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

Gamuda Bhd (KL:GAMUDA) has secured two contracts worth a combined value of RM1.74 billion to build a hyperscale data centre for Sime Darby Property Bhd (KL:SIMEPROP) at the latter’s Elmina Business Park. The first contract worth RM815 million was awarded by Sime Darby Property (EBP Asset I) Sdn Bhd, a wholly-owned unit of Sime Darby Property to undertake the construction, completion, testing, and commissioning of a hyperscale data centre. The second contract worth RM928.6 million is from Pearl Computing Malaysia for the fit-out, testing, and commissioning of mechanical, electrical, and plumbing works for the said data centre in Elmina Business Park 1A. — Gamuda wins RM1.74 bil job to build Sime Darby Property’s hyperscale data centre at Elmina Business Park

Property developer Scientex Bhd (KL:SCIENTX) is acquiring land in Seberang Perai, Penang for RM462.50 million to expand its land bank for future development. The plan is to develop the land measuring 708.5 acres (286.72 hectares) into a mixed-property development. However, the company noted that it is too early to estimate the potential gross development value of the land and other project details. — Scientex acquires Penang land for RM462.5 mil for future development

Silver Ridge Holdings Bhd’s(KL:SRIDGE) 51%-owned subsidiary has secured a contract worth RM168.83 million for construction works on the Melaka International Cruise Terminal. The contract from Melaka International Cruise Terminal Sdn Bhd to Total SR Web 3.0 Sdn Bhd includes the provision of piling, superstructure works and mechanical and engineering services. The job is expected to be completed over 15 months, commencing on May 24, 2024. — Silver Ridge gets RM169m contract to build Melaka International Cruise Terminal

Separately, Silver Ridge said its group chief executive officer Lee Wei Chiek has resigned from his position due to a “personal matter” — just over one month after being appointed to the post. The 42-year-old was appointed as group CEO on April 1, along with a slew of other boardroom changes. —  Silver Ridge CEO Lee Wei Chiek resigns after one month

Construction outfit TRC Synergy Bhd (KL:TRC) has secured a RM142.34 million subcontract for the "proposed transformation" of a state legislative building. The group said its wholly owned subsidiary Trans Resources Corp Sdn Bhd (TRCSB) was awarded the subcontract to undertake architectural, structural and civil works at the building by Performing Arts Centre Consortium Sdn Bhd. Details of  the project, including the identity of the building, were not disclosed in its exchange filing. — TRC Synergy bags RM142 mil subcontract to 'transform' state legislative building

Favelle Favco Bhd (KL:FAVCO) said it is spending A$39.8 million (RM123.98 million) to develop two units of single-storey logistic warehouses on its freehold land near Sydney, Australia. The crane manufacturer said it has entered into an agreement with Australian developer Dexus Property Services Pty Ltd, and Dexus Funds Management Ltd, for the construction as well as the construction financing and tenant sourcing. The warehouses will have a combined gross lettable area of 14,000 sq m on the 46,839.7 sq m land. — Favelle Favco to build two logistic warehouses in Australia

MSM Malaysia Holdings Bhd (KL:MSM)’s unit has initiated a suit against Generali Insurance Malaysia Bhd claiming RM42.75 million in damages over a rejected insurance claim. The sugar refiner’s wholly owned subsidiary MSM Sugar Refinery (Johor) Sdn Bhd said that its insurance claim filed in 2022 for the loss of profit arising from a boiler failure was rejected by Generali Insurance. The unit’s insurance claim was made under its machinery breakdown insurance policy and machinery breakdown loss of profit insurance policy with Generali Insurance. — MSM sues Generali Insurance for RM42.8 mil over rejected insurance claim

The children of prominent businessman Tan Sri Robert Tan Hua Choon have triggered an unconditional mandatory general offer (MGO) in Eurospan Holdings Bhd (KL:EUROSP) after increasing their shareholdings in the loss-making furniture manufacturer to 71.8%. Eurospan disclosed that Robert’s son, Datuk Seri Tan Han Chuan, raised his stake from 14.22% to 67.14%. Robert is widely known for being the first Casio watches distributor in Malaysia, earning him the "Casio king" moniker. Han Chuan’s sister, Datin Tan Ching Ching owns a 4.69% stake, is deemed person acting in concert, giving the duo a collective shareholdings of 71.83%. After increasing his stake, Han Chuan is obliged to extend a mandatory takeover offer to acquire all the remaining shares of the company at RM1.70 per share. The offer is deemed unconditional as the duo controls over 50% of the voting shares in Eurospan. Nevertheless, Han Chuan intends to maintain Eurospan’s listing status on the Main Market of Bursa Malaysia. — Casio king’s son, daughter trigger MGO in Eurospan after raising combined stakes to 71.8%

Malayan Banking Bhd (KL:MAYBANK), Malaysia’s biggest banking group by assets, say its net profit rose 9.8% for the first quarter from a year earlier, thanks to increases in both net interest income and non-interest income. Net profit for the three months ended March 31, 2024 (1QFY2024) was RM2.49 billion, compared with RM2.27 billion a year ago. Net interest income rose 4.5% year-on-year to RM5.24 billion. Non-interest income surged 78% to RM3.05 billion against 1QFY2023, largely due to accounting gains of RM995.5 million in the form of mark-to-market gains on revaluation of financial liabilities at fair value. No dividend was announced as it usually announces dividends with its second and fourth-quarter results. — Maybank's 1Q net profit rises 9.8% on higher interest income, accounting gain

IOI Corp Bhd’s (KL:IOICORP) net profit fell 38% in the third quarter from a year earlier largely due to currency loss and other paper losses. The country’s second-largest palm oil producer’s net profit for the three months ended March 31, 2024 (3QFY2024) was RM123.1 million compared with RM197.4 million over the same period a year earlier. Revenue for the quarter meanwhile slipped 7.4% year-on-year to RM2.46 billion from RM2.66 billion. The group did not declare any dividend for the quarter under review. — IOI Corp 3Q net profit falls 38% on paper losses

Hextar Global Bhd’s (KL:HEXTAR) net profit for the three months ended March 31, 2024 (1QFY2024) jumped 40.75% year-on-year, due to higher contribution from its newly diversified durian trading business as well as its specialty chemicals segment on contracts awarded from the oil and gas sector. Net profit for the quarter came in at RM12.14 million, compared to RM8.63 million the previous year, as revenue surged 67.47% to RM232.27 million from RM138.74 million. No dividend was announced for the quarter. —  Hextar Global kicks off FY2024 on strong note as 1Q profit jumps over 40%

Sports Toto Bhd’s (KL:SPTOTO) earnings almost tripled in its third financial quarter ended March 31, 2024 (3QFY2024) on the back of improved performance by the group's principal subsidiary STM Lottery Sdn Bhd and luxury cars retailer HR Owen plc. Net profit for 3QFY2024 stood at RM68.45 million compared with RM23.22 million in the previous year's corresponding quarter. Revenue inched up 2.4% to RM1.69 billion from RM1.66 billion. It declared a third interim dividend of three sen per share, amounting to RM40.5 million, payable on July 19. This brings the total dividend declared for FY2024 so far to eight sen per share, versus 6.5 sen for the same period in the previous year. — Sports Toto's 3Q net profit almost tripled to RM68.5 mil on improved results from subsidiaries

Tin smelting and mining outfit Malaysia Smelting Corp Bhd’s (KL:MSC) net profit for the first quarter ended March 31, 2024 (1QFY2024) fell 48.5% to RM18.24 million from RM35.41 million a year earlier, mainly due to the absence of sale of refined tin from processed tin intermediates, sales of by-products, coupled with lower tin production. Revenue rose 6.6% to RM362.48 million versus RM340.06 million a year ago on the back of higher tin prices. No dividend was declared for 1QFY2024. — Malaysia Smelting Corp's 1Q net profit drops 48.5%

Prolintas Infra Business Trust (KL:PLINTAS), which was just listed on the Main Market of Bursa Malaysia on March 25, returned to the black in the first quarter of 2024, thanks to the absence of a one-off deferred tax reversal. Net profit for the three months ended March 31, 2024 (1QFY2024) totalled RM2.09 million compared to a net loss of RM81.78 million over the same period a year earlier, said the Klang Valley’s highway operator. Revenue for the quarter more than doubled to RM76.53 million versus RM32.64 million a year ago, supported by higher toll collection amounting to RM75.4 million. The trust did not declare any dividend for the quarter. — Newly listed Prolintas returns to black in 1Q on absence of deferred tax reversal

Malaysia Marine and Heavy Engineering Holdings Bhd’s (KL:MHB) first quarter net profit almost tripled from a year earlier, thanks to higher revenue from ongoing projects as well as increase in dry-docking and repair activities. Net profit for the three months ended March 31, 2024 (1QFY2024) was RM10.42 million compared to RM3.53 million in 1QFY2023. Revenue almost doubled year-on-year to RM984.47 million from RM496.23 million.The company did not declare any dividend for the quarter under review. — MHB’s 1Q net profit triples on revenue from ongoing projects, higher activities

Tan Chong Motor Holdings Bhd (KL:TCHONG) posted a wider net loss of RM15.72 million for the first quarter ended March 31, 2024 (1QFY2024) from RM5.07 million a year ago. This is the sixth consecutive loss-making quarter for the automotive assembler and distributor which carries marques such as Nissan and Renault. The group cited softer consumer sentiments and a highly competitive business landscape in both the local and overseas markets for the continued loss. Quarterly revenue declined 9.06% to RM563.7 million — its lowest since 3QFY2021 when it reported RM439.38 million — from RM619.89 million a year before. It declared an interim dividend of one sen per share during the quarter — the same amount it declared for FY2023. — Tan Chong Motor posts sixth quarterly loss amid competitive business landscape