KUALA LUMPUR (July 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

AME Elite Consortium Bhd (KL:AME) is selling four industrial properties in Johor to its 49.62%-owned unit AME Real Estate Investment Trust (KL:AMEREIT) for RM119.5 million to realign its property investments into a REIT. Its subsidiary Pentagon Land Sdn Bhd and its 80%-owned subsidiary Ipark Development Sdn Bhd had inked separate sale and purchase agreements with AME REIT for the disposal. AME REIT said it will finance the deal via financing facilities. — AME Elite sells four Johor industrial properties to AME REIT for RM119.5 mil

Nationgate Holdings Bhd (KL:NATGATE) plans to issue new shares to raise RM429.3 million at a price that is nearly six times its initial public offering of 38 sen per share achieved barely 19 months ago. It has proposed a private placement of 207.39 million new shares or 10% of its enlarged share base to raise fresh working capital. The assumed issue price of RM2.07 per share represents a discount of about 9.61% to the five-day volume-weighted average market price of RM2.29 as of July 23. — Nationgate to place out shares priced nearly six times that of IPO, raising RM429m

MN Holdings Bhd (KL:MNHLDG) has secured a contract worth RM136.24 million to undertake power landing station works for a data centre service provider. It is unable to disclose the customer’s identity due to a non-disclosure agreement. The data centre project is located in the southern region of Malaysia. With the latest job win, the underground utilities and substation engineering specialist’s outstanding order book rose to RM568.5 million. — MN Holdings bags RM136m contract from data centre client as order book swells to RM568m 

SC Estate Builder Bhd (KL:SCBUILD) is forming a consortium to bid for projects with a total capacity of 2,000 megawatts under the fifth large-scale solar programme. It has signed a joint venture agreement with Anjung Meriah Sdn Bhd, a 100% Bumiputera firm involved in the engineering, procurement, construction and commissioning of solar renewable energy projects. Under the agreement, SC Estate will hold a 40% stake, while Anjung Meriah will have a 60% stake. — SC Estate Builder signs pacts to bid for solar projects, develop homes

Property developer UEM Sunrise Bhd's (KL:UEMS) disposal of its 80.4% stake in South Africa’s Roc-Union Proprietary Ltd has fallen through again, as the buyer Azishe Properties Proprietary Ltd failed to fulfil its payment obligations within the stipulated time frame. This is the second attempt by UEM Sunrise to sell its stake in Roc-Union. The 80.4% stake in Roc-Union is held by UEM Sunrise’s indirect wholly-owned subsidiary UEM Sunrise South Africa. — UEM Sunrise’s divestment in South Africa falls through again  

Property developer Axteria Group Bhd (KL:AXTERIA), formerly known as Acoustech Bhd, has scrapped plans to jointly undertake a mixed development project with Alpha Astral Properties Sdn Bhd on land measuring 83,037 square metres in Johor Bahru. The mutual termination of the joint venture agreement is due to a condition precedent not being met prior to the end of the extended condition period. — Axteria scraps plans to jointly develop JB mixed project with RM413.2m GDV under first phase

CapitaLand Malaysia Trust (KL:CLMT) posted a 15.2% jump in its second quarter net property income from the same quarter a year ago, as most of the malls within its portfolio recorded higher revenue as a result of positive rental reversions and higher occupancies. Net property income for the second quarter ended June 30, 2024 (2QFY2024) rose to RM65.47 million from RM56.83 million in 2QFY2023, while gross revenue rose 8.5% to RM113.65 million from RM104.76 million. It announced a distribution per unit of 1.17 sen.— CapitaLand Malaysia Trust's 2Q NPI jumps 15.2% to RM65.47m, announces 1.17 DPU

Following the result announcement, CapitaLand said it is positive on its earnings outlook for this year, supported by sustained domestic earnings, an uptick in tourist arrivals and better occupancy rates for its retail malls. It is also eyeing more industrial and logistic assets in Johor, given the robust demand and positive economic sentiments there. — CapitaLand Malaysia Trust eyes more industrial, logistic assets in Johor; CapitaLand Malaysia Trust positive on outlook amid increased tourist spending, occupancy rates

British American Tobacco (Malaysia) Bhd (KL:BAT) reported that its second quarter net profit dropped 23.66% amid the group's increased investment into growing its vaping brand, Vuse, in Malaysia. Net profit for the three months ended June 30, 2024 (2QFY2024) fell to RM36.28 million from RM47.53 million in 2QFY2023, as revenue dropped 5.55% to RM640.46 million from RM678.12 million. The cigarette company declared a second interim dividend of 12 sen per share or a total of RM34.2 million, payable on Aug 22 to its shareholders. — BAT Malaysia reports lower 2Q profit amid increased investments to grow Vuse; declares 12 sen dividend

United Plantations Bhd's (KL:UTDPLT) net profit rose 17% to RM185.94 million in the second quarter ended June 30, 2024 (2QFY2024) from RM159.02 million a year earlier on higher profits from its plantation and refinery segments. Quarterly revenue came in 16% higher at RM546.08 million from RM470.07 million a year earlier, due to the increase in revenue for the plantation and refinery segments in the current quarter, mainly as a result of higher crude palm oil and palm kernel prices. No dividend was proposed for 2QFY2024. — United Plantations 2Q net profit up 17% on higher plantation and refinery profits

Gadang Holdings Bhd’s (KL:GADANG) net loss narrowed to RM9.37 million for its fourth quarter ended May 31, 2024 (4QFY2024) from RM27.7 million a year ago, as revenue expanded due to higher contributions from its construction division. Revenue rose 32% to RM150.5 million from RM114 million. No dividend was declared during the quarter under review. — Gadang narrows losses in 4Q on higher construction revenue

AirAsia X Bhd (KL:AAX) reported a 42% jump in passenger traffic to 880,265 in the second quarter of 2024 (2Q2024) from 621,984 in 2Q2023, driven by peak spring travel seasons and the Eid holiday during the period. Its available seat per kilometre capacity for 2Q2024 rose by 25% year-on-year (y-o-y) to 4.4 billion from 3.51 billion in the same period last year. The passenger load factor increased by seven percentage points y-o-y to 83%. — AirAsia X’s 2Q2024 passenger traffic up 42%