KUALA LUMPUR (March 29): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday: 

The government has offered Gamuda Bhd’s 60%-owned SRS Consortium Sdn Bhd civil works contracts on the first segment of the Penang Light Rail Transit (Penang LRT) and hopes to conclude talks with the company within six months. SRS Consortium is being offered the contract on the so-called single sourcing request-for-proposal mechanism based on the request by the Penang state government, that had appointed SRS Consortium as the project delivery partner back in August 2015. The value and details of the contracts are subject to negotiations between SRS Consortium and project owner Mass Rapid Transit Corporation Sdn Bhd, which is wholly-owned by the Finance Ministry. — Govt offers Gamuda’s 60%-owned SRS Consortium works on first segment of Penang LRT

Capital A Bhd said it has signed letters of intent with two Singapore-based companies for collaboration on travel and e-commerce services, as well as fintech solutions within the Asean region for airline passengers travelling to and from China. The two companies are Advanced New Technologies (Singapore) Holding Pte Ltd (ANT), which offers digital payment and financial services solutions, and Trip.com Travel Singapore Pte Ltd (Trip), a subsidiary of China-based Trip.com Group Ltd, which provides hotel bookings, flight reservations and travel recommendations on its platform. The letters of intent do not hold any commercial value and are not expected to have any financial effects on Capital A. — Capital A teams up with two Singapore-based firms on travel, e-commerce services for Asean-China passengers

The board of directors of Cypark Resources Bhd has requested selected key senior management officers, including its group chief executive officer Datuk Daud Ahmad, to go on unrecorded leave in order to facilitate a fully independent and transparent review process. Cypark said this is part of the ongoing strategic review of its business that commenced on Feb 28. The group had on Feb 28 redesignated its chair Datuk Hamidah Moris as executive chair, and non-executive director Muhammad Ashraf Muhammad Amir as executive director. Cypark said that with the redesignation of Hamidah and Muhammad Ashraf to executive positions "to assume the senior leadership responsibilities in the interim, the continuity of projects and business operations during this period remain as usual". — Cypark CEO put on unrecorded leave as part of 'strategic review'

Separately, Cypark reported a net loss of RM27.7 million for its third quarter ended Jan 31, 2024 on revenue of RM35.89 million. Cypark said the net loss largely stemmed from losses recorded by its waste management and waste-to-energy division due to adjustments made on amortisation on trade receivables. The amortisation was readjusted to a concession term basis that was consistent with the prior year's amortisation. There are no comparative figures given that the group had changed its financial year end from Oct 31, 2022 to April 30, 2023. — Cypark records 3Q net loss of RM27.7 mil on amortisation expenses adjustments

Mudajaya Group Bhd has redesignated its group managing director and chief executive officer James Wong Tet Foh as executive chairman, effective April 1, 2024. Wong, 63, succeeds Lee Eng Leong, 56, who is stepping down due to personal reasons. Lee, who holds a 0.09% stake in Mudajaya Group, will remain as an adviser to the group for the next few months to ensure smooth leadership transition, together with the support of the board, Mudajaya's bourse filing showed. Mudajaya also appointed Alvin Chew Chee Wai, 45, who is currently heading its construction division, as acting group chief operating officer to help oversee the group's operations, covering the construction, trading and manufacturing, property as well as power divisions. — Mudajaya redesignates James Wong as executive chairman

Stronger furniture demand from North America lifted Poh Huat Resources Holdings Bhd's net profit for its first quarter up 50.94% to RM10.3 million from RM6.83 million in the corresponding quarter a year ago. The better earnings for the three months ended Jan 31, 2024 were also due to higher other income of RM1.71 million, mainly due to interest income of RM1.47 million, as opposed to other expenses of RM5.49 million that it recorded a year before. Quarterly revenue rose 9.71% to RM131.14 million from RM119.53 million. — Poh Huat reports 51% jump in 1Q profit amid stronger furniture demand from US

Sapura Resources Bhd swung into the red in the financial year ended Jan 31, 2024 with a net loss of RM35.85 million, versus a net profit of RM79.62 million a year ago as higher revenue was more than offset by smaller reversal on impairment and reduction of other income. During the year under review, the group posted a reversal for impairment of non-current assets of RM46.21 million versus RM123 million a year ago. Other income was RM13.77 million versus RM43.09 million. Cumulative revenue for FY2024, which ended on Jan 31, 2024, showed an improvement of 10.09%, reaching RM58.66 million compared with RM53.29 million. — Sapura Resources posts lower 4Q profit, closing FY2024 in the red

Confinement centre operator LYC Healthcare Bhd said its 64.5%-owned subsidiary LYC Medicare Singapore Ltd has lodged a new preliminary offer document with Singapore Exchange Ltd (SGX) for its listing proposed on the SGX’s Catalist board. LYC Healthcare said that Evolve Capital Advisory Private Ltd will be the new sponsor to guide the initial public offering (IPO) for LYC Medicare. LYC Medicare appointed Evolve last October after its previous sponsor and issue manager ZICO Capital Pte Ltd discontinued its services for the proposed listing. — LYC Healthcare unit files fresh preliminary offer document for SGX listing

Oil palm plantation player MKH Oil Palm (East Kalimantan) Bhd began taking orders from investors for its IPO on the Main Market that would raise up to RM155.43 million. The IPO, which is priced at 62 sen apiece, comprises a public issuance of 220 million new ordinary shares, as well as an offer for sale of 30.7 million existing shares. Out of the 220 million new shares, the company allocated 51.21 million shares to the public, while 168.79 million shares are reserved for private placement to select investors. Applications for the IPO will be closed on April 16, while the listing is set for April 30. With an enlarged share capital of 1.02 billion shares, the group will have a market capitalisation of RM634.6 million upon listing. — Main Market-bound MKH Oil Palm begins taking orders for RM155.43 mil IPO