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

Kenanga Investment Bank Bhd (KL:KENANGA) has received approval from Bank Negara Malaysia to raise its stake by 15.2% in Merchantrade Asia Sdn Bhd, the country’s largest money services business operator. Upon completion of the acquisition, Kenanga’s aggregated equity holding in Merchantrade will increase to 19.94% from 4.74%, making it the second largest shareholder after managing director and founder Ramasamy K Veeran.  Financial details of the deal were not disclosed. — Kenanga IB gets nod to raise stake in Merchantrade to almost 20%

Astro Malaysia Holdings Bhd‘s (KL:ASTRO) net profit increased by 7% to RM17.01 million for the first quarter ended March 31, 2024 (1QFY2025), up from RM15.9 million in the same period last year, due to lower net financing costs.  However, the company's revenue saw a decline of 9.8% to RM772.53 million from RM856.94 million, attributed to lower subscription and advertising revenues. It did not declare any dividend for the quarter under review. — Astro posts 7% rise in 1QFY2025 net profit amid lower net finance costs

Gamuda Bhd’s (KL:GAMUDA) net profit rose 5.5% to RM235.8 million for the third quarter ended April 30, 2024 (3QFY2024), from RM223.37 million a year earlier, as it registered higher contributions from overseas projects. Quarterly revenue grew 20.46% to RM2.49 billion from RM2.07 billion, driven by wholly-owned Gamuda Engineering Sdn Bhd, whose revenue from overseas projects doubled to RM2.2 billion while earnings from the same jumped to RM86 million, fuelled by its Australian projects. The group announced a second interim dividend of 10 sen per share, to be paid on a date to be disclosed, bringing the year-to-date dividend for FY2024 to 16 sen per share. For the nine months of FY2024, Gamuda’s net profit rose to RM639.64 million from RM562.98 million (continuing operations) a year earlier — not including the RM1.02 billion from its discontinued highway operations — as revenue jumped 79.07% to RM8.63 billion from RM4.82 billion. — Gamuda's 3Q profit rises 6% to RM235.8m, driven by overseas projects

Magni-Tech Industries Bhd’s (KL:MAGNI) net profit climbed 33.6% to RM34.52 million for the fourth quarter ended April 30, 2024 (4QFY2024) from RM25.84 million a year earlier, as revenue grew 36.6% to RM336.93 million from RM246.61 million on stronger contribution from its garment business. The garment and packaging products maker declared a fourth interim dividend of 3.3 sen per share, payable on July 23. Magni-Tech’s net profit for the full FY2024 increased by 34.6% to RM138.41 million from RM128.41 million, as revenue rose 10.6% to a record high of RM1.34 billion from RM1.21 billion. — Magni-Tech saw 33.6% jump in 4Q profit, declares 3.3 sen dividend

IOI Properties Group Bhd (KL:IOIPG) has received a proposal from its chief executive officer cum major shareholder Lee Yeow Seng to participate in the development of Shenton House, a commercial property located in Singapore that his private vehicle has successfully tendered for at S$538 million (RM1.9 billion). Lee has proposed that IOIPG acquire all or part of his private vehicle, Shenton 101 Pte Ltd, which is planning to redevelop Shenton House, the works for which are scheduled to start at the end of 2025. This is to mitigate the potential conflict of interest that will arise due to his role in the redevelopment of Shenton House through Shenton 101, in which he is the sole shareholder. Shenton 101 plans to hold the redeveloped property for investment upon its successful redevelopment. — IOI Properties receives proposal from CEO to jointly develop Shenton House in Singapore

Oil and gas services company Keyfield International Bhd (KL:KEYFIELD) has engaged two Chinese companies to build an accommodation workboat at a cost of US$30.5 million (RM143.7 million). The 90m long Dynamic Positioning 2 (DP2) workboat is expected to be delivered by Jingjiang Nanyang Shipbuilding Co Ltd and Nantong Shunyang Trade and Development Co Ltd by February 2026 and will be funded via a combination of internal cash and borrowings. Separately, the company has entered into a memorandum of agreement to acquire a second-hand DP2 AWB named MV Belait Barakah from Belait Barakah Sdn Bhd for US$6 million. This vessel is expected to be ready for chartering operations by the fourth quarter of 2024 after rectification and activation. — Keyfield to acquire two accommodation workboats for RM172 mil

TRC Synergy Bhd (KL:TRC) has secured a RM125 million contract to perform scheduled and corrective maintenance work at the Royal Malaysian Navy submarine base in Kota Kinabalu, Sabah. It secured the 60-month project from BHIC Submarine Engineering Services Sdn Bhd — a wholly-owned unit of Boustead Heavy Industries Corp Bhd (KL:BHIC) — via its wholly-owned Trans Resources Corp Sdn Bhd. — TRC Synergy secures RM125 mil contract for maintenance work from BHIC

Ramssol Group Bhd (KL:RAMSSOL) has proposed to acquire a 51% stake in a Thailand-based generative artificial intelligence (AI)-powered consulting software company for RM6.93 million. The homegrown human capital management solutions and technology provider is acquiring the stake in Geekstart Company Ltd from the company's co-founders Tanasak Tantitarntong, Kitipat Veerachien and Rujirat Chuangsungnern. The vendors will continue to hold the remaining 49% equity interest in Geekstart upon completion of the deal. — Ramssol to acquire 51% stake in Thailand-based AI firm

YGL Convergence Bhd (KL:YGL), whose share price climbed to its highest level in three years on Tuesday said it is not aware of any possible explanation for the unusual market activity (UMA). The counter climbed as much as 37.8% or seven sen to an intraday high of 25.5 sen — the highest since June 22, 2021 — prompting Bursa Securities to issue the UMA query.  At the closing bell, YGL pared its gains to 24.5 sen — still up six sen or 32.4% — giving it a market capitalisation of RM66.8 million. — YGL Convergence says not aware of reason behind UMA after share price climbs to three-year high