KUALA LUMPUR (March 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Malaysia Airports Holdings Bhd (MAHB) and the government on Monday signed new operating and land lease agreements that extend the airport operator’s concession to manage 39 airports in the country to Feb 11, 2069, from 2034 previously. The new OAs offer MAHB “flexibility” to pursue strategic investments needed, including partnering with any external parties to improve capacity, facilities and infrastructure of the airports, the company said. Under the new OAs, MAHB is allowed to undertake development capital expenditure (capex) apart from the government, and the capex recovery model can be done through various measures, including the airport development fund (ADF), project financing from the capital market, funds provided by the government or any other bankable financing model agreed between both parties. — MAHB enters into new operating agreements with govt, extends concession for another 35 years

Apollo Food Holdings Bhd’s net profit for its third quarter ended Jan 31, 2024 (3QFY2024) rose to RM30.24 million from RM10.82 million a year ago, lifted by gain on disposal, improved margins and higher domestic sales. It declared a dividend of 50 sen per share for the quarter, bringing its year-to-date dividend to 70 sen per share — up from 25 sen per share for the entirety of FY2023. For the nine months ended Jan 31 (9MFY2024), the one-off disposal gain helped Apollo book a net profit of RM47.83 million, up 92.5% or RM22.99 million from RM24.84 million recorded in the same period last year. — Apollo declares 50 sen dividend as 3Q profit nearly triples on disposal gain

Garment and packaging products maker Magni-Tech Industries Bhd’s net profit for the third quarter ended Jan 31, 2024 (3QFY2024) rose 91.88% to RM39.38 million from RM20.52 million a year earlier, as higher garment sales were slightly bolstered by a foreign exchange gain. Revenue for the quarter increased 39.16% to RM392.19 million versus RM281.83 million previously, on the back of the higher garment sales. For the nine months ended Jan 31, 2024 (9MFY2024), Magni-Tech posted a net profit of RM93.89 million on the back of cumulative revenue that stood at RM1 billion. — Magni-Tech 3QFY2024 profit jumps 92%, raises dividend to 3.5 sen

The mandatory general offer (MGO) by JAG Capital Holdings Bhd for KUB Malaysia Bhd, at 60 sen per share, has seen it obtain 163.82 million shares, equivalent to a 29.44% stake, in KUB. This has bumped up JAG’s shareholding in KUB to 62.72% or 349 million shares. JAG said in the circular to shareholders that it does not intend to keep KUB’s listing status if it secures 90% of all KUB shares, but would keep KUB listed if it secures between 75% and 90%. — After MGO, Johari Ghani’s JAG now controls 62.72% stake in KUB

Epicon Bhd, through a subsidiary, has secured a contract for main building works worth RM191.13 million from Maju Teluk Batik Sdn Bhd. The contract comprises main building works of two apartments, one carpark building, ancillary building, mechanical and electrical services, and infrastructure and landscape works for a mixed-use development in Bandar Meru Raya, Perak. It is expected to commence on March 19 and be completed in 36 months. — Epicon secures RM191 mil mixed-use development contract in Perak

ITMAX System Bhd, through its 65%-owned subsidiary Southmax Sdn Bhd, has secured a video surveillance and traffic light system services contract worth RM77.09 million from the Kulai Municipal Council. The contract period spans from March 23, 2024 to March 25, 2039 and is expected to contribute positively towards the company's earnings until the end of the 15-year period. — ITMAX’s subsidiary gets 15-year contract worth RM77m from Kulai Municipal Council

Plastic injection moulding and metal stamping company Ge-Shen Corp Bhd has received an unusual market activity query from Bursa Malaysia on Monday, after its share price surged 24.3% or 78 sen to its highest on record of RM3.99. On the same day, Ge-Shen announced it was buying a 60% stake each in Amity Research & Development Sdn Bhd (ARD) and Amity Technical Services & Consultancy (M) Sdn Bhd (ATSCM), for RM13.5 million cash, to strengthen its position in the electrical and electronics (E&E) sector and expand its income stream. — Ge-Shen gets UMA query as share hits record, announces more acquisitions

Globaltec Formation Bhd said its Australian-listed NuEnergy Gas Ltd has secured an extension until Sept 17, 2025 to undertake exploration of its Muara Enim production sharing contract (PSC) in South Sumatera, Indonesia. The additional exploration time for the onshore asset was granted by Indonesia’s Ministry of Energy and Mineral Resources. The extension will allow NuEnergy to carry out activities to determine the gas productivity of the PSC and to submit a plan of development. — Globaltec gets more time to undertake South Sumatera gas exploration

Integrated facilities management group GFM Services Bhd has proposed a bonus issue of free warrants on the basis of one warrant for every two existing shares held. The exercise price of the warrants has been fixed at 21 sen per share. Assuming the full exercise of warrants, the company is expected to raise gross proceeds of up to RM79.74 million for working capital. — GFM Services proposes one-for-two bonus issue of warrants

Auto parts manufacturer New Hoong Fatt Holdings Bhd (NHF) has proposed to undertake a share split involving the subdivision of every one share into two shares in a move to improve trading liquidity. As at March 15, the issued share capital of NHF was RM82.67 million which will remain unchanged upon completion of the share split. However, the total number of NHF shares of 82.67 million will be subdivided and enlarged to 165.34 million shares. — New Hoong Fatt proposes one-into-two share split to improve trading liquidity

Frozen seafood company SBH Marine Holdings Bhd began taking orders from investors for its initial public offering (IPO) that would raise up to RM50.6 million. The IPO, priced at 22 sen per share, involves a public issue of 180 million new ordinary shares, and an offer for sale of 50 million existing ordinary shares, according to its prospectus. All in all, the IPO involves sale of about 26% stake, and would value the company at RM195.36 million. Applications for the IPO shares will close on March 25, with listing on the ACE Market scheduled for April 8. — SBH Marine starts taking orders from investors for RM50.6 million IPO & SBH Marine to ramp up exports to China, eyes transfer to Main Market in three years