KUALA LUMPUR (June 12): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Shareholders of Tan Chong Motor Holdings Bhd (KL:TCHONG) have rejected two proposed recurrent related-party transaction mandates involving Warisan TC Holdings Bhd (KL:WARISAN) and APM Automotive Holdings Bhd (KL:APM). At its annual general meeting on Friday, about 83% of voted shares opposed the proposal linked to Warisan TC, which covered transactions estimated at RM312.87 million, while a separate mandate involving APM worth about RM82 million was also rejected. The proposed transactions included the sale and purchase of vehicles, parts and services, as well as rental and other recurring arrangements. — Tan Chong shareholders also reject recurring related-party deals after heated AGM
The family of Public Bank Bhd (KL:PBBANK) founder Tan Sri Dr Teh Hong Piow has begun reducing its stake in the bank through its first restricted offer for sale of shares to directors and employees. Through Consolidated Teh Holdings Sdn Bhd, the family disposed of 250.9 million shares, equivalent to about a 1.9% stake in the bank, on June 9. The move is part of a previously announced plan in October 2024 to gradually trim its shareholding in Public Bank to 10% over five years. Following the disposal, the family’s stake eased to 21.38%, while it remains the bank’s largest shareholder, ahead of the Employees Provident Fund, which holds a 16.92% stake. — Teh family begins stake reduction in Public Bank with restricted sale of 251 mil shares
TMK Chemical Bhd (KL:TMK) has proposed to acquire Chemical Company of Malaysia Bhd (CCM), a wholly-owned subsidiary of Batu Kawan Bhd (KL:BKAWAN), in a RM920 million cash-and-shares deal. The transaction is expected to make Batu Kawan TMK Chemical’s second-largest shareholder with at least a 20% stake. The deal is deemed a related-party transaction as TMK Chemical is controlled by Datuk Lee Soon Hian, who holds a 39.504% stake and is the brother of Batu Kawan chairman Tan Sri Lee Oi Hian. The proposed acquisition excludes certain CCM assets, including its Orica-CCM associate and two parcels of related land, which will be transferred separately subject to approvals. — TMK Chemical proposes RM920m cash-share CCM deal, paving way for Batu Kawan to become No 2 shareholder
Paragon Union Bhd (KL:PARAGON) has been queried by Bursa Malaysia after unusually heavy trading triggered a sharp drop in its share price during Friday afternoon trading. The stock initially rose to RM4.65 before tumbling RM1.39, or 29.83%, to its limit-down level of RM3.27 shortly after trading resumed, where it closed. About 2.88 million shares changed hands, wiping out nearly RM140 million in market value. Despite the decline, the counter remains 108.04% higher compared with a year ago. — Paragon Union hits limit-down in afternoon trade, prompts UMA query from Bursa
Mi Technovation Bhd (KL:MI) announced the retirement of executive director Heng Kok Lin after he opted not to seek re-election at the company’s AGM. Heng, 63, previously headed the group’s materials business unit under Accurus Scientific, which is being prepared for a spin-off listing. The unit produces solder balls used in chip packaging and contributes about half of Mi Technovation’s earnings. He will remain with the group as a “BU Fellow” under its succession plan, focusing on mentoring and supporting cross-unit integration. — Mi Technovation executive director Heng Kok Lin opts to retire
IT Service provider Mesiniaga Bhd (KL:MSNIAGA) has secured a RM43.28 million contract from a Malayan Banking Bhd (KL:MAYBANK) unit for the renewal of a licence subscription agreement. The contract was awarded on Thursday (June 11) by Maybank Shared Services Sdn Bhd and will run for three years until May 31, 2029. The agreement does not include an automatic renewal provision. — Mesiniaga wins RM43.28 mil from Maybank unit for licence subscription renewal
Scanwolf Corp Bhd (KL:SCNWOLF) has secured a RM21 million contract to carry out foundation works for a nine-storey factory project in Bukit Raja, Klang. The contract, awarded by SG Besi Construction Sdn Bhd to its wholly-owned subsidiary Scanwolf Trading & Construction Sdn Bhd, represents about 30% of Scanwolf’s market capitalisation. The group said the contract is scheduled for completion by June 11, 2027. — Scanwolf bags foundation works job for Klang factory
Farm Fresh Bhd (KL:FFB) co-founder, managing director and chief executive officer Loi Tuan Ee has been accumulating shares in the dairy producer via the open market as the stock trades near nine-month lows. Loi increased his direct stake in the company by purchasing 100,000 shares at RM2.18 on June 10 and another 100,000 shares at RM2.16 on June 11. Following the purchases, his direct interest in the company rose to 0.058%. He also holds an indirect interest of 37.308% via Farmchoice Foods Sdn Bhd and his family’s private vehicle, Rainforest Capital Sdn Bhd. — Farm Fresh CEO Loi Tuan Ee accumulates shares as stock hovers near nine-month low
Silver Ridge Holdings Bhd (KL:SRIDGE) has secured a RM11.39 million subcontract linked to the Johor Bahru Rapid Transit System Link project. The company said the subcontract involves the supply of materials, labour, tools and equipment, as well as plant and machinery for construction and mixed-use development works in Bukit Chagar. The job, which commenced on April 23, 2026, is expected to be completed by April 30, 2027. Silver Ridge’s financial year ends on June 30. — Silver Ridge secures RM11.4 mil supply subcontract
Samaiden Group Bhd (KL:SAMAIDEN) has terminated two memoranda of understanding (MOUs) for renewable energy and sustainability projects in Cambodia after the initiatives did not progress into definitive agreements. Its indirect subsidiary ended both collaborations, which involved potential renewable energy and biogas projects with multiple partners, including Royal Group and Mong Sotheary Trading Co Ltd. The terminations took effect on July 12. — Samaiden terminates MOUs on renewable energy projects in Cambodia after lack of progress
Reach Ten Holdings Bhd (KL:REACHTEN) has gained indirect exposure to Elon Musk’s SpaceX through a US$1 million (RM4.2 million) investment via Alta Fund Management. The investment, made through its wholly-owned unit Reach Ten Communication Sdn Bhd, was channelled into a fund providing indirect exposure to SpaceX and other underlying assets. Reach Ten said the position was equivalent to about 4,167 SpaceX shares at entry, which would increase to around 20,835 shares after a five-for-one stock split. Based on SpaceX’s indicative IPO price, the underlying exposure is estimated at about US$2.81 million, though the company said the valuation remains subject to fund manager adjustments and fees. — Sarawak-based Reach Ten says it has investment exposure to SpaceX