KUALA LUMPUR (May 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Bursa Malaysia Bhd (KL:BURSA) said the affected securities and proceeds from unauthorised trades on April 24 will be “released” following post-trade action on Tuesday (May 20). The securities and proceeds have been withheld since April 27 to facilitate an investigation. "For the most part, the net effect of this process is the return of the affected securities and proceeds to the impacted investors, restoring their positions prior to the incident," said the stock exchange in a statement. There were "approximately 80 accounts affected, which amounts to less than 0.01% of the total online trading accounts", the statement read. — Bursa says unauthorised trades that affected 80 accounts on April 24 will be reversed

Affin Bank Bhd (KL:AFFIN) reported a 12.6% jump in net profit for the first quarter ended March 31, 2025, on higher net income of RM39.4 million and share of results from its associates of RM21 million. Net profit rose to RM124.1 million for the quarter, compared with RM110.2 million for 1QFY2024. Net interest income increased by 6.4% to RM206.0 million, while non-interest income for the period was RM140.1 million, down 1.7% from the year before. Realised foreign exchange gains of almost RM75 million helped supplement net income. — Affin Bank’s 1Q net profit up almost 13% on higher net income and share of results from associates

Johor Plantations Group Bhd (KL:JPG) reported a 52% year-on-year (y-o-y) jump in net profit for the first quarter, driven by stronger crude palm oil (CPO) and palm kernel (PK) prices. Net profit for the three months ended March 31, 2025 (1QFY2025) rose to RM75.93 million from RM49.98 million a year earlier. Quarterly revenue increased 15.4% to RM340.43 million from RM294.91 million. The group declared a single-tier interim dividend of one sen per share for the quarter, payable on June 24. — Johor Plantations posts 52% jump in 1Q profit, declares one sen dividend

Ranhill Utilities Bhd (KL:RANHILL) has posted a 61% quarter-on-quarter (q-o-q) fall in net profit for its latest quarter due to a project cost overrun. The net profit for the three months ended March 31, 2025 (5QFY2025) dropped to RM6.94 million compared with RM17.82 million in 4QFY2025. Revenue slipped 1.8% q-o-q to RM513.15 million from RM522.45 million. The group did not declare any dividend for the latest quarter. — Ranhill profit down 61% q-o-q due to project cost overrun

Taliworks Corp Bhd (KL:TALIWRK) reported a 30% y-o-y decline in its net profit for the three months ended March 31, 2025 (1QFY2025) at RM10.51 million versus RM15.03 million in the same quarter last year. It booked lower share of profits from its joint venture, Grand Sepadu (NK) Sdn Bhd, and a higher share of losses from its associate, SWM Environment Holdings Sdn Bhd. Foreign exchange loss of RM180,000 was recorded for the quarter against a RM42,000 gain previously. Revenue rose to RM105.27 million from RM93.33 million in 1QFY2024, lifted by its construction and renewable energy segments. The group declared a first interim dividend of 0.5 sen per share, totalling RM10.08 million, payable on June 30. — Taliworks’ 1Q net profit falls 30% on lower contribution from its units

Engineering precision parts maker CPE Technology Bhd (KL:CPETECH) posted a 71.2% y-o-y rise in net profit for the third quarter, underpinned by higher demand from the semiconductor industry. Net profit for the three months ended March 31, 2025 (3QFY2025) climbed to RM7.64 million versus RM4.47 million in the same period a year earlier. Quarterly revenue climbed 52.5% to RM34.22 million from RM22.44 million in 3QFY2024. No dividend was declared for the quarter. — CPE Tech 3Q profit up 71.2% on higher semicon industry demand

Kinergy Advancement Bhd’s (KL:KAB) unincorporated joint venture with Sinohydro Corporation (M) Sdn Bhd has secured a RM646.3 million engineering, procurement, construction and commissioning (EPCC) contract to build a 120 megawatt (MW) power plant facility in Labuan. The letter of award (LOA) was issued on May 13 by Rancha Power Sdn Bhd (RPSB), a joint venture between subsidiaries of Petronas Gas Bhd (KL:PETGAS), Sabah Electricity Sdn Bhd, and Sabah Energy Corporation Sdn Bhd. — KAB-Sinohydro JV secures RM646.3m EPCC contract to build 120MW power plant in Labuan

TCS Group Holdings Bhd’s (KL:TCS) unit TCS Construction Sdn Bhd has secured a RM216.9 million contract from Bandar Raya Developments Bhd (BRDB) to undertake the construction of two 48-storey serviced apartment blocks in Subang Jaya. TCS said that the construction is expected to span 35 months. — TCS Group wins RM217m contract to build apartments in Subang Jaya

MCE Holdings Bhd (KL:MCEHLDG) has formalised a 51:49 joint venture (JV) with Nanjing Chuhang Technology Co Ltd (NCT), a Chinese firm producing millimetre wave radars. The new JV will develop, manufacture, and market automotive millimetre-wave radars, a key component of advanced driver assistance systems (ADAS) and automated driving applications for local and global markets, excluding China. — MCE signs joint-venture deal with China-based NCT to develop driver assistance radar

PeterLabs Holdings Bhd (KL:PLABS) said the Malaysian Anti-Corruption Commission (MACC) conducted a raid at its principal offices and its subsidiary Thye On Tong Trading Sdn Bhd (TOT) on Monday, after the company lodged a report to MACC on May 9 over alleged misconduct involving its executive director Datuk Loh Saw Foong. PeterLabs said the report was pertaining to “serious allegations of misconduct, conflict of interest and breach of fiduciary duties” by Loh, who also serves as general manager at TOT. The allegations are under internal investigation as well as the ones related to potential violations of anti-corruption laws, the company said. It assured stakeholders that its business operations remain unaffected, with appropriate interim measures in place. — PeterLabs office raided by MACC amid report against executive director, says operation unaffected

Sarawak Cable Bhd (KL:SCABLE) has denied a claim that its major shareholder, Datuk Seri Mahmud Abu Bekir Taib, was unaware of the board’s decision to sue the appointed liquidators of its subsidiary, Leader Cable Industry Bhd (LCIB), for alleged negligence in handling the sale of assets. Sarawak Cable said “the board has deliberated the matter and it was duly recorded” before the announcement. Abu Bekir, the second son of the late Tun Abdul Taib Mahmud — the long-serving Sarawak chief minister and governor — also currently sits on Sarawak Cable’s board. It was reported that Abu Bekir's lawyer, in a letter cited by The Edge, alleged that the board is being influenced by individuals connected to UK-based Serendib Capital Ltd. Serendib, initially seen as a white knight for the financially distressed Sarawak Cable, is suing the company, Abu Bekir, and six other directors for allegedly conspiring to harm the company. — Sarawak Cable rejects 'Abu Bekir unaware of lawsuit' claim

Chengco PLT has resigned as Euro Holdings Bhd's (KL:EURO) auditor with immediate effect due to the suspension of the audit firm's registration by the Audit Oversight Board (AOB) of the Securities Commission Malaysia (SC). The AOB prohibits the firm from conducting audits of public interest entities and scheduled funds, according to the furniture maker. Euro said it will take the necessary steps to appoint new auditors to fill the casual vacancy, and will be announced in due course. — Euro Holdings' auditor resigns on suspension by Securities Commission