KUALA LUMPUR (Sept 19): Here is a brief recap of some corporate announcements that made the news on Monday (Sept 19), involving T7 Global Bhd, UEM Sunrise Bhd, Opcom Holdings Bhd, EA Technique (M) Bhd, Reservoir Link Energy Bhd, Yinson Holdings Bhd, EP Manufacturing Bhd, Ancom Nylex Bhd and Citaglobal Bhd.
T7 Global Bhd has been awarded contracts worth around RM400 million in Thailand. The group said its Tanjung Offshore Services Sdn Bhd unit had signed charter and operation and maintenance contracts with Busrakham G11 Ltd for the provision of rental, operation and maintenance of a mobile offshore production unit. in the Nong Yao field in the southern Gulf of Thailand. T7 specifies that the duration of the contract is five years, with a two-year extension.
EMU Sunrise Bhd completed the issuance of a total of RM295 million in face value of Islamic Medium Term Notes (IMTN). The group said that the IMTN program comes with an Islamic commercial paper program and together they have a combined aggregate limit of up to RM4 billion in face value based on the Sharia principle of murabahah through a tawarruq arrangement.
fiber optic cable manufacturer Opcom Holdings Bhd proposed to diversify its business to include the provision of telecommunications network infrastructure solutions. The group said it was buying the entire stake in T&J Engineering Sdn Bhd (TJE) from T&J Assets Holdings Sdn Bhd at a price of up to RM90 million, to be paid via a combination of cash (30%) and new shares (70%).
EA Technical (M) Bhd said it has entered into a memorandum of understanding to divest a marine vessel for $4.2 million (RM18.69 million) to UAE-based tanker operator Glory International FZ-LLC. The group announced on August 5 that it plans to sell the vessel, Nautica Maharani, to a third-party buyer for at least $4 million, as part of the three-ship sale for about $13.5 million.
Reservoir Link Energy Bhd received an award letter from Petronas Carigali Sdn Bhd for its second Petroliam Nasional Bhd (Petronas) contract this year. The energy service provider said it was to provide Petronas Carigali with the completion of new technology equipment and services, including the erosion-resistant Boron EaziGoFlo sand screen and the related services.
Yinson Holdings Bhd marked its foray into the Indonesian energy market after acquiring a majority stake in turnkey solar company PT Ineco Solar Solutions. Yinson said the stake was acquired through its renewable energy division Yinson Renewables, and the acquisition aims to enable Ineco Solar to provide all-in-one, zero-capital solutions, expand its project portfolio and to establish itself as an independent power producer in Indonesia and beyond.
Auto parts manufacturer EP Manufacturing Bhd has entered into two investment deals as part of its venture into the electric two-wheeled vehicle sector. EP Manufacturing said the first agreement, with a minimum investment amount of US$50 million (RM227.48 million), has been signed between the company and CIS Pride Fund SPC, Sharkgulf Technologies Group Ltd, as well as Blueshark Holding Ltd. Meanwhile, the second deal has been signed by EP Manufacturing, Siraj Holding LLC, Siraj Holding Sdn Bhd and Sharkgulf, involving a total minimum investment amount of $125 million.
Ancom Nylex Bhd appointed former police chief Tan Sri Mohamad Fuzi Harun and chartered accountant Christina Foo as independent, non-executive directors, effective immediately. Fuzi, 67, had served the Royal Malaysian Police for 35 years in various capacities. Foo, 61, currently sits on the board of UEM Sunrise Bhd and Malaysian Technology Development Corporation Sdn Bhd.
Citaglobal Bhd said he had reached a final resolution with Datuk William Tan Chee Keong and Choi Chee Ken by agreeing that neither side will appeal the High Court’s decision in the RM59.21 million lawsuit over a profit guarantee. Additionally, the group agreed to pay Tan and Choi their attorneys’ fees of RM450,000 and awarded fees of RM70,000.