KUALA LUMPUR (April 25): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan. It will first undertake an internal reorganisation that involves the setting up of a new company (NewCo) that will take over the listing status of AAX. The NewCo will then acquire Capital A's aviation business — AAB and AirAsia Aviation Group Ltd (AAAGL) — for RM6.8 billion. Pending the acquisitions, the NewCo will issue free warrants on the basis of one warrant for every two NewCo shares held with an exercise price to be determined later, before it undertakes a RM1 billion private placement, with a placement size to be determined by the issue price to be set later. After the issuance of warrants and placement, the NewCo intends to undertake a reduction of its share capital to eliminate accumulated losses of RM3.27 billion. Over at Capital A, the group plans to distribute RM2.2 billion worth of the NewCo shares it is getting to its existing shareholders, based on their respective shareholdings in the group.  — AirAsia X to buy Capital A's aviation business for RM6.8b via share and debt deal 

ViTrox Corp Bhd saw its net profit nearly halved for the financial quarter ended March 31, 2024 (1QFY2024), primarily due to unfavourable product mix and higher research and development (R&D) expenditures. Net profit fell 47.8% year-on-year to RM17.23 million from RM33 million, while revenue declined 10.3% to RM119.61 million from RM133.33 million. The latest figures mark the fifth consecutive quarter of year-on-year decline for the group. — ViTrox 1Q’s net profit nearly halved, extending declining profits to five quarters 

Pavilion Real Estate Investment Trust (PavREIT) reported that its first quarter net property income (NPI) jumped 33.2% year-on-year to RM136.02 million from RM102.1 million, thanks to contribution from its newly acquired mall, Pavilion Bukit Jalil, as well as higher occupancy rates and higher revenue rent from its other retail malls. Gross revenue climbed 39.7% to RM218.52 million from RM156.41 million. PavREIT declared a distribution of 2.48 sen per unit for 1QFY2024, to be paid with its distribution for the quarter ending June 30, 2024 (2QFY2024). — PavREIT’s 1Q NPI jumps 33%, pays 2.48 sen distribution per unit 

Luxchem Corp Bhd’s net profit for 1QFY2024 surged over 54% to RM11.56 million from RM7.5 million a year earlier. Revenue rose 19.8% to RM183.15 million versus RM152.83 million a year ago as driven by its trading and manufacturing segments. — Luxchem 1Q net profit up 54% on stronger trading and manufacturing segment 

Chin Teck Plantations Bhd’s net profit surged sevenfold to RM20.8 million for the financial quarter ended Feb 29, 2024 (2QFY2024), from RM2.92 million a year earlier, thanks to higher palm oil production as well as lower operating and administrative expenses. Quarterly revenue increased by 11.1% year-on-year to RM51.26 million from RM46.14 million, on higher sales volume of fresh fruit bunches (FFB), crude palm oil (CPO) and palm kernels (PK). For 6MFY2024, net profit increased by 49.3% to RM42.13 million from RM28.22 million, while revenue climbed 4.9% to RM114.44 million from RM109.1 million. — Chin Teck’s 2Q net profit up sevenfold 

MKH Oil Palm (East Kalimantan) Bhd (MKHOP) reported RM16.02 million net profit on the back of RM86.05 million revenue for 2QFY2024, ahead of its listing on Bursa Malaysia’s Main Market on April 30 with an initial public offering (IPO) price of 62 sen per share. On a quarter-on-quarter (q-o-q) basis, MKHOP’s earnings jumped 44.39% from RM11.09 million in the preceding quarter, as revenue increased 4.55% from RM83.3 million, due to higher average prices of crude palm oil (CPO) and palm kernel (PK) realised. — MKH Oil Palm posts RM16 mil net profit in 2Q, q-o-q up 44% ahead of Main Market listing 

TAS Offshore Bhd’s net profit leapt by nine-fold year-on-year to RM6.06 million for the financial quarter ended Feb 29, 2024 (3QFY2024) from RM654,000 a year earlier due to more vessels delivered. Revenue jumped 522.6% year-on-year to RM34.55 million from RM5.55 million. The company declared an interim dividend of one sen per share for FY2024, payable on June 18. The counter charted a new eight-year high of 70 sen during Thursday’s trading session, before settling at 67.5 sen. Year-to-date, the counter has gained 27 sen or 66.7%. —  TAS Offshore’s 3Q net profit up nine-fold, shares surge to eight-year high

Inta Bina Group Bhd has secured a contract worth RM224.8 million from Tropicana Metropark Sdn Bhd to develop a 38-storey business serviced apartment in Subang Jaya. The job scope includes the construction of 30 floors of business serviced apartments comprising 553 units, and eight podium floors — six floors of parking, one floor for residents' facilities, and one floor of business space. Construction is slated to commence on May 2 and is expected to last 34 months. — Inta Bina bags RM224.8m job to build business serviced apartments in Subang Jaya 

Heineken Malaysia Bhd announced that it has nominated Martijn Rene van Keulen as its new managing director (MD). Martijn, currently MD of Heineken Myanmar, will succeed Roland Bala, who is set to step down from his role as Heineken Malaysia MD on July 1 after over five and half months in the role. Roland will assume the MD post at Multi Bintang Indonesia — an Indonesia-based brewer that is also part of the Heineken group. — Heineken nominates Martijn Rene van Keulen as new MD to succeed Roland Bala 

Pantech Group Holdings Bhd is considering to list two wholly-owned subsidiaries — Pantech Stainless & Alloy Industries Sdn Bhd and Pantech Steel Industries Sdn Bhd — on the Main Market of Bursa Malaysia via a special purpose vehicle (SPV). Plans for this are still at the preliminary stage and extensive preparatory work needs to be carried out, Pantech said in a bourse filing. Pantech Stainless & Alloy specialises in producing high quality stainless steel welded pipes and butt-weld fittings, while Pantech Steel manufactures carbon steel butt welded fittings, pipe fittings and high frequency induction long bends for the oil and gas industry, marine and shipyard, petrochemical and power plant. — Pantech mulls listing two subsidiaries on Main Market via SPV 

Infoline Tec Group Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. The company, which was listed on July 13, 2022, said it saw an aggregated consolidated profit after tax (PAT) of RM38.26 million over the past three financial years. The proposal is expected to be completed by the second half of 2024. — Infoline Tec seeks transfer from ACE Market to Main Market