Business

CREST Builder Holdings Bhd has clinched two construction contracts worth a combined RM513 million, boosting its outstanding order book to a record RM2 billion.

The first job, valued at RM246.4 million, was awarded by Sime Darby Property Bhd’s unit for the East One SJCC project in Subang Jaya, involving the construction of 926 serviced apartment units to be completed within 30 months.

The second contract, worth RM266.5 million, was secured from Freedom Estates Sdn Bhd, a unit of BRDB Developments, for the Miranda Hill project in Mont Kiara.

The development comprises two residential towers with a total of 552 condominium units, alongside car parks and recreational facilities, with a 19-month completion timeline.

Both projects were awarded to its wholly owned unit, Crest Builder Sdn Bhd.

Its group MD Eric Yong said the contract wins provide an early boost to its 2026 order book replenishment while enabling the group to focus on execution and operational efficiency, adding that the company is well positioned to ensure timely delivery with its record order book. — TMR

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BINASTRA Corporation Bhd has secured a RM316.49 million construction contract for a mixed development in Subang Jaya, marking a key step in the revival of the long-stalled Subang Sentral project.

In a bourse filing today, Binastra said the contract was awarded by HCK Sentral Sdn Bhd and covers works on a partially completed basement, podium car park, Tower A, and “lifestyle office, small office” units.

The scope also includes the construction of two additional towers, along with parking facilities and related infrastructure.

The project is located on a 10.67-acre site at Persiaran Subang Permai in USJ 1.

Construction is expected to be completed within 42 months, with the commencement date to be determined later.

In a separate statement, HCK Capital Group Bhd said it has appointed Binastra Builders Sdn Bhd, a wholly owned subsidiary of Binastra, as the main contractor to complete the development, formerly known as Remix 1.

The appointment marks a major milestone in reviving the abandoned project, which has affected more than 2,500 buyers who have been waiting over a decade for completion.

HCK said it has taken possession of the site and begun preparatory works, following comprehensive environmental and structural assessments conducted with independent and original project consultants to ensure compliance with current building standards.

The redeveloped Subang Sentral is planned as a smart low-carbon mixed development featuring an international school, health hub, adult learning centre and a pet-friendly tower.

Binastra noted that the latest contract lifts its total outstanding order book to above RM7 billion, a new all-time high.

This follows a RM503 million contract secured last month for the development of a data centre in Kuala Lumpur.

The group said its track record in delivering large-scale projects, including Causewayz Square @ JBCC, The Address @ Taman Pelangi in Johor Bahru and The Queenswoodz in Bukit Jalil, positions it well to complete the Subang Sentral development to modern standards.

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IJM Corporation Bhd (IJM) has clarified that its monetisation strategy following its decision to reject Sunway Bhd’s take-over offer could include listing its construction business and mature highways, as well as potentially divesting its India toll concessions, in line with the group’s planned exit from the country.

IJM confirmed it is assessing the viability of listing its construction business and mature highways as standalone entities.

The group also highlighted the potential divestment of its Indian toll concessions, namely Dewas Bypass Tollway Private Limited and Vijayapura Tollway Private Limited, which were valued using a discounted cash flow (DCF) methodology based on going-concern projections.

The company noted that these plans remain preliminary, and any future divestments will be conducted at prevailing market values on a willing-buyer, willing-seller basis, with independent advice circular (IAC) valuations serving as guidance.

The roadmap is intended to provide shareholders with an alternative path to value realisation while the Sunway offer remains open until April 6, 2026.

Sunway’s conditional voluntary take-over offer (VTO), first announced on January 12 2026, values IJM at RM3.15 per share, payable through 10% cash and 90% new Sunway shares issued at RM5.65 each.

IJM’s board has advised shareholders to reject the offer, describing it as neither fair nor reasonable.

Independent adviser M&A Securities estimated IJM’s fair value at RM5.84 to RM6.48 per share, meaning Sunway’s offer represents a 46% to 51% discount.

IJM board also noted that accepting the offer now could limit shareholders from realising the full value of key assets, including the West Coast Expressway and major UK developments, which are transitioning from investment to operational stages.

The board’s stance was further reinforced after Permodalan Nasional Berhad (PNB) declined to sell its 13.5% stake, a critical block given Sunway’s offer is conditional on acquiring at least 50% plus one share. — TMR

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HEXTAR Capital Berhad (HCB) said that its subsidiary, Legacy Core Sdn Bhd (formerly Civispace Sdn Bhd), has secured a sub-contract worth RM75.9 million for the “Pembinaan Rkat Tambahan Pelbagai Kelas Kem Kabota, Tawau, Sabah” project.

Under the contract, Legacy Core will undertake geotechnical and earth works, pavement, infrastructure works, and related construction activities.

The project is scheduled to start immediately and is expected to be completed by 31 March 2027, with a contract duration of 12 months.

“This milestone marks a strategic advancement for the Group as it accelerates its footprint in East Malaysia. Securing this major project serves as a pivotal step in establishing a stronger operational presence in Sabah,” said HCB MD Johnson Chang.

“As Sabah continues to prioritize infrastructure development and urban growth, this award positions HCB to participate more actively in the state’s expanding construction pipeline. The contract is expected to contribute positively to the Group’s earnings,” hee said. — TMR

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THE legal battle for control of NexG BHD has taken a decisive turn as executive chairman and CEO Datuk Abu Hanifah Noordin and shareholder Siti Nur Aishah Ishak have discontinued their lawsuit against the company and seven former directors.

In a filing with Bursa Malaysia today, NexG announced that the plaintiffs filed a notice of discontinuance on March 16, 2026, citing that the “purpose of the writ of summons had already been accomplished.”

The withdrawal of the suit follows the total resignation of all seven defendants named in the legal action.

The exodus began with Datuk Chong Loong Men on March 8, followed by Kunal Tayal on March 10.

The remaining five directors, Badrul Hisham Abdul Aziz, Mohamed Fairuz Mohamed Fauzy, Syed Farid Syed Ahmad Al-Attas, Mohd Zafil Ibrahim, and Aswath Ramakrishnan, all stepped down on March 11.

The lawsuit, originally filed on March 9, was part of a broader push by the founder’s faction to challenge the authority of the board members who had been appointed in late 2025 and who had subsequently suspended Hanifah from his executive duties.

With the resignation of the targeted board members, the legal path has been cleared for the newly reconstituted board, which saw nine new appointments last Friday.

The company confirmed that the suit was discontinued with no order as to costs.

The cessation of the litigation marks a significant de-escalation in the boardroom crisis that has gripped the RM2.4 billion national security contractor over the past several weeks.

It signals that the power struggle has effectively ended in favor of the faction led by Datuk Hanifah and his supporting shareholders.

Investors will now look to the newly minted board to address the company’s operational stability and the “system-wide” financial pressures, including the freezing of various bank and securities accounts, that were highlighted during the peak of the dispute. — TMR

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AWC Bhd has secured a RM26.14 million contract from the Ministry of Health Malaysia (MoH) to continue providing hospital support services at Hospital Shah Alam.

In a filing with Bursa Malaysia today, the group said the one-year contract from Jan 1 to Dec 31, 2026 was awarded to its wholly owned subsidiary, Ambang Wira Sdn Bhd.

Ambang Wira has been providing the services at the hospital since Jan 2021.

The contract is expected to contribute positively to AWC’s earnings and net assets for the financial year ending 2026.

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MMAG Holdings Bhd said certain bank accounts belonging to the group remain frozen, but its operations have continued without significant disruption as it is able to utilise other available accounts.

In a filing with Bursa Malaysia today, the logistics and aviation services group said it is still unable to determine the full financial impact of the restrictions as the affected accounts remain under restriction and authorities have yet to provide further updates.

“The company is currently unable to ascertain the full financial impact of the affected frozen bank accounts as the affected bank accounts remain under restriction and no further updates have been provided by the relevant authorities,” the company said.

MMAG added that the group’s business activities have so far continued largely as normal because not all of its bank accounts are affected.

“However, the group’s operations have continued without significant disruptions as not all bank accounts are affected and the group is able to utilise other available accounts for its operational requirements,” it said.

The company noted that while there has been no material operational impact to date, prolonged restrictions could eventually weigh on stakeholder confidence and the broader business environment.

“While there has been no material impact to-date, the company acknowledges that a prolonged continuation of the restrictions may have an adverse effect on stakeholders’ confidence and the Group’s business environment,” it said, adding that it is actively addressing the matter to safeguard operational stability.

MMAG said it had sought clarification from the relevant authorities upon learning that certain accounts had been frozen.

However, as no information was forthcoming at the time and based on the information available then, the company initially assessed that the matter did not have a material impact on its operations and therefore did not immediately make a public announcement.

The group only issued its first announcement on the matter on March 10 after a media report referenced the freezing of its bank accounts.

According to MMAG, the decision to disclose the matter publicly was prompted by an article titled “NexG founder Abu Hanifah claims suspension linked to objections over technology outsourcing plan” published by The Malaysian Reserve on March 10, which mentioned the freezing of the group’s accounts.

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by SHAUQI WAHAB

MALAYSIAN industries are feeling the early strain of global disruptions linked to the Middle East conflict, particularly through delays in shipments and rising logistics costs. 

Federation of Malaysian Manufacturers (FMM) president Jacob Lee Chor Kok said sectors such as oil, rubber gloves, machinery and halal products are affected not only in exports but also in domestic supply chains.

He added that some businesses issued warnings of construction delays and potential liquidated damages. 

“We received calls from our members that the delay of shipment coming to Malaysia has resulted in possible delays,” he said during the presentation of FMM Business Conditions Survey 2H2025 today.

In response, FMM has established a Malaysia Trade Supply Chain Resilience Task Force to coordinate weekly updates, resolve cargo and documentation issues, and engage with shipping lines. 

Lee welcomed the government’s move to engage industry players, stressing the need for coordinated action to manage economic disruptions. 

“Malaysia faces moderate but manageable economic risk arising from the Iran conflict,” he said.

Lee said manufacturers are actively adjusting sourcing, logistics and inventory strategies to mitigate risks.

He explained that the conflict’s impact on Malaysia will be transmitted mainly through higher global energy prices, increased freight costs, commodity price pressures, and exchange rate volatility. 

Brent crude oil prices are currently hovering between US$103 and US$106 per barrel, with projections reaching as high as US$115, while fertiliser prices have risen by 15% to 25%.

Freight costs could also surge significantly if shipping disruptions persist, further squeezing manufacturers’ margins.

Despite these challenges, Malaysia’s diversified export base and resilient domestic demand are expected to cushion the overall economic impact. 

GDP growth is projected at 4.7% if the conflict remains contained, but could slow to between 3.8% and 4.2% in a more severe scenario.

“Malaysia’s diversified export base and relatively strong domestic demand provide important resilience against external shocks,” Lee said.

FMM’s business conditions survey reflects cautious optimism among manufacturers.

While 40% expect revenue growth, profit outlook remains subdued due to persistent cost pressures and uneven demand.

Companies anticipate modest improvements in their own operations but remain wary of broader economic conditions, including weak consumer demand and global uncertainty.

Rising input costs, increased competition and soft demand were identified as the top challenges for the first half of 2026, while cost control, market expansion and export growth were seen as key opportunities. 

Encouragingly, Industry 4.0 adoption is gaining traction, rising to 38%, with firms focusing on foundational technologies such as system integration, IoT and cloud computing.

On workforce strategy, manufacturers are prioritising upskilling, automation and talent development, while calling for clearer foreign worker policies and stronger government support through tax incentives and hiring initiatives. 

At the same time, awareness of circular economy practices is improving, though adoption remains at an early stage due to high costs and unclear regulations.

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MALAYSIA’S additional Hari Raya Aidilfitri public holiday is unlikely to significantly affect the country’s economy, with economists saying the short break may even benefit certain sectors and that the one-day holiday is manageable for businesses despite concerns about short notice and potential disruption to operations.

Putra Business School course director Ahmed Razman Abdul Latiff was quoted as saying that special public holidays are rare and unlikely to dent overall productivity or economic performance.

He noted that Malaysia continues to record economic growth despite having many public holidays, adding that flexible work arrangements such as remote work have reduced the potential impact of additional breaks.

He also said the extra holiday could stimulate consumer activity in sectors such as food and beverage as well as tourism.

Meanwhile, Universiti Sains Islam Malaysia’s Abdul Rahim Zumrah said while last-minute announcements might pose challenges for businesses, particularly small and medium enterprises, the overall impact is manageable as the break lasts only one day.

From a workforce perspective, Siti Aisyah Panatik of Universiti Teknologi Malaysia said unexpected rest days can also improve employees’ well-being by giving them time to recover from work stress, which may help boost morale and reduce burnout over time.

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