KUALA LUMPUR (July 29): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday: 

Datasonic Group Bhd's (KL:DSONIC) wholly owned unit, Datasonic Technologies Sdn Bhd (DTSB), has secured a contract worth over RM21 million from the Ministry of Economy to rent out 818 vending machines for the implementation of the People's Income Initiative (IPR) programme. Under the Food Entrepreneur Initiative (Insan) category, the IPR programme enables poor Malaysians to generate income from selling cooked food through government-sponsored vending machines. — Datasonic bags RM21m govt contract to rent out vending machines

Dialog Group Bhd (KL:DIALOG) is adding 150,000 cubic metres of storage for renewable and petroleum products at its Terminal Langsat 3 (DTL3) in Tanjung Langsat, Johor. Some 100,000 cu m will be dedicated to EcoCeres Ltd, a subsidiary of EcoCeres Inc, while the remaining 50,000 cu m are expected to be leased to third-party customers such as multinational companies and trading houses. — Dialog adds 150,000 cubic metres of renewable fuel storage at Tanjung Langsat

Integrated engineering solutions provider Kelington Group Bhd (KL:KGB) is acquiring the remaining 9.29% equity interest in industrial gas player Ace Gases Sdn Bhd for RM35.69 million. Ace Gases is currently a 90.71%-owned subsidiary of the group. The unit is principally involved in the manufacturing, supply, import and trading of industrial gas, and the provision of industrial gas solutions. Having a full control of the company will give Kelington a greater flexibility in the planning and implementation of long-term strategies for the company's business and services, enhancing its growth potential. — Kelington to acquire remaining stake in 91%-owned industrial gas firm

Malaysia’s biggest hospital operator IHH Healthcare Bhd (KL:IHH) is ready to explore the feasibility of outcome-based payment models, citing results from its recent initiatives. Under the group's value-driven outcomes initiatives — which track the patient journey to measure, identify gaps, and improve clinical process — colonoscopy procedures resulted in higher-than-benchmark detection of polyps that could develop into colon cancer. — IHH Healthcare ready to explore outcome-based payment models

PMB Technology Bhd (KL:PMBTECH) has proposed to undertake a renounceable rights issue of up to 266.78 million new ordinary shares on the basis of six rights shares for every one existing ordinary share held to raise around RM300 million. The producer of silicon metal and metal fabricator is also proposing to procure irrevocable undertakings from its major shareholders to subscribe for their respective entitlements, amounting to RM144.6 million. For the remaining RM155.4 million entitled to other shareholders, PMB also proposes to procure undertakings from the Koon family or their nominated parties to subscribe for any rights shares not taken up. — PMB proposes RM300 mil rights issue, seeks underwriting from Koon brothers    
 
Infrastructure and construction group Ekovest Bhd (KL:EKOVEST) is disposing of another four parcels of land along Jalan Pahang in Kuala Lumpur, measuring a total of 2,286 sq m. The disposal of the parcels to Airman Sdn Bhd, a wholly owned subsidiary of Lim Seong Hai Holdings Sdn Bhd (LSHHSB), for RM9.82 million is deemed a related party transaction, as Ekovest's non-independent and non-executive director Tan Sri Lim Keng Cheng is a major shareholder and director of LSHHSB with a 25% stake. The expected gain from the proposed disposal is RM3.51 million. — Ekovest disposes of more land in KL in related party transaction

Johor-based developer Paragon Globe Bhd (KL:PGLOBE) is buying more land in Plentong, Johor Bahru, for RM34.96 million cash, as it looks to further enhance its presence in the state. Its wholly owned subsidiary Paragon Business Hub Sdn Bhd is acquiring two parcels of freehold land, measuring approximately 11.09 acres and 8.24 acres respectively from EKL Holdings Sdn Bhd. The estimated total gross development value of the property is RM293.52 million. — Paragon Globe buys more land in Plentong, Johor Bahru, to be developed into industrial area

Tune Protect Group Bhd (KL:TUNEPRO) has appointed How Kim Lian as its new group chief executive officer effective Monday, succeeding Rohit Nambiar, who stepped down in May 2024. How’s new role will involve deepening Tune Protect’s penetration into the lifestyle ecosystem and engaging with key regional players to establish the company as a leading regional insurance provider in the travel sector. — Tune Protect appoints How Kim Lian as its new group CEO effective Monday

Frozen food manufacturer HB Global Ltd (KL:HBGLOB) has appointed Johol ruling chief (Undang Luak Johol) Datuk Johan Pahlawan Lela Perkasa Setiawan Datuk Muhammad Abdullah as its new independent non-executive chairman. As the ruling chief of Johol, Muhammad oversees land management, customary laws, and traditional ceremonies, preserving the cultural heritage of the Luak Johol community in Negeri Sembilan. He possesses a background in education and financial services. — HB Global appoints Johol ruling chief as chairman

Offshore support vessel player Marine & General Bhd (KL:M&G) executive chairman and major shareholder, Tan Sri Mohammed Azlan Hashim, and his son Mohammed Zhakri Mohammed Azlan, have exercised a call option to acquire 3.2 million preference shares of Jasa Merin (Malaysia) Sdn Bhd (JMM), a 70%-owned subsidiary of the group. The preference shares, acquired from three banks, were priced at RM1.10 each, totalling RM3.52 million, and are exchangeable with 32 million ordinary shares in M&G. — Marine & General's chairman exercise call option to acquire preference shares in 70%-owned Jasa Merin

Chin Teck Plantations Bhd's (KL:CHINTEK) net profit nearly doubled to RM22.69 million or 24.83 sen per share for its third quarter ended May 31, 2024, from RM11.44 million or 12.52 sen per share a year earlier, driven by higher revenue. Revenue for the quarter jumped 41.7% year-on-year to RM66.6 million from RM47 million, thanks to higher sales volumes of fresh fruit bunches, crude palm oil, and palm kernels. It declared a second interim dividend of eight sen per share and a special dividend of 20 sen per share. — Chin Teck 3Q net profit doubles on higher revenue, declares 28 sen dividend

Property developer EcoFirst Consolidated Bhd (KL:ECOFIRS) net profit for its fourth quarter ended May 31, 2024 more than doubled to RM41.51 million compared with the RM17 million reported over the same period a year ago, thanks to higher sales conversion rate for the KL-48 project. Revenue for the quarter jumped nearly five times year-on-year to RM87.86 million from RM17.84 million. — Ecofirst’s 4Q net profit more than doubles amid improved sales conversion

Genting Plantations Bhd’s (KL:GENP) wholly owned subsidiary, Benih Restu Bhd, has undertaken its first issuance of RM1.2 billion in nominal value of Islamic medium-term notes (sukuk wakalah) under the sukuk wakalah programme of RM2 billion in nominal value of the shariah principle of Wakalah Bi Al-Istithmar. The sukuk wakalah issued has a tenure of 10 years at a profit rate of 4.08% per annum. — Genting Plantations unit undertakes first issuance of RM1.2 bil Sukuk Wakalah