KUALA LUMPUR (Oct 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Bursa Malaysia Bhd (KL:BURSA) and its subsidiaries will be closed on Thursday, in conjunction with the Deepavali public holiday. Bursa Malaysia and its subsidiaries will resume operations on Friday, the exchange said in a statement. — Bursa to close this Thursday for Deepavali holiday

KLCCP Stapled Group (KL:KLCC) has appointed Datuk Mohd Salem Kailany as chief executive officer of KLCC Property Holdings Bhd and KLCC REIT Management Sdn Bhd, effective Nov 1, succeeding Datuk Md Shah Mahmood. Salem, 55, a seasoned professional in the property development and real estate sector, will be stepping into the role to oversee KLCC REIT’s operational and strategic direction. He served as president and CEO of UDA Holdings Bhd in 2019, and was previously CEO at PNB Development Sdn Bhd and senior vice president at Sime Darby Property Bhd (KL:SIMEPROP). — KLCCP Stapled Group appoints Salem Kailany as CEO

Genting Bhd (KL:GENTING) has awarded two contracts worth a collective RM1.36 billion to Indonesian and Chinese contractors to complete the onshore gas processing plant, connecting pipelines and supporting facilities for its floating liquefied natural gas (FLNG) facility that will be deployed in West Papua, Indonesia. In a press release, Genting said its 95%-owned indirect subsidiary PT Layar Nusantara Gas (PTLNG) has entered into a definitive agreement with China National Machinery Import & Export Corporation (CMEC) and Shandong Kerui Energy Development Co Ltd (Kerui) for the design, engineering and procurement activities for the onshore gas processing plant, connecting pipelines and supporting facilities (midstream infrastructure). The award is worth US$182.87 million (about RM793.22 million). PTLNG has also entered into a separate contract for the construction, installation and commissioning of the midstream infrastructure with a local Indonesian company, PT China Construction Yangtze River Indonesia, for a fixed lump sum contract price of IDR2.05 trillion (approximately RM566.79 million). The midstream infrastructure is estimated to be completed in 25 months. Once it is completed, it shall be ready to receive raw gas from the Asap, Merah and Kido structures within the concession area of the Kasuri Block in West Papua, Indonesia. — Genting commissions contractors to build midstream infra to link Kasuri Block to its Indonesia floating LNG facility

Mah Sing Group Bhd (KL:MAHSING) has signed a second partnership with Bridge Data Centres Malaysia Sdn Bhd, a company wholly-owned by Bain Capital, to expand a joint-venture (JV) data centre project named Mah Sing DC Hub@Southville City at the Southville City township in Bangi, Selangor. A press statement said the latest partnership will see the two parties developing additional plots of land adjacent to the initial one. The plots span 35.68 acres (14.44 hectares) and are poised to offer 200MW of power capacity. The data centre’s first phase is anticipated to commence operation by 2026. Bridge Data Centres will lead the design, construction and infrastructure development in the first phase. — Mah Sing, Bridge Data Centres to expand data centre project in Southville City, Selangor

Axis Real Estate Investment Trust (KL:AXREIT) (Axis REIT) saw its third quarter net property income rise 12% to RM69.35 million from RM61.90 million a year earlier, as it recognised contribution from newly acquired properties. Its total revenue or trust income came in at RM80.27 million, 11.8% higher than the RM71.81 million it logged a year ago. The REIT, which focuses on industrial assets, declared a third interim income distribution of 2.35 sen per unit, payable on Nov 29. This brings income distribution to 6.90 sen per share year-to-date, up 0.65 sen compared with the 6.25 sen it paid in the same period last year. — Axis REIT's 3Q net property income rises 12%, declares 2.35 sen DPU

Higher rental income provided a boost to IGB Real Estate Investment Trust (REIT) (KL:IGBREIT) and IGB Commercial REIT’s (KL:IGBCR) NPI for the third quarter ended Sept 30, 2024 (3QFY2024). IGB REIT’s NPI for 3QFY2024 rose 2.53% to RM114.11 million from RM111.29 million in the same period last year. Revenue increased 3.73% to RM155.27 million, compared to RM149.68 million in 3QFY2023. Distribution per unit (DPU) rose to 2.68 sen — payable Nov 29 this year — up from 2.60 sen in the same period last year. This brings total DPU for the nine months ended Sept 30, 2024 (9MFY2024) to 8.20 sen, compared to 7.77 sen in 9MFY2023. — Higher rental income lifts IGB REIT, IGB Commercial REIT’s 3Q net property income

PGF Capital Bhd (KL:PGF), which mainly manufactures insulation products, saw its net profit more than double for the second financial quarter ended Aug 31, 2024 (2QFY2025), primarily attributed to its insulation segment, driven by strong demand from the Oceania market. Net profit for 2QFY2025 jumped to RM7.03 million from RM2.94 million in the corresponding quarter last year. Quarterly revenue stood 40.6% higher at RM42.38 million, compared with RM30.14 million previously, mainly driven by higher sales contribution from the insulation business. The group declared a first interim dividend of two sen per share, payable Nov 29. This will translate to a dividend payout of about RM3.9 million. — PGF Capital’s 2Q net profit more than doubles on strong demand from Oceania market

ICT Zone Asia Bhd (KL:ICTZONE) has filed for an initial public offering (IPO) as part of the information and communications technology (ICT) solutions provider’s listing transfer to the ACE Market from the LEAP Market. The IPO involves a public issue of 133 million new shares and an offer for sale of up to 54.91 million existing shares, according to its draft prospectus filed with Bursa Malaysia. The listing would offer investors a 23.62% stake at an undisclosed price in the company that has been listed on the LEAP Market since Dec 15, 2020. Its shareholders have approved the listing transfer following an extraordinary general meeting on June 21. — ICT Zone files draft prospectus for LEAP transfer to ACE Market