KUALA LUMPUR (Dec 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Malaysian Resources Corp Bhd (KL:MRCB) confirmed it has withdrawn from a Berjaya-led consortium which is bidding for the multi-billion-ringgit Kuala Lumpur-Singapore high-speed rail (HSR) project. The group issued a notice of termination to consortium partner Berjaya Rail Sdn Bhd, an indirect unit of Berjaya Corp Bhd (KL:BJCORP), to terminate the teaming agreement for the submission of a non-binding conceptual proposal to MyHSR Corporation Sdn Bhd in relation to the project. The statement came after Berjaya Group announced MRCB’s decision to exit the consortium on Wednesday. — MRCB confirms withdrawal from Berjaya-led HSR consortium

Pentamaster Corp Bhd (KL:PENTA) has proposed to privatise its 63.9%-owned Hong Kong-listed Pentamaster International Ltd (PIL) with a partner in an exercise that would raise its stake to 71%. The exercise entails Main Market-listed Pentamaster and partner Puga Holdings Ltd acquiring a 7.1% and 29% stake, respectively, in the HK unit, at HK$0.93 per share (RM0.54), a premium of 16.25% to its last traded price of HK$0.80 (RM0.46) before its trading suspension on Dec 4. Shareholders are also getting a special dividend of HK$0.07 per share, giving them a total of HK$1 upon exit.  The announcement confirms The Edge Malaysia’s report on Dec 9, quoting a market observer, that the Penang-based automated test equipment company was mulling taking PIL private. — Pentamaster, partner to privatise HK-listed unit; confirms The Edge’s report

The Court of Appeal has granted UEM Sunrise Bhd’s (KL:UEMS) wholly-owned unit, UEM Land Bhd, leave to challenge the Inland Revenue Board’s (IRB) additional tax assessment and penalty of RM8.49 million. The appellate court, in its decision on Thursday, allowed UEM Land’s appeal against the High Court’s decision in March last year to dismiss the company’s leave for a judicial review application and stay on payments of the additional taxes and penalty. The RM8.49 million additional taxes and penalty were for years of assessment 2013 to 2018 and relate to the removal of Bumiputera quota and low-cost requirements at the company’s selected developments in Iskandar Puteri, Johor. — Appellate court grants UEM Sunrise unit leave to challenge additional tax assessment

Property developer Mah Sing Group Bhd (KL:MAHSING) has acquired 5.99 acres of land in Taman Pelangi, Johor, from S P Setia Bhd (KL:SPSETIA) for RM156.8 million to develop a premium serviced apartment project. The premium serviced apartment, to be named as M Grand Minori, will have a gross development value of RM1.5 billion. The land is located 3km from the upcoming Johor-Singapore Rapid Transit System Link’s Bukit Chagar Station. — Mah Sing acquires Johor land from S P Setia for RM157 mil

Mynews Holdings Bhd (KL:MYNEWS) reported a significant jump in net profit to RM3.76 million for the fourth quarter ended Oct 31, 2024 (4QFY2024), a nearly fourfold increase compared to RM947,000 in the same period last year. Revenue for the quarter grew by 12% year-on-year to RM208.44 million, up from RM186.16 million previously, driven by a combination of increased store count and improved in-store sales. Mynews, which operates convenience store chains under brands such as myNEWS, CU and WHSmith, attributed the improved performance to the addition of 29 new outlets during the year and enhanced operational efficiency. — Mynews plans more new stores after 4Q profit jumps nearly fourfold as sales climb

UWC Bhd's (KL:UWC) net profit rose 49.2% to RM6.5 million in the first quarter ended Oct 31, 2024 (1QFY2025) from RM4.35 million a year ago, lifted by increasing orders from the semiconductor industry.  Contributions from its acquired subsidiaries, MCE Technologies Sdn Bhd (MCET) and MCT (Thailand) Co Ltd, also added to the earnings. Quarterly revenue almost doubled to RM89.42 million, from RM45.46 million a year ago. — UWC's net profit jumps 49% as revenue nearly doubles on increased semiconductor orders

Aeon Credit Service (M) Bhd (KL:AEONCR) reported a 27.44% drop in net profit for the third quarter ended Nov 30, 2024 (3QFY2025), primarily dragged by a share of its associate's loss and increased interest expense. Net profit for the quarter under review fell to RM62.07 million from RM85.55 million in 3QFY2024, despite a 15.51% increase in revenue to RM562 million from RM486.51 million. Aeon Credit's bottom line was significantly impacted by the share of loss incurred by its 50%-owned Aeon Bank (M) Bhd, amounting to RM15.18 million. It jointly owns the digital bank with its Japanese parent, Aeon Financial Service Co Ltd. — Aeon Credit’s 3Q profit down 27% on associate’s loss, higher interest expense

United Malacca Bhd's (KL:UMCCA) net profit more than doubled for its second quarter ended Oct 31, 2024 (2QFY2025), driven by higher average crude palm oil (CPO) and palm kernel (PK) prices. The group recorded a net profit of RM30.92 million for 2QFY2025 — up 125% from RM13.72 million in 2QFY2024. It is the group's highest quarterly profit in four years since 2QFY2021, when it recorded a net profit of RM36.1 million on revenue of RM143.85 million. Revenue for 2QFY2025 jumped 26.9% to RM183.44 million from RM144.51 million in 2QFY2024, its bourse filing showed. — United Malacca's net profit more than doubles to RM30.9 mil, its highest in four years

Construction company Vestland Bhd (KL:VLB) has secured a RM70 million contract to build a 59-storey office building along Jalan Mayang, Kuala Lumpur. The contract was awarded to Vestland’s wholly-owned subsidiary Vestland Resources Sdn Bhd (VRSB) by Sg Besi Construction Sdn Bhd. The construction is expected to last over two years, commencing on Thursday and scheduled to be completed on Dec 15, 2027. — Vestland bags RM70m office construction job in KL

Uzma Bhd (KL:UZMA) has been awarded a sub-contract by Samaiden Sdn Bhd, a unit of Samaiden Group Bhd (KL:SAMAIDEN) for the development of a 13.42 megawatt AC (MWac) solar photovoltaic plant in Sungai Petani, Kedah. The contract, secured on a lump sum fixed price basis, encompasses the development of the solar generating facility, including interconnection and other works The project is scheduled for completion within eight months and 14 days, with the commercial operation date set for Aug 30, 2025. — Uzma secures RM44m Kedah solar farm construction sub-contract

Fashion retailer Bonia Corp Bhd (KL:BONIA) is venturing into the health and wellness market with a joint investment in fitness centre operator Macroverse Sdn Bhd (MVC). Bonia signed a shareholders’ agreement with Peak Physique Health & Fitness Sdn Bhd (PPH) on Thursday to jointly subscribe to three million new shares in MVC, representing its entire equity. Bonia will hold a 50% stake, valued at RM1.8 million, financed by internal funds. — Fashion retailer Bonia ventures into health and wellness with investment in Macroverse

Catcha Digital Bhd (KL:CATCHA) has announced its acquisition of a 70% stake in Tastefully Malaysia Sdn Bhd for RM7.6 million, cash, to strengthen its position in the integrated digital and offline advertising space. Catcha Digital said the RM7.6 million cash consideration will be paid in four tranches over 36 months, contingent on achieving profit after tax targets of RM0.5 million, RM1.1 million, RM1.4 million and RM1.6 million across the respective periods. The acquisition would create cross-selling opportunities by integrating its digital advertising capabilities with Tastefully’s established in-person advertising solutions. — Catcha Digital acquires 70% stake in Tastefully to tap into consumer food expo sector

Malacca Securities Sdn Bhd has advised minority shareholders of Southern Steel Bhd (KL:SSTEEL) to vote in favour of the company’s proposed issuance of new shares to Singapore-based steel firm Green Esteel Pte Ltd. The independent adviser opined that the proposal is “fair and reasonable”. This issuance, which will raise approximately RM315.86 million for Southern Steel, provides "a degree of certainty" of the fundraising. It also lauded the impending plant upgrades from the fundraising, as well as synergies between Southern Steel and Green Esteel, which will emerge as a 50.1% shareholder post-issuance. — Malacca Securities advises Southern Steel shareholders to approve share issuance to Green Esteel