KNM, Kejuruteraan Asastera, PetChem, Texchem Resources, Nestcon, Tropicana, Berjaya Corp and MGRC

KUALA LUMPUR (January 19): Based on business announcements and the news feed from Wednesday January 19, companies likely to be targeted on Thursday January 20 include KNM Group Bhd, Kejuruteraan Asastera Bhd, Petronas Chemicals Group Bhd , Texchem Resources Bhd , Nestcon Bhd , Tropicana Corp Bhd ,
Berjaya Corp Bhd and Malaysian Genomics Resources Bhd.

KNM Group BhdThe board of directors of has approved the proposed listing of its indirect wholly-owned subsidiaries on Catalist in Singapore. FBM Hudson Italiana SpA and FBM-KNM FZCO, collectively known as FBM Group, will be listed on the sponsor-supervised board of the Singapore Stock Exchange via an initial public offering.

Service provider in electrical and mechanical engineering Kejuruteraan Asastera Bhd (KAB) is preparing to acquire a mini-hydroelectric power plant located in North Sumatera, Indonesia. KAB said its wholly-owned subsidiary KAB Energy Holdings Sdn Bhd has entered into an agreement with Sarawak Cable Bhd to acquire all of the issued share capital of the latter’s Indonesian subsidiary, PT Inpola Mitra Elektrindo (PT IME), for consideration purchase of RM10,000.

Petronas Chemicals Bhd Group (PetChem) plans to build a 60,000 tpa melamine plant in Gurun, Kedah, which will make it the only melamine producer in Southeast Asia. The group said the plant is expected to come on stream in 2024, but did not say how much it is investing in the plant.

He said the project is part of his journey of expanding into derivatives by adding value to the molecules of his existing products such as urea, methanol, polyolefins and more. It plans to use urea produced from its Kedah fertilizer unit wholly owned by Petronas Chemicals as feedstock to produce melamine.

Texchem Resources Bhd has offered to increase its stake in Sushi King Sdn Bhd to 98% through the acquisition of another 28% stake in the restaurant chain operator for RM102.2 million. Texchem said the purchase of the additional stake of Asia Yoshinoya International Sdn Bhd will enable the group to improve its assets and revenue base through the consolidation of the stake, and facilitate decision-making and control of restaurants.

Nestcon Bhd has been awarded a lump sum turnkey construction contract worth RM188.5 million from Konsortium Exsim Development Sdn Bhd (KED) for the construction of a 39-storey apartment building at Jalan Klang Lama . Under the contract, Nestcon will design and build the apartment building, which will have 608 suite units and three retail stores, in 36 months.

Tropicana Corp Bhd reappointed its independent director and former inspector general of police, Tan Sri Mohamad Fuzi Harun, as chairman effective Wednesday. The property developer said Fuzi, 62, replaces Top Glove Corp Bhd founder and chairman Tan Sri Dr Lim Wee Chai, who resigned as chairman of Tropicana on January 11.

Berjaya Corp Bhd (BCorp) has offered to sell its 71.73% stake in Berjaya Higher Education Sdn Bhd, owner of Berjaya University College, to Nanyang International Education Group Sdn Bhd. However, the group did not indicate the sale value. Nanyang was incorporated by its majority shareholder, Krirk International Education Holding Co Ltd, to invest in the education sector in Malaysia.

Malaysian Genome Resource Center Bhd (MGRC) has reappointed its Independent Director Tan Sri Ahmad Mohd Don as its new Chairman effective Wednesday, January 19. The former governor of Bank Negara Malaysia replaces Tan Sri Dr Rafiah Salim, who retired last November.