KUALA LUMPUR (Nov 13): Here is a brief recap of some business news and corporate announcements that made headlines on Friday:
Zetrix AI Bhd (KL:ZETRIX) admitted that it is unable to repay the entire RM2 billion outstanding under its sukuk programme and has proposed amendments to the covenants governing the Islamic debt papers, although discussions with sukukholders are ongoing. Separately, Zetrix AI said its proposal to settle outstanding remittances to the Road Transport Department (JPJ) remained under government evaluation. The company also said the suspension of its services as a JPJ collection agent is expected to reduce its revenue by about 15%, based on JPJ's contribution as at end-2025, with a direct impact on profitability. Meanwhile, the company said it would contest an additional RM353.13 million in income tax imposed by the Inland Revenue Board, arising from disputes over transfer pricing and deemed interest for the assessment years 2021 to 2023. — Zetrix AI says unable to repay RM2 bil sukuk now, expects 15% revenue hit from JPJ suspension
Two BCB Bhd (KL:BCB) units have signed agreements to acquire four adjoining parcels of freehold golf course land in Batu Pahat, Johor, for RM110.91 million from a company linked to Berjaya Property Bhd (KL:BPROP). BCB intends to explore development opportunities once the acquisition of the lands is completed, and assesses the gross development value of projects across all four parcels to be RM1.1 billion. — BCB to buy 64.4ha of golf course land from Berjaya-linked unit for RM111m
Destini Bhd (KL:DESTINI) expects to book an additional RM4.14 million provision after an arbitral tribunal ruled against the company in an invoice dispute. Destini and its unit, Destini Shipbuilding and Engineering Sdn Bhd, were ordered to pay Dutch shipbuilder Damen Shipyards Gorinchem BV a total of €3.81 million (RM17.2 million) under the arbitration proceedings’ final award. The additional provision expected for the second quarter ending Dec 31, 2026, follows an earlier RM13.87 million provision in relation to the arbitration as at end-June. — Destini expects additional RM4.14m provision after unfavourable arbitration award
Magma Group Bhd (KL:MAGMA) has scrapped plans to acquire the LUMA Hotel in Kota Kinabalu for RM60.9 million in a cash-and-shares deal. Its unit, Magma Avenue Sdn Bhd, and the vendors have decided not to proceed with the deal involving the hotel business and four contiguous buildings. — Magma abandons planned RM61m acquisition of Sabah hotel
DXN Holdings Bhd (KL:DXN) is exploring opportunities to source raw materials and expand its agribusiness in Venezuela through a collaboration with the country's La Guaira Special Economic Zone (SEZ). The health and wellness products manufacturer and direct seller entered into a memorandum of understanding with La Guaira SEZ to explore cooperation in sustainable agriculture, aquaculture, agro-processing and manufacturing, as well as halal ecosystem development. — DXN eyes raw material sourcing, halal opportunities in Venezuela to support Latin American operations
WCT Holdings Bhd (KL:WCT) has appointed Lai Cheng Yee as its new group managing director, replacing Datuk Lee Tuck Fook, who has been redesignated as executive vice-chairman, effective Friday. WCT Holdings also announced the resignation of deputy managing director Datuk Chow Ying Choon, who stepped down as part of the company's “strategic reorganisation of duties and responsibilities”. — WCT Holdings names Lai Cheng Yee group MD, redesignates Lee Tuck Fook as executive vice-chairman
Alam Maritim Resources Bhd (KL:ALAM) has teamed up with Singapore-based firm Trident Oceanus Pte Ltd to pursue offshore transportation and installation projects in Southeast Asia and the Indian subcontinent. Alam Maritim’s unit, Subsea Worldwide Solutions Sdn Bhd, will hold a 70% stake in the joint venture, while Trident Oceanus will own the remaining 30%. — Alam Maritim unit forms JV with Singapore firm to pursue regional offshore projects
MyMBN Bhd (KL:MBN) has proposed a bonus issue of up to 193 million warrants, alongside an employees’ share option scheme (ESOS). Based on an exercise price of 19 sen apiece, MyMBN could raise RM36.7 million in gross proceeds if all the warrants are redeemed. Proceeds will be used to meet working capital requirements, including the purchase of raw bird’s nests, staff salaries, operational and administrative expenses, and selling and distribution costs. Meanwhile, the proposed ESOS involves the issuance of new shares of up to 30% of its total issued shares for eligible directors and employees of the company. — MyMBN proposes one-for-two bonus warrants