KUALA LUMPUR (June 3): Here is a brief look at some corporate announcements and news flow on Friday (June 3) involving Fraser & Neave Holdings Bhd, Cocoaland Holdings Bhd, GIIB Holdings Bhd, MISC Bhd, AME Elite Consortium Bhd, Top Glove Corp Bhd, Malaysia Smelting Corp Bhd, Uni Wall APS Holdings Bhd and Alam Maritim Resources Bhd.
Fraser & Neave Holdings Bhd (F&N) has proposed to privatise its 27.66%-owned associate Cocoaland Holdings Bhd by buying the remaining Cocoaland shares at RM1.50 each in a move which will help F&N expand into other packaged-food segments and grow the buyer's overseas markets. The deal shall be settled via a cash consideration of RM488.15 million — funded by bank borrowings — based on 325.43 million Cocoaland shares that are not owned by F&N and represent 72.34% of the share capital of Cocoaland.
GIIB Holdings Bhd has filed a legal suit against seven defendants for amongst others, conspiracy to injure the company, breach of fiduciary duties and seek, inter alia, damages in the sum of RM103.58 million and any other reliefs deemed fit by the court. The seven defendants are Wong Weng Yew, Yee Voon Hon, Yee Kwek Keong, Yap Kwee Heong, Glomaxes Latex Glove Manufacturer Sdn Bhd, Ewe Ee May and Michelle Sammy.
MISC Bhd said its group CEO Datuk Yee Yang Chien, 54, will retire on Sept 30 after holding the post since 2015. The Petronas-linked shipping firm said Captain Rajalingam Subramaniam — chief operating officer of the group since February this year — will take over as group CEO effective Oct 1.
AME Elite Consortium Bhd continues to attract foreign direct investment (FDI) with its latest addition, Nasdaq-listed medical device giant Insulet Corp — whose manufacturing facility will be built in the integrated industrial space solutions provider's newest industrial park, namely i-TechValley in SiLC, Johor Baru. The new fit-for-purpose facility with a built-up area of approximately 400,000 sq ft is Insulet’s first presence in Southeast Asia, complementing its existing manufacturing capacity in the US and China. The manufacturing facility is expected to be operational in mid-2024.
Top Glove Corp Bhd executive chairman Tan Sri Lim Wee Chai raised his direct stake in Top Glove to 27.461% after acquiring 1.5 million shares at RM1.24 each — or RM1.87 million in total. He also holds an indirect 8.495% stake in the company. The latest acquisition came after Lim bought one million shares in the company at RM1.27 on Thursday (June 2), which cost him RM1.27 million.
Malaysia Smelting Corp Bhd’s (MSC) unit Rahman Hydraulic Tin Sdn Bhd (RHT) has proposed to acquire Asas Baiduri Sdn Bhd — a firm that has been granted a mining lease over a parcel of land located adjacent to its mining land in Perak — from Tin International Sdn Bhd for a purchase consideration of 272.25 shares or 20% of the enlarged share capital of RHT. Upon the completion of the acquisition, Asas Baiduri will become a wholly-owned subsidiary of RHT. Meanwhile, RHT would cease to be wholly owned by MSC and become an 80%-owned subsidiary.
LEAP Market-listed Uni Wall APS Holdings Bhd’s 80%-owned subsidiary NS Aero City has inked a Memorandum of Collaboration with Astrom Training, an aviation training solutions provider, to organise a group of companies to participate in the Malaysia Vision Valley 2.0 project, including but not limited to, real estate and infrastructure development.
Alam Maritim Resources Bhd has approved the audit committee's recommendation to appoint Messrs Baker Tilly Monteiro Heng PLT as the company's new auditors. In March, Alam Maritim had received a notice of voluntary resignation from Messrs Al Jafree Salihin Kuzaimi PLT, due to the audit firm's limited number of partners registered with the Audit Oversight Board and its plan to focus on serving non-public interest entities.