TNB, Top Glove, YTL Power, Sapura Energy, Comintel, GIIB, Perak Transit, Dutch Lady, TA Global, Pecca, QES and TDM
KUALA LUMPUR (June 1): Here is a brief look at some corporate announcements and news flow on Wednesday (June 1) involving Tenaga Nasional Bhd, Top Glove Corp Bhd, YTL Power International Bhd, Sapura Energy Bhd, Comintel Corp Bhd, GIIB Holdings Bhd, Perak Transit Bhd, Dutch Lady Milk Industries Bhd, TA Global Bhd, Pecca Group Bhd, QES Group Bhd and TDM Bhd.
Tenaga Nasional Bhd (TNB) through its New Energy Division is striving to future-proof its business by expanding its renewable energy (RE) footprint globally through mergers and acquisitions, asset development and establishing strategic partnerships with leading RE players. Its portfolio of RE assets in the United Kingdom and Europe is currently being operated and managed by its unit Vantage RE Ltd.
Top Glove Corp Bhd said that the Group’s Managing Director Datuk Lee Kim Meow will be redesignated as Non-Independent Non-Executive Director effective August 1, 2022, upon completing his employment contract with the company on July 31, 2022. The world’s largest glove manufacturer said its Executive Director Lim Cheong Guan will be succeeding Lee beginning August 1. Meanwhile, in line with the Board’s succession planning, Ng Yong Lin, presently the Chief Operating Officer (COO), will be appointed as Executive Director of Top Glove effective August 1, 2022.
YTL Power International Bhd via its unit YTL PowerSeraya Pte Ltd has completed the acquisition of Tuaspring Pte Ltd’s 396MW combined cycle gas turbine power plant in Singapore for a purchase consideration of S$270 million (RM862.31 million) cash — reduced from original purchase consideration of S$331.45 million (RM1.06 billion), which was to be settled via a combination of cash, together with shares and shareholder loans in the holding company of PowerSeraya.
Sapura Energy Bhd said it has appointed former Velesto Energy Bhd president Rohaizad Darus and Lim Fu Yen as directors of the Practice Note 17 company, effective Wednesday. The oil and gas services provider said it appointed Rohaizad Darus as its non-independent and non-executive director, while Lim was appointed as an independent and non-executive director of the company.
Bursa Malaysia said it will continue to monitor the progress of Sapura Energy in respect of its compliance with the Main Market Listing Requirements. On Tuesday (May 31), Sapura Energy announced that it has triggered the prescribed criteria pursuant to the Listing Requirements under Practice Note 17 (PN17), taking steps to regularise its business through a reset plan launched in the financial year ended Jan 31, 2022 (FY2022).
Comintel Corp Bhd said its white knight will subscribe to a smaller stake of 56.49% in the company from 72.47% envisioned previously, following a proposed revision to the regularisation plan announced by the company. Comintel, which was planning to place 242.5 million new shares and 70 million redeemable convertible preference shares (RCPS) at 8 sen apiece to raise RM25 million, will see a smaller subscription by JT Conglomerate Sdn Bhd (JTC), controlled by businessman Datuk Tan Kak Seng.
Under a supplemental subscription agreement, JTC will now subscribe to 145 million new shares for RM11.6 million, from 206.13 million shares previously announced. Combined with another 71.06 million Comintel shares that JTC plans to acquire from a group of vendors, JTC’s stake in Comintel will be at 56.49% of its enlarged share capital upon completion of the exercise, from 72.47% previously proposed.
GIIB Holdings Bhd has delayed the appointment of an independent audit firm to look into suspicious transactions flagged by its previously terminated but now reinstated director, saying it is still finalising the scope of investigation with shortlisted firms and is expected to finalise the appointment by early June. Separately, the group announced the immediate cessation of office by Tai Qi Yao, the son of, and alternate director to, CEO Tai Boon Wee. Qi Yao held the executive role since April 1, 2016.
GIIB is in the midst of investigating the claims raised by its director Wong Weng Yew of dubious transactions in the company totalling RM11.49 million. Wong previously served as the company's executive director but was suspended in April and then terminated in mid-May from his position as the company alleged him of misconduct. But in an about-turn last week, GIIB announced Wong had been reinstated to the board and was redesignated as a non-independent non-executive director.
Perak Transit Bhd has entered into a strategic alliance agreement with edotco Malaysia to appoint the latter to provide the services to build, erect, install, construct, maintain and operate the relevant in-building solutions and telecommunications solutions and structures in designated buildings or lands owned by Ipoh-based transport terminal and bus operator’s units.
Dutch Lady Milk Industries Bhd has cautioned that more price hikes could be on the horizon for consumers as cost inflation leaps. Noting that the dairy product manufacturer is facing industry-wide headwinds — the global supply chain disruption, “unprecedented” global inflation and raw material price volatility — its managing director Ramjeet Kaur Virik said these issues are posing a challenge for the group as it aims to keep its products affordable for consumers.
TA Global Bhd has received the construction approval for the Sri Damansara Sentral MRT link bridge, marking tremendous progress in strengthening the accessibility of Damansara Avenue, the developer’s 48-acre master plan in Bandar Sri Damansara.
Pecca Group Bhd has appointed Foo Ken Nee as its chief executive officer. Foo shall be responsible for driving strategic growth and expansion opportunities of the group. Foo was Pecca’s chief financial officer from January 2019 till May 2021, before joining Tropicana Corp Bhd's subsidiary company Tropicana Golf & Country Resort Bhd as the executive director, in which he was responsible for new business development, strategic operations and financial management involving multiple industry sectors.
QES Group Bhd said it has proposed a transfer of listing to the Main Market of Bursa Malaysia, which came after the Shah Alam-based automated test equipment manufacturer and its subsidiaries and associate companies were deemed to have met the requirements for the transfer of its listing to the Main Market as set out in the equity guidelines issued by the Securities Commission Malaysia.
TDM Bhd, via its plantation unit TDM Plantation Sdn Bhd, is exploring a new development of cash crops, namely chilli, at Ladang Tayor near here. The unit of the Terengganu State government said the project in collaboration with the Kuala Langat Area Farmers Organisation (PPK) is in line with the State government’s plan to intensify the local agriculture sector and food industry, besides utilising areas where there is no oil palm cultivation productively.
https://www.theedgemarkets.com/article/tnb-top-glove-ytl-power-sapura-energy-comintel-giib-perak-transit-dutch-lady-ta-global-pecca
KUALA LUMPUR (June 1): Here is a brief look at some corporate announcements and news flow on Wednesday (June 1) involving Tenaga Nasional Bhd, Top Glove Corp Bhd, YTL Power International Bhd, Sapura Energy Bhd, Comintel Corp Bhd, GIIB Holdings Bhd, Perak Transit Bhd, Dutch Lady Milk Industries Bhd, TA Global Bhd, Pecca Group Bhd, QES Group Bhd and TDM Bhd.
Tenaga Nasional Bhd (TNB) through its New Energy Division is striving to future-proof its business by expanding its renewable energy (RE) footprint globally through mergers and acquisitions, asset development and establishing strategic partnerships with leading RE players. Its portfolio of RE assets in the United Kingdom and Europe is currently being operated and managed by its unit Vantage RE Ltd.
Top Glove Corp Bhd said that the Group’s Managing Director Datuk Lee Kim Meow will be redesignated as Non-Independent Non-Executive Director effective August 1, 2022, upon completing his employment contract with the company on July 31, 2022. The world’s largest glove manufacturer said its Executive Director Lim Cheong Guan will be succeeding Lee beginning August 1. Meanwhile, in line with the Board’s succession planning, Ng Yong Lin, presently the Chief Operating Officer (COO), will be appointed as Executive Director of Top Glove effective August 1, 2022.
YTL Power International Bhd via its unit YTL PowerSeraya Pte Ltd has completed the acquisition of Tuaspring Pte Ltd’s 396MW combined cycle gas turbine power plant in Singapore for a purchase consideration of S$270 million (RM862.31 million) cash — reduced from original purchase consideration of S$331.45 million (RM1.06 billion), which was to be settled via a combination of cash, together with shares and shareholder loans in the holding company of PowerSeraya.
Sapura Energy Bhd said it has appointed former Velesto Energy Bhd president Rohaizad Darus and Lim Fu Yen as directors of the Practice Note 17 company, effective Wednesday. The oil and gas services provider said it appointed Rohaizad Darus as its non-independent and non-executive director, while Lim was appointed as an independent and non-executive director of the company.
Bursa Malaysia said it will continue to monitor the progress of Sapura Energy in respect of its compliance with the Main Market Listing Requirements. On Tuesday (May 31), Sapura Energy announced that it has triggered the prescribed criteria pursuant to the Listing Requirements under Practice Note 17 (PN17), taking steps to regularise its business through a reset plan launched in the financial year ended Jan 31, 2022 (FY2022).
Comintel Corp Bhd said its white knight will subscribe to a smaller stake of 56.49% in the company from 72.47% envisioned previously, following a proposed revision to the regularisation plan announced by the company. Comintel, which was planning to place 242.5 million new shares and 70 million redeemable convertible preference shares (RCPS) at 8 sen apiece to raise RM25 million, will see a smaller subscription by JT Conglomerate Sdn Bhd (JTC), controlled by businessman Datuk Tan Kak Seng.
Under a supplemental subscription agreement, JTC will now subscribe to 145 million new shares for RM11.6 million, from 206.13 million shares previously announced. Combined with another 71.06 million Comintel shares that JTC plans to acquire from a group of vendors, JTC’s stake in Comintel will be at 56.49% of its enlarged share capital upon completion of the exercise, from 72.47% previously proposed.
GIIB Holdings Bhd has delayed the appointment of an independent audit firm to look into suspicious transactions flagged by its previously terminated but now reinstated director, saying it is still finalising the scope of investigation with shortlisted firms and is expected to finalise the appointment by early June. Separately, the group announced the immediate cessation of office by Tai Qi Yao, the son of, and alternate director to, CEO Tai Boon Wee. Qi Yao held the executive role since April 1, 2016.
GIIB is in the midst of investigating the claims raised by its director Wong Weng Yew of dubious transactions in the company totalling RM11.49 million. Wong previously served as the company's executive director but was suspended in April and then terminated in mid-May from his position as the company alleged him of misconduct. But in an about-turn last week, GIIB announced Wong had been reinstated to the board and was redesignated as a non-independent non-executive director.
Perak Transit Bhd has entered into a strategic alliance agreement with edotco Malaysia to appoint the latter to provide the services to build, erect, install, construct, maintain and operate the relevant in-building solutions and telecommunications solutions and structures in designated buildings or lands owned by Ipoh-based transport terminal and bus operator’s units.
Dutch Lady Milk Industries Bhd has cautioned that more price hikes could be on the horizon for consumers as cost inflation leaps. Noting that the dairy product manufacturer is facing industry-wide headwinds — the global supply chain disruption, “unprecedented” global inflation and raw material price volatility — its managing director Ramjeet Kaur Virik said these issues are posing a challenge for the group as it aims to keep its products affordable for consumers.
TA Global Bhd has received the construction approval for the Sri Damansara Sentral MRT link bridge, marking tremendous progress in strengthening the accessibility of Damansara Avenue, the developer’s 48-acre master plan in Bandar Sri Damansara.
Pecca Group Bhd has appointed Foo Ken Nee as its chief executive officer. Foo shall be responsible for driving strategic growth and expansion opportunities of the group. Foo was Pecca’s chief financial officer from January 2019 till May 2021, before joining Tropicana Corp Bhd's subsidiary company Tropicana Golf & Country Resort Bhd as the executive director, in which he was responsible for new business development, strategic operations and financial management involving multiple industry sectors.
QES Group Bhd said it has proposed a transfer of listing to the Main Market of Bursa Malaysia, which came after the Shah Alam-based automated test equipment manufacturer and its subsidiaries and associate companies were deemed to have met the requirements for the transfer of its listing to the Main Market as set out in the equity guidelines issued by the Securities Commission Malaysia.
TDM Bhd, via its plantation unit TDM Plantation Sdn Bhd, is exploring a new development of cash crops, namely chilli, at Ladang Tayor near here. The unit of the Terengganu State government said the project in collaboration with the Kuala Langat Area Farmers Organisation (PPK) is in line with the State government’s plan to intensify the local agriculture sector and food industry, besides utilising areas where there is no oil palm cultivation productively.
https://www.theedgemarkets.com/article/tnb-top-glove-ytl-power-sapura-energy-comintel-giib-perak-transit-dutch-lady-ta-global-pecca
