Business

EPICON Bhd said its wholly owned subsidiary, Transnational Builder Sdn Bhd (TBSB), has filed a writ of summons and statement of claim at the Johor Bahru High Court against Ibrahim & Sons Engineering Sdn Bhd and three individuals, seeking RM20.36 million in total, alongside an application for a Mareva injunction to freeze assets pending the disposal of the case.

The suit also names Zafrin Ibrahim, Zulkflee Ibrahim and Khaeromze Ahmad as defendants.

According to the filing, the dispute arises from a subcontract awarded on October 2, 2023 by Ibrahim & Sons Engineering to TBSB for the installation, testing and commissioning of underground cables for five Tenaga Nasional Bhd (TNB) projects, with a total contract value of RM130.89 million.

TBSB said it had provided performance security totalling RM1.695 million via bankers’ cheques, which were later replaced with bank guarantees in November 2024, after which it requested a refund of the cash security that remains unpaid.

The subsidiary added that it has completed works under the arrangement and has billed RM42.41 million, of which RM16.71 million remains outstanding.

It is also seeking the return of RM1.95 million in performance security, bringing the total claim to RM20.36 million, together with interest, damages and other relief as set out in its court filings.

TBSB obtained an ex-parte sealed order for the Mareva injunction on June 29 2026, with the order subsequently served on the relevant banks and the defendants on July 1, 2026.

The injunction restrains the defendants from dealing with assets up to the claim amount and requires disclosure of their asset positions, including any receivables linked to TNB contracts.

Epicon said the inter partes hearing for the injunction has been fixed for August 18, 2026, while case management for the main suit is scheduled for  August 19, 2026.

It added that the proceedings are not expected to have any immediate material financial impact on the group for the financial year ending December 31 2026, and that its solicitors view the company as having a good prospect of success.

The group also said TBSB has ceased works under the subcontract and will continue to monitor developments and make further announcements if there are material changes. — TMR

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AGX Group Bhd has declared a special dividend of 2.2 sen per ordinary share for the financial year ended Dec 31, 2026, reflecting a payout ratio of about 67% based on FY2025 earnings.

The dividend entitlement date is set for July 16, 2026, with payment scheduled for July 27, 2026.

The payout translates to an estimated yield of around 5.2%, significantly higher than the 0.45 sen dividend declared in FY2024, which carried a 15% payout ratio.

AGX said the higher payout is supported by improved performance and value crystallisation from its investment in an associated company, alongside proceeds from recent corporate activities.

Its Group CEO Datuk Ponnudorai Periasamy said the special dividend reflects the company’s commitment to rewarding shareholders while strengthening long-term value creation through regional expansion.

He added that upcoming initiatives, including a planned SGX listing of associate company All-Link Air & Sea Limited, together with sustained logistics demand, are expected to support growth prospects in FY2026.

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BINTULU Port Holdings Bhd said that the Sarawak state government has today granted in-principle approval for its wholly-owned subsidiary, Bintulu Port Sdn Bhd (BPSB), to be appointed as the operator of Bintulu Port under Section 12(2) of the Port Authorities Ordinance 1961.

The approval marks a key step following the earlier transition of Bintulu Port from a federal to a state port.

The group had previously referenced a cheque handover ceremony held on June 21, 2026, as part of the status change process.

Following the latest approval, the Ministry of Infrastructure and Port Development Sarawak (MIPD), the Bintulu Port Authority (Sarawak) (BPA(S)), and BPSB will proceed to execute an agreement in principle in the form of a heads of Agreement.

This will pave the way for the finalisation of a Port Operation Concession Agreement (POCA).

Pending the execution of the POCA, BPSB will continue to “control, manage, operate and carry on the business of port undertakings at Bintulu Port” in accordance with applicable laws and terms to be agreed among the parties, the company said.

The development effectively formalises the operating framework for BPSB as the designated port operator, subject to the final concession agreement. — TMR

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FAVELLE Favco Bhd said it does not expect any material financial or operational impact from a US$25 million (RM101.78 million) lawsuit filed in New York over a crane incident involving its US subsidiary.

The group was responding to a notification from Bursa Malaysia Securities Bhd today, which requested additional information following its earlier announcement on the matter.

Favelle Favco said the summons seeks damages of USD25,000,000, together with statutory interest, costs and disbursements.

The lawsuit, first announced on June 29, involves Favelle Favco Cranes Inc (FFC USA), which was named in proceedings filed on June 24 in the Supreme Court of the State of New York by Justin Santiago over a July 2023 crane incident in Manhattan.

The incident involved an FFC USA-manufactured diesel-powered crane that reportedly caught fire and partially collapsed during construction operations.

News reports said nearby buildings were damaged, though there were no life-threatening injuries.

Favelle Favco clarified that FFC USA’s role was limited to the supply of the crane, and that neither the group nor its subsidiary owned, operated or maintained the equipment at the time.

It also noted that an independent investigation did not attribute the incident to the manufacturer.

On potential exposure, the company said: “At this very preliminary stage, the company is unable to reliably estimate the potential liability, if any, arising from the Summons.”

It added that it has notified its insurer, which is appointing legal counsel in the United States to defend the proceedings.

Despite the claim, the group reiterated: “The company does not expect the summons to have any material financial or operational impact on the group, as the company believes that it has strong grounds to defend the claims.” — TMR

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BINA Puri Holdings Bhd said its proposed scheme of arrangement to address outstanding liabilities has been approved by a majority of its scheme creditors, marking a key milestone in the construction group’s restructuring efforts.

At its court-convened meeting today, creditors representing RM301.41 million, or 87.62% of the total liabilities covered under the scheme, voted in favour of the proposal.

The approval exceeded the required threshold of 75% in value of creditors present and voting, allowing the scheme to move to the next stage.

The scheme will become binding on Bina Puri and its creditors once it receives sanction from the High Court of Malaya and the court order is lodged with the Companies Commission of Malaysia.

Following the approval, Bina Puri said it has instructed its solicitors to file the application for court sanction.

Its ED and group CEO Marcus Goh Kee Lun said the outcome reflected creditors’ confidence in the group’s restructuring plan and future prospects.

“It marks a decisive step in our restructuring process and sets us firmly on the path to a stronger, more resilient balance sheet,” he said.

He added that the group’s immediate priority is to secure court approval and complete the remaining steps so it can stabilise its finances and refocus on growth opportunities. — TMR

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GREENYIELD Bhd said a fire occurred at a section of a factory belonging to its 65%-owned subsidiary Galley Reach Holdings Ltd in Papua New Guinea on June 28, 2026, although the incident is not expected to have a material financial impact on the group.

In a Bursa Malaysia filing, the group said no casualties or injuries were reported.

Operations at the affected rubber processing plant have been temporarily suspended pending investigations by the relevant authorities, while the group assesses the extent of the damage and potential operational impact.

Greenyield said the factory’s assets are covered under an Industrial Special Risks insurance policy with a total limit of liability of PGK7.77 million.

The group added that, based on preliminary assessment, the board does not expect the incident to have a material impact on its overall financial position or operations. — TMR

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ECOBUILT Holdings Bhd has received a qualified audit opinion from independent auditor, PKF PLT, for its financial statements for the financial period ended February 28 2026, amid unresolved trade payable discrepancies and continuing concerns over its ability to operate as a going concern.

In its report, PKF PLT said it was unable to obtain sufficient appropriate audit evidence over trade payable balances, resulting in a qualified opinion on the financial statements.

The auditors highlighted long-outstanding trade payables of RM3.46 million (FY2026) and RM26.09 million (FY2024) for which external confirmations could not be obtained, while alternative procedures were insufficient to verify existence, completeness and accuracy.

They also pointed to material discrepancies between creditor statements and the company’s accounting records, including possible understatements of RM7.26 million and overstatements of RM5.52 million in FY2026, with similar unresolved variances in the prior year.

“As a result, we were unable to determine whether any adjustments might be necessary in respect of the trade payables… or whether there was any consequential effect on the comparability of the current year’s figures,” the auditors said.

Separately, the report highlighted a material uncertainty related to going concern, noting that EcoBuilt recorded a net loss of RM7.62 million for the financial period and that its current liabilities exceeded current assets by RM2.08 million as at February 28, 2026.

While the opinion was not further modified on this matter, the auditors said these conditions may cast significant doubt on the group’s ability to continue as a going concern.

Beyond the qualification, PKF PLT identified several key audit matters, including revenue recognition from construction contracts amounting to RM127.09 million, impairment assessment of RM22.5 million goodwill based on a non-binding letter of intent from a prospective buyer, and valuation of trade receivables of RM53.48 million, which represent 33% of total assets and involve significant credit risk and estimation uncertainty.

EcoBuilt has previously indicated it is working to strengthen internal controls, reconciliation processes and financial reporting procedures, with the aim of resolving the audit issues within 12 months.

The latest audit outcome, however, underscores continued pressure on the group’s financial reporting integrity at a time when it is also facing heightened regulatory and timing risks over its FY2026 annual report submission.

On June 24, EcoBuilt said it may miss Bursa Malaysia’s deadline to issue its annual report — including audited financial statements, auditors’ report and directors’ report, for FY2026 by June 30, as required under the Main Market Listing Requirements. — TMR

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CRITICAL Holdings Bhd has secured a landmark RM772 million engineering, procurement, construction and commissioning (EPCC) contract from a US-based multinational company for the development of a high-technology industrial facility in Kulim, Kedah.

In a statement today, the group said its wholly-owned subsidiary Critical Engineering Solutions Sdn Bhd will undertake the project, which includes an automated storage and retrieval system (ASRS) warehouse and supporting infrastructure.

Critical Holdings said the contract represents a major milestone in its transformation from a specialist cleanroom and mechanical and electrical (M&E) engineering solutions provider into a full-fledged EPCC solutions provider capable of delivering end-to-end industrial projects.

The group said the RM772 million contract significantly expands its order book, which now stands at approximately RM1.06 billion, and is expected to contribute positively to earnings and net assets for the financial years ending June 30, 2027 and 2028.

It added that the project strengthens its exposure to Malaysia’s growing semiconductor, electronics, logistics automation and advanced manufacturing sectors, which continue to attract multinational investments.

Its ED and CEO Ir Tan Si Lim said the contract is the group’s largest to date and validates its strategic shift into turnkey EPCC capabilities for complex industrial developments.

He said the win reflects strong client confidence in the group’s engineering expertise, execution capabilities and ability to deliver large-scale, high-technology infrastructure projects.

Critical Holdings said it remains focused on expanding its presence in semiconductor-related infrastructure, data centres, logistics automation and industrial facilities, as it seeks to secure larger-scale EPCC opportunities to drive long-term growth. — TMR

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CARIMIN Petroleum Bhd’s proposed RM165 million privatisation of Sealink International Bhd has lapsed after a major shareholder holding more than 10% of the disinterested shares committed to voting against the scheme, effectively derailing the court process.

The collapse comes just days after Sealink’s board had pushed back on the 41 sen per share offer, formally requesting Carimin to revise and raise its bid.

The board had cited a preliminary desktop valuation indicating that Sealink’s offshore marine assets and vessels were worth more than the implied offer price.

In its latest Bursa Malaysia filing, Sealink said its board – save for executive director Lim Yew Hoe and executive chairman Lo Ling, who recused themselves due to conflicts of interest – had deliberated on the proposal letter together with the independent adviser’s feedback and the undertaking letter from the dissenting shareholder.

That shareholder, holding more than 10% of disinterested voting shares, had confirmed his intention to vote against the scheme, which under Paragraph 2(f)(ii) of Schedule 3 of the Rules on Take-overs, Mergers and Compulsory Acquisitions would have been sufficient to block the proposal at a court-convened meeting.

The board said proceeding to convene the meeting would therefore be futile, particularly as the independent adviser’s assessment, incorporating valuation inputs on Sealink’s vessels and properties, had broadly reinforced earlier concerns over the adequacy of the offer.

“As such, the board has resolved not to table the proposed scheme to the scheme shareholders for their consideration and approval,” Sealink said, adding that the proposal is deemed to have lapsed following the expiry of the June 30 acceptance deadline.

Carimin, which acquired a 19.5% stake in Sealink in January 2026 at 41 sen per share, had previously extended the deadline to allow further consideration of the revised valuation feedback. — TMR

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PUNCAK Niaga Holdings Bhd has announced a major leadership transition effective July 1 2026, marking the formal retirement of founder Tan Sri Rozali Ismail from executive duties and the installation of a new management structure with key family-linked appointments.

Rozali, who founded the group in 1997 and led it for nearly 29 years, completed his notice period on June 30, 2026 and stepped down as ED.

He has been appointed chairman Emeritus and honorary advisor, where he will continue to provide strategic guidance to the board and management.

As part of the succession plan, his son, Azlan Shah Rozali, has been redesignated from MD to president and appointed chairman of the board, taking on both strategic leadership and governance oversight of the group.

His daughter, Nur Natasha Rozali, has been appointed chief human resources and administration officer.

She previously worked in corporate administration and organisational management and is now tasked with overseeing the group’s people and organisational development agenda.

The new Group CEO, Faridatulzakiah Mohd Bakhry, is also part of the founding family network, being a cousin of the president.

She has been appointed ED and CEO, where she will lead execution of group strategy and day-to-day operations.

Meanwhile, Lim Mun Lee has been redesignated from ED, Finance to CFO, responsible for financial strategy and stewardship.

She is not part of the family-linked appointments but remains part of the senior management team providing financial oversight continuity.

The group said the new leadership structure reflects a clearer separation between board governance and management execution, while maintaining continuity through a combination of family-linked leadership and long-serving internal executives.

“In recognition of his visionary leadership and invaluable contributions over the years, Tan Sri Rozali has been appointed as chairman emeritus & honorary advisor,” the company said, adding that the transition ensures continuity as it enters its next phase of growth.

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