KUALA LUMPUR (June 24): Here is a brief recap of Tuesday’s top local business news and corporate announcements:

SD Guthrie Bhd (KL:SDG) will sell a 300-acre land and set up a joint venture (JV) to develop an industrial park on an additional 300 acres of land with the Negeri Sembilan government. The 600-acre site is located in SD Guthrie’s Sengkang Estate in the district of Port Dickson. Finalisation of a master plan is targeted for the first quarter of 2026 followed by infrastructure works for the industrial park that will start in the next quarter. SD Guthrie and Menteri Besar Inc Negeri Sembilan (MBINS) have formalised the partnership through a sale and purchase agreement for the 300-acre land and a memorandum of understanding for the JV. — SD Guthrie to sell 300-acre land, to develop another 300 acres into industrial park

IGB Real Estate Investment Trust (KL:IGBREIT) is planning to buy the Mid Valley Southkey Mall in Johor Bahru for RM2.65 billion in a cash-and-units deal, marking its maiden foray into Johor. The five-storey mall, with over 1.5 million sq ft of net lettable area, forms part of the integrated Mid Valley Southkey development located near the Johor-Singapore Causeway. The trustee for IGB REIT, MTrustee Bhd, has signed a conditional sale and purchase agreement with Southkey Megamall Sdn Bhd (SMSB) for the related-party acquisition. SMSB is a 70%-owned unit of IGB Bhd, the sponsor and major unitholder of IGB REIT with a 53.9% stake. — IGB REIT to acquire Mid Valley Southkey Mall in Johor for RM2.65 bil

Crest Builder Holdings Bhd (KL:CRESBLD) has secured a RM233.3 million contract to build two blocks of serviced apartments in Taman Mutiara Bukit Jalil, Kuala Lumpur. The 36-month contract was awarded by Sunway Flora Sdn Bhd, a member of the Sunway group, to its subsidiary Crest Builder Sdn Bhd. — Crest Builder bags RM233.3 mil serviced apartment job in Bukit Jalil

LEAP Market-listed Uni Wall APS Holdings Bhd (KL:UNIWALL) has secured a RM89.64 million sub-contract for facade, aluminium, and glazing works at the Pavilion Damansara Heights project in Kuala Lumpur. The contract, covering three towers, was awarded to its unit Uni Wall Facade Sdn Bhd by BUCG (M) Sdn Bhd, a construction company jointly owned by Beijing Urban Construction North Group Co Ltd and Bayu Semangat Sdn Bhd. — Uni Wall secures RM90 mil sub-contract for Pavilion Damansara Heights project

UEM Sunrise Bhd (KL:UEMS) expects little impact from the expanded sales and service tax (SST) as most of its new projects are residential and mostly exempt from the 6% tax on construction services, said its officer-in-charge and chief financial officer Hafizuddin Sulaiman.“We had anticipated the potential impact and have already accounted for SST implications in our ongoing construction contracts. Approximately 90% of our current launches are residential in nature and will not attract the expanded tax,” Hafizuddin said in an emailed response to The Edge's queries. — UEM Sunrise expects little impact from expanded SST, says most projects exempt

Newly-Main Market listed Cuckoo International (MAL) Bhd (KL:CKI) plans to sharpen its focus on rice cookers and move beyond its mainstay water purifiers to sustain growth. The company plans to position rice cookers as its new “prime product”, as well as open 10 brand shops in Malaysia to leverage its recurring rental-based model, to build long-term brand recognition, chief operating officer Toh Seng Lee told reporters after the group’s listing ceremony. The stock ended its maiden trading day flat, closing at RM1.08 —  unchanged from its initial public offering price —  giving it a market capitalisation of RM1.6 billion. — Cuckoo International to sharpen focus on rice cookers in Malaysia

China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL) said it has "wholly disputed" an alleged outstanding payment claim of RM15.22 million made by a subsidiary of Advancecon Holdings Bhd in relation to the latter's works on the East Coast Rail Link (ECRL) project. CCC-ECRL confirmed that it had received the notice of adjudication from the Advancecon subsidiary, Advancecon Infra Sdn Bhd, which alleged outstanding payments for subgrade, drainage, and culvert works carried out under two sub-contract for the ECRL project. — CCC-ECRL disputes Advancecon's RM15.2 mil claim for ECRL works

Glomac Bhd's (KL:GLOMAC) net profit dropped 84.16% to RM2.41 million for its fourth quarter ended April 30, 2025 (4QFY2025) from RM15.24 million a year earlier, mainly due to higher taxation. Quarterly revenue rose 20.17% year-on-year to RM74.94 million from RM62.36 million, mainly driven by its property development segment, supported by the commencement of revenue recognition from new ongoing projects. The group declared a final dividend of 1.25 sen per share for the quarter under review. — Glomac's 4Q net profit falls 84% on higher taxation

PeterLabs Holdings Bhd (KL:PLABS) said Datuk Loh Saw Foong, who was suspended from the company's board on May 13, has been allowed to resume his role as executive director with immediate effect. The board also decided to lift the suspension of Loh's position as general manager of PeterLabs's subsidiary Thye On Tong Trading Sdn Bhd (TOT). The lifting of the suspension is subject to revised terms of duties and responsibilities, the company added. — PeterLabs lifts suspension of Loh Saw Foong as executive director

Hektar Real Estate Investment Trust (KL:HEKTAR) plans to acquire a 90% equity stake in Terramark Sdn Bhd, which owns a 197.76-acre leasehold land in Perlis earmarked for a private solar farm project. MTrustee Bhd, acting on behalf of Hektar REIT, has entered into an agreement with Wan Realty Sdn Bhd and Darul Modal Sdn Bhd for the acquisition, valued at RM26 million. — Hektar REIT to acquire 90% stake in Perlis land for solar farm project

Parkson Holdings Bhd (KL:PARKSON), whose shares have climbed 24.4% since June 19, has a new substantial shareholder in Irelia Management Sdn Bhd. Irelia Management acquired 78.3 million shares or a 6.815% stake in the department store operator via open market transactions between June 20 and 24. — Parkson has a new substantial shareholder, Irelia Management

AE Multi Holdings Bhd’s (KL:AEM) largest shareholder Erdasan Group Bhd (KL:ERDASAN) has offloaded a 5.96% stake in the electronics component maker. Erdasan’s (formerly known as AT Systematization Bhd) wholly owned unit AT Precision Tooling Sdn Bhd disposed of 12.9 million shares in AE Multi via the open market on June 20. Following the disposal, Erdasan remains AE Multi’s largest shareholder with a 25.37% stake. — AE Multi’s largest shareholder Erdasan sells 5.96% stake in company

Data storage and cloud specialist Kronologi Asia Bhd (KL:KRONO) is optimistic about its outlook for the financial year ending Jan 31, 2026 (FY2026), supported by the growing trend of data capacity expansion that it sees, despite prevailing macroeconomic uncertainties, chief executive officer Edmond Tay Nam Hiong told reporters. The company recorded RM301.6 million in revenue for FY2025, little changed from RM301.39 million in FY2024. Net profit for FY2025 rose to RM11.47 million from RM8.63 million in FY2024, due to supply chain optimisation and cost reduction, as well as a reversal of deferred tax liabilities. — Kronologi Asia optimistic about FY2026 outlook on growing data demand