KUALA LUMPUR (May 2): Here is a brief recap of some corporate announcements that made the news on Tuesday (May 2) involving Axiata Group Bhd, Mulpha International Bhd, Globetronics Technology Bhd, Nestlé (Malaysia) Bhd, Pasdec Holdings Bhd, CIMB Group Holdings Bhd and Zelan Bhd.

Axiata Group Bhd has entered into a binding term sheet to combine the operations of its 82.27%-owned subsidiary, Dialog Axiata Plc, with Indian telco Bharti Airtel Ltd’s operations in Sri Lanka, Bharti Airtel Lanka (Private) Ltd (Airtel Lanka). In a joint statement, the three parties said the transaction envisages Airtel being granted a stake in Dialog Axiata, representing the fair value of Airtel Lanka, while Airtel would accordingly be issued new shares in Dialog Axiata upon completion of the transaction.

Separately, Axiata said it has placed its 65%-owned unit in Thailand, Suvitech Co Ltd, under voluntary liquidation. The voluntary liquidation of Suvitech was registered on Monday (May 1), through Xpand Investments (Labuan) Ltd, a company wholly-owned by Axiata via Axiata Business Services Sdn Bhd (ABS). The group said the consolidation of the ABS business and decision to exit the sub-scale Thailand market, has led to the voluntary liquidation of Suvitech.

Mulpha International Bhd said its indirect unit Mulpha Norwest Quarter Development Pty Ltd has secured a A$160 million (RM478 million) green syndicated construction facility in Australia. Mulpha Norwest accepted the RM478 million facility jointly from Australia and New Zealand Banking Group Ltd and Clean Energy Finance Corporation. It said that the purpose of the facility is to finance the construction of Stage 1 of Norwest Quarter, a mixed use residential apartment development in Norwest, Australia.

Globetronics Technology Bhd saw its net profit fell by 65.08% to RM3.3 million in its first quarter ended March 31, 2023, from RM9.45 million a year earlier.  Quarterly earnings decreased 22.67% to RM33.13 million from RM42.84 million. The electronics manufacturer attributed its earnings and revenue slump to lower volume loadings or production units from the group’s customers, followed by higher tax expense of RM1.9 million from RM635,000 previously, and forex losses for the quarter.

Nestlé (Malaysia) Bhd has appointed Kedah princess Tan Sri Tunku Puteri Intan Safinaz Almarhum Sultan Abdul Halim Mu’adzam Shah as its new independent non-executive director, with immediate effect. The appointment came after the retirement of former independent non-executive director Datin Seri Azlin Arshad late last month, as the 49-year-old did not wish to offer herself for re-election in the annual general meeting. Azlin was appointed onto Nestlé Malaysia’s board on May 1, 2020, and she was a member of the audit committee.

Pasdec Holdings Bhd said it has appointed Liew Chai Sen as its new chief executive officer, who first joined the group in March 2019 as a special officer to the group managing director. The property development company also announced the redesignation of its former group managing director Tew Kim Kiat to executive director, and the appointment of Shakerah Enayetali as chief operating officer.

CIMB Group Holdings Bhd has appointed Datin Azlina Mahmad as its independent and non-executive director. Azlina, 56, was an executive director of global corporate bank JP Morgan Chase Bank Bhd from 2010 to 2021. Prior to that, she was chief officer and executive director and vice-president of global credit risk management at JP Morgan Chase.

Zelan Bhd has been categorised as a Practice Note 17 (PN17) company after its external auditors Nexia SSY PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended Dec 31, 2022. The construction engineering company has 12 months to regularise its financial condition, failing which trading in its securities could be suspended and it could be delisted from Bursa Malaysia. The company said it is taking the necessary steps to address its PN17 status and is in the midst of formulating a plan to regularise its financial condition.