KUALA LUMPUR (Aug 13): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
Uzma Bhd (KL:UZMA) is set to begin operating its 50MW large-scale solar 4 (LSS4) project in Sungai Petani, Kedah, within the next two weeks after receiving approval from Tenaga Nasional Bhd (KL:TENAGA). The company is awaiting its licence from the Energy Commission, expected within one to two weeks. — Uzma to start LSS4 operations in about two weeks
LBS Bina Group Berhad's (KL:LBS) subsidiary, Gerbang Mekar Sdn Bhd (GMSB), is facing a RM43.03 million claim filed by Mega Planner Jaya Sdn Bhd, now in liquidation. The claim relates to an alleged unpaid sum from a 2014 sales and purchase agreement for retail property in Setapak, Kuala Lumpur. GMSB has filed a memorandum of appearance in response to the writ at the Kuala Lumpur High Court. — LBS Bina’s unit sued for alleged unsettled sum
Felda’s 81.9%-owned FGV Holdings Bhd (KL:FGV) reaffirmed its plans to undertake a bonus issue. The bonus issue, intended to reduce Felda’s stake in FGV to meet public shareholding spread requirements, was initially set for completion in 4Q2023. Following the expiration of Bursa Securities' approval, FGV plans to reapply for the listing and quotation once the necessary consent has been obtained. — FGV reaffirms bonus issue plan, says Felda awaiting government consent
Enest Group Bhd (KL:ENEST), a bird's nest supplier listed on the LEAP Market since August 2019, plans to transfer to the ACE Market on Bursa Malaysia. The move aims to support its expansion by providing access to a larger platform. As part of the transfer, the company will undertake an IPO offering 131.3 million shares, representing up to 22.59% of its enlarged share capital. The final IPO price is yet to be determined. — Enest seeks transfer to ACE Market
Minetech Resources Bhd (KL:MINETEC) has secured a RM36.79 million contract to upgrade the sewage system in Terengganu. Awarded by Puncak Utara Sdn Bhd, the project covers the Ketengah Jaya, Bukit Besi, and Seri Bandi areas, and is expected to be completed by June 23, 2027. — Minetech secures RM37 mil sewage upgrade project in Terengganu
Signature International Bhd (KL:SIGN) is selling two parcels of freehold land in Negeri Sembilan's Techpark @ Enstek Phase 2 for RM25.7 million. The proceeds will be used to pay off intercompany loans and bank borrowings, with an estimated gain of RM3.71 million. — Signature International sells Techpark land for RM25.7 mil
Seng Fong Holdings Bhd (KL:SENFONG) reported a significant increase in net profit to RM16.5 million for 4QFY2024, a fivefold rise from RM2.98 million in the previous year, driven by higher sales volume and reduced diesel costs from operating biomass systems. Revenue grew 38.7% to RM331.3 million from RM238.8 million, with sales volume in the processing segment up 18.7%. The company declared a fourth interim dividend of 1.5 sen per share, bringing total FY2024 dividend to 5.50 sen per share. — Seng Fong sees five-fold rise in 4Q net profit on higher sales, reduced diesel costs
Mr DIY Group (M) Bhd (KL:MRDIY) said its second quarter net profit rose 3.3% to RM155.21 million, from RM150.32 million a year earlier, driven by higher revenue but offset by increased expansion costs. Revenue for the quarter rose 8.8% year-on-year to RM1.19 billion from RM1.1 billion, primarily driven by positive contributions from new stores. The company declared a second interim dividend of 1.2 sen per share, payable on September 13. — Mr DIY's 2Q net profit rises 3%, pays higher interim dividend
Axiata Group Bhd’s (KL:AXIATA) 63%-owned tower company, Edotco Group Sdn Bhd, signed MOUs with Malaysia Digital Economy Corporation (MDEC) and Boost Holdings Sdn Bhd to boost Malaysia's digital economy. The MOU with MDEC includes offering advisory services and preferential rates for advanced digital infrastructure, including 4G and 5G connectivity, low-orbit satellites and smart city solutions. — Edotco inks MOU with MDEC, Boost for digital infrastructure, financing tower landowners