KUALA LUMPUR (March 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Petroliam Nasional Bhd (Petronas), the country’s state-owned oil and gas (O&G) company, posted a net profit of RM16.6 billion for the fourth quarter of 2023 (4QFY2023), down 32% from RM24.4 billion a year earlier, due to lower average realised prices. Quarterly revenue dropped 12% to RM91.7 billion from RM104.2 billion. For FY2023, Petronas’ net earnings dropped 20.6% to RM80.7 billion from a record high of RM101.6 billion in FY2022, as revenue fell 7.7% to RM343.6 billion from RM372.3 billion. For FY2024, it plans to give out RM32 billion as dividend and spend between RM50 billion and RM60 billion for capital expenditure.  Petronas posts lower FY2023 earnings as 4Q profit drops 32%, plans RM32b dividend for FY2024

Petronas Gas Bhd (PetGas) has made the final investment decision for the development of a new compressor station costing up to RM650 million in Jeram, Selangor. The project involves construction of a two-unit gas compressor to boost capacity of the Peninsular Gas Utilities (PGU) pipeline network to meet rising demand for gas starting from 2026. This project is targeted to be completed in 2026. It is part of the PGU III expansion and falls under the incentive-based regulation framework, which will play a crucial role in determining the cost recovery of the project through the transmission pipeline tariff.  PetGas commits to compressor station project costing up to RM650m

Binastra Corp Bhd has secured a contract worth RM369.95 million from Exsim Jalil Sdn Bhd to build three blocks of apartments comprising 1,558 units, along with related facilities in Bukit Jalil, Kuala Lumpur. The project is set to be completed in 41 months. Binastra Corp bags RM369.95m construction job

Fajarbaru Builder Group Bhd has been awarded a minor works contract worth RM13.81 million together with Avionics Pty Ltd, a wholly-owned unit of Avionics Holdings Pty Ltd for the partial delivery phase (early works) of redeveloping military facilities at the Royal Malaysian Air Force (RMAF) base in Butterworth, Penang. The total contract is RM13.81 million, of which Fajarbaru's portion is RM11.04 million, while Avionics’ portion is RM2.77 million. The contract was awarded by the Australian Department of Defence.  Fajarbaru clinches RM11m contract for RMAF Butterworth base redevelopment

Boost Bank Bhd, a digital bank venture by RHB Bank Bhd and Boost Holdings Sdn Bhd, an indirect subsidiary of Axiata Group Bhd, has received an additional RM8.5 million from its shareholders. RHB Bank contributed RM3.4 million to maintain its 40% stake, while Boost Holdings added RM5.1 million to keep its 60% stake. This funding will support Boost Bank’s operational and capital expenditures for the first half of 2024 and ensure compliance with Bank Negara Malaysia’s minimum capital requirements. Following the transaction, Boost Bank’s paid-up capital stands at approximately RM215 million. Boost-RHB is one of five consortiums awarded digital banking licenses by Bank Negara in April 2022.  Boost Bank gets additional RM8.5m injection from RHB, Axiata's unit

Microlink Solutions Bhd plans to raise up to RM89.37 million via a rights issue of redeemable preference shares (RPS) with detachable warrants to repay its bank borrowings and finance working capital. The issue will offer up to 89.37 million redeemable preference shares (RPS) at RM1 each, with 268.1 million free detachable warrants, on a basis of one RPS and three warrants for every 12 existing shares. The tenure of the RPS is five years and it has a dividend rate of 6% per annum based on the issue price. Microlink plans RM89 mil rights issue to finance debt repayment, working capital

CelcomDigi Bhd has proposed to change its auditor to PricewaterhouseCoopers PLT (PwC), replacing its retiring auditor Ernst & Young PLT. It also announced several boardroom changes, including the redesignation of the Telenor group's representative Haakon Bruaset Kjoel from his post as the group's non-independent and non-executive director to being its non-independent and non-executive deputy chairman. It also appointed Kasper Wold Kaarboe as its non-independent and non-executive director to fill the vacancy left by Kjoel.  CelcomDigi proposes change of auditor to PwC, redesignates Telenor's Haakon Bruaset Kjoel as deputy chairman

Datuk Ahmad Nazri Abdullah, the non-executive chairman of Pertama Digital Bhd, has ceased to be a substantial shareholder after selling a 0.23% stake, or one million shares, valued at RM2.6 million. This transaction reduced his shareholding to 4.77%, below the 5% threshold for substantial shareholding status. Known for the MyPay app and eJamin website app, Pertama Digital's current largest shareholders are Sim Tze Shiong, who holds a 23.04% stake in the company via Perfect Hexagon Commodity & Investment Bank Ltd, and executive director Sabri Ab Rahman, with a direct 2.33% stake and an indirect 10.04%.  Pertama Digital chairman Ahmad Nazri Abdullah ceases to be substantial shareholder

KPJ Healthcare Bhd's Datuk Md Arif Mahmood will step down as its non-independent and non-executive chairman upon the completion of his two-year tenure on March 31. The 61-year-old assumed the position of chairman on April 1, 2022, just as the country was transitioning into the endemic phase of Covid-19. Md Arif will be leaving to pursue other interests, adding that the announcement regarding the appointment of the new chairman will be made in due course. KPJ Healthcare's Md Arif Mahmood to step down as chairman

Underground utilities and substation engineering outfit MN Holdings Bhd has appointed Tenaga Nasional Bhd’s former chief executive officer Datuk Seri Baharin Din as its independent non-executive chairman. Baharin served as CEO of the national utility giant for three years from March 2021 to February 2024. He was also the managing director of Sabah Electricity Sdn Bhd from March 2007 to November 2011. His appointment as MN Holdings’ chairman is effective immediately.  MN Holdings appoints ex-Tenaga chief Baharin as chairman