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Axiata, Maxis, Hong Seng, Cahya Mata, Complete Logistic, Reservoir Link, Minetech

KUALA LUMPUR (March 14): Here is a brief look at some of the corporate announcements and news flow on Monday, which involve Axiata Group Bhd, Maxis Bhd, Hong Seng Consolidated Bhd, Cahya Mata Sarawak Bhd, Complete Logistic Services Bhd, Reservoir Link Energy Bhd and Minetech Resources Bhd.

UOB Research sees "ample synergetic opportunities" for Axiata Group Bhd upon completing the acquisition of high-speed fibre broadband network provider in Indonesia LINK given the significant under-penetrated market in the neighbouring country and its strong brand recognition. The acquisition is slated for completion on June 22, and Axiata is expected to undertake a mandatory tender offer that would see earnings lifted by 3-5% for 2023, it added.

Former GrabPay Southeast Asia managing director Ooi Huey Tyng has been appointed as an independent director of Maxis Bhd effective March 30. The telecommunications group said Uthaya Kumar A/L K Vivekananda who is currently an independent director of Bumi Armada Bhd, as well as chairman of its audit and risk management committees, has also been appointed as independent director effective March 30.

Healthcare industry supply chain management specialist Hong Seng Consolidated Bhd on Monday announced the resignation of its executive director Kenny Khow Chuan Wah. The company cited "to pursue his personal and other work commitments" as the reason for Khow's resignation. Khow, who was appointed to the board in 2018, directly holds 10.32 million shares in Hong Seng.

Cahya Mata Sarawak Bhd has appointed Mukhnizam Mahmud as the group's acting chief financial officer, effective Tuesday (March 15). Mukhnizam, 56, has more than 30 years of experience with companies in Malaysia, Singapore and Indonesia in roles involving accounting/finance and general management.

Complete Logistic Services Bhd (CLSB) is planning to diversify into technology businesses, rename itself Hextar Technologies Solutions Bhd and dispose of its entire stake in Classic Scenic Bhd for RM32.04 million to its majority shareholder Datuk Eddie Ong Choo Meng.

CLSB said there is a need to diversify into information and communications technology solutions and services to seek an alternative source of revenue and mitigate the risk of relying solely on its existing logistics business. The proposed diversification would require its shareholders' approval at its forthcoming extraordinary general meeting as CLSB expects to either divert 25% or more of its net assets to the technology business or receive 25% or more of its net profits from the new division.

Reservoir Link Energy Bhd has received a letter of award for the engineering, construction and commissioning (ECC) of a 10.95MW large scale solar photovoltaic plant to be located in Perak. The energy-related services provider said that its 51%-owned subsidiary Founder Energy Sdn Bhd has landed the project valued at RM14.9 million from Atlantic Blue Sdn Bhd, a wholly-owned subsidiary of Solarvest Holdings Bhd.

Minetech Resources Bhd's wholly-owned subsidiary Minetech Construction Sdn Bhd has bagged a contract for the construction of an external link bridge and covered walkway, together with associated works, for the Emerald 9 Cheras development in Selangor. The RM9.49 million contract was awarded by GLM Emerald Square (Cheras) Sdn Bhd.

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