KUALA LUMPUR (Oct 30): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:
MARC Ratings has downgraded Zetrix AI Bhd’s (KL:ZETRIX) RM2 billion sukuk programme to C, a rating just above default, indicating a high likelihood of non-repayment and limited capacity by the company to address its financial challenges. The latest move marks the second rating downgrade in two weeks. The rating agency said any failure by Zetrix AI to make payments due under the sukuk programme would result in a downgrade to D, which indicates payment default. The latest downgrade follows a sukukholders’ meeting on Oct 23 that ended without a resolution, heightening uncertainty over Zetrix AI’s ability to comply with its covenant obligations. — MARC cuts Zetrix AI sukuk rating for second time in two weeks, bringing it close to default
Cuscapi Bhd (KL:CUSCAPI) has proposed a capital reduction of up to RM190 million to eliminate losses of RM143.2 million it had accumulated as at Dec 31, 2025. The proposal comes about a month after the business solutions provider's private placement of 94.5 million new shares was approved. It expects to retain earnings of RM46.29 million from the capital reduction. — Cuscapi proposes RM190m capital reduction to write off losses
CelcomDigi Bhd (KL:CDB) has received spectrum assignments for two blocks each in the 2600-megahertz and 900-megahertz frequency bands. The annual spectrum fee is RM42 million for the 2,600-megahertz band for four years and RM3,500 per apparatus for the 900-megahertz band over five years. The assignments improve “capacity and service quality to support growing customer demand for quality and reliability”. — CelcomDigi gets formal spectrum assignments, discloses annual fees
UEM Sunrise Bhd (KL:UEMS) has teamed up with AME Elite Consortium Bhd (KL:AME) to develop a 402-acre industrial park in Gerbang Nusajaya, Johor, with an estimated gross development value of RM4 billion. The two developers will hold equal stakes in Gerbang Synergy Sdn Bhd, which will acquire the freehold land from UEM Sunrise’s wholly owned subsidiary, Nusajaya Rise Sdn Bhd, for RM972.1 million. The JV is undertaken through UEM Sunrise's subsidiary UEM Land Bhd and AME Elite's unit AME Development Sdn Bhd. — UEM Sunrise, AME Elite form JV to develop RM4 bil Johor industrial park
Mi Technovation Bhd (KL:MI) is acquiring a seven-storey light industrial building in Singapore for S$103.88 million (RM331.8 million) to establish a global operational hub and support the expansion of its vehicle technologies business. Its wholly owned subsidiary Ohima International Pte Ltd had on Friday entered into a conditional sale and purchase agreement with Kim Hup Lee & Co (Private) Ltd for the acquisition of KHL building, located along New Industrial Road. — Mi Technovation buys Singapore property for RM332 mil to house global hub
Mega Fortris Bhd (KL:MEGAFB) said its major shareholders had obtained a court order seeking details of March share transactions involving one particular shareholder, in response to a Bursa Malaysia query over a two-day sell-off that wiped out more than RM1 billion in market value. Its non-independent non-executive chairman Datuk Ng Meng Kee and substantial shareholder Mega Fortris Global Pte Ltd had obtained a Kuala Lumpur High Court order against Affin Hwang Nominees Tempatan Sdn Bhd. Meng Kee has a 1.828% direct and a 65.041% indirect stake in Mega Fortris through Mega Fortris Global and his son, Aaron Mikhel Ng Khye Weng. However, the security seals manufacturer said it was unable to determine whether the court order had any connection with the sharp decline in its share price, adding that it was unaware of any undisclosed corporate developments or rumours that could explain the trading activity in response to Bursa Malaysia's unusual market activity (UMA) query. — Mega Fortris says major shareholders obtained court order to probe March share trades in response to UMA query
Meng Kee is also connected to GIIB Holdings Bhd (KL:GIIB) as a substantial shareholder, having acquired 6.48 million shares in the rubber compound manufacturer as its stock hovers over a five-month low. The latest acquisition raised his shareholding in the rubber compound manufacturer to 15.823%, from 15.038% previously. He has a 7.951% direct stake in GIIB and a 7.872% indirect interest via Mega Fortris Global Pte Ltd and Mega Fortris Capital Ltd. Earlier on Friday, the company told Bursa Malaysia that it was not unaware of any corporate developments that may have triggered UMA for the sharp fall in its share price on Thursday. — Businessman Ng Meng Kee ups stake in GIIB as stock falls to five-month low
Ni Hsin Group Bhd (KL:NIHSIN) said the resale of five million treasury shares for RM2.38 million on Monday (Oct 26) may have contributed to the sharp fall in its share price and heavy trading volume, in response to an UMA query from Bursa Malaysia on Friday. The cookware manufacturer, however, said it could not conclusively determine whether the transaction had contributed to the recent trading activity. — Ni Hsin says RM2.38m treasury share resale may have contributed to sharp sell-off
IGB Real Estate Investment Trust’s (KL:IGBREIT) net property income (NPI) for the third quarter ended Sept 30, 2026 (3QFY2026) grew 48.3% to RM185.2 million from RM124.9 million a year earlier thanks to better contributions from its mall in Johor named The Mall, Mid Valley Southkey. Revenue for the quarter climbed 50.9% to RM249.3 million from RM165.2 million. The REIT declared an income distribution of 3.51 sen per unit amounting to a total payout of RM152.2 million, payable on Nov 30. Separately, its sister company IGB Commercial REIT (KL:IGBCR) that focused on office portfolio saw its NPI for 3QFY2026 rise 21.6% to RM45.8 million from RM37.6 million, supported by higher occupancy and rental rates. Revenue rose 14.3% to RM73.4 million from RM64.2 million. IGB Commercial REIT approved a distribution of 1.37 sen per unit for a total payout of RM33.3 million. Payment is scheduled for Nov 30. — IGB REIT, IGB Commercial REIT raise income distributions by more than 25% on higher property income
Integrated circuit designer SkyeChip Bhd (KL:SKYECHIP) posted a net profit of RM17.7 million in the second quarter ended Sept 30, 2026 (2QFY2027), supported by higher quarter-on-quarter revenue from its silicon intellectual property (IP) business. Revenue for the quarter came in at RM54.2 million. — SkyeChip posts RM17.7 mil net profit, RM54.2 mil revenue for 2Q
Malakoff Corp Bhd (KL:MALAKOF) has established a RM700 million green sukuk programme to partly finance the development of Melaka’s first waste-to-energy (WTE) in Sungai Udang, which is expected to be completed in 2029. The 30-year programme was lodged with the Securities Commission Malaysia through its subsidiary, Sungai Udang WTE Sdn Bhd. — Malakoff sets up RM700m green sukuk programme to finance Melaka waste-to-energy plant
Avillion Bhd (KL:AVI), which operates beach resorts, hotels and spas in Malaysia and Indonesia, is embroiled in a dispute with an individual claiming ownership of the land occupied by its Villa Cinta resort in Bali, Indonesia, over an alleged expired lease and outstanding rental obligations. The dispute involves PT Avillion Indonesia (PTAI), a 99%-owned indirect subsidiary of Avillion, which received a letter dated Oct 13, 2026 from solicitors representing Shirley Winarso over contractual and commercial arrangements relating to the occupation and use of Villa Cinta. — Avillion in dispute with alleged landowner over lease of RM11.2m Bali resort
Steel pole manufacturer Mestron Holdings Bhd (KL:MESTRON) has secured a new feed-in approval (FiA) from the Sustainable Energy Development Authority Malaysia to expand the capacity of its biogas power plant in Gua Musang, Kelantan, boosting its approved electricity export capacity by 18%. The approval, obtained through its indirect wholly owned subsidiary Liziz Biogas Sdn Bhd, raises the plant’s approved net electricity export capacity to 2.36 megawatts (MW) from 2MW, while increasing its approved installed capacity to 3.12MW from 2.76MW. — Mestron secures new feed-in approval to expand biogas capacity
HB Global Ltd (KL:HBGLOB) founder and chief executive officer Shen Hengbao has stepped down after 17 years at the helm, as the loss-making China-based food processor grapples with an auditor withdrawal and delays in filing its annual report. Shen resigned effective Oct 30 to focus on his responsibilities in the group’s China operations. — HB Global founder and CEO Shen Hengbao steps down after 17 years
MAA Group Bhd's (KL:MAA) external auditor, KPMG PLT, has raised concerns over the group's ability to continue operating and meet its financial obligations over the next 12 months, following a RM106.9 million annual loss. The group received an unqualified audit opinion with a material uncertainty related to its ability to continue as a going concern for the financial year ended June 30, 2026. Its current liabilities stood at RM102.5 million as at June 30, exceeding its current assets of RM99.4 million by RM3.1 million. — MAA Group’s auditor flags going concern uncertainty after RM107 mil annual loss
Kumpulan Jetson Bhd (KL:JETSON) has received a qualified audit opinion for its financial period ended June 30, 2026, as auditors could not verify certain figures after a fire destroyed the financial records of a former subsidiary. The group said auditors Kreston John & Gan were unable to obtain sufficient evidence to verify the financial records of GRP Sdn Bhd following a fire on Jan 29. — Auditor issues qualified opinion on Kumpulan Jetson due to ex-unit's torched financial records
Advance Information Marketing Bhd (KL:AIM) has been flagged by its external auditors again over its ability to continue operating, as the company remains loss-making for the 11th straight year and its liabilities exceed its assets. Its auditors Daxin KF&C PLT highlighted a "material uncertainty related to going concern" in its audited financial statements for the financial year ended June 30, 2026 (FY2026). AIM recorded a net loss of RM819,648 for FY2026, while current liabilities exceeded current assets by RM893,296. Its total liabilities also surpassed total assets by RM573,661. — Auditors again doubt Advance Information Marketing's ability to survive
Lianson Fleet Group Bhd (KL:LFG), a regional offshore support vessel (OSV) and marine transportation provider controlled by Yinson Holdings Bhd (KL:YINSON) group executive chairman Lim Han Weng, has acquired a heavy-lift vessel capable of handling loads of up to 4,000 tonnes as it seeks to expand its presence in the offshore marine sector. The vessel, to be renamed LFG Hercules, was acquired on Oct 28 by Icon Samudera (L) Inc, a wholly owned subsidiary of Lianson, from an unrelated third party incorporated in Panama. — Lianson Fleet acquires heavy-lift vessel to expand offshore capabilities