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Serba Dinamik, Revenue Group, TNB, GIIB, MCE, Advancecon, Eduspec, Cypark, Inari and Stella

KUALA LUMPUR (Jan 13): Here is a brief recap of some corporate announcements that made the news on Friday (Jan 13). They involve Serba Dinamik Holdings Bhd, Revenue Group Bhd, Tenaga Nasional Bhd, GIIB Holdings Bhd, MCE Holdings Bhd, Advancecon Holdings Bhd, Eduspec Holdings Bhd, Cypark Resources Bhd, Inari Amertron Bhd and Stella Holdings Bhd.

Serba Dinamik Holdings Bhd, which resumed trading on Friday after it submitted its annual report for the financial year ended June 30, 2022, together with its audited consolidated financial statements for the year, climbed one sen to close at two sen with 371.05 million shares traded. Trading of the oil and gas services provider’s shares are to be suspended next Wednesday (Jan 18) until further notice, as the court had granted a winding-up order against the company.

Revenue Group Bhd has filed police reports against two suspended executive directors — co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang — over complaints, illegal forced entry and alleged theft. Meanwhile, the e-payment solutions provider is considering two independent professional firms to conduct a special review but did not elaborate on what it will entail. The group said it is in the midst of finalising the special review’s scope of work and fees for the independent professional firms, subsequent to the board’s approval.

Tenaga Nasional Bhd (TNB) has expressed interest to participate in the development and operation of energy solutions in Indonesia's Ibu Kota Negara (IKN) Authority across various areas of gas, solar, wind, hydro and battery storage. TNB, in a letter of intent to IKN, further said it wants to explore any opportunity in the grid interconnection business through collaboration with PT Perusahaan Listrik Negara to develop a secure and reliable high-voltage transmission infrastructure in the Global City for All, IKN Nusantara.

GIIB Holdings Bhd chief executive-cum-executive chairman Tai Boon Wee and executive director Wong Ping Kiong have been charged at the Sessions Court in Kuala Lumpur for allegedly furnishing fake documents to auditor Grant Thornton Malaysia PLT in relation to the non-existent sale of RM2.95 million worth of machinery. The two top officials of GIIB pleaded not guilty to the charges. If found guilty, both could be jailed up to 20 years and fined RM10,000, or five times the value of the amount, whichever is higher. The two, who were allowed to post bail — RM60,000 for Wong and RM50,000 for Tai — also surrendered their passports

MCE Holdings Bhd’s unit has secured a contract to supply various electronic and mechatronics parts of a new car model under Perusahaan Otomobil Kedua Sdn Bhd (Perodua), which is expected to generate total revenue of about RM60.69 million. The supply of these parts is expected to commence in the third quarter of the financial year ending July 31, 2024 (3QFY2024), for a duration of six years and will involve an estimated investment cost of about RM5.45 million.

Advancecon Holdings Bhd has proposed to undertake a private placement of up to 20% of the company’s total share base to raise as much as RM21.85 million to fund the development of a solar photovoltaic project under the Large Scale Solar 4 (LSS4) @ MEnTARI programme. The private placement will entail the issuance of up to 96.67 million shares to third-party investors to be identified later, at an issue price to be determined.

Education technology products and services provider Eduspec Holdings Bhd has proposed to undertake a rights issue with free warrants to raise as much as RM29.9 million for the repayment of borrowings, as well as to fund its education programs and digital school solutions business. Prior to implementing the rights issue, Eduspec plans to undertake a share consolidation of every 20 Eduspec shares into one share on a date to be determined and announced later.

Cypark Resources Bhd has decided to change its financial year end to April 30, 2023, to allow for better availability of resources and improve management of audit and annual reporting, strengthen operations and refocus on the enlarged group's business plan. Its current set of financial statements will comprise a period of 18 months from Nov 1, 2021, to April 30, 2023.

Inari Amertron Bhd, the country’s largest outsourced semiconductor assembly and test firm, has appointed Datuk Mohamad Azmi Ali as its independent director, as well as the chairman of its audit committee, effective Friday. Besides Inari, Mohamad Azmi also holds directorship in two other public-listed companies, namely SYF Resources Bhd and Insas Bhd.

Stella Holdings Bhd has appointed Datuk Lau Beng Wei as executive deputy chairman effective Friday. Beng Wei is the brother of managing director Datuk Lau Beng Sin and a major shareholder of the group with a direct interest of 15.01 million shares or 22.40% and an indirect interest of 8.11 million shares (12.11%) in Stella. Meanwhile, Manivannan Ganapathy was appointed executive director effective Jan 17, and Datuk Jamaluddin Sabeh was appointed independent director effective Friday.

https://www.theedgemarkets.com/node/651733

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