Frontken, Kelington, Lagenda, Bina Darulaman, ConnectCounty, AirAsia, Genting, GenM, KAB, and Serba Dinamik
KUALA LUMPUR (April 6): Based on corporate announcements and news flow today, companies in focus on Wednesday (April 7) may include Frontken Corp Bhd, Kelington Group Bhd, Lagenda Properties Bhd, Bina Darulaman Bhd, ConnectCounty Holdings Bhd, AirAsia Group Bhd, Genting Bhd, Genting Malaysia Bhd, Kejuruteraan Asastera Bhd, and Serba Dinamik Holdings Bhd.
Frontken Corp Bhd's Taiwanese unit is purchasing an industrial property in Taiwan for NT$367.5 million (about RM53.29 million), cash, to expand its production capacity there to support increasing demand from its semiconductor customers. The group said its 91.25%-owned Ares Green Technology Corp has inked a sale and purchase agreement with MH GOPOWER Co Ltd for the purchase. The property — comprising an office building with a production area and basement car park with a total built-up area of 10,927 sq m — is located on a piece of leasehold land in the Southern Taiwan Science Park.
Kelington Group Bhd has proposed a one-for-one bonus issue of up to 322.62 million new shares. Upon completion of the bonus issue of shares, the company will also undertake a bonus issue of up to 215.08 million warrants on the basis of one free warrant for every three shares held then. The entitlement dates for the bonus issues would be determined later. Kelington also revealed its plans to venture into manufacturing, distribution and trading of industrial and specialty gases. The expansion is in accordance with the group's business and growth strategy to further enhance the operations and financial performance of the industrial gases business, which could potentially provide sustainable revenue and income stream moving forward.
Lagenda Properties Bhd is collaborating with Bina Darulaman Bhd for an affordable housing development project on five parcels of land in Bandar Amanjaya, Kedah. The project, Darulaman Putra, located next to the North-South Expressway, will mainly have single-storey terrace houses, and some elements of commercial development to be built in phases. The gross development value for the project, which is just 10 minutes away from Sungai Petani, is approximately RM565 million.
ConnectCounty Holdings Bhd's 51%-owned unit has accepted a RM128.91 million contract to develop a private medical centre in Alor Setar, Kedah. The group announced that its 51%-owned subsidiary Waja Build Tech Sdn Bhd has accepted a letter of award from Intan Medical Centre Sdn Bhd to be the contractor for the main building works and operation fixed facilities works for a six-storey private medical centre. The contract will commence on May 6 and be completed by May 5, 2023.
AirAsia Group Bhd plans to raise as much as US$300 million to expand its digital business arm AirAsia Digital, Bloomberg reported, citing people with knowledge of the matter. The Malaysian budget airline is in talks with prospective investors for what would be the first financing round for its digital arm and is working with at least one adviser on the potential deal, the people said. The fundraising would involve the issuance of new shares in the digital unit. Deliberations are ongoing and there is no certainty AirAsia will proceed with the plan, the people added. Meanwhile, it plans to rehire the employees it had to retrench last year once the airline business starts to pick up.
Genting Bhd and Genting Malaysia Bhd (GenM) are seeking the green light from shareholders to buy back their own shares. Genting said it intends to seek the approval of its shareholders to renew the group's authority to purchase its own shares at an amount which, when aggregated with the treasury shares, does not exceed 4% of Genting's prevailing total number of issued shares at any time, at its forthcoming annual general meeting. GenM said it is seeking approval to repurchase its own shares at an amount which, when aggregated with existing treasury shares, does not exceed 10% of its prevailing total number of issued shares.
Kejuruteraan Asastera Bhd (KAB) has secured a RM17.9 million contract from China Construction Yangtze River (Malaysia) Sdn Bhd (CCYRM) to carry out electrical installation and infrastructure works on three buildings along Jalan Tun Razak, Kuala Lumpur. The electrical and engineering service provider said the contract is divided into two packages, namely Package A and Package B. KAB has been appointed the nominated subcontractor for electrical installation works, which include supplying, delivering, installing, testing and commissioning of electrical services.
Serba Dinamik Holdings Bhd and Membrane Technology (M) Sdn Bhd, a Universiti Teknologi Malaysia spin-off company, signed a memorandum of agreement today to collaborate on the manufacturing and development of advanced membrane technology for haemodialysis treatment, water and waste water treatment.