KUALA LUMPUR (Jan 26): Here is a brief recap of some corporate announcements that made news on Friday: PJBumi Bhd, Joe Holding Bhd, Nylex (Malaysia) Bhd, PUC Bhd, Binasat Communications Bhd, L&P Global Bhd, Sarawak Consolidated Industries Bhd (SCIB), Malaysian Resources Corp Bhd (MRCB), Berjaya Land Bhd (BJLand), Nova MSC Bhd, Ahmad Zaki Sdn Bhd (AZSB), G Capital Bhd, KLCC Property Holdings Bhd (KLCCP), Tropicana Corp Bhd, Johor Plantations Group Bhd, Dataprep Holdings Bhd, KJTS Group Bhd, AGX Bhd, Tenaga Nasional Bhd. 

Engineering and construction services group PJBumi Bhd has teamed up with Nutra Rich Energy Sdn Bhd (NRESB) to engage in collaborative efforts in the oil and gas sector in Malaysia and Indonesia. PJBumi said its unit PJBumi Heavy Engineering & Services Sdn Bhd has entered into a teaming agreement with NRESB, which specialises in subsea activities and the supply of offshore jack-up rigs. Under the deal, the PJBumi unit is responsible for preparing the resources, licences and premises to perform business development, marketing and bidding exercises for technology-based solutions in relation to drilling equipment and solutions. — PJBumi teams up with subsea services provider to engage in oil and gas sector in Malaysia, Indonesia

 Joe Holding Bhd, formerly GPA Holdings Bhd, is selling its entire 70% stake in its subsidiary GP Products Sdn Bhd (GPP) to long-time shareholder Lim Siew Sooi for RM12.7 million. The divestment also involves GPP’s wholly owned GPA Technologies Sdn Bhd and 60%-owned GP Firstpower Technologies Sdn Bhd. Joe Holding said in a stock exchange filing on Friday that the disposal would allow it to reduce dependency on its traditional battery business, which is expected to be challenging in light of the expected greater demand for electric vehicle batteries in the market. — Joe Holding sells lead acid battery making units for RM13m

Nylex (Malaysia) Bhd, which was unable to submit a regularisation plan to address its Practice Note 17 (PN17) status by the extended deadline of Friday, said it is submitting an appeal against Bursa Securities' decision to suspend and delist its shares. The company risks suspension over the failure to submit the regularisation plan by the deadline, followed by delisting upon the expiry of two market days from the suspension date. Nylex said it is submitting the appeal on Friday, and subject to the appeal being considered favourably by Bursa Securities, it will seek a further extension of time to submit the regularisation plan. — Nylex to seek more time to submit regularisation plan, appoints Maybank IB as adviser

Proven Venture Capital Ltd has disposed of its entire stake in PUC Bhd and ceased to be a substantial shareholder of the group. Proven Venture has disposed of 185.87 million shares or a 7.85% stake in the technology group via an off-market transaction on Friday. The disposal came months after Proven Venture emerged as the substantial shareholder of the integrated media services and payment solutions provider in October last year via private placement subscription. Notably, Proven Venture is jointly owned by more than 100 limited partners consisting of high-net-worth entities and individuals. — Proven Venture disposes of entire stake in PUC 

Binasat Communications Bhd has appointed Ong Soon Lim as its group managing director cum executive director, effective immediately. Telecommunications support service provider Binasat said Soon Lim, 58, is succeeding Na Boon Aik. Soon Lim is an executive director in Hextar Capital Bhd (formerly known as Opcom Holdings Bhd), a fibre optic manufacturer. Hextar Capital is the largest shareholder in Binasat, with a 24.78% stake. Soon Lim's nephew Datuk Ong Choo Meng is the largest shareholder of Hextar Capital, controlling a 31.74% stake in the company. — Binasat names Hextar Capital ED Ong Soon Lim as new MD 

Bursa Malaysia has approved the transfer of L&P Global Bhd’s listing status from the ACE Market to the Main Market, under the Industrial Products & Services sector. L&P Global made an application for the transfer to the Main Market in June 2023, six months after debuting on the ACE Market, saying it had fulfilled all the requirements for the proposed transfer. It also proposed to amend its constitution in order to facilitate the transfer. L&P Global was listed on the ACE Market on Jan 3 last year with an impressive opening price of 42 sen over its initial public offering price of 30 sen, before closing higher at 53 sen that gave it a premium of 82%. — Bursa approves transfer of L&P Global to Main Market

Sarawak Consolidated Industries Bhd (SCIB) said it is acquiring leasehold plots in Demak Laut Industrial Park in Kuching from the Land and Survey Department of Sarawak measuring 8.85ha for RM21.62 million cash. This follows an earlier filing by SCIB on Jan 17, which clarified it was in talks with the Sarawak state government to acquire the land plots for the purpose of expanding its production capacity. The five plots of land are located some 15km from Kuching City Centre. — SCIB buys land for RM21.6 mil for capacity expansion 

Malaysian Resources Corp Bhd (MRCB), Berjaya Land Bhd (BJLand) and IJM Construction Sdn Bhd (IJM) confirmed that they are in a consortium, together with Keretapi Tanah Melayu Bhd (KTMB), to bid for the Kuala Lumpur-Singapore high-speed rail (HSR) project. MRCB said the company has signed a teaming agreement with Berjaya Rail Sdn Bhd, a subsidiary of Berjaya Land Bhd, to be part of the Berjaya HSR Consortium on Dec 15, 2023. It said the purpose of the agreement was to submit a non-binding conceptual proposal to MyHSR Corp Sdn Bhd, pursuant to the request for information (RFI) conceptual proposal for the HSR project. — MRCB, Berjaya Land and IJM confirm in consortium to bid for KL-Singapore HSR project 

Nova MSC Bhd has secured an automation project from a Singaporean firm which entails the supply, delivery, installation, testing and commissioning of a fully operational automated administration, labelling and sample processing system.The contract is valued at RM20.8 million and there is also an option to purchase optional items and services as well as extend the maintenance by another five years amounting to approximately RM14.6 million.Nova MSC said its unit novaCITYNETS Pte Ltd (NCN) has received a letter of award from Sys-Mac Automation Engineering Pte Ltd in Singapore to engage the company as a contractor for the project. — Nova MSC bags RM35 mil automation project 

Ahmad Zaki Sdn Bhd (AZSB), a wholly-owned subsidiary of engineering and construction group Ahmad Zaki Resources Bhd (AZRB), has been served with a winding-up petition by Sukiada Engineering Sdn Bhd (SESB) for allegedly failing to settle an outstanding amount of RM168,115.25 excluding interest as at June 30, 2023. AZRB said, however, that AZSB is not a major subsidiary of the company and that it does not anticipate any financial and operational impact due to the filing of the petition.AZRB clarified that at the point of the petition being served, ongoing negotiations were taking place between the group and SESB to reach a mutually acceptable resolution. — AZRB subsidiary served with winding-up petition for allegedly failing to pay debt 

G Capital Bhd has further downsized the capacity of its 70%-owned unit's solar photovoltaic (PV) system on the premises of a wholly-owned unit of Chin Well Holdings Bhd to 2MW.This came after design revisions following a supplemental power purchase agreement (SPPA) that was inked between its 70%-owned subsidiary Solarcity Malaysia Sdn Bhd and Chin Well’s Chin Herr Industries (M) Sdn Bhd.Based on the initial PPA dated May 2022, the solar plant to be built on Chin Herr’s premises was to have a capacity of 3MW (3,000.24KW). — G Capital further downsizes 70%-owned unit's solar plant to 2MW

KLCC Property Holdings Bhd (KLCCP) is buying the remaining 40% equity interest in Suria KLCC Sdn Bhd, which owns and manages Suria KLCC Mall here, for RM1.95 billion.KLCCP said it has entered into a share purchase agreement with Ocmador (Malaysia) City Retail Centre Sdn Bhd, Port Moresby Investments Ltd and Bold Peak Sdn Bhd for the proposed acquisition.It added that the proposed acquisition will be funded by external borrowings and is expected to be completed by the second quarter of 2024. Suria KLCC will become a wholly owned subsidiary of KLCCP after the completion of the proposed transaction. KLCCP and KLCC Real Estate Investment Trust (KLCC REIT) are collectively known as KLCCP Stapled Group. Already, the group owns a diverse property portfolio largely located within the Kuala Lumpur City Centre including Petronas Twin Towers, Menara ExxonMobil and Menara 3 PETRONAS under KLCC REIT. Meanwhile, the non-wholly owned assets and assets with development and redevelopment potential, Suria KLCC, Mandarin Oriental, Kuala Lumpur hotel and a vacant land (Lot D1) are under KLCCP, which also has a 33% stake in Menara Maxis. — KLCC Property to buy rest of Suria KLCC stake for RM1.95b 

Tropicana Corp Bhd has proposed to sell its Courtyard by Marriott Penang Hotel for a total cash consideration of RM165 million, to a unit of IOI Properties Group Bhd, confirming The Edge report last month.The property developer said its wholly owned subsidiary, Tropicana Macalister Avenue (Penang) Sdn Bhd has entered into a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd — an indirect subsidiary of IOI Properties — for the proposed disposal. Tropicana highlighted the proposed disposal is aligned with the group’s ongoing initiatives to monetise its landbanks and investment properties, reduce its net gearing and improve its financial position. — Tropicana Corp sells its hotel in Penang to IOI Properties unit for RM165 mil 

Johor Plantations Group Bhd has inked a venture agreement with Fuji Oil Asia Pte Ltd, a subsidiary of Japan's Fuji Oil Group, to develop a specialty oils and fats refinery operating on renewable energy.The plantation group, which is slated for a Main Market listing on the local bourse, said the strategic partnership brings together the expertise and commitment of two industry leaders and aligns with both companies’ dedication to environmental responsibility and innovation. According to the group, Fuji Oil Group is a renowned global food ingredient manufacturer. — Johor Plantations inks deal with Fuji Oil Asia to develop specialty oils and fats refinery

Dataprep Holdings Bhd has announced that its Indonesia subsidiary has been selected as the winner and lead consortium member to construct and maintain passive telecommunication infrastructure in Bandung, Indonesia.Dataprep said the passive telecommunication infrastructure development will include construction and maintenance of underground telecommunication infrastructure including the ducting, manhole and handhole for installation of fibre optics and construction of telecommunication microcell pole. The consortium, led by Dataprep unit PT Dataprep Teknologi Indonesia Tbk, includes two other consortium members namely PT Bintang Trans Khatulistiwa Tbk and PT Raka Mitra Bersama Tbk. — Dataprep's Indonesia consortium awarded project to build and maintain passive telco infra in Bandung 

KJTS Group Bhd made an impressive debut on the ACE Market of Bursa Malaysia on Friday, and was the second most actively traded stock on the bourse. At 9.01am, KJTS had risen 70% or 19 sen to 46 sen, from its initial public offering (IPO) price of 27 sen.The stock climbed further during the day, closing at an intra-day high of 50 sen, up 23 sen or 85.19% with 212.75 million shares done — making it the second most active counter on Friday. KJTS specialises in providing cooling energy, cleaning, and facility management services, primarily to the property industry. — KJTS debuts on ACE Market at 70% premium to IPO price 

The public issue of 21.65 million issue shares in ACE Market-bound AGX Group Bhd made available for application by the Malaysian public has been oversubscribed by 15.43 times.A total of 5,429 applications for 355.66 million issue shares were received from the Malaysian public, representing an overall oversubscription rate of 15.43 times, according to a statement by Malaysian Issuing House Sdn Bhd.Post-IPO, AGX’s largest shareholders will comprise its group chief executive officer Datuk Ponnudorai Periasamy (11.54%), as well as executive directors Jayasielan Gopal (11.54%), Penu Mark (17.6%) and Peter Neo Lip Pheng (17.6%).The listing values AGX at a market capitalisation of RM151.5 million upon the company's listing on Bursa Securities with an enlarged share capital of 432.87 million shares. —  ACE Market-bound AGX Group's IPO oversubscribed by 15.43 times 

Tenaga Nasional Bhd will kick-start a 400 megawatt-hour (MWh) battery energy storage system (BESS) pilot project in this quarter, marking Malaysia’s first utility-scale battery storage project to address intermittency issues of renewable energy (RE).The pilot project will be executed by the national utility outfit, operated by Grid System Operator (GSO), and overseen by the Energy Commission, according to the Ministry of Energy Transition and Public Utilities.Battery storage is seen as an expensive but necessary new component of the electricity supply infrastructure, as more of power suppliers and consumers opt for renewable energy (RE) such as solar. — TNB to undertake 400MWh battery storage project, says ministry