KUALA LUMPUR (July 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
Pavilion Real Estate Investment Trust’s (KL:PAVREIT) net property income (NPI) increased 18.8% year-on-year in the second quarter ended June 30 (2QFY2024) to RM120.3 million against RM101 million a year ago. The REIT’s NPI for the three-month period increased to RM120 million compared with RM101 million in the same period last year. Quarterly distributable income expanded to RM74.8 million in 2QFY2024 from RM66.96 million in the previous year’s corresponding quarter. Its quarterly rental income climbed 27.4% to RM185.29 million in 2QFY2024 from RM145.4 million a year ago. — Pavilion REIT’s 2Q NPI up 18.8%, distributes 4.53 sen per unit
Rooftop solar power system provider ILB Group Bhd (KL:ILB) is acquiring a solar energy company and its assets for RM98 million, cash. ILB will pay RM30 million for the purchase of Armani Sinar Sdn Bhd from Andy Woo Weng Kok, and another RM68 million for the acquisition of a solar photovoltaic (PV) system from Armani Energy Sdn Bhd. Armani Energy was founded by Woo. Besides him, other shareholders of the company are Datuk Seri Azlan Azmi and Datuk Seri Wong Sze Chien. Armani Energy owns about 16.9 megawatt peak (MWp) of solar assets. Upon completion of the acquisition, ILB said that it will optimise Armani Sinar’s operations and maximise the utilisation of solar assets by securing rooftop solar projects. — ILB Group to acquire solar energy business for RM98 mil
PGF Capital Bhd (KL:PGF) has entered into a deal to serve as the Malaysian distributor of a Chinese company's mineral wool sandwich panels, which are suitable for wall facades in data centres. PGF Capital said its wholly-owned subsidiary, PGF Global Distribution Sdn Bhd, has signed a five-year agreement with Centria Building Material Manufacturing (Shanghai) Co Ltd (Centria International), granting PGF Global exclusive distributorship rights for Centria International’s mineral wool sandwich panels, or thermal insulated panels in Malaysia. Centria International primarily supplies insulated panels for industrial and commercial projects. — PGF Capital to distribute thermal insulated panels for data centres
Integrated construction and property company PTT Synergy Group Bhd (KL:PTT), which recently announced a one-for-one bonus issue exercise, is acquiring two parcels of land with semi-detached factories in Selangor from Sime Darby Property Bhd (KL:SIMEPROP) for RM22 million, cash. The group, via its wholly-owned subsidiary Pembinaan Tetap Teguh Sdn Bhd, has entered into sale and purchase agreements with Sime Darby Property (Serenia City) Sdn Bhd and Sime Darby Property (Ampar Tenang) Sdn Bhd for the proposed acquisitions. — PTT Synergy to acquire land in Selangor for RM22 mil cash
Synergy House Bhd (KL:SYNERGY) received an unusual market activity (UMA) query from Bursa Malaysia on Wednesday after its shares suffered their biggest daily fall since being listed more than a year ago. The shares fell as much as 36 sen or 26% to RM1.02, the lowest since April 12, 2024. The stock closed at RM1.07, valuing the furniture company at RM535 million. While the decline trimmed Synergy House’s year-to-date gain to 56%, it is still 149% higher than its initial public offering price of 43 sen. The company was listed on the ACE Market on June 1 last year. Synergy House's trading volume for Wednesday totalled 7.29 million shares, more than triple its 200-day moving average. — Synergy House gets UMA query as shares fall to lowest in three months, short-selling suspended
BIG Industries Bhd (KL:BIG) has announced the cessation of its concrete business division, in a bid to mitigate losses. It said the loss-making concrete division has operated in a "very competitive price sensitive business environment" served by operators like the company and contractors who have their own on-site batching plants and casting yards. The division was managed by three of its wholly-owned subsidiaries, namely Uni-Mix Sdn Bhd (UMIX), Uni-Mix Concrete Products Sdn Bhd and Kinalaju Supply Sdn Bhd. UMIX’s property development business will continue as usual. — BIG Industries scraps concrete division amid continued losses
Econpile Holdings Bhd (KL:ECONBHD) said Retirement Fund Inc (KWAP) has ceased to be a substantial shareholder in the piling and foundation specialist. KWAP’s stake in Econpile dropped to below the 5% threshold necessary to be deemed a substantial shareholder after it sold 2.31 million shares on Tuesday. The filing did not specify the value of the transaction, but based on Econpile’s closing price of 51 sen on Tuesday, the block of shares was estimated to be worth RM1.18 million. According to Econpile's previous filing on Monday, KWAP held a total of 72.52 million shares in the group, equivalent to a 5.116% stake. — KWAP ceases to be substantial shareholder in Econpile
Penang-based property developer Ewein Bhd's (KL:EWEIN) shares will be traded under its new name, Skygate Solutions Bhd (KL:SKYGATE), effective Friday. The change in name comes after the restructuring exercise at Ewein, which saw Ooi Eng Leong emerging as its largest shareholder in June 2023 after raising his stake from 3.84% to 43.82%. Ooi — who is also managing director and major shareholder of ACE Market-listed Nationgate Holdings Bhd (KL:NATGATE) — currently holds a 42.21% stake in Ewein. — Ewein Bhd changes name to Skygate Solutions Bhd