KUALA LUMPUR (Sept 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
AirAsia Group Bhd (KL:AAGB) is seeking to renegotiate terms on a US$200 million (RM814.5 million) private credit loan from Ares Management Corp and Indies Capital Partners, following two consecutive quarterly losses. To secure some payments for aircraft lessors, the airline has requested to share revenue from certain flight routes that are currently pledged to the private credit lenders for the loan. — AirAsia asking Ares for changes to terms of US$200 mil loan. — Bloomberg
Eco World Development Group Bhd (KL:ECOWLD) has emerged as the top bidder for a residential site at Lorong Puntong/Sin Ming Avenue in Singapore, with an offer of S$208.1 million (RM667.62 million). This was according to the list of received bids that was published by Singapore's Urban Redevelopment Authority on Tuesday. — Eco World tops bids for Singapore residential site with S$208.1 mil offer
KPJ Healthcare Bhd (KL:KPJ) has discontinued its lawsuit with costs against seven of 11 former directors linked to the RM119.92 million sale of a 49% stake in Lablink (M) Sdn Bhd in 2018. The lawsuit will now continue against the other four, including former chairman Datuk Kamaruzzaman Abu Kassim and former president and managing director Datuk Amiruddin Abdul Satar. — KPJ drops lawsuit against seven ex-directors over Lablink deal, retains case against four
YTL Power International Bhd (KL:YTLPOWR) has acquired four additional gas turbine units from Siemens Energy, expanding its total reservations to seven units with a combined capacity exceeding 5,250MW. The expansion is aimed at supporting power generation projects across Malaysia and the region to meet rising energy demands, it said. The deal also strengthens YTL Power's digital infrastructure investments, including data centres, YTL AI Cloud and AI Lab initiatives. — YTL Power secures four more Siemens gas turbines to meet rising regional energy and AI demand
An individual named Tan Boon Seng has emerged as a substantial shareholder of Cuscapi Bhd (KL:CUSCAPI), after purchasing a 10.618% interest in the company via a direct business transaction as existing shareholders exit. No details were provided about Tan, but he now holds 100.326 million shares in the company, which he bought at five sen apiece, or a total of RM5.02 million. — Tan Boon Seng emerges as substantial shareholder in Cuscapi
The takeover offer for Hextar Retail Bhd (KL:HEXRTL) has turned unconditional after major shareholders, led by offeror Hextar Portfolio Sdn Bhd and Datuk Ong Choo Meng, collectively secured a 51.03% controlling stake through valid acceptances, existing holdings and external acquisitions. — Hextar Retail takeover offer turns unconditional after offerors cross 50% threshold
Pestech International Bhd (KL:PESTEC) said it only learned of a winding-up petition filed by its China-based supplier, Shandong Power Equipment Co Ltd, after being alerted by Bursa Malaysia, who forwarded a copy of the notice that was advertised in two Malaysian newspapers. The petition stems from an alleged debt under an undated corporate guarantee, which Pestech said it is strongly disputing. It has also obtained an injunction to restrain the Chinese firm from enforcing rights under the contested guarantee. — Pestec says unaware of winding-up petition until Bursa notification, disputes Chinese supplier's claim
Butterfield FB Bhd (KL:BFIELD) ended its maiden day trade on the ACE Market on Tuesday at 46 sen, two sen or 4.17% lower than its initial public offering price (IPO) of 48 sen. The tea and coffee mix manufacturer began trading at 43 sen, and hit an intraday high of 47 sen and a low of 39.5 sen. Its closing price values the group at RM368 million. — Butterfield FB ends maiden day of trade two sen lower than IPO price
Crest Builder Holdings Bhd (KL:CRESBLD) said its unit has won a mechanical and electrical (M&E) subcontract worth RM56.88 million from a unit of construction company Pesona Metro Holdings Bhd (KL:PESONA). The job is for the retail mall and Office Tower 1 components of the Ativo Annexe development in Bandar Sri Damansara, Selangor, that is being developed by TA Global Bhd. — Crest Builder unit wins RM56.88m M&E subcontract from Pesona Metro
PTT Synergy Group Bhd’s (KL:PTT) unit has secured a contract worth RM83.26 million from Sime Darby Property Sdn Bhd for earthworks and related tasks for multiple packages in the first phase of Bandar Bukit Raja Stage 4 in Klang, Selangor. — PTT Synergy unit bags RM83m contract from Sime Darby Property
Frontken Corp Bhd's (KL:FRONTKN) 93.4%-owned subsidiary Ares Green Technology Corp (AGTC) has won the tender for an industrial property in Tainan, Taiwan, for NT$920 million (RM118.16 million). It was bidding for the 16,172 sq m industrial plot, which has seven factory buildings on it, as part of its strategic plan to meet future capacity requirements. — Frontken unit wins bid for RM118 mil industrial property in Taiwan for expansion
UUE Holdings Bhd (KL:UUE) is establishing a joint venture with a unit of Singapore-listed EGP Energy Corporation Ltd to develop and deliver power-grid infrastructure, including extra-high voltage (EHV) electrical systems. UUE said the partnership marks its expansion from underground utilities into EHV substation engineering and positions the group for large-scale grid projects. — UUE Holdings forms JV with Singapore-listed EGP Energy unit to tap power projects