Trading ideas: Ho Hup, Favelle, KKB, Nice, Sunzen Biotech, Sin-Kung, Ireka, Malaysian Genomics, RHB, Seng Fong

KUALA LUMPUR: Here is a summary of recent corporate announcements that made headlines

Ho Hup Construction Co Bhd’s RM1bn mixed development project in Bukit Jalil will be suspended as it plans to sell the project's 3.09-acre land for RM110mn cash to repay bank borrowings, refund existing end purchasers of the project's Sovo units, and pay consultants and the contractor.

Favelle Favco Bhd has secured four contracts for the supply of offshore and tower cranes totaling RM39.2mn.

KKB Engineering Bhd has secured two contracts worth a combined total of RM37.9mn, to build and maintain liquefied petroleum cylinders for Petronas Dagangan Bhd for one year.

Loss-making Niche Capital Emas Holdings Bhd has proposed to undertake a private placement of up to 135.7mn shares, or 10% of its issued share capital, to fund its mining business as well as working capital.

Sunzen Biotech Bhd has proposed to acquire a 70% stake in Eye Nation Medical Sdn Bhd for RM6.4mn.

Logistic services provider Sin-Kung Logistics Bhd, which is set to be listed on the ACE Market of Bursa Malaysia on May 15, said its initial public offering, priced at 13 sen apiece, had been oversubscribed by 26.5 times.

PN17 company Ireka Corp Bhd said its wholly-owned Ireka Development (Terengganu) Sdn Bhd and the unit's directors are being sued by the Employee Provident Fund over unpaid contributions to the fund.

Malaysian Genomics Resource Centre Bhd’s wholly-owned subsidiary MGRC Therapeutics Sdn Bhd has entered into a MOU with Twistcode Technologies Sdn Bhd to focus on growing the bioinformatics enhanced-accelerated services terminal across Malaysia and the Middle East.

RHB Bank Bhd said it has appointed Mohd Najman Isa as the new chief executive officer and chief investment officer of RHB Islamic International Asset Management Bhd.

Seng Fong Holdings Bhd's net profit jumped more than threefold in its third quarter to RM15.1mn, thanks to higher sales volume and average selling prices.

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