KUALA LUMPUR (Aug 26): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Tropicana Corp Bhd (KL:TROP) has inked a sale and purchase agreement (SPA) with NTT Global Data Centers Holding Asia Pte Ltd to dispose of a parcel of land in Gelang Patah, Johor — measuring 68.457 acres — for RM383.13 million, marking the fourth major disposal by the property developer in the past nine months. The SPA was entered between Tropicana Corp’s wholly-owned subsidiary Tropicana Firstwide Sdn Bhd (TFSB) and seven indirect subsidiaries of NTT Data Group, a Japanese multinational information technology service and consulting company. The original cost of investment in the land stood at approximately RM143.19 million. — Tropicana sells Johor land to Japanese data centre player for RM383m

KUB Malaysia Bhd (KL:KUB) is disposing of a 70% stake in its indirect wholly owned subsidiary KUB Sepadu Sdn Bhd (KUBS), the sole contributor to the group's agro division, for RM103.37 million in cash. The 70% stake will be sold to Sinong Enterprise Sdn Bhd, which has subsidiaries principally involved in oil palm plantation and swiftlet ranching. The expected pro forma gain on the proposed disposal is RM19.65 million, and that the proceeds will be allocated for its other core businesses, namely the liquefied petroleum gas division, as well as the power division. — KUB to sell 70% stake in agro unit for RM103m cash

Construction company Infraharta Holdings Bhd (KL:IHB) is refuting the allegations and reliefs sought by Consortium Zenith Construction Sdn Bhd (CZC) in a suit against its unit pertaining to issues related to the major roads and Penang third link (PMRT) project. CZC alleged that its payments amounting to RM13.12 million made to IHB's wholly-owned subsidiary Infraharta Sdn Bhd (ISB) were tainted with fraud and deceit and that ISB is liable to return the same amount to CZC. CZC also made similar allegations against Vizione Construction Sdn Bhd, a subsidiary of Vizione Holdings Bhd (KL:VIZIONE) and the second defendant in the suit, with regards to payments amounting to RM15.5 million. — Infraharta refutes claims by Consortium Zenith in suit pertaining to construction of Penang third link

Texchem Resources Bhd (KL:TEXCHEM) has redesignated its executive director Dr Yuma Konishi as group chief executive officer (CEO) following the retirement of Yap Kee Keong from the post. Yuma, who is the son of executive chairman Tan Sri Dr Fumihiko Konishi, joined the group back in 2005. — Yuma Konishi is new Texchem CEO as Yap Kee Keong retires

Energy solutions provider T7 Global Bhd (KL:T7GLOBAL) has secured a RM74.6 million contract from the Ministry of Defence (Mindef) to supply, deliver, test, and commission airfield surveillance radar systems, communication systems and related air traffic management equipment to the Royal Malaysian Air Force. The contract, which spans five years from Aug 5, 2024 to Aug 4, 2029, was awarded to its subsidiary T7 Kemuncak Sdn Bhd on July 31. — T7 Global secures RM74.6 mil contract from Mindef

Globaltec Formation Bhd’s (KL:GLOTEC) Australian-listed unit NuEnergy Gas Ltd is making a cash call to raise gross proceeds up to A$8.17 million (RM24.05 million) to fund its early gas sales initiative in Indonesia. The funds will be raised via a renounceable pro-rata entitlement offer of up to 408.54 million new shares in NuEnergy, on the basis of eight new shares for every 29 shares held by existing shareholders, at an issue price of A$0.02 per share. The offer is partially underwritten by NuEnergy, in which Globaltec has a 64.66% stake. — Globaltec’s Australian unit makes cash call to raise A$8.17m for Indonesian gas sales initiative

Oil and gas services firm Velesto Energy Bhd (KL:VELESTO) said it has completed the periodic inspection of its Naga 2 rig under what is called its Mandatory Five Yearly Special Periodical Survey (SPS) programme and that the rig will be heading to Sarawak soon. Naga 2 is currently dry-docked in Singapore, where it has been since June 24. On reaching Sarawak, it will start a development drilling campaign. Velesto also said it had received a letter of award for its Naga 3 rig from the Thang Long Joint Operating Company, and that the rig is expected to be working in Vietnam during the September-November months. It did not disclose the value of the new job, which the rig will be taking on before its SPS in the first quarter of next year. — Velesto wraps up periodic inspection of Naga 2, secures Vietnam contract for Naga 3

Kitchen cabinet manufacturer Signature International Bhd (KL:SIGN) announced plans to list two of its subsidiaries on the ACE Market of Bursa Malaysia, on the same day it revealed that its latest quarterly net profit halved. Signature plans to list its renovation subsidiary Space Alliance Contracts Sdn Bhd (SACSB) and its interior fit-out business that focuses on commercial projects, Zig Zag Builders (M) Sdn Bhd. M&A Securities has been appointed adviser and sponsor of the proposed listings.

Separately, Signature announced that its net profit for the second quarter ended June 30, 2024 (2QFY2024) halved to RM10.5 million from RM20.66 million in 2QFY2023. While revenue rose 14.54% to RM203.37 million from RM177.56 million previously, it was not enough to offset the jump in operating expenses — which rose to RM177.22 million from RM156.94 million — lower share of profit of equity accounted associates (which dropped to RM2.5 million from RM5.2 million), lower other operating income (which dropped to RM2.37 million from RM9.74 million), and higher finance costs and tax expense. — Signature International proposes spin-off listings of two subsidiaries as 2Q profit halves

Telekom Malaysia Bhd’s (KL:TM) net profit for 2QFY2024 fell 30.3% to RM396.4 million from RM568.7 million a year ago, primarily due to a one-time recognition of tax losses in the previous year. Quarterly revenue slid 1.7% year-on-year to RM2.91 billion from RM2.96 billion, dragged down by declining voice services, despite steady growth in internet and data services revenue. It raised its dividend for the quarter to 12.5 sen per share, from 9.5 sen a year ago. — TM posts RM396m profit in 2Q, announces higher dividend of 12.5 sen

Separately, the group’s managing director/group CEO Amar Huzaimi Md Deris at a media briefing said that TM is still keen to be involved in the development of the country’s 5G network, despite the collapse of its deal with Digital Nasional Bhd. The group, which has submitted its proposal for the setting up of Malaysia's second 5G network infrastructure, aims to be a key partner in the country’s 5G network, either by participating in the 5G second network or by just being a part of the 5G ecosystem. — TM says it still wants a piece of 5G after DNB deal axed

TIME dotCom Bhd’s (KL:TIMECOM) net profit in 2QFY2024 fell to RM99.05 million from RM2.26 billion a year ago, in the absence of gains from the divestment of its stake in AIMS data centre business last year. Quarterly revenue rose 7.53% to RM418.49 million, from RM389.2 million on data product revenue boost, mainly contributed by retail customers. The group declared a special interim dividend of 18.93 sen per share, up from 16.25 sen in the same quarter last year. — TIME dotCom posts RM99m profit, 18.93 sen dividend in 2Q

Hap Seng Plantations Holdings Bhd’s (KL:HAPSENG) net profit almost tripled to RM27.67 million for 2QFY2024 from RM9.42 million a year ago, driven by higher average selling price of all palm products, higher sales volume of crude palm oil (CPO) and lower operating expenses.  Revenue rose 8.31% to RM182.82 million — its highest since 2QFY2022, when it recorded RM246.86 million — from RM168.79 million a year before. It announced a first interim dividend of 1.5 sen per share, payable on September 24. — Hap Seng Plantations' profit nearly triples in 2Q on higher product prices, CPO sales and lower opex

Guan Chong Bhd’s (KL:GCB) net profit for 2QFY2024 surged more than twofold to RM67 million from RM28.13 million a year earlier, driven by higher selling price for cocoa products and increased sales volume for cocoa solids. The cocoa manufacturer also reported a 91.56% rise in revenue to RM2.22 billion from RM1.16 billion, reflecting the impact of these factors. — Guan Chong books RM67m profit in 2Q, margin slips from 1Q levels

Bank Islam Malaysia Bhd (KL:BIMB), Malaysia's largest full-fledged Islamic bank, made a net profit of RM137.17 million for 2QFY2024, little changed from the RM136.14 million it made in the same quarter last year. The flattish net profit was achieved as revenue rose to RM1.15 billion from RM1.12 billion. — Bank Islam posts flattish 2Q profit of RM137 mil

Hong Leong Industries Bhd’s (KL:HLIND) net profit for its fourth financial quarter ended June 30, 2024 (4QFY2024) rose 41.9% to RM98.33 million from RM69.29 million a year ago, thanks to higher sales of motorcycles and improved performance of its associated company. Revenue for the quarter inched up 1% to RM773.66 million from RM767 million in 4QFY2023, with the higher motorcycle sales offset by the absence of revenue from the fibre cement board business which the group disposed of in November 2023. For the full year, its net profit rose 33.5% to RM387.89 million from RM290.61 million in FY2023, underpinned by favourable sales mix that led to better profit margin, a RM25 million insurance compensation related to flood damages in FY2022 as well as an RM18.7 million disposal gain in the fibre cement board business. Full-year revenue fell 8.9% year-on-year to RM3.11 billion from RM3.42 billion, amid the slowdown in the motorcycle business in the first three quarters of the financial year. — Higher sale of motorcycles boosts Hong Leong Industries' 4Q earnings

Berjaya Land Bhd (KL:BJLAND) reported a net loss of RM79.91 million for 4QFY2024, compared to a net profit of RM51.91 million a year earlier, amid higher operating costs incurred by its business segments and associated companies. Quarterly revenue edged up 0.72% to RM1.96 billion from RM1.94 billion in 4QFY2023, on the back of higher sales per draw reported by the group's subsidiary STM Lottery Sdn Bhd, coupled with an additional draw conducted in the quarter (41 draws versus 40 previously). For the full FY2024, Berjaya Land posted a net loss of RM90.20 million, a reversal from FY2023’s net profit of RM147.30 million, despite a 4.63% increase in revenue to RM7.61 billion from RM7.27 billion. — Berjaya Land posts RM80m 4Q net loss on higher operating costs

Electronic manufacturing services firm SKP Resources Bhd (KL:SKPRES) reported a 31.3% increase in its net profit to RM28.34 million for the first quarter ended June 30, 2024 (1QFY2025), from RM21.59 million a year ago, due to better cost optimisation and higher sales performance. Revenue for the quarter surged 17.1% to RM505.53 million from RM431.61 million in the previous year’s corresponding period. — SKP Resources' 1Q profit up 31%

Ajinomoto (Malaysia) Bhd's (KL:AJI) net profit jumped 54.99% to RM18.93 million in 1QFY2025 from RM12.21 million a year before, as revenue and finance income climbed. The food and seasoning company's quarterly revenue rose 15.42% to RM171.44 million in 1QFY2025 from RM148.53 million in 1QFY2024, on better contributions across consumer business and industrial business segments. — Ajinomoto Malaysia kicks off FY2025 with 55% jump in 1Q profit