KUALA LUMPUR (Oct 2): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:
The three co-founders and executive directors of MN Holdings Bhd (KL:MNHLDG) made a combined net gain of nearly RM45 million after converting company warrants into shares at 20 sen apiece and offloading a chunk of those shares to institutional investors at RM3.91 per share. The transactions — coming less than two months after the group transferred to the Main Market — involved managing director Datuk Toh Eng Keat and executive directors Datuk Loy Siong Hay and Datuk Dang Siong Diang. — MN Holdings founders make windfall from selling 20 sen warrant-converted shares at RM3.91
IOI Properties Group Bhd (KL:IOIPG) said Bursa Malaysia Securities has approved the listing of its proposed RM7.58 billion IOIPG Malaysia Real Estate Investment Trust (IOIPG REIT) on the Main Market. — IOI Properties gets Bursa Securities approval for RM7.58b REIT listing
In another filing, IOI Properties said that it has agreed to acquire Shenton 101 Pte Ltd, which owns Singapore's Shenton House, from its group chief executive officer and major shareholder Datuk Lee Yeow Seng for a nominal S$1.00. Under the deal, IOI Properties will also settle S$217.06 million (RM696.43 million) worth of shareholder advances (as at July 31, 2026) that Lee had injected into Shenton 101, the vehicle he incorporated to acquire the property. The final repayment sum will be determined on completion. — IOI Properties now agrees to buy Shenton House from group CEO for S$1, settle S$217m advances
A Yinson Holdings Bhd (KL:YINSON) unit and Langkawi Port Sdn Bhd (LPSB) signed a memorandum of understanding on Thursday to set up Malaysia’s first commercial fully electric passenger ferry service between Langkawi and Kuala Perlis. Two 100-passenger capacity vessels will begin sea trials in January ahead of full deployment in May, in time for the Langkawi International Maritime and Aerospace Exhibition (Lima), a biennial trade show of maritime and aerial military assets. — Yinson unit to deploy two electric ferries on Langkawi-Kuala Perlis route
Tien Wah Press Holdings Bhd (KL:TIENWAH) said its unit plans to buy a factory in Malang, Indonesia, which it currently leases, for 150 billion rupiah (RM34.07 million) from British American Tobacco (BAT) Group’s PT Bentoel Prima. The five parcels of land, measuring 5.78 acres, are currently used by Tien Wah’s 51%-owned unit, PT Bintang Pesona Jagat for its tobacco packaging printing operations. — Tien Wah Press unit to buy Indonesian factory from BAT for RM34m, secures three supply deals
KKB Engineering Bhd (KL:KKB) has secured a government contract for water infrastructure upgrade in Sarawak worth RM517 million. This marks the group’s second major contract win within a week. The engineering group said the three-year contract was awarded through the Regional Corridor Development Authority (Recoda), the state agency managing the development plan for the Sarawak Corridor of Renewable Energy (Score). — KKB Engineering secures RM517 mil contract for water infrastructure upgrade in Sarawak
Hengyuan Refining Company Bhd (KL:HENGYUAN) has brought back former chief executive officer Erkki Tapio Ranta to lead the company, with immediate effect. Ranta, 62, previously served as Hengyuan’s CEO from March 2020 to July 2021. He now returns to succeed Yin LuJiang, 55, who is stepping down from all duties and responsibilities as CEO after nearly three years at the helm. — Former CEO Erkki Tapio Ranta returns to helm Hengyuan
Hextar Capital Bhd (KL:HEXTAR) subsidiary Legacy Core Sdn Bhd has secured a RM60 million subcontract from Doland (M) Sdn Bhd to upgrade a road in Sibu, Sarawak. The subcontract covers road works, drainage and services relocation on Jalan Oya in Sibu. Work is to start on Oct 2 and will end on Feb 11, 2029. — Hextar Capital unit bags RM60 million Sarawak roadworks subcontract
Globaltec Formation Bhd (KL:GLOTEC) has announced the redesignation of executive director Chen Heng Mun, 56, as deputy group chief executive officer, with immediate effect. Globaltec said Chen would retain his positions as executive director in the boardroom, as well as group finance director. — Globaltec redesignates Chen Heng Mun as deputy group CEO; founder’s son appointed as ED