KUALA LUMPUR (Dec 4): Here is a brief recap of the business news and corporate announcements that made the headlines on Tuesday:
Binastra Corp Bhd (KL:BNASTRA) said it has bagged a building contract worth RM327.74 million to build two blocks of a 58-storey serviced apartment for The Vividz @ Bukit Jalil project. The company said the contract will commence on Dec 9, 2024, and construction works are to be completed within 42 months. With the latest win, Binastra has secured RM3.13 billion worth of new contracts for FY2025, boosting its total outstanding order book to RM3.83 billion. — Binastra wins RM328m building contract for Bukit Jalil serviced apartment
Mah Sing Group Bhd (KL:MAHSING) is acquiring 59.12 acres (23.93 hectares) of prime land in the Pulai district of Johor Bahru for RM62.98 million, on which it wants to develop super-linked homes with an estimated gross development value (GDV) of RM463 million. Mah Sing's unit Loyal Sierra Development Sdn Bhd has entered into sale and purchase agreements with Hau Enterprise Sdn Bhd and its shareholders — Chia Kim Heng, Chia Teck Heng, Low You Chone and Wong Moi Yong — to acquire the freehold land. This is the group’s fifth land purchase this year and third acquisition in Pulai, following the acquisition of land for M Tiara 2 (100.4 acres) in April 2024 and M Tiara (75.7 acres) in June 2023. — Mah Sing buys Johor Bahru land for township project with GDV of RM463 mil
T7 Global Bhd (KL:T7GLOBAL) has proposed to undertake a bonus issue of up to 197.35 million warrants, on the basis of one warrant for every five shares held by shareholders. The entitlement date and the exercise price of the warrants will be announced later, the company said in an exchange filing on Tuesday. — T7 Global plans one-for-five bonus issue of warrants
JF Technology Bhd (KL:JFTECH) is set to begin selling and distributing its products in the US by January 2025, following a cross-licensing agreement signed with US-based Ironwood Electronics in July. Instead of going directly into the market on its own, the company has opted for a cross-licensing agreement that allows Ironwood to promote and sell JF Tech's products across the US, Europe and other global markets. — JF Technology to begin US sales by January 2025
VS Industry Bhd’s (KL:VS) latest quarterly net profit dropped 37.53% from the previous year's corresponding quarter mainly due to lower sales orders from existing customers, unfavourable foreign exchange (forex) rates and higher labour costs as a result of an increase in headcount. Net profit for the first quarter ended Oct 31, 2024 (1QFY2025) fell to RM30.6 million or 0.79 sen per share, from RM48.98 million or 1.27 sen per share in 1QFY2024. Revenue slipped 2.58% to RM1.11 billion from RM1.14 billion. The group declared its first interim dividend of 0.4 sen per share, payable on Dec 31. — VS Industry’s 1Q net profit drops 38% on lower sales orders; declares 0.4 sen dividend
Solarvest Holdings Bhd (KL:SLVEST) has proposed to acquire a 30% stake in Penang-based SIW Manufacturing Sdn Bhd (SMSB) to expand its presence in the clean energy and sustainable technology ecosystems. The group on Tuesday signed an agreement with the two shareholders of SMSB, Chan Chee Wei and Voon Sin Choo, to acquire the firm for RM36 million. The acquisition will be funded through a combination of internally generated funds and debt financing. — Solarvest buys 30% stake in waste gas abatement machine manufacturer
Magni-Tech Industries Bhd (KL:MAGNI), another cash-rich company on Bursa Malaysia, has declared a special dividend with the release of its latest second quarter results, which saw net profit rising 18.74% on higher revenue. It plans to pay a special dividend of 20 sen per share, along with a second interim dividend of three sen per share — as opposed to an interim payout of 2.2 sen in the corresponding 2Q last year — to shareholders on Dec 27. Magni-Tech said the higher second interim dividend was mainly "due to higher profit attributable to shareholders of the company" in its second quarter ended Oct 31, 2024 (2QFY2025). The group recorded a net profit of RM25.87 million in 2QFY2025, or an earnings per share of 5.95 sen, up from RM21.79 million in 2QFY2024 or 5.03 sen per share, largely driven by stronger earnings from its garment business, which was partly offset by lower performance in its flexible plastic packaging and corrugated carton segments. Revenue jumped 22% to RM350.83 million from RM287.6 million. — Magni-Tech declares 23 sen dividend, including 20 sen special as 2Q profit jumps
Financially distressed MMAG Holdings Bhd (KL:MMAG) has taken a step forward in its recovery efforts by securing a partnership with Malaysia Airlines Bhd. The company has, through its subsidiary MJets Air Sdn Bhd, accepted a letter of award (LOA) from the national carrier to serve as the dedicated narrow-body freighter operator for MAB Kargo Sdn Bhd (MASKargo) from Jan 1 to Dec 31 next year. MASKargo is the air cargo arm of Malaysia Airlines. Both companies are units of the Malaysia Aviation Group Bhd. — MMAG signs deal to serve as MASKargo's exclusive freighter operator