KUALA LUMPUR (Oct 22): Here is a brief recap of some business news and corporate announcements that made headlines on Thursday:
Zetrix AI Bhd (KL:ZETRIX) said no payment default has occurred under its RM2 billion sukuk programme despite the Oct 22 deadline to resolve a breach of a covenant that managing director Wong Thean Soon must remain the biggest shareholder in the digital services firm. Sukuk Trustee Pacific Trustee Bhd is scheduled to meet holders on Friday to discuss a proposed resolution to the breach. “This engagement will serve as a basis for formulating and formalising an appropriate arrangement that is mutually acceptable to the relevant parties,” Zetrix AI said. Zetrix AI had previously said it would seek a waiver or further instructions from sukuk holders if the breach was not rectified. Zetrix AI would have to pay out RM2 billion in principal and RM164.5 million in future coupon payments if the breach is not rectified or a waiver is not obtained from holders. — Zetrix AI sukuk holders to meet on Oct 23 to discuss covenant breach, no payment default yet
RHB Bank Bhd (KL:RHBBANK) secured an extension until Feb 11, 2027, from Bank Negara Malaysia to finalise talks with Japan’s Tokio Marine on the merger of their general insurance businesses in Malaysia. The proposed transaction involves RHB selling up to 100% of its stake in RHB Insurance Bhd to Tokio Marine. The unit will then be combined with Tokio Marine Insurans (Malaysia) Bhd to form a larger insurance entity. Under the proposed arrangement, RHB would retain an equity interest of up to 35% in the merged entity. — RHB gets extension to conclude insurance units merger talks with Tokio Marine
TSH Resources Bhd (KL:TSH), in its to queries from the Singapore Stock Exchange (SGX), denies that its plantation operations in Indonesia contributed to the transboundary haze. It said 274 hotspots were detected within its estate boundaries between Jan 1 and Oct 21, but all were in community enclave areas outside its planted and operational areas. According to The Straits Times, TSH Resources was among seven publicly traded companies identified by Singapore Senior Minister K Shanmugam on Oct 19 as having received enquiries from SGX. — TSH Resources responds to SGX queries over Indonesian fires, haze, denies operational links
RedPlanet Bhd (KL:RPLANET) is aiming for annual earnings growth of 10% to 20% over the next three to five years, supported by rising demand from utilities and railway sectors. “That's always our target for the company” that mainly provides geographical data analytics and safety systems to detect human intrusion on railway platforms, managing director Lian Wah Seng told reporters in a virtual press conference after the listing ceremony on Thursday. RedPlanet is betting on Malaysia’s spending spree to upgrade its electricity grid to cope with a boom in energy-hungry data centres as well as the government’s push for urban rail transportation systems in the Klang Valley. — RedPlanet aims for 10-20% annual earnings growth on rising demand from utility and rail
Aizo Group Bhd (KL:AIZO) said its RM36.79 million sewage system upgrading subcontract in Terengganu will not proceed after project owner Lembaga Kemajuan Terengganu Tengah cancelled the main contract to Puncak Utara Sdn Bhd. Puncak Utara subsequently notified Aizo of the termination, adding that it reserved its rights to pursue claims for losses against the company. It did not disclose the reason for the termination or the potential value of the claims. — Aizo's RM37m sewage subcontract terminated, faces potential claims
BMS Holdings Bhd (KL:BMS) has terminated its proposed RM23.8 million land acquisition in Cheras after failing to reach an agreement with the vendor on the terms of the deal. The vendor, Chyen Huat Hardware Sdn Bhd, has refunded the earnest deposit to BMS, adding that both parties will have no further claims against each other. — BMS Holdings scraps RM24 mil land acquisition after parties fail to agree on terms
Sarawak-based Harbour-Link Group Bhd (KL:HARBOUR) is acquiring two container vessels for RM56.68 million cash to expand its fleet and meet growing regional demand for container transportation. The shipping group's 85%-owned unit Harbour-Link Lines Sdn Bhd is purchasing the 90-metre self-propelled vessels from Sapor Shipbuilding Industries Sdn Bhd for RM28.34 million each. — Harbour-Link buys two vessels amid growing demand for container transportation
A consortium led by Jati Tinggi Group Bhd (KL:JTGROUP) has secured a RM568.2 million contract from Tenaga Nasional Bhd (KL:TENAGA) for a transmission main intake substation in Paka, Terengganu. The group's unit, Jati Tinggi Holding Sdn Bhd, will take a 55% share of the contract, while a unit of Kerjaya Prospek Group Bhd (KL:KERJAYA), Kerjaya Prospek (M) Sdn Bhd, will take 25%, and Betapec Sdn Bhd will take the remaining 20%. Based on those proportions, Jati Tinggi’s allocation amounts to RM312.51 million, Kerjaya’s to RM142.05 million and Betapec’s to RM113.64 million. The contract covers the establishment of the Paka GIS transmission main intake substation and it is scheduled for completion within two years from its commencement date. — Jati Tinggi-led consortium bags RM568.2 mil TNB contract in Terengganu
Exsim Hospitality Bhd (KL:EXSIMHB) has secured another subcontract from Binastra Corp Bhd (KL:BNASTRA), this time worth RM13.49 million, for the supply, fabrication, delivery and installation of carpentry works. Exsim Hospitality's unit Exsim Concepto Sdn Bhd will undertake the works for typical units in accordance with Binastra Builders’ main contract programme, which commenced on Dec 9, 2024 and is scheduled for completion on June 8, 2028. — Exsim Hospitality secures another Binastra job at RM13.5 mil
Pavilion Real Estate Investment Trust (KL:PAVREIT) reported a net property income (NPI) of RM145.58 million for the third quarter ended Sept 30, 2026 (3QFY2026), little changed from RM145.49 million a year ago. Gross revenue slipped to RM227.29 million from RM227.88 million a year earlier, due to lower advertising income at Elite Pavilion Mall. Distributable income fell 1.4% to RM96.47 million or 2.45 sen per unit, from RM97.86 million or 2.49 sen a year ago. — Pavilion REIT posts flat net property income in 3Q
Foodie Media Bhd (KL:FOODIE) reported over a 10-fold increase in 4Q net profit to RM4.55 million from RM0.43 million a year earlier. Revenue for the financial year ended Aug 31, 2026 (FY2026) jumped 82.5% to RM15.82 million from RM8.67 million previously amid growing demand for digital content, influencer marketing and events. It declared a second interim dividend of 0.39 sen per share and a special dividend of 0.61 sen per share, bringing the total payout for the quarter to one sen per share, payable on Nov 19. This brings its total dividends for FY2026 to 1.53 sen per share. For the full year of FY2026, the group posted a 67.7% increase in net profit to RM15.67 million from RM9.34 million in FY2025. Revenue climbed 49.6% to RM55.49 million from RM37.09 million. — Foodie Media rides digital advertising wave to cap FY2026 with 68% rise in net profit