KUALA LUMPUR (Oct 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
Zetrix AI Bhd (KL:ZETRIX) will hold another sukukholders’ meeting after parties failed to reach a deal on Friday to address a covenant breach involving its RM2 billion sukuk by the deadline. The date of the next meeting has yet to be set. The meeting was called to discuss a proposed resolution to the sukuk covenant breach involving managing director Wong Thean Soon’s shareholding in the company. — Zetrix AI sukukholders fail to reach deal, new meeting planned
Zetrix AI made its first share option offer since December 2020, granting 788.83 million immediately exercisable options under a scheme covering up to 10% of its issued shares. The options were offered at a 28% discount, with managing director Wong Thean Soon receiving the largest allocation among directors at 27.5 million options. — Zetrix AI offers 789 mil share options at 28% discount amid cash flow, sukuk pressures
Astro Malaysia Holdings Bhd (KL:ASTRO) is proposing to dispose of its broadband business to Maxis Bhd (KL:MAXIS) for up to RM83 million in cash, as the group seeks to refocus resources on its core content, advertising and entertainment businesses. Astro expects a net gain of RM31.4 million from the proposed disposal by its wholly owned subsidiary Measat Broadcast Network Systems Sdn Bhd (MBNS) after taking into account derecognition of net assets. The proposed disposal will be to Maxis’s wholly owned unit Maxis Broadband Sdn Bhd under the conditional sale and purchase agreement signed on Friday. — Astro to sell broadband business to Maxis for up to RM83 mil
CelcomDigi Bhd’s (KL:CDB) wholly owned subsidiary, CelcomDigi Telecommunications Sdn Bhd, has lodged a proposed Islamic medium-term notes (sukuk) programme of up to RM10 billion in nominal value with the Securities Commission Malaysia (SC). Proceeds from the sukuk programme will be allocated for financing capital expenditure, working capital, general funding requirements and corporate purposes of the issuer. — CelcomDigi unit seeks to raise up to RM10b for refinancing, capex, working capital
Yinson Holdings Bhd (KL:YINSON) said its joint venture with PetroVietnam Technical Services Corp (PTSC) has achieved first oil at Vietnam’s Lac Da Vang field ahead of schedule. Its newly built, dual-fuel-powered floating storage and offloading vessel, FSO PTSC LDV, achieved first oil at the field in Block 15-1/05 offshore Vietnam on Sept 27, 2026, ahead of its original fourth-quarter target. — Yinson, Vietnam partner achieve first oil ahead of schedule
Malakoff Corp Bhd (KL:MALAKOF) has awarded a RM34.39 million contract for transmission and interconnection works at its waste-to-energy (WTE) facility in Sungai Udang, Melaka, to a subsidiary of its major shareholder. Its subsidiary, Sungai Udang WTE Sdn Bhd, entered into an agreement with MMC Engineering Sdn Bhd, which is a subsidiary of MMC Corp Bhd. MMC Corp is Malakoff’s largest shareholder with a 38.45% stake. Works are scheduled for completion by May 19, 2029. — Malakoff awards RM34mil contract to MMC Corp’s engineering arm
UK-based insurer Prudential plc has emerged as a substantial shareholder in Solarvest Holdings Bhd (KL:SLVEST), with a 5.25% stake in the clean energy and solar photovoltaic specialist. Prudential acquired 51.41 million shares in Solarvest on Oct 21 through funds managed by Eastspring Al-Wara’ Investments Bhd and Eastspring Investments Bhd. — UK-based insurer Prudential plc emerges as substantial shareholder in Solarvest with 5.25% stake
Two third-generation members of the Yeoh family have taken up alternate executive director roles at YTL Hospitality Real Estate Investment Trust (KL:YTLREIT). Yeoh Keong Shyan has been redesignated as alternate executive director to his father, Tan Sri Francis Yeoh Sock Ping, executive chairman of Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT. Meanwhile, Yeoh Pei Xien has been appointed as alternate executive director to Datuk Yeoh Soo Min, the executive director of Pintar Projek. — Yeoh family board changes continue at YTL Hospitality REIT with two alternate director moves
Datuk Muhamad Umar Swift, the former head of Malaysia’s stock exchange, will join Hong Leong Investment Bank Bhd as its managing director and chief executive officer. The appointment is effective Jan 1, 2027, according to the parent company Hong Leong Capital Bhd (KL:HLCAP) on Friday. Muhamad Umar will succeed Lee Jim Leng who is retiring after more than 17 years with the investment bank. — Ex-Bursa chief Umar Swift to lead Hong Leong Investment Bank
Datuk Seri Robin Tan Yeong Ching has been appointed executive deputy chairman of REDtone Digital Bhd (KL:REDTONE), replacing Syed Ali Shahul Hammed, who stepped down to pursue other commitments. Robin Tan is the eldest son of Berjaya Group founder Tan Sri Vincent Tan Chee Yioun, whose group is Redtone Digital’s largest shareholder with a 34.27% stake. — Vincent Tan’s son named Redtone Digital executive deputy chairman
Affin Bank Bhd (KL:AFFIN) named industry veteran Doreen Choo Choy Wan as the head of its asset management arm, effective immediately. As chief executive officer, she will lead the division that comprises Affin PHEIM Islamic Asset Management Sdn Bhd and Affin PHEIM Unit Trusts Bhd. — Affin names Doreen Choo as asset management division CEO
Comfort Gloves Bhd (KL:COMFORT) will settle a two-year tax dispute with the Inland Revenue Board for RM8.3 million. The settlement is subject to the finalisation of paperwork. The settlement ends a court battle that began in April 2024, when Comfort Gloves’ subsidiaries Comfort Rubber Gloves Industries Sdn Bhd and Gallant Quality Sdn Bhd sued the Inland Revenue Board over an additional RM99.3 million in taxes. — Comfort Gloves reaches RM8.3m settlement with Inland Revenue Board over tax bill