Trading ideas:Axiata, Velesto, Capital A, Cape EMS, KNM, Malton, Autoris, E&O, Ge-Shen, Astro, Binastra, MCE

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

Axiata Group Bhd said the shareholders of PT XL Axiata Tbk, PT Smartfren Telecom Tbk and PT Smart Telcom have approved the proposed merger to establish Indonesia’s third-largest telecommunications company by subscriber base.

Velesto Energy Bhd has proposed to reduce its capital by RM1.2bn from its issued share capital pursuant to Section 116 of the Companies Act 2016.

AirAsia Aviation Group Ltd, the aviation business of Capital A Bhd, said that it is in the final stages of securing up to RM1.0bn in debt financing from an undisclosed domestic bank to partly refinance its US dollar-denominated debt and for other corporate purposes.

Cape EMS Bhd has partnered with Taiwanese aerospace giant Aerospace Industrial Development Corporation to collaborate on renewable energy, aerospace parts manufacturing, and life-science technology.

KNM Group Bhd is facing legal action from MBSB Bank Bhd over an outstanding Islamic financing facility, with the bank seeking a court order to auction off land owned by KNM's subsidiary to recover RM116.1mn.

Malton Bhd has entered into a MoU with Shenzhen Apexls Optoelectronic Co Ltd, a China-based LED display manufacturer, to integrate advanced LED technology into its Malaysian property developments.

Autoris Group Holdings Bhd is aborting its proposed diversification into moneylending and related activities, after reconsidering the additional capital and resources required.

UK-based investment company Aberdeen Group plc has become a substantial shareholder in Eastern & Oriental Bhd after increasing its stake to 5.1%, representing 125.7mn shares.

Ge-Shen Corporation Bhd, Tex Cycle Technology (M) Bhd, and K Seng Seng Corporation Bhd have stressed that the departure of businessman Datuk Keh Chuan Seng Keh’s would not disrupt their ongoing or future business.

Astro Malaysia Holdings Bhd’s net profit in 4QFY25 fell 76.4% YoY to RM10.5mn from RM44.4mn a year ago, due to higher content costs and increased net financing costs.

Binastra Corporation Bhd’s net profit for 4QFY25 surged 63.2% YoY to RM25.1mn from RM15.4mn a year ago, driven by higher revenue from increased construction activities.

MCE Holdings Bhd’s net profit in 2QFY25 more than doubled to RM9.6mn from RM4.5mn a year ago, driven by a gain from asset disposal and interest income.