KUALA LUMPUR (Dec 5): Here is a brief recap of the business news and corporate announcements that made the headlines on Wednesday:

Capital A Bhd’s (KL:CAPITALA) logistics arm Teleport is expected to close its financial year ending Dec 31, 2024 (FY2024) with a record-high annual revenue of more than RM1 billion, according to its chief executive officer Pete Chareonwongsak. This will be fuelled by a higher parcels volume, which is projected to double to 350,000 parcels per day by year end, up from 170,000 in the first half of 2024 (1H2024). Teleport is determined to maintain its growth trajectory and justify its billion-dollar valuation, which may help offset any potential revenue loss resulting from the sale of Capital A’s low-cost airline business to AirAsia X Bhd (KL:AAX). — Capital A’s Teleport foresees record top line in FY2024 as daily parcels volume doubles from 1H

Superlon Holdings Bhd's (KL:SUPERLN) net profit for the second quarter ended Oct 31, 2024 (2QFY2025) dropped 12.4% year-on-year to RM3.24 million from RM3.69 million, weighed down by higher foreign exchange losses. This was despite revenue for the quarter rising 15.2% to RM33.38 million from RM28.97 million, driven by increased sales in its manufacturing and trading segments. Earnings per share (EPS) for 2QFY2025 stood at 2.04 sen, down from 2.33 sen in 2QFY2024 and 2.49 sen in the preceding quarter ended July (1QFY2025). The profit decline was primarily due to RM0.49 million in realised and RM0.06 million in unrealised foreign exchange losses. — Superlon 2Q profit down on forex loss, declares two sen dividend

ACE Market-listed Focus Dynamics Group Bhd (KL:FOCUS) has proposed a share capital reduction to wipe out up to RM126.8 million of the company’s accumulated losses. The food & beverage (F&B) outlet operator said the exercise entails the reduction of up to RM126.8 million of the group's issued share capital via the cancellation of its issued share capital, which is lost and unrepresented by available assets. The corresponding credit of up to RM126.8 million arising from such cancellation will be used to set-off against its accumulated losses. — Focus Dynamics proposes RM127m share capital reduction

The Employees Provident Fund (EPF) has emerged as a substantial shareholder in Mega First Corporation Bhd (KL:MFCB), after raising its direct stake in the utility conglomerate company to 5.99%, comprising 56.54 million shares. This came as EPF, via Citigroup Nominees (Tempatan) Sdn Bhd, acquired 10 million shares of Mega First on Dec 2. This is the first time EPF's stake has risen past the 5% mark in the company, which owns renewable energy generation assets and packaging business, checks on company filings with Bursa Malaysia showed. The group has previously said that it was confident of sustaining its earnings growth momentum, underpinned by enhanced generation capacity following the commissioning of its fifth turbine at the Don Sahong hydropower plant in July this year. The group also forecasted continued growth in its solar earnings, driven by progressive installation of secured solar capacities, with an additional 65.9 megawatt-peak (MWp) expected to commence commercial operations substantially in 2025. — EPF now owns 5.99% stake in Mega First

Uzma Bhd (KL:UZMA) has been awarded a contract by Enquest Petroleum Production Malaysia Ltd to supply hydraulic workover unit (HWU) equipment and services for Enquest’s offshore East Malaysia workover campaign. The contract was awarded to Uzma’s wholly-owned subsidiary, Uzma Engineering Sdn Bhd. Earlier in mid-November, Uzma announced that it had been appointed as a panel contractor by the national oil corporation Petroliam Nasional Bhd (Petronas) for integrated well continuity services across Malaysia. The appointment is for five years, effective from Oct 10, 2024, until Oct 9, 2029. Uzma said it is the largest asset owner of hydraulic workover units in the region, according to its website, with nine HWUs in its fleet. — Uzma bags hydraulic workover unit works from Enquest

UEM Sunrise Bhd (KL:UEMS) has announced the resignation of its chief executive officer Sufian Abdullah, which will take effect from Feb 28, 2025. The property developer said in a statement on Wednesday that Sufian, who was appointed to the post on Feb 2, 2021, had tendered his resignation on Nov 29 to pursue other opportunities. The process to identify a new CEO is underway, and an announcement will be made in due course. In the meantime, it is putting chief financial officer Hafizuddin Sulaiman as the officer in charge during the transition period. An oversight committee, comprising board members Christina Foo, Datuk Azmar Talib and Datuk Amran Hafiz Affifudin, has also been established to assist Hafizuddin in his interim role. — UEM Sunrise puts Hafizuddin Sulaiman in charge as Sufian Abdullah steps down as CEO

Mulpha International Bhd (KL:MULPHA), which has been focusing its activities in Australia in recent years, has proposed to buy a 6.46-hectare land  in New South Wales state for A$68.09 million (RM196.78 million). The group intends to develop the property into 63 residential land lots with a projected gross development value of A$150 million. The total development cost is estimated at about A$100 million. The group said the property, known as Marymount Mercy Centre, is located within the prime residential area of Castle Hill, and is near the Castle Towers Shopping Centre, Castle Hill and Cherrybrook metro stations and local village shops and schools. Mulpha said its Australian unit, Mulpha Marymount Pty Ltd, is buying the property from the Trustee of the Sisters of Mercy (Parramatta). The acquisition is expected to be completed in the third quarter of 2025. — Mulpha buys land in Australia to develop residential project

Central Global Bhd (KL:CGB) said Geneva Insurance Group (Barbados) Inc has ceased to be a substantial shareholder in the construction and manufacturing company after disposing of 35 million shares, representing a 4.59% stake. The value of the off-market transaction, carried out on Tuesday, was not disclosed. However, based on Central Global’s closing price of 87 sen on the day, the stake would be worth about RM30.45 million. The sale reduces Geneva Insurance’s shareholding in Central Global to five million shares or a 0.66% stake. Geneva Insurance first emerged as a substantial shareholder in Central Global at the end of December 2022, with a 5.64% stake. On July 3, 2023, it was the third-largest shareholder in Central Global with 52 million shares or a 6.81% stake, according to Bloomberg data. Currently, the largest shareholder in Central Global is its managing director, Chew Hian Tat, who is also a MCA politician. Chew holds a 26.79% direct stake and a 4.81% indirect stake in the company. — Geneva Insurance ceases to be substantial shareholder in Central Global after selling 4.59% stake

Apollo Food Holdings Bhd’s (KL:APOLLO) net profit grew 6.7% year-on-year for the second quarter, supported by higher domestic and export sales. The company announced that its net profit came in higher at RM10.62 million for the second quarter ended Oct 31, 2024 (2QFY2025), against RM9.95 million a year ago. Revenue expanded 17.25% to RM77.34 million during the quarter under review from RM65.96 million last year, mainly due to the increase in export sales. Earnings per share increased to 13.27 sen from 12.44 sen a year before. The group, which is in a net cash position, declared a dividend of 30 sen for the quarter under review, payable on Dec 31. Apollo paid out 85 sen gross dividend per share in FY2024. Its cash pile stood at RM141.57 million as of Oct 31. On prospects, the confection maker said it remains focused on further strengthening its distribution networks and trade channels to achieve deeper market penetration and enhance Apollo’s brand visibility further. — Apollo Food declares 30 sen dividend; net profit up 6.7% in 2QFY2025

TMC Life Sciences Bhd (KL:TMCLIFE) said its suspended CEO Wan Nadiah Wan Mohd Abdullah Yaakob has been found guilty of misconduct following a domestic inquiry. The healthcare provider said its board will now determine appropriate disciplinary action against Wan Nadiah. Last week, Wan Nadiah pushed back against the allegations, claiming that the company was attempting to "pin the blame" on her for certain contract decisions. According to a representation letter penned by her that was filed with Bursa Malaysia, the five misconduct allegations relate to the termination of contracts with Great Eastern Life Assurance (M) Bhd and Allianz Life Insurance Malaysia Bhd, as well as the entry into a contract with T-Systems Malaysia Sdn Bhd. The representation letter was in response to a requisition notice issued last month by TMC's two largest shareholders — Sasteria (M) Pte Ltd and Johor Regent Tunku Ismail Sultan Ibrahim — calling for an extraordinary general meeting to remove Wan Nadiah as group CEO and director. Based on the company’s latest annual report, Sasteria holds a 70.13% stake, while Tunku Ismail owns 7.64%. — TMC Life Sciences CEO Wan Nadiah found guilty of misconduct after domestic inquiry

Sentoria Group Bhd (KL:SNTORIA) said it has triggered Bursa Malaysia's Practice Note 17 (PN17) criteria after its shareholders’ equity fell to 33% of its issued and paid-up capital, based on its just released financial statement for the year ended Sept 30, 2024 (FY2024). The company noted that its auditors had previously raised concerns about the company's ability to continue as a going concern, when its shareholders' equity was reported at 89% of its issued capital in the FY2023 financial statement. Sentoria said another assessment revealed that the company is facing limited business operations, with its consolidated revenue for FY2024 falling below 5% of its issued and paid-up capital. Sentoria, a builder and developer, has been under scrutiny due to a dispute with its former CEO Datuk Loh Yuen Tuck following allegations of misconduct. The company has reported losses since FY2019. For FY2024, the company reported a net loss of RM89.04 million on revenue of RM7.55 million. — Sentoria triggers PN17 critera

Binasat Communications Bhd (KL:BINACOM) has proposed to undertake a private placement to finance the acquisition of several properties. The company said the acquisitions include three commercial properties within the Sazean Business Park in Kota Bayuemas, Klang, for RM8.34 million. Binasat has also entered into an agreement to acquire 241 units of fully-furnished proposed hotel suites in Empire City, Damansara Perdana, for RM73.54 million. Binasat said the Klang properties will be leased under long-term agreements to generate stable rental income. Meanwhile, the Empire City acquisition involves a combination of cash and share issuance at 21 sen per share, with construction of the project slated for completion by March 2026. — Binasat plans private placement to finance property acquisitions