Trading ideas: AirAsia X, Capital A, Crescendo, MMAG, Solarvest, Prolintas, Ekovest, icon, YNHP, Bina Puri, Vizione, Saltica, REDTone, Colform, Bursa Malaysia, DXN

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

AirAsia X Bhd and Capital A Bhd have agreed to extend the completion of the proposed RM6.8bn acquisition of AirAsia Aviation Group Ltd and AirAsia Bhd by the former to March 24, from the original date of Jan 25.

Crescendo Corporation Bhd is disposing a 22.6-acre piece of land in Pulai, Johor, to Microsoft for RM119.8mn.

MMAG Holdings Bhd is acquiring a second Boeing B737-400SF aircraft from Japan-based JPA No 161 Co Ltd for US$6.6mn in cash.

Solarvest Holdings Bhd is acquiring a 30.0% stake in Kee Ming Electrical Sdn Bhd for RM15.3mn cash.

Prolintas Managers Sdn Bhd, the trustee-manager of Prolintas Infra Business Trust, clarified that 2 individuals charged with corruption linked to its sponsor Projek Lintasan Kota Holdings Sdn Bhd are not related to the operations of the business trust.

Ekovest Bhd has secured a final six-month extension from 28 Jan 2025 to 27 July 2025 to continue discussions on the proposed merger between its wholly owned subsidiary, Ekovest Construction Sdn Bhd and Knusford Bhd.

Icon Offshore Bhd has received approvals from its shareholders to change its name to Lionson Fleet Group Bhd, along with the RM403.5mn acquisition of equity stakes in vessel operating companies, including from its largest shareholder Liannex Corp.

YNH Property Bhd announced that the independent review of its joint venture and turnkey contracts, conducted by Messrs UHY, is expected to be completed and issued by 15 February 2025.

Bina Puri Holdings Bhd does not expect “any significant financial and operational impact” from the RM28.2mn lawsuit by Wisma Majujaya Sdn Bhd in relation to a joint venture agreement to develop a project in Johor.

Symphony Life Bhd has emerged as the largest shareholder of Vizione Holdings Bhd with a 25.9% stake, after subscribing to the entire private placement by Vizione.

Salutica Bhd plans to raise up to RM11.9mn via a private placement exercise to third-party investors to fund its capital expenditure for new jobs and working capital requirements.

REDtone Digital Bhd has been mopping up more shares in Theta Edge Bhd’s since July last year, making it the second largest shareholder of the company.

Colform Group Bhd's initial public offering has seen strong investor interest, attracting RM462.5mn worth of retail subscriptions, more than 10 times the RM41.2mn it was looking to raise from the issuance of new shares via its IPO.

Bursa Malaysia Bhd's net profit for the 4QFY24 rose 15.7% YoY to RM68.9mn on improved performance in its securities and derivatives markets.

DXN Holdings Bhd's 3QFY25 net profit increased by 18.4% YoY to RM92.8mn on higher revenue from the Latin American and Middle Eastern markets.