KUALA LUMPUR (May 1): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday (April 30):

Stock exchange operator Bursa Malaysia Bhd net profit rose 34% to RM75.03 million for the financial quarter ended March 31, 2024 (1QFY2024), from RM56.17 million a year before, thanks to higher trading activity and fees from listings and other services. Revenue climbed nearly 20% year-on-year (y-o-y) to RM187.2 million, from RM156.5 million. — Bursa Malaysia’s 1Q net profit surges 34%, optimistic to hit 2024 targets

Sime Darby Plantation Bhd said it plans to change its brand name to SD Guthrie Bhd. “With this change to SD Guthrie, we will be able to assert full control over our identity and explore opportunities that will best serve the interests of our shareholders,” said managing director Datuk Mohamad Helmy Othman Basha. Sime Darby Plantation demerged from Sime Darby Bhd in 2017 and was listed as a separate entity on Bursa Malaysia. — Sime Darby Plantation plans to change name to SD Guthrie

SEG International Bhd’s (SEGi) group managing director and major shareholder Tan Sri Clement Hii has bought over private equity firm Navis Capital Partners Ltd' 20.55% stake in SEGi for RM112.98 million cash or 45 sen per share. This triggered a mandatory takeover offer for the remaining shares in the education group. The offer price represents a 32% discount to SEGi's closing price on Tuesday of 66 sen. — Clement Hii buys out PE fund Navis Capital in SEGi for RM113 mil, triggers mandatory offer

Capital A Bhd CEO Tan Sri Tony Fernandes said the low-cost carrier, which will soon merge with AirAsia X Bhd, will incorporate a “sustainability fee” soon. However, Fernandes did not reveal details on this sustainability fee. — AirAsia will charge 'sustainability fee soon' in airfares

Duopharma Biotech Bhd accepted 11 letters of offers from a subsidiary of Pharmaniaga Bhd to supply 86 pharmaceutical and/or non-pharmaceutical products worth RM578.09 million in total, to government offices and facilities that Pharmaniaga operates. The contracts will be valid and binding until Dec 31, 2026, or until otherwise directed by the Malaysian government. — Duopharma secures RM578 mil supply contracts from Pharmaniaga

Rimbunan Sawit Bhd is expecting around 40% increase in its fresh fruit bunches (FFB) production for the financial year ending Dec 31, 2024 (FY2024) and is anticipating higher crude palm oil (CPO) prices due to growing demand. “In FY2024, our estates are strategically planned to harvest an impressive 352,126 tonnes of fresh fruit bunches [FFB], each fetching an average price of RM648 per tonne,” it said. FFB production stood at 250,750 tonnes in 2023, with an average price of RM661 per tonne. — Rimbunan Sawit expects bumper crop in FY2024, FFB production to grow 40%

MKH Oil Palm (East Kalimantan) Bhd (MKHOP) is the second company this year to conclude its maiden trading day on Bursa Malaysia with its share price slipping below its initial public offering (IPO) price. It closed its debut at an intraday low of 61.5 sen, down half a sen, from its IPO price of 62 sen. Executive director Andy Lee said there will be no replanting exercise in the next few years. Approximately 94.9% of its total planted area comprises mature oil palms aged between 10-16. — MKH Oil Palm sinks at close of its Main Market debut

Logistics solutions provider Tasco Bhd's net profit for the financial quarter ended March 31, 2024 (4QFY2024) fell 18% year-on-year to RM17.86 million, from RM21.8 million, attributable to weaker air freight and ocean freight forwarding divisions, as freight rates fell back to pre-pandemic levels. Revenue however edged up 0.7% to RM268.46 million from RM266.64 million. For the full year FY2024, net profit dropped 32% to RM61.74 million from RM90.8 million, as revenue fell 33.2% to RM1.07 billion from RM1.61 billion. — Tasco’s 4Q profit fell 18% amid lower freight rates; declares 2.35 sen dividend

PT CIMB Niaga Tbk, the 92.5%-owned Indonesian subsidiary of CIMB Group Holdings Bhd, reported a 6.3% year-on-year growth in its consolidated net income for the financial period ended March 31, 2024 (1QFY2024). The bank attributed the improved earnings to healthy loan growth, improved asset quality indicators and effective cost management. Net income rose to 1.68 trillion rupiah (RM493.2 million) from 1.58 trillion rupiah. Earnings per share increased to 66.96 rupiah from 63.42 rupiah. — CIMB Niaga’s 1Q consolidated net income up 6.3%

Atrium Real Estate Investment Trust (REIT) saw its net rental income increase by 20.24% to RM10.65 million for 1QFY2024, from RM9.22 million a year before. Revenue was up 20.29% to RM11.85 million in 1QFY2024 from RM9.85 million a year before, attributed to the rental income generated from the commencement of the lease for the recently completed Atrium Shah Alam 4 property (ASA4), as well as increased rental rates for its existing leases. The REIT has declared the first interim income distribution of two sen per unit. — Atrium REIT 1Q net rental income up 20%, pays 2 sen DPU

KSL Holdings Bhd has proposed to acquire 22 land parcels in Pulai measuring a total of 183.33 acres for RM211.58 million from three units of Tropicana Corp Bhd, with plans to develop 628 units of residential properties beginning 2028. —  KSL buying Pulai land from Tropicana Corp for RM211 mil

GUH Holdings Bhd said its construction division has secured an RM69.49 million contract under the Sungai Rasau water supply scheme project from Gamuda Bhd. The contract involves the installation, commissioning and maintenance of mechanical and electrical processes, surface aeration system, destratification system, and algae control system for the intake and raw water pumping plant and ponds. The job is expected to be completed by June 30, 2025. — GUH secures RM69.49 mil subcontract job from Gamuda

Mentiga Corp Bhd’s external auditor has flagged that the loss-making group's current liabilities have significantly surpassed its group's current assets, based on its financial statements for FY2023. It noted that the group had incurred a net loss of RM12.65 million for the period, while current liabilities exceeded its current liabilities by RM27.16 million at the group level. — Auditor raises doubt about Mentiga's going concern ability as liabilities exceed assets

Chin Hin Group-linked Chiau Haw Loon and Chiau Haw Yew have emerged as the second largest shareholders of Ge-Shen Corp Bhd after acquiring an 18.31% stake in the company. The brothers, via private entity Enrich Signature Sdn Bhd, bought 23 million shares from Ge-Shen’s managing director Chan Choong Kong, who remains as a substantial shareholder. The shares were transacted across three tranches at RM30.36 million or RM1.32 per share, Bloomberg data showed. Shares of Ge-Shen averaged at around RM1.34 last year, but closed at RM3.89 on Tuesday. —  Chin Hin’s Chiau family buys 18.31% in Ge-Shen for RM30.36 mil

Green Packet Bhd is undertaking a private placement of 598.48 million shares representing 30% of its issued shares for 3.2 sen apiece or RM19.15 million. The placement shares will be subscribed by six individuals under subscription agreements signed with Green Packet. Funds from the placement will be used to fund its joint venture (JV) to collaborate with the Sri Lankan government on an integrated tourism digital platform in that country (RM10 million); money lending business (RM6 million), and working capital (RM2.86 million). —  Green Packet undertakes 30% private placement to raise RM19.15 mil at 3.2 sen a share

Fraser & Neave Holdings Bhd (F&N) posted a net profit of RM165.41 million in the second quarter ended March 31, 2024 (2QFY2024), higher by 63.48% compared to RM101.18 million a year before, driven by higher sales amid Chinese New Year and Hari Raya festival seasons and better margins. — Festive sales and better margins lift F&N’s 2Q net profit by 63%