News in brief


Tenaga Nasional Bhd (TNB) has signed a 21-year contract to buy electricity generated by a small renewable energy (RE) power project to be developed by MHES Asia Sdn Bhd. The project will be built by MHES under a RE power programme. In a statement to Bursa Malaysia, TNB said the estimated value of the agreement was about RM13.4mil per year.  

It said MHES' renewable energy plant used oil palm waste as biomass fuel, and would be located in Serting, Negri Sembilan. – AFX-Asia 

ISLAND & Peninsular Bhd reported almost 28% lower revenue of RM101.75mil for the second quarter ended July 31 from RM140.97mil in the previous corresponding period. 

Pre-tax profit dropped to RM27.61mil or 32% from RM40.56mil a year ago. Earnings per share for the second quarter went down to 1.99 sen from 6.83 sen.  

ZECON ENGINEERING BHD bought 15.88 million shares or 25.28% of Setron Malaysia Bhd for RM11.91mil on Sept 23. 

Zecon said the shares were purchased from the market, with the transaction to be funded by internally generated funds and bank borrowings. It said the move also complements the activities of the Zecon group and is expected “to play a significant role in improving the company's earnings base.” – AFX-Asia 

GENERAL CORP BHD (GCB) has entered into a joint venture agreement with United Industrial Corp Ltd unit Netpearl Sdn Bhd to acquire six plots of leasehold land, measuring 11.66 acres, in Sungai Buloh, Selangor, for RM12.18mil and develop it. GCB will own 49% in the joint-venture company, Grocorp Assets Sdn Bhd, while Netpearl owns 51%. 

KPJ Healthcare Bhd unit Kumpulan Perubatan Johor Sdn Bhd has signed a memorandum of understanding with Nichinan Corp (M) Sdn Bhd to provide technical and hospital management expertise for an international medical centre worth RM40mil within the Perling Healthcare Resort in Johor Baru. – Bernama 

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