KUALA LUMPUR (May 21): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Batu Kawan Bhd (KL:BKAWAN), through its wholly-owned subsidiary Whitmore Holdings Sdn Bhd, has agreed to acquire a combined 47.7% stake in MKH Bhd (KL:MKH) for RM549.8 million, or RM2 a share, from the Chen family. Consequently, Batu Kawan is making a mandatory general offer (MGO) of RM2 per share for MKH. The group said it intends to take MKH private should it secure a 90% stake. In addition, Batu Kawan is also buying a 3.35% stake in MKH Oil Palm (East Kalimantan) Bhd (KL:MKHOP). MKH and its subsidiaries collectively hold a 65.3% stake in MKHOP. When the proposed MGO for MKH becomes unconditional, Batu Kawan will be obliged to undertake an MGO for MKHOP at 64.78 sen. However, the group intends to maintain MKH Oil Palm’s listing on the Main Market. — Batu Kawan buys 47.7% MKH stake from Chen family; launches MGO at RM2 per MKH share

Mr DIY Group (M) Bhd’s (KL:MRDIY) net profit for the first quarter ended March 31, 2026 (1QFY2026) rose 10.3% y-o-y to a record high of RM192.02 million from RM174.15 million a year earlier, as stronger margins, festive spending and a larger store network lifted earnings. Revenue climbed 9.3% to an all-time high of RM1.37 billion from RM1.26 billion a year earlier. An interim dividend of 1.6 sen per share was declared for the quarter. — Mr DIY kicks off FY2026 with record quarterly profit and revenue, pays 1.6 sen dividend

IGB Bhd’s (KL:IGBB) net profit for 1QFY2026 surged more than fivefold to RM501.98 million from RM89.07 million a year ago, thanks mainly to a one-off disposal of  the group's UK-based assets in the hotel segment. Revenue for the quarter inched up 1.08% y-o-y to RM504.82 million from RM499.38 million, supported by stronger contributions from the business segments. The group declared a special dividend of 2.5 sen per share, payable on June 25. — IGB posts fivefold leap in 1Q profit on one-off asset disposal

Genting Plantations Bhd’s (KL:GENP) net profit for 1QFY2026 rose 11% to RM68.1 million from RM61.3 million a year earlier, supported by stronger fresh fruit bunch (FFB) output and improved contribution from its property division. Revenue edged up marginally to RM720.2 million from RM719.5 million. No dividend was declared. — Genting Plantations 1Q net profit up 11% as higher output offsets weaker CPO prices

UEM Sunrise Bhd’s (KL:UEMS) net profit for 1QFY2026 dropped 20.9% RM16.2 million from RM20.49 million a year earlier, mainly due to lower land sales. Revenue for the quarter declined 16.8% to RM347.71 million from RM417.63 million. No dividend was declared. — UEM Sunrise's 1Q profit falls 21% on lower land sales

S P Setia Bhd’s (KL:SPSETIA) net profit for 1QFY2026 more than halved to RM31.12 million — its lowest since 3QFY2021 — dragged by higher foreign exchange losses despite logging higher revenue. Quarterly revenue, however, grew by 7.25% y-o-y to RM826.54 million in 1QY2026. No dividend was declared. — S P Setia posts lower 1Q net profit of RM31.12m amid higher forex losses

VSTECS Bhd’s (KL:VSTECS) net profit for 1QFY2026 rose 28.9% to RM22.88 million from RM17.75 million a year earlier, driven by stronger demand for AI-related data centre infrastructure projects and higher purchases ahead of anticipated price increases. Revenue surged 51.4% to RM1.05 billion from RM691.67 million. — VSTECS 1Q profit jumps 29% on AI data centre demand, stronger device sales ahead of price hikes

Sarawak Plantation Bhd’s (KL:SWKPLNT) net profit for 1QFY2026 rose 2.05% to RM23.09 million from RM22.63 million a year earlier, despite lower earnings from its oil palm operations, thanks to a  higher gain from change in the fair value of biological assets. Revenue, however, declined 22.38% y-o-y to RM105.18 million from RM135.51 million. It declared a first interim dividend of five sen per share. — Sarawak Plantation’s 1Q net profit edges up on fair value gain, pays five sen dividend

Solarvest Holdings Bhd (KL:SLVEST) posted its best full-year performance since listing, as net profit surged 53.7% y-o-y to RM79.81 million for the financial year ended March 31, 2026 (FY2026), driven by stronger utility-scale solar project contributions and higher profit sharing from associates. Revenue for the year rose 41% to RM757.09 million from RM536.82 million previously, supported by higher order book wins under the Corporate Green Power Programme (CGPP) and Large Scale Solar 5 (LSS5) programme. No dividend was declared. — Solarvest posts best full-year performance since listing with RM79.81 mil FY2026 profit

Gamuda Bhd (KL:GAMUDA) has secured contracts worth over RM3 billion to build two solar power plants in Australia. The Smoky Creek and Guthrie’s Gap solar power station projects, touted as the largest solar and battery hybrid developments currently under construction in Australia, could generate up to 720 megawatts of electricity and store as much as 2,400 megawatt-hours. Both are expected to be completed in two and a half years. — Gamuda gets contracts worth over RM3 bil to build solar plants in Australia

Bina Darulaman Bhd’s (KL:BDB) wholly-owned unit, BDB Infra Sdn Bhd, has bagged a RM251.7 million road maintenance project from the Kedah state government. The project covers several districts in Kedah, namely Kota Setar, Kubang Pasu, Padang Terap and Pokok Sena, with site possession scheduled to begin on June 1 and completion expected by May 31, 2031. — Bina Darulaman bags RM251.7 mil Kedah state road maintenance job

Kerjaya Prospek Group Bhd (KL:KERJAYA) has secured two contracts worth RM102.6 million for construction works at Andaman Island, Penang. The first contract, worth RM69.6 million, involves the construction of 28 units of three-storey terrace houses and 18 units of three-storey semi-detached houses at Seksyen 2. Works are expected to start on Aug 1 and be completed within 24 months. The second job, worth RM33.01 million, involves piling and earthworks for a 53-storey serviced apartment block that comprises one basement level and two ground levels at Bandar Tanjung Pinang. — Kerjaya Prospek secures two contracts worth RM102.6 mil from E&O unit

Bumi Armada Bhd (KL:ARMADA) has secured full operating interest in the Jalu Working Area in the North Sumatra Basin, Indonesia. Its wholly-owned subsidiary, Armada Jalu BV, has signed a production sharing contract (PSC) with the Ministry of Energy and Mineral Resources of Indonesia for the newly designated Jalu exploration block. The Jalu PSC is estimated to hold about 2.9 trillion cubic feet of gas resources. — Bumi Armada secures production sharing contract for gas exploration in Jalu, offshore north Sumatra

ITMAX System Bhd’s (KL:ITMAX) 65%-owned subsidiary Southmax Sdn Bhd has bagged a RM79.9 million variation order to undertake the deployment of additional smart traffic light controllers across the Iskandar Puteri area. The job from the Iskandar Puteri City Council will run until 2038, with an option to extend until 2046. — ITMAX secures RM79.9 mil variation order for smart traffic system expansion in Johor

EXSIM Hospitality Bhd (KL:EXSIMHB) has secured a RM45 million contract from AmFIRST Real Estate Investment Trust (KL:AMFIRST) to redevelop Summit Hotel USJ in UEP Subang Jaya, Selangor, into a 17-storey hotel with three basement levels. The redevelopment project will be carried out in three phases, with works scheduled to begin on May 22 and targeted for completion by Dec 31, 2026. — EXSIM Hospitality bags RM45m Summit Hotel USJ revamp job

Matrix Concepts Holdings Bhd (KL:MATRIX) has concluded an industrial land sale to Golog Holdings Sdn Bhd to incorporate cold chain infrastructure into its MVV City development within the Malaysia Vision Valley 2.0 corridor. The transaction follows a prior memorandum of understanding executed by Golog to develop 618 acres of industrial land across three phases, carrying an estimated gross development value of RM8 billion. When queried about the transacted price, both parties mutually agreed not to disclose the commercial value and detailed transaction structure at this time. — Matrix Concepts sells MVV City industrial land to Golog for cold chain infrastructure expansion

Insas Bhd (KL:INSAS) said its wholly-owned units, Insas Plaza Sdn Bhd and Insas Technology Bhd, have sold 100 million shares in Inari Amertron Bhd (KL:INARI) for RM186 million, trimming the investment group’s stake in the outsourced semiconductor assembly and test provider to 9.67%. The shares, disposed of at RM1.86 apiece, are expected to generate a gain of RM84 million. — Insas trims Inari Amertron holding in RM186m share sale

Meta Bright Group Bhd (KL:MBRIGHT) said it is acquiring a 70% stake in TTOP Industrial & Engineering Sdn Bhd for RM9.29 million, marking the group’s expansion into higher-margin electrical engineering work. Under the deal, Meta Bright will pay RM1 million in cash and RM8.29 million via the issuance of 51.8 million new shares at 16 sen each. The acquisition comes with a cumulative RM15 million profit guarantee over five years. — Meta Bright to expand into higher-margin electrical engineering work via acquisition

Telekom Malaysia Bhd (KL:TM) said three former employees at its US subsidiary, Telekom Malaysia (USA) Inc, who were charged by the US Department of Justice over an alleged fraud scheme involving about US$20 million (RM79.5 million), had been dismissed in February for breaches of integrity and business ethics. — TM says ex-staff charged by US DOJ sacked earlier this year