KNM, Kejuruteraan Asastera, PetChem, Texchem Resources, Nestcon, Tropicana, Berjaya Corp and MGRC

KNM, Kejuruteraan Asastera, PetChem, Texchem Resources, Nestcon, Tropicana, Berjaya Corp and MGRC
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KUALA LUMPUR (Jan 19) : Based on corporate announcements and news flow on Wednesday (Jan 19), companies that may be in focus on Thursday (Jan 20) include KNM Group Bhd, Kejuruteraan Asastera Bhd, Petronas Chemicals Group Bhd, Texchem Resources Bhd, Nestcon Bhd, Tropicana Corp Bhd,
Berjaya Corp Bhd and Malaysian Genomics Resources Bhd.

KNM Group Bhd's board of directors has approved the proposed listing of its indirect wholly-owned subsidiaries on Catalist in Singapore. FBM Hudson Italiana SpA and FBM-KNM FZCO, collectively known as the FBM group, will be listed on the sponsor-supervised board of the Singapore Stock Exchange via an initial public offering.

Electrical and mechanical engineering services provider Kejuruteraan Asastera Bhd (KAB) is set to acquire a mini-hydropower plant located in North Sumatera, Indonesia. KAB said that its wholly-owned subsidiary KAB Energy Holdings Sdn Bhd had entered into a term sheet agreement with Sarawak Cable Bhd to acquire the entire issued share capital of the latter’s Indonesia-based subsidiary, PT Inpola Mitra Elektrindo (PT IME), for a purchase consideration of RM10,000.

Petronas Chemicals Group Bhd (PetChem) plans to build a 60,000 tonnes-per-annum melamine plant in Gurun, Kedah, which will make it the sole melamine producer in Southeast Asia. The group said the plant is targeted to come onstream in 2024 but did not indicate how much it is investing in the plant.

It said the project is in line with its journey to expand into derivatives by adding value to the molecules from its existing products such as urea, methanol, polyolefins and more. It plans to use urea produced from its wholly-owned Petronas Chemicals Fertiliser Kedah unit as feedstock to produce the melamine.

Texchem Resources Bhd has proposed to raise its stake in Sushi King Sdn Bhd to 98% through the acquisition of another 28% stake in the restaurant chain operator for RM102.2 million. Texchem said the purchase of the additional stake from Asia Yoshinoya International Sdn Bhd will allow the group to enhance its assets and earnings base through the consolidation of the stake, and to facilitate easier decision-making and control of the restaurants.

Nestcon Bhd has been awarded a fixed lump sum turnkey construction job worth RM188.5 million from Konsortium Exsim Development Sdn Bhd (KED) to build a 39-storey apartment building on Jalan Klang Lama. Under the contract, Nestcon will design and build the apartment building, which will have 608 units of suites and three retail shops, in 36 months.

Tropicana Corp Bhd has redesignated its independent director and former Inspector-General of Police, Tan Sri Mohamad Fuzi Harun, as its chairman effective Wednesday. The property developer said Fuzi, 62, is replacing Top Glove Corp Bhd founder and chairman Tan Sri Dr Lim Wee Chai, who resigned from the Tropicana chairman post on Jan 11.

Berjaya Corp Bhd (BCorp) has proposed to dispose of its 71.73% stake in Berjaya Higher Education Sdn Bhd, which owns Berjaya University College, to Nanyang International Education Group Sdn Bhd. However, the group did not indicate the disposal value. Nanyang was incorporated by its majority shareholder, Krirk International Education Holding Co Ltd, to invest in the education business in Malaysia.

Malaysian Genomics Resources Centre Bhd (MGRC) has redesignated its independent director Tan Sri Ahmad Mohd Don as its new chairman effective Wednesday (Jan 19). The former Bank Negara Malaysia governor is replacing Tan Sri Dr Rafiah Salim, who retired in November last year.

S Kanagaraju