by TMR / pic credit: supermax.com.my

Supermax cancels land deal worth RM73m

SUPERMAX Corp Bhd has terminated the proposed acquisition by its wholly owned subsidiary, Maxter Glove Manufacturing Sdn Bhd, of two pieces of land from Bandar Setia Alam Sdn Bhd for RM73.4 million due to objection from the government. In a filing to Bursa Malaysia yesterday, the rubber glovemaker stated that the proposed acquisition was subject to and conditional upon fulfilment of the condition of getting the approval of the Economic Planning Unit (EPU) of the government. The EPU had on March 30, 2021, approved the transfer of ownership of the land, subject to meeting the 30% Bumiputera equity ownership before the land ownership can be transferred. On May 24, 2021, Maxter submitted an appeal to waive the EPU approval condition but the EPU had on Dec 15, 2021, rejected Maxter’s appeal application. Based on the above, Maxter has requested for the termination of the sales and purchase agreement.

HB Global proposes private placement

HB GLOBAL Ltd (HBGL) has proposed to undertake a private placement of up to 154 million new ordinary shares in HBGL, representing approximately 20% of the existing issued shares. The group said the placement shares will be issued based on a discount of not more than 20% to the volume-weighted average market price of HBGL shares for the five market days immediately preceding the price-fixing date. Based on the illustrative issue price of RM0.15 per placement share, the company will raise gross proceeds of approximately RM23.1 million.

Muhibbah Engineering unit secures RM50m orders

MUHIBBAH Engineering (M) Bhd’s (MEB) wholly owned unit, Citech Energy Recovery Solutions UK (Ltd), has secured combined orders worth RM50.3 million from Siemens Energy (Sweden) and Siemens Energy (Houston). The company said the contracts secured were for waste heat recovery units, both to be delivered by the fourth quarter this year. The contracts do not have any impact on the share capital and shareholding structure of MEB, it said. Shares of MEB were flat yesterday at 60 sen with 417,500 shares transacted. — Bernama

M’sia’s GDP at 3.1% in 2021

MALAYSIA’S economy is set for a gradual recovery from the Covid-19 downturn, with real GDP growth at 3.1% in 2021 and projected to accelerate to about 5.75% in 2022, according to the preliminary findings of an International Monetary Fund team. The team, led by Lamin Leigh, reported that the growth would be supported by the authorities’ impressive vaccine rollout and swift implementation of economic policy support measures.