Datasonic, TT Vision, Mah Sing, Artroniq, Signature International, Maybulk, Nestcon, Econframe, BFood, Bintai Kinden, Vestland, Maybank and GIIB

Datasonic, TT Vision, Mah Sing, Artroniq, Signature International, Maybulk, Nestcon, Econframe, BFood, Bintai Kinden, Vestland, Maybank and GIIB

KUALA LUMPUR (Jan 18): Here is a brief recap of some corporate happenings that made the news on Wednesday. They involved Datasonic Group Bhd, TT Vision Holdings Bhd, Mah Sing Group Bhd, Artroniq Bhd, Signature International Bhd, Malaysian Bulk Carriers Bhd, Nestcon Bhd, Econframe Bhd, Berjaya Food Bhd, Bintai Kinden Corp Bhd, Vestland Bhd, Malayan Banking Bhd and GIIB Holdings Bhd.

Datasonic Group Bhd has secured a contract, which has an estimated value of close to RM1 billion over 10 years, to provide total turnkey solutions for the land office of a West African nation, according to market sources.

TT Vision Holdings Bhd made an impressive debut on the ACE Market of Bursa Malaysia. It closed at RM1.28 on its maiden trading day — a 276% jump over its IPO price of 34 sen, making it the second best performing newly listed stock in the past three months after ECA Integrated Solution Bhd.  

Mah Sing Group Bhd’s latest double-storey terrace house development, Rosalia in M Senyum, Bandar Salak Tinggi, achieved a take-up rate of 88% last weekend (Jan 15). Comprising 139 homes, Rosalia is part of Mah Sing’s 100-acre M Senyum landed residential development. In another announcement, Mah Sing said it is buying two parcels of land measuring 8.2 acres in Puchong for RM85.86 million from Millennium Acres Sdn Bhd, an entity 50%-owned by Tanco Holdings Bhd’s managing director Datuk Seri Andrew Tan Jun Suan.

Artroniq Bhd has proposed a bonus issue of 164.15 million free warrants, on the basis of one warrant for every two shares held. The power cable and ICT products distributor said the entitlement date of the bonus issue would be determined at a later date.The group expects to raise gross proceeds of up to RM106.7 million upon full exercise of the warrants. The proceeds will be utilised for working capital requirements.

Signature International Bhd plans to undertake a private placement of no more than 10% of its total shares to independent investors to be identified, to raise as much as RM61.85 million to partly fund its S$47.80 million (RM156.5 million) acquisition of stakes in two Singapore-based integrative interior fit-out solutions providers. The group proposed to acquire a 75% equity interest in Corten Interior Solutions Pte Ltd and the entire equity interest in Areal Interior Solutions Pte Ltd in November last year.

Malaysian Bulk Carriers Bhd (Maybulk) has proposed to venture into the business of commercial and industrial shelving through the acquisition of a firm for RM70 million. Maybulk said it has entered into an agreement to buy E Metall Systems Sdn Bhd  (EMTS) from its co-owners Grand East Metal (Kulim) Sdn Bhd (70%) and Goh Ting Hong (30%).

Nestcon Bhd has been appointed as a contractor to undertake the second phase of the construction of remaining earthworks for the proposed development of Senai Airport City in Johor. The 15-month project has a provisional contract sum of RM27.26 million. However, Nestcon noted that the final contract sum will be subject to the confirmation of actual approved contract works to be done and based on unit rates which are fixed for the entire contract period.

Econframe Bhd is targeting RM90 million in revenue for the financial year ending Aug 31, 2023 (FY2023), with about 22% of the revenue coming from the new acquisition of Lee & Yong Aluminium Sdn Bhd (LYASB). Econframe managing director Lim Chin Horng said a total of RM70 million will come from its existing metal door and window frame business while the remaining RM20 million will be contributed by LYASB.

Berjaya Paris Baguette Sdn Bhd, the 50:50 tie up between Berjaya Food Bhd (BFood) and Paris Baguette Singapore PLC, has opened its first store in Malaysia at Pavilion Kuala Lumpur.  Berjaya Paris Baguette intends to open another five outlets going forward. Malaysia is the fifth market in the region that the South Korean bakery cafe has ventured into.

Bintai Kinden Corp Bhd has redesignated its executive director Ku Chong Hong as managing director. He was first appointed to Bintai Kinden’s board as an executive director 11 months ago, on Feb 24, 2022. Besides Bintai Kinden, Ku is also a director of Sarawak Consolidated Industries Bhd and Malaysian Genomics Resource Centre Bhd.

Vestland Bhd said the retail portion of its initial public offering (IPO) has been oversubscribed by 18.38 times. A total of 14,227 applications for 914.88 million issue shares worth RM301.91 million were received from the Malaysian public. The group’s IPO comprises a public issue of 170 million new shares, as well as an offer for sale of 70.8 million existing shares, at 33 sen apiece. At this price, the group is expected to have a market capitalisation of RM311.6 million upon listing.

Malayan Banking Bhd (Maybank) and Perodua Sdn Bhd have signed a memorandum of collaboration for the provision of seamless end-to-end integrated digital financial services to Perodua via Maybank’s M2e platform. The bank will also offer additional financial support via financing packages worth close to RM400 million to help further expand Perodua’s business.

GIIB Holdings Bhd’s non-executive director Wong Weng Yew has resigned from the board ahead of Thursday’s extraordinary general meeting (EGM) called for by several substantial shareholders in order to remove him. With Wong’s resignation, GIIB said the resolution to remove him in the EGM is no longer applicable and the group will request to withdraw the resolution.

https://www.theedgemarkets.com/node/652315