Proton, MSM, Borneo Oil, Tropicana, Sapura, YTL, Bina Puri, Revenue Group, Sentral REIT, PBA, DEHB, Sunway, UOB and Ge-Shen

Proton, MSM, Borneo Oil, Tropicana, Sapura, YTL, Bina Puri, Revenue Group, Sentral REIT, PBA, DEHB, Sunway, UOB and Ge-Shen

KUALA LUMPUR (June 8): Here is a brief recap of some corporate announcements that made the news on Thursday (June 8) involving Proton Holdings Bhd, MSM Malaysia Holdings Bhd, Borneo Oil Bhd, Tropicana Corp Bhd, Sapura Energy Bhd, YTL Corp Bhd, Bina Puri Holdings Bhd, Revenue Group Bhd, Sentral REIT, PBA Holdings Bhd, Dayang Enterprise Holdings Bhd, Sunway Bhd, UOB Malaysia Bhd and Ge-Shen Corp Bhd.

National carmaker Proton Holdings Bhd’s sales in its domestic and export markets rose 40.9% in May 2023 to 13,268 units month-on-month. Sales for the first five months of the year stood at 62,970 units, a year-on-year (y-o-y) increase of 38.9%, the highest in the Malaysian automotive sales table. As for overall sales, Proton Saga retained its position as the best-selling model with 5,819 units sold in May, placing it second overall for the A-segment sedan with 27,214 units sold so far, an increase of 51% y-o-y.

MSM Malaysia Holdings Bhd said it is more optimistic about returning to profitability in 2023 by growing its export footprint in China, Bangladesh and Indonesia. However, the group also emphasised the need for more structural changes in how refined and coarse sugar prices are determined. The group has just recently completed its technical turnaround programme at MSM Sugar Refinery (Johor) Sdn Bhd, which is now ready for higher production and more product varieties.

Victoria Capital Sdn Bhd has ceased to be a substantial shareholder of Borneo Oil Bhd after disposing of 473.19 million shares or a 4.37% stake in the group. After the sale, Lei Shing Hong remains the largest shareholder with an 11.62% stake, followed by MT 23 Resources with 4.79%.

Minority shareholders of Tropicana Corp Bhd are advised to vote in favour of the proposed capitalisation involving a share settlement of RM180 million it owes to founder and group executive vice-chairman Tan Sri Tan Chee Sing in the upcoming extraordinary general meeting. Independent adviser BDO Capital Consultants Sdn Bhd said the proposed capitalisation represents an opportunity for the group to expediently settle a large part of the advances amounting to RM180 million via the issuance of settlement shares, without involving cash outflow from the group.

Sapura Energy Bhd reported that it has secured 10 contracts across the Asia Pacific and Atlantic regions since last December, with a combined value of RM1.4 billion and 70% originating from projects outside of Malaysia. The contracts were awarded to its engineering and construction (E&C), drilling, and operations and maintenance business segments, through the group's wholly-owned subsidiaries.

YTL Corp Bhd has been crowned UK-Malaysia Business of the Year at the fourth iteration of the British Malaysia Chamber of Commerce’s (BMCC) Business Excellence Awards. The award recognises the diversified group’s stellar track record of investment in the UK by building on its successful local business; bringing mutual economic benefit to both the UK and Malaysia. Meanwhile, YTL Corp managing director Tan Sri Francis Yeoh Sock Ping with the UK-Malaysia Business Personality of the Year Award, honouring his role in investment developments in Wessex and Bristol in the UK.

Bina Puri Holdings Bhd wholly-owned subsidiary Bina Puri Sdn Bhd had applied for a restraining order due to lacklustre construction activities and the sluggish property market climate brought on by severe disruption of the overall operating environment that rose from the implementation of the Movement Control Order and was granted on June 2. The group said that the order is necessary for the group to restructure its finances and revive its financial situation.

Former director Brian Ng Shih Chiow of Revenue Group Bhd, who is also a co-founder of the cashless payment solution provider, has been charged in the Sessions Court with 12 counts of forgery of invoices and purchase orders amounting to RM13.829 million, with the purpose of cheating the company. The forged invoices and purchase orders were for Golden Infor Services, Accucom Solutions PLT, and Omega Dynasty Sdn Bhd. Shih Chiow claimed trial to all charges under Section 468 of the Penal Code before Sessions Court judge Rozina Ayob, and if convicted, stands to face a maximum jail term of seven years and shall be liable to a fine. The judge fixed July 18 for mention.

Sentral REIT said its management company, Sentral REIT Management Sdn Bhd, has accepted a letter of intent issued by MRCB to commence negotiations for the proposed acquisition of the 27-storey Menara CelcomDigi in Petaling Jaya from Malaysian Resources Corp Bhd (MRCB). Menara CelcomDigi is currently leased out to Celcom Bhd (formerly known as Celcom Axiata Bhd) with a lease term of 15 years, which may be extended automatically for another two terms of three years each.

The government has renewed PBA Holdings Bhd’s water supply licence in Penang for another three years. The Minister of Natural Resources, Environment and Climate Change approved PBA’s application to renew its wholly-owned subsidiary Perbadanan Bekalan Air Pulau Pinang Sdn Bhd’s individual licence (facilities and services) pursuant to the Water Services Industry Act 2006 which will be effective from Jan 1, 2023, to Dec 31, 2026, unless renewed in accordance with Section 17 of the WSIA and Regulation 7 of the Water Services Industry (Licensing) Regulations 2007.

Dayang Enterprise Holdings Bhd’s (DEHB), wholly-owned subsidiary unit Dayang Enterprise Sdn Bhd (DESB) was awarded a contract for the provision of integrated hook-up and commissioning (iHUC) services from a unit of Petroliam Nasional Bhd (Petronas) — Petronas Research Sdn Bhd. The contract is effective for one year from Feb 22, with an option to extend for another year.

Sunway Bhd and UOB Malaysia Bhd have signed a Memorandum of Understanding to achieve their shared mission to achieve net zero carbon emission by 2050 by leveraging on each other’s strengths and expertise to integrate sustainable financing solutions, infrastructure and technologies into various business divisions across Sunway’s ecosystems. The collaboration will include joint capacity-building programmes and workshops to facilitate and to scale sustainability initiatives for tenants, lessees and suppliers by providing sustainability financing solutions to jumpstart investments into more sustainable infrastructure, as well as to address Scope 3 emissions.

Borneo Oil Bhd has announced that chairman Tan Kok Chor has been redesignated as non executive director effective immediately. The group also announced that Michael Moo Kai Wah has left his position as independent and non executive director due to his retirement. No announcement has been made regarding Tan’s successor as chairman.

Ge-Shen Corp Bhd's newly appointed executive director Keh Chuan Seng was redesignated as the group's executive chairman on Thursday. Keh, 51, was appointed as the plastic injection moulding and metal stamping group’s executive director on Tuesday, together with Lee Hai Peng, 56. The group also announced that the resignations of its independent and non-executive chairman Chew Hoy Ping, 65, and independent and non-executive director Ooi Hooi Kiang, 54, due “to personal reasons”. It also appointed Ho Ai Hoon, 39, as its new independent and non-executive director, replacing Ooi.

https://theedgemalaysia.com/node/670490