KUALA LUMPUR (May 21): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Sarawak-based shipping company Hubline Bhd (KL:HUBLINE) says it is in talks with state-owned equity firm Ekuiti Nasional Bhd (Ekuinas) for the potential acquisition of Orkim Sdn Bhd. Hubline said that it is in the “preliminary stage” of discussion with Ekuinas, as it is assessing the feasibility and strategic alignment of such an acquisition with its long-term goal. Ekuinas owns 95.5% of Orkim, a ship-owning company that specialises in energy transportation. — Hubline confirms talks to acquire Ekuinas' Orkim

Public Bank Bhd (KL:PBBANK), Malaysia’s third-largest banking group by assets, said on Monday its net profit slipped 3.5% for the first quarter ended March 31, 2024 (1QFY2024) from a year earlier, mainly due to higher personnel costs and higher provisions. Net profit stood at RM1.65 billion, or 8.52 sen per share, compared with RM1.71 billion, or 8.83 sen per share, a year ago. Net interest income rose 2.8% year-on-year  to RM2.73 billion, while non-interest income edged up 0.5% to RM649.64 million. The net interest margin — a measure of profitability from interests charged on loans after deducing returns paid to depositors — slipped five basis points to 2.21%, but improved six basis points from 4QFY2023. — Public Bank's 1Q net profit slips 3.5% on higher costs, provisions

Batu Kawan Bhd [KL:BKAWAN] and its 47.74%-owned associate Kuala Lumpur Kepong Bhd [KL:KLK] on Monday reported lower earnings for their second quarter ended March 31, 2024 (2QFY2024) amid continued underperformance in the manufacturing and property segments. Batu Kawan reported a 29.43% decrease in net profit to RM84.72 million or 21.54 sen per share in 2QFY2024, from RM120.05 million or 30.51 sen per share a year earlier. Revenue, meanwhile, fell 10.3% to RM5.66 billion from RM6.31 billion in 2QFY2023. An interim dividend of 20 sen per share has been declared, to be paid on Aug 1. KLK, on the other hand, said its net profit fell 38.65% to RM117.07 million or 10.8 sen per share, from RM190.81 million or 17.70 sen per share a year earlier. Quarterly revenue saw a 9.81% decrease to RM5.46 billion from RM6.05 billion in 2QFY2023. The group announced an interim dividend of 20 sen per share, payable on July 30. — KLK, Batu Kawan post lower 2Q earnings despite improved performance by plantation segment

Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high. Net profit more than doubled to RM7.32 million for the third quarter ended March 31, 2024 (3QFY2024) from RM3.28 million a year earlier, while revenue fell 5.13% to RM21.03 million from RM22.17 million. The better quarterly earnings were due to an adjustment it made to reverse the over-accrued liability in the current quarter, totalling RM4.57 million. Meanwhile, it attributed the lower quarterly revenue to maintenance works and a lower interest income derived from operating financial assets. — Menang declares six sen special dividend as earnings rises to six-year high

Health products manufacturer Kotra Industries Bhd (KL:KOTRA) said its net profit dropped 61% to RM6.83 million for its third quarter ended March 31, 2024 (3QFY2024), from RM17.5 million a year ago, mainly due to a less favourable product mix and lower sales. Revenue for the quarter fell 6% to RM55.88 million from RM59.4 million in 3QFY2023 due to weaker sales of pharmaceutical products in both the local and export markets, as well as supplement products in the local market. — Kotra Industries' 3Q profit drops 61% amid lower sales, higher tax expenses

Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier. The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year. It is also due to write-off and provisions for impairment losses of not less than US$6 million (RM28.11 million) on the group’s property, plant and equipment as well as intangible assets for FY2024. — Media Chinese expects to report up to US$13 mil net loss for FY2024 amid lower publishing revenue

A court in Sabah has struck out a man’s claim for RM24.92 million damages against FGV Holdings Bhd (KL:FGV) for alleged fraudulent transactions and trespass relating to land in the state held under a native title. FGV said its wholly-owned units Sri Kehuma Sdn Bhd and Yapidmas Plantation Sdn Bhd had succeeded in striking out Euggne Kousai’s claim with costs of RM2,000. The suit revolved around 41 parcels of land, which Kousai claimed to be the registered owner of under a native title, and accused the two FGV units of conducting fraudulent transactions relating to the land and trespassing on the land. — Court strikes out man’s RM25 mil trespassing suit against FGV

Binastra Corp Bhd's (KL:BNASTRA) managing director and largest shareholder Datuk Tan Kak Seng has sold a 6% stake in the construction outfit for RM36 million. Tan’s vehicle JT Conglomerate Sdn Bhd offloaded 30 million shares in Binastra — formerly known as Comintel Corp Bhd — at RM1.20 apiece. The share disposal slashed Tan’s total stake in Binastra to 57.3%. Meanwhile, a separate filing showed that Binastra’s executive director Lee Seng Yong acquired the 30 million share block, raising his stake in the company to 14.16%. — Binastra MD offloads 6% stake for RM36 mil

Bright Packaging Industry Bhd’s (KL:BRIGHT) largest shareholder Datuk Ricky Wong Shee Kai, who has been embroiled in a legal battle with the Securities Commission Malaysia (SC), has trimmed his stake in the company after selling 20 million shares or 9.74% stake in the company. The aluminium foil packaging materials manufacturer said Wong had offloaded the stake last Friday (May 17). Post-disposal, Wong is left with an indirect stake of 23.2% or 47.63 million shares in the company, via Wong SK Holdings Sdn Bhd. The group did not reveal the transaction costs. Based on the group’s closing price of 20.5 sen on May 17, the sale of shares is estimated to be worth RM4.1 million. Meanwhile, Datai Holdings Pte Ltd emerged as the group’s new substantial shareholder after it acquired the 20 million shares. — Fugitive businessman Ricky Wong trims stake in Bright Packaging amidst legal woes with SC

Annum Bhd’s (KL:ANNUM) largest shareholder Annum Bhd’s (KL:ANNUM) largest shareholder, Datuk Seri Chin Kok Foong, has disposed of his entire 14.83% stake in the Practice Note 17 (PN17) wood-based products manufacturer. The former executive director of engineering construction firm Ageson Bhd (KL:AGES) sold the stake comprising 33.73 million shares on May 16 in a direct business transaction. Annum's filing did not reveal the disposal value. However, based on the company’s closing price of seven sen on Thursday, Annum would have earned RM2.36 million from the transaction.  Annum said Ageson’s largest shareholder and former non-executive director Datuk Seri Larry Liew Kok Leong has meanwhile acquired 33.73 million shares in the company on May 16, which is the same number of shares that Chin disposed of on the same day. — Annum’s largest shareholder Chin Kok Foong exits group after selling 15% stake to Ageson's Larry Liew

Pertama Digital Bhd (KL:PERTAMA) said it had been allowed to continue operating the digital court bail payment system known as e-Jamin by the government. The approval from the Legal Affairs Division of the Prime Minister's Department at all applicable courts in Malaysia was received last Friday, the digital services firm said in an exchange filing. Following the approval, the group now sees that it “will be no significant impact on the group's operations as well as revenue stream”. — Pertama Digital to continue operating e-Jamin with approval of Prime Minister's Department