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KUALA LUMPUR, Kumpulan Kitacon Bhd has secured an RM86.58 million contract from Earth Pavilion Sdn Bhd to construct residential units at The Mines Resort City in Selangor. The project, to be undertaken by its wholly owned subsidiary Kitacon Sdn Bhd, comprises two phases: Phase 3: 34 units of three-storey semi-detached and zero-lot homes Phase 4: 47 units of three-storey zero-lot and bungalow houses Construction will commence on Nov 1, 2025, and is expected to be completed within 24 months, the group said in a bourse filing. Kitacon added that the contract is expected to contribute positively to its earnings and net assets per share for the financial year ending Dec 31, 2025 (FY2025) and onwards. For the first half of FY2025, the group posted a net profit of RM26.41 million, up 9.9% from RM24.02 million a year earlier, despite a 12.5% decline in revenue to RM413.34 million due to several projects nearing completion. CGS International projected stronger earnings in the second half of FY2025, supported by margin expansion and ongoing township projects such as Bandar Bukit Raja and Elmina. As of June, Kitacon’s tender book stood at RM913 million, comprising 83% residential and 17% industrial projects. The group has secured RM375 million worth of new contracts so far this year, including an RM88 million residential project from GuocoLand Group. At Tuesday’s midday break, Kitacon shares slipped 0.5 sen or 0.68% to 72.5 sen, valuing the company at RM362.7 million.

KUALA LUMPUR, LAC Med Bhd has entered into an underwriting agreement with RHB Investment Bank Bhd and Alliance Islamic Bank Bhd for its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia, which is targeted for December 2025. In a statement, the medical solutions provider said the IPO proceeds will be used to accelerate its market expansion, strengthen its product portfolio, and enhance its range of medical devices and services. LAC Med also plans to diversify into two new business segments — Equipment-as-a-Service (EaaS) and Medical Equipment Asset Management Services (MEAMS) — to build recurring income streams post-listing. Part of the IPO funds will be channelled towards regional expansion in Indonesia, relocation to a larger head office with expanded storage space, and the establishment of a product demonstration showroom. Group chief executive officer Liew Yoon Poh said the IPO marks an important milestone for LAC Med’s next phase of growth. “Our listing will enable us to expand our suite of integrated medical solutions, driving better patient care and operational efficiency for healthcare providers. Through our partnerships with global brands, we aim to deliver best-in-class technologies and services to the market,” he said.

KUALA LUMPUR, Regional private equity firm Creador has appointed former Ekuiti Nasional Bhd (Ekuinas) chief executive officer Datuk Syed Yasir Arafat Syed Abd Kadir as its senior adviser, as part of efforts to strengthen its investment footprint in Malaysia. In this new role, Syed Yasir will assist Creador in sourcing and executing strategic investments across key sectors, particularly healthcare and pharmaceuticals, advanced manufacturing, and business-to-business (B2B) services. Datuk Syed Yasir Arafat Syed Abd Kadir stepped down from Ekuinas on March 31 after 15 years at the state-owned private equity firm, including nine as chief executive officer. “Syed Yasir brings a wealth of leadership experience and an extensive professional network that will enhance Creador’s ability to create value and build sustainable partnerships,” the firm said in a statement on Tuesday. According to Creador, Syed Yasir will work closely with its investment team to provide strategic insights, support deal origination, and contribute to portfolio development. His appointment reflects Creador’s continued focus on expanding its presence and fostering long-term growth in the Malaysian market. Founded in 2011, Creador is a private equity firm specialising in South and Southeast Asia, with more than US$3 billion (RM12.63 billion) raised across six funds and investments in over 60 companies to date. Syed Yasir stepped down from Ekuinas on March 31 after 15 years with the state-backed private equity firm, including nine years as CEO. He was succeeded by Aliff Omar Mohamad Omar, previously Ekuinas’ senior director of investment. During his tenure, Syed Yasir oversaw RM4 billion in managed funds and RM5.6 billion worth of investments in 28 companies. He also led the creation of Dana Asas, a Bumiputera-focused fund, and introduced private credit as a new investment asset class.

Uber Technologies Inc is reportedly planning to invest in the Hong Kong listings of autonomous vehicle companies Pony AI Inc and WeRide Inc, signaling its continued commitment to expanding partnerships in the Chinese robotaxi sector. According to sources familiar with the matter, Uber may invest around US$100 million (RM420.2 million) in Pony AI’s share sale. Pony AI, which went public in the US last year, aims to raise up to US$972 million in its Hong Kong offering, with the potential to increase the size of the deal through an over-allotment option. San Francisco-based Uber is also eyeing WeRide’s Hong Kong listing, although the exact investment amount has not been disclosed. Other potential investors in the offerings may include Grab Holdings Ltd, Singapore’s state investor Temasek Holdings Pte, and German engineering giant Robert Bosch GmbH. WeRide, which also went public in the US a year ago, filed for a Hong Kong IPO seeking up to US$398 million. Discussions are ongoing, and the investment plans could change, according to the sources. Uber, Pony AI, and WeRide did not immediately comment. Previously, Uber invested in the US IPOs of both Pony AI and WeRide, and in May announced an additional US$100 million investment in WeRide. The ride-hailing firm has also collaborated with Pony AI earlier this year to launch autonomous services in the Middle East and partnered with WeRide in Abu Dhabi. Since their US debuts, Pony AI’s American depositary receipts have gained more than 50%, while WeRide’s have fallen 28% over the same period. Both companies plan to use proceeds from their Hong Kong listings to scale autonomous driving operations. Pony AI intends to commercialise its Level 4 robotaxi and robotruck technology and fund research and development, aiming for profitability by 2028–2029. WeRide plans to advance its autonomous driving technology, accelerate commercial mass production of Level 4 fleets, and expand its operations over the next five years, although it has yet to turn a profit. Grab, meanwhile, is also moving into autonomous mobility, recently investing in Michigan-based May Mobility to bring robotaxi services to Southeast Asia and partnering with WeRide to deploy fleets in the region. This move by Uber reflects the growing strategic importance of autonomous vehicle technologies in Asia and its push to deepen collaboration with key robotaxi developers in China and beyond.

PayPal Holdings Inc. announced on Tuesday a strategic partnership with OpenAI, enabling ChatGPT users to make purchases using PayPal’s digital wallet, driving the company’s shares up 13% in pre-market trading. The fintech giant also raised its full-year financial outlook and declared its first-ever dividend in 27 years, signaling strong confidence in its cash flow and long-term profitability. Under the agreement, PayPal’s global merchant network will be integrated with ChatGPT, allowing users to buy products directly through the AI-powered platform. The move comes as AI-driven shopping tools gain traction, offering digital assistants that autonomously research, compare, and purchase items based on user preferences, budgets, reviews, and price tracking. “By partnering with OpenAI and adopting the Agentic Commerce Protocol, PayPal will power seamless payments and commerce experiences, helping customers move from chat to checkout in just a few taps,” said PayPal CEO Alex Chriss. Upgraded Forecast and Dividend Announcement PayPal now expects full-year adjusted earnings per share (EPS) between US$5.35 and US$5.39, up from its previous guidance of US$5.15 to US$5.30, and exceeding analysts’ consensus of US$5.24. In a historic first, the company’s board approved a quarterly dividend of 14 cents per share, reflecting a targeted payout ratio of 10% of adjusted profits. Over recent years, under Chriss’s leadership, PayPal has shifted its focus toward profitability rather than rapid revenue growth. After peaking during the pandemic, the company faced slower growth as consumer spending returned to physical stores, prompting cost-cutting measures and a pivot to higher-margin services. Despite broader economic pressures, PayPal’s core payment volumes have remained resilient. Total payment volume grew 7% on a foreign-exchange neutral basis, reaching US$458.1 billion (RM1.9 trillion), underscoring the durability of its business.