KUALA LUMPUR (May 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Malaysia Airports Holdings Bhd (KL:AIRPORT) or MAHB confirmed that it has received a takeover offer from a consortium led by its major shareholder Khazanah Nasional Bhd and the Employees Provident Fund (EPF), in a deal worth over RM12 billion. The other parties in the consortium that is planning to take MAHB private are New York-based Global Infrastructure Partners and Abu Dhabi Investment Authority. The airport operator said the consortium — dubbed as Gateway Development Alliance Sdn Bhd — is offering RM11 per share to acquire all the remaining 1.12 billion MAHB shares not already held by them, representing about 58.78% stake in the company. — MAHB confirms getting privatisation offer from consortium led by Khazanah, EPF at RM11 per share

Axiata Group Bhd (KL:AXIATA), Malaysia’s largest mobile telecommunications company by revenue, said on Wednesday it had signed a non-binding agreement with conglomerate Sinar Mas to explore combining their Indonesian units. The proposed merger between Axiata’s XL and Sinar Mas’ Smartfren “is at an early stage of evaluation”, Axiata said in an exchange filing. The company said that both Axiata and Sinar Mas intend to remain as joint controlling shareholders of the merged entity.— Axiata, Sinar Mas sign agreement to explore merger of Indonesian units

MyEG Services Bhd (KL:MYEG) said the Employees Provident Fund (EPF) has ceased to be a substantial shareholder of the e-government services provider after disposing of 21 million shares. In a bourse filing, MyEG said the transaction was carried out on May 10. The filing did not specify the value of the transaction, but based on MyEG’s closing price of 98.5 sen on May 10, the block of shares was estimated to be worth RM20.69 million. According to MyEG's earlier filing on Tuesday, the EPF was holding a total of 394.07 million shares in the group, equivalent to a 5.283% stake. — EPF ceases to be substantial shareholder of MyEG

Construction and property developer Mitrajaya Holdings Bhd (KL:MITRA) has clinched a contract worth RM174.3 million to build a hospital in Shah Alam. The group, through its wholly-owned Pembinaan Mitrajaya Sdn Bhd, accepted the contract from Avisena Healthcare Sdn Bhd on Wednesday. To be completed in 36 months, the contract is slated for completion by May 21, 2027, said Mitrajaya has been loss-making for three consecutive quarters. — Mitrajaya clinches RM174m hospital project in Shah Alam

Kedah-based property developer Eupe Corp Bhd (KL:EUPE) is acquiring a 2.46-acre (one-hectare) freehold land here for RM69.18 million, on which it will develop a high-rise residential project. The group said its indirect wholly owned subsidiary Eupe Bangsar Sdn Bhd had inked a sale and purchase agreement with MCL Land (Pantai View) Sdn Bhd for the proposed acquisition. The group expects the proposed high-rise residential development on the land to contribute positively to its future revenue stream and profitability. — Eupe Corp buys RM69m plot in KL for residential high-rise

Hume Cement Industries Bhd (KL:HUMEIND) has sustained its earnings momentum with another record net profit for its third quarter ended March 31, 2024 (3QFY2024) on the back of lower manufacturing costs, and higher cement price and sales volume.Net profit for the quarter more than doubled to RM61.07 million from RM27.01 million a year earlier, while revenue increased 7.4% to RM310.4 million from RM289 million, the group's bourse filing showed. Hume Cement declared a second interim dividend of six sen per share, bringing the total dividend year to date to eight sen per share. The group did not declare any dividend for FY2023. — Hume Cement posts best quarterly earnings in two decades, declares six sen dividend

Pharmaceutical company Apex Healthcare Bhd (KL:AHEALTH) reported a 12.7% decline in first quarter net profit primarily due to an absence of profit contribution from its associate Straits Apex Group Sdn Bhd (SAG). This followed SAG's divestment of its interest in Straits Apex Sdn Bhd, which lowered Apex Healthcare’s effective equity in Straits Apex to 16%. Apex Healthcare's net profit for the first quarter ended March 31, 2024 (1QFY2024) fell to RM21.2 million or 2.97 sen per share, from RM24.3 million or 3.41 sen per share a year earlier. Quarterly revenue rose marginally by 1% to RM248.2 million from RM245.8 million, as market demand for pharmaceuticals, consumer healthcare products, and medical devices showed signs of slowing in key markets of the group. — Apex Healthcare reports 12.7% decline in 1Q net profit amid absence of contribution from associate

Department store and mall operator AEON Co (M) Bhd (KL:AEON) said on Wednesday its net profit jumped 50.3% in the first quarter from the same quarter a year earlier, which it attributed to higher revenue and effective cost management. Net profit for the three months ended March 31, 2024 (1QFY2024) climbed to RM57.39 million or 4.1 sen per share from RM38.18 million or 2.72 sen per share over the same period last year. Revenue rose 5.47% to RM1.17 billion from RM1.11 billion. — AEON Co kicks-off FY2024 with 50% profit jump as revenue climbs

Information and communications technology (ICT) products distributor Vstecs Bhd (KL:VSTECS) said its first quarter net profit dipped 3.54% to RM14.32 million from RM14.85 million a year earlier, dragged by higher operating expenses. Quarterly revenue dropped 7.28% to RM616.36 million from RM664.74 million in 1QFY2023 which the group attributed o a lack of project deals from its enterprise systems segment amid the festive seasons. — Vstecs remains upbeat about 2024 prospects despite slightly lower 1Q profit

Kobay Technology Bhd (KL: KOBAY) posted a 30.77% decline in net profit for the third quarter ended March 31, 2024 to RM5.48 million, from RM7.92 million a year earlier, dragged by lower contributions from property development after completing a project in Langkawi. In a filing with the local bourse, the precision parts manufacturer also posted a 19.23% decline in revenue to RM87.79 million from RM73.63 million previously. No dividends were declared for the quarter under review. — Kobay Technology's 3Q net profit drops 31%, anticipates better days ahead

Southern Steel Bhd (KL:SSTEEL) posted its fourth consecutive quarter net loss for the third quarter ended March 31, 2024 (3QFY2024) due to lower average selling prices (ASP) and sales volume. The steel mill, which is controlled by tycoon Tan Sri Quek Leng Chan, who has an indirect stake of close to 70% stake, reported a net loss of RM6.43 million in 3QFY2024 or 1.08 sen per share, in contrast to its net profit of RM1.66 million or 0.28 sen per share a year earlier. Its revenue for the quarter dropped 15.4% to RM551.66 million from RM652.06 million previously. — Southern Steel posts fourth straight quarterly loss in 3Q, outlook to remain challenging

Cash-strapped KNM Group Bhd (KL:KNM) said its external auditor KPMG PLT had expressed a disclaimer of opinion on the group's audited financial statements for the 18-month period ended Dec 31, 2023, due to insufficient audit evidence. KPMG highlighted that there were material uncertainties that may cast significant doubt on KNM's ability to continue as a going concern, the group said in a filing with Bursa Malaysia. The basis for the disclaimer of opinion relates to KNM's net loss of RM420.83 million for the period ended Dec 31, 2023, and the fact that the group's current liabilities exceeded its current assets by RM1.16 billion. The auditor also noted that KNM had been classified as a Practice Note 17 (PN17) company since Nov 1, 2022, and had failed to submit its regularisation plan to the relevant regulatory authorities for approval before the deadline of April 30, 2024. — KNM's external auditor issues disclaimer of opinion on financial statements