KUALA LUMPUR (Jan 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
Khazanah-EPF led Gateway Development Alliance Sdn Bhd (GDA) has succeeded in getting enough shares to delist and take Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT) private, almost eight months since the takeover was first proposed. With the acceptance condition fulfilled, the joint offerors will keep the offer open for acceptances until Feb 12, MAHB’s bourse filing read. This is the fourth extension since the original deadline of Jan 8. Following this, Bursa Malaysia will suspend the trading of MAHB shares on Feb 20, in preparation for the company’s delisting from the Main Market. — Khanazah-EPF consortium successfully privatises MAHB
TH Plantations Bhd’s (KL:THPLANT) 60%-owned unit TH Pelita Simunjan Sdn Bhd is being sued for RM230.25 million for allegedly trespassing on native land. Nine individuals are suing TH Pelita Simunjan on behalf of themselves and other owners of native customer rights (NCR) land in Simunjan, Sarawak. The plaintiffs are seeking special damages for trespassing and loss of profits of RM184.2 million, and aggravated and/or exemplary damages of RM46.05 million. TH Plantations said it remains committed to defending its position and noted that based on the facts of its case, it is of the view that it has a good defence to the claims of the native groups. — TH Plantations’ unit sued for RM230m in native land dispute
A consortium led by wastewater engineering and construction firm Salcon Bhd (KL:SALCON) has been awarded the construction of a seven-megawatt (MW) solar energy generating facility in Sungai Siput, Perak. Mentari Kamuning Sdn Bhd (MKSB), a 70%-owned unit of Energy Valley Sdn Bhd, which is wholly owned by Salcon, signed a new enhanced dispatch agreement with Tenaga Nasional Bhd (KL:TENAGA) on Monday for the construction of a facility with a commercial operation period of 21 years. The remaining 30% stake in MKSB is held by KAB Smart Solar Energy Sdn Bhd, a wholly owned subsidiary of Kinergy Advancement Bhd (KL:KAB). — Salcon-KAB consortium awarded 7MW solar project in Perak
Datasonic Group Bhd (KL:DSONIC) has secured a one-year contract extension worth RM104.78 million to supply passport chips to the Malaysian Immigration Department. The latest contract extension is effective from Dec 1, 2024 until Nov 30, 2025. Under the contract, its wholly owned unit Datasonic Technologies Sdn Bhd is required to furnish the Ministry of Home Affairs with a new performance bond of RM3.43 million, or an additional performance bond of RM238,660, with an extended validity period until Nov 30, 2026. — Datasonic bags RM104m contract extension from Home Ministry to supply passport chips
EVD Bhd (KL:EVD) has appointed Datuk Seri Shahril Mokhtar as non-executive chairman, effective Feb 1. He is replacing Datuk Wong Sak Kuan, who will be redesignated as a non-independent non-executive director. Shahril also sits on the boards of Taghill Holdings Bhd (KL:TAGHILL), and West River Bhd, a green building solutions firm looking to list on the ACE Market of Bursa Malaysia. Shahril had a two-year stint as CEO of Mass Rapid Transit (MRT) Corp Sdn Bhd between 2015 and 2018, overseeing the developments of MRT Line 1 and 2. — EVD names former Prasarana MD, former MRT Corp CEO Shahril Mokhtar as chairman
Key Alliance Group Bhd (KL:KGROUP) has appointed Datuk Wira Farhash Wafa Salvador, known for his former roles as political secretary to Prime Minister Datuk Seri Anwar Ibrahim and PKR's Perak chief, as its executive chairman, effective immediately. The cloud and IT services provider has been without a chairman since former independent non-executive chairman Datuk Zaidi Mat Isa @ Hashim stepped down in September 2023. Besides Key Alliance, Farhash also sits on the boards of 7-Eleven Malaysia Holdings Bhd (KL:SEM), Apex Equity Holdings Bhd (KL:APEX) and Excel Force MSC Bhd (KL:EFORCE). — Key Alliance appoints Anwar's ex-aide Farhash as executive chairman
Taghill Holdings Bhd (KL:TAGHILL) is not proceeding with a RM38.88 million contract to build a 15-storey columbarium in the city centre due to escalating material costs. Taghill’s wholly owned unit Siab (M) Sdn Bhd has agreed with the client, City Centre Columbarium, to mutually terminate the contract awarded in March 2021. The company said the contract will cease to be in force effective Feb 13. — Taghill’s RM39m columbarium job mutually terminated
Malakoff Corp Bhd (KL:MALAKOF) has extended the deadline to fulfil conditions precedent for its proposed acquisition of a 49% stake in solid waste management company E-Idaman Sdn Bhd for three more months to April 28. The latest extension marked the fourth time the independent power producer has moved the deadline to acquire the stake in E-Idaman. Malakoff did not reveal the reasons behind delays in meeting the deal’s conditions. — Malakoff extends E-Idaman stake purchase deadline for fourth time
Eonmetall Group Bhd (KL:EMETALL) has proposed a private placement of up to 91.41 million shares, or 30% of its share base, to raise RM22.14 million. The proceeds will be used to repay borrowings and for working capital needs, including the purchase of raw materials. In October last year, the group completed a private placement of 27.7 million shares, raising RM8.01 million for working capital purposes. — Eonmetall plans private placement to raise RM22m for debt repayment, working capital
Ecobuilt Holdings Bhd (KL:ECOHLDS) has proposed a share capital reduction to wipe out its accumulated losses, as well as a rights issue to raise fresh capital. The capital reduction exercise will involve reducing RM35 million of its RM67.96 million share capital, and is expected to eliminate the company’s RM29.45 million accumulated losses at end-August 2024, leaving it with pro forma retained earnings of RM5 million. Meanwhile, Ecobuilt intends to undertake a rights issue of 420.72 million shares with free detachable warrants, to raise fresh capital after capital reduction, to fund working capital and repay borrowings. — Ecobuilt plans capital reduction and rights issue