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Singapore Investment


 IOI Properties, Sime Darby Plantation, MAHB, YTL Power, MR DIY, Southern Score Builders, SMTrack, Rex Industry, Bumi Armada, Yinson, Careplus, Citaglobal and Crest Builder

KUALA LUMPUR (June 2): Here is a brief recap of some corporate announcements that made news on Friday (June 2): IOI Properties Group Bhd, Sime Darby Plantation Bhd, Malaysia Airports Holdings Bhd, YTL Power International Bhd, MR DIY Group (M) Bhd, Southern Score Builders Bhd, SMTrack Bhd, Rex Industry Bhd, Bumi Armada Bhd, Yinson Holdings Bhd, Careplus Group Bhd, Citaglobal Bhd and Crest Builder Holdings Bhd.

IOI Properties Group Bhd has redesignated Lee Yeow Seng as its chief executive officer effective July 1. Yeow Seng, who is currently the group's executive vice-chairman, replaces Datuk Voon Tin Yow, who will be retiring on the same day. Yeow Seng joined the board of IOI Properties on Feb 23, 2013 as an executive director. He previously held the position of the CEO of IOI Properties from Jan 8, 2014, and was subsequently redesignated as the executive vice-chairman on April 15, 2020.

Sime Darby Plantation Bhd, Sime Darby Bhd and Sime Darby Property Bhd have renewed their donation agreement with Yayasan Sime Darby. The three companies had entered into the agreement with Yayasan Sime Darby in August 2017, under which they agreed to make cash donations to the foundation from time to time. The agreement expired on Nov 29, 2022. It said the foundation and donors have agreed to continue with their obligations under the 2017 agreement for a further term of four years commencing from June 2, 2023 by entering into the new donation agreement.

Malaysia Airports Holdings Bhd (MAHB) has appointed Ministry of Finance (MOF) deputy secretary general (policy) Datuk Zamzuri Abdul Aziz as a non-independent non-executive director effective June 5. Two weeks ago, Datuk Johan Mahmood Merican resigned as a non-independent and non-executive director after he ceased to be MOF’s nominee on MAHB’s board upon assuming the position of treasury secretary general. Zamzuri had previously served over two years as MOF's nominee on the airport operator’s board from February 2020 to March 2022 as a non-independent and non-executive director. At the time, he held the post of MOF Government Procurement Division undersecretary.

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in YTL Power International Bhd, after disposing of six million shares or a 0.07% stake in the utility group. The shares were disposed of on May 30. This reduced the pension fund’s stake in YTL Power to 4.91% (398.42 million shares) from a 5.02% stake (404.42 million shares) in the group. From April 26 to June 2, EPF had disposed of a total of 41.81 million shares in YTL Power, which is 63%-owned by YTL Corp. According to Bloomberg, there are 10 "buy" calls for the stock, with a consensus target of RM4.90. The target price for the stock ranges from RM1.41 by KAF Equities Sdn Bhd to RM2.05 by Hong Leong Investment Bank (HLIB) Research.

The EPF has decided to vote against MR DIY Group (M) Bhd’s proposed renewal of authority for the company to purchase its own shares, in its annual general meeting. “The company should utilise their cash balance to pay higher dividend to shareholders rather than share buy-back,” said EPF on its website. According to Bloomberg’s data, EPF is a substantial shareholder and the third largest shareholder of MR DIY with a 5.38% stake or 507.17 million shares. MR DIY has a total share capital of 9.43 billion shares, of which 1.04 billion shares are floating in the open market.  Should MR DIY pass the resolution on share buy-back, the aggregate number of shares which may be purchased and held by the company shall not exceed 10% of the total number of issued shares of the company at the time of purchase.  Based on its latest financial statement, the company has cash and bank balances amounting to RM1.36 billion as at March 31.

Southern Score Builders Bhd, formerly G Neptune Bhd, has inked a Memorandum of Understanding (MOU) with two parties with the intention of forming a partnership to implement and develop robotic construction technologies in Malaysia. The two parties are MCC Overseas (M) Sdn Bhd (MCC) and Guandong Bright Dream Robotics Co Ltd (GBDR). MCC is a private company registered in Malaysia, which is principally involved in construction and property development. GBDR, a Chinese company, provides solutions for robotic construction technologies. The three companies agreed to construct 5,000 units of houses in Malaysia using robotic construction technologies.

SMTrack Bhd, together with three listed companies have mutually agreed not to extend the Heads of Agreement (HOA) pertaining to their 5G venture, following the expiry of the HOA on May 24. These three companies are Jiankun International Bhd, Sersol Bhd and MQ Technology Bhd. Notably, the consortium had initially started out with six companies back in January 2022. Back then, SMTrack which was heading the consortium, together with Jiankun, Sersol, MQ Tech as well as Country Heights Holdings Bhd and Techna-X Bhd signed the HOA with 5G Infra Tech Solution Sdn Bhd. The HOA was signed with the intention that the consortium would invest in 5G Infra Tech via redeemable convertible preference shares. The companies also had expected a definitive agreement to be inked in three months following the HOA between the consortium participants and 5G Infra Tech, but it did not materialise.

Rex Industry Bhd expects to recognise a provision for retrenchment costs amounting to RM2 million and other decommissioning expenses following the decommissioning of its production facility in Bukit Minyak Industrial Park, Seberang Perai Tengah, Penang. It estimates the decommissioning exercise to commence at the end of July 2023 and is expected to be completed by the first quarter of the financial year ending June 30, 2024. The decision to decommission the 7.7-acre facility is part of the company’s business rationalisation plan, which aims to reduce overall business operating costs and improve its financial position, but it only applies to the factory whereas the warehouse located within the said production facility will be maintained for inventory storage purposes.

Bumi Armada Bhd said its Armada Kraken floating production storage and offloading (FPSO) vessel operating in the UK North Sea has been shut-in due to a technical failure, and is expected to have a material impact on its financials. The shut-in comes after the vessel’s prolonged period of top-quartile production and operational performance. “In the meantime, key maintenance activities, originally scheduled for execution within two periods of single-train operations in the third quarter of the year, are being executed during the period of shut-in,” the group said, “These activities are intended to negate the requirement for any further planned outages in 2023.”

Yinson Holdings Bhd is exercising a call option to acquire the entire 100% in floating production, storage and offloading unit (FPSO) Atlanta, which is slated for deployment to offshore Brazil, for up to US$87.9 million (RM402.36 million). Yinson is buying the entire equity in AFPS BV from Atlanta Field BV. AFPS is the owner of the FPSO slated to operate in the Atlanta deep-water field in Santos Basin, under a long-term charter of 15 years — with an optional extension of five more years — from Enauta Group. Under the terms of the call option, the acquisition will trigger the replacement of an existing two-year operation and maintenance agreement between Enauta and Yinson, with a 15-year time charter O&M agreement.

Careplus Group Bhd said it has signed a term sheet with GoAuto Group Sdn Bhd to explore the business of selling and manufacturing electric vehicles (EV) as joint venture partners. The two companies intend to collaborate to build an EV manufacturing and assembly hub on a 74-acre piece of land in Chembong, Negeri Sembilan owned by Careplus. It is also exploring the purchase of 30% in a unit of GoAuto by issuing 25 million new Careplus shares, in order to import the Neta brand EV — said to be the cheapest EV in Malaysian market at below RM100,000 currently — via exclusive distribution here.

Citaglobal Bhd’s wholly-owned unit has served a notice of adjudication against IJM Construction Sdn Bhd, claiming RM20.82 million allegedly owed for work done in constructing part of the West Coast Expressway. It said that Citaglobal Land Sdn Bhd (formerly known as WZS KenKeong Sdn Bhd) had performed the work under a subcontract awarded in October 2015 to build part of WCE’s Section Nine mainline works from Kampung Lekir Interchange to Changkat Cermin Interchange. IJM Construction, wholly-owned by IJM Corp Bhd, has allegedly refused, failed and/or neglected to pay the outstanding sum despite Citaglobal Land completing its contractual obligations.

Crest Builder Holdings Bhd said an arbitration tribunal has awarded its subsidiary RM18.36 million in relation to its RM31.08 million counterclaim against Saujana Triangle Sdn Bhd in a payment dispute. The money was awarded to Crest Builder Sdn Bhd (CBSB) for certified sums, costs of idling and dayworks and retention sum. The tribunal rejected the RM94.67 million sought by Saujana against CBSB in the main claim. Saujana, a subsidiary of M K Land Holdings Bhd, was also ordered to bear CBSB's cost of the arbitration totalling RM2.13 million, and pay for the costs of the award.


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