Business

YINSON Production Offshore Pte Ltd has mandated Citigroup and JP Morgan as global coordinators, with HSBC, ING, Santander, and Standard Chartered Bank as joint bookrunners, to arrange investor meetings ahead of a proposed US$1.2 billion bond offering.

The proposed issuance – subject to market conditions – will comprise 144A/Reg S senior secured notes with a final maturity of 19.6 years and a weighted average life (WAL) of 12.2 years.

The notes, expected to be rated Ba1 by Moody’s and BB+ by Fitch, will be issued by Yinson Bergenia Production BV, a subsidiary that owns and operates the FPSO Maria Quitéria.

The vessel is on a long-term, fixed-rate 22.5-year charter with Brazil’s Petrobras, and is currently deployed in the Jubarte Field in the Campos Basin, offshore Brazil. Petrobras holds exclusive exploration rights to the field.

The senior secured notes will be backed by a first-priority lien on all of the issuer’s assets, including equity interests in the company.

Investor meetings begin virtually today and include one-on-one and group calls, with Citigroup coordinating logistics. — TMR

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EPICON Bhd’s wholly-owned unit, Transnational Builder Sdn Bhd (TBSB), has filed an adjudication claim against Everprima Construction Sdn Bhd (ECSB) for RM6.98 million in outstanding payments related to a completed housing project in Melaka.

The claim was submitted on June 23, 2025, under Section 9 of the Construction Industry Payment and Adjudication Act 2012 (CIPAA). 

It involves unpaid amounts for works done and retention sums from a subcontract to build 114 units of single-storey terrace houses on Lot 109, Mukim Balai Panjang, Melaka Tengah, awarded in January 2024.

TBSB contends that its final progress claim of RM6.73 million, submitted on October 31, 2024, and a retention sum of RM256,500, half of the total RM513,000, are overdue. 

The Certificate of Practical Completion (CPC) was issued on December 11, 2024, confirming all works had been completed.

TBSB has appointed MAC Construction Consultant Sdn Bhd to represent it in the adjudication proceedings. 

It is seeking payment of the outstanding sum, interest, costs, and other remedies deemed appropriate by the adjudicator.

Epicon said the claim does not pose any material financial or operational impact on the group for the financial year ending December 31, 2025. — TMR

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TENAGA Nasional Bhd (TNB) has announced that the government has approved a new electricity tariff schedule for Peninsular Malaysia under Regulatory Period 4 (RP4), marking the first comprehensive revision since 2014.

The revised schedule, approved under the Incentive-Based Regulation (IBR) framework, will take effect from July 1, 2025.

It aims to offer a fairer rate structure for more than 23.6 million domestic users, according to a statement by the Energy Commission (Suruhanjaya Tenaga) under the Ministry of Energy Transition and Water Transformation (PETRA).

In tandem, the government is also rolling out an enhanced fuel cost pass-through mechanism, dubbed the Automatic Fuel Adjustment (AFA), which will replace the existing Imbalance Cost Pass-Through (ICPT).

TNB said the AFA mechanism preserves the neutral impact of fuel cost fluctuations on the utility’s financial performance.

TNB said in a Bursa Malaysia filing today that the RP4 revisions are positive for the group’s role in supporting the National Energy Transition Roadmap (NETR).

The utility reiterated its commitment to ensuring reliable and continuous electricity supply across Peninsular Malaysia. — TMR

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ENRA Group Bhd has secured a US$32.09 million (approximately RM136.56 million) contract to provide a storage tanker solution for upstream operations in the Malaysia-Thailand Joint Development Area (MTJDA), marking a significant win for the group’s energy logistics business.

The 12-month deal was formalised via a binding heads of agreement (HOA) between ENRA’s wholly owned subsidiary, Hexagon Energy Logistics Sdn Bhd (HELSB), and SIP JDA Sdn Bhd.

The contract period runs from October 1, 2025, to September 30, 2026, and supports Carigali-PTTEPI’s operations in the hydrocarbon-rich MTJDA.

In connection with the announcement, Bursa Malaysia halted trading of ENRA’s securities from 9.00 a.m. to 10.00 a.m. today, pending the release of the material information. The counter resumed trading at 10.00 a.m. following the announcement.

ENRA said the deal is expected to contribute positively to its earnings per share, net assets per share and gearing for the financial year ending March 31, 2026.

The HOA does not involve any issuance of new shares and will not affect the group’s capital structure.

No directors or major shareholders of ENRA, nor any persons connected to them, have any direct or indirect interest in the HOA. — TMR

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HHH Builders Sdn Bhd, via its wholly owned subsidiary Radiant Esteem Sdn Bhd (RESB), has entered into a conditional sale and purchase agreement with Perbadanan Pembangunan Sungai Baru Sdn Bhd (PPSB) to acquire a parcel of freehold land in Kuala Lumpur for RM28 million.

The land, measuring approximately 11,521 square metres or 2.847 acres, is located in the Mukim of Batu and is earmarked for future mixed-use development.

The acquisition represents a strategic move by HHH to strengthen its footprint in the Klang Valley and is in line with its long-term growth plans.

Under the terms of the agreement, a 10% deposit amounting to RM2.8 million is payable upon execution of the agreement, while the remaining RM25.2 million is to be settled within three months. An automatic one-month extension is allowed, subject to interest.

The completion of the acquisition is conditional upon several approvals, including from relevant government authorities, as well as PPSB securing the land title in its name and resolving any third-party claims or encumbrances on the property.

The agreement allows for mutual extension or termination should the conditions precedent not be fulfilled within 90 days.

The proposed acquisition will be funded through a combination of internally generated funds and external borrowings. — TMR

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HSS Engineers Bhd (HEB) has secured a contract worth US$2.35 million (approximately RM10 million) to provide Building Information Modelling (BIM) and engineering design consultancy services for a container terminal development in Tuna Tekra, India.

The contract was awarded to its wholly owned subsidiary, HSS Engineering Sdn Bhd (HSSE), by Ocean Lifespaces India Pvt Ltd for the design-and-build Package 2 of the Hindustan Gateway Container Terminal Kandla Private Ltd project.

In a Bursa Malaysia filing today, HEB said the scope of work includes preliminary and detailed engineering design, supplementary BIM services, and post-construction deliverables.

The project is scheduled to begin on June 16, 2025, and is expected to run for 28 months.

Under an exclusive teaming arrangement, HSSE will collaborate with HSS Integrated Sdn Bhd (HSSI), an associate company of HEB, to jointly execute the project.

According to the group, 30% of the professional fees have already been received to commence the services, with the remaining 70% payable in stages upon reaching specific project milestones such as design approvals and documentation completion.

HEB said the project is expected to positively contribute to the group’s revenue and earnings from the financial year ending Dec 31, 2025, through to 2027.

“The acceptance of the LOA marks a significant milestone for the group and aligns with our growth strategy of expanding geographically into India while leveraging our expertise in the transportation sector,” the board said in a statement.

The project will be funded through internally generated funds and/or external borrowings, and does not require shareholder or regulatory approvals. No related party interest was involved. — TMR

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