KUALA LUMPUR (March 8): Here is a brief recap of some corporate announcements that made news on Wednesday (March 8): Bermaz Auto Bhd, UEM Sunrise Bhd, Sapura Energy Bhd, Sunview Group Bhd, Pekat Group Bhd, Toyo Ventures Holdings Bhd and Classita Holdings Bhd.
Bermaz Auto Bhd expects its order backlog of some 7,000 vehicles to provide earnings support in the current financial year ending April 2023. About 3,000 of those units are booked under the automotive sales and service tax (SST) exemption. The SST exemption, which ended on June 30 last year, applies 100% for locally-assembled or completely-knocked-down passenger cars, and 50% for imported or completely-built-up passenger cars.
UEM Sunrise Bhd received a lawsuit from Nipponkey Sdn Bhd dated March 2 due to several alleged breach of agreements. The three agreements include a sale and purchase agreement in Kuala Lumpur, two disposal and land transfer agreements in Tanjung Kupang, Johor Bahru and another 12 disposal and land transfer agreements in the same area in Johor Bahru. The lawsuit named UEM Sunrise’s three subsidiaries — Lucky Bright Star Sdn Bhd, Nusajaya Rise Sdn Bhd and Symphony Hills Sdn Bhd as defendants.
The High Court on March 8 granted Sapura Energy Bhd and its 22 subsidiaries fresh orders to hold court-convened meetings with creditors within three months. The court also allowed a three-month restraining order on the creditors. Both orders granted by Judge Atan Mustaffa Yussof Ahmad are effective from Saturday, following proceedings conducted on Wednesday.
Sunview Group Bhd, through its wholly-owned subsidiary Fabulous Sunview Sdn Bhd, has formed a strategic business alliance agreement with Kulim Technology Park Corp Bhd. The agreement pertains to promoting and developing potential rooftop and large-scale solar photovoltaic (PV) projects in Kulim Hi-Tech Park (KHTP) for two years from March 8. The group will also be placing two electric vehicle charging stations at KHTP Business Car Park and Sunview’s signage on the rooftop of KHTP Business Centre building.
Pekat Group Bhd said its wholly-owned unit Solaroo RE Sdn Bhd has surrendered its money lending licence in view that the prospective money lending business is no longer feasible. The group said this is due to a change in the group’s business strategy. The licence is revoked with effect from Feb 1, 2023.
Bursa Malaysia Securities has publicly reprimanded Toyo Ventures Holdings Bhd over the company’s decision to withdraw its final dividend for the financial year ended Sept 30, 2021 two months after proposing it. “Paragraph 8.26(1) of the Main LR (Main Market Listing Requirements) expressly states that once the dividend had been declared or proposed, a listed issuer must not make any subsequent alteration to the dividend entitlement,” said Bursa. It added that it is the duty of company directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR.
The Royal Malaysia Police has launched an investigation into businessman Victor Chin Boon Long’s alleged involvement in misappropriating RM30.7 million in Caely (M) Sdn Bhd, a subsidiary of Caely Holdings Bhd which is now known as Classita Holdings Bhd. This follows a media report alleging Chin as making use of enforcement authorities in taking control over Malaysian corporations. The case is being investigated under Section 409 of the Penal Code, which is criminal breach of trust by agents.