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

IJM Corp Bhd (KL:IJM) has secured a contract to design and build a data centre for a subsidiary of Telekom Malaysia Bhd (KL:TM) in Iskandar Puteri, Johor, for RM331.7 million. The project — known as Block 2 of the Iskandar Puteri Data Centre — was secured from TM Technology Services Sdn Bhd via its wholly owned IJM Construction Sdn Bhd. The construction will begin in July 2024 and is slated for completion by the third quarter of 2025. — IJM secures RM331.7 mil contract to build data centre for TM's unit in Iskandar Puteri

Samaiden Group Bhd (KL:SAMAIDEN) is teaming up with a lighting solutions provider to implement solar street lighting systems. The company has signed an agreement with Gruppe Lighting Solution Sdn Bhd to implement lighting systems that incorporate solar panels, battery storage and smart grid technologies. The collaboration extends to smart city projects that integrate solar street lights with Internet of Things (IoT) capabilities, which would significantly improve energy management and enhance urban services. — Samaiden inks partnership to develop solar street lighting systems

AmanahRaya Real Estate Investment Trust (REIT) (KL:ARREIT) is selling its Contraves office building in Cyberjaya for RM42.5 million, cash. Its trustee-manager Pacific Trustees Bhd has inked a conditional sale and purchase agreement with software provider 4X Software Sdn Bhd, who is buying the building for business expansion. The building, which AmanahRaya REIT has owned for almost eight years, is a four-storey purpose-built office building with one basement level. Sitting on a freehold land area of about 89,470 sq ft, the building is fully occupied as of May 31. It is expecting to gain RM1.2 million from the proposed disposal, which should be completed by the first half of 2025. — AmanahRaya REIT to sell Contraves building in Cyberjaya for RM42.5 mil cash  

Poh Huat Resources Holdings Bhd (KL:POHUAT) reported a near 70% jump in its net profit for the second quarter ended April 30, 2024 (2QFY2024), driven by a gradual rise in orders from US customers for its Malaysian operations, primarily in the office segment. Its net profit rose to RM7.23 million, up 69.84% compared with RM4.26 million in the previous year’s corresponding quarter, while revenue increased 13.74% to RM108.35 million from RM95.26 million. Poh Huat declared a second interim dividend of two sen per share, payable on July 23. — Poh Huat’s 2Q earnings climb 70% on rise in US orders

Oil and gas tanks manufacturer CN Asia Corp Bhd (KL:CNASIA) is set to emerge as the largest shareholder of radio-frequency identification (RFID) solutions provider SMTrack Bhd (KL:SMTRACK) with a 14.2% stake via a debt settlement exercise. The debt settlement involves SMTrack issuing 218 million new shares to pay off a sum of RM7.63 million owed by its wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd to CN Asia’s wholly-owned unit Southborn Capital Sdn Bhd — which is a licensed moneylender — at 3.5 sen per share. This represents a 10% discount to the five-day volume-weighted average market price of SMTrack shares of 3.89 sen on June 18. — CN Asia set to emerge as largest shareholder in SMTrack via debt settlement plan

The cut-off date for the proposed disposal of Kuchai Development Bhd’s (KL:KUCHAI) assets and liabilities to Sungei Bagan Rubber Company (KL:SBAGAN) in return for a 29.37% stake in Sungei Bagan has been extended by four months to October 29. The two companies have signed a supplemental letter for the extension, but did not specify the reason for the extension. The extension includes a further two-month automatic extension to December 29 if the conditions precedent (CP) in the deal are not fulfilled or waived. Among the CPs are that both Kuchai and Sungei Bagan have to obtain the approval of their shareholders, and Sungei Bagan has to be satisfied with the results of Kuchai's due diligence. Kuchai also has to obtain all necessary consent and approvals for the disposal of the assets and liabilities, including from governmental authorities, financial institutions and relevant third parties as required by contractual agreements or deemed necessary by Sungei Bagan. — Kuchai Development-Sungei Bagan deal cut-off date extended by four months till Oct 29

Sapura Energy Bhd (KL:SAPNRG) has granted chairman Datuk Mohammad Azlan Abdullah leave of absence with immediate effect to allow the 56-year-old to focus on ongoing investigations by the Malaysian Anti-Corruption Commission regarding a matter unrelated to the oil and gas engineering group. In the absence of Mohammad Azlan, Sapura said it has appointed non-independent non-executive director Shahin Farouque Jammal Ahmad as interim chairman until further notice. In the meantime, Sapura said the business will continue as usual, including its ongoing debt restructuring efforts. — Sapura Energy grants chairman leave of absence amid unrelated MACC probe

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