Trading ideas: IJM, Samaiden, CN Asia, Kuchai, Sapura Energy, Amanah REIT, Hextar Industries, IHH, Poh Huat, LB Aluminium, Northern Solar, Well Chip

KUALA LUMPUR: Here is a recap of announcements that made headlines in Corporate Malaysia.

IJM Corporation Bhd has been awarded a RM331.7mn contract to design and construct a data centre for a subsidiary of Telekom Malaysia Bhd in Iskandar Puteri, Johor.

Samaiden Group Bhd is partnering with a lighting solutions provider to implement solar street lighting systems.

Oil and gas tank manufacturer CN Asia Corp Bhd is set to become the largest shareholder of RFID solutions provider SMTrack Bhd with a 14.2% stake through a debt settlement exercise.

The cut-off date for the proposed disposal of Kuchai Development Bhd’s assets and liabilities to Sungei Bagan Rubber Company in exchange for a 29.37% stake in Sungei Bagan has been extended by four months to October 29.

Sapura Energy Bhd has granted chairman Datuk Mohammad Azlan Abdullah a leave of absence with immediate effect so he can focus on ongoing investigations by the Malaysian Anti-Corruption Commission regarding a matter unrelated to the oil and gas engineering group.

Amanahraya Real Estate Investment Trust is selling a free-standing, four-storey purpose-built office building in Cyberjaya, Selangor, to 4X Software Sdn Bhd for RM42.5mn.

Shares of Hextar Industries Bhd will be transferred from the ACE Market to the Main Market of Bursa Malaysia, effective 9am tomorrow.

IHH Healthcare Bhd has named Tan Sri Dr Nik Norzrul Thani N. Hassan Thani as its new chairman.

Poh Huat Resources Holdings Bhd reported a nearly 70% increase to RM7.23mn in net profit for the 2QFY24, driven by a gradual rise in orders from US customers for its Malaysian operations, primarily in the office segment.

LB Aluminium Bhd’s net profit surged 62.7% to RM9.43mn for the 4QFY24, up from RM5.8mn in the same quarter the previous year, driven by higher contributions from both the aluminium and property segments.

Northern Solar Holdings Bhd, which installs solar panels and operates solar farms, has filed for an initial public offering on the ACE Market to raise funds for expansion.

Well Chip Group Bhd, primarily engaged in pawnbroking services and the trading of jewellery and gold, aims to raise RM172.5mn through its initial public offering ahead of its listing on the Main Market of Bursa Malaysia.