KUALA LUMPUR (Oct 19): Here is a brief recap of some corporate announcements that made news on Thursday involving Malayan United Industries Bhd, HPP Holdings Bhd, Globaltec Formation Bhd, Global Oriental Bhd, Minho (M) Bhd, Pantech Group Holdings Bhd, Malayan Banking Bhd, AirAsia X Bhd (AAX), Reneuco Bhd and Tenaga Nasional Bhd (TNB).

Malayan United Industries Bhd (MUI Group) has signed a partnership agreement with local data technology provider Fusionex Group to launch a Metrojaya online marketplace that is set to go live in early December. Metrojaya is run by MUI Group’s retail arm MJ Department Stores Sdn Bhd. The marketplace website will operate as an omnichannel platform similar to Shopee, Lazada and Zalora.

Packaging services provider HPP Holdings Bhd saw its net profit fall by 46.5% year-on-year for the first quarter ended Aug 31, 2023 (1QFY2024) amid lower sales in the corrugated and non-corrugated packaging segments as well as the rigid box segment. Net profit dropped to RM2.29 million or 0.59 sen per share for 1QFY2024 from RM4.28 million or 1.1 sen per share a year ago. HPP said sales were weaker, particularly in the consumer electrical and electronics, contraceptive and food and beverages industries.

Globaltec Formation Bhd’s 65%-owned Australian-listed subsidiary NuEnergy Gas Ltd has secured the environmental permit from Indonesia for the Tanjung Enim production sharing contract (PSC) in South Sumatra. Following the receipt of the permit from Indonesia's Ministry of Environment and Forestry, NuEnergy can work towards completion of the final preparations for early gas production for the project. NuEnergy has a 45% participating interest in the Tanjung Enim PSC through its subsidiary Dart Energy (Tanjung Enim) Pte Ltd.

Global Oriental Bhd, whose revenue is mainly derived from property development, is acquiring a 55% stake in a car park management firm to expand its earnings base.The group is buying the stake in Edisijuta Parking Sdn Bhd (EPSB) for RM27.5 million cash from Cahaya Impian Sdn Bhd. Cahaya Impian currently holds a 70% equity interest in EPSB, while the remaining 30% is owned by Edisijuta Sdn Bhd. The group said it believes the acquisition will potentially augur well for its prospects and may contribute positively to its financial performance by contributing a recurring revenue stream.

Timber manufacturer Minho (M) Bhd said it is acquiring a 7.84-hectare piece of freehold land in an industrial area in Kuala Selangor for RM18.41 million.The group plans to construct factories and covered warehouses on the land as part of its long-term plan to relocate some of its operations and existing tenants from its current location on Jalan Kapar. The purchase consideration will be satisfied entirely by cash which will be funded by internally-generated funds and bank borrowings, said Minho.

Pantech Group Holdings Bhd's net profit fell 8.32% to RM28.42 million for the second quarter ended Aug 31, 2023, from RM31 million the year before, on a weaker manufacturing segment due to moderating exports. Earnings per share slipped to 3.44 sen from 3.78 sen. The group maintained a dividend per share of 1.5 sen for the quarter, bringing its dividend for the first half to three sen, also unchanged from last year.

Permodalan Nasional Bhd (PNB) has exercised its put option to dispose of all Maybank Asset Management Group Bhd (MAMG) shares held by the fund to Malayan Banking Bhd for a cash consideration of RM70.39 million in a related party transaction. Maybank said the MAMG shares acquisition represents a total of 20% stake or 8.34 million ordinary shares held by PNB in MAMG. Upon completion of the acquisition, MAMG will be a wholly-owned subsidiary of Maybank.

Medium-haul low-cost carrier AirAsia X Bhd (AAX) suffered a setback on Thursday in its attempt to get itself uplifted from its Practice Note 17 (PN17) status. Bursa, however, has granted AAX an extension of time until Jan 17 next year to submit its regularisation plan to the regulatory authorities. Its latest extension is due to expire on Oct 28. AAX had been granted an extension to submit its regularisation plan on two occasions, first for six months to April 28, and then for a further three months till July 28 this year.

Reneuco Bhd has signed a Memorandum of Understanding with the Petaling Jaya City Council (MBPJ) for rooftop solar photovoltaic installation at Pusat Inovasi MBPJ in Taman Sains Selangor. Reneuco said its wholly-owned subsidiary Reneuco RE was appointed by MBPJ for the proposed installation, which involves 267.3kWp generation capacity. The net energy metering scheme will be conducted as zero-capital expenditure installation for MBPJ, where Reneuco will bear the installation costs and impose a proposed electricity tariff rate of 39 sen/kWh across a 15-year period.

Tenaga Nasional Bhd (TNB) is collaborating with Siemens Energy to speed up the decarbonisation of its thermal power plants, utilising green hydrogen produced from renewable energy (RE) resources. TNB said it has formalised the partnership through a Memorandum of Understanding with Siemens Energy in August at the Energy Transition Conference. The agreement gives TNB access to cutting-edge knowledge and resources in hydrogen-based power generation, specifically on green hydrogen production using electrolyser and RE generation sources such as pumped hydro and solar.