Business

TAGHILL Holdings Bhd has clinched a RM133 million contract through its unit Taghill Projects Sdn Bhd to undertake main building and infrastructure works for D’Evia @ Kwasa Damansara (Package 2) in Shah Alam, Selangor.

The contract was awarded by Exsim MX4 Sdn Bhd and covers the construction of a 32-storey serviced apartment block with a mezzanine and basement level, comprising 440 units alongside ancillary facilities.

According to a Bursa Malaysia filing, the project is scheduled to commence on June 16, 2026, subject to architect’s confirmation, and is expected to be completed within 28 months from the start date. –TMR

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TANCO Holdings Bhd has moved to reassure stakeholders that there are no undisclosed corporate developments behind recent share price volatility, following a query from Bursa Malaysia Securities Bhd on unusual market activity (UMA).

In a statement today, the group said it had responded to the UMA query and, after checks with its board and major shareholders, “confirms it is unaware of any undisclosed corporate developments that may account for the recent trading patterns.”

Tanco added that it does not speculate on share price movements, but noted that the recent “rapid and unprecedented share price fall appears odd”, adding that its fundamentals remain intact.

“The recent market volatility does not impact the Group’s fundamental business operations, contractual obligations, or strategic direction,” it said.

The group stressed that all announced projects remain unaffected, including its Smart AI Container Port initiative and the Port Dickson Free Zone in Negeri Sembilan, which continue to progress through regulatory, technical, financing and commercial milestones.

It also assured property purchasers that “there are no cancellations or suspensions of any development projects arising from the current market trading activity.”

On its infrastructure pipeline, Tanco said the Smart AI Container Port remains a long-term private-led project progressing through technical and regulatory stages, while the Port Dickson Free Zone is intended to support Negeri Sembilan’s broader logistics and industrial development agenda.

Separately, it clarified that its memorandum of understanding with China Mobile International Limited for a proposed 50MW data centre in Port Dickson remains exploratory.

As previously disclosed, it said the MoU “is not expected to carry any immediate material financial impact on the Group.”

The company’s statement came as its shares extended their steep decline today, falling as much as 40% or eight sen to 12 sen, its lowest since January 2024, before closing at 13 sen.

More than 327 million shares changed hands.

The counter has now erased more than 90% of its market value in just days, following a meteoric rally of over 600% since 2024 that previously lifted its market capitalisation above RM10 billion at its peak on June 3.

The stock had ended flat last Friday after Bursa Malaysia froze its lower-limit price at 20 sen following four consecutive sessions of hitting the maximum allowed daily decline.

The mechanism effectively prevented further downward movement on that session.

Tanco has been under repeated regulatory scrutiny this year, having been queried twice by Bursa over unusual market activity.

It also drew attention on April 20 after a sharp price surge, which it attributed to news reports on its proposed container port project in Port Dickson while denying any undisclosed corporate developments.

On June 9, the group announced its entry into the data centre space via a memorandum of understanding with China Mobile International Limited to explore a 50MW facility in Port Dickson, a day after Bursa’s latest UMA query. –TMR

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BERJAYA Assets Bhd (BAssets), controlled by Tan Sri Datuk Seri Vincent Tan Chee Yioun, has disposed of minority stakes in Berjaya Corporation Bhd and Berjaya Property Bhd for a combined RM20 million in cash, in related-party transactions involving the tycoon.

Its wholly owned subsidiaries, Berjaya Bright Sdn Bhd and Berjaya Times Square Sdn Bhd, sold 59.79 million Berjaya Corporation shares (1.01%) for RM14.05 million and 23.80 million Berjaya Property shares (0.49%) for RM5.95 million, reducing its stakes in both companies.

Following the disposals, BAssets’ holdings fell to 1.39% in Berjaya Corporation and 0.27% in Berjaya Property.

The group said the sale prices were based on prevailing market levels and close to carrying values, with proceeds earmarked for working capital to fund ongoing development projects.

As the buyer, Tan was deemed a related party, prompting several directors with family or overlapping interests to abstain from deliberations and voting.

The board and audit committee said the transactions were fair, reasonable, and conducted on arm’s-length terms, and did not require shareholder approval due to their small scale. –TMR

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VANTRIS Energy Bhd swung back into the black with a net profit of RM145.79 million for the first quarter of the financial year ended Jan 31, 2027 (FY27), compared with a net loss of RM477.95 million a year earlier, supported by lower project losses in Angola, an insurance claim, and reduced finance costs following restructuring.

However, revenue declined to RM645.21 million from RM801.37 million, mainly due to weaker contributions from its engineering and construction (E&C) segment as the group shifts towards lower-risk, service-oriented contracts across Southeast Asia and Australia.

Activity in the operations and maintenance segment also eased due to seasonal factors, partially offset by stronger drilling performance on improved contract rates.

Vantris said its E&C segment remains resilient, backed by completed major projects and a RM2.3 billion order book alongside a healthy tender pipeline.

The group continues to focus on disciplined execution and risk-managed growth in core regional markets.

The company also reiterated its near-term goal of exiting PN17 status by delivering two consecutive quarters of profitability, noting it has already achieved profits in 4Q26 and 1Q27. –TMR

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MAXIM Global Bhd’s unconditional mandatory takeover offer has closed with almost no response from minority shareholders, underscoring weak appetite for the 24 sen per share bid.

According to principal adviser UOB Kay Hian (M) Sdn Bhd, the joint offerors received valid acceptances for just 42,599 shares, or 0.01% of the company’s issued share capital, with a further 550 shares pending verification.

The offerors, executive chairman Tan Sri Datuk Seri Gan Seong Liam, his sons Gan Kuok Chyuan and Gan Kuok Wei, and Global Showcase Sdn Bhd, collectively increased their stake marginally to 70.07% from 70.06% after the offer period.

The mandatory general offer was triggered after Gan crossed the 33% threshold in May 2026 following a RM27.42 million stake purchase from company insiders, which lifted his holding to 37.33%.

Minority shareholders largely stayed away after independent adviser MainStreet Advisers recommended rejection, calling the offer “not fair and not reasonable”.

It cited a 73.03% discount to the group’s estimated RNAV of 89 sen per share and an 11.11% discount to the pre-announcement market price of 27 sen.

The adviser also noted the offer lacked a compelling exit rationale, given the controlling shareholders’ stated intention to maintain Maxim Global’s listing status. –TMR

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MYCRON Steel Bhd’s wholly owned unit Melewar Steel Tube Sdn Bhd (MST) is acquiring an industrial property in Seksyen 15, Shah Alam from parent Melewar Industrial Group Bhd (MIGB) for RM30 million in cash, in a related-party transaction aimed at aligning ownership with operational use.

The leasehold property currently houses Mycron’s manufacturing facility and corporate office and is presently leased from MIGB at RM175,000 a month.

The group said owning the asset outright would enhance maintenance planning, capital expenditure control and operational autonomy, while eliminating annual rental costs of about RM2.10 million and removing exposure to future rent escalation or lease renewal uncertainty.

For MIGB, the disposal is expected to unlock value from a mature asset while retaining exposure to the property within the broader group, given its 74.13% stake in Mycron.

Proceeds are intended for working capital and future investment opportunities.

The purchase price is slightly below the property’s RM30.5 million valuation as at June 5, according to PA International Property Consultants.

Of the RM30 million consideration, RM24 million will be funded via bank borrowings, while the remaining RM6 million will be settled over 64 months under a deferred payment arrangement guaranteed by Mycron, helping to optimise funding costs and reduce reliance on upfront debt.

The transaction, deemed a related-party deal due to MIGB’s controlling stake, is subject to approval from non-interested shareholders as well as regulatory and lender clearances. Completion is targeted for the fourth quarter of 2026. –TMR

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BERMAZ Auto Bhd posted a weaker set of full-year results for the financial year ended April 30, 2026, even as its fourth-quarter performance strengthened significantly on higher Mazda sales and improved margins.

For the 12-month period, net profit fell to RM104.73 million from RM153.6 million a year earlier, while revenue declined to RM2.28 billion from RM2.62 billion previously.

The weaker performance was mainly due to lower first-half sales as Mazda and Kia models neared the end of their product life cycles, along with the cessation of its Kia distributorship in November 2025.

The group also recorded a share of losses from associated companies, compared with gains in the previous year.

For the fourth quarter ended April 30, 2026 (4Q26), Bermaz Auto posted a profit before tax of RM67.4 million, up 94.6% from RM34.6 million a year earlier and higher than RM59.6 million in the preceding quarter.

Revenue rose 3% year-on-year to RM544.7 million from RM528.6 million.

The stronger quarterly performance was driven by higher Mazda domestic sales, particularly strong demand for the Mazda3, as well as improved margins from a better sales mix.

This was partly offset by lower Kia volumes following the distributorship’s termination.

The group also recorded lower employee share scheme expenses of RM0.7 million versus RM1.2 million previously.

The board declared a fourth interim dividend of 1.75 sen per share and a special dividend of 1.75 sen per share for the quarter, unchanged from its earlier announcement.

This brings total dividends for FY26 to 7.25 sen per share, lower than 16.75 sen in FY25, with payment scheduled for Aug 5, 2026 and entitlement date fixed on July 22, 2026.

Looking ahead, Bermaz Auto said the automotive sector is expected to face slower growth amid inflationary pressures, geopolitical uncertainty, higher energy costs and supply chain disruptions linked to the Middle East.

It also flagged ongoing competition from Chinese marques, which continues to pressure traditional brands in Malaysia.

The group said demand remains highly sensitive to market sentiment and model launches, but it remains cautiously optimistic of sustaining its competitive position and profitability for the financial year ending April 30, 2027. — TMR

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KERJAYA Prospek Group Bhd said its 55%-owned subsidiary Rivanis Ventures Sdn Bhd has entered into a development agreement with Perbadanan Aset Keretapi (Railway Assets Corporation, RAC) for the proposed acquisition and mixed-use development of about 34.84 acres of land in Prai, Penang, with a total estimated consideration of RM156.49 million.

In a Bursa Malaysia filing today, the group said the project involves a phased development over approximately seven years comprising at least 338 units of affordable housing under Penang’s Rumah Mampu Milik (RMM C3) scheme, relocation of existing occupiers, and additional residential and commercial components.

Under the agreement, RAC will receive RM54.1 million in cash payments in stages, alongside the delivery of the 338 affordable housing units valued at about RM102.39 million.

Additional payments may apply if the project’s plot ratio exceeds 1:4.

In return, Rivanis Ventures will have rights to all remaining developed units (excluding the affordable housing units) and a first right of refusal over adjacent land of about 19.55 acres if it becomes available for development.

Kerjaya Prospek and Aspen Vision Development will jointly provide corporate guarantees for the obligations under the agreement.

The project is subject to several conditions precedent, including planning approvals, zoning conversion, and shareholder approvals of the joint venture partners, to be fulfilled within 12 months.

The group said the development is expected to be funded via shareholder contributions and external borrowings, and is not expected to have a material impact on earnings or net assets for the financial year ending Dec 31, 2026.

Kerjaya Prospek said the Prai project is strategically located within the Northern Corridor Economic Region and is expected to benefit from improving connectivity infrastructure, including proximity to Penang Sentral and the upcoming LRT line.

The group added that the proposal is expected to contribute positively to long-term earnings and reflects its focus on sustainable, community-centric property development. — TMR

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COASTAL Contracts Bhd has secured a contract from Petroleos Mexicanos (Pemex), via a consortium arrangement, to deliver engineering, procurement, construction and commissioning (EPCC) works for a gas sweetening plant at the Ixachi field in Mexico.

In a Bursa Malaysia filing today, the group said the contract was formalised on June 10, 2026 (Mexico time), following earlier Emergency Work Instructions issued by Pemex under its emergency exception process.

The scope covers procurement, transportation, installation, interconnection, commissioning, testing, start-up, as well as operations and maintenance (O&M) for the second Perdiz Plant.

The EPC portion of the contract is valued at US$157.5 million (about RM641.9 million), while the O&M component is estimated at US$47.3 million (about RM192.8 million).

The O&M tenure runs for three years from May 20, 2026 to May 19, 2029.

Coastal said the contract is revenue in nature and in the ordinary course of business, and is expected to contribute positively to earnings and net assets over the contract period. It will not affect the group’s issued share capital.

The group flagged typical execution risks, including cost and schedule pressures arising from global energy market volatility, foreign exchange fluctuations, supply chain disruptions, and geopolitical tensions, including recent US tariff measures on industrial inputs.

Coastal said it would mitigate these risks through diversified sourcing, long-term supply arrangements, advance procurement of key equipment, tighter project controls, and enhanced coordination with Pemex and project partners. — TMR

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PN17 contractor Zelan Bhd has taken another step in its restructuring efforts after its wholly-owned subsidiary, Zelan Holdings (M) Sdn Bhd (ZHSB), formally resolved to enter creditors’ voluntary liquidation.

In a Bursa Malaysia filing today, Zelan said concurrent meetings of ZHSB’s members and creditors approved the winding-up of the subsidiary under Section 439(1)(b) of the Companies Act 2016, citing its inability to continue operations due to heavy liabilities.

Lim Sin Han and Leoh Hin Han of Sin Han & Co. PLT were appointed joint and several liquidators.

Zelan noted that ZHSB had already ceased to be a subsidiary from May 15, 2026, when the liquidation process commenced, resulting in its deconsolidation from the group’s financial statements.

The subsidiary, previously involved in engineering and turnkey construction activities, had ceased operations by end-2025, while Zelan had fully impaired its investment in the unit.

The liquidation forms part of Zelan’s broader restructuring and regularisation plan following its PN17 classification in May 2023.

The group’s financial distress stemmed largely from issues related to overseas projects, including difficulties in recovering a RM241.76 million receivable linked to a project in Abu Dhabi, which contributed to a disclaimer of opinion on its FY2022 financial statements.

Zelan said the liquidation is expected to have a positive impact on its consolidated net assets per share and gearing position, as the group no longer has enforceable guarantees or claims arising from ZHSB’s creditors.

The development comes after Bursa Malaysia Securities granted Zelan a three-month extension until July 31, 2026, to submit its regularisation plan aimed at exiting PN17 status. — TMR

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