Mah Sing, Siab, Naim, Greatech, WCT, Computer Forms, PetDag, MyEG

KUALA LUMPUR (July 3):  Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Mah Sing Group Bhd (KL:MAHSING) is acquiring land in Taman Desa, Kuala Lumpur for RM108 million which will be developed into serviced apartments and affordable housing units. The planned development is estimated to have a gross development value of RM1.01 billion. Mah Sing plans to develop the land in two phases, the first being 1,600 serviced apartments spread over 3.7 acres dubbed M Aspira and the second phase, Residensi Madani, under the affordable housing programme, will offer around 800 units on a 2.47-acre plot. — Mah Sing plans RM1b project on Taman Desa land it buys for RM108 mil

Construction outfit Siab Holdings Bhd (KL:SIAB) has bagged a RM176.18 million contract from property developer Exsim Noordin Sdn Bhd to build a heritage building and a 29-storey serviced apartment building in George Town, Penang. The 30-month project entails the addition of seven units to the existing four of a two-storey heritage building, and the conversion of two units from residential to commercial, as well as the construction of a 29-storey serviced apartment building in George Town, Penang. — Siab Holdings bags RM176m construction job in Penang

Property developer Naim Holdings Bhd (KL:NAIM) is disposing of an 180.8-hectare mixed-zone vacant land by its wholly-owned subsidiary, Naim Land Sdn Bhd, in Samarahan, Sarawak, to Onlyee Flora Sdn Bhd for RM223.38 million. The transaction price represents a 4% premium over the current market value of RM215 million, as appraised by independent valuer VPC Alliance (Sarawak) Sdn Bhd. Onlyee Flora is primarily engaged in holding companies and growing of oil palm estate, with its base in Kuching, Sarawak. — Naim Holdings’ unit to dispose of Samarahan land for RM223.38m

Automation solution provider Greatech Technology Bhd (KL:GREATEC) has proposed a one-for-one bonus issue, entailing the issuance of up to 1.25 billion new shares. The entitlement date will be determined after all relevant approvals for the bonus issue have been obtained. For illustrative purposes, based on the three-month volume-weighted average price of the shares up to June 21, which was RM4.42, the theoretical ex-bonus share price would be RM2.21. — Greatech proposes one-for-one bonus issue

WCT Holdings Bhd (KL: WCT), whose share price surged to a near five-year high on Wednesday, has proposed to establish a real estate investment trust (REIT) comprising its retail properties, and list it on the Main Market of Bursa Malaysia. Proceeds to be raised from the REIT listing will be used to pare down borrowings and capitalise on strategic business opportunities. The company currently owns the Bukit Tinggi Shopping Centre in Klang, Paradigm Mall in Petaling Jaya and Paradigm Mall in Johor Bahru. It also owns two airport malls, namely gateway@klia2 in Sepang and SkyPark Terminal in Subang. — WCT to establish REIT comprising retail properties, list it on Main Market, WCT surges to near five-year high after linked-company Malton buys Genting Highlands land

Computer Forms (Malaysia) Bhd (KL: CFM) said a fire broke out at its factory located at the PKNS Setapak Industrial Area, off Jalan Genting Kelang, Kuala Lumpur on July 2. The cause of the fire remains unknown as investigations by the police are still ongoing, with the company adding that the incident caused no injuries. The company has yet to ascertain the full financial and operational impact due to the damage caused by the fire. The group will render its full assistance to the investigation into the cause and source of the fire. — Computer Forms reports fire at Setapak factory

PLUS Malaysia Bhd and Petronas Dagangan Bhd (KL:PETDAG) are collaborating to develop the country’s first commercial hybrid stations — Hybrid Super Station — along national highways, with the Klang Valley identified as the pilot location. The partnership is expected to set a new standard for highway services in Malaysia while offering greater comfort and options to road users. Each touchpoint of the upcoming station, spanning over 30,000 sq ft, will be designed to cater to customer trends and needs. It will offer comprehensive mobility services, including large-scale petrol and diesel stations, as well as fast-charging stations for electric vehicle users, and aims to provide improved public amenities. — PLUS, PetDag ink MOU to develop hybrid stations along highways

MyEG Services Bhd (KL:MYEG) is teaming up with credit reporting agency Credit Bureau Malaysia Sdn Bhd (CBM) to offer a self-check service for individual credit reports. This will be done by integrating CBM’s MySCoRE on the MyEG portal. Similar to MyEG’s existing service with CTOS, users can now easily obtain their MySCoRE credit reports through the MyEG portal. The process, service and fees associated with obtaining a credit score report from CBM via MyEG are identical to those offered directly through the CBM website at no extra charges. — MyEG teams up with Credit Bureau Malaysia to offer self-check service for individual credit reports

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