KUALA LUMPUR (Sept 8): Here is a brief recap of some corporate announcements that made news on Friday (Sept 8): Serba Dinamik Holdings Bhd, KNM Group Bhd, AirAsia X Bhd, Eastern & Oriental Bhd, Pan Malaysia Corp Bhd, Iqzan Holdings Bhd, TT Vision Holdings Bhd and ECM Libra Group Bhd.

Serba Dinamik Holdings Bhd narrowed its net loss to RM105.02 million or 2.82 sen per share in the fourth quarter ended June 30, 2023 from RM327.76 million or 8.84 sen per share in the previous year’s corresponding quarter, on higher operating income and lower administrative expenses. Revenue fell 96.39% y-o-y to RM6.15 million from RM170.25 million, as contributions from the operations and maintenance segment fell to RM5.69 million from RM159.8 million previously. For FY2023, Serba Dinamik’s net loss increased to RM1.3 billion or 34.88 sen per share versus RM1.09 billion or 29.34 sen a share a year earlier. Full-year revenue fell 70% to RM403.23 million from RM1.35 billion.

KNM Group Bhd is selling its loss-making unit FBM Hudson Italiana SpA for €22 million cash (RM110.09 million) to United Arab Emirates-based Petro MAT FZCO. A €12 million deal was previously announced between KNM and British Midland FZE, but British Midland had appointed Petro MAT to replace it as the buyer in the transaction. KNM did not disclose the reason behind the change in buyer.

AirAsia X Bhd (AAX) has promoted its non-independent non-executive director Datuk Fam Lee Lee as deputy chairman effective Sept 9. Fam, 61, has served on the board of AirAsia X since March 2008, according to its annual reports. The lawyer by profession also serves as non-executive director of AAX’s sister company Capital A Bhd.

Eastern & Oriental Bhd (E&O) saw its executive chairman Datuk Tee Eng Ho and executive director Tee Eng Seng increase their stake in the group with the conversion of irredeemable convertible unsecured loan stocks (ICULS) to ordinary shares. Kerjaya Prospek Development (M) Sdn Bhd, which is linked to the duo, saw its shares in E&O rise by 100 million to 114.93 million shares on Sept 6. Subsequently, Eng Ho and Eng Seng saw their indirect stake rise to 837.59 million indirect shares or a 50.21% stake in the company, company filings showed. Meanwhile, E&O former deputy chairman Datuk Seri Tham Ka Hon has ceased to be the substantial shareholder due to the dilution of shareholding from the enlarged share capital arising from the ICULS.

Pan Malaysia Corporation Bhd (PMC) has proposed to acquire the remaining 49% equity interest in fast-food chain operator A&W (Malaysia) Sdn Bhd from Inter Mark Resources Sdn Bhd, comprising 30.38 million ordinary shares, for RM69.45 million. The exercise is to be satisfied via a combination of cash payment of RM41.67 million and the issuance of 111.13 million ordinary shares in PMC at an issue price of 25 sen per consideration share.

Iqzan Holding Bhd said it plans to submit an appeal to Bursa Securities on the bourse regulator’s decision to delist the company on Sept 19. Upon submission of the appeal and pending Bursa Securities’ decision, the company’s delisting will be deferred. However, Bursa Securities shall proceed to suspend the trading of the company’s securities on Sept 15. Iqzan will have to submit an appeal by Sept 14 for it to be considered by Bursa Securities.

Khazanah Nasional Bhd has disposed of a 4.62% stake in ACE Market-listed TT Vision Holdings Bhd for RM25.92 million. This pared Khazanah Nasional's stake in the automated test equipment (ATE) maker to 18.86% or 88.26 million shares. Bloomberg data showed that the shares were sold at RM1.20 per share — RM25.92 million for the 21.6 million shares or a 4.62% stake. The RM1.20 disposal price is 252.94% higher than TT Vision’s initial public offering price of 34 sen in January.

ECM Libra Group Bhd is to acquire two pieces of beachfront land in Johor for an aggregate RM36.86 million for future hospitality developments. The plots of land are located in Desaru Coast, which is expected to benefit from tourist market catchments. Its wholly-owned unit ECM Libra Desaru Sdn Bhd is acquiring the entire equity interest of Desaru Beachfront 2 Sdn Bhd, owner of a 36,831 square metre plot, for RM17.05 million from Desaru Development Holdings One Sdn Bhd. Another wholly-owned subsidiary, ECM Libra Beachfront Sdn Bhd, is to acquire a 44,427-sq metre plot for RM19.81 million from Desaru Beach Parks Sdn Bhd.