Trading ideas: Salcon, IJM, Lagenda, Scanwolf, Reservoir Link, Pharmaniaga, Hextar Oiltech, Cahya Mata, IWC, WTEC, Top Glove, EcoWorld

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

Salcon Bhd has secured a RM167mn contract for the construction of a new water treatment plant, raw water pipeline and related infrastructure in Melaka.

IJM Corp Bhd has strongly refuted false and malicious allegations circulating online about the construction company and its leadership.

Lagenda Properties Bhd is acquiring six parcels of freehold land in Senawang, Negeri Sembilan, measuring 138.2 acres, for RM60.2mn.

Scanwolf Corp Bhd has secured a contract award from Fixus Construction Sdn Bhd for sub-structure works on a commercial development in Jalan Ampang, Kuala Lumpur, worth RM42mn.

Nasdaq-listed Founder Group Bhd, a subsidiary of Reservoir Link Energy Bhd, has secured a RM11.6mn contract to design, procure, and build a rooftop solar facility in Malaysia.

Shareholders of Pharmaniaga Bhd have approved its proposal to raise up to RM653.5mn in cash, which is part of the company’s revised regularisation plan to lift it out of Practice Note 17 status.

Hextar Oiltech Sdn Bhd, a 60%-owned unit of Hextar Global Bhd, has been appointed as the exclusive distributor of Petromin’s premium lubricants in Malaysia under a three-year agreement with Technolube LLC, a subsidiary of Saudi-based Petrolube Group.

Cahya Mata Sarawak Bhd has sued its deputy chairman, Datuk Seri Mahmud Abu Bekir Taib, for alleged breaches of trust and fiduciary duties related to a failed ERP system under its digital transformation project.

Iskandar Waterfront City Bhd has proposed a regularisation plan to exit its affected listed issuer status, involving debt settlement via new share issuance, a private placement, and a capital reduction.

Manufacturer and trader of foam and non-foam products, WTEC Group Bhd has signed an underwriting agreement with Alliance Islamic Bank Bhd for its IPO in conjunction with its listing on the ACE Market of Bursa Malaysia.

Top Glove Corporation Bhd reported a net profit of RM30.3mn in 2QFY25 compared to a net loss of RM51.2mn over the same period last year as revenue surged 61% YoY to RM883.7mn, thanks partly to US tariffs on Chinese gloves.

Eco World Development Group Bhd posted a 15.4% YoY increase to RM80.3mn in net profit for the 1QFY25, driven by two major industrial land sales and stronger contributions from its projects in Johor.