KUALA LUMPUR (Sept 24): Here is a brief recap of some corporate announcements that made the news on Tuesday:

Petroliam Nasional Bhd (Petronas) said that it is not considering legal action against the Sarawak government or Petroleum Sarawak Bhd (Petros) over gas distribution. A joint statement from the Sarawak premier's office, following a meeting between the parties, confirmed that ongoing discussions are likely to be concluded soon, with all parties agreeing to respect both federal and state laws. — No legal threat over gas issue, say Petronas and Sarawak

Magma Group Bhd (KL:MAGMA) is acquiring a 2.26-acre plot of land in Kuala Lumpur’s Persiaran Dutamas area for RM80 million from Skyload Express Sdn Bhd, a company linked to its executive chairman Datuk Seri Lee Hock Seng. The acquisition, facilitated through a conditional sale and purchase agreement by Magma's wholly-owned subsidiary, Magma Kiara Sdn Bhd, is deemed a related-party transaction due to Hock Seng controlling 44% of Skyload by virtue of his 80% interest in Empire Solaris Sdn Bhd, which owns 55% in Skyload. The other 45% in Skyload is held by former national badminton player Datuk Wira Lee Chong Wei. Magma plans to fund the purchase with RM8 million in cash and by issuing 120 million new ordinary shares priced at 20.24 sen each, along with redeemable non-convertible preference shares (RPS) priced at RM1 each. Following the acquisition and assuming full conversion of the RPS, Hock Seng's shareholding in Magma will increase to 28.35%, while Chong Wei will become a substantial shareholder with a 14.37% stake. — Magma proposes capital reduction, RM80m land buy from company owned by major shareholder and Lee Chong Wei

Retail convenience store chain operator MyNews Holdings Bhd (KL:MYNEWS) posted a net profit of RM2.63 million for the third quarter ended July 31, 2024 (3QFY2024), reversing a net loss of RM2.16 million in the same period last year. This was partly helped by improved profit margin and higher share of profit in its jointly controlled entity. Revenue also rose 11.67% to RM207.47 million from RM185.79 million. The company declared an interim dividend of 0.5 sen per share, amounting to RM3.75 million for the quarter under review. — MyNews logs fourth straight quarter of profits; foresees continued sales growth

Jewellery maker Poh Kong Holdings Bhd (KL:POHKONG) closed FY2024 with record earnings of RM116.9 million, a 49% increase from RM78.4 million in FY2023, driven by rising gold prices. Annual revenue rose 11.7% to RM1.64 billion from RM1.47 billion. Net profit in the fourth quarter ended July 31, 2024 (4QFY2024) surged over fourfold to RM22 million from RM4.98 million, supported by strong demand for gold jewellery and investment products, while revenue grew 8.5% to RM342.5 million from RM315.7 million. The company has proposed a final dividend of three sen per share. — Rising gold prices lift Poh Kong’s FY2024 earnings to record high; three sen dividend proposed

VS Industry Bhd (KL:VS) reported a 107% increase in net profit for the fourth quarter, rising to RM126.66 million from RM60.96 million a year earlier, largely due to a one-off gain of RM46.7 million from the partial disposal of its equity interest in a subsidiary and increased orders. Revenue also grew by 5.6% to RM1.21 billion. The group declared a fourth interim dividend of 0.6 sen per share to be paid on Oct 26. — VS Industry's 4Q profit doubles on equity sale, higher orders and improved mix

Harn Len Corp Bhd (KL:HARNLEN) has signed an agreement to sell a land parcel in Johor Bahru for RM55 million to Starsea Resources Sdn Bhd. The sale will generate a net gain of RM33.6 million, as the land's net book value is RM16.8 million. Harn Len plans to use RM29.4 million for capital expenditure, including plantation and infrastructure improvements, and RM20 million for operational costs. — Harn Len sells Johor land for RM55m

Pesona Metro Holdings Bhd (KL:PSONA) has secured a RM321.09 million contract from Sime Darby Property (Golfhome) Sdn Bhd, which is wholly owned by Sime Darby Property Bhd (KL:SIMEPROP), to carry out superstructure works for three condominium blocks in Jalan Bukit Kiara, Kuala Lumpur. The project will begin on October 11 and is expected to be completed within 27 months. — Pesona Metro clinches RM321m condo job in KL

Scientex Bhd (KL:SCIENTX) saw its net profit rise by more than 18% year-on-year (y-o-y) to RM135.8 million in the fourth quarter ended July 31, 2024 (4QFY2024), up from RM114.89 million, driven by higher contributions from its packaging and property segments. Revenue increased to RM651.3 million from RM619.7 million in the same quarter last year, mainly due to its industrial packaging products. The company declared a final dividend of six sen per share for 4QFY2024, to be paid on Jan 17, 2025. This brings the total dividend for FY2024 to 12 sen per share, up from 10 sen in FY2023. — Scientex’s 4Q net profit rises over 18% on packaging and property segments, pays six sen dividend

Asia Poly Holdings Bhd (KL:ASIAPLY) has reduced its stake in Dolphin International Bhd (KL:DOLPHIN) to below substantial shareholder status after selling 10 million shares on Sept 23. This transaction, which represents a 7.47% stake, leaves Asia Poly with 4.09 million shares, or 3.05%. While the transaction price was not disclosed, the shares are valued at RM1.75 million based on Dolphin's closing price of 17.5 sen on that date. — Asia Poly ceases to be substantial shareholder in Dolphin International

Yinson Renewables, a subsidiary of Yinson Holdings Bhd (KL:YINSON), has fully launched its 97MWp Matarani Solar Plant in Peru. The plant, operational since July 2024, is now the second-largest solar energy producer in the country. It generates 260GWh annually, powering 62,000 households and reducing carbon emissions by over 56,000 tonnes per year. The facility comprises nearly 150,000 solar panels spread across 750,000 square meters. — Yinson Renewables' 97MWp Matarani Solar Plant in Peru now fully operational

Shah Alam-based fibreglass-reinforced plastic manufacturer WF Holding Ltd has filed for a Nasdaq listing to raise up to US$10 million (RM42 million) through an IPO.  The IPO will offer two million new shares priced between US$4 and US$6 each, representing up to 8% of its enlarged share base. The funds will be used to expand production capacity, grow its workforce and support working capital. — Fibreglass-reinforced plastic maker WF Holding files for Nasdaq IPO to raise US$10m

Trading in Ecobuilt Holdings Bhd's (KL:ECOHLDS) shares will resume on Sept 25 after the Court of Appeal ruled in the company's favour regarding a winding-up petition. Trading activity had been suspended since Aug 9 due to the petition filed by S-Form System Formwork, which was dismissed after Ecobuilt agreed to pay RM670,596 plus interest. Ecobuilt said that the ruling also means the winding-up petition has been permanently set aside and is no longer in effect. — Ecobuilt to resume trading on Wednesday

Steel products manufacturer Eonmetall Group Bhd (KL:EMETALL) is looking to raise RM8.64 million by placing out up to 10% of its share base to fund its working capital. The group plans to issue up to 27.7 million shares to independent third parties at an issue price to be determined, according to the group’s bourse filing on Tuesday. — Eonmetall plans placement to raise RM8.64 mil for working capital

Digistar Corp Bhd (KL:DIGISTA) is looking to raise up to RM9 million via a private placement of 30% of its share base to fund its new pay-TV venture and repay bank borrowings. — Digistar aiming to raise RM9m via private placement to fund pay-TV business