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Singapore Investment


Pelikan, Yinson, MYMBN, Rimbunan Sawit, MN Holdings, SCIB, Serba Dinamik, M&A Equity, FGV, Cypark Resources, KGW, Apex Equity, Sanichi Tech, Fitters Diversified, Petronas Chemicals, MK Land, Crest Builder, Sunway REIT and Opcom

Pelikan, Yinson, MYMBN, Rimbunan Sawit, MN Holdings, SCIB, Serba Dinamik, M&A Equity, FGV, Cypark Resources, KGW, Apex Equity, Sanichi Tech, Fitters Diversified, Petronas Chemicals, MK Land, Crest Builder, Sunway REIT and Opcom

KUALA LUMPUR (June 30): Here is a brief recap of some corporate announcements that made the news on Friday (June 30) involving Pelikan International Corp Bhd (PICB), Yinson Holdings Bhd, MYMBN Bhd, Rimbunan Sawit Bhd, MN Holdings Bhd, Sarawak Consolidated Industries Bhd (SCIB), Serba Dinamik Holdings Bhd, M&A Equity Holdings Bhd, FGV Bhd, Cypark Resources Bhd, KGW Group Bhd, Apex Equity Holdings Bhd, Sanichi Technology Bhd, Fitters Diversified Bhd, Petronas Chemicals Group Bhd (PCG), MK Land Holdings Bhd, Crest Builder Holdings Bhd, Sunway Real Estate Investment Trust (Sunway REIT) and Opcom Holdings Bhd.

Pelikan International Corp Bhd (PICB) is disposing of its stake in Pelikan Group GMBH (PGG) — whose subsidiaries produce and distribute stationery and office products throughout Europe, Latin America, the Middle East and Asia — for 136 million euros or RM695.44 million in cash to Holdham SAS. PICB will hold an EGM for shareholders to vote on the disposal and proposed capital repayment.

Yinson Production — the offshore business unit of Yinson Holdings Bhd — through its 49:51 joint venture with PetroVietnam Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), has secured a 12-month extension for the bareboat charter contract for FPSO PTSC Lam Son, with an automatic extension of six months. The value of the contract, including the automatic extension period, is estimated at US$27.3 million (RM127.9 million).

Melaka-based MYMBN Bhd, en route to be the first bird’s nest processor to list on the Ace Market of Bursa Malaysia on July 25, is banking on bright growth prospects in the edible bird’s nest industry by expanding its offerings in the industry’s value chain, following its initial public offering next month. The group expects to raise RM20.58 million in proceeds from a public issue of 98 million new shares at an issue price of 21 sen each.

Rimbunan Sawit Bhd has proposed to undertake a capital reduction to cancel RM223.09 million of its issued share capital to offset accumulated losses. The loss-making company said the credit of RM223.09 million arising from the exercise will be used to set-off against the accumulated losses of the company, while the remaining balance, if any, will be credited to the retained earnings. As at June 12, Rimbunan Sawit’s issued share capital stood at RM614.6 million comprising 2.04 billion shares.

MN Holdings Bhd has bagged an underground utilities contract worth RM13.1 million for the East Coast Rail Link (ECRL) project. The company said its unit Mutu Nusantara Sdn Bhd had received and accepted a letter of award from the main contractor Rentak Segar Sdn Bhd for its appointment as sub-contractor. Under the contract, Mutu Nusantara will be responsible for the engineering, procurement, construction and commissioning (EPCC) of the preliminaries and relocation of power cable works at Section 9 in the ECRL project, covering Selangor.

Datuk Mohd Abdul Karim Abdullah’s name is not found on the record of depositors (ROD) of Sarawak Consolidated Industries Bhd (SCIB), according to the company’s clarification note to Bursa Malaysia. As of June 21, the company could not locate Abdul Karim’s name and his respective shareholdings. Bursa Malaysia’s latest update on Abdul Karim’s shareholding was dated Dec 8, 2022, showing the Serba Dinamik Holdings Bhd’s managing director and chief executive officer owned 139.67 million shares, equivalent to a 24% stake, before the dilution of a recent private placement.

M&A Securities Sdn Bhd has completed its reverse takeover (RTO) of SYF Resources Bhd, en route to list on the Main Market of Bursa Malaysia. Concurrent with the RTO exercise, SYF has also changed its name to M&A Equity Holdings Bhd to better reflect its new core business and future undertakings in the financial services industry. Moving forward, M&A Equity will explore opportunities in asset management and look into setting up a Labuan investment bank as part of its non-organic initiatives to support long-term growth.

FGV Bhd has proposed a bonus issue as part of the plantation group’s rectification plan to comply with Bursa Malaysia’s public shareholding spread requirement. FGV’s public shareholding spread stood at 13.09% as at May 22, far short of the minimum requirement of 25%. FGV said the bonus issue entails the issuance of 364.82 million new Islamic redeemable preference shares (FGV RPS-i) on the basis of one FGV RPS-i for every 10 existing FGV shares. FGV said its parent company Federal Land Development Authority, which holds an 81.91% stake in FGV, intends to dispose of such number of FGV shares as may be required in order for FGV to comply with the public spread, after the completion of the bonus issue.

Cypark Resources Bhd fell into the red for the first time since its listing in October 2010, with a net loss of RM298.48 million for the February-to-April period this year, no thanks to a hefty RM376 million worth of impairments and provisioning. The sum includes a one-off provision for potential liability due to delays in existing projects, and impairments that include outstanding receivables and intangible assets for its waste-to-energy project in Ladang Tanah Merah, Negeri Sembilan. The latest quarterly loss also dragged the group into posting a net loss of RM243.01 million for the 18-month period ended April 30, 2023, on a revenue of RM311.98 million.

ACE Market-bound third-party ocean freight company KGW Group Bhd is seeking to raise RM16.73 million via its IPO of 79.66 million new shares at 21 sen apiece. The new shares represent some 16.5% of KGW’s enlarged share capital. Existing shareholders are also conducting an offer for sale of 43.45 million KGW shares or 9% of the group’s enlarged share capital, which is expected to raise gross proceeds of RM9.12 million.

All proceedings in relation to the Securities Commission Malaysia’s action on ACE Holdings Bhd over its attempt to take over Apex Equity Holdings Bhd have been stayed. Apex Equity said the suit’s proceedings are by law stayed, pending an order for leave after ACE Holdings applied in March to be placed under judicial management. The stockbroking firm said the High Court has fixed Sept 7 for the next case management.

Sanichi Technology Bhd has ceased to be a substantial shareholder in Fitters Diversified Bhd, after disposing of its entire 6.7% stake in the company. Fitters said Sanichi sold the stake comprising 156.92 million shares on the open market on Tuesday. Fitters shares were traded between 3.5 sen and 4.5 sen on Tuesday, with its trading volume rising to 241.86 million shares. Sanichi acquired the 156.92 million Fitters shares on April 17 by subscribing to rights shares and excess rights shares at 6.5 sen per share.

The validity period of the existing gas supply agreement between Petroliam Nasional Bhd (Petronas) and Petronas Chemicals Group Bhd (PCG) for the supply of ethane and propane as feedstock for plant operations at Petronas Chemicals Olefins Sdn Bhd (PCOSB) has been extended from July 1, on the same terms and conditions for a minimum of six months. PCG said the agreement between Petronas and PCOSB was entered into for a duration of 21 years from July 1, 2002 to June 30, 2023.

MK Land Holdings Bhd says it has valid and reasonable grounds to stay the enforcement of an RM18.36 million arbitration award that favours Crest Builders Sdn Bhd (CBSB), and to set it aside. The developer said that CBSB, a unit of Crest Builder Holdings Bhd, had filed an application with the High Court to register the arbitration award. The group previously announced that an arbitration tribunal had awarded CBSB the RM18.36 million in relation to the latter’s counterclaim against Saujana Triangle Sdn Bhd, a subsidiary of MK Land, after rejecting Saujana’s claim of RM94.67 million against CBSB, following a payment dispute between the parties.

Sunway Real Estate Investment Trust (Sunway REIT) deputy chief executive officer Clement Chen Kok Peng will assume the role of CEO effective July 1, which is part of the trust’s leadership succession planning. In September last year, Sunway REIT announced that Chen, 40, has been named as the incoming successor to incumbent CEO Datuk Jeffrey Ng Tiong Lip, who had expressed his intention to retire on June 30.

Opcom Holdings Bhd and Global Forway have agreed to mutually terminate their collaborative agreement concerning projects in the 5G sector due to being unsuccessful in securing intended contracts. Opcom said the termination of the collaboration agreement does not contravene any of the agreement’s provisions, or have any material financial impact on the company and its subsidiaries.

Edited ByS Kanagaraju


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