KUALA LUMPUR (Dec 27): Here is a brief recap of the business news and corporate announcements that made the headlines on Friday:
Khazanah Nasional Bhd has invested in the Cambrian Fund and California-based AI firm Syntiant Corp through its RM1 billion Dana Impak fund. The Cambrian Fund, founded by the team behind Penang-based automated test equipment manufacturer ViTrox Corp (KL:VITROX), aims to support SMEs working on IR4 technologies like machine vision, AI and robotics. Khazanah is an anchor investor in the fund, which has raised RM100 million so far. — Khazanah announces investments into ViTrox-backed Cambrian Fund and AI firm Syntiant Corp
Kim Loong Resources Bhd (KL:KMLOONG) posted a record quarterly net profit of RM49.96 million for 3QFY2025, up 4.1% year-on-year from RM47.97 million. This is despite a slight drop in revenue to RM446.38 million from RM448.68 million a year ago. For the nine months of FY2025, net profit rose 13.1% to RM138.98 million, with revenue up 6.9% to RM1.24 billion, driven by higher selling prices in its plantation and palm oil milling divisions. — Kim Loong sees FFB slipping in FY2025 after posting record quarter in 3Q
Johor-based property developer Crescendo Corporation Bhd (KL:CRESNDO) reported a net profit of RM103 million for 3QFY2025, a fivefold increase from RM18 million a year earlier, driven by data centre land sales in Johor's Nusa Cemerlang Industrial Park. Revenue jumped 127% to RM231.2 million from RM101.8 million, with property development and construction contributing over 85% of revenue and 89% of operating profit. No dividend was declared for the quarter. In a separate filing, Crescendo said its indirectly-owned unit plans to sell five plots of land in Pontian, Johor, for RM56.5 million. Its subsidiary, Unibase Concrete Industries, will sell two plots measuring 6.37 hectares for RM18.9 million, while Unibase Pre-Cast will sell three plots measuring 12.7 hectares for RM37.7 million. The disposals are expected to yield a post-tax gain of RM26.78 million. — Data centre land sales lift Crescendo's 3Q net profit
JcbNext Bhd (KL:JCBNEXT) has sold a 1.8% stake in Taiwan-listed 104 Corp for T$133.93 million (RM18.11 million) to diversify its investment portfolio and reduce concentration risk. The sale, conducted between Aug 22 and Dec 27, reduced JcbNext's stake in 104 Corp to 13.5% and generated an expected net gain of RM9.39 million. Proceeds will be reinvested within two years, subject to market conditions. — JcbNext resumes paring stake in Taiwan-listed 104 Corp
OCB Bhd (KL:OCB) is selling its loss-making subsidiary, Agrow Malaysia Sdn Bhd, for RM3 million. The buyer, Tan Sim Lam, will also assume RM20.32 million of Agrow’s debt. This move is part of OCB’s strategy to improve finances and focus on its core businesses: consumer foods, bedding products and property development. The sale signifies OCB’s exit from the building materials sector. — OCB to offload debt-laden building materials business
Paragon Globe Bhd’s (KL:PGLOBE) shareholders have approved several key land deals and a joint development with Tropicana Corp Bhd’s (KL:TROP) unit during an EGM. The approvals include selling 67.62 acres of Johor land for RM337.3 million, acquiring 34.18 acres in Plentong for RM63.52 million, and securing development rights for 7.13 acres in Danga Bay for RM102.46 million. All resolutions passed with 99.99% shareholder support. — Paragon Globe shareholders greenlight deals on land, development rights with Tropicana unit
Chinese national Huang YongKang has acquired a 9.09% stake in Asia Poly Holdings Bhd (KL:ASIAPLY) by taking up 95.85 million shares through a private placement, making him the second-largest shareholder after executive chairman Yeo Boon Leong, who holds an 18.01% stake. Huang, who is also a shareholder of Zhen Xing Plastic Sdn Bhd — a recycling company in which Asia Poly owns a 35% stake — acquired the shares on Dec 23. Based on the placement price of seven sen per share, the stake is valued at RM6.71 million. — Asia Poly sees emergence of new substantial shareholder
Nova MSC Bhd (KL:NOCAMSC) has decided not to proceed with share subscription deals with two Singapore-based investment firms, Jostar Investment VCC and Mark Investment Group VCC, due to delays in completing internal and regulatory processes. Instead, the company is in advanced talks with another undisclosed investor for a potential partnership in EyRIS, which could provide access to the Chinese market and expand product opportunities. — Nova MSC shelves subscription deal with Singapore firms, in talks with new potential investor
Cocoaland Holdings Bhd co-founder Lau Pak Lam has reduced his stake in PUC Bhd (KL:PUC) by selling 100 million shares, or a 3.6% stake, in a direct transaction, leaving him with 118.5 million shares, or a 4.26% stake. PUC CEO Cheong Chia Chou also sold 40 million shares (1.44%) for RM2 million, reducing his stake to 6.58%. The 140 million shares, or a 5.04% stake, were likely acquired by businessman Datuk Seri Ting Teck Sheng, who has become a new substantial shareholder. Meanwhile, Liew Fook Meng, another co-founder of Cocoaland, increased his stake in PUC to 8.8% by acquiring an additional three million shares. — PUC changes substantial shareholders
Separately, PUC announced that Pictureworks International Holdings Ltd, an associated company in which PUC holds 27.53% equity interest, had on Thursday made a public filing with the US Securities and Exchange Commission (SEC) for its proposed listing on Nasdaq. However, the details such as pricing, share quantity and timeline have not been disclosed. Renaissance Capital estimates that Pictureworks could raise up to US$8 million (RM35.85 million) through the offering. — PUC’s associate Pictureworks files for IPO on Nasdaq in US
SCGM Bhd's (KL:SCGM) substantial shareholders are to inject their agriculture-related business Eramas Global Group Sdn Bhd into the cash company in return for RM207.94 million worth of shares at 36.5 sen apiece, as part of the company's regularisation plan. Prior to that, SCGM intends to distribute RM48.14 million, cash, in the form of a 25 sen per share special dividend to its shareholders. The vendors comprise seven individuals including Chin Kok Tian and Yan Hua Lan. Chin and Yan collectively control a 16.13% stake in SCGM. — SCGM formalises injection of agriculture business, proposes 25 sen special dividend