KUALA LUMPUR (Aug 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Hextar Retail Bhd (KL:HEXRTL) received a conditional voluntary takeover offer from major shareholders Datuk Ong Choo Meng and Ong Kook Liong at a cash offer of 43 sen per share. This price presents a 7.5% premium to Hextar Retail’s closing price of 40 sen last Friday (Aug 7) and about 1.05 times based on its consolidated net assets per share of about 41 sen as of March 31. Choo Meng’s wholly owned investment vehicle, Hextar Portfolio Sdn Bhd, holds a 30.6% stake in Hextar Retail. He first emerged as a substantial shareholder in March 2021 after acquiring a 14.94% stake. Kook Liong, meanwhile, owns a 0.6% stake in Hextar Retail. They both intend for Hextar Retail to remain listed on Bursa’s Main Market following the takeover. — Hextar Retail gets 43 sen per share takeover offer from major shareholders
AME Elite Consortium Bhd (KL:AME) will construct a 220,000 sq ft manufacturing facility in Iskandar Puteri, Johor, for HYA Industry (Malaysia) Sdn Bhd, a subsidiary of Shanghai-listed Wuxi Hyatech Co, Ltd. The facility will be on the 6.8 acre site within the i-TechValley industrial park. This is part of Hyatech’s US$70 million (RM312.2 million) overseas expansion across Malaysia and Singapore to strengthen its precision manufacturing footprint within the Johor-Singapore Special Economic Zone. — AME Elite to build aerospace and medical device facility in Johor's i-TechValley for Hyatech's US$70 mil Southeast Asian expansion
Hup Seng Industries Bhd (KL:HUPSENG) saw a 21.5% year-on-year net profit growth in its second quarter financial report ended June 30 (2QFY2026). The company made a net profit of RM10.34 million, up from RM8.51 million in the same quarter last year as revenue also rose by 1.3% to RM85.98 million from RM84.84 million. The growth was attributed to higher overall sales of biscuits as well as lower input costs of major raw materials. Export market sales rose by 14%, driven by strong demand in Myanmar, Thailand, the US, Japan and Indonesia, which offset a 3% decline in domestic sales. Hup Seng announced that it will pay out a second interim single-tier dividend of one sen per share. — Hup Seng optimistic on outlook after 2Q profit jump despite challenging backdrop
Well Chip Group Bhd (KL:WELLCHIP) saw a nearly 15% increase in net profit for its second quarter ended June 30, 2026, (2QFY2026) to RM23.93 million from RM20.30 million in the same quarter in 2025. Revenue also increased by 8.7% to RM71.61 million from RM65.89 million. The strong performance was attributed to Well Chip’s pawnbroking business, which saw its revenue rise by 44.8% to RM41.93 million. The company is aiming to open 12 new pawn shop outlets in Melaka and Johor. These will be funded by its remaining initial public offering (IPO) funds and through a proposed rights issue of 120 million new shares priced at RM1 each, on a one-for-five basis. — Well Chip 2Q net profit rises nearly 15% on stronger pawnbroking business
MN Holdings Bhd (KL:MNHLDG)’s unincorporated joint-venture with Pembinaan Tajri Sdn Bhd (PTSB) secured a RM122.31 million contract from Tenaga Nasional Bhd (KL:TENAGA) to install a new underground power cable system between Tasek Gelugor and Bertam. The work includes engineering, design, supply and installation of the cable system and securing the permits for such work. The contract commenced on Monday and is expected to be completed in about 15 months. The project broadens MN Holdings’ infrastructure project portfolio beyond data centres as the company seeks to expand into power, utilities and energy infrastructure. — MN Holdings JV bags RM122 mil TNB underground cable contract
Inta Bina Group Bhd (KL:INTA) secured a RM115.65 million contract from Sime Darby Property Bhd (KL:SIMEPROP) to build 61 units of three-storey houses and one electricity substation in Setapak, Kuala Lumpur. The project is estimated to run for 30 months, starting Aug 24 until Feb 23, 2029. This raises Inta Bina’s year-to-date job wins to RM424 million and the company’s outstanding order book to about RM1.7 billion. Inta Bina also has about RM3.3 billion worth of submitted tenders in its pipeline, including those carried forward from last year. — Inta Bina bags RM115.65m housing construction job from Sime Darby Property
ITMAX System Bhd (KL:ITMAX) secured approval from the Malaysian Communications and Multimedia Commission for a RM134.3 million project to develop communications infrastructure for the Kota Kinabalu Smart City project. ITMAX was chosen to be the designated universal service provider for the project. This will have ITMAX deploy a Network Operation Command Centre and Smart Video Surveillance System across Kota Kinabalu to improve public safety and city operations. Works on the project began on Aug 6 and is expected to last about 24 months, followed by a five-year operational period upon completion. — ITMAX gets MCMC nod for RM134 mil Kota Kinabalu smart city project
Industronics Bhd (KL:ITRONIC) is being sued by Bluemount Investment Fund, one of its substantial shareholders, over a loan agreement between the company and certain directors and officers. The potential exposure presently identified is up to US$5.15 million (RM21.1 million) as the principal sum and accrued interest, the company noted. Bluemount is Industronics’ fourth-largest substantial shareholder, holding a 6.51% stake. The suit is not expected to have any impact on day-to-day operations and Industronics has appointed legal counsel to advise on and defend the suit. — Industronics sued by shareholder Bluemount over RM21.1m loan agreement