KUALA LUMPUR (Sept 11): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Genting Malaysia Bhd's (KL:GENM) indirect subsidiaries, Genting New York LLC (Genny) and Genny Capital Inc, are offering US$525 million (RM2.28 billion) in 7.25% senior unsecured notes due 2029 to refinance existing debt. Concurrently, Genny plans to secure a new senior secured credit facility with a US$775 million delayed draw term loan and a US$150 million revolving credit facility. The notes are expected to be listed on the Singapore Exchange. — Genting Malaysia's units price US$525 mil senior notes offering

EP Manufacturing Bhd (KL:EPMB) is issuing shares representing 30% of its capital, with 15% allocated each to its largest shareholder, Mutual Concept Sdn Bhd, and Bermaz Auto Bhd’s (KL:BAUTO) subsidiary, Bermaz Capital Sdn Bhd. The placement aims to raise RM39.65 million for constructing a manufacturing hub in Melaka. The deal involves issuing 66.08 million shares at 60 sen each. After the placement, Mutual Concept’s stake will rise to 19.01%, while Bermaz Capital will hold 11.54%. This move raises speculation about potential collaboration with Bermaz Auto for vehicle assembly. —  EPMB places out 30% of its shares, half to largest shareholder and half to Bermaz Auto, to fund new manufacturing plant

Hospital operator IHH Healthcare Bhd’s (KL:IHH) subsidiary, Pantai Holdings Sdn Bhd, has filed with the Securities Commission Malaysia to establish Sukuk Wakalah programmes of up to RM15 billion. This includes Islamic Commercial Papers (ICP) and Islamic Medium Term Notes (IMTN). The first issuance is expected within 90 business days. The ICP programme has a seven-year term with maturities from one to 12 months, while the IMTN programme is perpetual with a minimum term of one year. Proceeds will be used for shariah-compliant purposes such as financing investments, capital expenditures, working capital, debt repayment, and refinancing. — IHH's unit to establish sukuk wakalah programmes of up to RM15 bil

Bermaz Auto Bhd (KL:BAUTO) has reported a 29.94% fall in first quarter net profit to RM70.22 million, from RM100.22 million a year earlier, dragged by lower sales amid competition. Quarterly revenue dropped 22.32% year-on-year to RM846.18 million from RM1.09 billion due to lower sales volume from domestic operations. The group declared a first interim dividend of 3.5 sen per share, payable on Nov 6. — Bermaz Auto's net profit falls 30% on lower vehicle sales, pays 3.5 sen dividend

LEAP market-listed ICT Zone Asia Bhd’s (KL:ICTZONE) net profit for the first half ended July 31, 2024 (1HFY2024) more than doubled to RM4.37 million from RM2.02 million a year earlier, thanks to higher contributions from its technology financing and cloud solutions and services segments. This is despite revenue slipping marginally to RM57.65 million from RM58.24 million, due to weaker contributions from its trading of ICT hardware and software segment amid subdued demand.The company declared a preference dividend of two sen per irredeemable convertible preference share (ICPS), payable on Oct 16. —  ICT Zone's 1HFY2024 net profit more than doubles to RM4.37 mil

Mikro MSC Bhd (KL:MIKROMB) plans to enter the signage and interior fit-out industry by acquiring Singapore’s TES Productions & Projects Pte Ltd for RM30 million. The purchase will be made through the issuance of 134.83 million new Mikro MSC shares at 22.25 sen each, resulting in a 12.6% dilution of its existing shares. The acquisition price reflects a price-to-earnings multiple of 12.24 based on TES's audited profit of S$730,000 (RM2.45 million) for FY2023. — Mikro MSC to diversify into signage and interior fit-out business via RM30 mil acquisition

Citaglobal Bhd (KL:CITAGLB) has secured two construction contracts totaling RM50.95 million. The first is a 20-month project to build a riverwall in Kuching, Sarawak, subcontracted by NL Builder Sdn Bhd. The second is a RM31.6 million contract for infrastructure work on the Kuching Urban Transportation System’s redline, awarded by Avos (Malaysia) Sdn Bhd. These projects are expected to positively impact Citaglobal’s earnings and net assets per share from FY2024 to FY2026. — Citaglobal clinches RM51 mil riverwall, infrastructure works in Sarawak

Suria Capital Holdings Bhd (KL:SURIA) has signed a joint development agreement for the "Jesselton Docklands 2" project, a mixed commercial development covering 11.54 hectares in the Kota Kinabalu port area. This project will be developed in partnership with BEDI Development, a subsidiary of EXSIM Development Sdn Bhd. It is part of the larger Jesselton Waterfront City plan, linking to notable landmarks like Jesselton Quay and the Sabah International Convention Centre. —  Suria Capital signs JV agreement for Jesselton Docklands 2 mixed commercial project in Kota Kinabalu

Kerjaya Prospek Group Bhd (KL:KERJAYA) has secured a RM292.8 million contract to build a 57-storey serviced apartment in Kuala Lumpur, featuring 1,126 units, podium parking, and a sub-basement. The project, awarded by Mega Legacy (M) Sdn Bhd, will start on Sept 17 and is set for completion in 38 months. This contract, the group's eighth this year, is expected to positively impact earnings and net assets per share from FY2025 to FY2027. — Kerjaya Prospek gets RM292.8m construction contract

Southern Steel Bhd (KL:SSTEEL) plans to issue new shares to Green Esteel Pte Ltd, potentially giving the Singapore company control with at least 50.1% of the enlarged share capital. Green Esteel will buy these shares at 42 sen each, a 16% discount from Southern Steel's closing price of 50 sen. This issuance aims to raise funds efficiently compared to bank loans or debt instruments, while also creating synergies between the two companies in the steel industry. The funds will be used to enhance Southern Steel’s manufacturing and operational capabilities. — Singapore's Green Esteel may emerge as new controlling shareholder in Southern Steel

Hextar Technologies Solutions Bhd (KL:HEXTECH) is negotiating exclusively with Widad Group Bhd(KL:WIDAD) to sell five industrial plots in Negeri Sembilan. If the deal proceeds, Widad will pay by issuing new shares to Hextar. The plots, totalling 56,231 sq m and intended for industrial use, require state authority consent for transfer. Hextar aims to unlock the property's value and use the proceeds for its technology business expansion, while Widad seeks to enhance its cash flow and shareholder value through this acquisition. — Hextar Technologies in talks to sell five industrial plots to Widad