Wed. Sep 27th, 2023
    Corporate Announcements: MyEG Services, Sunway, Hektar REIT, and More

    In recent corporate announcements, several companies in Malaysia have made headlines.

    Firstly, MyEG Services Bhd is facing allegations of illegally collecting fees for foreign worker permit renewal services, despite being suspended by the Immigration Department of Malaysia since February. The company is accused of failing to refund a factory that paid about RM20,000 for an absent worker’s permit. MyEG Services Bhd has yet to comment on the issue.

    Sunway Bhd, on the other hand, has secured a parcel of land from the Housing and Development Board of Singapore to develop an executive condominium housing development project. The project is worth RM1.2 billion and will be undertaken in a joint venture with Hoi Hup Realty Pte Ltd. This is the fifth joint venture between Sunway Bhd and Hoi Hup for development projects in Singapore.

    Hektar REIT’s trustee, MTrustee Bhd, has entered into a conditional sale and purchase agreement to acquire Kolej Yayasan Saad in Ayer Keroh, Melaka, for RM150 million. The acquisition includes academic blocks, accommodation facilities, and sports and other amenities. Additionally, Hektar REIT has proposed a placement of up to 20% of its existing issued units to raise funds for the acquisition and working capital.

    Hong Seng Consolidated Bhd has decided to scrap its plan to sub-lease a part of an industrial land in Prai Bulk Cargo Terminal, Penang. The company terminated the sub-lease due to the suspension of the development of a proposed manufacturing plant.

    Sarawak Consolidated Industries Bhd has signed an agreement with PT MRT Jakarta Tbk to explore potential partnership in developing a transport-orientated project in Jakarta. The parties will conduct studies on land development in transit-oriented areas and work together to realize investments in the project.

    Betamek Bhd has terminated its memorandum of understanding with Krakatoa Technologies Pte Ltd to develop a battery management system-on-a-chip for electric vehicles. The electronics manufacturing services provider terminated the agreement to focus on other opportunities in the automotive EMS market.

    Bermaz Auto Bhd reported a significant jump in net profit for the first quarter ended July 31, 2023. The company’s net profit increased by 99.8% compared to the previous year. The boost in earnings was mainly attributed to strong sales, particularly for the CX-30 CKD model and the fulfilment of back orders for Mazda 3.

    Finally, Berjaya Rail Sdn Bhd, the rail arm of Berjaya Land Bhd, has appointed Tunku Tun Aminah Sultan Ibrahim Ismail, daughter of the Sultan of Johor, as its chairperson. Tun Aminah holds a 30% stake in Berjaya Rail and also sits on the board of several other companies.

    These corporate announcements highlight the various activities and developments taking place in the Malaysian business landscape.

    The Edge