CORP BRIEF: MN Holdings, Pharmaniaga, AmBank and Uzma

by TMR / pic by TMR FILE

MN Holdings signs agreement with M&A Securities for IPO 

UNDERGROUND utilities and substation engineering specialist, MN Holdings Bhd (MNHB) has signed an underwriting agreement with M&A Securities Sdn Bhd in preparation for its listing on Bursa Malaysia’s ACE Market by April 2022. The listing would enable MNHB to tap into the equity capital market to raise funds to expand its business into underground utilities, sub-station engineering services and solution segments. The IPO comprises a public issue of 81.8 million new shares in MNHB, representing 20% of its enlarged share capital and an offer for sale of 40.9 million existing shares to selected investors by way of private placement. Of the 81.8 million new shares, 20.4 million new shares will be made available to the Malaysian public via balloting and 8.2 million new shares for its eligible directors and employees under Pink Form allocations. 

Zainal Abidin appointed Pharmaniaga chairman 

PHARMANIAGA Bhd has announced the appointment of Datuk Seri Zainal Abidin Mohd Rafique as its non-independent and non-executive chairman effective Feb 1, 2022. In filings to Bursa Malaysia yesterday, the integrated pharmaceutical group said Zainal Abidin will replace Datuk Seri Mohamed Shazalli Ramly, who will be redesignated as a non-independent director of the company.

Azman Hashim to retire as chairman 

AMMB Holdings Bhd (AmBank Group) announced that Tan Sri Azman Hashim will retire as its chairman and member of the board effective March 31, 2022, after the end of its financial year. In a filing to Bursa Malaysia yesterday, the bank said Azman would continue his contribution of ideas and insights to the group as chairman emeritus/honorary advisor upon his retirement and remains a major shareholder of the group. The group said Azman’s foresight in drawing up the group’s succession plan since 2017 has enabled a formidable team to be put in place, to ensure the continued growth of the group.

Uzma unit bags Enquest job worth RM30m 

UZMA Bhd’s wholly-owned subsidiary, Uzma Engineering Sdn Bhd, has been awarded a “call-off order” from EnQuest Petroleum Production Malaysia Ltd for the provision of a hydraulic workover unit (HWU) worth RM30 million. The provision of HWU services is expected to commence in March and be completed in October this year. Uzma said the job is expected to contribute positively towards its earnings and net assets per share for the financial year ending June 30, 2022.