KUALA LUMPUR (Sept 27): Here is a brief recap of some corporate announcements that made the news on Friday:

Sarawak now controls 31.25% of Affin Bank Bhd (KL:AFFIN), making it the largest shareholder of the bank. The state government, via its unit SG Assetfin Holdings Sdn Bhd, on Friday signed a share purchase agreement with two Affin Bank shareholders — Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd — to raise its stake in the bank to 31.25% from 4.8%. — Sarawak govt raises stake in Affin Bank to 31.25% after inking deal with LTAT, Boustead

Gamuda Bhd (KL:GAMUDA) has secured a A$243 million (RM702 million) construction contract to deliver the Boulder Creek Wind Farm in Queensland, Australia. The project will comprise 38 turbines with a generating capacity of 228 megawatts when the wind farm begins operations in 2027, Gamuda said in a statement. Site preparatory works are expected to begin before the end of 2024, with activity ramping up from early to mid-2025. The project was awarded to Gamuda’s Australian subsidiary DT Infrastructure Pty Ltd by Aula Energy Holdings Pty Ltd and CS Energy Ltd. — Gamuda gets A$243 mil Australian wind farm construction contract

HeiTech Padu Bhd (KL:HTPADU) is acquiring a 30% stake in a privately held company, Souqa Fintech Sdn Bhd, for RM16.17 million. Its unit Synergy Grid Sdn Bhd has signed a share subscription agreement to acquire 10.78 million new ordinary shares in Souqa Fintech Sdn Bhd at RM1.50 apiece. Souqa Fintech is an integrated online payment platform company that owns the Islamic payment gateway PayHalal. HeiTech Padu plans to fund the investment with RM11 million in cash, while the remaining RM5.17 million will be realised via invoice detailing the scope of services required by Souqa Fintech. Souqa Fintech is currently 58.29% owned by Asad Capital Sdn Bhd. Crescent Capital Sdn Bhd holds 16.7% of Souqa Fintech. — HeiTech Padu buys 30% stake in Islamic payment gateway owner Souqa Fintech for RM16.17m

Mechanical and electrical (M&E) services specialist Bintai Kinden Corp Bhd (KL:BINTAI) is doubling down on its construction division as part of its proposed regularisation plan to uplift the company from its Practice Note 17 status. It anticipates to divert 25% or more of its net assets into the division in a proposed diversification, and said the division is expected to contribute 25% or more to its net profit moving forward. It intends to focus on M&E engineering as well as the construction business to turn around its business performance. It is also planning a share capital reduction to cancel up to RM160 million to reduce its accumulated losses and improve its financial position, and a private placement involving up to 244 million new shares or 20% of its current issued shares to raise up to RM19.5 million to repay borrowings and for working capital. — Bintai Kinden doubles down on construction business to exit PN17

Plantation company Kim Loong Resources Bhd (KL:KMLOONG) reported an 8.9% decline in its second quarter net profit from a year earlier, no thanks to lower earnings contribution by its palm oil milling operations due to lower crude palm oil extraction rates. Net profit for the three months ended July 31, 2024 (2QFY2025) fell to RM39.5 million or 4.05 sen per share, compared to RM43.35 million or 4.48 sen per share in the same quarter last year. In contrast, revenue rose 5.3% to RM405.94 million from RM385.61 million. It declared an interim single-tier dividend of five sen per share, payable on Nov 13. — Kim Loong’s 2Q net profit dips 8.9% on lower CPO extraction rates

Oil and gas services provider Propel Global Bhd (KL:PGB) has proposed a private placement to raise up to RM8.25 million for business expansion and working capital for new projects. The fundraising exercise involves an issuance of up to 67.59 million new ordinary shares, representing approximately 10% of its issued shares, at an issue price to be determined later. Separately, the group is acquiring a 39% stake in its majority-owned subsidiary Best Wide Engineering (M) Sdn Bhd (BWE) for RM6.19 million, raising its shareholding to 90% from 51%. BWE operates within the oil and gas industry, specialising in engineering, procurement, construction and commissioning services for new plants and refurbishment of plants, as well as design and supply of skidded process systems for onshore plants and offshore platforms. — Propel Global to raise up to RM8.25m via private placement, ups stake in EPCC subsidiary for RM6.19m

Crescendo Corporation Bhd’s (KL:CRESNDO) net profit for the second quarter ended July 31, 2024 (2QFY2025) surged more than 30-fold year-on-year (y-o-y), boosted by its data centre-linked land sales in Nusa Cemerlang Industrial Park, Johor. Net profit for the three-month period came in at RM140.84 million, compared to RM4.28 million a year ago. Quarterly revenue jumped more than fivefold to RM321.46 million from RM61.12 million in 2QFY2024. Notably, its property development and construction operations recorded revenue of RM291.4 million and operating profit of RM182.5 million, contributing over 75% to the operations. It declared an interim dividend of one sen per share, along with a special dividend of five sen per share, totalling six sen per share, to be paid on Nov 13. — Crescendo set to hit record-breaking FY2025 results as 2Q profit surges over 30-fold on data centre-linked land sales

Frozen seafood supplier PT Resources Holdings Bhd’s (KL:PTRB) partnership with China’s Ocean Exchange (Fujian) Foreign Trade Services Co Ltd (Ocean Exchange) to develop the Malaysia East Coast International Supply Chain Intelligent Park in Kuantan, Pahang has fallen through. The project, which aimed to facilitate bilateral trade between Malaysia and China through Fuzhou, China, was estimated to be worth about RM1 billion. Separately, PT Resources announced that its net profit for the first quarter ended April 30, 2024 (1QFY2025) rose 5.75% to RM4.96 million from RM4.69 million in 1QFY2024 on the back of a 25.46% jump in revenue to RM165.16 million from RM131.64 million a year before. It attributed the better revenue to increased demand from both domestic and overseas markets, primarily from the Chinese customers. It declared a first interim dividend of 0.99 sen, payable on Oct 16. — PT Resources’s planned RM1 bil supply chain intelligent park in Kuantan called off  

Flat steel products manufacturer Astino Bhd (KL:ASTINO) reported that its net profit jumped 62.79% year-on-year due to an increase in sales and profit margin. Net profit rose to RM8.71 million for the fourth quarter ended July 31, 2024 (4QFY2024), from RM5.35 million in 4QFY2023. Revenue climbed 4.59% to RM158.33 million from RM151.38 million, as local demand grew. Astino proposed a final dividend of one sen per share. — Steel products maker Astino reports 63% jump in quarterly profit on stronger sales, profit margin

Signature International Bhd (KL:SIGN) plans to transfer its ownership in the two subsidiaries it wants to spin off for a listing into a newly formed entity, Signature Alliance Group Bhd (SAG), and then offer 26% of SAG's enlarged share base to the public via an initial public offering. The two subsidiaries are its 51%-owned renovation company Space Alliance Contracts Sdn Bhd (SAC) and 50.1%-owned interior fit out business that focuses on commercial projects, Zig Zag Builders (M) Sdn Bhd (ZZB). The remaining 49% shareholding in SAC is owned by Chang Chung Fei and Ng Mun Woh. As for ZZB, Foo Khai Shin holds the balance 49.9% stake. For the proposed IPO, SAG will issue 260 million IPO shares that represent about 26% of its enlarged share base at an issue price to be fixed. Of the 26%, 5% (50 million shares) will be set aside to be subscribed by the Malaysian public, 3% (30 million) by SAG's eligible employees and 2% (20 million) by Signature's shareholders. The balance IPO shares will be placed out to Bumiputera investors approved by the Ministry of Industry and Trade (12.5% or 125 million) and selected investors (3.5% or 35 million). Post-IPO — the proceeds of which will accrue entirely to SAG — Signature’s stake in SAG will be reduced to 37.5%, while Chang's will drop to 16.4%, Foo's to 13.1%, and Ng’s to 7%. — Signature to transfer two subsidiaries into new entity ahead of ACE Market IPO  

Property developer Talam Transform Bhd (KL:TALAMT) has proposed to consolidate every five existing shares held by its shareholders into one share, with the entitlement date to be determined later. Talam also wants to undertake a capital reduction by cancelling RM650 million of its issued share capital to offset accumulated losses of RM624.37 million at the group level, leaving it with retained earnings of RM24.4 million that Talam said will be used in a manner deemed fit by the board. Apart from that, Talam has proposed a private placement of up to 20% of its total issued shares, which could raise RM21.33 million to repay borrowings and for working capital. — Talam Transform plans five-to-one share consolidation, capital reduction and private placement

Citaglobal Bhd (KL:CITAGLB) has entered into a binding term sheet with Germany’s LAWI Engineering GmbH (LAWI Germany) to collaborate exclusively on providing advanced waste-to-energy (WTE) technology and engineering solutions for waste management projects identified by Citaglobal and its affiliates. The ultimate goal is to transform the waste management division into a standalone, publicly listed entity within the next five years. — Citaglobal inks waste-to-energy partnership with LAWI Germany, eyes listed entity in five years