KUALA LUMPUR (Sept 22): Here is a brief recap of some corporate announcements that made news on Thursday involving IHH Healthcare Bhd, Petronas Chemicals Group Bhd, Yinson Holdings Bhd, Bina Darulaman Bhd, YNH Property Bhd, Konsortium Transnasional Bhd, Careplus Group Bhd, Thriven Global Bhd, Apex Equity Holdings Bhd and ManagePay Systems Bhd.
India's Supreme Court refused to lift a 2018 halt on Malaysia's IHH Healthcare Bh d's open offer for Fortis Healthcare Ltd shares, and asked a lower court to decide on the issue. Fortis' share price fell as much as 11.6% after the Supreme Court’s order. According to a Bloomberg report, the Supreme Court ordered a forensic audit of the share sale in Fortis, after hearing a petition filed by Japan's Daiichi Sankyo Co. Daiichi objected to the sale of the pledged shares in Fortis, claiming rights over the shares. The Supreme Court sentenced former owners of Fortis, brothers Malvinder Singh and Shivinder Singh, to six months in jail.
Petronas Chemicals Group Bhd (PetChem) said its next merger and acquisition (M&A) within the specialty chemicals platform is crucial for the company’s future positioning as the group eyes customers from industries including the food and healthcare sectors as end markets for its products. Such specialty chemical pathways, PetChem said in its latest corporate presentation in conjunction with CGS-CIMB ESG Day 2022 on Sept 21, include the likes of food, feed and nutrition, industrial additives, as well as surfactants, household, industrial and institutional (HI&I), and personal care.
Yinson Holdings Bhd 's net profit in the second quarter ended July 31, 2022 (2QFY23) rose 13.49% to RM143 million from RM126 million a year ago, supported by higher contributions from the group's offshore production and offshore marine segment. Revenue for the quarter jumped 53.7% to RM1.62 billion from RM1.05 billion a year earlier mainly due to higher contribution from the group's floating production storage and offloading (FPSO) operations mainly driven by the strengthening oil prices and higher contribution from engineering, procurement, construction, installation and commission (EPCIC) business activities. It declared an interim dividend of one sen per share, with an ex date of Nov 29 and payable on Dec 16.
Kedah-based property developer Bina Darulaman Bhd (BDB) is planning to potentially diversify into the agriculture, renewable energy and telecommunications (telco) sectors to capitalise on the respective sectors' resilience. BDB acting president and group chief executive officer Mohd Iskandar Dzulkarnain Ramli noted that while the diversification plan is only in its early stages, the group would like to diversify into all three sectors if possible while ensuring the sustainability of its current core business segments of property development, and engineering, construction and quarry in the post-Covid-19 era. However, he added that BDB's diversification plan is still early in the works, and only in the stage of conducting a feasibility study of the prospects.
YNH Property Bhd proposes an asset-backed securitisation exercise to raise up to RM500 million fresh capital, seven months after it issued Islamic sukuk to raise RM323 million. The company intends to securitise its two retail malls, namely 163 Retail Park at Mont Kiara, Kuala Lumpur, and AEON Seri Manjung in Perak. The real estate developer said that the debt financing exercise, which requires shareholders' approval, will enable it to realize immediate net cash proceeds. YNH said the disposal consideration remains subject to change and is dependent on the valuation of the properties. However, it did not reveal the utilisation of the proceeds.
Konsortium Transnasional Bhd (KTB)'s unit has secured a building work contract worth RM109.61 million for an apartment project in Hulu Kinta, Perak. The company said its wholly owned subsidiary Transnational Builder Sdn Bhd won the piling work, earthworks and building work from Maju Teluk Batik Sdn Bhd. The scope of works comprise piling work, earthworks and building work for apartment blocks B and C, and two carparks of a mixed development at Hulu Kinta, Perak.
Careplus Group Bhd said its unit Rubbercare Protection Products Sdn Bhd (RPP) has filed an application to strike out Petrolife Aero Sdn Bhd's writ of summons and statement of claim, citing multiplicity of proceedings. The glove maker said its unit filed the application at the High Court here to strike out Petrolife's claim seeking RM27.08 million due to an alleged breach of an agreement relating to the supply of liquefied natural gas (LNG), reasoning that RPP filed a suit pertaining to the same matter at the Seremban High Court. Other than seeking to have the claim be struck out and dismissed accordingly, Careplus said the application also seeks that the costs of the application be paid by Petrolife on an indemnity basis, as well as any further or other relief that the court deems fit and proper under the circumstances.
Thriven Global Bhd is acquiring 4,700 sq metres of freehold land in Butterworth that has been approved for the development of serviced apartments. The group’s subsidiary, Bukit Punchor Development Sdn Bhd, is buying the land from Star Sanctuary Land Sdn Bhd for RM21 million. Of the sum, RM13.88 million will be set off against the payment to be made by Star Sanctuary to Mayfair Ventures Sdn Bhd, another subsidiary of Thriven. This is in respect of Star Sanctuary's purchase of 12 units of service apartment and one SoHo (small office, home office) in Lumi Tropicana, Petaling Jaya from Mayfair.
Apex Equity Holdings Bhd said its non-executive chairman Datuk Ahmad Redza Abdullah has resigned from the post effective immediately, due to personal reasons. Ahmad Redza, 58, was appointed to the Apex board only three months ago on June 22. On Sept 15, Sarawak Cable Bhd (SCable) also announced the resignation of Ahmad Redza as the company's executive director and group managing director, with effect from Dec 31, after having served the power cable and wire producer for 13 years.
ManagePay Systems Bhd (MPay) has appointed entrepreneurial and marketing coach Datuk Wira Dr Azizan Osman as its non-independent and non-executive director effective immediately. In his new role, Azizan will focus on bringing MPay peer-to-peer (P2P) financing, QuicKash to his MSMEs network and making it comply with Shariah legislation.
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IHH, PetChem, Yinson, Bina Darulaman, YNH Property, Konsortium Transnasional, Careplus, Thriven Global, Apex Equity and MPay have 1168 words, post on www.theedgemarkets.com at September 23, 2022. This is cached page on Business News. If you want remove this page, please contact us.