Maybank, Southern Cable, TNB, GHL Systems, Eurospan Holdings, Salutica, Tex Cycle, Pestech, Computer Forms

KUALA LUMPUR (July 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Malayan Banking Bhd (KL:MAYBANK) plans to double assets in Vietnam to US$2 billion (RM9.42 billion) by 2027 and become the country’s top foreign bank for syndicated loans, to capitalise on a booming economy. It also aims for its securities unit to be the leading foreign broker, according to Maybank Vietnam country chief executive officer Michael Foong. The bank also aims to strengthen its role in foreign direct investment in Vietnam and will target new mid-tier corporate clients with annual revenues ranging from US$50 million to US$100 million. — Maybank aims to double Vietnam assets by 2027, expand investment

Cables and wires manufacturer Southern Cable Group Bhd (KL:SCGBHD) has secured a RM99.6 million contract extension to supply underground power cables and conductors of various sizes to utility giant Tenaga Nasional Bhd (TNB) (KL:TENAGA). The contract was awarded to the group’s wholly-owned subsidiary Southern Cable Sdn Bhd, and will boost the total value of the group’s ongoing supply agreement with TNB to RM854.3 million. — Southern Cable clinches RM99.6m cable supply contract extension from TNB

NTT DATA Japan Corp (NTTD Japan) is extending the closing date of its unconditional mandatory takeover offer of RM1.08 per share for GHL Systems Bhd (KL:GHLSYS) by two weeks. CIMB Investment Bank Bhd, acting on behalf of NTTD Japan in its privatisation bid, announced that the offer’s closing date has been extended from July 9 to July 23. As at 5pm on Friday, NTTD Japan held 1.08 billion shares, constituting 94.61% of the total issued shares of GHL Systems. — NTT Data Japan, holding 94.61% of GHL System shares, extends takeover closing date to July 23

The takeover bid by the children of businessman Tan Sri Robert Tan Hua Choon for Eurospan Holdings Bhd (KL:EUROSP) has closed, with the offerors increasing their stake in the furniture maker to 73.99%. The takeover bid was triggered on May 24 when Datuk Seri Tan Han Chuan and his sister Datin Tan Ching Ching increased their shareholdings in Eurospan to 71.8%. They are the children of Hua Choon, widely known as Malaysia’s first Casio watch distributor, earning him the ‘Casio king’ moniker. The offerors intend to maintain Eurospan’s listing status on the Main Market of Bursa Malaysia. — Casio King’s children raises stake in Eurospan to 73.99% as MGO closes

Shares of Salutica Bhd (KL:SALUTE) fell to their lowest in nearly nine months, and the sharp decline prompted the suspension of intraday short-selling of the electronics manufacturing services firm’s stock. Salutica fell as much as 26% or 18 sen to 50 sen, its lowest since Oct 20, 2023, before recovering slightly to close 11 sen or 16.18% lower at 57 sen, valuing the company at RM243.1 million. Trading volume totalled 25.91 million shares.  Intraday short-selling of Salutica shares will only be allowed to resume on Tuesday. Salutica’s legal suit against Apple, filed in November last year for alleged patent infringement, was dismissed by the court. — Salutica shares fall to lowest in nearly nine months after suit against Apple dismissed

Scheduled waste recycling company Tex Cycle Technology Bhd (KL:TEXCYCL) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. The company said it has met the profit requirements, maintains a healthy financial position and satisfies the public shareholding spread under the Securities Commission of Malaysia (SC) and Main Market listing requirements. — Tex Cycle proposes listing transfer from ACE Market to Main Market

Pestech International Bhd’s (KL:PESTECH) wholly-owned subsidiary Pestech Sdn Bhd (PSB) and Syarikat SESCO Bhd (SSB) have opted for annulment of the notification of award for the Entinggan project after taking into consideration economic factors. PSB through a joint venture (JV) with Sky High Construction Sdn Bhd had in December 2023 secured a substation construction project in Entinggan, Kuching, Sarawak from SSB worth RM109.98 million. — Pestech, SESCO opt for annulment of Entinggan project

Computer Forms (Malaysia) Bhd (KL:CFM) does not anticipate any significant financial or operational impact on the group from the recent fire outbreak at its wholly-owned subsidiary’s factory here. The group said it is currently awaiting the Fire and Rescue Department’s official report to determine the full extent of the incident. It added that it has adequate insurance for its assets and coverage for consequential business losses, which will help mitigate the financial impact. — Computer Forms sees no significant financial impact from fire incident

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