Maybank, Gabungan AQRS, Prolintas Infra, YNH Property, EcoWorld Malaysia, Johor Plantations, Teo Seng, K Seng Seng and MGRC

KUALA LUMPUR (Feb 17): Here is a brief recap of some corporate announcements that made news on Monday.

Malayan Banking Bhd (KL:MAYBANK) announced the departure of its group CFO Khalijah Ismail with immediate effect, following an internal inquiry. However, Khalijah, who has worked at Maybank for more than 33 years, said in a statement that while Maybank's bourse filing frames her departure as a result of an internal inquiry, she claims that it is a termination. She will take legal action against “the bank’s decision and protect her reputation”. Meanwhile, Maybank said it has commenced the process to identify a new group CFO. In the interim, Malique Firdauz Ahmad Sidique will assume the position of acting group CFO, with effect from Feb 17, 2025. — Maybank announces departure of CFO after internal inquiry; Khalijah plans legal action

Two subcontractors involved in the construction of the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) are suing Turnpike Synergy Sdn Bhd, a subsidiary of Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) that is in charge of the construction of the highway, together with several top Prolintas officials and another subcontractor, Satunas Technology Sdn Bhd, for over RM500 million. The subcontractors — Syarikat Muhibah Perniagaan dan Pembinaan Sdn Bhd (SMPP) and Gabungan Strategik Sdn Bhd (GBG) — allege that the defendants caused them losses and damaged their reputations during the project's implementation. According to a statement of claim filed by SMPP and GBG's lawyers, Messrs Lim Chee Wee Partnership, the suit also named Prolintas CEO Datuk Mohammad Azlan Abdullah, its chief operating officer Rostam Sharif Tami, and project manager Zairulnizam Rohani as defendants. Gabungan AQRS Bhd (KL:GBGAQRS), GBG's parent company, confirmed in a Bursa Malaysia announcement on Monday that the writ of summons was filed at the High Court of Kuala Lumpur. It said the writ and statement of claim are not expected to have any immediate material financial impact on the group for the financial year ending June 30, 2025, pending the litigation's outcome. Prolintas holds a 51.02% stake in Prolintas Infra Business Trust (KL:PRLINTAS), while Prolintas is wholly owned by Permodalan Nasional Bhd. — SUKE subcontractors file RM500 mil lawsuit against Prolintas subsidiary, alleging corruption and conspiracy

 YNH Property Bhd (KL:YNHPROP) said Messrs UHY has completed the independent assessment of certain JVs and turnkey contracts entered into by its unit Kar Sin Bhd. It expects the final special independent review report to be completed and issued by March 17. The independent assessment was initiated after its former external auditor Baker Tilly Monteiro Heng PLT issued a qualified opinion on the amount of RM1.1 billion the company paid to JV parties or landowners for property development work. This qualified opinion pertains to certain potential undisclosed related party transactions with the JVs, as stated in the audited financial statement for the financial year ended June 30, 2023.  However, Baker Tilly later ceased to be the company’s external auditor, as it notified YNH Property that it did not wish to seek reappointment in December 2023. — YNH Property to release independent review of JV and turnkey contracts by March 17 

Property developer Eco World Development Group Bhd (EcoWorld Malaysia) (KL:ECOWLD) is selling another piece of industrial land measuring 138.532 acres located within its Eco Business Park I development in Iskandar Malaysia, Johor to Microsoft Payments (Malaysia) Sdn Bhd for RM693.96 million cash. This follows the sale of a 123.141-acre industrial land within Eco Business Park VI in Iskandar Malaysia to Microsoft for RM402.3 million for the latter's development and operation of a data centre in June last year. The latest proposed land sale will bring the group's combined amount sold to data centre players in less than a year to RM1.3 billion.  — EcoWorld Malaysia sells second plot of Johor land to Microsoft for RM694 mil  

Johor Plantations Group Bhd (KL:JPG) posted a 27.84% rise in net profit to RM80.51 million for the fourth quarter ended Dec 31, 2024 (4QFY2024) from RM62.97 million a year earlier, lifted by stronger average selling prices. Revenue increased 18.52% to RM464.93 million versus RM392.27 million. It declared an interim dividend of 2.75 sen per share for the quarter, payable on March 25. This brought the group's dividend payout for FY2024 to 5.25 sen, equal to what was declared in FY2023. It closed FY2024 with a 53.8% rise in net profit to RM257.32 million from RM167.31 million in FY2023, as revenue increased 21.7% to RM1.52 billion versus RM1.25 billion. — Johor Plantations 4Q profit up 27.84% on higher prices, declares 2.75 sen dividend 

Teo Seng Capital Bhd's (KL:TEOSENG) net profit dropped 2.96% to RM64.9 million in the fourth quarter ended Dec 31, 2024 (4QFY2024), from RM66.89 million a year ago, dragged by its poultry farming segment. Quarterly revenue fell 5.72% year-on-year to RM188.42 million from RM199.86 million. It declared a fourth interim dividend of two sen per share, payable on March 20. This brings the full-year dividend to 11.5 sen. Despite the weaker quarterly results, the group posted record high full-year earnings for the second straight year at RM183.36 million, a 17.69% increase over RM155.8 million in FY2023. Full-year revenue, however, was down by a marginal 0.95% to RM753.77 million from RM760.98 million. — Teo Seng reports slight drop in 4Q earnings but posts record high full-year profit 

Chin Hin Group-linked Chiau Haw Loon and Chiau Haw Yew have emerged as the third largest shareholder of K Seng Seng Corporation Bhd (KL:KSSC) after acquiring a 5.4% 
stake in the company via a direct business transaction. The brothers, via private entity Enrich Signature Sdn Bhd, bought 10 million shares in KSSC last Friday (Feb 14) at 83 sen 
per share — a 10.7% premium over KSSC’s net tangible asset per share of 75 sen — for RM8.3 million, Bloomberg data showed. The brothers are sons of Chin Hin Group founder 
Datuk Seri Chiau Beng Teik. — Chin Hin’s Chiau family buys 5.4% in K Seng Seng for RM8.3 mil 

Malaysia-based venture capital firm Proven Venture Capital PLT has emerged as a substantial shareholder in loss-making genomics and biopharmaceutical specialist Malaysian Genomics Resource Centre Bhd (KL:MGRC) with a 7.14% stake, after acquiring 9.8 million shares from the open market. The transacted price was not disclosed, but the counter closed at 33 sen on the open market on Feb 13, the date the equity interest was acquired, which works out to a total of RM3.23 million for the share purchase. With this, Proven Venture is now the second largest shareholder in MGRC after corporate finance services firm Rinani Group Bhd, which holds a 10.64% stake as of March 22, 2024. Other substantial shareholders of MGRC include fund management business firm Pixelvest Sdn Bhd, which owns a 6.83% stake, according to MGRC's annual report 2023. — Proven Venture Capital emerges as substantial shareholder in MGRC