KUALA LUMPUR (March 12): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Capital A Bhd (KL:CAPITALA) is reigniting its plans to list its brand management arm, Abc International, in the US, with its valuation reportedly doubling from the initial US$1.15 billion (RM5.09 billion), according to chief executive officer Tan Sri Tony Fernandes. Fernandes confirmed that the listing, previously shelved to prioritise Capital A’s efforts to exit the Practice Note 17 (PN17) status and airline business recovery, is now back on track, with a target timeline of 2025. “We are back on track. We definitely need to list Abc in America, because that’s the only market that will understand us,” he said. “I just received the latest valuation of our brand — it was valued at about US$1 billion, it's almost doubled now from Brand Finance.” — Capital A revisits US listing plans for brand management arm  

MN Holdings Bhd (KL:MNHLDG), a specialist in underground utilities and substation engineering, has secured a RM168.9 million contract to design and construct a high-voltage substation in southern Peninsular Malaysia, bringing its total order book to RM892.4 million. Mutu Nusantara Sdn Bhd (MNSB), a wholly owned subsidiary of MN Holdings, has received a letter of award for a contract from a US-based data centre operator. The client's identity remains confidential due to a non-disclosure agreement. The project entails engineering, procurement and construction (EPC) of a 275/33 kilovolt (kV) substation, with work commencing in March 2025 and targeted for completion by March 31, 2026. — MN Holdings secures RM168.9m data centre power infrastructure project, order book hits RM892.4m

Critical Holdings Bhd (KL:CHB), a mechanical, electrical and process utilities (MEP) design and engineering solutions provider, said it has secured two engineering contracts worth a total of RM84.71 million. The ACE Market-listed group said the contracts, awarded to its subsidiary Critical M&E Engineering Sdn Bhd, have raised the group's order book to RM280 million. The first contract, valued at RM63.61 million, was commissioned by an undisclosed US-headquartered multinational corporation. The job includes the installation of air-conditioning and mechanical ventilation, cleanroom, process utilities, and building automation system, for a super centre factory to be built to support wafer fabrication equipment production, at the Batu Kawan Bandar Cassia Technology Park in Prai, Penang. The second contract, worth RM21.10 million, is for the installation of air conditioning and mechanical ventilation for a data centre in Cyberjaya for a local telecommunications company, which was not named. — Critical Holdings secures two engineering contracts worth RM85m  

MCE Holdings Bhd (KL:MCEHLDG) has won a RM22.13 million contract to supply mechatronics components to US-based automotive supplier JVIS USA LLC for a car model in the US market. The project, lasting 60 months, will begin production of automotive components in the first quarter of the financial year ending July 31, 2027 (FY2027). MCE’s products include keyless entry systems, plastic parts, lamps, switches, window regulators, camera systems, DVRs and parking sensors. Separately, MCE has formed a 50:50 joint venture with Sounding Industries Ltd (SIL), a subsidiary of Hong Kong’s Eagle Group, to provide contract manufacturing services for non-automotive products. These include die-cutting machines, precision tools and packaging solutions for cosmetics. — MCE bags RM22m contract to supply mechatronics components to US auto parts supplier

Perdana Petroleum Bhd (KL:PERDANA) said it has secured a work order from Sarawak Shell Bhd for the charter of two accommodation work barges for an undisclosed sum. The barges are chartered by Perdana’s wholly owned unit Perdana Nautika Sdn Bhd (PNSB) for three years beginning March 15 and April 7 respectively, with option to extend for one year, Perdana said. Each vessel can accommodate 300 people, the company said. — Perdana Petroleum bags three-year charter for two vessels from Sarawak Shell

Conglomerate IJM Corp Bhd (KL:IJM) said on Wednesday it has secured a 143-year leasehold interest in 25 Finsbury Circus — formerly known as 1-5 London Wall Buildings — for £72.5 million (RM407.9 million) from private equity firm TPG Angelo Gordon. The property, located less than two minutes from Liverpool Street Station, is set for a £150 million sustainability-focused refurbishment, increasing its gross internal area by 26% to 378,000 sq ft, IJM said. The conglomerate is also in advanced negotiations with a high-quality tenant to lease over 60% of the building’s space. Construction will begin immediately and is expected to be completed within 36 months. — IJM expands UK portfolio with Finsbury Circus acquisition for £72.5m

Automotive leather upholstery manufacturer Pecca Group Bhd (KL:PECCA) said it is acquiring land measuring 25,350 sq m in Bandar Serendah, Rawang, to support its expansion plans. The group is purchasing the leasehold industrial land from Saraya Glove Industries Sdn Bhd for RM17.43 million. Pecca said it plans to build a manufacturing facility on the land, enabling the group to "significantly increase its manufacturing and production capacity to cater for future orders". — Pecca acquires land in Rawang to expand manufacturing capacity

Scientex Bhd (KL:SCIENTX), which reported a 12.1% drop in net profit for the second quarter ended Jan 31, 2025, said its major shareholder Lim Peng Cheong will replace Tan Sri Mohd Sheriff Mohd Kassim, who is retiring, as non-executive chairman of the company. Peng Cheong and Lim Peng Jin, Scientex’s managing director and CEO, are brothers. They both own more than a 55% interest in the company through Scientex Infinity Sdn Bhd. Separately, the packaging manufacturer cum property developer reported quarterly revenue of RM1.11 billion, a marginal increase from RM1.09 billion a year earlier, driven by the property segment. For the first half-year period ended Jan 31, 2025, net profit declined 9.4% y-o-y to RM252.55 million from RM278.85 million. This was despite marginally higher revenue of 0.7% to RM2.21 billion from RM2.20 billion. — Scientex posts 12.1% drop in 2Q net profit, announces change in chairman

Bermaz Auto Bhd (KL:BAUTO), which assembles Mazda-branded vehicles, flagged tough times ahead after its quarterly profits slumped to a three-year low as Chinese rivals ate into its market share. Net profit for its third quarter ended Jan 31, 2025 (3QFY2025) plunged 66% to RM24.14 million from the same period a year earlier. Revenue for the quarter declined 32.8% year-on-year to RM602.08 million, its weakest since 2QFY2022. Moving forward, Bermaz Auto warned that market conditions will remain challenging, citing the rising presence of Chinese automakers, the impending fuel subsidy rationalisation, and the mid-2025 hike in base electricity tariffs. — Bermaz Auto’s 3Q profit drops to three-year low amid market share loss to Chinese rivals

KNM Group Bhd (KL:KNM) said it has obtained a court-convened creditors meeting order (CO), paving the way for discussions on a proposed scheme of arrangement aimed at steering the financially troubled company towards recovery. KNM said the High Court found that the scheme of arrangement had "evolved positively", offering a tangible opportunity for the Practice Note 17 (PN17) company to sustain business operations. The court, however, declined to grant the accompanying restraining order (RO), which would have shielded the company from creditor legal actions during the restructuring process, KNM added. The company stated it intends to file for an extension of the RO in the coming days to protect its assets and ongoing negotiations. — KNM secures creditors meeting order to negotiate debt restructuring, fails to get restraining order