KUALA LUMPUR (Oct 18): Here is a brief recap of some corporate announcements that made news on Wednesday involving Seni Jaya Corp Bhd, EP Manufacturing Bhd (EPMB), Dagang NeXchange Bhd (DNeX), Sarawak Cable Bhd, Destini Bhd, Sunway Construction Group Bhd, YGL Convergence Bhd, AWC Bhd, Eastern & Oriental Bhd, Impiana Hotels Bhd, Meta Bright Group Bhd and Eversendai Corp Bhd.
Seni Jaya Corp Bhd plans to place out up to 29.12 million shares, or 10% of its issued share capital, to third-party investors who have yet to be identified. The outdoor advertising services provider said based on an indicative price of 46.6 sen per placement share, the private placement is expected to raise RM13.57 million under the maximum scenario. The group said the proceeds are intended largely for the B-Star Verse exhibition project and expenditure in relation to the LRT Ampang Line project, and the upgrading of existing billboards to digital billboards.
EP Manufacturing Bhd (EPMB) has signed a Memorandum of Understanding (MOU) with the Malaysian unit of China’s Great Wall Motor Co Ltd (GWM) to look into the production and assembly of selected GWM vehicles locally. The MOU was inked between EPMB’s wholly-owned unit PEPS-JV (Melaka) Sdn Bhd (PJVM) and Great Wall Motor Sales Malaysia Sdn Bhd. The local assembly of GWM models is expected to include the brand’s sport utility vehicles, as well as pickup and electric vehicles (EVs).
Dagang NeXchange Bhd‘s (DNeX) subsidiary, Dagang Net Technologies Sdn Bhd has accepted RM18.08 million contract for Malaysia Maritime Single Window Phase 1 (MMSW) project from the Port Klang Authority. The group said the project is expected to commence in October this year for a period of three years and six months.
Sarawak Cable Bhd said its external auditor Baker Tilly Monteiro PLT has issued a disclaimer opinion on the group’s financial statements for the year ended May 31, 2023 (FY2023). According to the auditor, Sarawak Cable’s FY2023 financial position and the group’s PN17 status indicate material uncertainties that may cast significant doubt on the group’s ability to continue as a going concern. Baker Tilly cited Sarawak Cable’s net loss of RM98.7 million for FY2023, the group’s current liabilities exceeding its current assets by RM237.9 million, and the group’s capital deficiency of RM63.9 million.
Valiant First Sdn Bhd has filed a suit against aviation and defence company Destini Bhd, seeking specific performance for the completion of the sale of two plots of land in Glenmarie and Bukit Jelutong. In the statement of claim viewed by The Edge, Destini had agreed to sell the plots of industrial land to Valiant First for a cumulative RM24.5 million. The purchase price of the Glenmarie land was RM19.5 million and the Bukit Jelutong land was RM5 million. Destini had signed the sale and purchase agreements (SPAs), received deposits, but subsequently terminated the SPAs.
Sunway Construction Group Bhd’s (SunCon) wholly-owned subsidiary Sunway Construction Sdn Bhd has accepted the letter of initial appointment (LOIA) from K2 Strategic Infrastructure Malaysia Sdn Bhd to commence and complete the proposed development of a data centre in Johor worth RM192.88 million. SunCon said the contract includes all applicable taxes and levies in relation to the LOIA works.
YGL Convergence Bhd’s wholly-owned unit, YGL Intelligent Technology Sdn Bhd, has received a RM1 million grant from the Malaysia Digital Economy Corporation Sdn Bhd (MDEC) for the development of a smart halal monitoring system. YGL said the Malaysia Digital Catalyst Grant (MDCG) will be used for the purpose of joint creation, problem-solving, development and commercialisation of innovative solutions with an end-user partner, PIJ Halal Ventures Sdn Bhd.
AWC Bhd and Universiti Sains Malaysia (USM) have entered into a Memorandum of Understanding (MOU) to explore opportunities in a smart and green campus with focus on e-mobility and related services and solutions. The group said both parties are exploring the possibility of focusing on the provision of electric bikes and related services and solutions within the scope of the concept.
AMMB Holdings Bhd has provided a RM450 million financing facility to Eastern & Oriental Bhd’s (E&O) unit Tanjung Pinang Development Sdn Bhd to fund the development of the Andaman Island project in Penang. Since its first project — The Meg — in December 2021, Tanjung Pinang has launched more than 1,400 units, and another 330 units are expected to be launched next year.
Impiana Hotels Bhd‘s recently-appointed executive director Datuk Seri Lee Hock Seng has raised his direct and indirect stake in the company to 21.97%, after acquiring 25.03 million shares in the company. Lee, who first emerged as a substantial shareholder of Impiana in August, bought the 25.03 million shares or 3.1% stake at nine sen apiece or RM2.25 million. With the new shares acquired, Lee has a 14.29% direct stake, and a 7.68% indirect stake held by his spouse Datin Seri Joanne Yew Hong Im.
Meta Bright Group Bhd has secured four conditional letters of offer for a solar programme involving mosques in Kuantan, Pahang. The group said its fully-owned subsidiary FBO Land (Setapak) Sdn Bhd will exclusively design, finance, install, build, commission, operate and maintain solar photovoltaic generating plants for four mosques in the district. They are Masjid Al Makmur Batu 10 Gambang, Masjid Jamek Kem Batu 8 Jalan Gambang, Masjid Saidina Uthman Ibnu Affan Bukit Rangin and Masjid Fatimah Az Zahra Indera Sempurna.
Eversendai Corp Bhd shares rose as much as six sen or 34% to a two-year high of 23.5 sen on news that it has inked a Memorandum of Understanding (MOU) with Saudi-based conglomerate Algihaz to form a joint venture to execute structural steel projects in Saudi Arabia. The Middle East represented 72.2% of Eversendai’s operational revenue in the first half ended June 30, 2023 (1HFY2023), with segment revenue of RM573.87 million and pre-tax profit of RM25.37 million.