KUALA LUMPUR (Sept 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Malaysian Resources Corp Bhd (KL:MRCB) is buying the EPF's 80% stake in Bukit Jalil Sentral Property Sdn Bhd (BJSP) for RM1.58 billion in cash. BJSP was set up to develop the 76.14-acre Bukit Jalil Sentral project, valued at RM21 billion. The buyout comes as MRCB reviews the approved mixed development plan from November 2020. Both entities had discussed revising the original plan but could not reach an agreement, leading MRCB to proceed with the buyout. BJSP owns three pieces of land including a recreational park and two empty pieces of land. The acquisition gives MRCB full control of the RM2.06 billion project land, while allowing EPF to exit its investment. — MRCB buys EPF’s 80% stake in Bukit Jalil Sentral project for RM1.58b, explores data centre development
Gamuda Bhd (KL:GAMUDA) and Samsung C&T Corp have been selected by the Australian government as the preferred contractor for the last major contract in Stage 1 of the Marinus Link, an undersea and underground electricity and data interconnector between the states of Tasmania and Victoria. TasVic Greenlink — the JV between Gamuda’s wholly owned Australian unit DT Infrastructure Pty Ltd and Samsung C&T — was awarded the balance of the works package for Stage 1. The project owner Marinus Link Pty Ltd is currently in final negotiations with TasVic over the contract, which covers civil and electrical infrastructure works, including converter stations at Heybridge in Tasmania and Hazelwood in Victoria, as well as 90km of land cable works across Gippsland. — Gamuda-Samsung JV chosen as preferred contractor for works related to Australia’s Marinus Link
Elsewhere, Gamuda Bhd unit has awarded piling company Econpile Holdings Bhd (KL:ECONBHD) a RM53.99 million subcontract in relation to the LRT Mutiara Line project in Penang. Econpile will undertake bored piling construction and associated works for the Komtar-East Jelutong stretch of the LRT line. The project will commence on Oct 1 with practical completion targeted for April 30, 2027. — Econpile bags RM54 mil bored piling job for Penang LRT project
Affin Bank Bhd (KL:AFFIN) has appointed Hanif Ghulam Mohammed as the new CEO of its investment banking arm, Affin Hwang Investment Bank Bhd, with immediate effect, confirming The Edge Malaysia report for the week of Aug 11-17. Hanif, who currently serves on Bank Negara Malaysia’s Financial Markets Committee and chairs the Islamic Financial Markets Subcommittee, is succeeding Nurjesmi Mohd Nashir, who resigned from Affin Hwang IB in May and joined RHB Bank Bhd (KL:RHBBANK) as its head of wholesale banking operations in July. — Affin names Hanif Ghulam as CEO of Affin Hwang IB
Inta Bina Group Bhd (KL:INTA) unit has won a RM66.52 million contract to build 154 houses in a gated and guarded project in Hulu Langat, Selangor for Eco Majestic Development Sdn Bhd. The development will have two phases and include two-storey semi-detached, semi-detached and two-storey terrace houses. The contract is to span 20 months, effective Sept 22, with completion targeted for May 21, 2027. — Inta Bina secures RM66.5m housing construction job from Eco Majestic
Utilities engineering firm Jati Tinggi Group Bhd (KL:JTGROUP) has secured a subcontract valued at RM42.9 million for underground cable works from Worktime Engineering Sdn Bhd for 11kV underground cable works in the North and Selangor zones. The scope of work would include the supply of pipes and erection of power cables, fibre optic cables, joints and terminations, testing, commissioning and all ancillary works. The contract is to span 20 months effective from a notice to start work. — Jati Tinggi bags RM42.9m subcontract for underground cable project
Enra Group Bhd (KL:ENRA) has secured a contract from Petronas Carigali Sdn Bhd to undertake engineering and construction works at the Terengganu Crude Oil Terminal (TCOT). The group’s subsidiary Hexagon Energy Logistics Sdn Bhd will provide the services involving engineering, procurement, construction, removal, installation and commissioning of a catenary anchor leg mooring system for Petronas Carigali’s assets. Enra did not disclose the value of the contract. — Enra bags Petronas Carigali mooring job at Terengganu crude oil terminal
Cash company Pimpinan Ehsan Bhd (KL:PEB) said its renewable energy arm, reNIKOLA Holdings Sdn Bhd, has been shortlisted to develop two large-scale solar projects in Kemaman, Terengganu under the government’s LSS5+ programme, with a combined capacity of 400 MWac (618 MWp). reNIKOLA received the notification from the Energy Commission on Sept 2. Both projects will be developed together with a London-listed plantation group, Anglo-Eastern Plantations plc, with a total estimated investment of RM1.2 billion. — Pimpinan Ehsan’s unit shortlisted for two large-scale solar projects worth RM1.2 bil in Terengganu
Fire protection solutions maker Unique Fire Holdings Bhd (KL:UNIQUE) has formed a JV with Singapore-based wholesale trader Z10 Pte Ltd and Malaysian electrical components firm E&E Electrical Solutions Sdn Bhd for the sale of emergency lights and signage. Under the JV, Unique Fire will use its industry connections, Z10 will handle manufacturing and quality checks, and E&E Electrical Solutions will manage operations, market growth, and licensing. Z10 will hold a 51% stake in JV, Unique Electronics Sdn Bhd, followed by E&E Electrical Solutions with 29% and Unique Fire with 20%. China-based light apparatus maker Ginkgo Electric (Zhejiang) Co Ltd has been appointed as the manufacturer of the emergency lights and signage. — Unique Fire forms JV to sell emergency lights, signage
Tham Kin-On, the group chief executive officer of loss-making agricultural company Greenyield Bhd (KL:GREENYB), is facing a bid to remove him by a group of seven shareholders, three of whom are his own uncles including Tham Chong Sing, Tham Foo Choon, and Tham Fau Sin. Kin-On, who joined the board on Dec 20, 2016, was made CEO on Feb 12, 2025. He is the son of non-executive chairman Tham Foo Keong. The seven shareholders, who claim they own a collective 51.1% stake in Greenyield, are calling for an EGM to remove Kin-On from all his positions within the company and its subsidiaries. It also proposed the immediate appointment of Tham Kin Wai, Tham Kinyiq, and Chong Sin Hao as company directors. — Greenyield faces inter-family rift as uncles lead other shareholders to unseat nephew CEO