KUALA LUMPUR (Nov 12): Here is a brief recap of some corporate announcements that made news on Tuesday.

Malayan Banking Bhd (KL:MAYBANK) is considering options including buying out Ageas SA’s minority stake in Etiqa, as Malaysia’s biggest lender seeks to boost the value of the Southeast Asian insurer, according to people with knowledge of the matter. Maybank, as the Bursa Malaysia-listed lender is known, may also seek to replace Belgium insurer Ageas with another minority investor, said the people, asking not to be identified as the deliberations are private. Maybank owns 69% of Etiqa, while Ageas holds the remaining 31%. A potential deal could value Etiqa at as much as US$4 billion (RM17.72 billion), the people said. Other options include renegotiating existing bancassurance agreements to help distribute insurance products, they added. Deliberations are ongoing and no final decisions have been made, the people said, adding that Maybank could decide against pursuing any transaction. — Maybank said to weigh options for insurer Etiqa including buying out Ageas’ minority stake — Bloomberg

Hartalega Holdings Bhd (KL:HARTA) saw its net profit fall 69% in the second quarter as export revenue declined with the rising ringgit while raw material costs surged. Net profit for the three months ended Sept 30, 2024 (2QFY2025) was RM8.63 million. The company would have made a pre-tax loss of RM47.45 million without deferred tax income from incentives for capital investments for its domestic expansion. Revenue for the quarter surged 44% year-on-year to RM652.07 million, thanks to higher volume. It declared a first interim dividend of 0.56 sen per share, payable on Dec 11. Headwinds persist for the industry due to ongoing global oversupply even as the sector continues to undergo “supply-chain stock adjustments and move towards equilibrium”, Hartalega flagged. — Hartalega's 2Q net profit falls 69% as weaker export revenue, higher input costs weigh

Heineken Malaysia Bhd's (KL:HEIM) net profit jumped 28.6% to RM112.29 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM87.33 million a year earlier, lifted by higher revenue and effective cost management. The brewer's quarterly revenue grew 3.2% to RM618.99 million from RM599.66 million in 3QFY2023. No dividend was declared for the quarter. For 9MFY2024, its net profit rose 13.3% to RM325.89 million from RM287.73 million in 9MFY2023, while revenue grew 3.4% to RM1.97 billion from RM1.91 billion, driven by effective execution of its Chinese New Year campaign in the first quarter. — Heineken Malaysia's 3Q profit jumps 28.6%

Construction and engineering firm Kelington Group Bhd (KL:KGB) has reported a 3.94% increase in its third quarter net profit to RM32.92 million from RM31.67 million a year earlier, thanks to higher gross profit margin driven by a "strategic focus on revenue composition", favourable project mix and higher contributions from the industrial gases division. The higher profit was achieved despite a 23.52% year-on-year fall in quarterly revenue to RM307.31 million from RM401.82 million as several major projects in Singapore and Malaysia had transitioned out of their accelerated phases and are nearing completion. It declared a third interim dividend of two sen per share, payable on Dec 23. — Kelington's 3Q profit increases slightly by 4%, pays two sen dividend

Logistics and warehousing services provider Tiong Nam Logistics Holdings Bhd (KL:TNLOGIS) has declared a share dividend to reward its shareholders, on the basis of one treasury share for every 40 existing shares held. The share dividend will involve the distribution of up to 12.9 million treasury shares to all shareholders of Tiong Nam. The ex-date for the dividend is Nov 26, and the shares will be credited on Dec 18. — Tiong Nam Logistics declares 1-for-40 treasury shares to reward shareholders

The reason Fajarbaru Builder Group Bhd (KL:FAJAR) pulled out from participating in the affordable housing development in Putrajaya dubbed Residensi Cemara, which is estimated to have a gross development value of RM192 million, was that it had deemed the project "not sustainable" following a change in requirements. — Fajarbaru reveals reason it pulled out of RM192m affordable housing project in Putrajaya

Paragon Globe Bhd (KL:PGLOBE) has secured the rights to develop 67.42 acres of land in Iskandar Puteri, Johor, for a residential project with an estimated gross development value of RM733.12 million. The development rights were obtained through an agreement between the group’s unit Paragon Globe Properties Sdn Bhd and Iskandar Capital Sdn Bhd. This grants the Johor-based property developer the rights to develop two prime freehold parcels: an 11.5-acre site about 450m from Jalan Ismail Sultan and a 55.92-acre site about 450m from Lebuh Kota Iskandar. The project, which marks its entry into the landed property market, will feature 340 properties, comprising 324 semi-detached houses, two bungalows, and 14 bungalow land lots. — Paragon Globe to undertake RM733m GDV residential project in Johor

Atlan Holdings Bhd's (KL:ATLAN) 75.53%-owned unit Duty Free International Ltd (DFIL), which is listed on the Singapore Exchange, said it is not satisfied with the RM69.9 million compensation for two pieces of land in Bukit Kayu Hitam, Kedah, that Malaysia's Ministry of Home Affairs (KDN) has compulsorily acquired for a road construction project. The lands were being acquired by KDN is for a new road alignment to connect the Bukit Kayu Hitam ICQS Complex in Kedah to the CIQ Sadao facility in Thailand. — Atlan's Singapore-listed unit unhappy with RM70m compensation for compulsory acquisition of land, to file objection to High Court

Seremban Engineering Bhd (KL:SEB) has been served with a counterclaim for RM24.94 million in a lawsuit related to a manufacturing plant project in Bandar Enstek, Negeri Sembilan. The counterclaim was filed by CN Eleco Engineering Sdn Bhd in a follow-up to the original suit filed by MIE Industrial Sdn Bhd, a majority shareholder of SEB with a 69.7% stake, against CN Eleco. MIE, in the main suit, is accusing CN Eleco of breaching its contractual obligations with regards to the 'Big Blue Project' at Bandar Enstek awarded by Dutch Lady Milk Industries Bhd (KL:DLADY) in April 2022. MIE is claiming RM21.14 million in back charges from CN Eleco for the alleged breaches. In the counterclaim, CN Eleco contended that there was no breach on its part and alleged that the back charges are unwarranted and an afterthought by MIE. CN Eleco is also alleging conspiracy by SEB and MIE to injure its business. SEB said the High Court has set Nov 21 for case management. — Seremban Engineering hit with RM25m counterclaim related to Bandar Enstek project

Sapura Energy Bhd (KL:SAPNRG) has accepted the terms and conditions set forth by its multi-currency financing creditors for the proposed disposal of its 50% stake in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for US$705.3 million (RM3.37 billion). Among the conditions is that net proceeds from the disposal will be held in a segregated account held by Sapura Energy’s unit Sapura Upstream Assets Sdn Bhd (SUA) at either Maybank or Maybank Islamic Bank Bhd. SUA will then create a first ranking fixed charge or priority claim over the net sale proceeds and the segregated account in favour of Maybank Investment Bank as the security agent for the MCF creditors. The charge will remain in place until the restructuring process is finalised, with the funds designated to pay down Sapura Energy’s debt as part of its ongoing debt restructuring plan. — Sapura Energy accepts creditors’ terms on proposed US$705m SapuraOMV disposal

Automotive parts manufacturer MCE Holdings Bhd (KL:MCEHLDG) plans to raise up to RM26.5 million via a private placement of shares to partly finance a new manufacturing factory in Serendah and projects it has secured. The placement will involve up to 18.53 million new MCE shares or 10% of its total number of issued shares at an issue price to be determined later. — MCE plans private placement to raise up to RM26.5 mil for new Serendah factory, projects on hand

Jati Tinggi Group Bhd (KL:JTGROUP), which was listed on Bursa Malaysia’s ACE Market in December last year, plans to raise RM14.1 million via a private placement to fund new projects. The cash-call involves the issuance of up to 39.18 million new shares, representing up to 10% of the company's issued shares, to third party investors at an issue price to be determined later. — Jati Tinggi plans private placement to fund new projects