KUALA LUMPUR (April 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Chin Hin Group Bhd has increased its stake in Chin Hin Group Property Bhd (CHGP) by 3.39% to 57.13% for RM29.26 million, buying 22.39 million shares at an average price of RM1.305 each between March 19 and April 4, 2024.The stake purchase in CHGP, which was entirely internally funded, is premised on CHGP’s prominent future earnings prospects and orderbook in the construction business. — Chin Hin ups stake in Chin Hin Group Property to 57.13% amid share price rally

Retirement Fund Inc (KWAP) has increased its stake in Farm Fresh Bhd by purchasing an additional four million shares, totaling a 5.07% stake. The purchase, amounting to a 0.21% stake, exceeded the 5% threshold for substantial shareholders. KWAP's current ownership includes a direct stake of 2.45% and an indirect stake of 2.62%. Although the purchase price was not disclosed, based on the company's closing price of RM1.43, the value of the shares is estimated at approximately RM5.72 million. KWAP is now Farm Fresh's sixth largest shareholder, trailing Rainforest Capital Sdn Bhd, FarmChoice Foods Sdn Bhd, Agrifood Resources Holdings Sdn Bhd, the Employees Provident Fund and Abrdn plc. — KWAP now a substantial shareholder as it raises stake in Farm Fresh to 5.07%

UEM Edgenta Bhd has secured contracts for hospital support services in Singapore for five years, valued up to RM963.49 million. The contracts, facilitated by its Singapore-based subsidiary UEMS Solutions Pte Ltd, will contribute positively to future earnings and net assets per share. Although the number of hospitals involved was not disclosed, the total contract value ranges from RM934.57 million to RM963.49 million, subject to the finalisation of manpower resources. The contracts will not impact the company's issued share capital or the shareholding of substantial shareholders. — UEM Edgenta unit bags hospital support services contracts in Singapore worth up to RM963m

KLCC Property Holdings Bhd (KLCCP) has issued Sukuk Wakalah worth RM1.95 billion to finance the acquisition of a 40% stake in Suria KLCC Sdn Bhd. The sukuk, with a tenure of three to five years, offers a periodic distribution rate of 3.73% to 3.85% per annum. KLCCP currently holds a 60% stake in Suria KLCC and aims to acquire the remaining 40% by the second quarter of 2024. The issuance is part of KLCCP's RM5 billion sukuk programme, rated 'AAA' by RAM Rating Services Sdn Bhd, and the proceeds will fund various needs including working capital, acquisitions, investments and existing borrowings within the KLCCP Group. — KLCCP issues RM1.95b sukuk to fund 40% stake buy in Suria KLCC

MMAG Holdings Bhd's subsidiary, MJets Air Sdn Bhd, has been appointed to provide a regional cargo feeder network using narrowbody freighters for MAB Kargo Sdn Bhd (MASKargo) starting May 1, 2024, for a six-month period. The appointment follows MJets Air's acceptance of a letter of award from Malaysia Airlines Bhd, a subsidiary of Malaysia Aviation Group Bhd. MMAG stated that within 60 days of the letter of award, the parties will finalise an agreement regarding charters and other conditions. The contract is expected to positively impact MMAG's overall earnings and earnings per share for the fiscal year ending March 31, 2025. — MMAG appointed narrow body freighter operator for MASKargo

Plantation and healthcare group TDM Bhd clarified that it has no intention of listing its healthcare arm, KMI Healthcare Sdn Bhd. The company emphasised its commitment to growing its businesses as outlined in its strategic plan. TDM's recent trading activities have led to a rise in its share price to a three-year high, reaching 32.5 sen amid growing market valuation ascribed to its healthcare-related businesses, particularly after the RM5.7 billion disposal of Ramsay Sime Darby Health Care Sdn Bhd to Columbia Asia Healthcare Sdn Bhd. Despite the surge in its share price, TDM stated it is unaware of any undisclosed corporate developments that could explain the recent trading activity. — TDM says no listing plan for its healthcare arm

Property developer Mah Sing Group Bhd has acquired a parcel of land in Pulai, Johor Bahru for RM103.75 million in cash through its subsidiary, Venice View Development Sdn Bhd. This marks the group's second land purchase within four months. The land is designated for a residential development project named M Tiara 2, with a gross development value of RM1.45 billion. Financing for the acquisition and development will be sourced from internally generated funds or bank borrowings. The group views this acquisition as a strategic response to the increasing demand in Johor's property market, driven by infrastructure projects like the Johor Bahru-Singapore Rapid Transit System and the potential revival of the KL-Singapore high-speed rail project, alongside plans for the Johor-Singapore special economic zone aimed at enhancing economic activities in the region. — Mah Sing bags Pulai land for RM103.7 mil, second land purchase in four months

Haily Group Bhd has secured a contract valued at RM59.46 million for a terrace house construction project in Johor Bahru. Awarded by Austin Senibong Development Sdn Bhd, the contract involves construction of 220 double-storey terrace houses and one main switch station. Haily is tasked with completing two show houses and the switch station by Oct 21, 2024, in Section 1, and delivering 218 units of double-storey terrace houses by Sept 21, 2025, in Section 2. — Haily wins RM60 mil housing job in Johor

Fast Energy Holdings Berhad, a loss-making oil bunkering services provider, has become a significant shareholder in Vsolar Group Bhd by subscribing to 140 million shares in Vsolar's rights issue at 10 sen each, totaling RM14 million. This subscription grants Fast Energy a 28.15% stake in Vsolar, which operates in renewable energy, media publishing, software solutions and production house businesses. However, complete details of all shareholding changes resulting from the rights issue have not been disclosed just yet. The only disclosed change involves Vsolar executive director Koo Kien Yoon, who increased his stake to 15.1% by subscribing to 75 million shares. — Fast Energy pays RM14m for 28.15% stake in Vsolar via rights issue