Company News: Engineering contracts and new shares

Here’s a review of the latest business news from Malaysia.

• MN Holdings Bhd has secured a substation engineering contract worth RM136.2mil in Johor.
• AME Elite Consortium Bhd is selling four industrial properties in Johor to its 49.62%-owned unit AME Real Estate Investment Trust for RM119.5 million to realign its property investments into a REIT.
• Nationgate Holdings Bhd plans to issue new shares to raise RM429.3 million at a price that is nearly six times its initial public offering of 38 sen per share achieved barely 19 months ago.
• Read more Business News

Weakness in two-thirds of index drags market down

• SC Estate Builder Bhd is forming a consortium to bid for projects with a total capacity of 2,000 megawatts under the fifth large-scale solar programme.
• UEM Sunrise Bhd’s disposal of its 80.4% stake in South Africa’s Roc-Union Proprietary Ltd has fallen through again, as the buyer Azishe Properties Proprietary Ltd failed to fulfil its payment obligations within the stipulated time frame.
•  Axteria Group Bhd, has scrapped plans to jointly undertake a mixed development project with Alpha Astral Properties Sdn Bhd on land measuring 83,037 square metres in Johor Bahru.
•  CapitaLand Malaysia Trust posted a 15.2% jump in its second quarter net property income from the same quarter a year ago, as most of the malls within its portfolio recorded higher revenue as a result of positive rental reversions and higher occupancies.
•  British American Tobacco (Malaysia) Bhd reported that its second quarter net profit dropped 23.66% amid the group’s increased investment into growing its vaping brand, Vuse, in Malaysia.
•  United Plantations Bhd’s net profit rose 17% to RM185.94 million in the second quarter ended June 30, 2024 (2QFY2024) from RM159.02 million a year earlier on higher profits from its plantation and refinery segments.
•  Gadang Holdings Bhd’s net loss narrowed to RM9.37 million for its fourth quarter ended May 31, 2024 (4QFY2024) from RM27.7 million a year ago, as revenue expanded due to higher contributions from its construction division.
•  AirAsia X Bhd reported a 42% jump in passenger traffic to 880,265 in the second quarter of 2024 (2Q2024) from 621,984 in 2Q2023, driven by peak spring travel seasons and the Eid holiday during the period.

Source: Apex