KUALA LUMPUR (Dec 12): Here is a brief recap of some corporate announcements that made news on Tuesday: Bermaz Auto Bhd, CapitaLand Malaysia Trust Bhd (CLMT),Sarawak Consolidated Industries Bhd (SCIB), Unitrade Industries Bhd, CI Holdings Bhd, Malakoff Corp Bhd, Kinergy Advancement Bhd (KAB), Sarawak Cable Bhd (SCB), Yinson Holdings Bhd, Barakah Offshore Petroleum Bhd.

Bermaz Auto Bhd reported a 37.19% jump in net profit for its second quarter ended Oct 31, 2023 (2QFY2024) to RM90.1 million, from RM65.67 million in the corresponding quarter a year ago, as it registered stronger revenue, along with better share of results from associates and forex gains. The group declared a second interim dividend of five sen per share, to be paid on Jan 5, 2024. This brings its total dividends declared year-to-date to 10 sen per share, up from 6.5 sen per share a year ago.The group's revenue grew 28.61% to RM1.01 billion in 2QFY2024 from RM782.97 million in 2QFY2023, driven by the better performance from its Mazda operations in Malaysia, with the CX-30 CKD model continuing to chart higher sales since it was unveiled in March. https://theedgemalaysia.com/node/693655

CapitaLand Malaysia Trust Bhd (CLMT) said it has converted its loan facility of RM693 million from CIMB Bank Bhd into a sustainability-linked loan facility for the funding of the acquisition of Queensbay Mall in Penang. CLMT said the facility marks its largest loan facility to-date and is linked to the sustainability performance targets of Queensbay Mall. CIMB will offer CLMT interest rate rebates on the committed term loan facility. These rebates will be based on pre-determined sustainability performance targets that have been set for Queensbay Mall. "These include obtaining green building certification and achieving targeted reductions in energy consumption and are subjected to stringent third-party verifications," the trust said. https://theedgemalaysia.com/node/693657

Sarawak Consolidated Industries Bhd (SCIB) has entered into a memorandum of understanding (MOU) for a potential joint venture residential development project in Bintulu, Sarawak, with a projected gross development value of RM250 million. The group’s wholly owned subsidiary SCIB Properties Sdn Bhd inked the MOU with Kemena City Development Sdn Bhd and Smart Borneo Properties Sdn Bhd. https://theedgemalaysia.com/node/693652

Unitrade Industries Bhd has proposed to enter the metal recycling market by acquiring a 51% stake in Intergreen Metals Sdn Bhd for RM66.3 million, in a move aimed at complementing the group's core operations in building materials wholesaling. The acquisition of the stake from Intergreen Holdings Sdn Bhd (IHSB), Intergreen Corp (M) Sdn Bhd (ICSB), and Pong Wing Seng comes with a guarantee that Intergreen Metals will achieve a profit after tax of RM45 million over three years. Intergreen Metals, established in 2003, specialises in collecting and processing metal waste to be recycled into input feedstock for steel manufacturers. https://theedgemalaysia.com/node/693645

Following his appointment to the Cabinet as the Plantation and Commodities Minister on Tuesday, Datuk Seri Johari Abdul Ghani has relinquished his chairman's post at CI Holdings Bhd with immediate effect. The chairman's post vacated by Johari, who is also the Titiwangsa Member of Parliament, will be filled by Megat Joha Megat Abdul Rahman, who has been redesignated as CI Holding's new group chairman. According to the group, Megat Joha, 60, is also a board member of KUB Malaysia Bhd, Marine & General Bhd as well as Central Cable Bhd. https://theedgemalaysia.com/node/693644

Malakoff Corp Bhd, through its wholly-owned subsidiary, Malakoff Radiance Sdn Bhd has secured a solar agreement with Railway Assets Corp (RAC) and Keretapi Tanah Melayu Bhd (KTMB) for the development, operation and maintenance of carport and rooftop solar systems at railway stations, depots and a park and ride terminal in Perak, Penang, Selangor, Johor and Negeri Sembilan. Malakoff’s MD & Group CEO Anwar Syahrin Abdul Ajib said the group is targeting 1,400MW of renewable energy (RE) capacity by 2031 through collective efforts. https://theedgemalaysia.com/node/693634

Sustainable energy and engineering solution specialist Kinergy Advancement Bhd (KAB) is collaborating with leading fertiliser supplier Agromate Holdings Sdn Bhd to spearhead bioenergy or renewable energy generation across palm oil mills. KAB said through the collaboration, the parties aim to capitalise on a largely under-tapped market with huge recurring income potential, as Malaysia is the world’s second-largest palm oil producer, supported by its 447 palm oil mills, with total processing capacity of 119.5 million tonnes per year. https://theedgemalaysia.com/node/693617

Sarawak Cable Bhd (SCB), a Practice Note 17 (PN17) company, announced that it had found a white knight in Serendib Capital Ltd to undertake a “resuscitation exercise” to revive the loss-making manufacturer. SCB revealed in a statement filed with Bursa Malaysia that UK-based Serendib Capital had prepared a war chest of RM250 million to help pare down its debts, and to recapitalise the cable manufacturer “to cater to growing customer demand for infrastructure grid development and high-voltage cables”. However, SCB did not disclose in detail whether the RM250 million will be given as a loan or an equity injection. https://theedgemalaysia.com/node/693606

Yinson Holdings Bhd’s Singapore unit Yinson Production Offshore Pte Ltd announced in a statement on Tuesday that it has sealed the deal on a five-year corporate facility loan of up to US$500 million (RM2.34 billion). The Singapore branch of Natixis will serve as the coordinator, as well as the mandated lead arranger, and bookrunner (MLAB) of the facility loan, together with Affin Bank Bhd, AmInvestment Bank Bhd, CIMB Islamic Bank Bhd, ING Bank NV’s Singapore branch, and United Overseas Bank Ltd (UOB). The company added that a general syndication process is anticipated to commence in January 2024, by which the facility loan is earmarked for refinancing certain existing debt, as well as for general corporate purposes. https://theedgemalaysia.com/node/693546

Barakah Offshore Petroleum Bhd has proposed to undertake an auction to seek a buyer for its vessel for at least US$11.4 million (RM53.28 million) in cash. The Practice Note 17 company said it decided on the move after four proposals over the past 12 months from interested buyers for the Kota Laksamana 101 barge “had not materialised”. Moreover, considering the group’s financial standing and the barge’s condition, retaining the barge would result in the group having to incur resources for the vessel to undergo scheduled maintenance, certification validity and physical or sea trials, said Barakah. The group said the original cost of investment for the barge was RM334.61 million. https://theedgemalaysia.com/node/693672