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Revenue, LS Plantations, Binasat Communications, KAB, Suria Capital, BHIC, Wellspire, GIIB, Saudee and K Seng Seng

KUALA LUMPUR: Here is a brief recap of some corporate announcements that made the news on Monday (Jan 16). They involved Revenue Group Bhd, LS Plantations Bhd, Binasat Communications Bhd, Kejuruteraan Asastera Bhd, Suria Capital Holdings Bhd, Boustead Heavy Industries Corp Bhd, Wellspire Holdings Bhd, GIIB Holdings Bhd, Saudee Group Bhd and K Seng Seng Corp Bhd.

Revenue Group Bhd's founding brothers Brian Ng Shih Chiow and Dino Ng Shih Fang, who were suspended from their executive director functions less than two weeks ago pending an investigation, are striking back at their accusers. Brian has served a notice of requisition to the group to call for an extraordinary general meeting to remove its current board of directors, save for him and Dino.

LS Plantations Bhd and Japan’s Millennium Agriculture Technology Sdn Bhd (MAT) and MyFarm Inc have signed a Heads of Agreement to negotiate further the launch of large-scale durian cultivation in Malaysia, under a joint venture (JV) vehicle valued at RM371 million. PLS LESB, a 51%-owned subsidiary of PLS Plantations Bhd, will be the majority stakeholder in the joint-venture vehicle, with a 51% stake, while MAT is set to invest up to 49% equity interest in the company for RM181.8 million.  

Binasat Communications Bhd’s 51%-owned subsidiary Borderless Connection Sdn Bhd has bagged two subcontracts worth RM16.31 million to undertake underground cable-related works in Penang. The subcontracts were awarded by Binalite Electrical Engineering Sdn Bhd.

Kejuruteraan Asastera Bhd (KAB) is acquiring Future Biomass Gasification Sdn Bhd (FBG) and its biogas power plant asset for RM15 million. This acquisition is targeted for completion in the second quarter of 2023, and will be funded by a combination of bank borrowings and internally-generated funds.

The Sabah government has approved Suria Capital Holdings Bhd’s wholly-owned unit Sabah Ports Sdn Bhd's plan to enter into a strategic collaboration with DP World. Suria Capital said the key areas of the collaboration are the management and operation of Sapangar Bay Container Port as well as investment of logistics and supply chain infrastructure in Sabah.

Two directors of Boustead Heavy Industries Corp Bhd (BHIC) — Datuk Norliza Abdul Rahim and Datuk Nasarruddin M Zin — have resigned to "pursue other interests" effective Monday.

Newly ACE-Market listed Wellspire Holdings Bhd ended its maiden trading day at 43 sen, up 20 sen or 86.96% versus its initial public offering price of 23 sen.

GIIB Holdings Bhd, whose officials have been charged for allegedly deceiving the company's external auditor in relation to a purported sale of machinery, said the auditor had not raised any adverse opinion in relation to the matter.

Saudee Group Bhd has appointed former Selangor police chief Datuk Arjunaidi Mohamed as its independent and non-executive chairman. Arjunaidi, 60, had served the police force for 35 years, before retiring as Selangor police chief on Dec 31 last year.

K Seng Seng Corp Bhd said its managing director Koh Seng Lee has stepped down “to pursue his personal interest”. K Seng Seng also announced the appointment of Keh Chuan Seng as its new executive chairman, and the re-designation of Lee Hai Peng as executive director from independent non-executive director.

https://www.theedgemarkets.com/node/651985

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