KUALA LUMPUR (July 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Gamuda Bhd's (KL:GAMUDA) joint venture with French rail engineer Alstom SA in Australia has secured a contract worth A$1.6 billion (RM5 billion) for the supply and maintenance of a new automatic train control system to replace the existing signalling and train control systems on Perth’s suburban rail networks. Gamuda has a 46% stake in the JV, while Alstom holds the remaining 54%. Gamuda is expected to rake in revenue of up to A$737 million from its involvement in the project. — Gamuda JV gets A$1.6b train signalling and control system upgrade contract in Australia 

Following the announcement, Gamuda saw its share price surge to a new record high, increasing by as much as 2.91% to reach an intraday high of RM8.49 after the midday trading break. The stock pared some of its gains and closed 0.36% or three sen higher at RM8.28, still its highest closing price since the group was first listed in 1992, valuing the construction giant at RM22.96 billion. — Gamuda climbs to new peak, driven by A$1.6b job win in Australia and optimism in construction sector

Ancom Nylex Bhd’s (KL:ANCOMNY) net profit for its fourth quarter ended May 31, 2024 grew 1.44% to RM18.44 million from RM18.18 million a year ago while revenue increased 1.82% to RM486.96 million from RM478.25 million. The quarterly profit helped to lift Ancom Nylex’s full-year net profit to a record high of RM81.47 million. Ancom Nylex proposed a second interim dividend of one sen per share, the same amount as last year. Moving forward, the company said that it will continue to be vigilant in managing risks arising from geopolitical tensions that may impact the cost of doing business, as well as continue to explore more opportunities for its business. — Ancom Nylex posts record high annual profit in FY2024, declares second interim dividend

T7 Global Bhd's (KL:T7GLOBAL) said the High Court has ruled in favour of its wholly-owned unit Tanjung Offshore Services Sdn Bhd in its dispute with consortium partner VME Process Systems Malaysia Sdn Bhd. The court ruled that the joint settlement agreement and the intellectual property protection agreement signed by both parties in 2020 were void. VME was ordered to refund the RM22.88 million, or US$5.5 million as per the statement of claim, to Tanjung Offshore. The latest and past disclosures related to the ventures did not clearly state the purpose of the initial payment. — High Court sides with T7 Global's unit in dispute with consortium partner

Builder Haily Group Bhd (KL:HAILY) has secured a RM76.65 million contract to construct 171 units of link houses in Kempas Baru, Johor Bahru. Its wholly-owned subsidiary, Haily Construction Sdn Bhd, has accepted a letter of award issued by Razin Architects Sdn Bhd on behalf of Kews Senibong Sdn Bhd. The project will be executed in two phases. The first phase, commencing on July 16, is expected to be completed by October 15, 2025. The second phase will start within nine months from the commencement date of the first phase and is expected to be completed within 22 months. — Haily bags RM76m construction job in JB

AmanahRaya Real Estate Investment Trust (KL:ARREIT) has signed a long-term tenancy agreement with Alfa International College Sdn Bhd for its property in Subang Jaya. The tenancy agreement with Alfa coincides with the expiry of the tenancy agreement with SEGi College on February 28, and spans a lease term of 18 years on a triple net lease arrangement. The college is expected to begin operations by the fourth quarter of the year.  The property is expected to generate a consistent income stream with positive rent reversion every three years. — AmanahRaya REIT signs Alfa International College as new tenant for Subang Jaya property