🔔 Companies in the news

• IJM Corporation (IJM) is acquiring a 50% stake in UK-based construction firm JRL Group Holdings for £50mil (approximately RM283mil). This move is aimed at expanding IJM's presence in the UK market and bolstering its core construction capabilities. JRL Group Holdings has an order book valued at £1.5bil, which ensures earnings visibility for the next 3 years and access to a robust pipeline of projects. This acquisition will complement IJM's existing order book, which stands at RM6.4bil.

• RHB Bank (RHBBANK) is set to dispose its entire 99.95% stake in RHB Securities (Thailand) to Singapore-based Phillip Brokerage, signifying RHBBANK's exit from Thailand's stockbroking and securities market. The transaction is valued at THB1,253.77mil (approximately RM161.81mil).

• PT Daya Intiguna Yasa, the Indonesian affiliate of Mr DIY Group (MRDIY), plans to list shares in Jakarta through an IPO aiming to raise up to 4.7tril rupiah (approximately RM1.32bil), marking Indonesia's largest listing in over a year. The IPO will offer up to 2.5bil shares, including 2.3bil shares from shareholder Azara Alpina. The shares are priced between 1,650 rupiah and 1,870 rupiah each.

• S P Setia (SPSETIA) has reported a substantial 93% year-on-year increase in its net profit for the third quarter of FY2024, reaching RM100.02mil, up from RM51.82mil. This is attributed to higher profits from land sales, which helped to counterbalance the losses from the Battersea Power Station project and reduced contributions from its Australian operations. Revenue also rose by 16.62% to RM1.26bil from RM1.08bil in the same period last year. Total sales for the first nine months of FY2024 amounted to RM3.2bil, with 94% of these sales originating from the southern and central regions of the peninsula.