DRB-Hicom Bhd has revived plans to sell its 90% stake in Singaporean firm, Corwin Holding Pte Ltd, which owns The Verge commercial development at Serangoon Road, Singapore, to a new vendor.
DRB-Hicom said its indirect wholly-owned subsidiary company, Hicom Megah Sdn Bhd, and the minority shareholders of Corwin, namely Mohamed Mustafa & Samsuddin Co Pte Ltd and B.I. Distributors Pte Ltd, had inked a non-binding term sheet with Lum Chang Holdings Ltd (LCH) to dispose of the entire 100% equity interest in Corwin.
The sale is subject to terms to be finalised in the definitive agreements for the proposed sale, it added.
DRB-Hicom said upon signing of the term sheet, LCH will commence due diligence on Corwin, as well as commence negotiations with the vendors to agree and finalise the terms of the binding definitive agreements for the sale within a month or such other date to be mutually agreed.
DRB-Hicom said the proposed disposal allows the group to unlock the value of its investment in Corwin.
The company had first announced plans to dispose its 90% stake in Corwin to Evolutyon Real Estate Investment Holding Pte Ltd for S$285.3 million in December last year, but announced in May this year that the deal was scrapped due to the inability of the purchaser to fulfill its contractual obligations on the agreed completion date.
Tadmax Resources Bhd, which has been awarded the contract to develop a 1,000mw power plant in Pulau Indah, Selangor, is set to invite Tenaga Nasional Bhd (TNB) to participate in the project.
Tadmax said it had invited TNB to participate in the project, in line with the federal government’s decision.
Tadmax said it has obtained the letter of award from the government via the Energy Commission for the combined cycle gas-fired power plant project, and is subject to various conditions.
Tadmax said it will make the appropriate announcement to Bursa Malaysia, when there are material developments in relation to the project.
ECS ICT Bhd posted a 21.3% lower net profit at RM6.3 million or 3.5 sen per share in its second quarter ended June 30, 2016 (2QFY16), compared with RM8 million or 4.4 sen per share in 2QFY15, due to dampened demand for information and communications technology (ICT) products from consumer and enterprise sectors.
Revenue for the quarterly segment dropped 4.44% to RM400.18 million, from RM418.8 million last year.
The company said lower sales of mobility products of tablets and smartphones caused a 1.9% revenue dip in the ICT distribution segment to RM312.3 million in 2QFY16, from RM318.3 million previously.
The slower take-up of servers, storage products and software, resulted in the enterprise systems segment posting RM79.9 million revenue, versus RM89.7 million a year ago.
In the group’s first half period ended June 30, 2016 (1HFY16), net profit tumbled 34.2% to RM11.4 million or 6.3 sen per share, from RM17.4 million a year ago.
Revenue came in 11.3% down at RM834.9 million, in contrast with RM941.6 million in 1HFY15.
Chief executive officer Soong Jan Hsung said ECS faced an 'arduous' first half, having been affected by slower retail and enterprise spending nationwide, but that its sales team is actively working the ground with an even further expanded product portfolio in the offing.
Comintel Corp Bhd has signed a memorandum of understanding to implement telecommunications and ICT solutions worth US$42.85 million (RM174 million) in the west African nation of Guinea.
The two-year project — to provide demand-driven innovative telecommunications solutions that can further improve service delivery in education, healthcare, data management — is expected to commence in the early part of next year.
Comintel said the project focuses on supplying, installing and commissioning telecommunications and ICT equipment, based on needs and feasibility studies in areas defined by Guinea.
Malaysian Pacific Industries Bhd has named Manuel Zarauza Brandulas as its new managing director to succeed Peter Nigel Yates, who will be retiring from Aug 8.
According to the semiconductor player's bourse filings, 45-year-old Brandulas joined HLMG Management Co Sdn Bhd, a related company, as its MD in 2015.
Brandulas has 22 years of working experience across various manufacturing sectors.
Prior to joining HLMG, he was with Seoul Semiconductor as its MD, and during his five-year stint in Seoul Semiconductor, he was instrumental in driving the company to achieve its first US$1 billion (RM4.05 billion) worldwide revenue.
TRC Synergy Bhd said a joint venture company, in which its wholly-owned unit will have a 30% stake, has bagged a RM1.31 billion subcontract for the Pan Borneo Highway project in Sarawak.
The subcontract from Lebuhraya Borneo Utara Sdn Bhd is for the development and upgrade of the stretch of highway between Batang Skrang and the Sungai Awik Bridge.
TRC Synergy said besides its subsidiary Trans Resources Corporation Sdn Bhd (TRC), the joint venture company (JV co) consists of Endaya Construction Sdn Bhd and Pembinaan Kuantiti Sdn Bhd.
TRC, together with the other JV partners, are in the process of purposely incorporating a JV co to undertake the project, with TRC owning 30% equity in the JV co.
Datasonic Group Bhd has clarified it is not the current principal supplier of the Malaysian passport booklets and chips to the Home Ministry.
This follows a report stating the company was the principal supplier of the passports and many of the chips used on the data page, which was alleged to have defects.
Percetakan Keselamatan Nasional Sdn Bhd (PKN), a company privatised by government-owned National Printing Department, has been given a six-month extension to supply two million passport booklets and chips from June 1, 2016 to Nov 30, 2016 by the government, said Datasonic.
Datasonic was awarded the contract to supply Malaysian passport chips for five years, last year. The deal was secured via its wholly-owned subsidiary, Datasonic Technologies Sdn Bhd (DTSB), on Dec 15, when it accepted the letter of award from the Home Ministry for the supply of 12.5 million passport chips from Dec 1 2016 to Nov 30, 2021, for a contract sum of RM318.75 million.
Then on April 27, 2016, DTSB accepted another letter of award from the ministry, this time for the supply of 13.42 million Malaysian passport documents, also for five years from Dec 1, 2016 to Nov 30, 2021, for RM223.38 million.
Datasonic said it will be the new subcontractor to PKN for the supply of 2 million chips that will be embedded into the polycarbonate data pages.
The company said first discussion on the terms and conditions and draft subcontractor agreement by PKN, has already started on July 29, 2016.
Green Packet Bhd has emerged as a substantial shareholder of loss-making Yen Global Bhd, after acquiring a 22% stake in the company for RM18.15 million or 60 sen per share, which will give it immediate access to the Internet of Things (IoT) business.
Green Packet said it has acquired 30.25 million shares of the total issued and paid-up capital of Yen Global via an off-market direct business transaction at a transaction price of 60 sen, which was 35.13% lower than its price of 92.5 at closing yesterday.
It added that the purchase price of 60 sen was arrived at on a 'willing buyer willing seller' basis, after taking into consideration Yen Global's new business venture in ICT business. It will fund the purchase via internal funds.
The group also said Atilze Digital Sdn Bhd (formerly VLT Wholesale Sdn Bhd), a wholly-owned subsidiary of Yen Global, has entered into a distributorship agreement with Gemtek Technology Co Ltd to be its distributor to promote, market and sell the products such as LTE, broadband, IoT and other telecommunication products in Southeast Asia.
It is worth noting that Taiwan-listed Gemtek, which is a substantial shareholder of Yen Global, had raised its stake in Yen Global to 30.07% last month.