Crescendo, MN Holdings, Axiata, Sapura Energy

KUALA LUMPUR (April 4): Below is a quick summary of some of the business news and company announcements that made headlines on Thursday.

Real estate developer based in Johor Crescendo Corporation BHD Panoramic Industrial Development Sdn Bhd (PID), its wholly-owned subsidiary, announced that it has entered into a conditional sale and purchase agreement with Microsoft Payments (Malaysia) Sdn Bhd to sell 1.1 million square feet of vacant land in Pulai. The deal follows Crescendo’s sale of his three 2.62 million sq ft vacant plots nearby to Microsoft Payments for RM315.17 million in cash in November last year. Crescendo plans to utilize the net cash proceeds of RM127.7 million for debt repayments, working capital and related exercise costs. — Crescendo disposes of another piece of land in Johor to Microsoft Payments for RM132.47 million

MN Holdings Bhd (MNHB) has been awarded a contract worth RM25.96 million for engineering, procurement, construction and commissioning works for a large-scale solar power plant in Kulim, Kedah. This agreement was signed by Samaiden Sdn Bhd, a subsidiary of Samaiden Group Bhd, with MN Power Transmission Sdn Bhd, a wholly owned subsidiary of Samaiden Group Bhd. and the expansion of 132kV interconnection equipment at the power plant. His existing 132kV NUR power plant for NUR Renewables Sdn Bhd, the contract is scheduled to last for 11 months from April 1. MN Holdings secures RM26 million solar power substation job from Samaiden

Axiata Group BHD, Malaysia’s largest wireless operator by revenue, on Thursday announced plans to sell its tower business in Myanmar for US$150 million, or about RM713 million, as part of its exit strategy from the Southeast Asian country. Axiata subsidiary edotco Group Sdn Bhd will sell its entire 87.5% stake in edotco Investments Singapore Pte Ltd, which acts as the investment holding company for its Myanmar operations. The decision to sell was attributed to the deterioration of Myanmar’s macroeconomic and business conditions. However, the buyer of Axiata’s Myanmar operations has not been disclosed. — Axiata’s edotco to sell tower business in Myanmar for RM713 million

Sapura Energy BHD has signed a contract to provide pan-Malaysian underwater services to Petronas Group companies and petroleum logistics contractors. The agreement was entered into by Sarawak Shell and Sabah Shell Petroleum with their subsidiary Sapura Subsea Services and is a call-out agreement with an agreed unit price. The contract amount has not been disclosed, but it is valid for five years from January 31, 2024. Its scope of work includes the provision of diving support vessels, aerial and saturation diving systems, remotely operated vehicles and other underwater services. — Sapura Energy wins contract from Shell to provide underwater services to Petronas Group

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