Solarvest, Chin Hin Group Property, Straits Inter Logistics, PetDag, OM Holdings, Green Packet Bhd, G3 Global, Mi Technovation, JF Technology, Boustead Plantations, Ireka

Solarvest, Chin Hin Group Property, Straits Inter Logistics, PetDag, OM Holdings, Green Packet Bhd, G3 Global, Mi Technovation, JF Technology, Boustead Plantations, Ireka
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KUALA LUMPUR (July 5): Based on corporate announcements and news flow today (July 5), companies in focus tomorrow (July 6) may include Solarvest Holdings Bhd, Chin Hin Group Property Bhd, Straits Inter Logistics Bhd, Petronas Dagangan Bhd, OM Holdings Ltd, Green Packet Bhd, G3 Global Bhd, Mi Technovation Bhd, JF Technology Bhd, Boustead Plantations Bhd and Ireka Corp Bhd.

Solarvest Holdings Bhd has secured a contract worth RM42.9 million to build a large-scale solar photovoltaic plant in Perak's Kerian district.

The engineering, procurement, construction and commissioning contract for the 10.95MW plant was awarded by Solar Citra Sdn Bhd, an electric energy generation firm owned by MK Land Resources Sdn Bhd.

The project will start on July 8 and is expected to be completed on Dec 30 next year.

Chin Hin Group Property Bhd is planning to acquire a 65% equity interest in construction firm Kayangan Kemas Sdn Bhd for RM37.95 million. It has also proposed to diversify its business into construction, to complement its property development business.

Chin Hin Group Property plans to pay for the acquisition via cash (RM29.15 million) and the issuance of 11 million new Chin Hin Group Property shares at an issue price of 80 sen apiece to Kayangan Kemas' shareholders Chan Kin Keong and Khor Chee Yong, based on a conditional share sale agreement between Chin Hin Group Property and the duo.

The company said the cash portion will be financed using internal funds, fundraising, and/or a combination of which the proportions will be determined later after taking into consideration Chin Hin Group Property's gearing level, interest costs and cash reserves.

Oil trading and fuel bunkering service provider Straits Inter Logistics Bhd has partnered with Petronas Dagangan Bhd (PetDag) to provide marine fuel oil to vessels at all ports in Malaysia.

The group said the collaboration with PetDag, to be undertaken through its 70%-owned unit Tumpuan Megah Development Sdn Bhd, will be hugely synergistic and value-adding to both parties.

"With this tie-up, PetDag's customers will be able to enjoy highly reliable, efficient and safe cargo delivery services through Straits' comprehensive infrastructure and tight operating procedures," it said.

OM Holdings Ltd, which debuted on the Main Market of Bursa Malaysia on June 22, said its smelting complex in Sarawak has been given the green light to resume operations. The plant was temporarily suspended from May 28 following a directive from the authorities.

The group said that operations have recommenced initially, with four furnaces within a phased plan to ramp up production in stages, given the constrained manpower environment and its focus to prioritise employee safety.

As a result of the plant having to close down as part of the Movement Control Order 3.0 from May 28, the group declared force majeure on all its sales contracts and its power purchase agreement until the plant is able to resume and achieve steady-state operations.

Green Packet Bhd has proposed to dispose of its stake in G3 Global Bhd to its managing director and chief executive officer (CEO) Puan Chan Cheong (CC Puan) for between RM61.26 million and RM91.89 million in cash.

Green Packet said it plans to sell up to 612.57 million shares, or a 24.81% stake, in G3 Global (after exercising warrants into shares) to CC Puan at between 10 sen and 15 sen per share.

The group said that as at July 2, it held 307.32 million shares or a 14.2% stake in G3 Global. It also owned 305.25 million outstanding warrants in G3 Global, with an exercise price of three sen.

Mi Technovation Bhd, which is principally involved in the semiconductor equipment business, has proposed to undertake a private placement of up to 10% of its share capital to raise up to RM270.68 million, to expand the group's business.

The placement, to be issued to third party investors to be identified at an issue price to be determined, will involve the issuance of up to 82.025 million placement shares.

The approximate gross proceeds expected to be raised are based on an illustrative issue price of RM3.30 per placement share. Of the total, Mi Technovation expects to use RM187 million to expand the group's business, RM15 million to repay its bank borrowings, and RM64.18 million for working capital.

JF Technology Bhd's wholly-owned subsidiary JF Microtechnology Sdn Bhd (JFM) was granted six new patents for the group's integrated circuit (IC) testing-related inventions during the financial year ended June 30, 2021 (FY21).

JF Technology said that out of the six new patents, two were related to high-frequency IC test contacting solutions, while four were related to IC test contacting solutions for automotive and high-power applications.

JFM received three of the patents from Malaysia, two from the US and one from the Philippines.

Boustead Plantations Bhd announced today that Ibrahim Abdul Majid is relinquishing his role as CEO of the company effective immediately to accept a bigger role at parent Boustead Holdings Bhd (BHB). BHB has a 57.42% stake in Boustead Plantations.

Boustead Plantations said Ibrahim, 61, is accepting a bigger role at BHB to lead the plantation technology and innovation initiatives. He assumed his current post in December 2019.

Ireka Corp Bhd's substantial shareholder Ideal Land Holdings Sdn Bhd sold 21.67 million shares via an off-market transaction last Friday.

According to several bourse filings, Ideal Land — a vehicle controlled by Ireka executive chairman Datuk Lai Siew Wah and his son, who is Ireka's group managing director Datuk Lai Voon Hon, as well as his daughter and group deputy managing director Monica Lai Voon Huey — sold the shares.

S Kanagaraju