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Wasco shareholders approve listing of renewable-energy arm Wasco Greenergy

5 days ago

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SHAREHOLDERS of Wasco Bhd have approved all resolutions at the group’s extraordinary general meeting, paving the way for the proposed listing of its renewable-energy arm, Wasco Greenergy Bhd, on the Main Market of Bursa Malaysia.

The listing, expected in mid-December 2025 following a prospectus launch in November, will see Wasco retain a 62.54% stake in Wasco Greenergy. The exercise involves an IPO of up to 150 million shares, comprising 75 million new shares and up to 75 million existing shares offered by Wasco and Tema Energy Ventures Sdn Bhd.

“This approval marks a defining milestone in our journey towards a more sustainable energy future,” said Gian Carlo Maccagno, group CEO of Wasco.

Wasco Greenergy combines over 40 years of engineering experience in biomass steam systems, heat recovery, and palm-oil milling technologies, serving industrial clients across Malaysia, Indonesia and the ASEAN region.

CIMB Investment Bank Bhd is the principal adviser for the exercise. — TMR

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Mah Sing buys 275-acre Semenyih land for RM273.5 mil to expand M Legasi township

5 days ago

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MAH SING Group Bhd is acquiring a 275-acre freehold parcel in Semenyih for RM273.5 million from Petaling Garden Sdn Bhd, a unit of S P Setia Bhd, to develop M Legasi 2 — an upscale extension of its existing 500-acre M Legasi township.

The acquisition, translating to RM20.60 psf based on total gross land area, will add an estimated RM1.7 billion in gross development value from residential and commercial components. Development is slated to start in 2027.

Founder and group managing director Tan Sri Leong Hoy Kum said the deal underscores Mah Sing’s confidence in Semenyih’s growth prospects.

The group’s total land bank now stands at 5,697 acres with a remaining GDV and unbilled sales of RM32.37 billion. — TMR

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Markets News

Destini given until Nov 7 to submit annual report or face suspension

5 days ago

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DESTINI Bhd has until Nov 7 to issue its annual report for the financial year ended June 30, 2025 (FY2025), or face trading suspension from Nov 10 after missing the Oct 31 deadline.

The engineering group said its report — which includes audited financial statements and directors’ and auditors’ reports — is in the final stages of completion and expected to be submitted by Nov 7.

Destini, which recently returned to profitability after three years of losses, posted a FY2025 net profit of RM28.18 million on revenue of RM340.49 million, supported by strong deliveries in its rail and aviation segments. — TMR

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Markets News

Zen Tech’s Souqa Fintech stake talks terminated

5 days ago

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ZEN TECH International Bhd said its proposed acquisition of a 30% stake in shariah-compliant payment gateway provider Souqa Fintech Sdn Bhd has been terminated after Souqa withdrew from negotiations.

The termination followed Souqa’s internal evaluations and due-diligence findings that highlighted “commercial and structural considerations materially adverse to the viability of the acquisition,” Zen Tech said.

The non-binding letter of intent, signed in July, carried no legal obligations for either party. — TMR

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Markets News

Farmiera’s IPO oversubscribed 16.7 times ahead of ACE Market debut

5 days ago

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POULTRY producer Farmiera Bhd’s initial public offering (IPO) has drawn strong demand, with its public issue oversubscribed by 16.69 times ahead of its ACE Market listing on Nov 12.

The company received applications for 397.99 million shares worth RM99.5 million from the Malaysian public, according to the issuing house.

The Bumiputera tranche was oversubscribed nearly nine times, while the non-Bumiputera portion saw demand exceeding 25 times.

Notices of allotment will be sent to successful applicants on Nov 10.

At its IPO price, Farmiera will debut with a market capitalisation of RM112.5 million.

Malacca Securities Sdn Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO. — TMR

The post Farmiera’s IPO oversubscribed 16.7 times ahead of ACE Market debut appeared first on The Malaysian Reserve.

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Business News

Lotte Chemical Titan narrows 3Q net loss on stronger sales, lower depreciation

5 days ago

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LOTTE Chemical Titan Holding Bhd posted a narrower net loss of RM197.86 million for the third quarter ended Sept 30, 2025, compared with RM246.42 million a year earlier, supported by stronger sales, lower depreciation, and a smaller share of losses from associate Lotte Chemical USA Corp.

Quarterly revenue rose 26% year-on-year to RM2.45 billion from RM1.95 billion, driven by increased supply to the Lotte Chemical Indonesia New Ethylene (LINE) project in Merak, which began commercial operations on Oct 15.

For the first nine months, pre-tax loss narrowed to RM517 million from RM924 million, while revenue slipped 5% to RM5.37 billion due to lower sales volume and selling prices.

President and CEO Jang Seon Pyo cautioned that product oversupply and weak downstream demand will continue to pressure prices and margins, though the group remains focused on key markets in Malaysia, Indonesia and Southeast Asia. — TMR

The post Lotte Chemical Titan narrows 3Q net loss on stronger sales, lower depreciation appeared first on The Malaysian Reserve.

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Markets News

Ho Hup given five days to issue annual report or face suspension

5 days ago

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HO HUP Construction Co Bhd has five days to issue its 2025 annual report or face suspension of its shares on Nov 10, after failing to meet the end-October deadline.

The company must submit the report by Nov 7 or risk having its securities suspended, it said in a bourse filing.

Trading will resume the day after the report is issued, unless otherwise determined by Bursa Securities.

Ho Hup added that its annual report is in the final stages of completion and is expected to be released by Nov 7.

Failure to issue it by end-April 2026 would result in delisting procedures.

Shares in Ho Hup closed half a sen or 12.5% lower at 3.5 sen, giving it a market value of RM18.14 million. — TMR

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News World

Gaza’s Health Ministry receives remains of 45 Palestinians under ceasefire deal

6 days ago

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GAZA/ISTANBUL — Gaza’s Health Ministry said Monday that it had received the remains of 45 Palestinians released by Israel via the International Committee of the Red Cross (ICRC), raising the total number of bodies handed over to 270 under a ceasefire agreement.

The forensic teams have so far identified 78 bodies and are continuing examinations “in accordance with approved medical procedures and protocols” before the remains are documented and released to families, the ministry said in a statement, Anadolu Ajansi (AA) reported.

The ministry had previously said that many of the bodies handed over by Israel showed signs of abuse, including beatings, bound hands, blindfolds and facial disfigurement and were returned without names.

The handover is part of the first phase of the ceasefire agreement that took effect on Oct 10.

The deal includes the exchange of prisoners and bodies between Israel and Hamas, brokered by Turkiye, Egypt, and Qatar, with US oversight.

Families have been identifying the remains of their relatives, returned from Israel without names, by physical markings or clothing, as forensic facilities in Gaza remain out of service due to a years-long Israeli blockade and the destruction of laboratories.

Before the ceasefire, Israel held 735 Palestinian bodies in so-called “cemeteries of numbers,” according to the Palestinian National Campaign to Retrieve Martyrs’ Bodies.

Israel has killed more than 68,800 people, mostly women and children and injured over 170,600 others in attacks in Gaza since October 2023. — BERNAMA-ANADOLU

The post Gaza’s Health Ministry receives remains of 45 Palestinians under ceasefire deal appeared first on The Malaysian Reserve.

6 days ago 0 comments

News World

Kimberly-Clark to buy Tylenol owner Kenvue in US$48.7b deal

6 days ago

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NEW YORK — US consumer goods giant Kimberly-Clark announced Monday a $48.7 billion deal to acquire the major health company Kenvue, whose Tylenol painkiller has faced Trump administration allegations of links to increased autism risks.

Texas-based Kimberly-Clark makes a wide range of paper and cloth products, with brands such as Huggies, Kleenex and Kotex.

Kenvue, in addition to Tylenol, owns a broad array of consumer health brands, from Neutrogena and Listerine, to Band-Aid.

“We are excited to bring together two iconic companies to create a global health and wellness leader,” Kimberly-Clark chief executive Mike Hsu said in a statement.

The deal is expected to close in the second half of 2026, the companies said, with Hsu to become chairman and CEO of the combined group.

The companies expect the combined entity to create 2025 annual net revenues of $32 billion.

Kenvue has recently been in the spotlight after allegations by President Donald Trump and his administration that acetaminophen, the active ingredient in Tylenol, may be linked to increased risk of autism when used by pregnant women and newborns.

Medical groups have long cited acetaminophen, also known as paracetamol, as a safe option for reducing fever and pain during pregnancy.

Republican-led Texas filed suit against Kenvue and Johnson & Johnson last week over the allegations.

Kenvue was spun off from Johnson & Johnson’s consumer goods brand in 2023. — AFP

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6 days ago 0 comments

News

Minor 2.7 magnitude quake hits Segamat

6 days ago

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(Pic credit: Malaysia Meteorological Department)

JOHOR BAHRU — A mild earthquake measuring 2.7 on the Richter scale was detected in Jementah, Segamat, Johor, at 7.55 pm today.

The Malaysian Meteorological Department (MetMalaysia), in a statement, said the quake was centred at latitude 2.5° North and longitude 102.8° East, about three kilometres west of Segamat, at a depth of 10 kilometres.

“Tremors were also felt in Segamat and nearby areas,” MetMalaysia said in a Facebook post.

MetMalaysia added that it would continue to monitor the situation and post updates through its official portal at https://mygempa.met.gov.my and the department’s social media platforms. — BERNAMA

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