KUALA LUMPUR (March 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
IJM Corporation Bhd (KL:IJM) said the Malaysian Anti-Corruption Commission has confirmed its investigation does not involve the company, but is limited to several individuals associated with IJM. The clarification follows a January raid and freezing of bank accounts linked to an alleged RM2.5 billion money laundering scheme and overseas asset transactions, which IJM has denied, saying it was unaware of any UK probe. — IJM: MACC clarified probe targets individuals only, not the group
Eversendai Corporation Bhd (KL:SENDAI) has received a termination notice from NEOM Company for its Trojena Ski Village structural steel contract in Saudi Arabia, citing geopolitical developments. The company said it will submit claims for termination compensation and demobilisation costs, and expects to be fairly compensated. The project, awarded in March 2024 with Al Bawani Co, is one of four major contracts worth RM5.4 billion, including projects in the UAE and India. — Eversendai’s Trojena Ski Village contract in Saudi Arabia terminated amid Middle East tensions
Sabah-based consumer packaged goods distributor and manufacturer Kim Teck Cheong Consolidated Bhd (KL:KTC) has appointed former chief secretary to the government Tan Sri Mohd Zuki Ali as its non-executive chairman, effective immediately. He succeeds Tun Richard Malanjum, who stepped down due to overseas commitments. — Consumer goods distributor Kim Teck Cheong names former govt chief secretary Zuki Ali as chairman
Food and beverage company Fraser & Neave Holdings Bhd (KL:F&N) on Tuesday announced the appointment of former Dutch Lady Milk Industries Bhd (KL:DLADY) managing director Tarang Gupta as CEO designate, effective July 1. He will succeed current CEO Lim Yew Hoe, who will retire on Sept 30 after more than 11 years, with Lim overseeing the transition. — F&N names ex-Dutch Lady MD Tarang Gupta as CEO designate; Lim Yew Hoe to retire Sept 30
ACE Market-listed SMRT Holdings Bhd (KL:SMRT), a provider of end-to-end IoT solutions for businesses, has proposed a transfer to the Main Market of Bursa Malaysia. The group said it has met the requirements for the proposed transfer, including reporting a combined net profit of RM68.2 million for the three financial years ended June 30, 2025, with RM26.9 million in FY2025. SMRT believes the move will enhance its credibility, reputation and investor recognition, while boosting the marketability of its shares and confidence among business partners, employees and shareholders. — IoT solutions provider SMRT eyes transfer to Main Market by 3Q2026
Cahya Mata Sarawak Bhd (KL:CMSB) has filed an originating summons at the High Court in Kuala Lumpur to set aside an arbitration award and seek a stay on its enforcement in a dispute with Malaysian Phosphate Venture Sdn Bhd (MPV). The move follows a final award issued by the Asian International Arbitration Centre on March 12 in MPV’s favour, relating to claims against Cahya Mata Sarawak’s subsidiaries, Samalaju Industries Sdn Bhd and the 80.19%-owned Cahya Mata Phosphates Industries Sdn Bhd. — Cahya Mata Sarawak files to challenge arbitration award in Malaysian Phosphate Ventures dispute
OSK Holdings Bhd (KL:OSK) said it plans to offer financial services in Australia through its indirect wholly-owned unit, OSK Asset Management (A) Pty Ltd. The unit, which holds an Australian Financial Services Licence from the Australian Securities and Investments Commission, will provide services including financial product advice, dealing in securities, managed investment schemes, derivatives and foreign exchange transactions, and custodial services for wholesale clients only. — OSK Holdings to provide financial services activities in Australia
Electronic circuit board maker and property company GUH Holdings Bhd (KL:GUH) has taken legal action against two individuals or Facebook account administrators over posts allegedly linking the group and its subsidiary GUH Properties Sdn Bhd to unlawful activities and unrelated entities. Letters of demand were issued on March 19 and 20 over posts made on March 16 and 17 that contained false and misleading claims, including alleged ties to Kepayang Heights Sdn Bhd. GUH has demanded the posts be removed, defamatory statements cease, and a public apology and retraction issued. — GUH Holdings takes legal action over defamatory Facebook posts, says no ties to Kepayang Heights
Heineken Malaysia Bhd (KL:HEIM) said the multi-national brewer is gradually shifting production from Singapore to Malaysia and Vietnam, with full impact expected by the third quarter of 2027. The move will allow the company to expand exports, currently less than 1% of total sales, while optimising supply chain capacity to achieve greater economies of scale and operational efficiency. — Heineken to relocate production to Malaysia, Vietnam from Singapore
Kelington Group Bhd (KL:KGB) has secured a RM414 million contract to provide a turnkey gas distribution system for a semiconductor wafer fabrication plant in Gujarat, India. The deal, awarded by an undisclosed Indian semiconductor manufacturer, covers the design and delivery of a critical gas distribution system. Work began after Kelington’s wholly-owned unit, Kelington Engineering (S) Pte Ltd, received the letter of award on March 19, with completion targeted by July 2028. — Kelington secures RM414 mil contract in India