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Singapore Investment


Boustead, Sime Darby, Heng Huat Resources, TM, DNeX and Classita

KUALA LUMPUR (March 2): Here is a brief recap of some corporate announcements that made news on Thursday (March 2) involving Boustead Holdings Bhd, Sime Darby Bhd, Heng Huat Resources Bhd, Telekom Malaysia Bhd and Dagang NeXchange Bhd and Classita Holdings Bhd.

Lembaga Tabung Angkatan Tentera (LTAT) has made a voluntary takeover offer for all shares it does not already own in Boustead Holdings Bhd at 85.5 sen apiece. The offer came on the heels of its large quarterly loss of RM402 million, dragged down by the massive RM552 million impairment of unsold Covid-19 vaccines at its pharmaceutical unit Pharmaniaga Bhd. Based on the number of outstanding shares — 822.51 million, or 40.58% of Boustead — the armed forces pension fund is expected to fork out RM703.25 million for the deal.

“The offeror [LTAT] does not intend to maintain the listing status of [Boustead],” it said. The offer price is at a 30.5% premium over the last traded price of Boustead shares at 65.5 sen prior to the announcement. However, it is at a sharp discount of 52% over the conglomerate's net asset per share of RM1.64. This confirms a report by The Edge that LTAT will be taking Boustead private. Separately, its director Datuk Ahmad Nazim Abd Rahman has been redesignated as a non-independent and non-executive chairman. Ahmad Nazim, 47, is also the chief executive officer of LTAT, which owns 59.4% of Boustead.

Sime Darby Bhd is acquiring Australia’s Onsite Rental Group Limited (Onsite) for RM1.92 billion. The conglomerate said its unit Sime Darby Allied Operations Pty Ltd (Sime Darby) is buying Onsite, which provides business to business equipment rental solutions to blue chip customers across a range of industries in the Australian market including resources, energy, industrial and commercial.

Heng Huat Resources Bhd executive director Ng Chin Nam has emerged as a substantial shareholder in the group following the acquisition of a 6.071% stake. He bought the stake, comprising 37.06 million shares, via Polargas Sdn Bhd. Ng now becomes the third largest shareholder in the group, after GH Consortium (27.93% stake) and CFamilie Hold Sdn Bhd (20.17% stake).

Telekom Malaysia Bhd expects its contracts with access seekers riding on its network to be finalised by the first half of 2023 (1H2023), after the new Mandatory Standard on Access Pricing (MSAP) came into force on Wednesday (March 1). Its group chief executive officer Datuk Imri Mokhtar said that in view of the ongoing discussions on these contracts, the group will not be able to provide its 2023 guidance for now.

After serving as executive director of Dagang NeXchange Bhd for over two years, Zainal ‘Abidin Abd Jalil has resigned from the post effective March 2.

Zainal is leaving the post he held since Dec 1, 2020, “due to personal commitment.” Prior to holding the post of executive director, Zainal had also served as the group’s managing director from June 19, 2014, till Jan 21, 2019.

The Edge Weekly reported in its Feb 27-March 5, 2023 issue that according to a source familiar with the group, Zainal is interested in taking over the group’s 90% stake in upstream oil and gas (O&G) company Ping Petroleum Ltd. It reported that the potential move came as DNeX works towards demerging its businesses to turn into a pure semiconductor player.

Classita Holdings Bhd's substantial shareholder Datuk Seri Tee Yam @ Koo Tee Yam and former chief financial officer Ting Yi En have lodged police reports against the group’s executive director Francis Leong Seng Wui and his lawyers for alleged witness intimidation.

These reports, sighted by The Edge, alleged that Leong, together with Classita lawyers Wilson Lim Mao Shen and Huam Wan Ying, had intimidated Ting to amend the ex-CFO's affidavit in a civil suit.

The civil suit was filed by Koo and former executive vice-chairman Jessie Wong Siaw Puie against Classita, seeking to claim RM3.96 million that the duo had advanced to the group to fund day-to-day operations when its accounts were frozen by the Malaysian Anti-Corruption Commission.

Koo owns a 19% stake in Classita, formerly known as Caely Holdings Bhd, as at Oct 5 last year, while Wong had 1.9%. Wong was removed from her position in June last year via an extraordinary general meeting requested by Leong, Kok Kwang Lim and Valhalla Capital Sdn Bhd, who collectively own at least 10% stake in Classita, a loss-making lingerie maker.


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