KUALA LUMPUR (Nov 26): Here is a brief recap of some corporate announcements that made news on Monday.

IJM Corp Bhd (KL:IJM) is buying a 50% stake in UK-based construction firm JRL Group Holdings Ltd for £50 million (RM283 million) to expand into the UK and strengthen its core construction capabilities. The transaction involves its subscription to 50% of the enlarged equity interest in JRL. The fresh capital injected by IJM Corp will help strengthen JRL’s balance sheet, enhance liquidity for working capital and support future growth. JRL has a sizeable order book of £1.5 billion, which provides earnings visibility for the next three years and access to a robust pipeline of projects. This will complement the group's outstanding order book of RM6.4 billion. — IJM Corp announces RM283m deal to buy 50% stake in UK-based JRL

RHB Bank Bhd (KL:RHBBANK) will be divesting its entire 99.95% stake in RHB Securities (Thailand) Public Company Ltd to Singapore-based stock brokerage firm Phillip Brokerage Pte Ltd for THB1,253.77 million (RM161.81 million), marking its exit from Thailand's stockbroking and securities market. The stake is currently held via its wholly-owned RHB Investment Bank Bhd. The divestment is expected to be completed by the fourth quarter of 2024, subject to the approval of Thailand's Securities and Exchange Commission. The proposed disposal is not subject to the approval of the shareholders of RHB Bank or any relevant regulatory authority in Malaysia. — RHB exits Thai securities market with RM161.81m divestment to Phillip Brokerage

Some 647.13 million shares in Affin Bank Bhd (KL:AFFIN) representing a 26.96% stake were traded off-market on Monday. Bloomberg data showed that the shares were sold in eight tranches for RM1.78 billion. The blocks of shares were transacted between RM2.46 and RM2.84 per share, representing a discount of between 17% and 4.05% over Affin Bank’s last closing price of RM2.96 in the open market on Monday. No other details were revealed. Back in September, the Sarawak state government announced it would, via its unit SG Assetfin Holdings Sdn Bhd (SAH), be acquiring 634.7 million shares of Affin Bank or a 26% stake from Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd. That would increase SAH’s stake in Affin to 31.25% from 4.8%. However, no price was mentioned then.  As of Feb 29, 2024, LTAT was the largest shareholder of Affin with a direct shareholding of 28.79% and indirect holding of 20.02% through Boustead. With the divestment of the 26% stake to SAH, LTAT’s stake in Affin should have been reduced to 22.81%. — Affin Bank sees 27% stake traded at a discount in off-market deals valued at RM1.78 bil

The Indonesian sister company of Mr DIY Group (M) Bhd (KL:MRDIY) will list shares in Jakarta through an initial public offering (IPO) that seeks to raise as much as 4.7 trillion rupiah (US$297 million or RM1.32 billion), in what would be the nation’s biggest listing in more than a year. PT Daya Intiguna Yasa, the Indonesian affiliate of the Malaysian home-improvement retailer, plans to offer as many as 2.5 billion shares in the IPO, including 2.3 billion shares currently held by shareholder Azara Alpina Sdn Bhd, according to Mr DIY’s listing document on Monday. The company is marketing the shares at 1,650 rupiah to 1,870 rupiah apiece.  Mr DIY’s Jakarta IPO would also be the biggest in the nation since gold miner PT Amman Mineral Internasional’s listing in July 2023. Mr DIY Group’s IPO raised about US$363 million in Malaysia in 2020. Its Thailand sister company also plans to list in Bangkok. PT CIMB Niaga Sekuritas and PT Mandiri Sekuritas are arranging the Jakarta IPO. — Mr DIY's Indonesian business plans IPO to raise up to US$297 mil

Petronas Dagangan Bhd's (KL:PETDAG) net profit jumped 81.4% year-on-year to RM335.13 million for the third quarter ended Sept 30, 2024 (3QFY2024) from RM184.72 million previously, on the back of strong margins supported by favourable price trends, coupled with a decrease in overall product costs due to lower purchase premium. It also registered higher volume from retail Mogas and the aviation sector, resulting from rising demand and passenger movements both domestically and internationally, which positively impacted the group's profitability. Quarterly revenue, however, inched down 1.9% to RM9.73 billion from RM9.92 billion a year ago, dragged mainly by lower sales volume in the commercial segment. It declared an interim dividend of 24 sen per share, payable on Dec 24. — PetDag's 3Q net profit jumps 81% on strong margins amid favourable MOPS price, pays 24 sen dividend

KLCCP Stapled Group’s (KL:KLCC) 3QFY2024n et profit rose 11.44% year-on-year to RM206.53 million from RM185.34 million, driven by strong performances across its business segments, particularly the retail and hotel division.  Quarterly revenue grew 7.09% to RM429.62 million from RM401.16 million in 3QFY2023. The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT) — declared a dividend of 9.2 sen per stapled security, comprising 2.41 sen for KLCC Property and 6.79 sen for KLCC REIT, payable on Dec 30. This brings the group’s total income distribution year-to-date to 27.4 sen per stapled security, up from the 26.1 sen paid last year. — KLCCP Stapled Group’s 3Q net profit rises 11%, declares 9.2 sen dividend

Property developer S P Setia Bhd (KL:SPSETIA) reported a 93% year-on-year surge in its 3QFY2024 net profit of RM100.02 million, up from RM51.82 million, driven by higher profit from land sales which offset losses from the Battersea Power Station project and lower contributions from its Australian operations. Revenue rose 16.62% to RM1.26 billion from RM1.08 billion. No dividend was declared. Total sales stood at RM3.2 billion for 9MFY2024, of which 94% came from the southern and central regions of the peninsula. It plans to launch about RM1.97 billion worth of residential, commercial and industrial properties for the remainder of the year, with over 62% of these launches concentrated in the central region of the peninsula. — S P Setia posts 93% jump in 3Q profit on land sale boost, plans RM1.97b more launches by year end

IOI Properties Group Bhd’s (KL:IOIPG) net profit fell 60.3% to RM69.17 million in the first quarter ended Sept 30, 2024 (1QFY2025), to RM174.45 million a year ago, no thanks to higher interest expense. Net interest expense stood at RM97.1 million, compared with net interest income of RM13.9 million in the corresponding quarter. The higher interest expense follows the completion of IOI Central Boulevard Towers in April 2024. Revenue, meanwhile, rose 6.14% year-on-year to RM687.85 million from RM648.05 million, helped by improved performance in the property investment segment and hospitality and leisure segment. — IOI Properties posts weaker 1QFY2025 net profit as interest expense eats into margins

Semiconductor packaging and testing services provider Malaysian Pacific Industries Bhd (KL:MPI), a unit of Hong Leong Group, said it is anticipating a challenging operating environment ahead, even as it reported a near doubling of its net profit for its first quarter spanning July to September this year. Its net profit for the first quarter ended Sept 30, 2024 (1QFY2025) surged to RM30.13 million from RM16.52 million in 1QFY2024, as revenue climbed while operating expenses fell, which helped offset the impact of a less favourable foreign exchange rate.  It also enjoys a lower effective tax rate due to tax incentives. Revenue rose marginally to RM516.57 million from RM513.21 million, while operating expenses dropped RM9.46 million to RM19.79 million. It declared an interim single-tier dividend of 10 sen per share, to be paid on Dec 24. — MPI warns of challenging outlook even as July-September profit nearly doubles

Hong Leong Industries Bhd’s (KL:HLIND)’s net profit rose 60.3% to RM140.56 million in the first quarter ended Sept 30, 2024 (1QFY2025), from RM87.67 million a year ago, mainly driven by higher motorcycle sales and a RM12.6 million gain from land disposal. Quarterly revenue grew 11.2% year-on-year to RM929.75 million from RM835.88 million on higher sales amid the increased market demand for motorcycles. It declared an interim dividend of 25 sen per share, payable on Dec 24. — Hong Leong Industries says 1Q profit rose on higher motorcycle sales, declares 25 sen dividend

Gas Malaysia Bhd’s (KL:GASMSIA) net profit rose 34.6% year-on-year to RM115.99 million in 3QFY2024, from RM86.16 million a year ago, driven by higher volume of natural gas sold, average natural gas selling prices and tolling fees. Quarterly revenue rose 17.3% to RM2.13 billion, compared with RM1.82 billion last year. No dividend was proposed for the quarter under review. — Gas Malaysia posts 34.6% jump in 3Q net profit to RM116m

Solarvest Holdings Bhd (KL:SLVEST) posted a 28.1% rise in net profit to RM9.2 million for its second quarter ended Sept 30, 2024 (2QFY2025), from RM7.2 million a year earlier, driven by improved margins from its commercial and industrial segment, supported by a reduction in solar panel costs. Quarterly revenue, however, fell 25.7% year-on-year to RM103.9 million from RM139.9 million, due mainly to the completion of all LSS4 projects, which were still actively ongoing in the prior year’s corresponding quarter. It did not declare any dividend for the quarter. — Solarvest posts 28% rise in 2Q net profit on improved margins

Ho Hup Construction Company Bhd (KL:HOHUP) has resolved a winding-up petition filed by its supplier, Joterix Sdn Bhd, over an alleged unpaid sum of RM184,438.80. The petition, initiated in late August, sought an unpaid sum of RM184,438.80, alongside statutory interest of 5% per annum from March 1, 2024 and costs of RM3,000, according to Ho Hup Construction’s bourse filing dated back then.  Despite the claims, Ho Hup assured that the unpaid sum represented only 0.055% of its net assets and it does not expect to incur any losses arising from the winding-up petition, save for the legal fees and disbursement involved in the winding-up petition, it said. — Ho Hup Construction resolves winding-up petition amicably

Haily Group Bhd (KL:HAILY) has secured a RM115.1 million contract, its largest this year, for the construction of residential units in Johor Bahru. Awarded by Permas Jaya Sdn Bhd, a subsidiary of Bandar Raya Developments Bhd, the project in Bandar Baru Permas Jaya spans two phases, comprising 184 units of double-storey cluster houses, 12 units of double-storey semi-detached houses and two double-storey bungalow houses. With this new contract, Haily’s portfolio of ongoing projects stands at 25, collectively valued at RM1.11 billion. — Haily clinches RM115 mil contract for Johor residential project, largest in 2024