KUALA LUMPUR (Oct 8): Here is a brief recap of Wednesday’s key business news and corporate announcements:
UEM Sunrise Bhd (KL:UEM) has lost its legal attempt to challenge the Inland Revenue Board’s (IRB) additional tax assessment and penalty of RM8.49 million, after the Federal Court overturned a prior ruling that favoured the property developer. UEM Sunrise said the Federal Court on Wednesday allowed the Attorney General Chambers’ appeal against the Court of Appeal’s December 2024 decision, which had granted its wholly owned UEM Land Bhd (UEML) leave to pursue a judicial review against the Finance Ministry and a stay of payments for the disputed taxes, penalties and interest. — Federal Court dismisses UEM Sunrise’s bid to challenge RM8.49 mil tax claim
S P Setia Bhd (KL:SPSETIA) is partnering with Japanese real estate developer Mitsui Fudosan to develop a residential project in Semenyih with a gross development value (GDV) of RM1.3 billion. The development will be launched in phases, with its maiden launch in 2026. The project will be carried out through a joint venture company, Setia MF EcoHill Sdn Bhd, formed between S P Setia’s wholly owned Setia EcoHill Sdn Bhd and Mitsui Fudosan (Asia) Malaysia Sdn Bhd. — S P Setia ropes in Japan's Mitsui Fudosan for RM1.3 bil landed housing project
Tropicana Corp Bhd (KL:TROP) has redeemed another tranche of its sukuk wakalah worth RM139 million under its RM1.5 billion programme, which matured on Wednesday. This latest redemption lifts the group’s cumulative payments under the programme to RM1.12 billion. The redemption under the sukuk programme, launched in 2020 to fund development plans, reflects the group’s efforts to manage its debt. — Tropicana continues debt reduction efforts with RM139m sukuk redemption
Matrix Concepts Holdings Bhd (KL:MATRIX) has signed a memorandum of understanding (MOU) with logistics company Golog Holdings Sdn Bhd (Golog) to jointly develop the China-Malaysia Air Silk Road Dual Hub Industrial Park in MVV TechValley at Negeri Sembilan. The 618-acre industrial park will be developed in three phases and has a gross development value (GDV) of RM8 billion. The MOU follows Golog’s recent strategic cooperation agreements with China Henan Aviation Group Co Ltd that were signed on Sept 18 to strengthen industrial park development and enhance air cargo capacity between China and Malaysia. — Matrix Concepts partners Golog Holdings to develop 618-acre industrial park in Negeri Sembilan
The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of IOI Properties Group Bhd (KL:IOIPG) after almost nine years, as it trimmed its stake in the counter which had risen to a one-month high in a rally. The pension fund, which emerged as a substantial shareholder of IOI Properties in January 2017, disposed of 100 million shares or a 1.82% stake on Oct 3. The sale reduced EPF’s shareholding in the property developer to 4.29% from 6.11% previously. — EPF ceases to be substantial shareholder in IOI Properties after selling 100 mil shares
The Employees Provident Fund (EPF) has trimmed its stake in ViTrox Corp Bhd (KL:VITROX) to below 5%, just six months after first emerging as a substantial shareholder. The pension fund disposed of 2.46 million shares, equivalent to a 0.13% stake, in the automated test equipment manufacturer last Friday (Oct 3). Following the sale, EPF’s shareholding eased to 4.94% from 5.07% previously. — EPF cuts stake in ViTrox to below 5% after six months as major shareholder
Varia Bhd (KL:VARIA) has lodged a sukuk murabahah programme of up to RM3 billion with the Securities Commission Malaysia. The construction and property development group said proceeds from the sukuk will be channelled towards financing capital expenditure, refinancing existing or future shariah-compliant and/or outstanding conventional borrowings, working capital needs and other corporate purposes. — Varia lodges RM3b sukuk programme with SC to fund capex, refinance debt
Electronic circuit board maker GUH Holdings Bhd (KL:GUH) plans to expand into advanced printed circuit boards (PCBs) and launch a RM1.2 billion property project in Simpang Ampat, Penang, as part of plans to grow the company. Group managing director Datuk Seri Kenneth Hng told The Edge the company plans to make advanced PCBs like multi-layer (10+ layers) and high-density interconnect (HDI) boards to boost performance in the medium term. These PCBs will serve industries such as telecommunications, automotive and industrial controls that need high quality and reliability, Hng said. — GUH Holdings plans advanced PCB production, RM1.2b property project to drive growth
KNM Group Bhd (KL:KNM) has secured the High Court's approval to sell its German subsidiary, Deutsche KNM GmbH (DKNM), to Japan’s NGK Insulators Ltd for €270 million (about RM1.28 billion). The deal is part of KNM’s debt restructuring plan under Section 368(4) of the Companies Act 2016. The court order allows the company to proceed with the disposal of one ordinary share in DKNM, representing 100% equity interest. A separate court hearing in relation to the scheme of arrangement has been set for Oct 14. — KNM gets court approval to sell German unit, appeals Bursa's PN17 rejection
Car upholstery manufacturer Pecca Group Bhd (KL:PECCA) has signed an MOU with Betamek Bhd (KL:BETA) to work together on developing advanced entertainment systems for both in-flight and in-train use. Under the MOU, Betamek will take the lead on the technical side, focusing on the development of the core digital components while Pecca will concentrate on the physical integration and compliance aspects. — Pecca and Betamek plans to jointly develop travel entertainment systems for aircraft, trains