CORP BRIEF: UCrest, Grand Hoover, Nestlé and IOI Properties


UCrest to produce Sputnik V jabs

UCREST Bhd signed an agreement with two contract manufacturers in China and secured the capacity to produce the Sputnik V vaccines of total no less than 312 million doses up to 960 million doses for 24 months. The agreements are not expected to contribute positively to the net assets per share and earnings per share (EPS) of UCrest Group for the financial year ending May 31, 2021. However, the deal is expected to contribute positively to the group’s net assets per share and EPS in subsequent years when the deliveries of the Sputnik V vaccines are made.

Grand Hoover enters construction sector

GRAND Hoover Bhd plans to diversify into construction and construction-related activities and property development activities following the mandatory takeover offer by Aim Tetap Teguh Group Sdn Bhd and the controlling shareholders. In a filing yesterday, the company noted it intends to bid/tender and to secure construction contracts in inter-alia civil engineering and infrastructure works, including but not limited to residential, commercial and industrial developments from related parties and/or unrelated third-parties.

Nestlé relocates HQ to Bandar Utama

NESTLÉ (M) Bhd relocated its corporate headquarters to 1 Powerhouse, Bandar Utama, from its previous location in Surian Tower, Mutiara Damansara, in Selangor. This is part of the group’s ongoing drive to embrace the future of work through purposeful workplace design that builds also on the learnings throughout the pandemic. The new space creates an enhanced workplace experience, with state-of-the-art technology and connectivity and will provide a supportive and enjoyable environment improving the work experience for the staff.

IOI Properties inks deal with Marriott International

IOI Properties Group Bhd has entered into agreements with Marriott International Inc to manage two of its signature hotels in IOI Resort City, Putrajaya, namely Putrajaya Marriott Hotel and Palm Garden Hotel. The Putrajaya Marriott Hotel will be converted from its existing franchise arrangement to a managed contract under the Premium brand, while the Palm Garden Hotel will be converted to the management of Marriott International under the Tribute Portfolio brand.