KUALA LUMPUR (Oct 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:
Sunway Bhd (KL:SUNWAY) has secured a term loan facility of up to S$600 million (about RM1.95 billion) to fund its acquisition of Hongkong Land (MCL) Holdings Ltd. The term loan facility will raise its gross borrowings to RM12.78 billion from RM10.91 billion as of end-December 2024, while net borrowings are expected to rise to RM8.45 billion from RM6.57 billion. The facility was obtained from United Overseas Bank Ltd, Labuan Branch; Oversea-Chinese Banking Corporation Ltd, Labuan Branch; and DBS Bank. — Sunway taps S$600m term loan for MCL Land purchase
MAA Group Bhd (KL:MAA), a major shareholder in KNM Group Bhd (KL:KNM), has been warned by Bursa Malaysia Securities not to hold a vote on selling KNM’s stake in German unit Deutsche KNM GmbH (DKNM) without following listing rules. Bursa said it considers the DKNM disposal a major disposal, which requires the appointment of advisers, getting a valuation of DKNM, if needed, and sending a detailed circular to shareholders for Bursa’s review. — Bursa warns MAA Group: Follow rules in sale of KNM’s unit or face action
ViTrox Corp Bhd (KL:VITROX) posted a 54.63% jump in net profit for the three months ended Sept 30, 2025 (3QFY2025) to RM34.72 million from RM22.45 million a year earlier, fuelled by strong demand. Revenue jumped 55.8% to RM228.57 million from RM146.7 million. No dividend was declared for the quarter. — ViTrox posts record 3Q revenue, set to ride semiconductor demand recovery
Axis Real Estate Investment Trusts’ (KL:AXREIT) net property income for 3QFY2025 rose 15.7% to RM80.23 million from RM69.35 million a year earlier, thanks to newly acquired assets and rental growth. Revenue climbed 15.6% to RM92.77 million from RM80.27 million. It declared a third interim distribution per unit of 2.65 sen. — Axis REIT declares 2.65 sen DPU as net property income jumps nearly 16%
The takeover offer by Magna Prima Bhd’s (KL:MAGNA) largest shareholders — Datuk Seri Wong Sze Chien and managing director Seah Ley Hong — for the remaining shares in the company they don’t own has turned unconditional, after their collective stake climbed above 50%. The offer has been extended to remain open until Nov 6, from Oct 30 previously. — Magna Prima takeover offer by largest shareholders turns unconditional
Velesto Energy Bhd (KL:VELESTO) has signed an agreement with Australian offshore services firm Icon Engineering Pty Ltd to deliver rig-installed wellhead platforms for shallow-water and marginal fields in Malaysia. — Velesto teams up with Australian firm to deliver rig-installed wellhead platforms in Malaysia
The auditor of Khee San Bhd (KL:KHEESAN) has issued a qualified opinion with material uncertainty related to the candy maker’s ability to continue as a going concern in its audited financial statements for the financial year ended June 30, 2025 (FY2025), following a delay in the implementation of its Practice Note 17 (PN17) regularisation plan. — Khee San auditor flags going concern uncertainty as regularisation plan delayed
Perak Transit Bhd’s (KL:PTRANS) managing director and largest shareholder, Datuk Seri Cheong Kong Fitt, was actively trading the company's shares this week as its stock tumbled to multi-year lows. Cheong disposed of four million shares and acquired 4.025 million shares in the open market between Oct 21 and Oct 22 at undisclosed prices. — Perak Transit MD actively trading company's shares amid RM360m rout
Steel Hawk Bhd (KL:HAWK) has secured eight subcontracts worth RM61 million combined for a low-voltage power cable system. The contracts from the national electric utility firm involves installation, testing and commissioning of power cables, both underground and overhead, for up to 415 volts as well as the jointing, termination and accessories. — Steel Hawk gets eight contracts worth RM61 mil to install power cables
Mudajaya Group Bhd (KL:MUDAJYA) has secured properties it was promised as payments for completed construction work on a mixed-use development project on Jalan Sultan Ismail, Kuala Lumpur. The properties comprise 25 units of residential apartments, five units of commercial shops, 142 units of offices, 284 units of carpark and 99 units of motorcycle parking spaces. According to Mudajaya, the properties are valued at RM152.36 million as of end-2024. — Mudajaya secures promised properties as payment from disputed KL project
Metro Healthcare Bhd (KL:METRO) is diversifying beyond its obstetrics and gynaecology base with the proposed acquisition of RMC Specialist Sdn Bhd, a company owned by its executive vice-chairman and major shareholder, Dr Tay Swi Peng @ Tee Swi Peng, for RM320,000, paving the way for the group’s entry into the multi-disciplinary hospital segment. — Metro Healthcare to acquire major shareholder’s firm for RM320,000 to diversify into hospital business
Hengyuan Refining Co Bhd (KL:HENGYUAN) has raised RM234 million in gross proceeds from its rights issue exercise, which was oversubscribed by 122.88%. The exercise, which involved up to 300 million new shares together with up to 150 million free detachable warrants, received valid acceptances and excess applications for a total of 368.64 million rights shares at its close. — Hengyuan rights issue oversubscribed by 122.8%, raises RM234m
Zen Tech International Bhd (KL:ZENTECH) said it has been sued by a shareholder of its former associate, Galactic Maritime (M) Sdn Bhd, over a shareholding dispute. The company, along with three others, was sued by Yang Xiaowen, who held a 20% stake in the dredging and land reclamation services company Galactic Maritime, over an alleged unlawful reduction in her shares. No damages have been claimed under the suit thus far, as Yang is seeking pre-trial discovery. — Zen Tech sued over shareholding dispute involving former associate
Advancecon Holdings Bhd (KL:ADVCON) has secured two contracts worth RM25.14 million from a unit of Sime Darby Property Bhd (KL:SIMEPROP) for earthworks and related works in Bandar Bukit Raja 2, Klang. The contracts, which have a tenure of 20 months, will run from Nov 6, 2025 to July 5, 2027. — Advancecon wins RM25m worth of infra jobs from Sime Darby Property