KUALA LUMPUR (May 17): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Tan Sri Mokhzani Mahathir will step down as the non-executive chairman of Maxis Bhd (KL:MAXIS), effective from June 30, after 15 years sitting on the board of the company. While the board assesses potential candidates to succeed Mokhzani, independent director Datuk Hamidah Naziadin will be appointed as the interim chairman from July 1. Mokhzani, the son of two-time prime minister Tun Dr Mahathir Mohamad, has served as a director of Maxis since its relisting on Bursa Malaysia in 2009, and as the chairman of the board since April 22, 2021. On the same day, Maxis also announced its net profit for the first quarter ended March 31, 2024, which rose 10% to RM353 million compared to RM320 million over the same period last year, thanks to higher service revenue and cost control. Revenue rose 3% to RM2.6 billion from RM2.5 billion.  — Mokhzani Mahathir to step down as Maxis chairman after 15 years on board, Maxis posts 10% rise in 1Q net profit on higher service revenue, declares four sen dividend

ITMAX System Bhd (KL:ITMAX) said it has secured a RM105.3 million variation order (VO) from Kuala Lumpur City Hall (DBKL) for an extension of its contract to provide closed-circuit television (CCTV) and video messaging signages (VMS) integrated transport information system (ITIS) services. ITMAX said it has been granted an extension of phase one of the video surveillance and VMS ITIS contract, originally slated to conclude in 2026. With this VO, phase one of the ITIS contract will now run until 2029. "The company will receive a letter of instruction from DBKL to commence work, with liquidated ascertained damages (LAD) to be imposed on the company for any delays in delivering the work within the stipulated timeframe," the group said. — ITMAX secures RM105.3 mil contract extension from DBKL

PIE Industrial Bhd's (KL:PIE) net profit for the first quarter ended March 31, 2024 (1QFY2024) dropped 31.24% to RM9.7 million, from RM14.11 million a year earlier, due to reduced demand caused by shortages of major integrated circuits. Quarterly revenue fell 28.06% to RM239.18 million, from RM332.45 million recorded for 1QFY2023. The group confirmed that it had secured a new customer that will contribute an additional RM2.5 billion in revenue to the group, of which RM1 billion will be recognised as early as next year. — PIE Industrial posts 31% drop in 1Q earnings as integrated circuit shortages hit demand

Malayan Flour Mills Bhd (KL:MFLOUR) said its net profit has more than tripled for the first quarter from a year earlier, thanks to higher margins in its flour and grain segment from lower wheat prices. Net profit for the quarter ended March 31, 2024 (1QFY2024) totalled RM37.9 million compared with RM10.4 million in the same period a year earlier. Revenue for the quarter however declined by 9.1% year-on-year to RM751.6 million from RM826.69 million due to lower sales volume. — Malayan Flour Mills more than triples net profit in 1Q, to invest further

PPB Group Bhd (KL:PPB) is planning to invest RM327 million in its film exhibition and distribution segment, which houses Golden Screen Cinemas, over the next five years. The company plans to open seven new cinemas over the next three to five years — one in Terengganu, one in Sarawak, two in Penang and three in the Klang Valley region, Golden Screen Cinemas Sdn Bhd (GSC) chief executive Koh Mei Lee told The Edge. GSC is wholly-owned by PPB. — PPB Group to invest RM327 mil in film segment over next five years

Epicon Bhd (KL:EPICON) has secured a RM50 million sub-construction contract for structural reinforced concrete works. The company said that its wholly-owned subsidiary Transnational Builder Sdn Bhd has received a letter of award from Axventure Sdn Bhd for this contract. The contract entails structural reinforced concrete works for Towers 1 and 2 within a high-rise residential development located at Lot 82332 in Mukim Batu, off Jalan Segambut, Kuala Lumpur. "With the addition of this new contract, the company's total outstanding order book has increased to RM979 million from the previously reported RM929 million," Epicon said. — Epicon secures RM50m contract for structural reinforced concrete works

NationGate Holdings Bhd (KL:NATGATE) has secured approval from the Securities Commission Malaysia (SC) for its transfer to the Main Market of Bursa Malaysia. NationGate said the approval was granted under an "accelerated transfer process". The electronics manufacturing services provider was first listed on the ACE Market over a year ago in January 2023. The group previously said that the proposed transfer is expected to be completed in the first half of 2024. — NationGate secures SC nod for transfer to Main Market

Ho Hup Construction Company Bhd (KL:HOHUP) said its 52%-owned unit Golden Wave Sdn Bhd (GWSB) has applied with the High Court to be placed under judicial management. Ho Hup said GWSB’s judicial management application is part of GWSB’s efforts to rehabilitate the company in a bid to regularise its financial condition and maximise returns to creditors as opposed to being wound up. The application is also to provide GWSB the opportunity to complete its projects. It will also seek the involvement of an independent professional to facilitate restructuring of GWSB with the assistance of its management. — Ho Hup's property development unit applies for judicial management

Sarawak Cable Bhd (KL:SCABLE) said that the memorandum of agreement (MOA) between the company and Serendib Capital Ltd (Serendib) has been validly terminated. The loss-making cable manufacturer said Serendib has been notified and is aware of the grounds of termination of the MOA. The company was responding to a statement by Serendib on Monday (May 13) that an agreement to rescue Sarawak Cable remains in force and cannot be terminated unilaterally. Serendib intends to fulfil all of its obligations under the MOA signed in December 2023 with Sarawak Cable, the firm stressed. — Sarawak Cable says has found alternative white knight to Serendib

GIIB Holdings Bhd (KL:GIIB) said that its interim financial statements for the period ended on March 31, 2023, issued on May 29, 2023, are consistent with the interim financial statements for the same period as approved by the board through formal processes. The company reiterated that both its audit and risk management committee and the board of directors had confirmed the legitimacy of the financial statements. "The current and former boards are unaware of any forged interim financial statements for the period," it said. The company also confirmed that the Malaysian Anti-Corruption Agency had charged its former director, Tai Boon Wee, on May 15.  — GIIB says it's unaware of any forged interim financial statements as ex-director charged