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Sern Kou, Yinson, Serba Dinamik, Samaiden, Leform, Kawan, Handal, Leong Hup, PPB, MFM and Salcon

KUALA LUMPUR (Dec 19): Here is a brief recap of some corporate announcements that made news on Monday (Dec 19), including Sern Kou Resources Bhd, Yinson Holdings Bhd, Serba Dinamik Holdings Bhd, Samaiden Group Bhd, Leform Bhd, Kawan Food Bhd, Handal Energy Bhd, Leong Hup International Bhd, PPB Group Bhd, Malayan Flour Mills Bhd (MFM) and Salcon Bhd.

Sern Kou Resources Bhd has reported a fire incident at one of its manufacturing plants in Muar, Johor. The incident, which occurred last Friday (Dec 16), did not result in any fatalities, and none of the workers there were injured.

Yinson Holdings Bhd has secured a contract extension worth RM15.03 million for the charter of its Adoon floating production storage and offloading, stationed at the Antan field off Nigeria. Yinsoon through its indirect unit, Adoon Pte Ltd and Addax Petroleum Development (Nigeria) Ltd, entered into an agreement on Dec 16 to extend the contract until Jan 16, 2023.

Trading in the securities of Serba Dinamik Holdings Bhd will be suspended from Dec 23, if the loss-making oil and gas services company fails to issue its annual report for the financial year ended June 30, 2022. If the Practice Note 17 company is unable to submit the annual report on Dec 22, its shares will be suspended the following day until further notice.

Samaiden Group Bhd’s unit Samaiden Sdn Bhd has signed a partnership agreement with Management Venture Asia (Cambodia) Ltd (MVA) to explore clean energy-related business opportunities in Cambodia. The clean energy solution specialist said MVA has successfully completed the development of a 20MW ground-mounted solar pro, in which the project was awarded a power purchase agreement by the Electricite du Cambodge in Auambodge in August 2019.

Leform Bhd, through its 60%-owned subsidiary LF Engineering Sdn Bhd, has received a letter of acceptance from Ganda Imbuhan Sdn Bhd as a subcontractor for the supply and installation of guard rails for a portion of the West Coast Expressway. The subcontract is valued at RM10.05 million and is expected to be completed on June 30, 2023.

Kawan Food Bhd has cancelled its plan to buy five parcels of land measuring 7.08 acres in Shah Alam, for RM50.46 million from RGP Warehouse Solutions Sdn Bhd, who had failed to get PKNS’ agreement to sell the plots. RGP managed to get the state-authority consent to transfer its lots to Kawan Food Manufacturing Sdn Bhd, Kawan Food’s wholly-owned subsidiary, but failed to have PNKS sign the sale and purchase agreement to complete the purchasing process. Both parties agreed to terminate the agreement on Dec 16.

Handal Energy Bhd’s 49%-owned associate company Handal Borneo Resources Sdn Bhd has entered into an agreement with Tanjung Aru Eco Development Sdn Bhd (TAED), a unit of Chief Minister of Sabah Inc, for the operation, management, extraction and sale of marine sea sand for a 15-year period in three concession areas. The concession areas are the Sunken Barrier Shoal, Hayter Shoal and Bunbury Shoal, all of which are about 55km offshore from Kota Kinabalu, Sabah but the company did not state the value of the concession. The concession is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2023 onwards, until it expires.

The Malaysia Competition Commission (MyCC) has granted the units of Leong Hup International Bhd, PPB Group Bhd and Malayan Flour Mills Bhd (MFM) the final extension to submit their representation in response to the alleged price-fixing of poultry feed cases. Each unit was given the fourth and last extension until 12.00 noon on Jan 31, 2023. This includes Leong Hup’s wholly-owned subsidiary Leong Hup Feedmill Malaysia Sdn Bhd (LFM), MFM’s partially-owned Dindings Poultry Development Centre Sdn Bhd (DPDC), and PPB’s 80%-owned FFM Bhd.

Salcon Bhd said its 51%-owned subsidiary, JR Engineering and Medical Technologies (M) Sdn Bhd (JREMT), has filed a counterclaim against Aspen Glove Sdn Bhd, demanding the payment of RM22.36 million, being unutilised funds under a contract between the two parties which involves JREMT’s purchase of gloves by Aspen in 2021. The counterclaim is in response to a lawsuit filed by Aspen against JREMT, which it viewed as “non-meritorious”. Aspen filed the suit after JREMT served a letter of demand on the glove firm to demand the RM22.36 million.


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