KUALA LUMPUR (April 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

KLCCP Stapled Group said it is still on the lookout for foreign assets as part of its portfolio expansion mandate. The group, comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (REIT), is seeking matured assets “with good yield,” chief executive officer Datuk Md Shah Mahmood told reporters. Meanwhile, Suria KLCC's occupancy rate jumped to 98% in December 2023, while footfall rose by 30% from 2022. “I think we don't see [the new mall openings having] a big impact [on Suria KLCC]. There was a risk initially, but now it has stabilised,” said Md Shah. — KLCCP Stapled Group to expand portfolio, on active lookout for global assets

Suria Capital Holdings Bhd’s wholly owned Sabah Ports Sdn Bhd has roped in DP World, an Emirati multinational logistics company based in Dubai, to manage the Sapangar Bay Container Port (SBCP), in a bid to cement the port’s position as a regional trade hub for the East Asean growth area spanning Brunei, Indonesia, Malaysia and the Philippines (BIMP-EAGA). Under the collaboration, DP World will facilitate the growth of the port’s container handling capacity to 1.25 million TEUs by 2025. — Suria Capital’s Sabah Ports ropes in Dubai’s DP World to manage Sapangar Bay Container Port

Capital A Bhd’s board of directors has decided to extend Tan Sri Tony Fernandes' tenure as chief executive officer for another five years and as a strategic adviser to the airlines business, which is poised to be merged into AirAsia X Bhd. “That's the start of many announcements over the next two weeks,” said Fernandes at a briefing here, as he declined to reveal further, due to regulatory restrictions. — Fernandes to be CEO of Capital A for another five years

Carlsberg Brewery Malaysia Bhd has confirmed price increases for its beer products starting this month. The company’s priority is to preserve its margin, managing director Stefano Clini said at a press conference after the company’s annual general meeting. The last time the company raised the prices of its beers was in 2022, he noted. “There was a price increase,” Clini said. “The details, however, we cannot talk about.” — Carlsberg Malaysia raises prices of beers to preserve margin

Hibiscus Petroleum Bhd said its wholly-owned subsidiary Hibiscus Oil & Gas Malaysia Limited has completed the drilling of the Bunga Aster-1 exploration well and is expecting its first oil production to begin in May. According to the group, the well has approximately 17.5 metres of oil-bearing sandstone with up to 46 metres of potential oil column. The unit will progress with a thorough evaluation and appraisal of the discovery to further define the size of the discovery. — Hibiscus Petroleum completes drilling at Bunga Aster-1 well, first oil production set for next month

Chin Hin Group Property Bhd said it has signed two agreements to develop two separate residential projects in Kuala Lumpur worth RM1.08 billion in combined gross development value (GDV). The project — which involves the development of 2,434 units of serviced apartments in Segambut worth RM685.1 million in GDV — is expected to begin in July 2025, and will be completed in June 2030. Separately, it had also been appointed to develop 974 units of serviced apartments valued at RM395.51 million in Dutamas. The project is expected to start in May 2025, running until April 2030. — Chin Hin Group Property to develop two residential projects worth RM1.08 bil

OCR Group Bhd has entered into a deal with a landowner to jointly develop a residential project on 18.37 acres (7.43 hectares) of freehold land in Templer, Rawang, with an estimated gross development value of RM313 million. The project comprises 118 semi-detached houses, 37 bungalow lots, and five shoplots. OCR said that under the joint venture (JV) agreement, the landowner, Lecca Properties (M) Sdn Bhd, stands to gain RM45 million for partnering with the developer. OCR said that the project is expected to be launched in 2025. — OCR Group inks JV agreement for residential development in Rawang

Fajarbaru Builder Group Bhd has bagged a RM252.26 million contract from WCT Holdings Bhd to undertake the first phase of a two-phased development involving two blocks of serviced apartments in Johor Bahru. The construction works for phase one comprise eight towers housing 2,048 units and 69 units of commercial lots. The contract period is 36 months, commencing May 6 this year and to be completed on May 5, 2027. — Fajarbaru Builder bags RM252m construction job in Johor Bahru from WCT

I-Bhd said it is planning to issue preference shares to its major shareholder in a deal that could raise up to RM100 million. The proposal calls for the issuance of up to 100 million redeemable preference shares to Sumurwang Sdn Bhd at RM1 apiece. Sumurwang is controlled by I-Bhd chairman Tan Sri Lim Kim Hong, and the deal will allow I-Bhd to speed up the development pipeline in i-City to “leverage the anticipated upswing” in the property market. — I-Bhd to raise RM100m from preference share issue

Farm Price Holdings Bhd has begun taking orders for its initial public offering (IPO) on the ACE Market to raise up to RM32.4 million. The IPO, priced at 24 sen apiece, involves a public issuance of 102 million new shares as well as an offer for sale of 33 million existing shares. All in, the listing offers investors a 30% stake in the Johor-based wholesalers and vegetables distributor. The application period for the IPO will close on April 30, with the listing scheduled for May 14. — Farm Price starts taking orders for ACE Market IPO to raise up to RM24.48 mil

United Plantations Bhd’s net profit grew 18.54% year-on-year to RM132.87 million for the first quarter ended March 31, 2024 (1QFY2024), mainly due to a sharp drop in finance cost. Its revenue grew 3.64% to RM476.75 million, from RM459.99 million a year earlier, due to an increase in revenue for the plantation and refinery segments, as a result of higher crude palm oil and palm kernel prices. Going forward, UP is watching the impact of weather conditions on total palm oil production for its Malaysian operations. — United Plantations kicks off FY2024 on positive note as 1Q profit rises 18.5%

AME Real Estate Investment Trust (AME REIT) recorded an 11.9% year-on-year growth in net property income in the fourth quarter ended March 31, 2024 (4QFY2024) to RM11.4 million, driven by a 15.9% increase in rental income. During the quarter, AME REIT registered RM12.48 million in rental income, compared with RM10.77 million previously (3QFY2024). However, the REIT’s distributable income for the quarter only grew by 2.65% to RM9.77 million. The industrial properties REIT declared a 1.87 sen per unit distribution for the quarter. — AME REIT’s 4Q net property income jumps 12%, declares 1.87 sen distribution per unit

Axis Real Estate Investment Trust (Axis REIT), which focuses on industrial assets, is disposing of its property in Nusajaya, Johor, for RM162 million, cash, to a data centre operator. It did not disclose the identity of the purchaser. "Axis REIT Managers Bhd (the REIT's manager) believes that in the nine years of owning this property, it has maximised the income-generating potential of this asset, and there is limited upside to future rental growth in the asset's current capacity as a manufacturing facility,” it said. — Axis REIT to dispose of Axis Steel Centre @ SiLC in Johor for RM162m cash

MyEG Services Bhd and Zetrix Foundation have signed a memorandum of understanding (MOU) with Hong Kong licensed virtual asset manager MaiCapital to collaborate on the launch of a Securities and Futures Commission of Hong Kong (SFC)-approved ETF, which would consist of a basket of cryptocurrencies, such as bitcoin and Zetrix. MaiCapital has received SFC’s approval to manage funds that may comprise up to 100% virtual assets. — MyEG inks partnership to launch Hong Kong virtual assets