KUALA LUMPUR (Aug 7): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Hartalega Holdings Bhd (KL:HARTA) posted a net profit of RM31.9 million or 0.94 sen per share for its first quarter ended June 30, 2024, a turnaround from the RM52.5 million loss recorded in the previous financial year’s corresponding quarter. Quarterly revenue increased by 33% to RM584 million from RM440 million recorded in the corresponding quarter last year. It proposed a dividend of 0.35 sen per share. The group’s improved performance for the quarter was primarily due to a recovery in sales volume and increased average selling prices. — Hartalega posts fourth consecutive quarterly profit in 1QFY2025

S P Setia Bhd (KL:SPSETIA) officially launched the third phase of the Ferrous series of its Setia Alam Impian township development located in Shah Alam last Saturday (Aug 3). Dubbed Ferrous 3, it consists of 101 freehold units of two-storey terraced homes situated in Setia Alam Impian's Industrial Arts precinct. The homes have built-ups ranging from 1,950 to 2,204 sq ft and are priced from RM915,000 to RM1.42 million. — S P Setia launches Ferrous 3 of Setia Alam Impian

I-Bhd (KL:IBHD) on Tuesday broke ground for SkyCity in I-City, Shah Alam. It is a 60-metre tower featuring a 600-metre glass slide that is poised to be a new tourist attraction. The property developer said that with the addition of SkyWalk in i-City, the accelerated growth of bleisure — business and leisure — activities in Shah Alam, such as the opening of DoubleTree by Hilton last year and existing attractions in i-City, will continue to draw local and international travellers. — I-Bhd breaks ground for SkyCity in i-City, Shah Alam  

Chin Hin Group Bhd (KL:CHINHIN) is acquiring a 65% stake each in two companies — an engineering and construction firm and a facilities and project management outfit — for RM51.51 million in a cash and share deal. Chin Hin is acquiring the stakes in CSS Engineering & Construction Sdn Bhd (CEC) and Critical System Specialist Sdn Bhd (CSS) from two individuals, with total cash of RM26.51 million and 7.91 million shares at RM3.16 apiece of RM25 million. — Chin Hin buys engineering, project management firms for RM51 mil in cash and share deal

KPJ Healthcare Bhd (KL:KPJ) said that it is not in a rush to inject more assets into Al-A’qar Healthcare REIT to raise fresh capital for its expansion plans. While the private hospital operator is exploring potential mergers and acquisition (M&As), president and managing director Chin Keat Chyuan pointed out that KPJ still has substantial financial resources available, noting that the company issued RM555 million sustainability sukuk wakalah last year. — KPJ says it is not in rush to inject more assets into Al’ Aqar Healthcare REIT

Keyfield International Bhd (KL:KEYFIELD) said on Tuesday it has secured a contract worth US$10 million (RM44.3 million) to supply a maritime vessel for two years. The contract, which commences this September, is for subsidiary Keyfield Offshore Sdn Bhd (KOSB) to provide one unit of an 80MT bollard pull anchor handling tug supply (AHTS) vessel for Carigali-PTTEPI Operating Company Sdn Bhd, it said. The contract comes with a one-year extension option for another US$5 million (RM22.2 million). — Keyfield to buy another AHTS vessel, secures US$10m charter contract

Johor Plantations Group Bhd (KL:JPG) is planning to raise up to RM3 billion through a seven-year Islamic Commercial Papers (ICP) Programme and a perpetual Islamic Medium Term Notes (IMTN) Programme based on the shariah principle of Wakalah Bi Al-Istithmar. JPG said the funds raised from the two sukuk programmes will be used to refinance any existing borrowings or shariah-compliant financings and for working capital, acquisitions, investments, capital expenditure and general corporate purposes. — Johor Plantations sets up two sukuk programmes to raise RM3 bil