KUALA LUMPUR (Sept 20): Here is a brief recap of some corporate announcements that made news on Wednesday: Opcom Holdings Bhd, Scientex Bhd, Supermax Corp Bhd, Ramssol Group Bhd, OneTech Solutions Holdings Bhd, Central Global Bhd, Eco World International Bhd (EWI), CB Industrial Product Holding Bhd, Cypark Resources Bhd, Harvest Miracle Capital Bhd, Capital A Bhd and MN Holdings Bhd.          

Opcom Holdings Bhd is buying a 18.03% stake or 70 million shares in ACE Market-listed Binasat Communications Bhd from the latter’s managing director Na Boon Aik for RM39.2 million as part of its venture into the satellite telecommunications business. The acquisition came less than two months after Opcom announced a plan to buy a 49% stake in Transgrid Ventures Sdn Bhd for RM98 million, via a cash-plus-share deal, to diversify into the power transmission and distribution business.

Global packaging manufacturer and property developer Scientex Bhd posted a net profit of RM438.14 million in FY2023, a 6.9% increase from RM409.87 million in the previous year. Revenue was up 2.3% to RM4.08 billion from RM3.99 billion in FY2022. Scientex said operating profit also came in higher at RM589.6 million compared with FY2022's RM561 million. Scientex recommended a final dividend of five sen per share, payable on Jan 26, 2024.

The US has allowed imports from Supermax Corp Bhd, after customs authorities lifted a ban imposed on the company since October 2021 for alleged forced labour. In a statement on Tuesday, the US Customs and Border Protection (CBP) said effective immediately, the agency will allow imports of disposable gloves manufactured by Supermax and its wholly -owned subsidiaries to enter the US, provided they are otherwise in compliance with US laws.

Human Resources solutions provider Ramssol Group Bhd is buying a 10% stake in Elmu Education Group Sdn Bhd for RM1.5 million, by subscribing for 16,000 new ordinary shares and 1.48 million redeemable convertible preference shares. Elmu is currently 70%-owned by AB Management & Consultancy Services Sdn Bhd and 30% by Datin Noraini Aripin.

OneTech Solutions Holdings Bhd’s major shareholder and former managing director Lau King Yew has made a fresh request for an extraordinary general meeting (EGM) of the company after his earlier requisition was rejected by the board. Lau is again seeking the EGM to vote on four resolutions that, among others, call for salary and benefit limits for current managing director Tan Yuh Pei and executive director Koh Kean Mum, and a re-audit of the software solutions provider's financials. Lau owns a 45% stake in OneTech, which is listed on the LEAP Market of Bursa Malaysia.

Central Global Bhd’s (CGB) wholly owned unit Proventus Bina Sdn Bhd has commenced a legal suit against Tang Kae Shih for outstanding payments related to a residential apartment contract in Penang worth RM42.24 million. The suit was filed by Proventus Bina — a wholly owned subsidiary of CIC Construction Sdn Bhd, which in turn is a wholly owned subsidiary of CGB — against Tang Kae Shih, who acts as a surety on behalf of the project’s main contractor Simbol Era Sdn Bhd.

Eco World International Bhd (EWI) posted a lower net loss of RM12.3 million in 3QFY2023, against RM56.68 million a year earlier, amid foreign exchange gains from repayment of shareholder’s advances from EcoWorld-Ballymore and bank balances conversion from the British pound (GBP) to ringgit. Its lower net loss was also due to lower finance costs from the full settlement of all borrowings, lower share of losses in Eco World London, and higher interest income from unit trust and fixed deposits following the shareholder’s advance repayment from EcoWorld-Ballymore and Eco World London. Quarterly revenue, however, fell 9.65% to RM31.17 million from RM34.5 million a year earlier, due to discounts given to accelerate sale of remaining units sold in the current quarter, in line with its monetisation strategy.

CB Industrial Product Holding Bhd (CBIP) said Yacktman Asset Management LP has ceased to be its substantial shareholder after disposing of 1.08 million shares in the palm oil equipment and parts manufacturer. CBIP said the transaction was carried out on Tuesday. Based on the closing price of RM1.14 on that day, the transaction would be worth RM1.23 million. Yacktman, a US-based boutique investment firm, held 24.2 million shares or a 5.11% stake in CBIP as of March 31, 2022, based on CBIP's 2022 annual report.

Cypark Resources Bhd co-founder and group chief executive officer Datuk Daud Ahmad has ceased to be the substantial shareholder of the group, after he disposed of six million shares worth RM5.40 million on Tuesday. Following the disposal, Daud now has a 4.88% stake or 38.34 million shares in the renewable energy and solid waste management company. The share disposal came less than a week after the group announced the emergence of a new substantial shareholder, Chung Dao, after he acquired 40 million Cypark shares on Sept 14.

Harvest Miracle Capital Bhd, formerly known as Vortex Consolidated Bhd, has proposed to dispose of a 40% stake in its wholly owned subsidiary Viewnet Computer System Sdn Bhd (VCS) in a related party transaction. The group said it is selling the stake for RM14 million to Basetex Sdn Bhd, whose sole director and shareholder Pang Kim Moon is also a director of VCS. Harvest Miracle expects to gain RM10.93 million from the stake disposal, which it plans to use to fund its working capital, and partially to repay its latest acquisition of 187 serviced apartment units in Genting Highlands.

Capital A Bhd’s wholly owned subsidiary Asia Digital Engineering Bhd (ADE), has entered into a joint venture (JV) agreement with Sivilai Asia Co Ltd to establish a maintenance, repair and overhaul (MRO) business in Cambodia. ADE will invest 60% in the Cambodian JV company ADE Cambodia Co Ltd, while Sivilai Asia will come up with the remaining 40% to undertake the MRO business.

Underground utilities and substation engineering specialist MN Holdings Bhd has bagged a substation engineering contract worth RM18.5 million for GDS data centre (Plot 2) at Nusajaya Technology Park, Johor. MN Holdings executive director Datuk Dang Siong Diang said this is the second contract awarded by GDS IDC Services (Malaysia) Sdn Bhd for its data centre in Johor. The first contract worth RM22.5 million was secured in October last year. MN Holdings said its wholly owned subsidiary MN Power Transmission Sdn Bhd has accepted a letter of award from GDS, a unit of Shanghai-based GDS Holdings Ltd, for its appointment as the contractor.