Trading ideas: Gamuda, Scientex, Malakoff, MSM, TRC, Silver Ridge, Eurospan, IOI, Maybank, Gas Malaysia, Sports Toto, MMHE

KUALA LUMPUR: Here are the headline-making announcements from Corporate Malaysia.

Gamuda Bhd, through its wholly owned subsidiary, Gamuda Engineering Sdn Bhd has secured a RM1.7bn contract for the construction and development of a hyperscale data centre in Elmina Business Park, Selangor.

Scientex Bhd is acquiring land in Seberang Perai, Penang for RM462.5mn to expand its land bank for future development.

Malakoff Corporation Bhd aims to use 15% of biomass in the combustion process at the Tanjung Bin power plant by 2027.

MSM Malaysia Holdings Bhd’s unit has initiated a suit against Generali Insurance Malaysia Bhd claiming RM42.8mn in damages over a rejected insurance claim.

Favelle Favco Bhd said it is spending A$39.8mn to develop two units of single-storey logistic warehouses on its freehold land near Sydney, Australia.

TRC Synergy Bhd has secured a RM142.3mn subcontract for the “proposed transformation” of a state legislative building.

Silver Ridge Holdings Bhd’s 51%-owned subsidiary has secured a contract worth RM168.8mn for construction works on the Melaka International Cruise Terminal.

The children of prominent businessman Tan Sri Robert Tan Hua Choon have triggered an unconditional mandatory general offer in Eurospan Holdings Bhd after increasing their shareholdings in the loss-making furniture manufacturer to 71.8%.

IOI Corp Bhd’s net profit fell 38% YoY to RM123.1mn in the 3QFY2024 due to currency loss and other paper losses.

Malayan Banking Bhd posted a 9.8% YoY growth to RM2.5bn in net profit in the 1QFY24 on higher core fees and treasury and market gains.

Gas Malaysia Bhd said its first quarter net profit rose 7.9% to RM102.6mn from RM95.1mn a year earlier despite a lower revenue, thanks to a higher volume of natural gas sold in tandem with a higher tolling fee.

Sports Toto Bhd’s earnings almost tripled to RM68.5mn in its 3QFY2024 versus a year ago on the back of improved performance by the group’s principal subsidiary STM Lottery Sdn Bhd and luxury cars retailer HR Owen plc.

Malaysia Marine and Heavy Engineering Holdings Bhd’s 1QFY2024 net profit almost tripled to RM10.4mn compared to RM3.5mn a year earlier, thanks to higher revenue from ongoing projects as well as increase in dry-docking and repair activities.