Genting, IOI Properties, PMB Technology, Press Metal, Unisem, EP Manufacturing, Astral Asia, Avangaad, Kinergy, Hektar REIT, and Ahmad Zaki

KUALA LUMPUR (Oct 9): Here is a brief recap of some business news and corporate annoucements that made the headlines on Friday:

Genting Bhd (KL:GENTING) plans to raise RM1.25 billion through a renounceable rights issue to repay maturing debt and fund working capital. The proposed RM1.25 billion fundraising is based on an illustrative issue price of RM1.30 per rights share. — Genting to raise RM1.25b via rights issue to repay debt

IOI Properties Group Bhd (KL:IOIPG) chief executive officer Datuk Lee Yeow Seng said the group is in talks for a secondary listing on the Singapore Exchange (SGX). "We have started something on that front," Lee said. — IOI Properties in talks for secondary listing on SGX, says CEO

PMB Technology Bhd (KL:PMBTECH), a 58.78%-owned subsidiary of Press Metal Aluminium Holdings Bhd (KL:PMETAL), plans to invest RM650 million to build a silicon-aluminium alloy plant in the Samalaju Industrial Park in Sarawak as the group seeks to diversify away from a struggling silicon metal business. — PMB Technology plans RM650 mil silicon-aluminium alloy plant in Sarawak

Unisem (M) Bhd (KL:UNISEM) and its subsidiary plan to invest RM396 million to expand its semiconductor manufacturing plant in Gopeng, Perak, as the group seeks to capture growing demand for advanced chip packaging used in artificial intelligence (AI) and data centres. — Unisem plans RM396 mil second phase of Gopeng plant expansion

EP Manufacturing Bhd (KL:EPMB) is partnering Beijing-listed Hebei Shichang Auto Parts Co Ltd to invest RM100 million in a new fuel tank manufacturing facility in Selangor to supply Proton Holdings Bhd. — EP Manufacturing, China's Hebei Shichang to invest RM100m in Selangor fuel tank plant

Astral Asia Bhd (KL:AASIA) is exploring the sale of 2,433 acres of land at the Kuantan Hi-Tech Park in Pahang to HNG Capital Sdn Bhd for RM233.57 million. HNG Capital was formerly known as Leader Universal Holdings Bhd before the group was taken private by the H’ng family in 2011. The proposed disposal could pave the way for solar farm and green energy development. — Astral Asia explores RM234m Kuantan land sale to HNG Capital

Brothers Datuk Seri Nazir Hussin Akhtar Hussin and Datuk Wira Mubarak Hussain Akhtar Husin have voluntarily gone on garden leave from their executive roles at Avangaad Bhd (KL:AVANGAAD) amid an investigation into their personal business interests. Nazir, who is also an executive director at Kinergy Advancement Bhd (KL:KINERGY), has also gone on garden leave at the energy and engineering group. — Brothers Nazir, Mubarak go on garden leave at Avangaad; Nazir also steps aside at Kinergy

Hektar Real Estate Investment Trust (Hektar REIT) has terminated its proposed RM26 million acquisition of a 90% stake in Terramark Sdn Bhd, citing the sellers’ failure to fulfil several key conditions precedent. It did not specify what the unmet conditions were. The property was earmarked for a private solar farm under the Corporate Renewable Energy Supply Scheme. —

Hektar REIT aborts RM26m deal for Perlis land for solar farm project

Ahmad Zaki Resources Bhd (KL:AZRB) has reached an amicable settlement with AmBank (M) Bhd and AmBank Islamic Bhd, which had filed civil suits against the group and its subsidiary over a combined RM69.3 million in outstanding payments owed by the unit. — Ahmad Zaki Resources settles RM69 mil debt claims with AmBank lenders

Edited ByTan Choe Choe

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