KUALA LUMPUR (Oct 11): Based on corporate announcements and news flow on Monday, companies in focus on Tuesday (Oct 12) may include Jade Marvel Group Bhd, AirAsia Group Bhd, MY EG Services Bhd, Solarvest Holdings Bhd, Telekom Malaysia Bhd, JAKS Resources Bhd, IOI Corp Bhd, Damansara Holdings Bhd and Genting Bhd.
Jade Marvel Group Bhd (JMG) has entered into a memorandum of understanding (MoU) with YHL Foods Sdn Bhd for a proposed joint venture (JV) to set up an integrated frozen seafood processing facility with cold storage facilities at Bio Desaru in Kota Tinggi, Johor. The MoU represents a planned diversification into the food business for JMG, which is already a diversified company with businesses including construction and property development. JMG said the company and YHL Foods intend to undertake the JV business through a new company to be incorporated as the JV vehicle.
The Federal Court has fixed Feb 9, 2022 as the hearing date for Malaysia Competition Commission (MyCC)-related cases in its appeals against AirAsia Group Bhd and Malaysian Airline System Bhd (MAS) along with Grab Holdings Inc's appeal, while another bench upheld MyCC's fine imposed on MY EG Services Bhd (MYEG). This follows conflicting decisions with regard to the cases mentioned in the Court of Appeal, where for AirAsia and MAS, the appellate court allowed the companies' appeal against the fines imposed on them, while for Grab, it allowed the firm and its subsidiaries to challenge the decision. Another bench, however, upheld the fine imposed on MYEG.
Solarvest Holdings Bhd has launched Solarvest Innovation Lab 2021 (SIL 2021), a start-up programme to spur innovation and entrepreneurship development in Malaysia with particular emphasis on renewable energy, green technology and financial technology. The clean energy specialist said it is partnering with the likes of Malaysian Technology Development Corp, Telekom Malaysia Bhd (TM), Malaysian Global Innovation and Creativity Centre, OCBC Bank (Malaysia) Bhd, INTI International University and Colleges, Junior Chamber International Malaysia, the JCI Creative Young Entrepreneurs Award and many other notable names to accelerate the nation's green agenda and digital revolution through the search for bright and innovative ideas from budding start-ups.
JAKS Resources Bhd has given investors assurance that the recent fluctuations in coal prices will not impact the group's profit generated from one of its power plants in Vietnam. This is because coal prices for JAKS Hai Duong Power Plant in Vietnam are passed through to the off-taker, Vietnam Electricity, said JAKS chief executive officer Andy Ang Lam Poah.
IOI Corp Bhd is aiming to increase its oleochemical earnings by RM100 million, or more than 35%, by financial year 2021 (FY21), according to a report by Public Invest Research. The research house explained that in a recent conference call with the management of IOI Corp, the group said it had commenced construction of a new 110,000 tonne per year oleochemical plant in Prai, Penang with capital expenditure of RM220 million. The plant is poised to be completed by the second quarter of 2022 and help boost its oleochemical earnings for FY21 by more than 35%.
Damansara Holdings Bhd has announced the appointment of Muaazam Mahmud as its group chief executive officer. Muaazam has been Johor Corp Bhd's (JCorp) head of transformation since 2020. Muaazam's appointment came after JCorp re-emerged as the largest shareholder of Damansara Holdings after buying a 49.57% stake in the company for RM78.91 million in September.
Genting Bhd's 100%-owned subsidiary Resorts World Las Vegas LLC said the latter has taken steps to remedy an inadvertent "system error" that resulted in the under-withholding or deduction of taxes on tips received by some employees and that the amounts that should have been deducted will be withheld over the remaining pay periods in 2021. News websites have published Resorts World Las Vegas' statement after the company's internal memorandum on the system issues was posted on Twitter, hence leading to reporters' enquiries on the matter.