KUALA LUMPUR (Oct 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:
Renewable energy producer Cypark Resources Bhd (KL:CYPARK) has formed a consortium to jointly explore and develop energy solutions for the 186ha German Technology Park in Ayer Keroh, Melaka. Cypark has signed a memorandum of agreement with its largest shareholder, Jakel Capital Sdn Bhd, and Melaka Corporation to manage the planning, generation and distribution of energy for the park, a project that could cost an estimated RM4 billion. Jakel Capital will hold a controlling 51% stake in the consortium, followed by Cypark with 29% and Melaka Corporation with 20%. Jakel Capital also holds 21.47% in Cypark. — Cypark forms consortium with Jakel Capital, Melaka Corp to power up German Technology Park in Melaka
Malayan Flour Mills Bhd (KL:MFLOUR) said there will be no second earnout payment from Tyson Foods Inc in relation to the consideration for its 49% equity disposal in Dindings Tyson Group (DTSB) to Tyson Foods. This resulted in the total consideration for the disposal of its 49% equity stake in DTSB amounting to RM289.916 million, from its initial payment and the adjusted first earnout consideration, instead of RM420 million if all disposal considerations were met. — No second earnout payment for Malayan Flour Mills from Tyson
Construction and property company PLB Engineering Bhd (KL:PLB) has proposed to sell its 60% stake in a solar energy firm for RM19.8 million cash to help repay its bank borrowings. The sale of the stake in PLB Green Solar Sdn Bhd — held through PLB's 85.71%-owned subsidiary PLB Terang Sdn Bhd — is expected to generate a profit of RM10.76 million for PLB. The purchaser of the 60% stake, Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd, is also buying the other 40% stake in PLB Green Solar from waste management and renewable energy firm Greenviro Solutions Sdn Bhd for RM13.2 million. — PLB Engineering to sell stake in solar energy firm to repay loans
IT services firm Infomina Bhd's (KL:INFOM) net profit for the first quarter ended Aug 31, 2024 (1QFY2025) grew 10.25% from a year earlier despite a drop in revenue, thanks to a higher gross profit margin. The net profit rose to RM8.01 million from RM7.27 million, while revenue declined 17.84% year-on-year to RM46.18 million from RM56.21 million. The company did not declare any dividend for the quarter. — Infomina's 1Q net profit up 10% on higher gross profit margin
Furniture manufacturer Eurospan Holdings Bhd (KL:EUROSP), which reported a fivefold surge in its first quarter net profit thanks to gains from property and investment disposals, has cautioned that it expects a more challenging business environment for the financial year ending May 31, 2025 (FY2025). The group made a net profit of RM23.34 million for its first quarter ended Aug 31, 2024 (1QFY2025), over five times the RM4.13 million it made in 1QFY2024. Revenue dropped to RM5.8 million from RM6.89 million. Eurospan declared a dividend of 20 sen per share for the quarter. — Eurospan flags challenging times ahead after a disposal-boosted 1Q; pays 20 sen dividend
Yinson Holdings Bhd (KL:YINSON) has appointed Lim Poh Seong as its independent non-executive director with immediate effect. Lim, 57, currently serves as the independent non-executive director for biscuit maker Hup Seng Industries Bhd (KL:HUPSENG), renewable energy player Samaiden Group Bhd (KL:SAMAIDEN), and vegetable wholesaler and distributor Farm Price Holdings Bhd (KL:FPHB). — Hup Seng director Lim Poh Seong joins Yinson’s board
Perdana Petroleum Bhd (KL:PERDANA) has secured a RM7.3 million contract for the charter of an anchor handling tug and supply (AHTS) vessel. Perdana has signed the charter party agreement on Aug 30, with an addendum finalised on Oct 10, with RUHM Marine Sdn Bhd, for the deal. Perdana will provide the AHTS vessel, complete with crew and equipment, for continuous 24-hour service. The vessel will assist and support operations related to drilling rigs, offshore installations, derrick barges, towing, and anchor handling in the Sarawak region. — Perdana Petroleum clinches vessel charter contract