KUALA LUMPUR (March 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Top Glove Corp Bhd's net loss for the second quarter ended Feb 29, 2024 narrowed to RM51.19 million from RM164.67 million a year earlier, fuelled by stronger sales volume growth, as customers placed new orders following the depletion of excess inventory. Revenue for the quarter came in lower at RM550.33 million versus RM618.01 million the year prior. For the cumulative six months, its net loss narrowed to RM108.91 million from RM332.90 million a year ago, while revenue declined to RM1.04 billion from RM1.25 billion. — Top Glove's 2Q net loss narrows to RM51.19m despite lower revenue

At a media briefing, Top Glove's executive chairman Tan Sri Lim Wee Chai said the group is keeping to its target to return to the black as early as August this year, as demand for gloves continues to pick up after two years of inventory destocking due to excess capacity built up during the Covid-19 pandemic. The group previously said the same in December last year, when it saw month-on-month jump in orders of about 30%-40%. The group is expecting its revenue to jump by more than 20% in its 3QFY2024 ending May 31, after it observed increasing sales for March and April as well as an upward adjustment of the average selling price (ASP) of gloves. — Top Glove targets return to profit in two more quarters as glove demand recovers

Eco World International Bhd (EWI) returned to the black with a net profit of RM182,000 for the first quarter ended Jan 31, 2024 (1QFY2024), after nine consecutive quarters of losses. Revenue jumped 41.6% to RM31.67 million from RM22.37 million previously, driven by the sale of higher priced commercial units. Earnings for 1QFY2024 were boosted by foreign exchange gains due to the appreciation of the British pound against the Malaysian ringgit as a result of the repayment of advances made by its joint venture company Ecoworld-Ballymore and the conversion of British pound-denominated bank balances. — Eco World International posts RM182,000 net profit after nine straight quarters of losses

Scientex Packaging (Ayer Keroh) Bhd’s net profit for the second quarter shrank 40.06% mainly due to lower revenue, higher electricity costs and changes in product mix. Net profit for the three months ended Jan 31, 2024 (2QFY2024) declined to RM8.02 million from RM13.38 million a year earlier. Revenue for 2QFY2024 fell 11.2% to RM175.84 million from RM198.06 million on lower demand from its export markets. For the first half of FY2024, the group’s net profit dropped 38.7% to RM15.72 million from RM25.65 million a year ago as revenue decreased by 15.3% to RM348.82 million from RM411.98 million. — Scientex Packaging’s 2Q profit shrinks 40% on lower revenue, higher electricity costs

Yinson Holdings Bhd has proposed a private placement of 120 million new shares with a fixed issue price of RM2.36 per share, to raise RM283.2 million. The proceeds will primarily be used to facilitate the group's energy transition and for expansion of its renewable energy and green technology business. The deal, done after a one-for-one bonus issue, was further sweetened by three free detachable warrants with every seven rights shares subscribed, at the exercise price of RM2.29 apiece. — Yinson plans private placement to raise RM283m to expand renewable energy business

FM Global Logistics Holdings Bhd is buying two more plots of freehold land totalling 5.66 acres in the Setia Alaman Industrial Park, Klang, from property developer Petaling Garden Sdn Bhd for RM37.72 million, cash, or RM153 per sq ft. The latest acquisition comes shortly after the international freight services provider's announcement in January that it was buying 5.68 acres of land in the same industrial park from Petaling Garden, also at RM153 per sq ft, for RM37.86 million. Petaling Garden is a wholly-owned subsidiary of I&P Group Sdn Bhd, which is in turn wholly-owned by S P Setia Bhd. — FM Global Logistics buys two more plots of land in Setia Alaman Industrial Park for RM37.7m

Kelington Group Bhd through its 90.71%-owned subsidiary has inked a land lease agreement with the Terengganu State Economic Development Corporation to lease a parcel of land measuring 130,678.86 sq ft in Kerteh for an initial term of 30 years, with a further 30-year extension option, starting Feb 1, 2024 to Jan 31, 2084. The move aligns to support Kelington's expansion in the liquid carbon dioxide (LCO2) manufacturing segment. With its first LCO2 plant achieving full capacity utilisation of 50,000 tonnes per year, Kelington said that the group’s second plant, with an even larger capacity of 70,000 metric tonnes per year, brings it a combined capacity of 120,000 metric tonnes per year. — Kelington inks 30-year land lease agreement with Terengganu state govt

The Fyne Field oil field development licence for Hibiscus Petroleum Bhd's unit has been extended by 30 months by the UK's North Sea Transition Authority (NSTA). Hibiscus’ indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd owns a 42.5% stake in the licence, with Ping Petroleum UK Plc, an indirect subsidiary of Dagang NeXchange Bhd, holding another 42.5% interest. Rapid Oil Production Ltd owns the remaining 15%. NSTA approved the extension request for the second term of the licence from March 31, 2024 to Sept 30, 2026. — Hibiscus Petroleum secures 30-month extension for Fyne Oil Field licence

SCGM Bhd’s substantial shareholders are injecting their agriculture-related business into the cash company as part of plans to regularise the listed entity after disposing of its core business back in 2022. It has entered into a heads of agreement (HOA) to acquire Eramas Global Group Sdn Bhd from Chin Kok Tian, Yan Hua Lan, Tan Ah Tek, Gan Chuan Lee, Tey Chee Chin, Tan Tai Chong and Lau Sie Khian at a price to be determined. The proposed acquisition is deemed a related party transaction because Chin, Yan and Ah Tek collectively hold a 24.15% stake in SCGM. SCGM is proposing to satisfy the purchase consideration either by way of cash or issuance of new shares at an issue price of 61.5 sen apiece. — SCGM’s substantial shareholders planning injection of agriculture business to regularise cash company status

Newly-listed Master Tec Group Bhd’s recent sharp rise in its share price has attracted scrutiny from Bursa Malaysia, which issued an unusual market activity (UMA) query to the Melaka-based electricity cable maker. The counter was already rising in February, logging an 88% gain in the month alone to close at 65 sen on Feb 29. It continued to ascend this month, enjoying a rather steep climb since March 14, giving it a month-to-date gain of 74%. Master Tec also announced that co-founder Datuk Lau Kim San acquired 10 million shares in the group from the open market. Lau owns an 18% direct interest or 183.4 million shares in Master Tec, while having a 55% indirect stake or 561.02 million shares through private vehicle MTPC Sdn Bhd. — Master Tec gets UMA query less than two months after listing