KUALA LUMPUR (July 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
A consortium including Sunway Bhd’s (KL:SUNWAY) Singapore unit, Sunway MCL Ltd, has emerged as the top bidder for Singapore's Bayshore Drive government land sales site with a bid of S$2.1 billion (RM6.62 billion). The consortium led by Frasers Property Ltd also includes Frasers Centrepoint Trust (FCT), Sekisui House and Lum Chang Building Contractors. Its bid of S$1,323 per sq ft per plot ratio was 5.8% higher than the second-highest offer, The tender remains subject to the government's confirmation. — Sunway MCL consortium tops S$2.1 bil bid for Singapore Bayshore site
Sime Darby Property Bhd (KL:SIMEPROP) and its sister company SD Guthrie Bhd (KL:SDG) are moving forward with their joint venture (JV) to develop a mega industrial and logistics corridor in Kuala Selangor with the injection of 1,021.93 acres of land in Bukit Kerayong Estate, Kapar. Their 50:50 JV vehicle, Kerayong Development Consortium Sdn Bhd, has signed agreements to acquire the freehold agricultural land from SD Guthrie for RM798.3 million, with the purchase to be funded by the JV through internally generated funds and bank borrowings. Under the deal, Sime Darby Property and SD Guthrie will each invest up to RM100 million for their respective equity stakes in the entity. — SD Guthrie injects RM798 mil land into JV with Sime Darby Prop for industrial hub
Gamuda Bhd’s (KL:GAMUDA) joint venture company has signed a 40-year agreement to supply treated water from northern Perak to Penang under the Northern Perak Water Supply Scheme. The bulk water supply agreement was signed between Khazanah Air Perak Sdn Bhd's (KAP) unit, Prasarana Air dan Irigasi Perak Sdn Bhd (PAIP Perak), and Perbadanan Bekalan Air Pulau Pinang Sdn Bhd (PBAPP), under which PAIP Perak will supply treated water to PBAPP from the first quarter of 2032, subject to the completion of the required infrastructure, regulatory approvals and fulfilment of conditions precedent. KAP is a 50:50 joint venture between Gamuda and Perbadanan Kemajuan Negeri Perak, while PBAPP is a wholly owned subsidiary of PBA Holdings Bhd (KL:PBA). — Gamuda JV, PBA Holdings unit sign 40-year treated water supply deal
GDB Holdings Bhd’s (KL:GDB) wholly owned subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB) has been informed of the Shah Alam High Court’s order for 8 Conlay project developer Damai City Sdn Bhd (DCSB) to be wound up. The order, which followed a petition by TSL Victory Sdn Bhd, marks the latest development in GDB's efforts to recover more than RM140 million in court-awarded claims related to construction works at the Kuala Lumpur mixed-use project. — GDB secures preferred liquidators as 8 Conlay developer Damai City wound up
Life Water Bhd (KL:LWSABAH) plans to acquire Hung Tai Group for RM46.8 million in a move by the Sabah-based bottled water company to diversify into food manufacturing. If it goes through, the deal for a 90% stake in Hung Tai — which makes sauces, condiments, noodles and red bean paste, as well as distributes food products across Sabah, Sarawak and Brunei — will strengthen its presence in the industry. A share sale agreement has been signed with Hung Tai owners Lai Chaw Shiong, Lai Chaw Hung, Lai Chaw Kong, Lai Chaw Chau, Mejon Majambar as well as Lai Jia Hui, who is retaining 10% stake, for the acquisition expected to be completed by October 2026. — Life Water to enter food business with RM46.8m acquisition
Electronics manufacturing services firm EG Industries Bhd (KL:EG) has secured a deal worth US$100 million (RM407 million) from a US-based firm to manufacture and sell advanced networking switches using co-packaged optics technology. Its unit Genetronic (Malaysia) Sdn Bhd signed a letter of intent with the customer, identified only as Company M, a provider of networking solutions for hyperscale, cloud and artificial intelligence data centres. — EG Industries clinches US$100m deal with US tech firm to manufacture advanced open networking switches
Rivertree STF Synergies Bhd (KL:RSSB) has secured a RM168.14 million contract to build a 9,000-bed centralised labour quarters facility in Kapar, Klang. Its wholly owned subsidiary RSSB Builders Sdn Bhd was awarded the turnkey contract by Asetvest Sdn Bhd, which is wholly owned by investment holding company Asetra Sdn Bhd. The project is targeted for practical completion by June 30, 2028, with full completion and certification expected by Dec 31, 2028. — Rivertree STF unit bags RM168 mil contract for workers’ quarters in Klang
Malaysian conglomerate DRB-Hicom Bhd (KL:DRBHCOM) is studying the setting up of a vehicle assembly plant in Algeria as it looks to North Africa’s growing automobile market for overseas expansion, according to Malaysia’s Ambassador to Algeria Datuk Rizany Irwan Muhamad Mazlan. This proposed venture supports Malaysia’s efforts to develop industrial cooperation with Algeria and aligns with the Algerian government’s local manufacturing drive. — DRB-Hicom could set up vehicle assembly plant in Algeria targeting North African market — ambassador
Infrastructure solutions provider PMW International Bhd (KL:PMW) is investing RM43.76 million in a new spun-pile manufacturing facility in Bemban, Perak, which will more than double the group’s annual production capacity to 718,000 tonnes. Commercial operations are expected to commence in the third quarter of 2027. — PMW to invest RM43.8 mil in Perak plant to more than double production capacity