KUALA LUMPUR (Jan 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday: 

YTL Corp Bhd (KL:YTL) and YTL Power International Bhd (KL:YTLPOWR) have each proposed a bonus issue of free warrants, on the basis of one free warrant for every five shares held in the respective companies. The warrants are planned to be exercised at a discount to the share prices of each company — at 37% discount for YTL Corp, and a 39.5% discount for YTL Power based on their closing prices on Thursday. If fully exercised, the warrants will bring in RM3.4 billion to YTL Corp, and RM2.2 billion to YTL Power. YTL Corp owns a 54.94% stake in YTL Power. — YTL Corp, YTL Power plan free non-tradeable warrants; exercise prices at discount to market prices

Malaysian Resources Corp Bhd (KL:MRCB) is partnering Ipoh Sentral Sdn Bhd (ISSB) to jointly develop the Ipoh Sentral project, with an estimated gross development value of RM6.25 billion. ISSB, a joint venture between Railway Assets Corporation’s (RAC) subsidiary Railway Assets Holding Sdn Bhd (RAHSB) and Silver Smart Sdn Bhd, owned by the Perak State Secretary (Incorporated), operates under a 50:50 shareholding structure. The collaboration was formalised via the signing of a memorandum of agreement on Thursday for a transit-oriented development (TOD) project on RAC-owned land. While the land size was not disclosed, MRCB revealed that RAC is in the process of transferring the land ownership to RAHSB. This announcement confirms The Edge’s report on Tuesday that MRCB has secured the bid for the Ipoh Railway Station Integrated Development Plan (iRide). — MRCB to jointly undertake RM6.25b GDV Ipoh Sentral development project

Westports Holdings Bhd (KL:WPRTS) reported a record-high net profit of RM256.7 million for the fourth quarter ended Dec 31, 2024 (4QFY2024), a 25% increase from RM206.1 million a year ago, driven by higher container revenue. Quarterly revenue grew 22% to RM675.4 million, compared to RM554.1 million in the previous corresponding period. The group declared a dividend of 10.86 sen per share, payable on Feb 21. Separately, Westports announced a slew of boardroom changes, including the redesignation of Ruben Emir Gnanalingam as executive chairman, and the appointment of Lee Mun Tat as group managing director. — Westports books record revenue and profit for FY2024, declares 10.86 sen dividend

Maintenance and upgrading works led to a decline in net property income (NPI) for IGB Real Estate Investment Trust (KL:IGBREIT) and IGB Commercial REIT (KL:IGBCR) in their 4QFY2024.  IGB REIT, which focuses on retail properties, with key assets being Mid Valley Megamall and The Gardens Mall, reported that its NPI for 4QFY2024 fell 6.4% to RM107.88 million from RM115.24 million in the same period last year. Revenue was largely unchanged at RM158.3 million during the quarter under review, versus RM158.47 million previously. The REIT's distribution per unit (DPU) dipped to 2.5 sen from 2.7 sen in the same period last year. — 

IGB Commercial REIT, meanwhile, saw its NPI fall 14.2% to RM28.19 million from RM32.86 million in 4QFY2023. Revenue for the quarter under review grew 5.7% to RM60.19 million from RM56.92 million, lifted by higher occupancy and rental rates. The REIT declared a DPU of 0.75 sen for the quarter under review, to be paid on Feb 28. — IGB's REITs report dips in 4Q net property incomes amid upgrades

Axis REIT’s NPI for 4QFY2024 rose 15.39% to RM76.35 million compared to RM66.16 million a year earlier,thanks to its newly acquired properties, new tenancies from its logistics warehouse Axis Mega Distribution Centre (Phase 2), as well as positive rental reversion from the existing portfolio. Besides, Axis REIT also realised a RM66,000 net gain from the sale of Axis Steel Centre@SiLC, which was completed in December 2024. Revenue climbed 16.16% to RM87.76 million from RM75.56 million. Axis REIT has proposed a final income distribution of 1.27 sen per unit for the quarter under review, with the book closure and payment dates to be announced later. — Axis REIT’s 4Q NPI rises 15% on new acquisitions, new tenancies

KIP Real Estate Investment Trust (KL:KIPREIT) unitholders have approved the acquisition of four industrial properties associated to its largest shareholder, Datuk Eddie Ong Choo Meng, for a total purchase price of RM98.3 million. At the company’s extraordinary general meeting (EGM), the four acquisition resolutions were passed with shareholders and proxies attending the meeting holding 99%, voting in favour of the related party transaction. The REIT's chief executive officer Valerie Ong Pui Shan shared that all four industrial properties have met the minimum hurdle rate of 6.5%, with rental yields ranging from 6.6% to 7.6%. Additionally, these properties come with a rental reversion of 11%-12% upon renewal at the end of their three-year terms. — KIP REIT unitholders approve RM98m industrial properties buy from Eddie Ong

Destini Bhd (KL:DESTINI) has managed to stay in the black for a second consecutive quarter as revenue more than doubled, mainly due to the delivery of trains and equipment by its mobility and aviation sectors, as well as cost-cutting measures undertaken by the company. The engineering services provider reported a net profit of RM6.07 million for its second quarter ended Dec 31, 2024 (2QFY2025) compared with a net loss of RM3.93 million a year earlier. Revenue surged 196% to RM83.56 million from RM28.22 million, its bourse filing showed.  No interim dividend has been paid or declared for 2QFY2025. — Destini posts second straight quarterly profit in 2Q

Citaglobal Bhd (KL:CITAGLB) has secured two subcontracts worth a combined RM36.26 million for station works and other works as part of the Kuching Urban Transportation System (KUTS) project in Sarawak. The first subcontract was awarded by Marquris Holdings Sdn Bhd for Package 2 station works under Phase 1 of the infrastructure works, and has a value of RM29.54 million. The second subcontract, which was awarded by 38 Marque Sdn Bhd, is for steel structure materials purchase for the same project phase, with a contract value of RM6.72 million. — Citaglobal wins two subcontracts for Kuching Urban Transportation System worth RM36.26 mil

T7 Global Bhd (KL:T7GLOBAL) has secured a contract with Hess Exploration and Production Malaysia BV for the provision of pan-Malaysian offshore maintenance, construction, modification and hook-up commissioning services. The oil and gas company said the contract, awarded to its wholly owned Tanjung Offshore Services Sdn Bhd, was for B3 Package. However, the value of the contract, which was awarded in November 2024, was not disclosed. — T7 Global secures pan-Malaysian services contract from Hess Exploration

Café chain operator Oriental Kopi Holdings Bhd (KL:KOPI), which gained 99% in its ACE Market debut on Thursday, is scaling up its product offerings in the fast-moving consumer goods segment, targeting the launch of over 20 products by year end. Its managing director Datuk Calvin Chan Jian Chern said during a press conference that the company is now engaging with major supermarkets to expand distribution channels, providing broader access to its products. The counter settled the day at 87.5 sen, more than doubled than its initial public offer price of 44 sen. — Oriental Kopi aims to launch over 20 fast-moving consumer goods by year end

Econframe Bhd (KL:EFRAME) is buying Ipoh-based manufacturer and seller of wooden doors Ivory Pearl Sdn Bhd (IPSB) for RM56 million, in a move to expand its footprint in the UK and Australian markets.  Econframe is paying RM46.67 million in cash — to be funded via a combination of internally generated funds and bank borrowings — to buy IPSB from the major shareholders, which include Yeong Chew Tet and Lee Kok Choy, who owned 31.5% stake and 17.1% stake in the company, respectively. The remaining RM9.33 million will be settled through the issuance and allotment of 16.5 million consideration shares at an issue price of 56.53 sen per share. This will result in Yeong and Lee becoming substantial shareholders in Econframe post-acquisition, expected to be completed by the second quarter of 2025. — Econframe buys Ipoh-based wooden doors maker for RM56 mil

Unitrade Industries Bhd (KL:UNITRAD), a building material wholesaler and distributor, says its 51%-owned subsidiary Intergreen Metal Sdn Bhd is acquiring a controlling stake in metal recycling specialist Kien San Metal Sdn Bhd (KMSB) for RM42 million to expand its business to Sabah and Sarawak. Intergreen has inked a share sale agreement with KMSB's sole shareholder Hong Ching Chung on Thursday to take up a 51% stake in KMSB. The acquisition will give Unitrade an effective 26.01% stake in KSMB on completion of the acquisition in the second quarter of this year. —  Unitrade Industries' unit buys controlling stake in metal recycler Kien San for RM42 mil