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Singapore Investment

Chin Hin, Hextar Global, Muar Ban Lee, Omesti, Gamuda, Allianz Malaysia, Tower REIT, AME Elite and Microlink

KUALA LUMPUR (July 12): Here is a brief look at some corporate announcements and news flow on Tuesday (July 12), which involve Chin Hin Group Property Bhd, Hextar Global Bhd, Muar Ban Lee Group Bhd (MBL), Omesti Bhd, Gamuda Bhd, Allianz Malaysia Bhd, Tower Real Estate Investment Trust (Tower REIT), AME Elite Consortium Bhd and Microlink Solutions Bhd.

Chin Hin Group Property Bhd has secured a RM330 million contract to undertake substructure and superstructure works for the Intel Pelican project in Penang. The group said its 65%-owned subsidiary, Kayangan Kemas Sdn Bhd, was awarded the contract by Exyte Malaysia Sdn Bhd. The 15-month contract is expected to be completed by the third quarter of 2023.

Hextar Global Bhd's major shareholder Datuk Eddie Ong Choo Meng is injecting three industrial properties located at Pulau Indah Industrial Park into KIP Real Estate Investment Trust (REIT) via transactions worth RM78.9 million. KIP REIT (in which Ong owns a 20% stake) is buying the properties, collectively measuring for 658,361 sq ft, from Hextar Chemicals Sdn Bhd (a wholly-owned subsidiary of Hextar Global), Hextar Industrial Chemicals Sdn Bhd (in which Ong owns a 100% stake) and Teju Logistics Sdn Bhd (in which Ong owns a 70% stake).

Muar Ban Lee Group Bhd (MBL) is exiting its investment in property firm Symphony Life Bhd, whose share price has fallen 46% since MBL bought into it. The specialist in palm oil machinery and oil seed crushing machinery announced that it is selling its wholly-owned unit Theron Holdings Sdn Bhd, that owns a 13.7% stake in Symphony Life, to XOX Bhd for RM19.25 million cash.

Omesti Bhd has teamed up with privately-held healthcare firm 360 Medic Holdings Sdn Bhd (360MH) to set up and operate diagnostic and screening centres in Malaysia. The technology group said the joint venture (JV) is consistent with its objective of seeking various strategic alliances and JVs for synergistic benefits, and the deal will further strengthen its presence in the healthcare industry.

Gamuda Bhd said that Amanat Lebuhraya Rakyat Bhd (ALR) and the four expressway concession companies — Kesas Holdings Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (SPRINT), Lingkaran Trans Kota Holdings Bhd (LITRAK) and Projek Smart Holdings Sdn Bhd — have agreed to extend the definitive agreement execution date from July 31 to Aug 30. Notwithstanding the deadline extension for the execution, the board aspires to execute the agreements by Aug 5.

Allianz Malaysia Bhd has appointed economist Dr Muhammed Abdul Khalid as its independent and non-executive director, which takes effect from July 15. He is currently a research fellow at the Institute of Malaysian and International Studies of Universiti Kebangsaan Malaysia. He is also a member of the board of trustees of the Malaysian Institute of Economic Research, adjunct professor at the Centre for Policy Research and International Studies of Universiti Sains Malaysia, a member of the honorary council of advisors at the European-Malaysian Chamber of Commerce and a member of the economic committee of Malaysia Competition Commission.

Tower Real Estate Investment Trust (Tower REIT) has introduced a customisable office layout service in Menara HLX, located in Jalan Kia Peng, Kuala Lumpur. The REIT is also considering expanding the service to other buildings under its portfolio in the near future.

AME Elite Consortium Bhd is expediting the continued expansion of its repeat customer HQPack Sdn Bhd by constructing its sixth facility in i-Park@Indahpura. The integrated industrial space solutions provider said the contract comes on the heels of HQ Pack taking delivery of its recently-completed 60,000 sq ft manufacturing facility in i-Park@Indahpura in November 2021. AME said the new facility is slated for completion in the second half of 2023.

Microlink Solutions Bhd, an ACE Market-listed company, is seeking to transfer its listing status to the Main Market of Bursa Malaysia. The group said it plans to amend its constitution to ensure compliance with the listing requirements, pursuant to the proposed transfer. It added that the details of the proposed amendments will be set out in the circular to the shareholders of the company, which will be circulated in due course.

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