KUALA LUMPUR (Feb 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Fajarbaru Builder Group Bhd’s (KL:FAJAR) joint venture with Avionics Pty Ltd has secured an RM131.6 million contract from the Australian Department of Defence that expands their scope of works in the redevelopment of military facilities located at the Royal Malaysian Air Force (RMAF) base in Butterworth, Penang. The latest contract is for the delivery phase of Phase Two of the design and construction of the infrastructure project.  Fajarbaru's portion of the additional works is RM75.9 million, while Avionics’ portion is RM55.7 million. With the latest contract, Fajarbaru has secured a total of RM115 million contracts for the project, while Avionics' portion amounted to RM70 million. The contract period has also been extended to Dec 8, 2025, for Stage 1 (Australian leased facilities), and Sept 1, 2026, for Stage 2 (Malaysian facilities redevelopment). — Fajarbaru JV secures RM131.6 mil job expansion for redevelopment of military facilities in Butterworth

Ann Joo Resources Bhd (KL:ANNJOO) is acquiring the remaining 45% equity interest in Konsortia Etiqa Sdn Bhd (KESB), the owner of 437 acres of industrial land in Kedah, from Datuk Ong Tee Thong for RM96 million. Upon completion, Ann Joo’s wholly owned unit Ann Joo Management Services Sdn Bhd will hold 96% of KESB, with the remaining 4% retained by another subsidiary, Ann Joo Steel Bhd. Ong was formerly the chairman of beleaguered Perwaja Holdings Bhd and Kinsteel Bhd. — Ann Joo acquires remaining 45% stake in industrial land firm

Keyfield International Bhd’s (KL:KEYFIELD) wholly owned unit, Keyfield Offshore Sdn Bhd, has secured two contracts worth a total RM59.6 million for vessel charter jobs in the United Arab Emirates (UAE) and Malaysia. The first contract was awarded by an undisclosed offshore marine service provider in the UAE for the charter of an anchor handling tug supply vessel. The second contract was awarded by a disclosed commercial diving and remote-operated vehicle service provider in Malaysia for the charter of one dynamic positioning two accommodation work boat. Keyfield did not disclose the names of the charterers due to confidentiality and privacy considerations. — Keyfield bags two vessel charter jobs worth RM60 mil

Bina Puri Holdings Bhd (KL:BPURI) is appealing against the summary judgment obtained by Wisma Majujaya Sdn Bhd in the RM28.17 million suit filed against it, its wholly owned unit Bina Puri Properties Sdn Bhd, and deputy executive chairman Tan Sri Tee Hock Seng. The summary judgment, which was granted in the Shah Alam High Court on Monday, also ordered Bina Puri and the other defendants to pay the judgment sum of RM28.17 million with 8% interest within 14 days. The suit revolved around an alleged RM28.17 million sum in returns Wisma Majujaya purports to have been owed as stipulated in a joint venture agreement plus interest Bina Puri failed to pay it. 

Meanwhile, Bina Puri has been served with a winding-up petition dated Nov 25, 2024, from Export-Import Bank of Malaysia Bhd (EXIM Bank). Bina Puri said EXIM Bank served the winding-up petition on the basis the company failed to pay sums of US$4.9 million (RM21.75 million) and RM17,253.47. The company said it remains in discussions with EXIM Bank to resolve the matter amicably. — Bina Puri to appeal summary judgment in RM28.2 mil suit from Wisma Majujaya

Target 1 Sdn Bhd, one of the parties acting in concert to take over South Malaysia Industries Bhd (KL:SMI), has received another extension to deliver the offer document to the latter’s shareholders, pushing the deadline to Feb 11. This is the fourth extension the Securities Commission has granted Target 1 to deliver the document. The initial deadline was on Jan 7. — South Malaysia Industries bidder gets more time to deliver takeover documentation

Ge-Shen Corp Bhd (KL:GESHEN) is to sell Johor Bahru land measuring 4.61 acres in aggregate, with an office, a warehouse, and a factory built atop, to Plastico Sdn Bhd for RM35 million in cash. Ge-Shen said the RM35 million disposal consideration represents an 8.57% discount to the land's RM38.28 million market value, ascribed by Irhamy Valuers International Sdn Bhd in November 2023. The company expects to book a pro forma gain of RM14.26 million from the land sale. Proceeds from the land sale will be used to repay borrowings tied to the properties as well as finance the group’s working capital. — Ge-Shen selling 4.61-acre land in JB for RM35 mil

Senheng New Retail Bhd (KL:SENHENG) is disposing of a piece of freehold industrial vacant land in Tebrau, Johor, measuring 1.041ha to Mactree Sdn Bhd for RM11.21 million cash. It acquired the land for RM7.69 million back in 2018. Proceeds from the disposal will be used for general working capital purposes. — Senheng New Retail sells vacant land in Johor