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Genting Malaysia, MAHB, MQ Technology, Jiankun, Yinson, AME REIT, Suria Capital and Bank Islam

KUALA LUMPUR (Dec 5): Here is a brief recap of some corporate announcements that made news on Monday (Dec 5) involving Genting Malaysia Bhd, Malaysia Airports Holdings Bhd (MAHB), MQ Technology Bhd, Jiankun International Bhd, Yinson Holdings Bhd, AME Real Estate Investment Trust (REIT), Suria Capital Holdings and Bank Islam Malaysia Bhd.

Genting Malaysia Bhd said it is investing another US$100 million (RM624.4 million) to acquire convertible preferred stock in Empire Resorts Inc, raising its investment in the New-York based gaming company to US624.4 million. The latest investment involves Genting Malaysia taking over a total of 1,510 Series F convertible preferred stock from Kien Huat Realty III Ltd, whose cost of investment amounted to US$151 million, according to the group’s Bursa Malaysia filing. The latest round of investment is to capitalise on Empire Resorts’ improving performances since the US company’s privatisation in November 2019, said Genting Malaysia.

Malaysia Airports Holdings Bhd (MAHB) non-executive chairman Datuk Seri Dr Zambry Abdul Kadir resigned from his position on Saturday (Dec 3), after his appointment as foreign minister. The former Perak MB took over the post from former Federal Court judge Tan Sri Zainun Ali on Aug 12, 2020 as chairman of MAHB. His resignation comes after MAHB recorded 8.34 million passengers in Oct 2022 or 71.1% of 11.68 million passengers in pre-pandemic Oct 2019, and the number of passenger in October 2022 doubled than 4.1 million passengers in October 2019.

MQ Technology Bhd has redesignated Datuk Nurulhidayah Ahmad Zahid as its group chairman and swapped her role with Datuk Lim Char Boo, who was the group’s vice chairman. Nurulhidayah was the daughter of Umno president and newly-appointed Deputy Prime Minister (DPM) Datuk Seri Dr Ahmad Zahid Hamidi and assumed the role of vice-chairman on June 2, 2022.

Meanwhile, Jiankun International Bhd has appointed Nurulhidayah’s husband, Datuk Saiful Nizam Mohd Yusoff, as president of the group. Saiful, who was serving as Jainkun’s executive deputy chairman, holds a 8.58% stake in the group. The announcement of Saiful and Nurulhidayah’s redesignation coincided with the first day Zahid clocked in as DPM in Putrajaya.

Oil and gas company Yinson Holdings Bhd has inked an agreement with Azule Energy to undertake preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola. The agreement is valid for 60 days, with an aggregated value of US$218 million (RM956 million).

AME Real Estate Investment Trust (REIT) has proposed to acquire three industrial properties in Iskandar Malaysia for RM69.3 million, boosting its total asset value by 12.8% to RM644.1 million. AME REIT will retain a premium portfolio of 37 properties upon completion of the acquisition. The properties consist of two industrial properties in i-Park @ Indahpura and an industrial property in i-Park @ Senai Airport City, Senai.

Suria Capital Holdings Bhd has commenced negotiation with the Sabah state government for a 30-year extension to its concessions to operate ports in Sabah. The Sabah state Cabinet has agreed for a concession period of the group’s unit, Sabah Ports Sdn Bhd, to be extended by 30-years from Sept 1, 2034 to Aug 31, 2064, subject to terms and conditions to be mutually agreed upon with the Sabah state government. “The outcome of the negotiation on the new terms is to be tabled for consideration and approval by the state Cabinet, latest by Dec 31, 2023, or one year after negotiation commences,” the group added.

Bank Islam Malaysia Bhd declared an interim single-tier dividend of 10.4 sen per share, amounting to approximately RM224.15 million, for the financial year ending Dec 31, 2022. This comes after the bank posted its net profit of RM142.86 million for 3QFY2022, up 40.57% from RM101.63 million a year earlier, on higher net income. Quarterly revenue rose 25.12% to RM933.68 million, from RM746.22 million.

https://www.theedgemarkets.com/article/genting-malaysia-mahb-mq-technology-jiankun-yinson-ame-reit-suria-capital-and-bank-islam

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