KUALA LUMPUR (July 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Insas Bhd (KL:INSAS) has disposed of 150 million shares in Inari Amertron Bhd (KL:INARI) for RM318.1 million in cash, trimming the group’s investment in the outsourced semiconductor assembly and test (OSAT) provider to 5.701%. The sale, carried out on July 2 at RM2.12 per share, represents a discount of 20 sen or 8.62% to Inari Amertron's closing price of RM2.32 on July 1. — Insas disposes of 150 mil shares in Inari Amertron for RM318m
UEM Sunrise Bhd (KL:UEMS) has appointed EXSIM KLCC Sdn Bhd to develop its 1.6-acre freehold site in Kuala Lumpur into a mixed-use project comprising a hotel, hotel residences and a retail mall under a development rights agreement. The deal guarantees UEM Sunrise RM415 million by Dec 31, 2026, with additional upside through a profit-sharing arrangement. The site, known as Lot 149, is located at the junction of Jalan Ampang and Jalan P Ramlee, adjacent to the Kuala Lumpur city centre. — UEM Sunrise taps EXSIM to develop prime KL site in RM415m deal
Nova MSC Bhd (KL:NOVAMSC) and Theta Edge Bhd (KL:THETA) have mutually agreed to end their more than two-year joint venture agreement. The two companies formed the venture in September 2023 and incorporated Digital EG Sdn Bhd in November 2023 to provide e-government and technology solutions, including system integration and consultancy services. Following the termination, both companies said they will discuss the future of Digital EG Sdn Bhd, including the possibility of winding it up. No reason was given for the termination of the partnership. — Nova MSC, Theta Edge terminate two-year tech JV
Engineering and infrastructure services provider Rohas Tecnic Bhd (KL:ROHAS) said the Malaysian Anti-Corruption Commission (MACC) has concluded its investigation into its unit, HG Power Transmission Sdn Bhd (HGPT), with no further action to be taken against the company or its personnel. HGPT received a letter from the MACC confirming that the investigation had been completed and that no charges, prosecution or enforcement action would be taken against HGPT, its shareholders, directors and former directors. The group had previously stated that the matter was isolated and unrelated to its current operations and contracts. — Rohas Tecnic unit cleared as MACC ends probe with no further action
WTK Holdings Bhd (KL:WTK) is selling its 65% stake in palm oil unit Positive Deal Sdn Bhd, as well as 5,548 hectares of plantation land in Miri, for RM221.5 million in cash. The assets are being sold to oil palm planter Trinity Capital Resources Sdn Bhd via a series of conditional agreements inked with WTK’s units. The disposals comprise the 65% stake in Positive Deal, together with all its redeemable preference shares, for RM27 million; 4,698 hectares of plantation land under wholly-owned unit Biogreen Success Sdn Bhd for RM145.2 million; and 850 hectares under wholly-owned unit Borneo Agro-Industries Sdn Bhd for RM49.3 million. Positive Deal owns 2,149 hectares of plantation land adjacent to the 5,548 hectares being disposed of. — WTK selling oil palm unit stake, plantation land for RM221.5 mil
Hextar Industries Bhd (KL:HEXIND) has bagged a RM138.42 million contract to provide engineering, procurement and construction works for an industrial development in Pulau Indah, Selangor. The contract was awarded to the group’s 70%-owned unit Hextar Mitai Sdn Bhd by a private company that invests in non-residential properties. The company’s name was not disclosed due to a confidentiality clause in the contract. Hextar Industries said the development comprises three production factories and warehouse buildings, two workers’ hostel buildings and ancillary facilities. — Hextar Industries bags RM138m EPC job for Pulau Indah industrial development
Mesiniaga Bhd (KL:MSNIAGA) has secured a RM39.99 million contract from Pharmaniaga Logistics Sdn Bhd to provide new centralised server infrastructure for the Pharmacy Information System (PhIS) Version 3.0. The contract is scheduled to be completed by June 30, 2030, with no automatic renewal clause. Mesiniaga provides digital infrastructure, data centre, cloud, cybersecurity and artificial intelligence solutions, while Pharmaniaga Logistics is the logistics and distribution arm of Pharmaniaga Bhd (KL:PHARMA). — Mesiniaga bags RM40 mil Pharmaniaga contract for pharmacy IT infrastructure
A joint venture (JV) led by Jati Tinggi Group Bhd (KL:JTGROUP) has secured a RM27.5 million contract to undertake dam safety enhancement works at four hydroelectric facilities in Perak. Jati Tinggi said the JV between its wholly-owned unit, Jati Tinggi Holding Sdn Bhd, and MFB Geotech Sdn Bhd was awarded by TNB Repair and Maintenance Sdn Bhd (TRMSB), a subsidiary of Tenaga Nasional Bhd (KL:TENAGA). The contract involves remedial works on the spillway, slopes and saddle dams at the four dam locations under the life extension programme for the Sungai Perak Hydroelectric Stations. — Jati Tinggi JV bags RM27.5 mil hydroelectric dam enhancement job
Radium Development Bhd (KL:RADIUM) managing director and major shareholder Gan Kah Siong’s brother, Tan Sri Gan Yu Chai, has emerged as a substantial shareholder of the property developer. Yu Chai, who is also Southern Score Builders Bhd (KL:SSB8) managing director, acquired 98.25 million shares, equivalent to a 2.833% stake, in Radium on June 22, raising his stake in the company to 7.79%. — Radium MD’s brother Gan Yu Chai emerges as substantial shareholder