KUALA LUMPUR (Feb 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Fraser & Neave Holdings Bhd’s (KL:F&N) net profit for the first quarter ended Dec 31, 2024 (1QFY2025) fell marginally to RM169 million from RM170.74 million a year ago, dragged by higher tax expense, which nearly doubled to RM70.1 million from RM35.33 million. Meanwhile, its revenue for 1QFY2025 soared to a record high of RM1.39 billion, from RM1.33 billion in 1QFY2024, driven by festive sales in Malaysia, coupled with sales recovery in Thailand and increased sales in the Indochina market due to the availability of fresh milk supply. No dividend was declared for 1QFY2025. — F&N posts record high quarterly sales in 1QFY2025 but higher tax expenses pull profit down slightly

Sunway Real Estate Investment Trust’s (KL:SUNREIT) net property income (NPI) for the fourth quarter ended Dec 31, 2024 (4QFY2024) increased by 22% to RM165.55 million, from RM135.66 million in the same quarter a year earlier, driven by nine newly acquired properties. Quarterly revenue rose 15.9% to RM220.85 million, compared with RM190.52 million in 4QFY2023. Sunway REIT declared a final income distribution of 5.34 sen per unit, to be paid on Feb 28, bringing its total distribution per unit (DPU) for the financial year ended Dec 31, 2024 (FY2024) to 10 sen. For FY2024, Sunway REIT’s NPI increased 8.1% to RM569.7 million, from RM526.9 million in the same period last year. Revenue expanded 7.2% to RM767.15 million against RM715.69 million in FY2023. — Sunway REIT’s 4Q income up 22%, declares DPU of 5.34 sen

SD Guthrie Bhd’s (KL:SDG) downstream arm SD Guthrie International Ltd has acquired a 48% equity interest in Netherlands-based Marvesa Supply Chain Services BV for €54 million (RM250 million) from Dutch private equity firm, Parcom. The remaining 52% stake in Marvesa is held by BGR Beheer BV, which is owned by the current executive management of Marvesa. SD Guthrie said Marvesa is a well-established name in the European market, specialising in the sourcing, blending, and distribution of oils and fats to the animal feed and biofuel industries. Its refinery in Zwijndrecht of the Netherlands, has a capacity of 300,000 tonnes annually and currently serves customers in 11 countries. — SD Guthrie’s unit acquires 48% stake in Netherlands-based animal feed and biofuel supplier for RM250m

Mulpha International Bhd (KL:MULPHA), which in recent years has slimmed down its property portfolio in Malaysia to focus on its activities in Australia, has disposed of a shopping centre along with its associated marina in Queensland, Australia. The proposed disposal of the Capri on Via Roma property for A$85.5 million (RM233.42 million) is part of Mulpha International's capital recycling initiative aimed at strengthening its cash flow and streamlining its asset portfolio. The proposed sale is being executed through Mulpha Capri Retail Pty Ltd, a trustee for Capri Retail Trust, an indirect wholly owned subsidiary of Mulpha International. The buyer, Capri Holding GC Pty Ltd, is a trustee for the Capri Trust. — Mulpha sells shopping centre, marina in Australia for RM233 mil

Prolintas Infra Business Trust (KL:PLINTAS) said Datuk Mohammad Azlan Abdullah has relinquished his role as non-independent and non-executive director from its trustee-manager, Prolintas Managers Sdn Bhd. The reason cited for resignation was due to other personal commitments. Separately, Prolintas Managers has redesignated its chief executive officer, Malik Parvez Ahmad Nazir Ahmad to become non-executive director. Pending the appointment of a new CEO, Prolintas Managers said the board has "deliberated and resolved that the interim executive management team" led by its non-executive chairman Datuk Ikmal Hijaz Hashim "would remain effective to ensure the stewardship of Prolintas Infra Business Trust will continue smoothly". — Azlan resigns from Prolintas Managers' board, CEO redesignated as non-executive director

Steel Hawk Bhd’s (KL:HAWK) wholly owned unit Steel Hawk Engineering Sdn Bhd has secured a one-year contract extension from Petronas Carigali Sdn Bhd for the provision of onshore facilities maintenance, construction and modification services. The contract extension is for Package B in Peninsular Malaysia (Terengganu Gas Terminal and Onshore Slugcatcher), which is effective from Jan 1, 2025 until Dec 31, 2025. No contract value was disclosed. “The contract is on a call-out basis (which does not have a fixed contract value), and we are engaged by Petronas Carigali to provide specified services for the duration of the said contract, as and when such services are required,” it said. — Steel Hawk secures one-year contract extension from Petronas Carigali

MMAG Holdings Bhd (KL:MMAG) has appointed Ahmad Luqman Mohd Azmi, the former CEO of Malaysia Aviation Group’s (MAG) airlines business, as an executive director effective immediately. Ahmad Luqman was appointed the CEO of airlines business (MAG) in January 2023. Prior to the appointment, he was the group chief operations officer of Malaysia Airlines Bhd from February 2018. In 2015, Ahmad Luqman served as CEO of MAB Kargo Sdn Bhd (MASkargo). — Former Malaysia Aviation Group CEO of airlines Ahmad Luqman joins MMAG’s board

Wisma Majujaya Sdn Bhd has obtained a summary judgement from the High Court over its RM28.1 million suit filed against Bina Puri Holdings Bhd (KL:BPURI), its subsidiary Bina Puri Properties Sdn Bhd, and its director Tan Sri Tee Hock Seng. In allowing the summary judgement, Judicial Commissioner Zaharah Hussain, also dismissed the counterclaim filed by Tee. Zaharah also ordered Bina Puri Holdings and the other defendants to pay the judgement sum of RM28.17 million, with 8% interest, within 14 days of Monday’s decision. The suit revolves around a RM28.17 million sum in unpaid returns stipulated in a joint venture agreement plus interest Wisma Majujaya alleged Bina Puri failed to pay it. — Wisma Majujaya obtains summary judgement in RM28.1m suit against Bina Puri

KJTS Group Bhd (KL:KJTS) is to acquire the entire equity stake in Malakoff Corp Bhd’s (KL:MALAKOF) energy-efficient cooling unit Malakoff Utilities Sdn Bhd for RM65.5 million in cash. The move is aimed at scaling up KJTS’ cooling operations by leveraging its expertise in energy-efficient cooling solutions to enhance Malakoff Utilities’ performance. In relation to the acquisition, KJTS noted that it has proposed a variation in the use of proceeds it generated from its initial public offering (IPO) exercise back in January 2024.  — KJTS to buy Malakoff’s energy-efficient cooling unit for RM66 mil cash

Ahmad Zaki Resources Bhd’s (KL:AZRB) wholly owned unit Ahmad Zaki Sdn Bhd has secured a RM63.44 million contract from the Public Works Department to undertake the construction of a bridge at Kampung Binjai in Kuala Lipis, Pahang. The contract will commence on Feb 12, 2025, and span over 36 months. This new bridge, which is approximately 400 meters long and 11 meters wide, will cross Sungai Lipis, Pahang. The bridge will connect from the federal route to Kampung Binjai in Kuala Lipis. — AZRB bags RM63 mil bridge construction job in Kuala Lipis

Salutica Bhd (KL:SALUTE) has filed an appeal against the High Court’s decision to dismiss its patent infringement suit against Apple Malaysia Sdn Bhd. The High Court’s decision also included an order for Salutica’s wholly owned unit Salutica Allied Solutions Sdn Bhd to pay Apple Malaysia the counterclaim of RM1.2 million. The suit, which pertains to Salutica accusing Apple Malaysia of infringing on patents related to CrossPair Technology, was filed back in January 2022. — Salutica appeals High Court decision in Apple patent dispute

Cahya Mata Sarawak Bhd’s (KL:CMSB) wholly owned unit Cahya Mata Intelligent Technologies Sdn Bhd (Cahya Mata IT) has initiated arbitration proceedings against Vienna Advantage GmbH over a contract dispute. The dispute pertains to Vienna Advantage’s alleged failure to supply and implement enterprise resource planning and related services agreed upon under various agreements inked between July 2019 and November 2023. The diversified group said that due to Vienna Advantage’s breach of the master agreement, Cahya Mata IT suffered “losses and damages”. No further details of the contract nor Vienna Advantage were provided in the filing. — Cahya Mata Sarawak initiates arbitration against Vienna Advantage over contract dispute

KGW Group Bhd (KL:KGW) said US-based logistics firm Accelerated Global Solutions Inc (AGS) has acquired a 15% stake in the company. The stake acquisition paved the way for a partnership between the two companies in a bid to enhance its position in the trans-Pacific logistics segment. It is unclear who AGS bought the 15% stake in KGW from. KGW’s substantial shareholders comprise managing director Datuk Roger Wong Ken Hong with a 61.4% stake and Cheok Hui Yen with 6.47%. — US-based logistics firm AGS acquires 15% stake in KGW

Maxland Bhd (KL:MAXLAND) has inked another 60-year land lease agreement with Kulim Technology Park Corp Sdn Bhd, but this time for land to venture into the district cooling system business. Its wholly owned unit, Maxland Kool Sdn Bhd, entered into the agreement with Kulim Tech Corp to lease a 4.85-acre parcel in Industrial Zone Phase 2 of the Kulim High-Tech Park (KHTP) for RM10.57 million. This agreement follows a similar one Maxland inked with Kulim Tech Park Corp in January for a 60-year lease on a 4.57-acre parcel in KHTP for RM9.95 million for the development of a data centre. — Maxland leases more Kulim High-Tech Park land, this time for district cooling system venture