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

AirAsia Aviation Group, the airline arm of Capital A Bhd (KL:CAPITALA) that is being transferred to its sister company AirAsia X Bhd (KL:AAX), is accelerating its expansion plans by adding 14 new aircraft to its fleet in 2025. The deliveries include four planes from Airbus and 10 from leasing companies. This growth aims to meet rising travel demand in the Asean region and solidify AirAsia's status as a top low-cost airline. AirAsia Aviation Group’s new aircraft delivery is to reflect increasing demand, with AirAsia’s internal guidance targeting 70 million passengers for FY2025, representing an 11% year-on-year increase. — AirAsia expands fleet with 14 new aircraft for 2025

Sunway Construction Group Bhd (KL:SUNCON) has secured a RM1.5 billion contract to undertake construction works for the Rapid Transit System Transit-Oriented Development (RTS TOD) at Bukit Chagar, Johor, in a related-party transaction. The contract was awarded to its wholly-owned subsidiary, Sunway Construction Sdn Bhd (SCSB), by Sunway Integrated Properties Sdn Bhd (SIPSB), an indirect wholly-owned subsidiary of Sunway Bhd (KL:SUNWAY). — Sunway Construction secures RM1.5b contract for transit-oriented project in Johor in related party transaction   

KJTS Group Bhd (KL:KJTS) has secured a contract from KIP Real Estate Investment Trust (KL:KIPREIT) to provide retrofit works, operations and maintenance (O&M) services as well as chilled water supply for seven of the retail property trust’s shopping malls.  The contract was awarded to KJTS' wholly-owned unit KJ Technical Services Sdn Bhd by KIP REIT's trustee, Pacific Trustees Bhd. — KJTS bags retrofit, maintenance and chilled water supply job from KIP REIT

Magni-Tech Industries Bhd's (KL:MAGNI) net profit for its third quarter ended Jan 31, 2025 (3QFY2025) rose marginally by 1.5% to RM39.97 million from RM39.38 million a year ago, on the back of higher foreign exchange gains of RM4.29 million and lower raw material costs, particularly in the garment segment. Earnings per share increased to 9.22 sen from 9.08 sen. Revenue slipped 5.5% to RM370.71 million from RM392.19 million in 3QFY2024, mainly due to lower sales orders in both the garment and packaging segments. The board declared an interim dividend of 3.8 sen per share, up from 3.5 sen last year. — Magni-Tech’s 3Q net profit up 1.5%, declares 3.8 sen dividend

AEON Co (M) Bhd (KL:AEON) announced on Wednesday that its Aeon Mall Kinta City in Perak will be expanded and upgraded in a bid to enhance its retail offerings. The group has inked a memorandum of understanding with the building owner KIP Real Estate Investment Trust (KL:KIPREIT) for the refurbishment that is expected to boost the property's value, rental income and customer experience. The mall, which opened in 1997 as Aeon’s first outlet in Perak, will see the introduction of new retail lots, improved common areas and enhanced facilities. — AEON says Aeon Mall Kinta City will be expanded, upgraded

CIMB Group Holdings Bhd (KL:CIMB) aims to build a leading deposit franchise to reduce the cost of funds by 10 to 20 basis points by 2030, as part of its newly unveiled six-year roadmap known as Forward30. The plan comes after the completion of the Forward23+ strategy, during which CIMB improved its return on equity from 2.1% in 2020 to 11.2% in 2024, with an annualised total shareholder return of 34.6% from 2020 to 2024. — CIMB aims to reduce cost of funds by 10-20bps by 2030 under new six-year roadmap

PPB Group Bhd (KL:PPB) expects its grains and agribusiness division to benefit from the US-China tariff war, which is likely to lower American grain prices, particularly wheat and corn, helping to reduce costs. PPB's grains and agribusiness arm, FFM Bhd, accounts for over 70% of revenue. This segment includes flour milling, animal feed manufacturing, grains trading and livestock farming. — PPB Group expects lower grain costs amid US-China tariff war

Construction player and property developer Vizione Holdings Bhd (KL:VIZIONE) has proposed a share capital reduction of up to RM500 million to eliminate its accumulated losses and strengthen its financial position. The company said the exercise will involve the cancellation of share capital that is lost or unrepresented by available assets, with the full RM500 million credit arising from the reduction to be used to offset the company’s accumulated losses. — Vizione to cut share capital by RM500m to offset accumulated losses

Kerjaya Prospek Property Bhd (KL:KPPROP) has proposed a renounceable rights issue of redeemable convertible unsecured loan stocks (RCULS) to raise up to RM324.88 million, mainly to fund property development projects and repay bank borrowings. The proposal entails the issuance of up to 1.16 billion eight-year, 4.2% RCULS at 28 sen each, on the basis of two RCULS for every one share held on an entitlement date to be announced later. — Kerjaya Prospek Property plans two-for-one RCULS to raise RM325m

Fortified food and dietary supplement maker OB Holdings Bhd (KL:OBHB) said the group's intellectual property (IP) infringement dispute with a client has been brought before a court in the Australian state of Victoria. The client, Nature One Dairy (Hong Kong) Ltd, is suing OB Holdings' wholly-owned unit, Orient Biotech Sdn Bhd, claiming damages and an account of profits or equitable compensation. The suit comes after Nature One Dairy issued a dispute notice to Orient Biotech in October 2024 over an alleged breach in a purchase and supply agreement between the pair. — OB Holdings sued over alleged IP infringement dispute