KUALA LUMPUR (June 9): Here is a brief recap of the business news and corporate announcements that made the headlines on Monday:

Yinson Holdings Bhd (KL:YINSON) said on Monday it isn't engaged in discussions with any third parties regarding a buyout exercise, following a report that the group was in exclusive talks with New York-based infrastructure investment firm Stonepeak Partners. But it has been advised by its group executive chairman Lim Han Weng that the group's major shareholders are in exploratory discussions with "various parties with reference to potential corporate proposal(s) regarding their shareholding in Yinson". "However, given that the discussions are still at an exploratory stage, there is currently no conclusive indication that the discussions would give rise to a corporate proposal involving Yinson," the group said, adding it will make the necessary announcement if this changes. — Yinson denies Stonepeak buyout, says shareholders exploring plans with their stakes

Hartanah Kenyalang Bhd (KL:HKB), a Sarawak-based construction services firm, closed 9.4% or 1.5 sen lower on its maiden trading day on the ACE Market of Bursa Malaysia on Monday. The stock opened at 16 sen, unchanged against its initial public offering (IPO) price of 16 sen per share. Trading in a tight range, between 15.5 sen and 16.5 sen, the stock eventually ended the day at 14.5 sen after some 37.44 million shares exchanged hands. At 14.5 sen, the company's market capitalisation stood at RM89.9 million. — Hartanah Kenyalang opens flat on ACE Market debut, stays in tight range 

Frozen seafood producer PT Resources Holdings Bhd (KL:PTRB) said it has set up a coconut processing facility for RM17 million in Fujian province of China. The move broadens its food processing capabilities to include coconut-based products and is aimed at tapping into the growing demand for coconut-based products in China, PT Resources said. The facility’s trial production is currently underway, and commercial operations are expected to commence by mid-June 2025, the company said. “In the initial phase, the group will focus on supplying frozen and dried coconut products to business-to-business customers such as food and beverage manufacturers in Fujian province and nearby regions,” it said. — PT Resources sets up RM17m coconut processing plant in China

Datuk Joseph Lau, head of the developer behind Desa ParkCity township, has emerged as the second largest shareholder of construction firm Crest Builder Holdings Bhd (KL:CRESBLD). Lau acquired 23.4 million new shares through a private placement at 50 sen apiece, giving him an 11.1% stake in Crest Builder, according to a Monday exchange filing. He took up nearly half of the shares offered under the placement. He is the chief executive officer and director of Perdana ParkCity Sdn Bhd, the master developer of the Desa ParkCity township and the property arm of timber-to-automotive conglomerate Samling Group. Crest Builder’s largest shareholder, SC Yong Holdings Sdn Bhd — a private entity owned by the Yong family — saw its stake diluted to 33.24% from 43.23% following the placement. — Real estate executive Joseph Lau now Crest Builder’s second-largest shareholder

The Employees Provident Fund (EPF) bought a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (KL:99SMART) via a direct off-market deal, a bourse filing showed. The provident fund acquired 421.79 million shares in the minimart chain operator on June 4. This is the first block of shares that EPF holds in 99 Speed Mart, which was included on the KLCI component stocks list in December last year. The vendor and transaction price were not disclosed in the filing. Based on the closing price of RM2.06 on June 4, the block of shares was valued at RM868.89 million. — EPF buys 5% stake in 99 Speed Mart

Chin Well Holdings Bhd (KL:CHINWEL) is acquiring three parcels of land totalling 12.85ha in Seberang Perai, Penang, for RM48.41 million, to grow its land bank. It is buying the property from High Rich Realty Sdn Bhd, which is controlled by Datuk Seri Tiong Chiong Hoo, Kelvin Tiong Yung Yiing, Clara Tiong Siew Ee and Rosalina Ling Hung Ching via Oriental Evermore Sdn Bhd and Bright World Trading Co Ltd. The acquisition will be fully funded by internal funds and is expected to be completed in the second half of 2025.  As of the end of March, Chin Well had RM103.14 million in cash and zero borrowings. — Chin Well buys three parcels of Seberang Perai land for RM48.4 mil

Plastic packaging firm Scientex Packaging (Ayer Keroh) Bhd’s (KL:SCIPACK) net profit for the third quarter fell 28% from a year earlier, partly dragged by weaker export sales due to the ringgit’s appreciation. Further, Scientex Packaging has decided to cease manufacturing operations in Myanmar, citing a lack of foreseeable improvement amid prolonged operational challenges in the country over the past few years, primarily due to ongoing economic and political instability. Scientex Packaging operates in Myanmar through its 60% subsidiary Daibochi Packaging (Myanmar) Co Ltd. In the financial year 2024, Myanmar contributed only 3.8% of the group’s total revenue of RM713.51 million. For the three months ended April 30, 2025 (3QFY2025), Scientex's net profit fell 28% year-on-year to RM7.23 million, while revenue fell 5.5% y-o-y to RM172.87 million. Despite weaker results, Scientex Packaging maintained its dividend payment at 2.5 sen per share, unchanged from the previous year. — Scientex Packaging’s 3Q net profit down 28%, to cease Myanmar operations  

Sealink International Bhd (KL:SEALINK) said on Monday that access to its fire-damaged vessel in Brazil remains restricted due to prevailing site conditions, delaying a full on-site assessment of the damage. The Sarawak-based offshore support vessel operator said it has dispatched a team and appointed surveyors to be physically present at the location to appraise the situation. Sealink said the team is working in close coordination with the charterer and relevant authorities to gain access as soon as conditions permit. "There are no reported casualties, and the vessel continues to operate under a bareboat charter arrangement," the company said. — Sealink says access to fire-hit vessel in Brazil still restricted, no material updates yet

Practice Note 17 (PN17) KNM Group Bhd (KL:KNM) has proposed that scheme creditors waive interest and penalties amounting to RM182.04 million, which will pare the amount its wholly owned KNM Process Systems Sdn Bhd (KNMPS) owes them by 9.44% to RM1.75 billion from RM1.93 billion. The group proposed this after issuing an explanatory note on its scheme of arrangement, together with a notice to schedule a court-convened creditors meeting on Aug 11 to consider the proposed scheme of arrangement. Post-waiver, KNMPS will owe an outstanding RM1.75 billion, including RM114.39 million of secured debt and RM1.07 billion in unsecured debt. KNMPS also has RM589.8 million in intercompany debt, of which RM33.54 million in interest will be waived, leaving RM556.27 million to be repaid after secured and unsecured debt is settled. KNM Group, meanwhile, owes scheme creditors RM1.23 billion, which will be settled at KNMPS' level under the scheme's settlement arrangement, except for RM4.24 million in other payables and RM10.85 million in intercompany debt. — KNM proposes scheme creditors waive RM182m interest and penalties, plans court-ordered meeting for Aug 11