Here is a brief recap of some business news and corporate announcements that made headlines on Thursday:

Zetrix AI, RHB Bank, TSH Resources, RedPlanet, Aizo Group, BMS, Harbour-Link, Jati Tinggi, TNB, Kerjaya Prospek, Exsim Hospitality, Pavilion REIT and Foodie Media

Zetrix AI Bhd (KL:ZETRIX) said no payment default has occurred under its RM2 billion sukuk, as the trustee is scheduled to meet sukuk holders on Friday (Oct 23) to discuss a proposed resolution to a breach involving managing director Wong Thean Soon’s shareholding.

Zetrix AI sukuk holders to meet on Oct 23 to discuss covenant breach, no payment default yet 

BMS Holdings Bhd (KL:BMS) has terminated its proposed RM23.8 million land acquisition in Cheras after failing to reach an agreement with the vendor on the terms of the deal.

BMS Holdings scraps RM24 mil land acquisition after parties fail to agree on terms

Pavilion Real Estate Investment Trust (KL:PAVREIT) reported a net property income (NPI) of RM145.58 million for the third quarter ended Sept 30, 2026 (3QFY2026), little changed from RM145.49 million a year ago.

Pavilion REIT posts flat net property income in 3Q

MMAG Holdings Bhd (KL:MMAG) on Wednesday cited anticipated maintenance cost of over RM10 million as the reason it is willing to absorb a loss of RM12.69 million with the sale of a cargo plane it acquired less than two years ago.

MMAG cites expected RM10m maintenance bill, tough market conditions for selling cargo plane at a loss

Zetrix AI Bhd (KL) managing director Wong Thean Soon's stake in the digital services firm has shrunk further, diminishing the prospect of fixing a breached sukuk condition that he remains the company's largest shareholder.

TS Wong's Zetrix AI stake down to 1.841% ahead of Oct 22 deadline to fix sukuk covenant  

CapitaLand Malaysia Trust (KL:CLMT) reported a 14.9% increase in third-quarter net property income (NPI), driven by higher rental income amid better contribution from most of its properties.

CapitaLand Malaysia Trust’s 3Q net property income rises 15%, declares 1.35 sen distribution per unit

Pantech Global Bhd’s (KL:PGLOBAL) reported a 89.5% jump in second-quarter net profit  on the back of higher sales volume and improved average selling prices.

Higher sales, selling prices lift Pantech Global 2Q net profit 90%  

Shareholders of Mudajaya Group Bhd (KL:MUDAJYA) have been advised to vote in favour of the proposed disposal of a 45% stake in Real Jade Ltd to major shareholder Minyi Holdings Ltd (MHL) for HK$234 million (RM118.45 million), to settle debts owned to MHL.

Mudajaya shareholders advised to back RM118 mil Real Jade stake disposal to major shareholder

Computer Forms (Malaysia) Bhd (KL:CFM) said it has applied for leave to commence judicial review proceedings against Bursa Malaysia Securities' decision to publicly reprimand the company for breaches of listing requirements involving its failed electric vehicle (EV) joint venture.

Computer Forms seeks leave to initiate judicial review over Bursa public reprimand, fine

The Malaysian Investment Development Authority (Mida), CIMB Singapore and the Singapore Business Federation (SBF) have jointly concluded the inaugural Invest Malaysia Day 2026 in Singapore.

Invest Malaysia Day 2026 highlights growth opportunities for Singapore businesses

Datuk Muhamad Umar Swift, the former head of Malaysia’s stock exchange, will join Hong Leong Investment Bank Bhd as its managing director and chief executive officer.

Ex-Bursa chief Umar Swift to join Hong Leong Investment Bank as CEO

Volvo Cars said on Friday it will cut 2,500 jobs, mostly in its native Sweden, as the group seeks to slash costs amid tough competition from Chinese auto makers and as tariffs and weak demand hit sales in the United States.

Volvo Cars to cut 2,500 jobs as third quarter swings to loss

Comfort Gloves Bhd (KL:COMFORT) said on Friday it has reached a settlement with the Inland Revenue Board, ending a court battle that lasted over two years.

Comfort Gloves reaches settlement with Inland Revenue Board over tax bill

Emerging Asian equities fell on Friday, lingering near a three-month low as investors dumped regional technology stocks and piled into safe havens such as US Treasuries and the yen on worries about AI's unsustainable funding needs.

Asian stocks slide to three-month low as tech selloff spurs risk aversion

Indonesian authorities seized 1.16 tons of ketamine on a Mongolian-flagged vessel from Malaysia in the waters of North Sumatra province earlier this week, the country's national police chief Suyudi Ario Seto said on Friday.

Indonesian authorities, including the police and the customs office, apprehended the tanker in the waters of Tanjung Balai off the province earlier this week, Seto said.

Indonesia seizes 1.16 tons of ketamine on Mongolian-flagged vessel from Malaysia, police chief says

Pengurusan Aset Air Bhd plans to set up a new sukuk programme worth RM11.64 billion to support its capital expenditure requirements over the next decade.

Malaysia’s state-owned water assets firm lines up RM11.64 bil sukuk

President Donald Trump said on Thursday that Canadian jet maker Bombardier was investing US$270 million in the United States, days after he dropped threats to ban the company from the country.

Trump's September threats against Bombardier became a political issue in Kansas, where it employs 1,500 people in Wichita. The threatened ban prompted calls to the White House from Kansas lawmakers, including Republican Senator Roger Marshall, who is facing a tough race in the November 3 elections.

Trump says Bombardier to invest US$270 million in the US

Johor's booming data centre industry could consume more than 90% of the additional electricity generated in Peninsular Malaysia in the next five years, raising concerns over power supply and grid infrastructure constraints, according to a report by BMI, a Fitch Solutions company.

Johor data centres could consume over 90% of peninsula's additional power generation by 2031 — BMI

BENGALURU (Oct 23): Rolls-Royce is nearing a deal for British government subsidies of up to £200 million (US$267.9 million) to help fund the development of a new engine for short-haul aircraft, with an announcement possible as early as next week, the Financial Times reported on Friday.

Rolls-Royce nears government subsidy deal to develop new engine in UK, FT reports

A former company director, Datuk Seri Liew Kok Leong, has been charged with criminal breach of trust (CBT) of over RM5.5 million funds belonging to a private limited entity, in addition to money laundering.

Former director charged with CBT for misappropriating RM5.5 mil of company funds

Sarawak Premier Tan Sri Abang Johari Tun Openg is expected to announce the dissolution of the Sarawak State Legislative Assembly on Friday afternoon, paving the way for a state election.

Abang Johari expected to announce Sarawak assembly dissolution this afternoon

Foodie Media Bhd (KL:FOODIE) rose on Friday to extend a rebound from all-time lows thanks to a set of stronger-than-expected results at the social media content company.

Foodie Media extends rebound from all-time lows after results beat

Asian shares fell on Friday as concerns over the enormous funding needs of artificial intelligence (AI) hammered tech and led to the biggest daily rally in Treasuries in more than three years, with investors fleeing to sovereign bonds and safe-haven currencies.

Asian shares wobble as tech rout boosts bonds, dents rate hike bets

Johor's booming data centre industry could consume more than 90% of the additional electricity generated in Peninsular Malaysia in the next five years, raising concerns over power supply and grid infrastructure constraints, according to a report by BMI, a Fitch Solutions company.

The Trump administration is seeking to restrict American investment in Chinese biotechnology companies, potentially complicating financial ties at a time when US drugmakers are increasingly turning to China for new medicines.

US proposes curbs on investment in Chinese biotech firms

Property developer KEB Bhd has priced its shares at 35 sen apiece for its ACE Market listing.

Real estate developer KEB aims to raise nearly RM80 mil from ACE Market IPO

(Oct 23): Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concern of further energy supply disruption after Houthi attacks on top exporter Saudi Arabia.

Oil little changed as supply concern lingers amid Houthi attacks on Saudi Arabia

Mi Technovation Bhd (KL:MI) will report “stellar” third-quarter results following robust guidance from its soon-to-be-listed semiconductor material unit, its most bullish analyst said.

Mi Technovation’s most bullish analyst predicts ‘stellar’ 3Q

(Oct 23):&nbsp;Wall Street shunned stocks as a technology rout and Middle East risks drove investors to the safety of bonds, reducing bets on another Federal Reserve rate hike in 2026.

Stocks fall as AI jitters ease bets on Fed hikes

The 2% Employees Provident Fund (EPF) contribution rate payable by employers for non-Malaysian workers is relatively low, the Finance Ministry (MOF) said.

MOF: 2% EPF contribution rate for foreign workers relatively low

Bestari Food Bhd has received approval from the securities regulator for its proposed listing on the Main Market of Bursa Malaysia.

Bestari Food gets regulator’s nod, shariah status for Main Market listing

KUALA LUMPUR (Oct 23): Petroliam Nasional Bhd’s (PETRONAS) wholly owned subsidiary&nbsp;Petronas&nbsp;CCS Ventures Sdn&nbsp;Bhd&nbsp;(PCCSV), TotalEnergies EP CCS Malaysia and Mitsui &amp; Co&nbsp;Ltd&nbsp;have signed a joint-venture agreement (JVA) to develop the CO2 storage areas offshore Peninsular Malaysia, a key component of Malaysia's Southern Carbon Capture and Storage (CCS) Hub.

PETRONAS, TotalEnergies and Mitsui ink deal for carbon storage areas in southern hub

BENGALURU (Oct 23): Gold eased on Friday, headed for its steepest weekly decline in over four months as elevated oil prices bolstered higher-for-longer interest rate expectations, while investors awaited next week's Federal Reserve policy meet.

Gold heads for steep weekly loss as oil prices fuel Fed rate concerns

There’s no end in sight for the sell-off in China’s artificial intelligence (AI) model developer stocks, with competition growing ever more heated and the threat of rival listings next year.

China's US$150 bil AI model stock slump shows no sign of easing

KUALA LUMPUR (Oct 22): The remaining net financial burden borne by the government in relation to 1Malaysia Development Bhd (1MDB) is estimated at RM20.1 billion, assuming no further recovery of funds or assets in the future.

MOF: Govt’s net financial burden related to 1MDB estimated at RM20.1 bil

The proposed construction of the Madani Highway connecting Seremban-Kuala Pilah-Bahau is not currently in the Works Ministry’s (KKR) plans, according to the ministry.

Proposed Seremban-Kuala Pilah-Bahau highway not being planned — Works Ministry

Pengurusan Aset Air Bhd plans to set up a new sukuk programme worth RM11.64 billion to support its capital expenditure requirements over the next decade.

SYDNEY/SAN FRANCISCO/BENGALURU (Oct 23): Sales of Apple's&nbsp;first folding phone, the iPhone Duo, began on Friday, with market watchers betting on whether the device can reinvent the small foldables market just like the iPhone did for smartphones.

Justin Lim

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Justin Lim

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