KUALA LUMPUR (July 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
A consortium comprising Sunway Bhd’s (KL:SUNWAY) 30%-owned joint ventures on Monday secured a parcel of land at Bayshore Drive in Singapore for residential and commercial development at S$2.13 billion (RM6.74 billion) after it emerged as the highest bidder for the property. The award confirms the consortium’s bid of S$1,323 per sq ft per plot ratio, which was 5.8% higher than the second-highest offer when the tender closed. — Sunway JVs secure Singapore’s Bayshore site with top RM6.7 bil bid
Velesto Energy Bhd (KL:VELESTO) said its four-year drilling contract worth over US$90 million (RM368.41 million) for the Naga 8 jack-up rig has been mutually terminated after the rig completed only three of the 12 committed wells. The oil and gas services provider said its indirect wholly owned subsidiary Velesto Drilling Sdn Bhd and clients PC Ketapang II Ltd, PC North Madura II Ltd and Petronas North Ketapang Sdn Bhd agreed to terminate the contract “without cause” on July 7. Beyond that, Velesto did not disclose any specific reason for the termination. — Velesto Energy says US$90m drilling contract mutually terminated
MUI Properties Bhd's (KL:MUIPROP) unit is disposing of a parcel of industrial land in Bandar Springhill, Negeri Sembilan, for RM18.73 million cash to fund ongoing development and infrastructure works while advancing its plan to position the township as a medical hub. The property developer's indirect 60%-owned subsidiary, West Synergy Sdn Bhd, is selling the land to Antmed Malaysia Sdn Bhd. The proposed disposal is expected to generate an estimated net gain of RM10.87 million for West Synergy, of which RM6.52 million will be attributable to MUI Properties based on its 60% interest. — MUI Properties unit sells Bandar Springhill industrial land for RM18.7m
Cloud services provider AwanBiru Technology Bhd (KL:AWANTEC) announced on Monday that it will provide Google cloud services to the government for another year following the extension of its Cloud Framework Agreement (CFA). Its subsidiary Awantec Systems Sdn Bhd, together with the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) and Google Cloud Malaysia Sdn Bhd, has extended its contract for up to 12 months. The contract value was not disclosed. — Awantec to provide govt with Google cloud services for another year
Oilfield services company Reservoir Link Energy Bhd (KL:RL) has received two licences from the Energy Commission to ship natural gas and import liquefied natural gas (LNG) under Malaysia's third-party access framework, which liberalises the market and allows licensed companies to import, transport and sell natural gas. The company said the licences, which are parked under wholly‑owned subsidiary Reservoir Link Sdn Bhd (RSLB), are valid for 10 years. — Reservoir Link gets Energy Commission's nod to transport and import natural gas
ECM Libra Group Bhd (KL:ECM), through its indirect wholly-owned subsidiary Desaru Beachfront 2 Sdn Bhd (DB2SB), has accepted a term loan of up to RM120 million and revolving credit facilities of up to RM10 million (banking facilities) granted by RHB Bank Bhd (KL:RHBBANK) to part-finance the development of a proposed beachfront hotel and its general working capital requirements. The company said the proposed hotel will be built on a parcel of leasehold commercial land owned by DB2SB. — ECM Libra's indirect subsidiary accepts banking facilities to part-finance hotel development
Mi Technovation Bhd (KL:MI) saw its second-quarter net profit rise to a record of RM55.2 million, from RM15.78 million a year ago, as revenue also climbed to a record high on stronger demand for its semiconductor products, improved average selling prices and favourable product mix. The company also attributed the strong quarterly results to better operational efficiency and favourable foreign exchange rates. Revenue rose 46.65% year-on-year to RM226.02 million for the quarter ended June 30, 2026, from RM154.12 million previously. — Mi Technovation's 2Q profit more than triples on stronger demand, higher selling prices