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MyEG, Sarawak Cable, Apex, Samaiden and Industronics

KUALA LUMPUR (Dec 23): Here is a brief recap of some corporate announcements that made the news on Friday including MyEG Services Bhd, Sarawak Cable Bhd, Apex Equity Holdings Bhd, Samaiden Group Bhd and Industronics Bhd.

My EG Services Bhd plans to distribute its entire 25.8% equity interest in Agmo Holdings Bhd by way of dividend-in-specie to its shareholders. The stake, comprising 84 million shares, will be distributed in two tranches based on an entitlement date that is yet to be fixed. The first tranche, involving 69.7 million shares, will be distributed once the voluntary moratorium on the sale, transfer or assignment of the shares — which MyEG undertook prior to Agmo's listing, in compliance with listing requirements — is uplifted on Feb 17, 2023. The remaining 14.2 million Agmo shares will be distributed once their moratorium ends on Aug 17, 2023. The first tranche will be distributed on the basis of 0.0093 Agmo share for every one MyEG share held, while the second tranche will be distributed on the basis of 0.0019 Agmo share for every one MyEG share held.

Industronics Bhd via a consortium has been shortlisted for the Kedah Aerotropolis development project worth €3.3 billion or RM15.48 billion. The consortium comprises Industronics, Hong Kong-based stockbroking firm Bluemount Financial Group Ltd and China-based sovereign wealth fund China Investment Corp (CIC). CIC has also agreed to support the expansion plans of Industronics' credit leasing arm, TTE Electronics Sdn Bhd, by investing in its microfinance business.

Sarawak Cable Bhd has appointed Baker Tilly Monteiro Heng PLT (Baker Tilly Malaysia) as its auditor until the conclusion of its next annual general meeting. Baker Tilly Malaysia replaces Ernst & Young PLT (EY), which retired at the conclusion of Sarawak Cable's 24th AGM on Thursday (Dec 22).

Datuk Choong Chee Meng, who controls ACE Group — formerly the second largest shareholder of Apex Equity Holdings Bhd — has resigned as Apex Equity's group managing director. His resignation follows the disposal of ACE Group's stake in Apex Equity earlier this month, shortly after the Securities Commission Malaysia went to court to prevent the group from taking control of Apex Equity.

A rooftop photovoltaic system solar investment project at Sunway Nexis here by Samaiden Group Bhd's wholly owned subsidiary commenced operations on Friday. Samaiden Capital Management Sdn Bhd will operate and maintain the system, which has a capacity of 531 kilowatt-peak (kWp) for a duration of 20 years, it said in a statement. The group expects the generation of 12.5 million kilowatt hour (kWh) over the two decades to reduce approximately 8,400 tonnes of carbon emissions.

https://www.theedgemarkets.com/node/649482

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