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Serba Dinamik, Carlsberg, MQ Technology, Cocoaland, F&N, SKP Resources, TNB, MAHB, Supermax, Boustead, IOI Corp, MR DIY, UEM Sunrise, Key Alliance and Awantec

KUALA LUMPUR (June 2): Here is a brief look at some corporate announcements and news flow on Thursday (June 2) involving Serba Dinamik Holdings Bhd, Carlsberg Brewery Malaysia Bhd, MQ Technology Bhd, Cocoaland Holdings Bhd, Fraser & Neave Holdings Bhd, SKP Resources Bhd, Tenaga Nasional Bhd, Malaysia Airports Holdings Bhd, Supermax Corporation Bhd, Boustead Holdings Bhd, IOI Corporation Bhd, MR DIY Group (M) Bhd, UEM Sunrise Bhd, Key Alliance Group Bhd and Awanbiru Technology Bhd.

Six lenders are said to have arrived at a settlement with Serba Dinamik Holdings Bhd and four of its subsidiaries with regards to the scheme of arrangement and restraining order sought by the oil and gas-related companies. It is understood that the parties have agreed that the lenders would hold their applications for a winding-up petition against the Serba Dinamik companies, provided that the companies do not default on the payment of debts as agreed in the proposed scheme of arrangement.

Carlsberg Brewery Malaysia Bhd said it will increase the prices of its beer, stout and cider from July 1 due to rising input costs. In a document sighted by The Edge, Carlsberg said that despite its cost-mitigation efforts, the group had to “adjust” the prices of the products because of the increasing input costs worsened by the Russia-Ukraine conflict.

The brewer said it is cognizant that a price adjustment in the current tough environment is a challenge for all parties, and has therefore limited the price hike to selected brands and stock-keeping units.

MQ Technology Bhd has appointed Datuk Nurul Hidayah Ahmad Zahid — the daughter of UMNO president Datuk Seri Dr Ahmad Zahid Hamidi — as its vice-chairman effective Thursday. The group also announced the appointment of Chean Meng Hee as its new chief executive officer and redesignation of its chief operating officer, Tong Sian Shyen as its Managing Director, effective Thursday.

Trading in the shares of Cocoaland Holdings Bhd and its second-largest shareholder Fraser & Neave Holdings Bhd (F&N) will be suspended — at the request of both companies — on Friday (June 3) pending an announcement. The Edge had reported in January that the snack and candy maker is a takeover target of a European private equity firm and an Asian buyout firm. It was also reported that it is an open secret that the co-founding brothers of Cocoaland intend to let go of their family-owned business at the right price.

SKP Resources Bhd said an independent consultant has found out that the company’s practices do not amount to systemic forced labour after it took steps to address allegations of such practices. To recap, independent migrant worker rights specialist Andy Hall had in December last year raised concerns regarding SKP Resources' management of its foreign workers, in particular relating to overtime work and adequate remediation of recruitment fees. Subsequently, the electronics manufacturing service provider had appointed TÜV Rheinland Malaysia Sdn Bhd to examine and identify during its audit whether SKP Resources and its subsidiaries were involved in practices that may be considered to be among the 11 indicators of forced labour, as defined by the International Labour Organization.

Tenaga Nasional Bhd (TNB) said its unit TNB Power Generation Sdn Bhd has issued RM1.5 billion worth of sustainability Sukuk Wakalah — under its 30-year Sukuk Wakalah Programme of up to RM10 billion — to fund its Nenggiri Hydroelectric Power Plant project in Kelantan. The issuance was done in three tranches comprising RM150 million (10-year tenure), RM750 million (15 years) and RM600 million (20 years), which hold a periodic distribution rate of 4.70%, 5.05% and 5.20% per annum respectively.

Malaysia Airports Holdings Bhd (MAHB) has indicated that the revision of the operating agreement as well as the land lease agreement that it is currently negotiating with the government is in the final stage to be concluded. The current OA allows MAHB to run the 39 airports including KLIA and klia2 until 2069.

Supermax Corporation Bhd has completed refurbishment work to upgrade dormitories to provide better living conditions to workers as part of its foreign worker management policy to meet international compliance standards. Its workers’ accommodation now meets local and expected international standards with improved canteen and other amenities. The company said it had also completed the first batch of former foreign workers’ payout under its revised eligibility outreach programme. Supermax had in February this year announced an outreach programme and the setting up of a sinking fund to facilitate remediation payment to its former foreign workers.

Boustead Holdings Bhd said its unit Boustead Naval Shipyard Sdn Bhd (BNS) and the Ministry of Defence have entered into a supplementary contract to remobilise the RM9 billion contract for delivery of six littoral combat ships. Among others, the remobilisation of the project will see a resumption of payment to BNS creditors, namely original equipment manufacturers, vendors, and financial institutions.

IOI Corporation Bhd said its joint venture in Sarawak, IOI Pelita Plantation — which it owns jointly with Sarawak State Land Custody and Development Authority — has signed a landmark final settlement agreement with eight local communities, ending a decades-long land dispute, whereby it will relinquish or excise 4,615 hectares of land from its provisional lease. The Sarawak government will subsequently gazette that excised land as native communal reserves for agricultural use by the affected communities, effectively giving these communities an ownership title to the land.

MR DIY Group (M) Bhd’s substantial shareholder Creador has disposed of 86.65 million shares in the home improvement retailer. Following the disposal, which took place on May 31, the private equity fund is left with 540.83 million shares or an 8.61% stake in MR DIY.  MR DIY also notified that Creador CEO Brahmal Vasudevan acquired 500,000 shares in MR DIY on June 2 for a cash consideration of RM1.61 million. Based on a back-of-the-envelope calculation, Brahmal acquired the shares at RM3.21 apiece. Following the acquisition, he now has a total of three million shares or a 0.05% stake in MR DIY.

UEM Sunrise Bhd has partnered with Affin Bank in the “Home Step Fast/i” campaign — specially tailored for fresh graduates, young homebuyers and property investors — which allows purchasers to pay low monthly repayments for the first five years upon completion of the project without a lock-in period and no early settlement fee for buyers. Purchasers can also convert the loan into a savings scheme for those who need access to emergency funds.

Key Alliance Group Bhd (KAG) announced that its subsidiary Agrocloud Sdn Bhd had entered into a Memorandum of Understanding with Koperasi Peserta-Peserta Rancangan Felcra Seberang Perak Bhd to collaborate on the development and implementation of the Rice Information System at the estate of Felcra Bhd Seberang Perak in Kg Gajah, Perak. The proposed collaboration aims to increase the yield of rice cultivation through the Internet of things technology and decision support system via the Rice Information System.

Awanbiru Technology Bhd’s unit Awantec Systems Sdn Bhd inked an MoU with Halal Development Corp Bhd on Thursday to create an online halal skills repository and platform — which will include online and physical training programs to promote and drive awareness in the halal economy to a wider global market, providing globally recognised and professionally guided training courses and programs in the halal economy.


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