KUALA LUMPUR (Oct 2): Here is a brief recap of some corporate announcements that made news on Monday: Opcom Holdings Bhd, Scomi Energy Services Bhd, AMMB Holdings Bhd, Straits Energy Resources Bhd, Epicon Bhd,Keck Seng (Malaysia) Bhd, Pestech International Bhd, Star Media Group Bhd, Sunsuria Bhd, Keck Seng (Malaysia) Bhd, Pestech International Bhd, Star Media Group Bhd, Sunsuria Bhd, Kimlun Corporation Bhd, Econpile Holdings Bhd, Boustead Plantations Bhd, Muar Ban Lee Group Bhd and SWS Capital Bhd.

Opcom Holdings Bhd has emerged as the new single largest shareholder of Binasat Communications Bhd after it bought 70 million shares, representing an 18.03% stake in the satellite network support service provider. The block of shares was acquired from Opcom's group managing director Na Boon Aik via the fibre optics company's wholly owned Opcom VC Sdn Bhd.

Practice Note 17 (PN17) company Scomi Energy Services Bhd said it has four months to submit its regularisation plan to Bursa Securities for approval. In September this year, the oil and gas and transport solutions industries service provider had been granted a further extension till Jan 31, 2024 to do so. Concessionaire PJD Link (M) Sdn Bhd had announced in October 2022 that it was seeking a listing on Bursa Malaysia via a reverse takeover (RTO) of Scomi Energy, whose shares surged following the announcement. The RTO was to be part of the regularisation plan that would lift Scomi Energy from its PN17 status. However, on July 17, Scomi Energy announced that the framework agreement it inked with the concessionaire for the RTO had been “mutually terminated with immediate effect”, but did not elaborate.

AMMB Holdings Bhd and MetLife International Holdings LLC are proposing to divest their jointly owned insurance and Takaful businesses to Great Eastern for approximately RM1.12 billion. AMMB’s wholly owned AMAB Holdings Sdn Bhd owns 50% minus one share in AmMetLife Insurance Bhd and 50% plus one share in AmMetLife Takaful Bhd, with the remaining stake in both units owned by MetLife.

Oil trading and bunkering service provider Straits Energy Resources Bhd announced on Monday that it plans to spin off its oil bunkering and shipping-related services segment through a Nasdaq listing by way of a registered public offering. The ACE-Market listed company said that it intends to undertake a reorganisation of some of its subsidiaries involved in the oil bunkering and shipping-related services segment, for the purpose of forming a separate listing group, dubbed as spin-off group, to be listed on Nasdaq.

Stage and express bus service operator Epicon Bhd (formerly known as Konsortium Transnasional Bhd) has bagged a contract worth RM130.89 million from Ibrahim & Sons Engineering Sdn Bhd (ISESB) for the installation, testing and commissioning of pipelines, cables and jointing for Tenaga National Bhd’s electrical and flood barrier-related infrastructure. Epicon, which diversified into the construction industry in 2021, said its wholly owned Transnational Builder Sdn Bhd (TBSB) had received the letter of award from ISESB, appointing TBSB as a subcontractor for the job. The 12-month subcontract job starting on Oct 3, which carries an option for a 12-month renewal, involves laying aluminium cross-linked polyethylene (XLPE) underground cables and accessories in Perak, Kedah, Kelantan, Terengganu and Pahang.

Keck Seng (Malaysia) Bhd, which engages in palm oil cultivation and manufacturing, property development and investment, and hotels and resort ownership businesses, said it will wind down operations and voluntarily liquidate its 99.97%-owned subsidiary, Tanjong Puteri Golf Resort Bhd (TPGR). TPGR, formerly known as Victavest Holdings Sdn Bhd, operates a 54-hole golf course in Pasir Gudang, Johor. It does not have any subsidiary or associated company.

Pestech International Bhd’s unit Pestech Sdn Bhd (PSB) has received a RM21.17 million contract from Tenaga Nasional Bhd (TNB) for the supply and delivery of smart meters in line with TNB’s advanced metering infrastructure implementation. The group said PSB will implement the project together with its other unit, Pestech Energy Sdn Bhd, which is spearheading the smart metering infrastructure business of the group.

Star Media Group Bhd, which has seen a series of acquisitions by its largest shareholder Malaysian Chinese Association (MCA) over the last month that raised its stake to nearly 46%, jumped 11.11% or 4.5 sen on Monday to close at its highest since June 19. The stock, which closed at 45 sen for a market capitalisation of RM332 million after 16.92 million shares were traded, has climbed 20% or 7.5 sen from Aug 21, when the stock closed at a low of 37.5 sen.

Property developer Sunsuria Bhd said OCBC Bank (Malaysia) Bhd has granted an additional limit of RM120 million to its 51%-owned subsidiary Bangsar Hill Park Development Sdn Bhd (BHPDSB), bringing its total credit facilities to RM420.483 million. Pursuant to the facilities, Sunsuria itself has provided financial assistance to BHPDSB in the form of a corporate guarantee — which is in proportion to the group’s 51% shareholding in BHPDSB. The facilities are to part finance the development projects and for working capital of BHPDSB.

Kimlun Corporation Bhd has secured two contracts totalling RM140.22 million from Eco World Development Group Bhd relating to the construction of a service apartment and a series of linked houses in Johor. The engineering and construction services provider said the contract was awarded to its wholly owned subsidiary Kimlun Sdn Bhd. The scope of work includes the design and construction of a service apartment block and amenities, with an expected completion date of April 1, 2026.

Piling and foundation specialist Econpile Holdings Bhd has bagged a contract worth RM101.34 million to undertake sub-structure works of three blocks of small office home office (SOHO) here. Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd has accepted the letter of award from Suriamega Development Sdn Bhd for the job. The sub-structure works for three blocks of SOHO comprise two blocks of 50-storey SOHO and a block of 51-storey SOHO with podium and basement carpark floors.

Shares in Boustead Plantations Bhd (BPlant) fell as much as 27 sen or 18.49% in the morning session on Monday, ahead of the second cut-off date of Oct 6 for the proposed acquisition of the Armed Forces Fund Board (LTAT)-owned plantation group by Kuala Lumpur Kepong Bhd (KLK). BPlant was among the top active counters on Bursa Malaysia, with 28.82 million shares traded in the morning session. The counter settled at RM1.22 at the noon market break, still down 24 sen or 16.44% from its close at RM1.46 last Friday, giving it a market capitalisation of RM2.73 billion.

Muar Ban Lee Group Bhd (MBL) has increased its stake in SWS Capital Bhd, after it acquired a total of 15.47 million or 5.62% interest worth RM5.87 million. Following the additional shares acquisition, MBL’s holding in the furniture and plastic ware manufacturer now stands at 67 million shares, or a 24.36% stake in the group. As at Dec 31 last year, the group had total deposits, bank and cash balances of RM118.76 million, the palm kernel expeller manufacturer said. MBL highlighted that it is always on the lookout for investments, if opportunities arise.