KUALA LUMPUR (Sept 19): Here is a brief recap of some corporate announcements that made the news on Wednesday:

WCT Holdings Bhd (KL:WCT) has proposed to dispose of three retail properties for RM2.44 billion to a newly established real estate investment trust (REIT) named Paradigm REIT, which will be listed on the Main Market of Bursa Malaysia. The three properties are Bukit Tinggi Shopping Centre, to be sold by Gemilang Waras Sdn Bhd, an indirect unit of WCT; Paradigm Mall Petaling Jaya, to be sold by Jelas Puri Sdn Bhd, a 70% joint venture of WCT; and Paradigm Mall Johor Bahru, to be sold by WCT Hartanah Jaya Sdn Bhd, another indirect unit of WCT. Paradigm REIT will fund the disposal by issuing 1.6 billion new units at an assumed price of RM1 per unit, along with a cash payment of RM837 million. The cash will be raised through medium-term notes issued by a special purpose vehicle. — WCT Holdings proposes RM2.44 bil disposal of retail properties to a newly established REIT

Capital A Bhd (KL:CAPITALA) said Bursa Malaysia has approved its extraordinary general meeting (EGM) circular detailing the proposed disposal of its aviation business to sister company AirAsia X Bhd (KL:AAX). Similarly, AAX announced it has obtained clearance from the stock exchange regulator for its EGM circular for shareholders related to the proposed acquisition. Both companies’ EGM will be held within the next three weeks for shareholders to vote on the proposal. Capital A’s aviation business disposal to AAX will help it address its debt-heavy balance sheet, as part of efforts to exit the Practice Note 17 status it had entered in 2020. — Capital A, AAX say EGM for airline biz merger in three weeks after Bursa clearance

Press Metal Aluminium Holdings Bhd (KL:PMETAL) has teamed up with three Indonesian companies to operate an alumina refinery plant in West Kalimantan, Indonesia.  The plant is expected to have an annual production capacity of one to 1.2 million tonnes under the first phase, with a potential expansion to double this output. The total cost for phase one is US$750 million (RM3.24 billion), to be funded via equity and loans.  The three Indonesian companies roped in for the planned investment are PT Alakasa Alumina Refineri, PT Dinamika Sejahtera Mandiri and PT Kalimantan Alumina Nusantara (KAN). Press Metal added that the Malaysian group will subscribe for an 80% equity interest in KAN for RM1.04 billion, executed in seven tranches over the next year and funded through the group’s internally generated funds. — Press Metal signs JV deal to set up alumina plant in Indonesia

Eco World International Bhd (KL:EWINT) posted a narrower net loss of RM8.19 million for the third quarter ended July 31, 2024 (3QFY2024), compared to RM12.3 million a year earlier. The reduced losses were attributed to improved results from joint ventures with Ballymore Group, lower marketing expenses, and the absence of interest costs due to full loan repayment in the previous year. The quarter also marked Eco World International's first with zero revenue, compared with RM31.17 million a year ago as it halted new launches and prioritised sales of completed inventory. No dividend was proposed for the quarter under review. — Eco World International maintains RM500 mil payout target for FY2024, FY2025, stays in red in 3Q

Scientex Packaging (Ayer Keroh) Bhd's(KL:SCIPACK) net profit in the full year ended July 31, 2024 (FY2024) fell 9.43% to RM32.55 million from RM35.94 million a year ago, as the group flagged heightened market competition and freight costs to have impacted its latest quarter earnings. It also saw lower revenue of RM713.51 million in the year, down from RM774.78 million, owing to changes in product mix. For 4QFY2024, its net profit came in at RM6.81 million, higher than RM149,000 in 4QFY2023. Quarterly revenue slipped 1.88% to RM181.84 million from RM185.32 million. It raised dividends to five sen per share for 4QFY2024 from 2.5 sen per share previously, lifting its full-year dividend to 7.5 sen, from five sen per share in FY2023. — Scientex Packaging raises dividend despite weaker FY2024

Practice Note 17 (PN17) firm Barakah Offshore Petroleum Bhd (KL:BARAKAH) has received an offer from a potential buyer for its pipe-laying barge Kota Laksamana 101. This came in as it received the "non-binding offer from an Indonesian firm via a private tender". But it did not mention the offer price for the 12-year-old vessel. The Edge Malaysia had in its Sept 16 weekly reported Barakah as undergoing discussions for the potential sale at under US$10 million (RM43.5 million). This is lower than its asking price of US$11.4 million as recently as March this year, the report said. — Barakah Offshore confirms receiving offer for pipe-laying barge

Kimlun Corp Bhd (KL:KIMLUN) has secured a RM128.13 million contract to build a residential development in Johor Bahru, the fifth contract win it has announced this year. The contract comprises two sections. The first section, valued at RM57.86 million, is expected to be completed by the third quarter of 2026. The second section, worth RM70.27 million, is slated for completion within 21 months from its commencement date. — Kimlun bags RM128m job to build residential development in JB

Pekat Group Bhd (KL:PEKAT) has secured a contract worth RM115 million to develop a 29.99MW (megawatt) solar farm in Kinta, Perak. The contract was awarded by Mega First Corp Bhd (KL:MFCB). The project is expected to start in 4Q2024, with commercial operation date set at Dec 31, 2025.  This is the second large-scale-solar engineering, procurement, construction and commissioning project award secured by Pekat this year. — Pekat wins RM115m EPCC job for 30MW solar farm in Perak

Precision machining group YBS International Bhd (KL:YBS) is acquiring the entire stake of Allied Technologies Holdings Pte Ltd’s precision manufacturing services units for a total indicative price of US$38 million (RM167.2 million) via cash and share issuance. Of the purchase price, US$26 million will be satisfied by cash and the remaining US$12 million will be funded via the issuance of 70.4 million YBS shares, at 75 sen per share, YBS’ bourse filing showed.  YBS has entered into a memorandum of understanding with Allied Technologies Holdings for the acquisition of the target companies, namely Allied Precision Manufacturing (M) Sdn Bhd, Allied Precision Technologies (M) Sdn Bhd, Allied Precision (Thailand) Co Ltd and Allied Technologies (Saigon) Co Ltd. — YBS inks MOU to acquire stake in precision manufacturing companies for RM167m