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KUALA LUMPUR (April 25): Agricore CS Holdings Bhd, a food ingredients supplier, has obtained approval from Bursa Malaysia Securities Bhd to list on its ACE Market. In a statement on Thursday, the company said the initial public offering (IPO) will involve the issuance of 51.7 million new shares, representing 25.5% of its enlarged share capital upon listing. Of the 51.7 million new shares, 10.1 million new shares will be available to the Malaysian public via balloting; 10.1 million new shares for its eligible directors, employees and persons who have contributed to the success of the Agricore group under pink form allocations; 25.4 million new shares have been reserved for private placement to Bumiputera investors approved by the Ministry of International Trade and Industry (Miti), while the remaining 6.1 million new shares are earmarked for private placement to selected investors. Agricore managing director Oon Boon Khong said the IPO will facilitate the company with greater financial flexibility to pursue future growth opportunities and enhance the group’s reputation in the marketing of its products, and to retain and attract new employees. For the financial year ended 2022 (FY2022), the Agricore group had posted a net profit of RM7.12 million, on the back of a revenue of RM122.69 million. Earnings per share was 4.7 sen. Agricore is scheduled to list on the ACE Market of Bursa Securities by June 2024. Source: Surin Murugiah / theedgemalaysia.com

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KUALA LUMPUR (April 24): CapitaLand Malaysia Trust (CLMT) reported a 63% in its first quarter net property income to RM63.98 million from RM39.24 million a year ago, driven by full quarter revenue contribution from Queensbay Mall, higher occupancies and positive rental reversions. Revenue for the quarter ended March 31, 2024 (1QFY2024) rose 42.5% to RM111.88 million from RM78.49 million in 1QFY2023, said the trust's manager CapitaLand Malaysia REIT Management Sdn Bhd (CMRM) in a statement on Wednesday. Distributable income grew 69.8% to RM33.62 million from RM19.81 million, with distribution per unit (DPU) improving 36.8% to 1.19 sen from 0.87 sen. CMRM said CLMT's retail occupancy rose to 92.4% from 88.3% in 1QFY2023, while its overall portfolio occupancy improved to 93.1% as at March 31, 2024 from 92.6% as at Dec 31, 2023. CMRM chief executive officer Tan Choon Siang attributed CLMT's performance in the quarter to proactive asset management. As part of the ongoing efforts, the group recently completed refurbishment at Gurney Plaza's entrance driveway, enhancing its appearance and accessibility, he said. 'These new additions to our portfolio provide a glimpse of the refreshed tenant mix and mark the beginning of the exciting improvements to our retail portfolio that will unfold throughout the year,” Tan said. 'As we press ahead with our portfolio reconstitution strategy, we will continue to strengthen our balance sheet through disciplined capital management. We will also take proactive measures to mitigate the impact of rising costs and remain prudent in managing our expenses,” he added. At Wednesday's close, CLMT’s share price remained flat at 62 sen, with a market capitalisation of RM1.75 billion. Source: Choy Nyen Yiau / theedgemalaysia.com