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Singapore Investment


KAB, TNB, TAFI, T7 Global, Haily, Jade Marvel, Iskandar Waterfront and Trive Property

KUALA LUMPUR (Sept 7): Here is a brief look at some corporate announcements and news flow on Wednesday, which include Kejuruteraan Asastera Bhd, Tenaga Nasional Bhd, TAFI Industries Bhd, T7 Global Bhd, Haily Group Bhd, Jade Marvel Group Bhd, Iskandar Waterfront City Bhd and Trive Property Group Bhd.

Kejuruteraan Asastera Bhd has proposed to diversify into the sustainable energy solutions segment and is planning to raise RM119 million from a private placement partly to fund the diversification. It said the move is part of the group’s strategy to diversify its business and create an additional source of income on top of the existing contribution from its core mechanical and electrical engineering business.

The Energy Commission has extended Tenaga Nasional Bhd’s (TNB) existing power purchase agreement for the Sungai Perak hydroelectric power plants by five years from Sept 1, 2022, until Aug 24, 2027. The utility giant’s wholly owned subsidiary TNB Power Generation Sdn Bhd had received an extension letter from the Energy Commission.

Furniture maker-cum-builder TAFI Industries Bhd’s wholly owned subsidiary TAFI Home & Office Sdn Bhd has accepted a RM115 million turnkey construction contract from Magna Prima Bhd’s indirect wholly owned unit Magna Park Sdn Bhd to build serviced apartments in Kepong, Kuala Lumpur over four years.

T7 Global Bhd’s unit Tanjung Offshore Services Sdn Bhd has received a Letter of Award from Petronas Carigali Sdn Bhd to provide platform-based underwater inspection services by utilising mini remotely operated vehicles for over 30 offshore structures such as jackets and pipelines in Malaysia.

Construction player Haily Group Bhd’s wholly owned subsidiary Haily Construction Sdn Bhd has won a second contract worth RM17.5 million from Mah Sing Group Bhd’s unit Meridin East Sdn Bhd to build 108 double-storey terrace homes in the latter’s largest integrated township in the Eastern Gateway of Iskandar Malaysia, Johor. This was less than a year after the first contract Haily won from Mah Sing worth RM24.5 million to build 155 double-storey terrace homes, also for the Meridin East township.

Following the outcome of Jade Marvel Group Bhd’s 20th annual general meeting and extraordinary general meeting (EGM), the group has announced the retirement of its deputy chairman Chong Wei Liang, as well as its joint managing director Datuk Khoo Yik Chou. It also announced the appointment of Seah Yee Teng as an independent and non-executive director, as well as Datuk Seri Chong Wei Chuan as an executive director.  

One of the resolutions at Jade Marvel’s EGM, which sought to diversify the group’s existing business to include mining, sale and trading of iron ore, dolomite, sand and other minerals, garnered 42.0152% or 38.8 million shares for it, while 57.9842% voted or 53.55 million shares voted against it.

Iskandar Waterfront City Bhd has appointed Messrs Crowe Malaysia PLT as its new external auditor, after its previous external auditor Messrs Ernst & Young PLT resigned on Tuesday.

Trive Property Group Bhd announced that it has cut off talks with Syarikat Perumahan Negara Bhd (SPNB) in relation to being a turnkey contractor for an affordable housing project amounting to RM1.1 billion in gross development value.

In a bourse filing on Wednesday, Trive Property said its unit Trive Property Sdn Bhd (TPSB) has sent a letter to SPNB’s wholly owned subsidiary Tenaga Meriah Sdn Bhd (TMSB) to abort the Memorandum of Understanding (MOU) they had entered in 2017 to facilitate talks on the matter.


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