KUALA LUMPUR (Jan 12): Here is a brief recap of some corporate announcements that made the news on Friday:

Building construction services provider Siab Holdings Bhd has secured a contract to build a food processing factory in Seremban, Negeri Sembilan, worth RM94.28 million. Siab said the group’s wholly-owned Siab (M) Sdn Bhd had accepted a letter of award from by Mahsuri Food Sdn Bhd to build a four-storey factory block, one fermentation area, and one soy silage building unit with utility facilities. The construction, which will begin on Feb 14, is expected to be completed in 13 months. Siab secures RM94m job to build food processing factory in Seremban

Tuju Setia Bhd has bagged a RM209 million contract from Avaland Bhd (previously known as MCT Bhd) for the construction of two blocks of service apartments in USJ 25, Subang Jaya. The Alora Residences project is slated to be completed in 33 months with work tentatively scheduled to commence in the second quarter of 2024. The construction group expects the contract to contribute positively to its earnings and net assets for the financial year ending Dec 31 2024 until the completion of the contract. Tuju Setia bags RM209 mil contract to build apartments

AmBank Group announced the granting of an RM84 million financing facility to Malaysia Steel Works (KL) Bhd (Masteel) to facilitate its technological transformation into a sustainable steel producer of steel bars and billets with ultra-low greenhouse gas emissions. Masteel, a public-listed company established in 1971, is reportedly the first ultra-low-emission steel manufacturer in the nation listed on the FTSE4Good Bursa Malaysia Index, with a rating of four out of four stars in 2023. AmBank group chief executive officer Jamie Ling said the group acknowledges Masteel’s achievements, and is eager to contribute to the company’s ongoing success in its environmental, social and governance (ESG) efforts. AmBank grants RM84m financing to Malaysia Steel Works

Malaysia’s largest golf specialty retailer chain MST Golf Group Bhd has confirmed the opening of five more retail stores in Jakarta alone by 2024, after opening its first outlet in the capital of Indonesia recently. MST Golf executive director and group chief executive officer (CEO) Ng Yap said that the Indonesian market holds a promising outlook for the group, driven by the dynamic market sentiment in Indonesia. The Indonesian store outlets will be managed by PT MST Golf Indonesia, a 51:49 joint venture (JV) between MST Golf and Indonesian-listed PT Sinar Eka Selaras Tbk, also known as Erajaya Active Lifestyle (Eral). MST Golf to open five more retail stores in Jakarta this year, talks ongoing for Thailand expansion

NexV Manufacturing Sdn Bhd (NMSB), a joint venture company between Careplus Group Bhd and GoAuto Group Sdn Bhd, will commence the construction of the country’s first green technology facility dedicated to the manufacture and assembly of new energy vehicles (NEVs), including electric vehicles (EVs), in Chembong, Rembau, Negeri Sembilan. The healthcare group, which received the green light from the Ministry of Investment, Trade and Industry to manufacture and assemble energy-efficient vehicles in October last year, said the facility is expected to begin operations in the first quarter next year. Careplus-GoAuto JV to build green tech facility for EV manufacturing in Rembau

YNH Property Bhd has revealed that it is exploring proposals to sell certain landed properties of the company and its subsidiaries in response to an unusual market activity (UMA) query from Bursa Malaysia. The property developer, however, said these proposals are still under discussion, and that it would be more appropriate to release announcements once the terms of the offers have been finalised and agreed upon by both parties. Furthermore, the group and its subsidiaries are not aware of any rumours or reports regarding their business and affairs or any potential explanations that may account for the UMA. On Thursday, Rapid Synergy Bhd replied to Bursa's query about the steep drop in its share price, saying its management is currently considering proposals to sell certain landed properties of the company and its subsidiaries, but as these proposals are still being discussed, it feels that it is more appropriate to release an announcement to the stock exchange once terms of the offers have been finalised and agreed upon by both parties. YNH Property echoes Rapid Synergy, says mulling sale of properties in response to UMA

ACE Market-bound HE Group Bhd has priced its shares at 28 sen apiece for its initial public offering (IPO) and will have a market capitalisation of RM123.2 million upon listing, with an enlarged share capital of 440 million. This values the electrical engineering services provider at a price-earnings multiple of 20 times, based on a profit after tax (PAT) of RM6.17 million and earnings per share of 1.4 sen for the financial year ended Dec 31, 2022 (FY2022). The group is slated to be listed on the ACE Market of Bursa Malaysia on Jan 30. The group aims to raise about RM24.33 million from the IPO, of which RM15.13 million will be set aside for working capital requirements, followed by RM3.65 million for business expansion to expand end-user industry coverage to include data centres and set up physical offices in Kedah and Johor, RM3.8 million for estimated listing expenses, and the remaining RM1.75 million for capital expenditure. ACE Market-bound HE Group sets IPO price at 28 sen apiece, to raise RM24m

Ranhill Utilities Bhd has announced the renewal of its licence by the National Water Services Commission (SPAN) to treat and supply water to consumers in Johor for the next three years. The group disclosed that its subsidiary, Ranhill SAJ Sdn Bhd, received a letter from SPAN on Jan 10, notifying it of the renewal for the sixth operation licence. The renewed licence, issued under the Water Services Industry Act 2006 (Act 655), is effective from Jan 1, 2024 to Dec 31, 2026. Ranhill secures three-year licence renewal from SPAN for water treatment in Johor

Magna Prima Bhd, which drew the attention of Bursa Malaysia Securities Bhd following a spike in its share price over the last three days, said it is in the “final stage of negotiations for the monetisation of one (piece of land) of its land bank”. Magna Prima said the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position. Apart from that, Magna Prima said it is not aware of any rumours or other possible explanations to account for the recent trading activity. Magna Prima says in final stage of negotiations to monetise a land bank

Cahya Mata Sarawak Bhd (CMS) said that Norges Bank, which manages Norway’s Government Pension Fund Global, is no longer a substantial shareholder after holding less than a 5% stake in the Sarawak-based cement manufacturer. CMS said it received an email notification the same day saying Norges Bank’s total shareholding stood at 4.989% as at Dec 6, 2023. However, the filing did not disclose the total number of shares disposed of. According to stock exchange disclosures dating back to Sept 15, when Norges Bank acquired 54.05 million shares, representing a 5.03% stake and becoming a substantial shareholder in CMS, a 4.89% shareholding would be equivalent to 53.6 million shares. World’s biggest sovereign wealth fund ceases to be substantial shareholder in Cahya Mata Sarawak

Eonmetall Group Bhd’s wholly-owned subsidiary Eonmetall Land Sdn Bhd (ELSB) has received a notice of award and offer for compensation from the district and land office of Klang for invoking the compulsory acquisition of 0.9 hectare of industrial land for RM30.41 million. The group said the affected land was part of a larger 287.7-hectare land area in Kapar, Selangor, which is currently vacant and held for development. It said the land was purchased by ELSB in 2019, with an original investment cost of RM57.18 million. Eonmetall unit gets RM30m compensation for Klang land

After securing court permission to challenge the Inland Revenue Board's (IRB) additional RM78.49 million tax assessment, Southern Power Generation Sdn Bhd — a 70%-owned unit of Tenaga Nasional Bhd (TNB) — is now in talks with the tax agency for a potential out-of-court settlement. TNB disclosed this in a bourse filing on Friday, after the hearing of the case scheduled a day earlier was vacated due to the settlement talks with March 28 being fixed as the next hearing date. The additional taxes slapped on Southern Power — in which the remaining 30% equity stake is held by SIPP Energy Sdn Bhd, a company linked with the Johor royalty — were for the years of assessment of 2017 to 2021. TNB's Southern Power in talks with IRB on possible settlement of RM78m additional taxes

Mechanical and electrical engineering services specialist Bintai Kinden Corp Bhd and its wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) have been hit with a lawsuit by Dynamic Prestige Consultancy Sdn Bhd (DPCSB), which is seeking a refund of RM16.23 million, plus 5% interest on the sum, from Bintai Kinden and KBK. DPCSB alleged that it had extended interest-free, unsecured and with no fixed term of repayment “friendly loans” and/or “advances” over several tranches to KBK between June 1, 2021 and Dec 1, 2022 for the amount of RM16.23 million. Bintai Kinden hit with lawsuit by Dynamic Prestige over repayment of 'friendly loans'