Trading ideas: Nestle, Axis REIT, ITMAX, Kelington, Sapura Energy, AirAsia, Unitrade, Avaland, Powerwell, Iris, Paragon Globe

KUALA LUMPUR: Here is a recap of the corporate announcements meaking headlines.

Nestlé (Malaysia) Bhd is set to adjust prices of selected products in response to the recent surge in global cocoa prices, said chief executive officer Juan Aranols.

Axis Real Estate Investment Trust is proposing to acquire an industrial complex and an open storage yard in Klang, Selangor from Amsteel Mills Sdn Bhd for RM351.8mn.

ITMax System Bhd plans to work with a unit of Johor Corp to explore potential partnerships in developing and deploying smart city and integrated facilities management solutions for township and industrial park developments.

Kelington Group Bhd said it is seeking an alleged outstanding payment of RM6.3mn in arbitral proceedings relating to a construction job it had undertaken in Kedah.

Sapura Energy Bhd’s wholly-owned subsidiary, Sapura Upstream Assets Sdn Bhd, is divesting its 50% equity interest in SapuraOMV Upstream Sdn Bhd to TotalEnergies Holdings SAS for RM3.37bn.

AirAsia is among six bidders for Sri Lanka's state-run carrier SriLankan Airlines as the island nation looks to reduce losses incurred by government-owned enterprises under a US$2.9bn International Monetary Fund programme.

Unitrade Industries Bhd’s wholly-owned subsidiary has entered into a collaboration agreement with Huawei Technologies (Malaysia) Sdn Bhd and JJ-LAPP (M) Sdn Bhd to facilitate the purchase and sale of Huawei Digital Power-Smart Photovoltaic solutions.

Avaland Bhd formed partnerships with six companies to provide sustainable home fittings and finishings for its ongoing and upcoming projects in a signing ceremony at the developer’s Collaboration of Sustainability event on Monday.

Powerwell Holdings Bhd’s wholly-owned unit has secured a RM22.1mn sub-contract from One Ocean Environment Sdn Bhd to supply a low voltage switchboard for the first stage of Sg Rasau Water Supply Scheme development in Selangor.

Iris Corp Bhd is forming a joint venture with Sri Lankan firm Aitken Spence Plc to establish an offshore company that provides business processes outsourcing services in the Colombo Port City Special Economic Zone in Sri Lanka.

Paragon Globe Bhd broke ground for the Pekan Sentral Phase 3 and Pekan Nenas Industrial Park Phase 5 in Pekan Nenas, Johor on April 19, which have a combined gross development value of RM92mn and slated for completion by 2026.

Iconic Worldwide Bhd's wholly-owned unit Iconic Maison Sdn Bhd eyes over 70% take-up rate of its newly-launched residential development, Iconic Harmony, with RM300mn gross development value.

Awanbiru Technology Bhd is appealing Bursa Malaysia Securities’ decision to suspend the trading of its shares, saying the group has demonstrated that its current business operations are viable, sustainable and have growth prospects.

Bursa Malaysia has demanded an explanation from HHRG Bhd on its proposal to purchase 51% stakes in two companies that jointly own a parcel of land in Kuala Muda, Kedah.

Ornapaper Bhd is proposing to diversify its existing businesses to include property development and property investment.

Norges Bank, which manages Norway's government pension fund, has emerged as a substantial shareholder in CPE Technology Bhd with a 5.5% stake.

Ancom Nylex Bhd registered a 21.6% YoY in its net profit for 3QFY2024 to RM20.1mn from RM16.4mn, attributable to improved margins for its agricultural chemicals and industrial chemicals divisions.

Gadang Holdings Bhd posted a net profit of RM6.5mn for the 3QFY2024, compared to a net loss of RM5mn a year ago, driven by interest accumulation on trade receivables and favourable foreign exchange translation.

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