TNB, Capital A, IHH, Hibiscus, Samaiden, Pansar, Revenue Group and Stella
KUALA LUMPUR (Oct 14): Here is a brief recap of some corporate announcements that made news on Friday (Oct 14), involving Tenaga Nasional Bhd (TNB), Capital A Bhd, IHH Healthcare Bhd, Hibiscus Petroleum Bhd, Samaiden Group Bhd, Pansar Bhd, Revenue Group Bhd and Stella Holdings Bhd.
Tenaga Nasional Bhd (TNB)’s unit has secured financing of up to RM185 million from CIMB Islamic Bank Bhd for its third large-scale solar project in Bukit Selambau, Kuala Muda, Kedah. The project, with a capacity of 50MWac (75MWdc), is part of the government’s Large Scale Solar @ Mentari or Large Scale Solar 4 (LSS4) programme. TNB said its wholly-owned special-purpose vehicle, TNB Bukit Selambau Solar Dua Sdn Bhd, which is expected to achieve commercial operations in December next year, successfully completed the financial close on Sept 30, as scheduled.
Separately, another unit of TNB, TNB Power Generation Sdn Bhd, has obtained approval from the Energy Commission to refurbish Sungai Perak hydroelectric power plants with a capacity of 650.75MW. The project, dubbed Hydro Life Extension Programme, involves six power stations comprising 18 units, with refurbishment works commencing in 2024.
The Malaysia Competition Commission (MyCC) is seeking a review of the Federal Court’s decision not to grant leave to the watchdog to appeal against the rejection of its bid to reinstate a fine on AirAsia Bhd and Malaysia Airlines System Bhd. AirAsia’s parent company, Capital A Bhd, said MyCC’s lawyers had filed an application to move the Federal Court to review and set aside its decision under Rule 137 of the Rules of the Federal Court 1995. In the decision, the Federal Court had dismissed MyCC’s application for leave to appeal to the apex court against the Court of Appeal’s decision on the matter. MyCC had imposed a fine of RM10 million each on AirAsia and Malaysia Airlines in 2014, after it found that the two firms had breached the market sharing prohibition under Section 4(2) of the Competition Act 2010, by entering into an agreement on sharing markets in the air transport services sector within Malaysia.
No appeal has been filed by Emqore Envesecure Private Capital Trust against a court decision to dismiss the US fund’s lawsuit seeking over US$6.5 billion (RM30.56 billion) in damages from IHH Healthcare Bhd and others. IHH said Emqore had a 30-day window to file an appeal against the New Jersey District Court’s order dated Sept 7. Emqore filed the suit against IHH and 27 other named defendants in June 2020, pertaining to allegations in connection with the issuance of India-based Fortis Healthcare Ltd’s shares to IHH’s subsidiary in 2018. Emqore claimed it had suffered losses, as the defendants had allegedly conspired to frustrate a proposed share acquisition transaction between Fortis and Emqore’s supposed predecessors.
Hibiscus Petroleum Bhd said its indirect wholly-owned subsidiary, Anasuria Hibiscus UK Ltd, is set to operate in its North Sea block on a 100% interest basis. This comes after NEO Energy (ZPL) Ltd assigned its 30% interest in the related UK petroleum production licence to Anasuria, said Hibiscus. Anasuria and NEO had been awarded a 70% and 30% interest respectively in the licence.
Samaiden Group Bhd’s unit has signed a partnership agreement with Thingnario Ltd to pursue opportunities in the development of telemetry monitoring artificial intelligence (AI)-based solutions for existing and future businesses. Its wholly-owned subsidiary Samaiden Sdn Bhd would explore the AI system to support the renewable energy and energy efficiency businesses of Samaiden within Malaysia. Samaiden said the partnership would enable the group to diversify its core business, which is engineering, procurement, construction and commissioning, into other clean energy businesses, by leveraging the expertise of Thingnario in developing telemetry monitoring tools.
Pansar Bhd has secured a contract worth RM67.11 million in Sarawak. Its unit, Perbena Emas Sdn Bhd, has received a letter of acceptance from Public Works Department Sarawak for the completion of the remaining works for a road in Jalan Lubok Teranggas, Samarahan Division.
Cashless payment solutions provider Revenue Group Bhd is planning to undertake a bonus issue of up to 105.57 million Warrants B, on the basis of one warrant for every six existing shares held. The exercise price of the Warrants B will be fixed by the board at a later date. Upon full exercise of the Warrants B, the group is expected to raise gross proceeds of RM71.54 million (79.49 million Warrants B) under the minimum scenario, and RM95.01 million (105.57 million Warrants B) under the maximum scenario, for its additional working capital such as courier charges, as well as transportation and other costs related to the installation and deployment of the electronic data capture terminal.
Stella Holdings Bhd is offloading its healthcare business to Panorama Elit Sdn Bhd, as part of its efforts to streamline and focus on its core construction and property development segments. The group said it entered into a shares sale agreement with Panorama to dispose of its entire equity interest of two shares in Stella Healthcare Holdings Sdn Bhd for RM12 million cash.
http://www.theedgemarkets.com/article/tnb-capital-ihh-hibiscus-samaiden-pansar-revenue-group-and-stella
Week Ahead: China markets Upward remain intact
18 minutes ago