KUALA LUMPUR (June 20): Here is a brief recap of Friday’s top local business news and corporate announcements:

Palm oil producer SD Guthrie Bhd (KL:SDG), formerly known as Sime Darby Plantation Bhd, and its sister company Sime Darby Property Bhd (KL:SIMEPROP) have entered into an agreement to jointly develop up to 2,000 acres of land on Carey Island, Selangor. The two parties said the agreement, following discussions that began in 2023, will be formalised through the establishment of a special purpose vehicle, which aims to support the Selangor state government’s aspiration to transform Carey Island into an industrial and logistics hub. The development will co-exist with the integrated palm oil operations on the island and complement the activities at Westport and Northport in Port Klang. — SD Guthrie, Sime Darby Property to co-develop 2,000 acres on Carey Island into industrial, logistics hub

Wasco Bhd (KL:WASCO) is planning to list its wholly-owned unit, Wasco Greenergy Bhd, which operates biomass and steam energy businesses, on the Main Market of Bursa Malaysia. The initial public offering will involve up to 150 million shares, comprising an offer for sale of up to 75 million shares by selling shareholders Wasco and Tema Energy Ventures Sdn Bhd, and a public issue of 75 million new shares. The offering represents 30% of Greenergy’s enlarged issued share capital of 500 million shares. — Wasco plans spin-off listing of biomass energy unit on Bursa

Poh Huat Resources Holdings Bhd (KL:POHUAT) reported a 92.05% year-on-year drop in quarterly net profit, as demand from the US softened amid tariffs and higher operating costs dented earnings. Net profit for the second quarter ended April 30, 2025 (2QFY2025) came in at just RM575,000, compared with RM7.23 million previously. This is the furniture maker’s worst earnings performance since 4QFY2024, when it reported a net loss of RM3.54 million. Quarterly revenue fell 9.24% to RM98.33 million from RM108.35 million in 2QFY2024 due to lower orders of office furniture from its Malaysian operations, as some customers had front-loaded their orders in the preceding financial period following the election of Donald Trump as US president. — Poh Huat's quarterly profit slumps on weaker US demand, higher costs

Gadang Holdings Bhd (KL:GADANG) has secured a RM92.5 million contract to undertake earthworks for the proposed widening of the Kuala Lumpur-Karak Highway. The contract was awarded to its wholly-owned unit, Gadang Engineering (M) Sdn Bhd, by AFA Construction and Engineering Sdn Bhd on Friday. The scope of work covers Package 2A under the broader highway widening project spanning KM19.2 to KM61.5. — Gadang bags RM92 mil contract for KL-Karak Highway widening project

Ecobuilt Holdings Bhd (KL:ECOHLDS) chief executive officer Lim Chin Yen has resigned after just four and a half months at the helm of the construction company. He is succeeded by Fong Tuck Yong, effective June 20. Fong has more than 30 years of experience in leading and overseeing construction projects. — Ecobuilt CEO Lim Chin Yen resigns after four months

Maxim Global Bhd (KL:MAXIM) has filed an appeal to overturn a stay order granted by the High Court this week that temporarily halts its high-rise residential project here. The stay applies to the development order issued by the Kuala Lumpur City Hall back in October 2017 for the development of five blocks of 30-storey apartments. — Maxim Global files appeal to overturn court order halting high-rise project

Vanzo Holdings Bhd (KL:VANZO) is making its entry into Taiwan’s fast-moving consumer goods market by appointing Taiwan-based Xishangxi International Marketing Co Ltd (XIMCL) as its exclusive distributor. The air fragrance maker said its wholly-owned subsidiary Vanzo Asia Sdn Bhd (VASB) has signed an agreement with XIMCL to distribute VASB products through both online platforms and physical retail stores via health and beauty retailer Watsons Taiwan. The two-year agreement takes effect from June 20, 2025, and runs through June 19, 2027. Vanzo products are expected to hit the shelves of some 500 Watsons outlets in Taiwan by September this year. — Vanzo taps Taiwanese market via local distributor, Watsons