CTOS, Johor Plantations, YTL Power, Ranhill, GHL Systems, Theta Edge, Vestland, Ann Joo, MClean, Tex Cycle, Maxim, Sarawak Cable

KUALA LUMPUR (July 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

The Court of Appeal (COA) overturned a High Court decision that required CTOS Data Systems Sdn Bhd (CDS), a subsidiary of CTOS Digital Bhd (KL:CTOS), to pay RM200,000 damages to a businesswoman earlier this year. A three-member bench, led by judge Datuk Lee Swee Seng, in allowing CDS’ appeal, ruled that there was no defamation, no negligence, and no breach of statutory duty by the credit-rating agency. CTOS said the COA had also unanimously ruled that credit reporting agencies do not owe a duty of care in common law, and that they may formulate and publish credit scores as part of their business of credit reporting, under the provisions of the Credit Reporting Agencies Act. — COA overturns High Court decision that required CTOS to pay damages to businesswoman

Johor Plantations Group Bhd’s (KL:JPG) managing director Mohd Faris Adli Shukery said the palm oil producer is exploring alternative revenue sources from its unutilised land, diversifying beyond traditional plantation uses. The company, which owns 56,000 hectares of plantation land, plans to assess the “right scheme” before committing to solar power generation. JPG ended its maiden trading day with a 7.14% gain in its Main Market debut on Tuesday, after the company raised RM735 million from the country’s largest initial public offering (IPO) in more than two years. — Johor Plantations eyes new revenue streams from unutilised land

The collective shareholding of YTL Power International Bhd (KL:YTLPOWR) and its 70%-owned unit SIPP Power Sdn Bhd in Ranhill Utilities Bhd (KL:RANHILL) remained unchanged at 53.19% or 689.37 million shares after the close of their mandatory general offer (MGO). The unconditional MGO closed at 5pm on Tuesday, said Maybank Investment Bank Bhd on behalf of YTL Power and SIPP. The MGO was triggered in May after SIPP bought 31.42% equity interest in Ranhill Utilities for RM405.18 million or 99.5 sen per share from Tan Sri Hamdan Mohamad. The share purchase raised YTL Power and SIPP’s collective shareholding from 21.77% to 53.19%, triggering the MGO. The offerors had said they intended to maintain Ranhill Utilities’ listing status. — YTL Power and SIPP’s stake in Ranhill Utilities stay at 53.19% at close of MGO

Japanese information technology and consulting company NTT DATA Japan Corp (NTTD Japan), which now owns 97.48% of the shares in GHL Systems Bhd (KL:GHLSYS), will compulsorily acquire the rest of the shares it does not own, paving the way for GHL to be delisted from Bursa Malaysia. NTTD Japan is going to invoke a provision of the Capital Markets and Services Act 2007 that allows it to do so as it has obtained no less than 90% of the offer shares, CIMB Investment Bank Bhd said on behalf of the Japanese company. Meanwhile, the general offer will remain open for acceptances until July 23, following a two-week extension from its initial closing date of July 9. The offer was made in May after NTTD Japan acquired a 58.73% stake in GHL for RM724.08 million or RM1.08 per share. The stake was acquired from Actis Stark (Mauritius) Ltd, APIS Growth 14 Ltd, Loh Wee Hian and Tobikiri Capital Ltd. — Japan’s NTT DATA to compulsorily acquire remaining GHL shares as its shareholding reaches 97%

Theta Edge Bhd (KL:THETA) has secured a RM673.8 million contract from the Ampang Jaya Municipal Council for the development, provision and maintenance of Internet of Things (IoT) for its smart business initiative in Ampang Jaya. Its wholly owned subsidiary Theta Telecoms Sdn Bhd had on July 2 received an offer letter from the council for the contract with a concession period of 240 months commencing from July 15, 2024 until July 14, 2044. — Theta Edge secures RM673.8m contract to develop IoT for smart businesses in Ampang Jaya

Vestland Bhd (KL:VLB) has secured a RM195.35 million contract to undertake earthworks for the Kota Bharu-Kuala Krai Expressway project in Kelantan. Euro Saga Sdn Bhd awarded the contract to Vestland’s wholly owned subsidiary Vestland Resources Sdn Bhd, covering site clearance, demolition, earthworks, drainage, pavement, and road furniture works. The construction work is scheduled to start on July 19 and is expected to be completed by July 18, 2026. — Vestland bags RM195m earthwork contract for Kota Bharu-Kuala Krai Expressway

Steel manufacturer Ann Joo Resources Bhd (KL:ANNJOO) is making a cash call to raise working capital and fund its business expansion and project expenditure. It has proposed to undertake a rights issue of up to 157.66 million new shares, coupled with up to 157.66 million free detachable warrants, to entitled shareholders. This exercise aims to raise up to RM105 million under the minimum scenario and up to RM165.55 million under the maximum scenario. — Ann Joo proposes one-for-four rights issue with warrants, to raise up to RM166m

MClean Technologies Bhd (KL:MCLEAN) announced a board restructuring, which saw the appointment of a new chairman, directors and chief executive officer, following its 28.5% stake sale to Singapore-listed Accrelist Ltd. MClean appointed Accrelist executive chairman and managing director Datuk Dr Terence Tea Yeok Kian as its new executive chairman, taking over from Yeo Hock Huat, who has been redesignated as a non-independent non-executive director. Meanwhile, Pek Choon Lee has been appointed as MClean’s new chief executive officer, taking over the role from Lim Han Kiau, who has been redesignated as a non-independent non-executive director. MClean has also appointed two new directors into its board, namely Muhammad Radzi Embon and Chuah Ai Wen. Three existing directors — Dr Danny Oh Beng Teck, Dr Goh Kwee Keng, and Yeo Seow Lai — have resigned as part of the board restructuring. — MClean appoints new chairman, CEO following stake sale to Singapore-listed firm

In a move to expand its waste management service offerings, scheduled waste recycling company Tex Cycle Technology (M) Bhd (KL:TEXCYCL) is collaborating with Econas Resource to Energy Sdn Bhd (ER2E) for an integrated waste management project. Under the collaboration, Tex Cycle’s group CEO Gary Dass Anthony Francis said Tex Cycle will be able to utilise ER2E’s end-of-life waste disposal facilities, namely the secured landfill and incineration plant, to extend the range of waste management services it provides to customers, enhancing the group’s ability to manage and process diverse waste types. — Tex Cycle to expand waste management offering via team-up with Econas

Maxim Global Bhd (KL:MAXIM) said it is acquiring 5.81 acres of freehold land in Subang Jaya for RM95 million or RM375.25 per sq ft. The land is located in front of the South Quay-USJ 1 bus rapid transit station on Jalan Subang 1, within an area designated as a transit-oriented development zone. Maxim is buying the land via its 70%-owned unit Maxim Icon Sdn Bhd from the administrators of the estate of Low Teck Choon. — Maxim Global buys land in Subang Jaya for RM95 mil

The High Court has allowed an application by law firm Messrs Krish Maniam & Co to place Sarawak Cable Bhd (KL:SCABLE) under an interim judicial manager. Judge Ahmad Murad Abdul Aziz allowed the application filed by the law firm. On July 2, the firm filed an originating summons against Sarawak Cable for it to be placed under judicial management. This followed the firm having acted for the company in several ongoing legal matters, but suddenly had its services terminated on two matters, namely involving Sarawak Cable’s subsidiaries Universal Cable (M) Bhd and Leader Cable Industry Bhd, where the company had appointed another law firm. — High Court puts Sarawak Cable under interim judicial manager

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