IHH Healthcare, Dialog, Impiana Hotels, CIMB Group, CapitaLand Malaysia Trust, Dynaciate, Boustead Plantations, SCIB, Hibiscus Petroleum, UEM Sunrise, Bintai Kinden, Dayang Enterprise, Reservoir Link and AIM

KUALA LUMPUR (June 7): Here is a brief look at some corporate announcements and news flow on Tuesday (June 7) involving IHH Healthcare Bhd, Dialog Group Bhd, Impiana Hotels Bhd, CIMB Group Holdings Bhd, CapitaLand Malaysia Trust, Dynaciate Group Bhd, Boustead Plantations Bhd (BPB), Sarawak Consolidated Industries Bhd (SCIB), Hibiscus Petroleum Bhd, UEM Sunrise Bhd, Bintai Kinden Corp Bhd, Dayang Enterprise Holdings Bhd, Reservoir Link Energy Bhd and Advance Information Marketing Bhd (AIM).

IHH Healthcare Bhd is embarking on disposal exercises worth RM1.35 billion, including a divestment of its entire stake in IMU Health Sdn Bhd (IMUH) to Inbound Education Holdings Sdn Bhd for RM1.24 billion. In conjunction with the IMUH disposal, IHH is also selling a hospital that is still under construction in Kuala Lumpur, together with its assets and liabilities, to Columbia Asia Sdn Bhd for RM139 million, less an outstanding bank loan amount of RM38 million as of Dec 31, 2021. IHH said the move is in line with the group’s strategy to divest its non-core assets and recycle its capital by deploying the proceeds to grow its core healthcare delivery services business.

Dialog Group Bhd‘s wholly-owned Singapore subsidiary Dialog Systems (Asia) Pte Ltd (DSAPL) via DSAPL’s 100%-owned Canada-based company 2432707 Alberta Ltd is buying the entire stake in Canada-listed oil and gas firm Pan Orient Energy Corp (POEC) for US$38.7 million (RM170 million) in Dialog’s first upstream O&G venture outside Malaysia for mature oil producing fields. 

Impiana Hotels Bhd has proposed to undertake a five-to-one share consolidation and issuances of redeemable convertible notes to raise up to RM150 million, mainly for repayment of borrowings and working capital. The group said the proposed share consolidation is undertaken due to, amongst others, the potential dilutive effect arising from the increase in the number of shares resulting from the conversion of the notes. It added that the exercise should potentially help in reducing volatility in its trading price.

CIMB Group Holdings Bhd‘s subsidiaries CIMB Bank Bhd and CIMB Islamic Bank Bhd have committed RM100 million in financing through Bank Negara Malaysia’s (BNM) low carbon transition facility (LCTF) to encourage and empower businesses, including small and medium enterprises (SME), to adopt low carbon and sustainable practices for business resilience. CIMB Group said the RM100 million facility is being offered as part of the LCTF financing scheme established by BNM in January 2022.

CapitaLand Malaysia Trust has proposed to buy industrial properties in Penang from Dynaciate Group Bhd for RM80 million to venture into the logistics sector.  The group said the acquisition includes 5.11 hectares of freehold land with a single storey warehouse annexed to a double storey office building, two single storey detached warehouses, and other ancillary buildings. The REIT said the acquisition will enable it to gain a foothold in Malaysia’s logistics sector with sizeable property that comes with a total net lettable area of 335,000 sq ft. 

Boustead Plantations Bhd (BPB) has sealed a RM45 million green financing agreement with China Construction Bank (M) Bhd (CCBM) to facilitate its sustainable replanting exercise as part of its commitment towards environmental, social and governance efforts. BPB, one of Malaysia’s major palm oil companies, seeks to leverage financing to maximise its ongoing accelerated sustainable replanting programme, particularly for its plantation assets in Sabah, from this year until 2024.

Sarawak Consolidated Industries Bhd (SCIB) has bagged an engineering, procurement, construction and commissioning contract worth RM30.75 million. The firm said its unit SCIB Properties Sdn Bhd had received a contract from Ennova Sdn Bhd to provide project engineering services for Kuala Lumpur City Hall’s (DBKL) integrated smart lamp pole replacement within the Klang Valley, involving 200 units of poles (monopoles).

Hibiscus Petroleum Bhd said its subsidiary REPSOL Oil & Gas M Ltd (RML) has discontinued the payment of state sales tax (SST) imposed by Sabah, after its appeal against the tax enforcement was met with silence from the Sabah finance minister. RML, which has a production sharing contract (PSC) in the Kinabalu Oil Field, had been making SST payment since 2020 “under protest”, said Hibiscus. Another subsidiary, SEA Hibiscus Sdn Bhd, which is the holder and operator of the 2011 North Sabah Enhanced Oil Recovery PSC, has not been paying SST to the state at all.

UEM Sunrise Bhd has teamed up with nine companies in specialised fields to explore ways to address the rising cost of building materials and leverage on existing platforms. The property developer signed a memorandum of understanding with the nine companies to develop and strengthen mutually beneficial cooperation under the group’s vendors partnership programme.

Bintai Kinden Corp Bhd has been appointed as the authorised distributor of UK-based Wolff Pipelines Ltd’s piping products. The company said its unit Bintai Energy Sdn Bhd had received an exclusive appointment letter from Wolff for stock and supply of stainless and carbon steel pipes, flanges and fittings in accordance with the American and European standards for the oil and gas market in Malaysia.

Dayang Enterprise Holdings Bhd has won a contract to provide maintenance, construction and modification for the PM8E Seligi oil fields located some 240 kilometres offshore Peninsular Malaysia. The Sarawak-based oil and gas group said the contract was awarded to its wholly-owned unit Dayang Enterprise Sdn Bhd by Enquest Petroleum Production Malaysia Ltd. The value of the contract is based on work orders issued by Enquest and will include any other work and services which is generally related to the scope of works in the contract.

Reservoir Link Energy Bhd has secured letters of award to develop two solar rooftops. The company said it had received an LoA from Osram Opto Semiconductors (Malaysia) Sdn Bhd to develop solar rooftops in Kulim. The company said its subsidiary RL Sunseap Energy Sdn Bhd, with collaboration between Reservoir Link and Sunseap Energy (Malaysia) Sdn Bhd had secured the LoA that includes building integrated photovoltaic power generation facilities.

Business process outsourcing solutions provider Advance Information Marketing Bhd (AIM) has said its Indonesian unit country manager’s over-reliance on her finance manager had allowed the perpetuation of fraudulent activities. The filing was issued to highlight additional information obtained via a new report issued by BDO Governance Advisory Sdn Bhd, the independent forensic auditor appointed to carry out a detailed investigation into the Indonesian unit, PT CLS System.