CORP BRIEF: Hasrat Budi, Reservoir Link and TNB

by TMR / pic by TMR FILE

Hasrat Budi’s legal action to remove 2 MySJ directors confirmed

ECO World Development Group Bhd confirms that Hasrat Budi Sdn Bhd, a wholly-owned subsidiary of the company, has filed an originating summons seeking the removal of Tan Sri Shahril Shamsuddin and Anuar Rozhan as directors of MySJ Sdn Bhd. The company said that in reference to the article titled “MySJ shareholder seeks removal of Shahril Shamsuddin, Anuar Rozhan as directors” published in The Edge CEO Morning Brief yesterday. Hasrat Budi has a 10% stake in MySJ and is entitled to one board seat in MySJ. However, as an investor, Hasrat Budi is not involved in the management or day-to-day operations of MySJ. The legal action was filed to insist on Hasrat Budi’s strict contractual rights pursuant to a shareholders’ agreement in relation to its shareholding in MySJ and it is not expected to have any material impact on the financial position of the company, it said in a stock exchange filing with Bursa Malaysia Bhd. The company also confirmed that Hasrat Budi had recently exercised its put option to recover its investment and funding costs under the shareholders’ agreement which required Entomo Malaysia Sdn Bhd and one R Raveenderen to purchase Hasrat Budi’s existing 10% stake in MySJ. — Bernama

Reservoir Link’s unit gets LoA from ExxonMobil

RESERVOIR Link Energy Bhd’s wholly-owned subsidiary Reservoir Link Sdn Bhd has received a letter of award (LoA) from ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) for the provision of equipment and service called the Annulus Wash and Cement Placement Equipment. Reservoir Link Energy’s non-independent ED Thien Chiet Chai said the company appreciates EMEPMI’s trust in Reservoir Link’s capability to deliver. The company said it will continue its active participation to tender for more projects in the oil and gas as well as solar renewable energy business segments to deliver the absolute best value to our shareholders.

TNB’s subsidiary lodges sukuk wakalah programme with SC

TENAGA Nasional Bhd’s (TNB) wholly-owned subsidiary, TNB Power Generation Sdn Bhd (TPGSB) had lodged a sukuk wakalah programme of up to RM10 billion with the Securities Commission Malaysia (SC). In a filing with Bursa Malaysia Bhd yesterday, TNB said the sukuk wakalah programme would provide TPGSB with the flexibility to time its fundraising exercises with varying nominal value and tenures for optimal asset-liability matching. The sukuk wakalah programme shall have a tenure of 30 years from the date of the first issue of sukuk wakalah under the sukuk wakalah programme which shall be made within 90 business days from the date of the lodgement with the SC (or such other extended dates approved by the SC).