Trading ideas: YTL, Haily, Gamuda, Xin Synergy, Southern Cable, Avillion, FGV, Magma, Ivory, SD Guthrie, TH Plantations, Allianz

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

YTL Group and SEA Ltd have launched Ryt Bank, the world’s first AI-powered bank, combining advanced technology with Malaysia’s values, languages and lifestyles.

Haily Group Bhd’s wholly-owned unit, Haily Construction Sdn Bhd, has secured a RM50.1mn subcontract from Mandy Corporation Sdn Bhd, a subsidiary of Gadang Holdings Bhd.

Clean energy solutions provider Gentari and Gamuda Bhd will jointly develop 1.5GW of renewable energy through solar photovoltaic power plants.

Xin Synergy Group Bhd, formerly Jade Marvel Group Bhd, has lodged a police report against several former directors after uncovering alleged irregularities in its moneylending operations during their tenure.

Southern Cable Group Bhd, which has an orderbook of RM1.2bn that provides earnings visibility until 2026, is looking to broaden its product range and boost production capacity.

Avillion Bhd saw David Low Yi Ngo, son of Indonesian coal billionaire Low Tuck Kwong of PT Bayan Resources Tbk, buy a 9% stake in the cash-strapped company for an estimated RM9.3mn at 7 sen/share.

FGV Holdings Bhd will be delisted from Bursa Malaysia with effect from 9am on Aug 28.

Pestec International Bhd said it has settled a lawsuit filed by its former group CEO Paul Lim Pay Chuan and his uncle, former deputy chairman Lim Ah Hock, over RM17.5mn in alleged unpaid advances.

Magma Group Bhd said its group executive chairman Datuk Seri Lee Hock Seng is assisting authorities in an investigation related to MBI International scheme but stressed that the matter has no connection to the company’s businesses or subsidiaries.

Ivory Properties Group Bhd group CEO Datuk Low Eng Hock, who the company said was cooperating with authorities in the ongoing investigation into the controversial MBI International scheme, has stepped down citing “personal reasons”.

SD Guthrie Bhd has appointed Mohd Haris Mohd Arshad as deputy group MD effective Sept 1. He is currently group COO of the plantation company.

TH Plantations Bhd’s net profit rose to RM11.8mn in 2QFY25 from RM10.4mn in the same period last year, driven by higher sales volumes and prices.

Allianz Malaysia Bhd’s net profit rose 28.2% YoY to RM214mn during 2QFY2, due to higher insurance revenue.

Kerjaya Prospek Group Bhd’s net profit for 2QFY25 rose 46.8% YoY to a record RM54.4mn from RM37.1mn in 2QFY24, lifted by stronger contributions from its property development division and higher topline from its other businesses.

Petronas Gas Bhd’s net profit fell 4.0% to RM450.2mn in 2QFY25 from RM469mn a year ago, in line with lower gross profit negated by favourable forex movement.

Petronas Dagangan Bhd’s net profit eased 3.9% to RM265.5mn in 2QFY25 from RM276.4mn a year earlier, as weaker gross profit in the retail segment outweighed cost savings.

AEON Co (M) Bhd’s net profit for 2QFY25 fell 55.9% YoY to RM12.3mn compared with RM27.9mn in 2QFY24, due to weaker retail performance amid the absence of major festive celebrations.

GDB Holdings Bhd’s net profit for 2QFY25 jumped more than fivefold YoY to a record RM21.8mn from RM4.2mn in 2QFY24, underpinned by contributions from ongoing projects and lower other expenses.

MSM Malaysia Holdings Bhd’s net loss narrowed to RM29.7mn in 2QFY25 from RM32.4mn a year earlier, supported by lower production costs.

Signature Alliance Group Bhd reported a net profit of RM6.8mn for 2QFY25 on revenue of RM118.1mn.