KUALA LUMPUR (Jan 10): Here is a brief recap of some corporate announcements that made news on Wednesday: Ivory Properties Group Bhd, Leader Steel Holdings Bhd, Genting Malaysia Bhd, Nestcon Bhd, Hextar Capital Bhd, Public Bank Bhd, Leong Hup International Bhd, Rapid Synergy Bhd. 

Ivory Properties Group Bhd signed an agreement on Wednesday to proceed with its disposal of a 1.22-acre (0.49-hectare) freehold land in George Town, Penang to Chin Hin Group Property Bhd for RM40 million. The plot forms part of the Penang Times Square development, and will be used to develop a multi-storey residential project. The two groups on Dec 7 last year signed a binding term sheet for the deal, which will also see a member of the Ivory group appointed as the turkey builder for the development. — Ivory Properties proceeds with RM40 mil Penang land deal with Chin Hin

Leader Steel Holdings Bhd’s (LSH) wholly owned subsidiary Ferronet Asia Sdn Bhd has accepted a notice of award and offer for compensation (Form H) from the Klang Land Office invoking a compulsory acquisition under the Land Acquisition Act 1960 (Act 486) to acquire 28,903 sq m of land in Mukim Kapar, Klang for RM42.56 million cash. LSH said the compulsory disposal resulted from the receipt of Form H to take possession of the affected land under Section 18 of Act 486. LSH said the compensation consideration of RM42.56 million included compensation for severance damages and loss of income. — Leader Steel unit accepts compensation of over RM42m for Klang land

Genting Malaysia Bhd announced that it will inject another US$100 million (RM464.15 million), through an indirect wholly-owned unit, into Empire Resorts Inc, in which it has already put in about US$624.4 million to date. The latest capital injection will involve Genting Malaysia subscribing to 1,000 of Empire’s Series M preferred stocks. Empire plans to use the capital injection for working capital, and to pay off a US$58 million bank facility. The Series M preferred stocks, with a maturity date of Dec 31, 2038, are convertible after end-2030 into 100 million common Empire stocks at US$1 apiece. — Genting Malaysia to inject US$100 mil more into Empire Resorts

 Nestcon Bhd has clinched RM108 million worth of construction works from property developer Exsim Avenue Sdn Bhd for a mixed commercial development project. Nestcon, through its wholly-owned unit Nestcon Builders Sdn Bhd, accepted a letter of award from Exsim Avenue on Wednesday. The work consists of main building works for a 37-storey mixed commercial development comprising retail shops, 220 strata office units, 126 units of service apartments, car parks and other relevant facilities. Contract works are to be completed within 39 months, commencing on Jan 15, and scheduled for completion by April 14, 2027. — Nestcon clinches RM108 mil construction job from Exsim Avenue

Hextar Capital Bhd (formerly known as Opcom Bhd) has completed the acquisition of 49% stake in power industry engineering, procurement, construction and commissioning (EPCC) outfit Transgrid Ventures Sdn Bhd in a cash and share deal. The group said the acquisition marks the diversification of the group to include the power generation and transmission business. HexCap bought the stake from Datin Seri M Saraswathy A/P Manikum. Transgrid, which has a track record of developing electricity switching stations and substations, posted an unaudited net profit of RM3.87 million in the four months ended April 2023, on revenue of RM40.19 million in the same period. — Hextar Capital completes Transgrid acquisition in diversification into power EPCC business

Public Bank Bhd has withdrawn its lawsuit against Magma Group Bhd and Magma executive chairman Datuk Seri Ismail Farouk Abdullah, stemming from a dispute over the settlement of outstanding sums under various term loan and overdraft facilities. The withdrawal came after Magma’s unit made “a payment to Public Bank and had regularised payment of the facilities with Public Bank”. The High Court, in a case management on Tuesday, granted permission for Public Bank to withdraw the suit, with liberty to file afresh. — Public Bank withdraws lawsuit against Magma over loan facilities settlement dispute

Leong Hup Feedmill Malaysia Sdn Bhd (LFM) and Dindings Poultry Development Centre Sdn Bhd (DPDC) have filed appeals against the Malaysia Competition Commission's (MyCC) decision to fine the two companies over alleged chicken feed cartel practice. MyCC had imposed a penalty of RM157.47 million on LFM, and another RM70.02 million on DPDC. Leong Hup International Bhd, which wholly owns LFM, announced that it had applied for a stay of the MyCC decision pending an appeal. — Leong Hup and MFM appeal against MyCC's fines over alleged chicken feed cartel practice

Selling pressures continue to pound stocks related to Datuk Dr Yu Kuan Chon, with Rapid Synergy Bhd hitting its limit down in Wednesday morning’s trading session on Bursa Malaysia, before paring some of its losses by afternoon break. Rapid Synergy fell as much as 30% to RM16.38 on Wednesday morning, before paring losses to trade at RM16.72, down RM6.68 or 28.6%, giving it a market capitalisation of RM1.79 billion. The industrial mould manufacturer was the largest loser on Bursa Malaysia as at afternoon break, followed by YNH Property Bhd. YNH fell 45 sen or 13.6% to RM2.85 at market break, valuing the property developer at RM1.51 billion. Dr Yu controls a 22.8% stake in Rapid Synergy and 32.6% of shareholdings in YNH. — Dr Yu’s stocks remain as selling targets, Rapid Synergy hits limit down