KUALA LUMPUR (Sept 22): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
Cuscapi Bhd (KL:CUSCAPI) has proposed a private placement of up to 94.49 million new shares to raise up to RM4.55 million for working capital, making it the second company linked to businessman Wong Thean Soon, better known as TS Wong, to announce a share placement this week. Cuscapi said about RM2.28 million of the proceeds will be used for operating expenses, including salaries, while another RM1.37 million will go towards payments to trade creditors such as hardware suppliers. — Cuscapi seeks RM4.55m via private placement, second TS Wong-linked firm to tap equity market this week
Zetrix AI Bhd (KL:ZETRIX) managing director Wong Thean Soon's stake in the company has now dropped to 11.06% from 11.97% last Friday, as Wong continued to pare his direct and indirect stakes in the company. His indirect stake is held via Asia Internet Holdings Sdn Bhd, which has now ceased to be a substantial shareholder of Zetrix AI following the disposal of 57 million shares on Friday — the same day it gained 6.24 million shares from Zetrix AI's dividend reinvestment plan (DRP). This resulted in Asia Internet Holdings' stake falling to 4.87% from 5.53%. — TS Wong further trims Zetrix AI stake; investment vehicle exits substantial shareholder list
Singapore’s sovereign wealth fund sold shares in Sunway Healthcare Holdings Bhd (KL:SUNMED) worth over RM1 billion on Tuesday, according to a news report. The sale of 575 million shares was priced at RM2.08 a piece, Bloomberg reported, citing a term sheet. The price tag is a discount of 9% from the hospital operator’s closing price of RM2.29 on Monday, and near the lower end of the RM2.07-RM2.10 range marketed to investors. Greenwood Capital Private Ltd, a vehicle of Singapore's GIC, is the seller of the shares, the financial newswire said. — Singapore’s sovereign wealth fund cashes out over RM1 bil in Sunway Healthcare shares — report
The developer of Eco Business Park 7 in Negeri Sembilan is selling two plots of industrial land for RM1 billion to a data centre operator. The parcels measuring 222 acres combined are being sold to Tera Data Centers, according to a statement from Eco Business Park 7 Sdn Bhd, a joint venture of Eco World Development Group Bhd (KL:ECOWLD), SD Guthrie Bhd (KL:SDG) and state agency NS Corporation. There are no details about the project planned on the land. — Eco World-SD Guthrie JV sells 222 acres in Negeri Sembilan for over RM1b
Loss-making MMAG Holdings Bhd (KL:MMAG), a company which counts NexG Bhd (KL:NEXG) as a substantial shareholder, has proposed a RM130 million share capital reduction to wipe out part of the company’s accumulated losses. NexG is the company’s second largest shareholder with a 9.925% stake, while Future Star Sdn Bhd is its largest shareholder with a 19.904% interest. The exercise will allow the ACE Market-listed company to eliminate accumulated losses and better reflect the value of its underlying assets, thereby strengthening the group’s financial position and profile with its bankers, customers, suppliers, investors and other stakeholders. — MMAG proposes RM130 mil capital reduction to pare accumulated losses
A forced auction of Country Heights Holdings Bhd’s (KL:CHHB) land in Kajang, Selangor was cancelled due to absence of bidders. Solicitors confirmed that the property, a piece of commercial land measuring about six acres, was not sold following the cancellation of the judicial auction via e-Lelong. The land in Jalan Sinar Pagi was put up for auction at a reserve price of RM55 million on Sept 21 under court order over an unpaid loan amid Country Heights’ financial struggles after reporting losses over the last seven quarters. — Forced auction of Country Heights land cancelled due to lack of bidders
OGX Group Bhd (KL:OGX) has ventured into the renewable energy (RE) industry, targeting opportunities in Malaysia’s growing data centre market through battery energy storage systems (BESS). The information technology infrastructure solutions provider said its wholly owned subsidiary OGX Green Tech Sdn Bhd will spearhead the new business. The group said Zhejiang Hyxi Technology Co Ltd (HYXI), a China-based energy storage and inverter specialist with a presence across Europe, has appointed OGX Green Tech as an authorised distributor to and sell HYXI’s products in Malaysia. — OGX Group ventures into renewable energy, targets data centre market
Transportation and logistics group Maybulk Bhd (KL:MAYBULK) has proposed to buy a freehold industrial property in Bandar Bukit Raja, Klang for RM35.5 million cash. The property comprises 8,346 sq m of land together with a single-storey industrial building, an annexed office and a warehouse block. Maybulk said the acquisition forms part of its push into the industrial property business to diversify revenue and reduce reliance on its core shipping and storage operations. — Maybulk to expand into industrial property business with Klang land buy
Property developer Oriental Interest Bhd (KL:OIB) has applied to withdraw its draft circular and listing application filed more than a month ago for its proposed RM280 million share‑based related party acquisition that would have marked its entry into the motorcycle financing and retail business. The company said it had submitted a letter to the regulator to withdraw the documents filed on Aug 18 to facilitate essential updates to the documents. — Oriental Interest applies to withdraw draft circular, listing application for RM280m related party deal to make ‘essential updates’