Maxis, CelcomDigi, YTL Power, TM, MAHB, Superlon, Cypark, NTPM, MCE, Astino, Hiap Teck, CIMB, Sentoria, UEM Sunrise, Haily, Coastal Contracts

KUALA LUMPUR (June 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Digital Nasional Bhd announced on Friday that four mobile network operators (MNOs) have each completed their respective share subscription agreements (SSAs) and acquired a 16.3% stake in the company — higher than the 14% they were initially expected to take up — as Telekom Malaysia Bhd (KL:TM) has yet to complete its SSA. DNB said the four MNOS, namely namelyCelcomDigi Bhd through Infranation Sdn Bhd, Maxis Broadband Sdn Bhd (Maxis Bhd's Broadband arm), U Mobile Sdn Bhd and YTL Power International Bhdthrough YTL Communications Sdn Bhd, now collectively own 65.1% in DNB. This leaves the Malaysian government, represented by the Minister of Finance (Inc), with a 34.9% stake and a special share in DNB, which it will hold for a designated period. — Maxis, CelcomDigi, U Mobile and YTL Power now own 16.3% each in DNB instead of 14%, as TM yet to take up its portion

Malaysia Airports Holdings Bhd’s (KL:AIRPORT) two subsidiaries are seeking a summary judgement from the High Court against MYAirline Sdn Bhd in their claim for RM17.74 million owed by the troubled carrier. The move against MYAirline has not been reported previously. MYAirline had sought to strike out the bid for summary judgement by Malaysia Airports Sdn Bhd (MASB) and Malaysia Airports Sepang Sdn Bhd (MASSB), for which oral submissions were heard on Friday before Judicial Commissioner Gan Techiong. — MAHB units seek summary judgement against MYAirline

Rubber products manufacturer Superlon Holdings Bhd’s (KL:SUPERLN) net profit jumped more than threefold for 4QFY2024, thanks to higher gross profit amid increased demand for its products and lower effective group taxation. Net profit surged to RM2.05 million from RM608,000, as revenue climbed 26.4% to RM30.9 million from RM24.43 million a year earlier due to higher sales volume. The increase in profitability is also attributable to lower material costs and favourable exchange rate movements. — Superlon’s 4Q net profit jumps threefold

Green energy solutions group Cypark Resources Bhd (KL:CYPARK) registered a net loss of RM57.92 million for 4QFY2024 on revenue of RM56.32 million. There were no comparative figures as the group had changed its financial year end from Oct 31, 2022 to April 30, 2023. Cypark said the loss stemmed from a RM46 million derecognition of deferred tax assets in certain entities within the group, following the assessment conducted in line with the MFRS112 Income Tax requirements, as well as administration costs, particularly higher professional fees. — Cypark posts RM58 mil net loss in 4Q on derecognition of deferred tax assets

NTPM Holdings Bhd (KL:NTPM) slipped into the red in 4QFY2024 from a year earlier, dragged down by losses in its tissue paper products business segment. The group posted a net loss of RM10.99 million compared with a net profit of RM3.85 million in 4QFY2023. — NTPM slips into the red in 4Q amid losses in tissue paper products business

MCE Holdings Bhd (KL:MCEHLDG) saw its net profit plummet by 48.6% for 3QFY2024 due to higher operating expenses and effective tax rates. Net profit fell to RM2.42 million from RM4.7 million a year earlier, while revenue declined by 4.4% year-on-year to RM37.39 million from RM39.13 million. It attributed the lower revenue to two major festive holidays during the quarter, resulting in fewer working days. — MCE’s 3Q profit down 49% on higher operating expenses, tax rates

Astino Bhd's (KL:ASTINO) net profit fell 36.7% to RM8.04 million in 3QFY2024 from RM12.71 million a year earlier, due to a decline in sales and profit margin. Earnings per share dropped to 1.65 sen compared with 2.59 sen in 3QFY2023. No dividend was declared for the quarter under review. Quarterly revenue declined 13% year-on-year (y-o-y) to RM135.6 million from RM155.9 million, due to fewer business days as the Lunar New Year and Hari Raya Puasa occurred during this period. Its quarterly revenue was the lowest in two years, since 1QFY2022, when it posted RM136.5 million. — Astino's 3Q net profit falls 37% amid decline in sales and profit margins

Hiap Teck Venture Bhd’s (KL:HIAPTEK) net profit surged threefold to RM46.82 million for the third quarter ended April 30, 2024 (3QFY2024), from RM15.03 million a year earlier, driven by a higher share of profit from a joint venture (JV) company. Earnings per share for 3QFY2024 improved to 2.69 sen, from 0.86 sen previously. Revenue increased by 7.14% to RM399.68 million from RM373.03 million on higher sales volumes, despite lower average selling prices. — Hiap Teck’s 3Q net profit triples, lifted by higher JV contribution

Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz, former managing director and chief executive officer (CEO) of the now-defunct Malaysian Airline System Bhd (MAS), has joined the board of CIMB Group Holdings Bhd (KL:CIMB), the country's second largest lender, as non-independent non-executive director effective July 1. Azmil, 54, is currently the chairman of CelcomDigi Bhd (KL:CDB) and also independent director of Sime Darby Bhd (KL:SIME). — Former MAS CEO Tengku Azmil joins board of CIMB

Sentoria Group Bhd (KL:SNTORIA) announced that its CEO Datuk Loh Yuen Tuck will resume his duties immediately after a one-month suspension, due to alleged misconduct. The board further announced that the company has decided to proceed with the inquiry and discussion internally with the affected parties to form an amicable decision or solution in the best interest of the company. As such, the appointment of an external inquiry team will be “unnecessary”. — Sentoria CEO Loh Yuen Tuck resumes duties after one-month suspension

Property developer UEM Sunrise Bhd said it will file an appeal with the High Court here after the Special Commissioners of Income Tax ruled in favour of the Inland Revenue Board (IRB) that the additional tax and penalty totalling RM73.84 million is to be maintained. On Oct 3, 2011, UEM Sunrise's indirect wholly owned subsidiary Bandar Nusajaya Development Sdn Bhd had received a notice of additional assessment from the IRB for additional tax and penalty for the year of assessment 2006, which resulted in an additional tax payable of RM73.84 million. UEM Sunrise said the amount was paid on Dec 5, 2016. — UEM Sunrise to file appeal over RM74 mil additional tax and penalty paid to IRB

Builder Haily Group Bhd (KL:HAILY) has secured a RM53.72 million contract from Venice View Development Sdn Bhd to build 221 units of two-storey houses, three units of Tenaga Nasional Bhd (TNB) sub-stations and a TNB main switch station in Pulai, Johor. Haily said its wholly-owned subsidiary Haily Construction Sdn Bhd has accepted a letter of award for the proposed job, which encompasses two parcels of land. The project is slated to be completed within 15 months from the date of commencement, which will be determined by the architect, ARC Alliance Sdn Bhd. — Haily bags RM54m residential construction job in Johor

Oil and gas services provider Coastal Contracts Bhd (KL:COASTAL) has secured a one-year extension of its charter contract for a liftboat, worth RM64.1 million. The extension — awarded to its Singapore-based subsidiary Elite Point Pte Ltd — is expected to contribute positively to its earnings and net assets during the contract tenure. Coastal Contracts had ventured into the chartering of liftboats — self-propelled, multifunctional, self-elevating platform-based vessels with large open decks to support various offshore maintenance and construction works — in February 2021 via the acquisition of Elite Point. — Coastal Contracts bags RM64m liftboat charter contract extension