Trading ideas: MAHB, MBSB, Jetson, Malakoff, Deleum, Tuju Setia, BCB, Uzma, Cypark

KUALA LUMPUR: Here are the leading headlines from Corporate Malaysia.

Malaysia Airports Holdings Bhd is ready to have Mohamed Rastam Shahrom at the helm of the airport operator permanently after seven months as acting group chief executive officer, according to sources.

Malaysia Building Society Bhd has appointed Shahnaz Farouque Jammal Ahmad its new group chief financial officer, effective June 1.

The High Court has ruled that the requisition notice from 10 shareholders of Kumpulan Jetson Bhd seeking an extraordinary general meeting to remove the directors of the construction group is invalid.

Malakoff Corporation Bhd's subsidiary Alam Flora Environmental Solutions has signed a technology partner agreement with City Oil Field Inc to explore innovative technology for eco-friendly waste treatment.

Ageson Bhd, whose external auditor raised concerns about its receivables as well as its subsidiaries’ revenues and asset valuation, announced that consultant Virdos Lima Consultancy (M) Sdn Bhd did not find any “material adverse findings from its independent assessment.”

Deleum Bhd's 60.0%-owned unit has entered into a settlement agreement with 6 of the 10 defendants in its RM19.9mn civil lawsuit against its own executives, Petronas Carigali Sdn Bhd executives and its sub-contractors over an alleged illegal scheme.

Tuju Setia Bhd said Yeong Sin Khong has become a substantial shareholder after acquiring 18.2mn shares or a 5.7% stake in the construction services group.

BCB Bhd is acquiring 59 parcels of freehold land in Batu Pahat, Johor from Lian Hup Seng Sdn Bhd for RM83.7mn.

Uzma Bhd has received a letter of award from ExxonMobil Exploration and Production Malaysia Inc for non-rig assisted, electric wireline logging equipment and services in West Malaysian waters.

Cypark Resources Bhd group chief executive officer Datuk Daud Ahmad had resigned from his post, effective from yesterday. The group’s executive chair Datuk Ami Moris and executive director Muhammad Ashraf will lead the company through a leadership transition over the next 12 months.

Fibromat (M) Bhd has proposed to transfer its listing from the LEAP Market of Bursa Malaysia to the ACE Market, as it sees the need for larger fundraising exercises from the equity capital market.

Heineken Malaysia Bhd's net profit rose 11.4% YoY to RM122.5mn for 1QFY24, from RM109.9mn a year earlier, driven by higher beer sales during the Chinese New Year and cost management.

YX Precious Metals Bhd’s net profit for 1QFY24 increased 1.6% YoY to RM2.7mn from RM2.6mn a year ago thanks to higher revenue.

Teo Seng Capital Bhd’s net profit for 1QFY24 rose 42.1% YoY to RM34.0mn from RM19.7mn a year ago, on higher egg sales, improved raw material costs, and government subsidies that eased operational expenses.

Taliworks Corporation Bhd’s net profit for 1QFY24 jumped 49.4% YoY to RM15.0mn from RM10.1mn a year ago, due to increase in the bulk water supply rate for its water treatment and supply division, and a higher share of profit from a jointly controlled entity.