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Singapore Investment


United Malacca, NTPM, Eversendai, Cahya Mata Sarawak, CapitaLand Malaysia Trust, Hextar Global, G Capital, GDB, Public Bank, Eduspec, Hong Leong Bank, CJ Century Logistics, Bintai Kinden, Menang Corp, Samchem, Teo Seng Capital and MGRC

KUALA LUMPUR (May 15): Here is a brief recap of some corporate announcements that made news on Monday (May 15): United Malacca Bhd, NTPM Holdings Bhd, Eversendai Corp Bhd, Cahya Mata Sarawak Bhd (CMSB), CapitaLand Malaysia Trust (CLMT), Hextar Global Bhd, G Capital Bhd, GDB Holdings Bhd, Public Bank Bhd, Eduspec Holdings Bhd, Hong Leong Bank Bhd (HLBB), CJ Century Logistics Holdings Bhd, Bintai Kinden Corp Bhd, Menang Corp (M) Bhd, Samchem Holdings Bhd, Teo Seng Capital Bhd and Malaysian Genomics Resource Centre Bhd (MGRC).

United Malacca Bhd saw the shareholding of its non-independent non-executive director as well as largest shareholder Datuk Seri Tee Lip Sin, creeping up to almost 31%, from 24.5% last month and 23% in May last year. According to its filing on Monday, Tee has acquired via Prosper Capital Holdings Sdn Bhd (formerly known as Prosper Palm Oil Mill Sdn Bhd), 8.36 million shares in United Malacca at RM6.00 per share. At the same time, Tee has also acquired 4.58 million shares through Prosper Trading Sdn Bhd, also at the same price.

Paper tycoon Oei Tjie Goan has emerged as a substantial shareholder in NTPM Holdings Bhd with 22.42%. NTPM filing showed that Oei, who is president and chairman of Indonesia’s Sinar Mas Group, bought 251.76 million shares in the company via Premier Investment Ltd. The shares were acquired on May 10 “by reason of entry into a share sale agreement”, NTPM’s filing said, adding that the transaction is pending completion. Prior to this, NTPM’s largest shareholder is its founding chairman and managing director Lee See Jin, who holds a 29.05% direct and 12.33% indirect stake in the group.

Construction engineering group Eversendai Corp Bhd had secured nine projects worth a combined RM1.1 billion in the United Arab Emirates (UAE), Qatar, Saudi Arabia, India and Singapore. The group, which is involved in structural steel and mechanical fabrication, anticipated a “gradual and steady recovery” in 2023, with the current backlog of new order books secured and a positive market outlook in key geographical regions where it operates. Eversendai said it had an outstanding tender book of RM11 billion, with “interesting and highly prospective iconic landmark projects”, especially in Saudi Arabia and India.

Cahya Mata Sarawak Bhd (CMSB) said a possible contingent liability of RM266 million could be reflected in its FY2022 audited financial statements if the power purchase agreement (PPA) between its unit Cahya Mata Phosphates Industries Sdn Bhd (CMPI) and Syarikat SESCO Bhd is deemed terminated. In a filing to Bursa Malaysia on Monday, CMSB said CMPI (formerly known as Malaysia Phosphate Additives Sarawak Sdn Bhd) had already referred a dispute involving the PPA to the Asian International Arbitration Centre under the dispute resolution mechanism of the PPA. “The final details of the potential impact are yet to be determined, as legal and arbitration proceedings are continuing and ongoing, and Cahya Mata will provide further updates as new information becomes available,” said CMSB.

CapitaLand Malaysia Trust (CLMT) is adding a freehold logistics warehouse located at the Hicom-Glenmarie Industrial Park in Shah Alam, Selangor to its portfolio for RM39.7 million, and convert it into a temperature-controlled distribution centre. Its trustee, MTrustee Bhd, has inked a sale and purchase agreement to acquire the property — a single-storey detached warehouse with an annexed three-storey office building and a built-up area of 84,755 sq ft — from Cynnyx Sdn Bhd. CLMT manager, CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), said the purchase price is in line with the property's independent market valuation, commissioned by the trustee, of RM40.4 million.

Hextar Global Bhd announced that it has entered into three separate agreements which will result in the group acquiring a chemical trading business, while divesting its entire interest in its consumer products segment respectively. This is intended to further streamline the group’s operations to focus on its core chemicals businesses. Under the proposed acquisition, Hextar Global has entered into a share sale agreement with a related party Hextar Holdings Sdn Bhd (HHSB) to acquire an entire stake in Hextar Industrial Chemicals Sdn Bhd (HICSB) for RM10 million in cash.

G Capital Bhd’s 70%-owned solar photovoltaic 4.5 MWp electric power generation system for Muda Holdings Bhd’s unit in Penang has been completed and commenced operation on Monday. The plant will be contributing revenue and earnings to G Capital over a span of 25 years from the commercial operation date. The plant was built to supply power to Muda’s wholly owned unit Federal Packages Sdn Bhd, which is involved in the manufacturing and sale of paper cartons and paper related products.

GDB Holdings Bhd’s unit filed a fresh lawsuit against KSK Land Sdn Bhd, claiming an outstanding sum of RM102.08 million in relation to the corporate guarantee KSK Land made in August last year. GDB’s wholly owned Grand Dynamic Builders Sdn Bhd had filed a writ of summons and statement of claim at the High Court here, against KSK Land. It said that KSK Land, in its capacity as Damai City Sdn Bhd's (DCSB) holding company, executed a corporate guarantee in favour of Grand Dynamic Builders as a security for the observance and performance by DCSB of its obligations under the contracts and agreements executed between the two parties.

Public Bank Bhd’s shareholders have voted in favour of the group’s final remuneration of RM20 million, together with various benefits in kind, to its late founder Tan Sri Teh Hong Piow, in appreciation and recognition of his contribution to the country’s third largest bank by asset size. The benefits in kind included a company car, medical coverage and other claimable benefits. Public Bank’s stock exchange filing on Monday showed that the resolution was passed with 1,931 shareholders voting for it, representing 75% of total votes, while 1,178 shareholders held 25% of the votes opposing it.

Eduspec Holdings Bhd has announced that Datuk Gan Chow Tee has emerged as its substantial shareholder, after acquiring 78.29 million shares through the company’s right issue. This brings his total shareholding in the education technology solutions service provider to 78.81 million shares or a 7.39% stake. Gan is an independent and non-executive director for YB Venture Bhd (formerly known as Yi-Lai Bhd) and an executive director of Fitters Diversified Bhd. He is also the chairman of privately held developer Mirame Land Bhd.

Hong Leong Bank Bhd (HLBB) announced Kevin Lam Sai Yoke as its group managing director (MD) and chief executive officer, effective July 1. The group said that Lam will replace Domenic Fuda, who retires as group MD and CEO on June 30.  Since 2016, Fuda has led the group’s growth by focusing on customer centric solutions, technology & digital investments and sustainability as HLBB’s strategic pillars for its current and future growth. Meanwhile, Lam has over 30 years of banking, technology and leadership experience across regional and international banks in several geographies.

CJ Century Logistics Holdings Bhd has appointed Kim JinMok, 46, as its new deputy CEO, succeeding Sung Hyunsup, who has been redesignated to a non-independent and non-executive director of the company, effective Monday. The logistics company announced the resignation of Park Chul Moon as its non-independent and non-executive director. It cited the reason for the resignation of Park as the change of nominee director by CJ Logistics Asia Pte Ltd, a major shareholder of CJ Century Logistics.

Bintai Kinden Corp Bhd has announced a number of boardroom changes on Monday, with three resignations and two new appointments. The mechanical and electrical engineering services provider said its executive director Noor Azri Datuk Seri Azerai, 24, has resigned due to personal reasons and time commitment on other companies. It also announced the resignation of Ong Choon Lui, 51, as non-executive vice/deputy chairman to pursue other interests. The group’s non-independent and non-executive chairman Datuk Ibrahim Othman has also resigned from his position, due to personal reasons. Meanwhile, Datuk Ng Choon Koon, 47, and Ng Siew Kim, 31, have been appointed as independent and non-executive directors of Bintai Kinden, effective Monday.

Menang Corp (M) Bhd saw its net profit for the third quarter ended March 31, 2023 (3QFY2023) fallen 28% year-on-year, as cost of sales rose in a larger quantum than the increment in the group’s revenue. The property developer said its net profit dropped to RM3.28 million for the quarter under review, from RM4.54 million in 3QFY2022, even though revenue grew 3.1% to RM22.17 million from RM21.51 million a year ago.

Samchem Holdings Bhd’s net profit tumbled 66.64% year-on-year (y-o-y) to RM6.54 million or 1.2 sen per share for the first quarter ended March 31, 2023 (1QFY2023), against RM19.59 million or 3.6 sen per share a year ago, weighed down by lower sales volumes and margins. The integrated chemicals and lubricants distributor registered a lower revenue of RM255.39 million — down 29.94% y-o-y — from RM364.51 million in 1QFY2022, amid decreases in average selling price and sales volume.

Teo Seng Capital Bhd’s net profit jumped 373.17% to RM19.68 million for the first quarter ended March 31, 2023 (1QFY2023), compared with RM4.16 million posted a year ago, due to improved business conditions in the poultry sector. The poultry farming company’s revenue was 24.5% higher to RM183.4 million for the quarter, compared with RM146.36 million for the corresponding quarter a year earlier.

Malaysian Genomics Resource Centre Bhd (MGRC) has inked a strategic cooperation agreement (SCA) with Bangladeshi firm Toticell Ltd for the distribution of its products in Bangladesh. Toticell is based in Dhaka, Bangladesh, and the firm specialises in regenerative healthcare, focusing on treatments for musculoskeletal conditions such as arthritis, sports-related injuries and tendinopathies. “Under the SCA, both parties agree to cooperate in the distribution of MGRC’s cosmeceutical products, genetic screening tests, CARs (chimeric antigen receptors), T-cell therapy services, and other areas of mutual commercial interests.”


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