KUALA LUMPUR (June 11): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
HSS Engineers Bhd (KL:HSSEB) has clarified that it was not involved in the drawdown of funds from the RM1.3 billion sukuk for the Maju Expressway Extension (MEX II) project, currently under MACC investigation. Executive vice-chairman Tan Sri Kunasingam Sittampalam said the group only acted as the design consultant, responsible for certifying payments related strictly to construction costs, and not other components of the loan facility. — HSS Engineers denies involvement in drawdown of RM1.3 bil MEX II sukuk under MACC probe
Sarawak Consolidated Industries Bhd (KL:SCIB) has appointed Datuk Chong Loong Men as its new executive chairman, effective immediately, replacing Datuk Seri Zaini Jass, who stepped down citing personal reasons and other commitments. SCIB also announced that Chong acquired a 5.8% stake — or 40.5 million shares — from businessman Keh Chuan Seng via an off-market transaction valued at RM11.35 million, or 28 sen per share, representing a 51% premium over SCIB’s last traded price of 18.5 sen. Following the deal, Chong becomes the company’s sole substantial shareholder, while Keh has fully exited. — Chong Loong Men appointed SCIB executive chairman, emerges as sole substantial shareholder
Property developer Bertam Alliance Bhd (KL:BERTAM) is set to exit Bursa Malaysia's Practice Note 17 (PN17) category for financially distressed companies on Thursday (June 12), after being classified under the status for seven years. Bursa Securities, in a statement on Wednesday, said it has approved the company’s application for early upliftment after confirming that Bertam has successfully regularised its financial condition and no longer triggers any of the PN17 criteria under the Main Market Listing Requirements. — Bertam Alliance to exit PN17 after seven years
VS Industry Bhd’s (KL:VS) net profit for the third quarter ended April 30, 2025 (3QFY2025) fell 56.33% year-on-year to RM23.77 million, from RM54.42 million, due to weaker sales orders from customers. Revenue slipped 10% to RM909.42 million from RM1.01 billion. The electronic manufacturing services provider declared a share dividend via the distribution of treasury shares on a 1-for-125 basis, with an ex-date of June 26 and entitlement date on June 30. — VS Industry's 3Q profit halves as sales drop on tariff adjustments, eyes recovery with new products
Kim Teck Cheong Consolidated Bhd (KL:KTC) is acquiring 15.15 acres of land in Kota Kinabalu for RM39.59 million from Sabah state-owned KKIP Sdn Bhd to develop a regional distribution and warehouse hub. KTC said the purchase will be funded 31% through internal funds and 69% via bank borrowings. The planned hub aims to improve operational efficiency, strengthen supply chain control, and support regional market expansion. — Kim Teck Cheong acquires land in Kota Kinabalu to develop distribution and warehouse hub
Tower Real Estate Investment Trust (KL:TWRREIT) announced that Martin Kung Boon Keat, CEO of its REIT manager GLM REIT Management Sdn Bhd, will step down on June 12, 2025, to pursue other career opportunities. Kung, who holds no stake in the REIT, was appointed in December 2024, succeeding Aileen Ewe Foong Yin, who resigned less than seven months into the role. — Tower REIT CEO Martin Kung steps down after six months at the helm
Mudajaya Group Bhd (KL:MUDAJYA) said its unit, Mudajaya Corporation Bhd, has reached a mutual settlement with THB Power Sdn Bhd, which has acknowledged owing RM52.67 million. Mudajaya said it has received the first tranche of RM27.33 million, including interest, while the final tranche of RM27.9 million is due by Aug 28. Upon full settlement, the company will withdraw its winding-up petition against THB Power. The remaining disputed sum of RM7.95 million is still under negotiation, with Mudajaya reserving the right to pursue legal action if talks fail. — Mudajaya reaches RM52.67m settlement with THB Power
Vizione Holdings Bhd (KL:VIZIONE) has announced the mutual termination of a RM490 million contract to build apartments in Sabah, originally awarded by Permaju Industries Bhd (KL:PERMAJU) in December 2023. The termination, effective immediately, follows Permaju Property Sdn Bhd’s decision to resubmit the project’s development plans. Due to the resulting uncertainties, both parties agreed to end the contract amicably. — Vizione, Permaju Industries mutually terminate RM490m Sabah housing construction contract
Binastra Corporation Bhd (KL:BNASTRA) has secured a RM268 million contract to build a 45-storey serviced apartment block with 1,269 units for Tuan Heritag3 in Segambut. The contract was awarded by TNJ Development Sdn Bhd, a unit of boutique developer CPI Land Sdn Bhd. Construction is slated to begin on Aug 15 and be completed by Dec 14, 2027. — Binastra gets RM268m job to build Segambut serviced apartment