KUALA LUMPUR (April 26): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Berjaya Corp Bhd (BCorp) has denied that its founder Tan Sri Vincent Tan Chee Yioun participated in talks to revive a US$100 billion (RM477.60 billion) Forest City casino resort as reported recently. BCorp said the article had included inaccurate information that misrepresented its supposed involvement in discussions with Prime Minister Datuk Seri Anwar Ibrahim regarding the Forest City project. — Berjaya Corp denies participation in talks to revive Forest City casino resort

Capital A Bhd chief executive officer Tan Sri Tony Fernandes said the corporate exercise to merge AirAsia’s airline businesses under AirAsia X Bhd (AAX) is apparently sufficient to offset all of the RM8.7 billion negative equity in the group. Using balance sheet numbers as at Dec 31, 2022 (FY2022), Capital A told Bursa Malaysia that this deal alone would give rise to a minimum positive equity of RM492.8 million. “[Using FY2023 numbers] will be even better,” said Fernandes, “because as I said, we are profitable.” — Merger of airlines alone enough to reverse all of Capital A's negative equity, says Fernandes

YNH Property Bhd (YNH) said it has remedied the "technical default" involving its sukuk programme that led to a downgrade of the company's rating by MARC Ratings recently, and assured that it will maintain compliance to prevent further technical defaults. "The balance for the second monthly payment due April 26, 2024, has also been met by topping up the fund in the SPA account," YNH said, adding that it has issued a clarification to bondholders via Malaysian Trustee Bhd on the issue, as well as its mall sale proceeds, bond collateral and the appointment of a new auditor. — YNH says it has remedied 'technical default' involving sukuk programme

The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering & Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd. The EPF bought one block of 45.09 million shares or a 6.661% stake on Tuesday at an undisclosed value. Based on the counter's closing price of RM4.63 on Tuesday, the block of shares would have been worth about RM208.77 million. — EPF emerges as second largest shareholder of Sam Engineering

Doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy agreed on Friday to acquire a 58% stake in property management company Turiya Bhd for RM52.86 million from MAA Group Bhd. The acquisition price of 40 sen per share represents a premium of one sen, or 2.6%, to Turiya’s last price of 39 sen. Under Malaysian takeover laws, Swami and Shamir will be required to make a general offer to acquire all the remaining shares not already owned by them. — Mohan Swami, partner agree to buy 58% of Turiya for RM52.86m from MAA Group

Gadang Holdings Bhd has secured an RM280 million contract to design and develop the Klang Valley Data Centre Block 2 in Cyberjaya from TM Technology Services Sdn Bhd. The contract was awarded to its wholly-owned unit, Gadang Engineering (M) Sdn Bhd, for two years from April 24, 2024 to April 23, 2026. — Gadang wins RM280 mil Klang Valley data centre jobs from TM Technology

Software company Microlink Solutions Bhd said it has secured a contract worth RM56.45 million to implement and maintain a new core banking system for Bank Islam Brunei Darussalam Bhd. Microlink’s unit Microlink System Sdn Bhd signed three agreements for software supply, service and maintenance for the project. The project is expected to be implemented in one year, beginning April 24, 2024. — Microlink gets RM56.45 mil contract from Bank Islam Brunei

Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM). Among the products facing price hikes are Milo, Nescafe and Maggi Tomato Ketchup. FSGMAM president Hong Chee Meng noted that while the extent of price increases varies for each product, based on a back-of-the-envelope calculation, the overall increase stands at approximately 5% to 6%. — Nestle Malaysia to adjust prices of 22 products starting July 1

Wiradani Development Sdn Bhd — a property developer linked to the son of former finance minister Tun Daim Zainuddin — has filed a fresh winding-up petition against SPNB Aspirasi Sdn Bhd, a wholly-owned subsidiary of Syarikat Perumahan Negara Bhd (SPNB). The application will be heard by the High Court of Kuala Lumpur on May 21, 2024. This is despite a settlement having been reached between the two parties in October last year whereby both agreed that a sum of RM28 million is to be set off against the RM37.89 million owed to Wiradani. — SPNB unit faces fresh winding-up petition on failure to complete payment to Wiradani after settlement

D&O Green Technologies Bhd, which mainly makes automotive light-emitting diodes (LEDs), is optimistic of an at least 10% revenue growth this year and plans to build another facility in anticipation of “significant growth” over the next decade. The third plant, spanning one million square feet, is expected to generate annual revenue of RM2.0 billion once fully operational. Construction is slated to begin in 2024 for two years for RM200 million. — D&O optimistic of revenue growth, plans new RM200m facility

Homeritz Corporation Bhd’s net profit surged by 65.9% in the second quarter ended Feb 29, 2024 (2QFY2024) to RM9.24 million due to increased sales volume and a stronger US dollar. Revenue surged 44.6% year-on-year to RM57.57 million from RM39.8 million. While it expects to remain profitable for FY2024, it has flagged that it is operating amid global economic uncertainties and facing increases in production costs and fluctuations in foreign exchange rates. For 6MFY2024, the group reported a 54% increase in net profit to RM18.29 million, from RM11.88 million a year earlier. Revenue increased 41.4% year-on-year to RM111.33 million from RM78.74 million. — Homeritz’s 2Q net profit jumps 66% on increased sales volume, stronger greenback

Unisem (M) Bhd kicked off the financial year with its first-quarter earnings down 14%, compared to the year prior, dragged by a lower gross profit margin, foreign exchange losses and lower income from scrap sales. Net profit for the first quarter ended March 31, 2024 (1QFY2024) was lower at RM8.46 million, compared with the RM9.86 million it recorded for 1QFY2023. This was despite its quarterly revenue inching up 3% to RM364.77 million, from RM354.05 million previously, due to higher sales volumes, as well as an appreciation of the US dollar against the ringgit. — Unisem's 1Q net profit down 14% dragged by lower margin, foreign exchange losses

KNM Group Bhd said the oil and gas group and its wholly-owned unit KNM Process Systems Sdn Bhd filed an application on Friday to obtain the High Court’s nod for a new scheme of arrangement, and for a fresh restraining order against the scheme creditors. The PN17 group is also seeking a further extension of time to submit its regularisation plan. — KNM seeks fresh scheme of arrangement with creditors

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30. The group, however, did not reveal its rationale for the extension. As of Friday, KUB controls a 97.34% stake comprising 51.59 million shares in CCB. Last year, it said the acquisition would enable the group to venture into the manufacturing of power cables and wires. — KUB extends deadline for CCB MGO a second time