KUALA LUMPUR (July 19): Here is brief recap of some business news and corporate announcements that made the headlines on Friday:
Press Metal Aluminium Holdings Bhd (KL:PMETAL) has inked a collaboration agreement with China’s Xi’an Jiaotong University to research and develop a carbon capture and utilisation model involving its manufacturing process. The agreement follows a memorandum of understanding signed between the two parties in August last year. The collaboration aims to develop an economically viable carbon capture and utilisation model, adding that the intellectual property rights will be jointly owned by both parties. — Press Metal signs R&D agreement with Chinese university for carbon capture, utilisation project
Sunway Construction Group Bhd (KL:SUNCON), which in March won a RM747.8 million contract from a US-based multinational technology corporation for the construction of a data centre in Selangor, announced the award of a sub-contract relating to the project worth RM417.8 million. The sub-contract for the construction of the project's mechanical and electrical system was awarded to Sunway Engie DC Sdn Bhd, a joint venture company between Sunway Engineering Sdn Bhd (70% stake) and Engie Services Malaysia Sdn Bhd (30% stake). Sunway Engineering is a wholly-owned subsidiary of Sunway Construction Sdn Bhd, which is in turn an indirect wholly-owned subsidiary of SunCon. — SunCon unit awarded RM418 mil sub-contract in Selangor data centre project
Genting Plantations Bhd (KL:GENP), in which Genting Bhd (KL:GENTING) owns a 55.4% stake, is planning to buy two plots of land in Indonesia for RM593 million, for property development. The plots, measuring 152ha, are located in Sentul City, in the Bogor Regency of the West Java Province in Jakarta. Its indirect subsidiaries had inked separate sale and purchase agreements with three vendors — PT Sentul City Tbk, PT Aftanesia Raya and PT Primatama Cahaya Sentosa — to buy the plots. — Genting Plantations buys two Indonesian plots for RM593m for property development
Automotive parts manufacturer MCE Holdings Bhd (KL:MCEHLDG) has clinched a RM19.6 million contract to supply electronic and mechatronic components for Perusahaan Otomobil Kedua Sdn Bhd's (Perodua) first electric vehicle. The components include multimedia display unit, instrument panel cluster, advanced driver assistance system, functional switches and interior lightings. — MCE Holdings bags RM19.6 mil contract to supply parts for Perodua’s first EV
Fima Corp Bhd (KL:FIMACOR) has secured a RM93.92 million contract from the Ministry of Education to print and supply confidential documents to the ministry. The group, which is involved in manufacturing, plantation and property management, said the two-year contract was awarded to its wholly-owned subsidiary Percetakan Keselamatan Nasional Sdn Bhd. — Fima Corp bags RM94 mil printing contract from Education Ministry
EG Industries Bhd (KL:EG), an electronics manufacturing services provider, has secured a confirmed purchase order valued at US$117 million (RM545.67 million) for 5G photonics related products. Its wholly-owned subsidiary SMT Technologies Sdn Bhd secured the PO from an unnamed existing key customer. — EG Industries secures US$117m purchase order for 5G photonics related products
Trading of securities in Grand Central Enterprises Bhd (KL:GCE) will be suspended on Monday (July 22) pending the release of a material announcement. The group is principally engaged in hotels and service apartments, the provision of limousine services and hotel management. It currently owns and manages five hotels under the Hotel Grand Continental brand. It also manages Hotel Grand Crystal, which is owned by an affiliated company. — Trading of securities in Grand Central Enterprises to be halted next Monday, pending announcement
CIMB Thai Bank PCL, 94.83%-owned by CIMB Group Holdings Bhd (KL:CIMB), registered a net profit for the second quarter ended June 30, 2024 (2QFY2024) of 668.46 million baht (RM86.27 million), growing 24% from 538.75 million baht in the same period a year earlier, driven by gains on financial instruments, investments and higher operating income. Gains on financial instruments climbed fourfold to 290.06 million baht from 71.59 million baht, while gains on investments soared to 175.26 million baht from 34.86 million baht. Total operating income rose by 5.52% to 3.51 billion baht from 3.33 billion baht. — CIMB Thai’s 2QFY2024 net profit up 24% amid gains on financial instruments and investments
Construction company Ingenieur Gudang Bhd (KL:INGENIEUR) reported a net profit of RM6.48 million for the second quarter, driven by gains from asset disposals and higher construction revenue. Net profit for the quarter ended June 30, 2024 was over 27 times higher than the RM234,000 it made for 2QFY2023. Revenue for the quarter more than doubled to RM12.29 million — its highest since 4QFY2020 — from RM4.57 million in 2QFY2023, due to new project acquisitions and improved progress recognition in the construction segment. — Ingenieur Gudang reports higher 2Q profit on disposal gain, higher construction revenue
Malaysia Steel Works (KL) Bhd (KL:MASTEEL) plans to raise up to RM31.69 million by placing out 10% of its enlarged share base, primarily to fund its working capital. The company intends to issue up to 90.55 million shares to third-party investors who will be identified later. The sum to be raised is based on an indicative issue price of 35 sen per share, a discount of 6.52% (or 2.44 sen) to the stock's five-day volume-weighted average price of 37.44 sen as of July 12. — Masteel plans to raise up to RM32m via placement for working capital