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Singapore Investment


 Pharmaniaga, SL Innovation, Bahvest, L&P Global, Green Packet, Radium, PetChem, Sapura, TM, Mah Sing, Agmo, Datasonic, BIG Industries, Pesona Metro, Key Alliance

KUALA LUMPUR (June 13): Here is a brief recap of some corporate announcements that made the news on Tuesday (June 13) involving Pharmaniaga Bhd, SL Innovation Capital Bhd, Bahvest Resources Bhd, L&P Global Bhd, Green Packet Bhd, Radium Development Bhd, Petronas Chemicals Group Bhd, Sapura Energy Bhd, Telekom Malaysia Bhd, Mah Sing Group Bhd, Agmo Holdings Bhd, Datasonic Group Bhd, BIG Industries Bhd, Pesona Metro Holdings Bhd, and Key Alliance Group Bhd.

Practice Note 17 (PN17) outfit Pharmaniaga Bhd has proposed a private placement of up to 10% of its share base to raise an indicative amount of up to RM44.54 million for working capital. Pharmaniaga intends to issue up to 131.02 million shares for the placement, with an indicative price of 34 sen per share. The placement shares will be issued to third party investors to be identified later.

The board of LEAP Market-listed SL Innovation Capital Bhd is contemplating a transfer to the ACE Market of Bursa Malaysia. The group shared that it had received a letter from its major shareholder Soon Seng Teck, who is also the group’s managing director, requesting the board to consider undertaking the proposed transfer of its listing. SL Innovation further said that the board, except Soon, will deliberate on this matter further.

Bahvest Resources Bhd dropped the resolutions proposed for its extraordinary general meeting (EGM) on Tuesday following the resignation of three board members it had earlier wanted to remove. The group said all eight EGM resolutions were withdrawn, including a proposal to establish an employee’s share option scheme. The EGM’s main aim was to remove the group's founder and former managing director-cum-chief executive officer Datuk Lo Fui Ming, his son Lo Tek Yong as executive director, and non-executive chairman Datuk Seri Dr Md Kamal Bilal. Despite the resignation of the three board members, the loss-making group proceeded to hold the EGM as planned at a luxury hotel here, with incumbent board members emphasising to shareholders that the group’s daily operation remains intact despite the boardroom changes, according to a person who attended the meeting.

Packaging solutions provider L&P Global Bhd is seeking a transfer to the Main Market of Bursa Malaysia — six months after debuting on the ACE Market, after the group said it had fulfilled all requirements for the proposed transfer. The group also proposed to amend its constitution in order to facilitate the transfer.

Telecommunication and tech firm Green Packet Bhd said its 70%-owned subsidiary First Wireless Sdn Bhd has obtained shareholders' approval to commence a member’s voluntary winding-up. The group further added that First Wireless’ members’ voluntary winding-up is in accordance with Section 439(1)(b) of the Companies Act 2016. Green Packet mentioned that the members’ voluntary winding-up is part of Green Packet's continued initiative to reduce the dormant company in the group and to eliminate unnecessary administrative costs in maintaining the subsidiary further.

Newly-listed Radium Development Bhd’s 80%-owned unit Vistarena Development Sdn Bhd is being sued by 241 individual purchasers for alleged misrepresentation and breach of contract in the sale of its Residensi Platinum OUG project in Bukit OUG, Kuala Lumpur. The purchasers claim that they had been misled by the company's representations about the purchase of the property, alongside severe defects in the common facilities. They also sought exemplary damages of RM25,000 each.

Petronas Chemicals Group Bhd (PetChem) said it had reached a final investment decision (FID) to acquire a maleic anhydride (MAn) plant in Gebeng, Kuantan from its 40% owned unit BASF Petronas Chemicals Sdn Bhd (BPC) for an undisclosed sum. The FID is targeted to be ready by the second half of 2025. PetChem signed an agreement with BPC previously for the acquisition of the 113-kilotonne-per-annum plant, with plans to repurpose and upgrade the facility to produce MAn for the food and pharmaceutical industries. MAn is produced for applications in coatings and polymers, and mainly used in production of unsaturated polyester resins, paints, and food flavouring.

Sapura Energy Bhd has been granted an extension of up to November 30, 2023, to submit its regularisation plan to the relevant regulatory authorities to enable it to get out of Practice Note 17 or the financially distressed category. Earlier this month, the High Court of Malaya granted Sapura and 22 of its wholly owned subsidiaries an extension period of up to nine months, until March 10, 2024, on both its convening and restraining orders. The orders were initially issued on March 8 and set to expire on June 11.

Telekom Malaysia Bhd’s (TM) wholly owned unit GITN Sdn Bhd on Tuesday inked a 10-year concession extension for MyGov*Net with the government. The value of the latest MyGov*Net concession, known as MyGov*Net 2.0, is capped at RM4.9 billion, inclusive of 6% sales and service tax. The scope of work is to provide a secured integrated telecommunication network for the government that connects more than 10,000 government premises in Malaysia and Malaysian embassies overseas.

Mah Sing Group Bhd is buying two plots of land measuring 75.75 acres in Johor Bahru for RM76.09 million to develop a residential project with a gross development value (GDV) of RM480 million. The group, via its wholly-owned unit Venice View Development Sdn Bhd, entered into separate agreements on Tuesday with Amanah Raya Bhd and Mutiara Kiara Properties Sdn Bhd to acquire the two plots of lands in Pulai. Mah Sing said the proposed development will be named M Tiara and comprise double-storey terrace and double-storey cluster homes.

Agmo Holdings Bhd has inked a memorandum of understanding with Alibaba Cloud (Malaysia) Sdn Bhd to evaluate and explore possibilities for an inaugural project in Malaysia, specifically the Alibaba Cloud Enterprise Mobile Application Studio (EMAS) SuperApp Solution and the Agmo electric vehicle SuperApp. The MOU is also to support each other in terms of business development and marketing activities to promote these projects.

Datasonic Group Bhd received a letter from the Home Ministry to supply more passport chips, with a contract value of up to RM37.62 million. The group’s owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) had received and accepted the letter from the ministry in relation to the amendment to a previous contract entered into in November 2021 for the supply of 12.5 million Malaysian passport chips from Dec 1, 2021 to Nov 30, 2023. Under the terms of the latest letter, DTSB is required to furnish a performance bond for RM3.53 million to the Home Ministry, with the validity period to be extended by another year until Nov 30, 2024.

BIG Industries Bhd has entered into an agreement with SJ Holdings Sdn Bhd for the proposed disposal of a piece of land in Johor for RM4.5 million cash. The land is on a 60-year leasehold, set to expire on May 31, 2069 and measures 1.652 acres. The group estimates that the proforma gain arising from this transaction will amount to RM3.55 million.

Pesona Metro Holdings Bhd’s wholly owned unit, Pesona Metro Sdn Bhd, received a RM180.84 million contract to undertake subcontract works for the construction of the Malaysian National Film Development Board’s (Finas) headquarters in Damansara Damai, Petaling Jaya. This is the fourth contract that the construction group has secured this year. Pesona said the project — with a duration of 18 months from the date of site possession — is expected to contribute positively to the group’s earnings and net assets.

Key Alliance Group Bhd has applied to subscribe for up to 130 million rights shares and excess rights shares in Komarkcorp Bhd, at eight sen per share or a total sum of up RM10.4 million. The 130 million rights shares sought would come with 43.33 million free detachable warrants of Komarkcorp. Currently, Key Alliance holds 101.72 million shares or a 17.62% stake in Komarkcorp.


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