KUALA LUMPUR (Oct 3): Here is a brief recap of Friday’s key business news and corporate announcements:
IHH Healthcare Bhd (KL:IHH) has received the approval of India’s stock exchange regulator to proceed with its mandatory open offer for a 26% stake each in Fortis Healthcare Ltd and Malar Hospitals Ltd, some seven years after it was first proposed. The mandatory offer of up to 197.03 million Fortis shares from existing Fortis shareholders was first announced in July 2018, following IHH’s entry as a white knight into Fortis with a subscription of new shares representing a 31.1% stake for about RM2.4 billion. Fortis owns a 62.4% stake in Malar Hospitals, which operates a healthcare business in Chennai. — IHH gets nod from India stock exchange regulator for Fortis deal
Maxis Bhd (KL:MAXIS) has accepted a spectrum assignment offer from the Malaysian Communications and Multimedia Commission (MCMC) for RM400 million.The telecommunications group is getting the offer for 2X10MHz block of 2100MHz spectrum with an upfront payment of RM100 million, and cumulative annual payments of RM300 million "for the entire assignment period". The 2100MHz frequency band, often referred to as Band 1, is primarily used for carrying 4G traffic and helping to boost network capacity, especially in dense urban areas. — Maxis secures 4G spectrum for RM400m from MCMC
NexG Bhd (KL:NEXG), formerly known as Datasonic Group Bhd, has secured a six-year contract worth RM732.72 million to supply Malaysia's national identity cards, including MyKad and MyTentera, from the Ministry of Home Affairs. The contract will start from June 1, 2026 and last till May 31, 2032, The identity cards, to be supplied to the National Registration Department, include the special card issued under the Prevention of Crime Act, MyPoca. — NexG secures RM732.7m next-generation MyKad supply contract from Home Ministry
Malakoff Corp Bhd’s (KL:MALAKOF) 70%-owned subsidiary, Malakoff Evergreen Sdn Bhd (MEVSB), has signed a 30-year power purchase agreement (PPA) with state utility firm Syarikat SESCO Bhd to develop and operate a 100MWac solar photovoltaic plant in Bintulu, Sarawak. Under the deal, MEVSB will design, construct, own and operate the facility, which is scheduled to begin commercial operations on May 1, 2028. — Malakoff secures 30-year power purchase agreement for 100MW solar plant in Bintulu
Solarvest Holdings Bhd (KL:SLVEST) and Press Metal Aluminium Holdings Bhd (KL:PMETAL) will jointly develop a 100MWac solar photovoltaic (PV) plant in Mukah, Sarawak, at an estimated cost of RM380 million. Solarvest and Press Metal, through their joint venture Mukah Solar Powerplant Sdn Bhd (MSPSB), have signed a power purchase agreement with Syarikat Sesco to build and operate a solar plant in Mukah, which is expected to begin operations by Nov 30, 2027. — Solarvest, Press Metal to build RM380m solar plant in Mukah, Sarawak
Credit scoring firm CTOS Digital Bhd (KL:CTOS) has appointed Tan Ming Yew as its new chief financial officer, effective Oct 13. Tan, 43, replaces Chiam Hsing Chee, who stepped down on Sept 28 due to personal commitments abroad, after serving more than two years. — CTOS Digital names Tan Ming Yew as new chief financial officer
Financial services firm MBSB Bhd (KL:MBSB) has committed RM1.3 billion to support the expansion of Weststar Aviation Services Sdn Bhd (WASSB) — the aviation arm of The Weststar Group — through a landmark syndicated Islamic financing facility. The funding will support helicopter acquisitions, working capital, corporate purposes, and foreign exchange forward contracts facility to manage forex exposure. — Weststar secures RM1.3b from MBSB for aviation expansion
Renewable energy solution provider G Capital Bhd (KL:GCAP) has been appointed as non-revenue water (NRW) specialist for the Perlis NRW reduction programme (Phase 1). Its 51%-owned subsidiary G Capital Water Solutions Sdn Bhd (GCWS) received a letter of award from Senie Associates Sdn Bhd, the consulting engineer engaged by Pengurusan Aset Air Bhd to implement the programme. The contract is valued at RM300,000. — G Capital appointed non-revenue water specialist for Perlis project
ACE Market-listed Plytec Holding Bhd (KL:PLYTEC) has aborted its plan to transfer its listing to the Main Market of Bursa Malaysia. The decision was made after due and careful consideration of the construction engineering services firm's current financial and operational position, as well as the strategic timing of the proposed transfer. The group had withdrawn its application for the proposed transfer, which was submitted to the Securities Commission Malaysia on June 30 this year. — Plytec shelves Main Market listing transfer, cites timing and financial considerations
Bursa Malaysia has rejected KNM Group Bhd’s (KL:KNM) plan to exit its Practice Note 17 status, saying the company was not able to prove it can grow and sustain its business, and that its plan doesn’t fully fix the issues that caused KNM’s financial problems. Following the decision, trading of KNM shares will be suspended on Oct 13. The stock may be delisted by Nov 5, unless KNM appeals the decision. In detailing the reasons behind its decision, Bursa said KNM’s proposal to sell its German unit, Deutsche KNM GmbH (DKNM), would leave KNM mainly with operations in Malaysia that have been losing money since 2024. — Bursa rejects KNM’s regularisation plan, says it can’t prove business growth and sustainability
SC Estate Builder Bhd (KL:SCBUILD) announced the emergence of Fortune Frontline Sdn Bhd as its second-largest shareholder, following the subscription of one billion shares via a private placement. The shares were subscribed on Oct 1 through a pledged securities account under City Exotic Sdn Bhd, giving Fortune Frontline an 18.8% stake in the construction outfit. — SC Estate Builder: Fortune Frontline now second-largest shareholder with 18.8% stake after placement