Trading ideas: Alliance Bank, Binastra, IJM, Magma, TNB, Chin Hin, Iconic, Perdana, Streel Hawk, Pantech, Unisem, ViTrox, Luxchem
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.
Alliance Bank Malaysia Bhd , Prince Court Medical Centre and the National Cancer Society Malaysia have inked a MoU to improve access to cancer screening and encourage early detection among Malaysians.
Binastra Corporation Bhd is buying a 40.8% stake in thermal energy firm LF Lansen Sdn Bhd for RM15mn cash, which comes with a call option for the group to up its interest to a controlling 51% to expand into the energy-efficient engineering solutions sector.
IJM Corp Bhd has completed its acquisition of a 50% equity stake in JRL Group Holdings Ltd for £50mn (RM283mn), via the subscription of new ordinary shares in the UK-based contractor.
Magma Group Bhd has welcomed new substantial shareholders, further solidifying the group's capital structure.
Tenaga Nasional Bhd has more than doubled its budgeted capital expenditure (capex) to RM42.9bn, comprising RM26.6bn in base capex and RM16.3bn in contingent capex, to support infrastructure development for Malaysia's energy transition.
Chin Hin Group Bhd completed its purchase of an additional 12.3% stake in Ajiya Bhd for RM54.2mn, raising its stake in the building materials maker to 66.4%.
Iconic Worldwide Bhd has secured a RM10.1mn counterclaim in a legal case involving its subsidiary, Iconic Medicare Sdn Bhd, after the Penang High Court dismissed a RM15mn claim filed by Latex Form Sdn Bhd.
Perdana Petroleum Bhd said its wholly owned subsidiary Intra Oil Services Bhd has been sued by Azsat Global Sdn Bhd, claiming RM6.7mn for loss of revenue after IOS terminated contracts for services of its vessels to Azsat.
Steel Hawk Bhd 's wholly-owned subsidiary Steel Hawk Engineering Sdn Bhd has secured a contract from PETRONAS Carigali Sdn Bhd for the provision of splash zone structural repair and maintenance.
Pantech Global Bhd announced a special dividend of 1 sen after its fourth quarter net profit jumped 373% from the previous quarter, driven by a gain on bargain purchase and two months of earnings from newly acquired companies.
Unisem (M) Bhd began the financial year with a 29% YoY decline to RM6mn in 1QFY25, as margin pressure from rising costs offset revenue gain.
Vitrox Corp Bhd said that its net profit jumped 40.2% YoY to RM24.2mn in the 1QFY25, driven by stronger sales and a more favourable product mix.
Luxchem Corp Bhd net profit for the 1QFY25 fell 8.6% to RM10.6mn from RM11.6mn a year ago, dragged by higher operating cost.
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