IHH, PetChem, Yinson, Bina Darulaman, YNH Property, Konsortium Transnasional, Careplus, Thriven Global, Apex Equity and MPay

KUALA LUMPUR (September 22): Here’s a brief synopsis of some of the company announcements that made headlines on Thursday, including IHH Healthcare Bhd, Petronas Chemicals Group Bhd, Yinson Holdings Bhd, Bina Darulaman Bhd, YNH Property Bhd, Konsortium Transnasional Bhd, Careplus Group Bhd, Thriven Global Bhd, Apex Equity Holdings Bhd and ManagePay Systems Bhd.

India’s Supreme Court refused to lift Malaysia’s 2018 freeze IHH Healthcare Bhds open offer for Fortis Healthcare Ltd shares and asked a lower court to rule on the issue. Fortis stock price fell as much as 11.6% following the Supreme Court order. The Supreme Court ordered a forensic review of Fortis’ stock sale after hearing a petition from Japan’s Daiichi Sankyo Co., according to a Bloomberg report. Daiichi refused to sell Fortis’ pledged shares and claimed rights to the shares. The Supreme Court sentenced Fortis’ former owners, brothers Malvinder Singh and Shivinder Singh, to six months in prison.

Petronas Chemicals Group Bhd (PetChem) said its next merger and acquisition (M&A) within the specialty chemicals platform is critical to the company’s future positioning as the group sees customers in industries such as food and healthcare as end markets for its products. Regarding such specialty chemical pathways, PetChem said in its recent company presentation in conjunction with CGS-CIMB ESG Day 2022 on 21 ) and personal care.

Yinson Holding BhdNet income for the second quarter ended July 31, 2022 (Q2 2023) increased 13.49% to RM143 million from RM126 million a year ago, supported by higher contributions from the Group’s offshore production and offshore marine segments . Revenue for the quarter rose 53.7% to RM1.62 billion from RM1.05 billion a year earlier, primarily due to a higher contribution from the group’s floating production storage and offloading (FPSO) operations, primarily driven by rising oil prices and a higher contribution from engineering. Procurement, Build, Installation and Commissioning (EPCIC) business activities. It declared an interim dividend of one sen per share with an ex-date of November 29 and payable December 16.

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Real estate developer from Kedah Bina Darulaman Bhd (BDB) plans potential diversification into the agriculture, renewable energy and telecoms (telco) sectors to capitalize on the resilience of each sector. Mohd Iskandar Dzulkarnain Ramli, BDB Acting President and Group Chief Executive Officer, noted that while the diversification plan is still in its early stages, the group will diversify into all three sectors where possible while ensuring the sustainability of its current core real estate development businesses would like , and engineering, construction and quarrying in the post-Covid-19 era. However, he added that BDB’s diversification plan is still in its early stages and is only at the stage of conducting a feasibility study of the prospects.

YNH Property Bhd proposes asset-backed securitization to raise up to RM500 million in fresh capital, seven months after it issued Islamic sukuk to raise RM323 million. The Company intends to securitize its two shopping malls, namely 163 Retail Park at Mont Kiara, Kuala Lumpur and AEON Seri Manjung in Perak. The real estate developer said the debt financing, which is subject to shareholder approval, will allow it to generate immediate net cash income. YNH said the disposal consideration is subject to change and depends on the valuation of the properties. However, she did not provide any information about the use of the proceeds.

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Consortium Transnational Bhd The entity of (KTB) has completed a construction contract valued at RM109.61 million for a housing project in Hulu Kinta, Perak. The Company said its wholly owned subsidiary Transnational Builder Sdn Bhd won the piling, earthworks and civil works from Maju Teluk Batik Sdn Bhd. The scope of work includes piling, earthworks and civil works for blocks B and C and two car parks on a mixed development at Hulu Kinta, Perak.

Careplus Group Bhd said its Rubbercare Protection Products Sdn Bhd (RPP) unit has filed a motion to have Petrolife Aero Sdn Bhd’s subpoena and lawsuit quashed, citing a variety of lawsuits. The glove maker said its unit had petitioned the High Court here to set aside Petrolife’s RM27.08 million claim for alleged breach of contract in relation to the supply of liquefied natural gas (LNG), on the grounds that RPP had filed a lawsuit have the same matter in the Seremban High Court. In addition to requesting that the action be dismissed and dismissed accordingly, Careplus requests that the action also seek payment by Petrolife of the costs of the action on an indemnity basis and any further or other remedies which the court deems reasonable and reasonable in the circumstances.

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Thrive Global Bhd acquires 4,700 sq m of property in Butterworth which has been approved for serviced apartment development. The Group’s subsidiary Bukit Punchor Development Sdn Bhd buys the land from Star Sanctuary Land Sdn Bhd for RM21 million. Of the total, RM13.88 million will be offset against the payment Star Sanctuary has to make to Mayfair Ventures Sdn Bhd, another Thriven subsidiary. This relates to Star Sanctuary’s purchase of 12 serviced apartments and a SoHo (small office, home office) in Lumi Tropicana, Petaling Jaya of Mayfair.

Apex Equity Holdings Bhd said its non-executive chairman, Datuk Ahmad Redza Abdullah, had resigned from his post effective immediately for personal reasons. Ahmad Redza, 58, was appointed to the Apex board just three months ago, on June 22. On September 15, Sarawak Cable Bhd (SCable) also announced the resignation of Ahmad Redza as Executive Director and Group Managing Director of the company effective December 30, 31 after having worked for the power cable and wire producer for 13 years.

ManagePay Systems Bhd (MPay) has hired entrepreneurship and marketing coach Datuk Wira Dr. Azizan Osman appointed as its non-independent and non-executive director, effective immediately. In his new role, Azizan will focus on bringing MPay peer-to-peer (P2P) finance, QuicKash, to its MSME network and aligning it with Sharia law.

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