KUALA LUMPUR (Sept 8): Here is a brief recap of some corporate announcements that made the news on Tuesday:
Public Bank Bhd (KL:PBBANK) is proposing to privatise its 73.23%-owned Hong Kong-listed subsidiary Public Financial Holdings Ltd (PFHL) for HK$2.50 per share, or about RM1.29, in cash. The deal will cost the bank about HK$734.75 million to acquire the remaining 26.77% stake. It will be carried out via a court-sanctioned scheme of arrangement, under which all shares held by minority shareholders will be cancelled and new shares issued to Public Bank, making PFHL a wholly-owned subsidiary. — Public Bank to privatise Hong Kong unit at HK$2.50 a share
Malayan Banking Bhd (KL:MAYBANK) has received Bank Negara Malaysia approval to acquire the remaining 30.95% stake in Maybank Ageas Holdings Bhd, the holding company of Etiqa, from Belgian insurer Ageas SA for RM4.83 billion. Following the approval on Sept 1, Maybank has entered into an unconditional share purchase agreement with Ageas. The acquisition will be funded entirely through Maybank’s internally generated funds. — Maybank gets BNM nod for RM4.83b buyout of remaining stake in Etiqa’s holding company
Hektar REIT (KL:HEKTAR) has appointed Datuk Seri Jamil Bidin, 69, as chairman, effective immediately, filling the position that has been vacant since 2023 following Hasli Hashim’s resignation. Jamil has held senior positions at several listed companies, including as managing director and CEO of Putera Capital Bhd, where he oversaw manufacturing, construction, property development and engineering businesses. — Hektar REIT appoints Jamil Bidin as chairman
More boardroom changes were seen at companies linked to Zetrix AI Bhd (KL:ZETRIX) founder Wong Thean Soon, better known as TS Wong. At Cuscapi Bhd (KL:CUSCAPI), newly appointed independent director Datuk Faizal Abdullah was redesignated as chairman, days after being appointed chairman of Sersol Bhd (KL:SERSOL) on Sept 3. Cuscapi also saw the departures of executive director Datuk Seri Khazali Ahmad and independent directors Datuk Sheah Kok Fah and Mohaini Mohd Yusof.
Over at HeiTech Padu Bhd (KL:HTPADU), former NexG Bhd (KL:NEXG) director Badrul Hisham Abdul Aziz, who also chairs Kanger International Bhd (KL:KANGER), joined the board as a non-independent non-executive director.
Meanwhile, Wong trimmed his stake in Excel Force MSC Bhd (KL:EFORCE) after disposing of 104.21 million shares on Aug 28 and Sept 1, reducing his direct stake to 7.234%, or 44.12 million shares. He also holds an indirect stake of 6.772%. — TS Wong trims Excel Force stake as further boardroom reshuffle hits linked companies
Information communication and technology service provider Theta Edge Bhd (KL:THETA) has secured a five-year contract from Prasarana Malaysia Bhd to develop, operate and maintain telecommunications infrastructure along the LRT3 corridor. Its wholly-owned subsidiary Theta Telecoms Sdn Bhd will act as the network operator and strategic partner for the project. Prasarana will receive the higher of RM500,000-a-year or 13% of gross project revenue, with the balance going to Theta Telecoms. — Theta Edge wins Prasarana job to build telecom infrastructure for LRT3
Crane manufacturer Favelle Favco Bhd (KL:FAVCO) has secured four contracts worth RM131.7 million to supply cranes. Its wholly-owned units Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd will each supply a tower crane, with delivery expected by end-2026. Favco Cranes (M) will also supply two offshore cranes. One is expected to be delivered by mid-2027, while the other will be delivered on a staggered basis from the second to third quarter of 2027. — Favelle Favco secures contracts worth RM132m to supply cranes
TRC Synergy Bhd (KL:TRC) has secured a RM149.98 million subcontract from Gamuda Bhd’s (KL:GAMUDA) engineering arm for underground services works at a hyperscale data centre. The contract, awarded to TRC’s wholly-owned subsidiary TRC Construction Sdn Bhd by Gamuda Engineering Sdn Bhd, commenced on Aug 14 and is scheduled for completion by Nov 25. — TRC Synergy bags RM150 mil subcontract for hyperscale data centre from Gamuda unit
QES Group Bhd (KL:QES) said its 70%-owned subsidiary QES (Singapore) Pte Ltd has agreed to acquire two freehold office units in Singapore for S$5.47 million (RM17.48 million) cash. The units are located at the Space Nova development on New Industrial Road and designated for clean industrial use. — QES Group to buy two office units in Singapore for RM17.48m