Star Media, Ho Hup Construction, Sin-Kung Logistics, Ireka, Niche Capital, Favelle Favco, KKB Engineering and RHB Bank

KUALA LUMPUR (May 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

The Edge Communications Sdn Bhd and its owner Tan Sri Tong Kooi Ong have ceased to be substantial shareholders in Star Media Group Bhd following the latest share sale. Tong sold 1.45 million shares on the open market last week, while The Edge sold 1.5 million shares, according to Star Media’s exchange filing. The transaction price was not disclosed. After the latest transactions, The Edge is left with 36 million shares, or 4.87%, in Star Media, based on issued share capital of 738.56 million shares. Tong is deemed interested in Star Media via his shareholding in The Edge. The Edge and its owner cease to be substantial shareholders of Star Media

Ho Hup Construction Co Bhd’s RM1 billion mixed development project in Bukit Jalil will be suspended as it plans to sell the project’s 3.09-acre land for RM110 million cash to repay bank borrowings, refund existing end purchasers of the project’s Sovo units, and pay consultants and the contractor. The disposal deal, inked between Ho Hup’s wholly-owned unit Bukit Jalil Development Sdn Bhd and Exsim Development Sdn Bhd’s wholly-owned subsidiary Exsim Persiaran Jalil Sdn Bhd, is aimed to improve the group’s financial position. The Bukit Jalil land was approved for the development of the Flex project: two tower blocks (comprising small office-versatile-office units, a hotel, and serviced apartments) to be built on top of an eight-storey podium consisting three retail spaces and 20 retail shops. Ho Hup’s Flex project to be suspended, buyers refunded as Exsim buys land for RM110m

Logistic services provider Sin-Kung Logistics Bhd, which is set to be listed on the ACE Market of Bursa Malaysia on May 15, said its initial public offering (IPO), priced at 13 sen apiece, had been oversubscribed by 26.5 times. By the close of its IPO application on May 2, Sin-Kung said it had received 13,179 applicants for 1.7 billion new shares from the Malaysian public for the 60 million shares it allocated for public subscription. Sin-Kung’s IPO involves a public issuance of 200 million new shares — representing 16.7% of the enlarged share capital of Sin-Kung Logistics — and an offer for sale of 103.5 million existing shares (8.6%). Sin-Kung IPO shares oversubscribed by 26.5 times ahead of ACE Market listing

Practice Note 17 (PN17) company Ireka Corp Bhd said its wholly-owned Ireka Development (Terengganu) Sdn Bhd (IDTSB) and the unit’s directors are being sued by the Employee Provident Fund (EPF) over unpaid contributions to the fund. The construction outfit said EPF is claiming a principal sum of RM50,196, representing total outstanding contribution from August 2023 to December 2023, along with dividends and late payment charges to be determined upon full settlement of the amount claimed. Ireka said there is no major financial impact from the lawsuit as the claimed amount has been recognised in IDTSB’s financial statements. EPF initiates legal action against Ireka unit over unpaid contributions

Loss-making Niche Capital Emas Holdings Bhd has proposed to undertake a private placement of up to 135.74 million shares, or 10% of its issued share capital, to fund its mining business as well as working capital. The private placement is expected to raise RM18.7 million based on an indicative price of 13.78 sen per placement share. Niche Capital aims to raise RM18.7m via private placement to fund mining business

Construction crane manufacturer Favelle Favco Bhd has secured four contracts for the supply of offshore and tower cranes totaling RM39.2 million. Two contracts for offshore cranes were awarded by Hilong Petroleum Offshore Engineering Ltd and CUEL Ltd. The Hilong job is to be delivered in the third quarter of this year, while CUEL’s is to be completed by the first quarter of 2025. The other two contracts, which are for the supply of tower cranes, were awarded by Favco Heavy Industry (Changshu) Co Ltd and GA Caelli Holdings Trust. The first is expected to be delivered in the third of this year, and the second is to be completed in the second quarter. Favelle Favco wins four contracts worth RM39.2 mil

Steel fabrication company KKB Engineering Bhd has secured two contracts worth a combined total of RM37.9 million. KKB’s associate company Edisi Optima Sdn Bhd will build and maintain liquefied petroleum cylinders for Petronas Dagangan Bhd for one year. The contract is extendable for another year until 2026. In addition, KKB Engineering will also supply mild steel concrete line pipes and fittings to Perbena Emas Sdn Bhd, a wholly-owned subsidiary of Pansar Bhd. The contract is expected to be completed by the second quarter of 2025. KKB Engineering secures contracts worth RM37.9 mil

RHB Bank Bhd said it has appointed Mohd Najman Isa as the new chief executive officer and chief investment officer of RHB Islamic International Asset Management Bhd (RHBIIAM). The appointment took effect on April 8. Before joining RHBIIAM, Najman spent six years with Sumitomo Mitsui DS Asset Management Hong Kong, where he was a lead equity portfolio manager for selected Asia Pacific ex-Japan equity mandates. He also served as its lead analyst for the financial sector of emerging Asia ex-China markets. RHB names Mohd Najman Isa as CEO of Islamic asset management unit