KUALA LUMPUR (Aug 10): Here is a brief recap of some corporate announcements that made the news on Thursday (Aug 10) involving Berjaya Land Bhd, IHH Healthcare Bhd, Advancecon Holdings Bhd, Prolexus Bhd, NCT Alliance Bhd, Pentamaster Corporation Bhd, Sentral REIT, EA Holdings Bhd, Top Builders Capital Bhd and Southern Cable Group Bhd.
Berjaya Corp Bhd (BCorp) founder and adviser Tan Sri Vincent Tan and BCorp's unit Berjaya Land Bhd (BLand) are suing caretaker Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor over alleged defamatory remarks relating to the Selangor Maritime Gateway (SMG) project. Tan and BLand are seeking general damages, compensatory damages, aggravated damages and exemplary damages. Apart from that, the lawyers have also filed an application for the High Court to issue an injunction to stop Sanusi from making similar remarks in the future. The lawyers claimed that Sanusi’s comments have "...pervaded and permeated into the (Tan’s) family circle, further aggravating the mental trauma suffered by him and his family". Meanwhile, BLand has appointed Abang Abdillah Izzarim Abang Abdul Rahman Zohari as its independent and non executive director, effective immediately (Aug 10). Abang Abdillah, 45, is the son of Sarawak premier Tan Sri Abang Abdul Rahman Zohari Abang Openg, better known as Abang Johari.
IHH Healthcare Bhd announced that it will acquire the entire equity interest in Bedrock Healthcare Sdn Bhd (BHSB) for a cash consideration of RM245 million. IHH via its indirect wholly-owned subsidiary Pantai Holdings Sdn Bhd has entered into a share purchase agreement (SPA) with Saravita Holdings Sdn Bhd and nine individual founders for the entire equity interest in Bedrock Healthcare. BHSB, via its wholly-owned subsidiaries, owns the key asset Timberland Medical Centre (TMC) in Kuching, Sarawak and has earmarked vacant land in central Kuching for the construction of a new 200-bed tertiary hospital. The acquisition is expected to be completed by the first half of 2024, subject to regulatory approvals and satisfaction of conditions precedent in accordance with the SPA. Upon completion, BHSB and its subsidiaries will be consolidated as subsidiaries of IHH.
Advancecon Holdings Bhd’s associate has bagged a RM45.48 million award as the contractor for the proposed construction and completion of earthworks and other related works, in relation to the Miri combined cycle gas turbine power plant project. Advancecon said its 30%-owned associate company Advancecon (Sarawak) Sdn Bhd (ASSB) had accepted the letter of award (LOA) from Petros Power Sendirian Bhd for the project. The contract period is 12 months from the date of the LOA. The group intends to fund the contract via internally-generated funds and/or external borrowings.
Prolexus Bhd intends to raise up to RM102.58 million — about 92% of its market capitalisation of RM111 million — through a renounceable rights issue of irredeemable convertible unsecured loan stocks (ICULS) to trim its bank borrowings and to fund its working capital. The apparel maker said the renounceable rights issue entails the issuance of up to RM102.58 million nominal value of 2.05 billion ICULS at its full nominal value of 5 sen each, on the basis of five ICULS for each existing Prolexus share, on an entitlement date to be determined. The conversion price of the five-year ICULS is also yet to be fixed. Besides repaying bank borrowings, for which it is allocating up to RM42.6 million and to fund its working capital (up to RM34.18 million), Prolexus plans to use as much as RM15 million to acquire businesses that complement its existing one and RM10 million for the installation of rooftop solar photovoltaic systems.
NCT Alliance Bhd (formerly Grand-Flo Bhd) is undertaking another private placement exercise of about 10% of its share base to raise some RM54.42 million, based on an illustrative price of 37 sen, mainly to fund its property development of the Grand Ion Majestic and Ion Vivace projects. Based on the illustrative gross proceeds, the company said almost all of it or RM53.9 million, will be allocated for investment opportunities to expand the group’s property development activities. It said some RM50 million and RM3.9 million would be earmarked for its mixed development project Grand Ion Majestic in Pahang and Ion Vivace in Batu Kawan, Penang, respectively.
Semiconductor group Pentamaster Corporation Bhd’s net profit rose 23.2% to RM23.65 million in the second quarter ended June 30,2023 from RM19.2 million a year ago, on the back of higher revenue and better product mix. Quarterly revenue increased 16.9% to RM176.88 million from RM151.34 million, mainly contributed by the automated test equipment and factory automation solutions segments.
Sentral REIT's net property income for the second quarter ended June 30, 2023 grew 4.55% to RM29.21 million from RM27.94 million a year earlier. Quarterly revenue was up by 4.59% to RM38.19 million from RM36.51 million a year earlier, driven by higher revenue generated from Menara Shell and Platinum Sentral, partially offset by the decrease in revenue from Wisma Technip and QB2. The real estate investment trust declared an interim income distribution of 3.19 sen per unit, which will be paid on Sept 18, translating into a yield of 7.83% based on the group’s closing price of 81.5 sen on June 30, 2023.
EA Holdings Bhd has urged its shareholders not to attend and vote at an extraordinary general meeting (EGM) on Aug 22 called by substantial shareholder Ng Cheng Shin. The ICT services provider said the notice of EGM issued by Ng on Aug 7 "is independent of the company" and against the terms of two interim injunction orders dated Aug 1 and Aug 2 obtained by Vinvest Capital Holdings Bhd in the High Court. The notice is treated by the company as defective and void. Ng, who has claimed to hold at least a 10% equity interest in EA Holdings, has called for the EGM to remove six directors and replace them with four new candidates.
Practice Note 17 (PN17) company Top Builders Capital Bhd said that its external auditor, Kreston John & Gan, has resigned on a voluntary basis. The auditor's term of office will end 21 days after the resignation notice date of Aug 9 in line with the Companies Act 2016, said the piling and engineering company. Top Builders said it will announce its new auditor in due course once the appointment is finalised by the company.
Southern Cable Group Bhd has received an extension of contract from Tenaga Nasional Bhd (TNB) worth RM332.1 million to supply underground power cables to the utility giant. The group secured the one-year extension until July 2024 through its wholly-owned subsidiary Southern Cable Sdn Bhd. The subsidiary was awarded the original one-year contract, valued at RM294 million, in July 2022.