured two contract renewals worth a total of RM27.5 million from Sutera Utama Sdn Bhd. The first contract, valued at RM13 million, involves the installation, testing and commissioning of 11kV underground cables and related accessories in Tenaga Nasional Bhd's (KL:TENAGA) East Coast distribution network. This renewal brings the total value of the project to RM39.1 million and is expected to be completed by February 2026. The second contract, worth RM14.5 million, covers similar works in the southern region of Malaysia. This renewal increases the total value of the project to RM43.6 million, with completion slated for December 2025. — UUE secures RM27.5m in contract renewals, boosting total 2025 contract wins to RM64m
SkyWorld Development Bhd (KL:SKYWLD) has proposed to diversify into manufacturing prefabricated and prefinished modular systems, which it plans to employ in its affordable housing project in Penang. The new business, which the group says could potentially contribute a quarter of its net profit, will be undertaken via a collaboration with Singapore-based prefabricated and prefinished modular systems maker Teambuild Holdings (S) Pte Ltd. It plans to use prefabricated and prefinished volumetric construction technology to support its affordable housing development project with Penang Development Corp and PDC Properties Sdn Bhd, announced back in December last year. The joint development is expected to commence in the second half of 2025 and span 10-15 year period with a gross development value of RM13 billion. — SkyWorld eyes diversfiying into prefabricated manufacturing business
Mieco Chipboard Bhd (KL:MIECO) is disposing of two pieces of industrial land in Kuantan, Pahang, for RM40 million to transportation company G-Force Sdn Bhd, in a bid to reduce fixed overhead costs and improve production efficiency. The disposal will result in an estimated net loss of RM2.45 million. The properties, comprising two pieces of leasehold industrial land in Kawasan Perindustrian Gebeng, have a combined land area of about 17.76 hectares and a built-up area of 638,767 sq ft, comprising factory, warehouse, and ancillary buildings ranging in age from eight to 30 years. — Mieco to sell two pieces of industrial land in Kuantan at RM2.45m loss
Maxland Bhd’s (KL:MAXLAND) wholly owned units Maxland Energy Sdn Bhd and Maxland Real Sdn Bhd have inked a formal deal to collaborate with data processing services provider GDC Data Sdn Bhd to jointly venture into data centre development in Kulim, Kedah. Under the deal, GDC Data will acquire a 49% stake in Maxland Real, which is to serve as the joint-venture company for the collaboration. Maxland said the partnership aims to establish a state-of-the-art data centre in the Kulim High-Tech Park, leveraging GDC Data’s expertise in digital infrastructure services and role as a sourcing offtaker. — Maxland inks deal with GDC Data for data centre development collaboration