KUALA LUMPUR (Dec 5): Here is a brief recap of some corporate announcements that made the news on Tuesday: Advancecon Holdings Bhd, Malaysia Building Society Bhd, Sunway Bhd, Reach Energy Bhd, Cnergenz Bhd, Magni-Tech Industries Bhd, Carlsberg Brewery Malaysia Bhd, Haily Group Bhd, Axiata Group Bhd, AirAsia X Bhd, Kinergy Advancement Bhd, EcoFirst Consolidated Bhd, Kuala Lumpur Kepong Bhd.     

Advancecon Holdings Bhd has secured another earthworks contract from Sime Darby Property Bhd for the Bandar Bukit Raja project in Klang. The latest contract is valued at RM35.58 million. Last month, Advancecon won a RM22.8 million earthworks job from Sime Darby Property (Pagoh) Sdn Bhd for its industrial park project at Bandar Universiti Pagoh, Johor.

Malaysia Building Society Bhd (MBSB) has appointed Malaysian Industrial Development Finance Bhd (MIDF) chairman Tan Sri Abd Rahman Mamat and director Datuk Dr Yasmin Mahmood to the group’s board. MBSB had completed its acquisition of MIDF from Permodalan Nasional Bhd in October for RM1.01 billion. Abd Rahman, 71, will serve as MBSB’s independent and non-executive director.

Sunway Bhd has bought back and cancelled RM200 million in perpetual sukuk issued under the sixth series of its RM5 billion Perpetual Islamic Medium Term Note Programme. It noted that the perpetual sukuk was previously held through authorised depository institutions for its founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling. Post-buyback and redemption, there is no outstanding perpetual sukuk under the programme, according to the company.

Reach Energy Holdings Sdn Bhd has ceased to be a substantial shareholder in Reach Energy Bhd after disposing of a 3.61% stake in the oil and gas services group via a direct business transaction. The stake, comprising 76.93 million shares, was disposed of on Dec 1, according to a bourse filing on Tuesday. The identity of the buyer is not immediately known. Following the disposal of the stake, Reach Energy Holdings, which was the second largest shareholder of Reach Energy, is left with 50.87 million shares or a 2.4% stake in the group.

The Securities Commission Malaysia (SC) has approved ACE Market-listed Cnergenz Bhd’s proposed transfer to the Main Market. The electronics manufacturing solutions provider said the SC approved the proposed transfer under Section 214(1) ― grant of approval ― of the Capital Markets and Services Act 2007 and under the Bumiputera equity requirement for public-listed companies. In a previous bourse filing, the company said that it is deemed to have met the requirements for the transfer — namely, profit, financial position and public shareholding spread requirements.

Magni-Tech Industries Bhd‘s net profit slipped 12.8% to RM21.78 million in the second quarter ended Oct 31, 2023 (2QFY2024), from RM24.98 million a year earlier, on the back of lower revenue and other income from both its garments and packaging business segments. Quarterly revenue fell 16.2% to RM287.6 million, from RM343.03 million in the previous corresponding period, attributed to lower sales orders received. The garment segment, which accounted for about 94.5% of the group’s revenue and profit from operations, recorded a 15.6% decrease in revenue to RM266.12 million for 2QFY2024 compared with RM315.58 million a year ago.

Carlsberg Brewery Malaysia Bhd said it has entered into a deal with Japan’s Sapporo Breweries Ltd to produce the Sapporo Premium Beer for distribution in Malaysia and Singapore. The group said it secured the licence from Sapporo, which is listed on the Tokyo Stock Exchange with over 140 years of beer brewing history globally, to brew and manufacture Japan’s pioneer beer in Malaysia, effective Jan 1, 2024, for five years, with an automatic renewal for a further three years. The group will produce and sell the beer across all channels in the country, including duty-free zones.

Haily Group Bhd has secured a contract to build landed homes at Mah Sing Group Bhd’s township in Johor Baru for RM64 million. The construction outfit said its wholly-owned subsidiary Haily Construction Sdn Bhd accepted a letter of award from Meridin East Sdn Bhd to construct 327 units of double-storey terrace houses as well as two substations in Parcel 2G of Mah Sing’s township. Meridin East is wholly-owned by Mah Sing, with its namesake the Meridin East township being the property developer’s largest township by acreage spanning 1,313 acres.

Nik Rizal Kamil Nik Ibrahim Kamil, who is set to depart from RHB Bank Bhd by the end of this month, is slated to assume the role of chief financial officer at Axiata Group Bhd. Nik Rizal will replace Lila Azmin Abdullah, who has been acting CFO since March this year in addition to her role as group chief corporate development officer.

AirAsia X Bhd has signed an aircraft lease agreement with Asia Aviation Capital Ltd in a related party transaction for a one-year lease of an aircraft bearing MSN1596, with the total contract value — including lease rental and maintenance reserves — estimated at RM30.54 million. Asia Aviation is a wholly-owned subsidiary of AirAsia Bhd, which is in turn a wholly-owned subsidiary of Capital A Bhd.

Kinergy Advancement Bhd (KAB) has been appointed as a sub-contractor to undertake electrical, telephone, and extra low voltage services for the M Nova residential development in Kepong, Kuala Lumpur, worth RM31.04 million. The one-stop sustainable energy and engineering solutions specialist said that it had accepted a letter of award issued by Myvilla Development Sdn Bhd, a subsidiary of property developer Mah Sing Group Bhd, for the appointment. KAB added that this project is an additional contribution to the group’s order book and will further reinforce its expertise as an electrical specialist.

EcoFirst Consolidated Bhd has awarded a RM389 million contract to China State Construction Engineering (M) Sdn Bhd for the superstructure works of serviced apartment KL48 in Chan Sow Lin, Sungai Besi. The partnership was sealed through a signing ceremony between EcoFirst and China State Construction Engineering in Kuala Lumpur on Tuesday.

Kuala Lumpur Kepong Bhd (KLK) secured its first sustainability-linked loan (SLL) of RM500 million for the group’s general working capital requirements from Maybank, marking a significant milestone for both groups in pursuit of their sustainable development practices. Maybank said the SLL is structured to align KLK’s financial strategy with its commitment to environmentally and socially responsible practices, as outlined in its recently announced sustainability commitments. The loan features a pricing adjustment mechanism that is benchmarked against the achievement of predetermined sustainability performance targets.