KUALA LUMPUR (June 7): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Public Bank Bhd (KL:PBBANK) has received approval from the State Securities Commission of Vietnam (Vietnam SSC) to acquire RHB Bank Bhd’s (KL:RHB) stockbroking firm in Vietnam for RM72.55 million. The approval by Vietnam SSC is subject to two conditions, namely the proposed acquisition must be completed within six months from the date of approval, failing which the approval shall lapse, and the stockbroking firm RHB Securities Vietnam Company Ltd (RHBSVN) shall implement the reporting and publication regime in accordance with the applicable regulation. — Public Bank gets green light to buy RHB’s stockbroking business in Vietnam

Maxis Bhd (KL:MAXIS), one of the five mobile network operators (MNOs) involved in the implementation of the national dual network 5G model, said on Friday that it is ready to complete the Digital Nasional Bhd (DNB) share subscription agreement (SSA) process. This puts the company on track to an early completion of its SSA process and to participate in the rollout of the second 5G network ahead of the timeline given by Communications Minister Fahmi Fadzil. "We want to see an early conclusion to the SSA process as it will provide greater certainty to the nation's dual 5G network rollout," Maxis chief executive officer Goh Seow Eng said. — Maxis says it is ready to complete share subscription agreement process with DNB

Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, said it has secured a contract worth RM315 million to build two blocks of residential apartments in Bandar Tasik Selatan, Kuala Lumpur. The job scope covers the main building works of the development, comprising two 40-storey apartments — one with 757 units and the other with 743 units, as well as an eight-storey carpark. The project is to be completed within 33 months from the date of commencement, which is tentatively fixed for July 8. — Binastra secures RM315m contract to build apartments

Johor-based property developer Paragon Globe Bhd (KL:PGLOBE) is acquiring a parcel of land, measuring 9.84 acres in Plentong, Johor Bahru, for RM13.5 million. The group plans to develop the land by constructing a detached factory, scheduled to commence in 2025 and expected to take 1.5 years to complete. "The estimated gross development value of the proposed development is approximately RM76.13 million, with an expected gross development cost of RM55.14 million," the group said, anticipating a gross development profit of RM20.99 million. — Paragon Globe buys RM13.5m land in Plentong for detached factory

The takeover bid by doctor-turned-businessman Tan Sri Mohan MK Swami and his partner Datuk Seri Dr Shamir Kumar Nandy for Turiya Bhd (KL:TURIYA) has closed with the offerors raising their stake in the property management firm to 59.46%. M&A Securities Sdn Bhd, on behalf of Turiya, informed Bursa Malaysia that the mandatory general offer (MGO) by Khidmat Kejora Sdn Bhd and Neo Pixel Sdn Bhd — the special purpose vehicles of Swami and Shamir — had closed at 5pm on Friday. — Mohan Swami, partner close Turiya MGO with 59.46% stake

Corrugated paper packaging maker DS Sigma Holdings Bhd (KL:DSS) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia, saying it has met the required profit requirements. DS Sigma noted that it recorded a profit after tax (PAT) attributable to owners of the company of RM8.16 million for its financial year ended June 30, 2023 (FY2023) and an aggregate PAT of RM49.49 million for FY2021, FY2022 and FY2023. Under the equity guidelines issued by the Securities Commission Malaysia (SC), a company must have an uninterrupted profit of three to five full financial years prior to submission to the SC, with an aggregate PAT of at least RM20 million and a PAT for the most recent financial year of at least RM6 million. DS Sigma expects the listing transfer to be completed in the second half of 2024. — DS Sigma seeks listing transfer to Main Market

Furniture maker Euro Holdings Bhd (KL:EURO) said it is disposing of an 8,000 sq m industrial land in Rawang, together with a two-storey detached factory and an annexed three-storey office building sited on it,  for RM17.3 million, cash. This is part of its business transformation plan to rationalise non-core assets and to move its warehouse from Rawang to its steel furniture manufacturing plant in Melaka. Of the proceeds from the disposal, Euro Holdings said RM5.5 million will be used to repay borrowings and another RM10.5 million to fund its working capital, while the remaining RM1.3 million will be allocated for estimated expenses related to the disposal exercise. — Euro Holdings sells Rawang warehouse land

Engtex Group Bhd (KL:ENGTEX) has proposed to undertake a bonus issue of up to 414.30 million new shares, on the basis of three bonus shares for every four existing shares. As at May 31 this year, the group’s total number of shares stood at 443.32 million, including 1.9 million treasury shares. The company said the exercise is to reward existing shareholders for their continuous support and encourage trading liquidity and affordability on the Main Market. — Engtex proposes three-for-four bonus issue

Renewable energy player Sunview Group Bhd (KL:SUNVIEW) has secured a RM51.9 million contract to build a 44.99 MWp solar photovoltaic (PV) plant in Kuala Ketil, Kedah. Sunview’s wholly-owned unit Fabulous Sunview Sdn Bhd accepted the letter of award on Friday from Cenergi Solar Kuala Ketil Sdn Bhd, which is involved in the installation of non-electric solar energy collectors. The project will begin on June 10, and must reach commercial operations by June 24, 2025, unless extended in writing by Cenergi. — Sunview secures RM52m contract to build solar PV plant in Kedah

Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) wholly-owned unit Song Hau 2 Power Company Ltd (SH2P) has secured US$980 million (RM4.6 billion) equipment financing facility from i-Power Solutions Pte Ltd. The financing is for the construction of a 2.12 gigawatt (GW) thermal power plant in Hau Giang Province, southern Vietnam, which involved proposed project financing facilities of up to US$2.69 billion. TVHB said the purpose of the equipment facility is to finance up to 70% of the invoice amount for the procurement of equipment required for the engineering, procurement, construction and commissioning (EPCC) works of the project. — Toyo Ventures secures US$980m equipment financing facility for project in Vietnam