KUALA LUMPUR (April 11): Here is a brief recap of some corporate announcements that made news on Tuesday (April 11) involving Bintai Kinden Corp Bhd, Aeon Credit Service (M) Bhd, Pelikan International Corp Bhd, Citaglobal Bhd, Genetec Technology Bhd, FSBM Holdings Bhd, Tropicana Corporation Bhd, Revenue Group Bhd, Classita Holdings Bhd and Country Heights Holdings Bhd.

Bintai Kinden Corp Bhd said the group is working towards reaching an amicable solution after the company was sued by MBSB Bank Bhd for allegedly defaulting on a RM109 million Islamic financing facility. Bintai said it is sourcing for the appropriate review and negotiation with the parties involved in the concession arrangement to reach amicable solutions to settle debts owing to MBSB.  

Aeon Credit Service (M) Bhd ended FY2023 with a record performance after its net profit for the fourth quarter ended Feb 28, 2023 (4QFY2023) jumped more than four times to RM95.34 million from RM23.38 million a year earlier. Aeon Credit attributed the stronger quarterly net profit to lower impairment losses on financing receivables and improved bad debt recoveries.

Pelikan International Corp Bhd clarified it had received several “expressions of interest” related to the acquisition of its assets and businesses, but no definitive agreements had been finalised yet. The stationery maker was responding to an article that appeared in the April 10 issue of The Edge Malaysia weekly, which stated that Pelikan is looking to seal a divestment deal that could fetch some RM500 million in cash. The article, among others, stated that if the deal is successful, Pelikan will exit its core stationery business, which is the 180-year old Pelikan brand from Germany.

Citaglobal Genetec BESS Sdn Bhd, a 50:50 joint venture (JV) between Citaglobal Bhd and Genetec Technology Bhd unveiled the country’s first locally-developed and produced battery energy storage system through its fully operational 1MW BESS prototype (MYBESS). The latest development follows the October 2022 agreement between Citaglobal and Genetec to develop battery storage management systems to store and manage excess power from renewable energy (RE) generation.

Bursa Malaysia has approved FSBM Holdings Bhd’s proposed regularisation plan, about 19 months after the Practice Note 17 (PN17) company first proposed its plan on Oct 15, 2021. The company said its regularisation plan comprises a proposed capital reduction exercise, proposed shares issuance, and proposed rights issue of shares with free warrants.

MARC Ratings has downgraded its ratings on Tropicana Corp Bhd’s RM1.5 billion Islamic Medium-Term Notes (IMTN) Programme (Sukuk Wakalah) and RM2 billion Perpetual Sukuk programme to AIS and A-IS from A+IS and AIS. The outstanding amounts under the Sukuk Wakalah and Perpetual Sukuk programme currently stand at RM1.5 billion and RM648 million, said MARC, adding that the ratings outlook remains negative.

Amid a tussle in the boardroom, Revenue Group Bhd gave an assurance that its operations continue unaffected. Newly appointed group executive director Francis Leong Seng Wui said the company has in place a new board of directors, whose collective relevant experience and knowledge will provide the group with enhanced governance, leadership and overall management quality.

Leong, meanwhile, has quit as Classita Holdings Bhd executive director. Leong, against whom police reports have been lodged for alleged witness intimidation in a lawsuit against Classita, resigned “to focus on other work commitments”. Former policeman Datuk Mior Faridalathrash Wahid, 61, who has been a director of Classita since Sept 27, 2022, will be Classita’s new ED.

Property conglomerate Country Heights Holdings Bhd (CHHB) has appointed Datuk Mircle Yap Ching Chai as its new managing director. CHHB chairman Tan Sri Mohd Anwar Mohd Nor said that with Yap at the helm, the company is well positioned to continue its success and deliver value to its stakeholders, as the company has ambitious plans for growth and expansion, including the development of several high-profile projects in Malaysia and overseas. Yap previously served as an independent director on the company’s board.