KUALA LUMPUR (Aug 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Cape EMS Bhd (KL:CEB) managing director and chief executive officer Christina Tee Kim Chin further trimmed her stake by 11.6% after selling shares worth RM44.86 million in the electronic manufacturing services company. The sale of 115.25 million shares translates to an average price of 38.92 sen per share and 6.2% lower than the stock’s volume weighted average price of 41.5 sen on Wednesday. That cuts her equity by nearly half to 138.72 million shares in the company. Following the latest share sale, Kim Chin's shareholding in the company shrank to 13.98% from 38.05% on July 29, down by 24.06%. — Cape EMS CEO trims another 11.6% stake

Real estate developer I-Bhd (KL:IBHD) said on Thursday its net profit tripled in the second quarter from a year earlier, thanks to a turnaround of its leisure business and higher property investment income. Net profit for the quarter ended June 30, 2024 (2QFY2024) was RM5.45 million, compared with RM1.82 million for the same period in 2023. Revenue for the quarter rose 33% year-on-year (y-o-y) to RM55.53 million from RM41.85 million. The company didn’t declare any interim dividend for the latest quarter. — I-Bhd's 2Q net profit triples as leisure business turns around

ATA IMS Bhd (KL:ATAIMS) said it has teamed up with Shanghai-listed Jinhua Chunguang Technology Co Ltd (Chunguang) to venture into the household and electrical appliances sector. The electronics manufacturing service provider said its wholly owned subsidiary, Integrated Manufacturing Solutions Sdn Bhd (IMS), and Chunguang have agreed to form a joint venture (JV) company known as Suntone (Malaysia) Technology Sdn Bhd. IMS will hold a 49% stake in the JV company via an investment of RM4.9 million, while Chunguang, which specialises in cleaning electrical hoses and accessories, will hold the remaining 51% stake worth RM5.1 million. — ATA IMS partners Chinese firm to venture into household and electrical appliances sector

MK Land Holdings Bhd (KL:MKLAND) said on Thursday it has reached a settlement with the tax authority that would cut the additional bills and penalty imposed on its unit by nearly 85%. Under the settlement agreement with the Inland Revenue Board, the taxes payable by Saujana Triangle Sdn Bhd would be reduced to RM12.16 million from RM80.77 million. The settlement was recorded at the Special Commissioners of Income Tax. The amount will be settled progressively by Dec 15 this year, MK Land said, adding that the agreement will not materially impact the company’s finances. — MK Land reaches settlement with tax authority, shrinking final bill by 85%

TSH Resources Bhd’s (KL:TSH) land sales, which would have fetched roughly 2.43 trillion Indonesian rupiah (RM731.09 million), in North Kalimantan have been downsized to RM447.17 million. The plantation group announced that its plan to sell the remainder of three plots of land in North Kalimantan did not materialise, due to the non-fulfilment of a condition precedent. According to TSH, the buyers, PT Kalimantan Industrial Park Indonesia (KIPI) and PT Kawasan Industri Kalimantan Indonesia, failed to meet a key condition, which is signing the "minutes of clean and clear" by the agreed deadline with the seller — TSH's 90%-owned unit PT Bulungan Citra Agro Persada (BCAP). BCAP will refund the down payment of 59.21 billion rupiah (RM17.82 million) to the buyers. — TSH Resources' Kalimantan land disposal downsized to RM447m

Seal Inc Bhd (KL:SEAL) said it is raising its shareholding in loss-making MSR Green Energy Sdn Bhd to 30% by acquiring an additional 10% for RM21 million. Seal is acquiring a 7.1% stake in MSR from Ong Kah Hui for RM14.88 million and another 2.9% stake from Qiang Xiao Yu for RM6.11 million. MSR is primarily involved in the installation and servicing of solar photovoltaic systems, renewable energy project management, consultancy, construction, and electrical works. The group said it received a guarantee from the sellers that MSR will achieve a cumulative profit after tax of at least RM21 million for the two-year period ending Dec 31, 2025 (FY2025). — Seal ups stake to 30% in solar panel installer

Engineering and manufacturing solutions provider Ge-Shen Corp Bhd (KL:GESHEN) said its net profit for the second quarter doubled to RM4.47 million from RM2.19 million a year earlier, on increased sales revenue from a higher utilisation rate across its factories in Penang, and Hanoi, Vietnam. The higher earnings were also due to cost optimisation efforts, as well as the de-consolidation of the group's loss-making subsidiary Demand Option Sdn Bhd. Revenue increased to RM75.13 million, up 25% from RM60.08 million in 2QFY2023. This is the highest quarterly revenue recorded by the group since it was listed 20 years ago. The group did not declare any dividend for the quarter. — Higher sales lift Ge-Shen's 2Q revenue to record high

Ranhill Utilities Bhd (KL:RANHILL) on Thursday announced the appointment of five new directors, four of whom are linked to YTL Power International Bhd (KL:YTLPOWR). This follows the successful takeover of Ranhill by YTL Power and its 70%-owned unit, SIPP Power Sdn Bhd, on July 9, when they completed their mandatory general offer (MGO) for the Johor-based utility company, securing a controlling stake of 53.19%. Ranhill named Yeoh Keong Yeen and Yeoh Keong Yuan as new executive directors, Faiz Ishak and Annuar Ahmed as non-independent directors, and Datuk Seri Yusof Ismail as an independent director. Keong Yeen and Keong Yuan are siblings and the grandchildren of Puan Sri Tan Kai Yong @ Tan Kay Neong, a major shareholder of the company. — Ranhill appoints five new directors after takeover by YTL Power