KUALA LUMPUR (Sept 29): Here is a brief recap of some corporate announcements that made news on Friday concerning Aurelius Technologies Bhd, Jentayu Sustainables Bhd, MMAG Holdings Bhd, ITMAX System Bhd, Marine & General Bhd, Lotus KFM Bhd, ECA Integrated Bhd, AirAsia X Bhd (AAX), IHH Healthcare Bhd, Malaysia Airports Holdings Bhd, Yinson Holdings Bhd, GIIB Holdings Bhd, Progressive Impact Corp Bhd and Nestlé (Malaysia) Bhd.
Aurelius Technologies Bhd’s net profit in the second quarter ended July 31, 2023 (2QFY2023) jumped 49.16% higher to RM10.55 million from RM7.07 million in the previous year's corresponding quarter, despite a dip in revenue, thanks to the optimisation of operation efficiencies and the stronger US dollar. Quarterly revenue, however, dipped 2.6% to RM109.04 million from RM111.95 million, due to lower contribution from its communication and Internet of Things (IoT) products. The group declared an interim dividend of 2.3 sen to be paid on Nov 10.
Jentayu Sustainables Bhd (JSB) — formerly known as Ipmuda Bhd — saw its chief executive officer cease to be the group’s substantial shareholder after disposing of eight million shares via a direct business transaction. Following the disposal on Sept 27, Jeefri Muhamad Yusup is left with 20.35 million shares representing a 4.84% stake. The transaction was valued at RM6.4 million, a discount of 10.65% from the closing price of 89 sen on that day.
MMAG Holdings Bhd has ceased to be a major shareholder of CSH Alliance Bhd after divesting of its entire 16.61% stake in CSH, together with 194.5 million warrants, for RM37.36 million cash. Its original investment, made since May 2021, was RM36.5 million. MMAG, a loss-making logistics services provider, said it was selling 229.5 million CSH Alliance shares for RM21.8 million and 194.5 million warrants B for RM15.56 million.
ITMAX System Bhd non-independent executive director Datin Afinaliza Zainal Abidin has disposed of a 6.99% stake in the smart city integrated city system solution provider for RM122.23 million. Afinaliza — via her vehicle Ganda Sensasi Sdn Bhd — sold 51.4 million shares in ITMAX via a direct business transfer on Sept 26, and another 20.5 million shares on Sept 27. The disposals cut her stake in ITMAX to 10.6% or 109 million shares held via Ganda Sensasi.
Marine & General Bhd posted a net profit of RM7.41 million in the first quarter ended July 31, 2023 (1QFY2024) compared to a net loss of RM947,000 a year earlier, thanks to higher charter activities and rates. Quarterly revenue rose 12.33% to RM84.62 million from RM75.33 million in 1QFY2024, primarily due to higher charter rates for both offshore support vessels and tankers.
Grant Thornton Malaysia (GT) has resigned as the auditor for Lotus KFM Bhd as both parties are unable to reach a resolution on audit fees and disbursements. The flour milling business provider said it has received a notice of writing from GT on Sept 29 on their resignation, effective from the date of the notice of resignation.
Automated manufacturing solutions provider ECA Integrated Bhd's earnings for the nine months ended July 31, 2023 (9MFY2023) surged to RM10.81 million versus RM4.84 million a year earlier. Revenue increased 57.09% to RM30.9 million from RM19.67 million.
Datuk Seri Mohammed Shazalli Ramly, former group managing director of Boustead Holdings Bhd, has been appointed as independent, non-executive director of AirAsia X Bhd (AAX) effective immediately. The medium-haul low-cost airline said Shazalli, 62, previously helmed Boustead Group from December 2020 to December 2022. AAX also announced the appointment of Datuk Ahmad Mutalib Alias, 62, as an independent, non-executive director. He is also currently a non-executive chairman of Icon Offshore Bhd, as well as an independent, non-executive director of Ekuiti Nasional Bhd and Prolintas Managers Sdn Bhd.
IHH Healthcare Bhd said its group chief financial officer (CFO) Joerg Ayrle will be on garden leave effective Saturday (Sept 30), until his contract ends on Jan 31, 2024. However, the group did not elaborate why Ayrle is going on garden leave. IHH declined to provide further comment when contacted.
Malaysia Airports Holdings Bhd (MAHB) has appointed Gordon Andrew Stewart as the airport operator’s chief operating officer (COO), effective Oct 1. It is understood that after MAHB’s previous COO Datuk Azmi Murad retired back in March 2021, the post was left vacant for the past two years. Stewart, 55, currently serves as a global projects director for airport operator DAA International, as well as managing director of rail and airport-focused consultant firm Stewart & Stewart Partners Ltd.
Yinson Holdings Bhd’s net profit for the second quarter ended July 31, 2023 (2QFY2024) climbed 60.84% higher to RM230 million from RM143 million a year ago, on the back of higher profit from its operations. Quarterly revenue surged 92.16% to RM3.11 billion from RM1.62 billion, mainly due to higher contribution from the group’s engineering, procurement, construction, installation and commissioning (EPCIC) business activities. Meanwhile, the group also declared an interim dividend of two sen per share to be paid on Dec 15.
Rubber compound manufacturer GIIB Holdings Bhd has announced a significant transition in its leadership as its chief executive officer (CEO) Tai Boon Wee handed over the reins of the business to his two sons, Tai Qisheng and Tai Qiyao, who will continue to serve as executive directors within the company. Boon Wee's long-time lieutenant — Alison Wong Ping Kiong — has also relinquished her role as executive director of GIIB.
Progressive Impact Corp Bhd (Picorp) is buying Mérieux NutriSciences Malaysia Sdn Bhd (MNSB), which provides chemical, microbiological and environmental related analytical testing and consultancy services for the food industry, for RM7.95 million. US-based Merieux Nutrisciences Corp has a 51% shareholding in MNSB while Texchem Resources Bhd owns the remaining 49%. Picorp said its 59%-owned subsidiary ALS Technichem (Malaysia) Sdn Bhd (ALSM) has entered into a shares sale agreement with Merieux Nutrisciences Corp and Texchem for the acquisition. Australian Laboratory Services Pty Ltd owns another 40% stake in ALSM while ALSM director Zaid Abdullah holds 1%.
The High Court has dismissed a RM139.34 million suit filed by Mad Labs Sdn Bhd (plaintiff) to a wholly-owned unit of Nestlé (Malaysia) Bhd, Nestlé Products Sdn Bhd, over unauthorised and/or unlawful use of its QR or quick response code on Nestlé’s products and packaging. The group said the High Court had delivered the judgment on Sept 29 which among others included a decision that the plaintiff does not own any proprietary or intellectual property rights in the QR Code that was generated for trial use by the defendant.