Wednesday 12 Feb 2025
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KUALA LUMPUR (Jan 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday: 

A consortium led by Khazanah Nasional Bhd has received valid acceptances of 1.548 billion shares or 92.82% of the total number of issued shares in Malaysia Airports Holdings Bhd (KL:AIRPORT) on its conditional voluntary offer for shares of the airport operator, better known as MAHB. The latest acceptance level was at 5pm on Jan 24. Besides Khazanah, the consortium, dubbed Gateway Development Alliance (GDA), also comprises the Employees Provident Fund, Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners. Despite surpassing the acceptance level, GDA will only determine if the offer has become unconditional on Jan 28 after 5pm, AmInvestment Bank said on behalf of the consortium. The offer will remain open for acceptance until 5pm on Feb 4. The original deadline was on Jan 8, under the takeover launched in May last year. — MAHB takeover: Acceptance of Khazanah-led consortium's offer reaches 92.82%

Separately, MAHB managing director Datuk Mohd Izani Ghani told reporters that the automated people mover system (aerotrain) at the Kuala Lumpur International Airport (KLIA) is now targeted to resume operations by the second quarter of 2025, subject to the testing and commission progress. The RM456 million project has faced several delays, with the previous targeted operational date being Jan 31 this year. — KLIA aerotrain to resume operations by 2Q, says MD of MAHB

A joint venture between Gamuda Bhd (KL:GAMUDA) and Ferrovial (GFJV) has inked an early contractor involvement (ECI) agreement with Capricornia Energy Hub (CEH) for a hydroelectric storage project in Queensland, Australia. CEH is backed by Copenhagen Infrastructure Partners, one of the world's largest clean energy investors. Under the five-month ECI deal, whose contract value was not disclosed, Gamuda said that its JV will develop an engineering, procurement and construction framework for delivering the project, named Capricornia Pumped Hydroelectric Storage. — Gamuda-Ferrovial JV lands early role in Australian hydroelectric storage project

Malaysian Resources Corp Bhd (KL:MRCB) is partnering with Melaka Corp to develop a hospital on a parcel of land in Melaka Tengah that will have an estimated gross development cost of RM520 million. Its wholly owned unit MRCB Land Sdn Bhd has entered into a joint venture (JV) and shareholders’ agreement with Melaka Corp’s subsidiary PM Multilink Sdn Bhd to form a JV company to undertake the project. MRCB Land and PM Multilink’s JV company — Majestic Quest Sdn Bhd — will be formed on a 70:30 basis. The project, which is located in the Bukit Baru district in Melaka, will later be leased to Putra Specialist Hospital (Melaka) Sdn Bhd. — MRCB forms JV with Melaka Corp for RM520m hospital project

Packaging manufacturer and developer Scientex Bhd (KL:SCIENTX) is acquiring 528.49 acres of land in Paya Rumput, Melaka for RM333.8 million cash (RM14.50 per sq ft) from Genting Plantations Bhd (KL:GENP). Scientex via its indirect wholly owned subsidiary Scientex Heights Sdn Bhd entered into two conditional sale and purchase agreements with Genting Plantations’ subsidiaries, namely Genting Plantations (WM) Sdn Bhd (GPWM) and Genting Property Sdn Bhd (GPSB) to purchase the land. Scientex said the acquisition will boost its existing landbank, which aligns with the company’s goal to build more affordable homes. The company is targeting to complete 50,000 affordable homes nationwide by 2028. — Scientex buys Melaka land from Genting Plantations for RM333 mil cash

TMC Life Sciences Bhd (KL:TMCLIFE) warned that it expects to report a loss for the second quarter ended Dec 31, 2024 (2QFY2025), compared to the net profit recorded in the same period last year. The company attributed the anticipated loss primarily to "termination and discount of customer contracts. In light of this, TMC Life Sciences advised shareholders and potential investors to exercise caution when trading in the company’s shares. — TMC Life Sciences issues profit warning due to contract issues

After spending RM719.4 million to acquire eight new assets in 2024, Axis Real Estate Investment Trust (Axis REIT) (KL:AXREIT) said it will continue to aggressively source potential acquisition targets, particularly industrial properties. During an investors’ briefing, Axis REIT Managers Bhd chief executive officer and executive director Leong Kit May shared that the REIT is currently in closed talks with potential acquisition targets valued at RM300 million with heavy inclination towards industrial. Those deals are likely to be finalised in the next two months. — Axis REIT in hot pursuit of industrial deals

AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) has terminated its plan to sell the Contraves building in Cyberjaya due to a failed condition precedent, but is simultaneously pursuing the acquisition of a sustainable asset to boost its distribution per unit (DPU). The purchaser, 4X Software Sdn Bhd, was unable to fulfill the stipulated condition precedent within the agreed timeline, which ended on Dec 26, 2024, according to AmanahRaya Kenedix REIT Manager Sdn Bhd, the REIT’s manager. While it did not stipulate what the condition was, the REIT had previously said the sale of the property, for RM42.5 million cash, had to obtain the approval of the Economic Planning Unit. — AmanahRaya REIT pursues new asset buy as its RM42.5 mil Cyberjaya property sale falls through

Taghill Holdings Bhd (KL:TAGHILL), formerly known as Siab Holdings Bhd, has secured a RM152 million construction job in Kuantan, Pahang. Its wholly owned subsidiary, Taghill Projects Sdn Bhd (TPSB), accepted the letter of award (LOA) from Kuantan Waterfront Resort City Sdn Bhd (KWR) for the proposed development of a commercial strata scheme. The project includes four business blocks, one serviced apartment block, and a six-level podium parking structure with residential facilities. — Taghill clinches RM152 mil mixed-development project in Pahang

Building materials and construction engineering firm Chin Hin Group Bhd (KL:CHINHIN) has proposed to acquire an additional 37.38 million shares or a 12.27% stake in metal roofing and safety glass maker Ajiya Bhd (KL:AJIYA) for RM54.2 million or RM1.45 per share. Upon completion, the shares purchase will effectively raise Chin Hin’s stake in Ajiya to 66.36% from 54.09%. The purchase price of RM1.45 was agreed upon on a willing-buyer, willing-seller basis, which is 9.9% lower than Ajiya’s closing price of RM1.61 on Friday. — Chin Hin raises Ajiya stake by 12.27% to 66.4% for RM54.2 mil

Building and infrastructure construction services provider TCS Group Holdings Bhd (KL:TCS) saw the emergence of a new substantial shareholder. James Liew Vun Tak acquired an 11.9% stake, equivalent to 71.5 million shares, through a direct business transaction on Friday. The shares were purchased from TCS’ managing director and largest shareholder, Datuk Tee Chai Seng, at 16 sen per share, amounting to RM11.44 million. Following the sale, Tee’s direct stake in TCS was reduced to 36.31%. He also has an indirect stake of 8.47% in the company, held via his spouse, Datin Koh Ah Nee. — TCS sees emergence of new substantial shareholder with 11.9% stake as MD trims shareholding

Edited ByLiew Jia Teng
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