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PetChem, Dialog, Duopharma, Yong Tai, Caely, DNeX, Reservoir Link, Borneo Oil, Chin Hin and SCIB

KUALA LUMPUR (May 17): Here is a brief look at some corporate announcements and news feed from Tuesday May 17 involving Petronas Chemicals Group Bhd (PetChem), Dialog Group Bhd, Duopharma Biotech Bhd, Yong Tai Bhd, Caely Holdings Bhd, Dagang NeXchange Bhd (DNex), Reservoir Link Energy Bhd, Borneo Oil Bhd, Chin Hin Group Bhd and Sarawak Consolidated Industries Bhd (SCIB).

Petronas Chemicals Bhd Group (PetChem) is acquiring the entire stake in leading specialty chemicals group Perstorp Holdings AB from Financière Forêt SARL for a base purchase of €1.538 billion (RM7.018 billion) in cash. The acquisition marks the creation of a significant portfolio of specialty chemicals, while enhancing its overall revenues, said PetChem, which together with its Petronas Chemicals International BV (PCIBV) unit has entered into a securities purchase agreement conditional with the seller for the proposed acquisition.

As part of the agreement, PCIBV is required to pay a maximum of €45 million when Perstorp’s new pentaerythritol plant in Sayakha, India is mechanically completed and receives the necessary permits to begin operations. PCIBV is also required to repay all sums owed by the Perstorp group under certain existing financial agreements for an amount of 851.7 million euros.

Bhd Dialog Group recorded a net profit of RM133.06 million for the third financial quarter ended 31 March 2022 (3QFY22), down 2.3% from RM136.17 million a year earlier, mainly due to the increase in the cost of the project. Quarterly revenue, however, jumped 46.5% to RM593.43 million from RM405.18 million a year ago, driven by increased business activity in domestic and international operations. The company has declared an interim cash dividend of 1.3 sen per share, to be paid on June 28, 2022.

Duopharma Biotech BhdNet profit for the first quarter ended 31 March 2022 (1QFY22) increased by 15.2% to RM20.29 million from RM17.61 million in the same quarter last year, driven by quarterly revenue rose 11.71% to RM185.94 million from RM166.45 million previously, supported by increased sales to the consumer healthcare and private ethics sectors.

Yong Tai Bhd reached debt settlement agreements with 19 creditors – including, among others, listed companies Econpile Holdings Bhd and Siab Holdings Bhd – to repay RM46 million owed by issuing 92 million new shares at 50 sen per share . Econpile is to receive eight million Yong Tai shares to settle the RM4 million debt owed by Yong Tai, while Siab will receive 12 million shares for the RM6 million owed to him.

The debt settlements, as well as the listing and listing of the new settlement shares will be implemented after the stock consolidation of five existing shares into one share and the free issue of warrants up to 103, 1 million new warrants based on one free warrant for four consolidated Yong Tai shares.

lingerie designer Caely Holdings Bhd’Former executive director Wong Siaw Puie was reappointed executive chairman of the company effective Tuesday, May 17. Wong takes over the position of chairman of Caely from former chairman of the company Datuk Wira Ng Chun Hau, who resigned to pursue other personal opportunities. Caely also announced the appointment of Koo Chen Yang as the company’s new executive director.

Caely has been closely watched since April 18, 2022, when it was announced that authorities – later known as the Malaysian Anti-Corruption Commission – had issued an order freezing the company’s bank accounts. , who also said he was unaware of any wrongdoing leading to the authorities’ decision.

Dagang NeXchange Bhd (DNeX) signed a memorandum of understanding with Taiwanese giant Hon Hai Precision Industry Co Ltd (better known as Foxconn) unit Big Innovation Holdings Ltd to establish a joint venture to build and operate a 12 inches in Malaysia, capable of producing up to 40,000 wafers per month in 28 nanometer and 40 nanometer technology.

The memorandum of understanding came nearly a year after Foxconn became a shareholder in DNeX, which expanded itself into the semiconductor business by taking over loss-making SilTerra Malaysia Sdn Bhd from Khazanah Nasional Bhd.

Reservoir Link Energy Bhd signed a joint venture (JV) and shareholders agreement with ADS Asset Holdings Sdn Bhd (AAH) to co-finance, build and jointly develop energy storage solutions. Reservoir Link and AAH hold the JV on a 51:49 basis.

Borneo Oil Bhd has entered into a sale agreement with MT 23 Resources Ltd to acquire a 22.49% stake or 28.36 million shares in Sabah-based clinker and cement products manufacturer Makin Teguh Sdn Bhd (MTSB) for 73 RM.56 million through transfer of treasury shares and cash from internally generated funds. MT 23 is the legal and beneficial owner of 28.78% of the capital of MTSB, represented by 36.28 million shares of the issued and paid-up share capital of the company.

Chin Hin Group Bhd sells its remaining 19.34% stake in Solarvest Holdings Bhd for RM103.28 million in cash or 80 sen per share to Divine Inventions Sdn Bhd in a related party transaction (RPT).

Divine Inventions is controlled by the Chiau family, which also owns 36.6% of Chin Hin. Chin Hin Executive Chairman Datuk Seri Chiau Beng Teik also owns a 1.4% direct stake in Solarvest, while Chin Hin Group Chief Executive Chiau Haw Choon owns 0.08% of the solar company. Most of the proceeds were used to repay bank loans.

Sarawak Consolidated Industries Bhd (SCIB) of SCIB Properties Sdn Bhd unit has accepted an award letter for an engineering, procurement, construction and commissioning contract worth RM36 million from Masama Sdn Bhd for projects of road infrastructure in Sarawak – which is expected to run from May 2022 to April 2023.