KUALA LUMPUR (June 14): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

TH Plantations Bhd (KL:THPLANT) said it is teaming up with UEM Lestra Bhd, a wholly owned unit of UEM Group, to develop a 1.2 megawatt (MW) biogas power plant in Kluang, Johor. TH Plantations said the project will be carried out through a joint venture between its wholly owned unit THP Applications & Services Sdn Bhd, and UEM Lestra's subsidiary, Cenergi RE Sdn Bhd. TH Plantations, the plantation arm of Lembaga Tabung Haji, said the plant — which is set to begin operations in 2026 — will generate enough electricity to power up to 1,500 homes annually. —  TH Plantations forms partnership with UEM unit to develop biogas power plant in Johor

Solarvest Holdings Bhd (KL:SLVEST) is buying four levels of office space with 200 parking bays and a rooftop retail unit in the Solarvest Tower, which is currently under construction, from Chin Hin Group Property Bhd (KL:CHGP). The purchase costs Solarvest RM48.73 million cash. The transaction is deemed a related party transaction as the duo have common shareholders. Chin Hin Group Bhd (CHGB) controls a 57.13% stake in Chin Hin Property. Meanwhile, CHGB’s major shareholders, Datuk Seri Chiau Beng Teik and his son Chiau Haw Choon, collectively hold an aggregate 11.95% shareholding in Solarvest. — Solarvest buys office space from related party Chin Hin Property for RM48.73 mil cash

Sunview Group Bhd’s (KL:SUNVIEW) wholly owned subsidiary, Fabulous Sunview Sdn Bhd, has inked a development and cooperation agreement with Uzbekistan’s Ministry of Energy to develop two large-scale solar photovoltaic (PV) plants and battery energy storage systems (BESS) in Uzbekistan. Sunview said its unit is responsible for the design, engineering, procurement, and construction of a 400 megawatt of alternating current (MWac) solar PV plant with a 100 megawatt (MW)/200 megawatt hour (MWh) BESS in the Andijan district. It also will develop a 200MWac solar PV plant with a 50MW/100MWh BESS in the Fergana district. —  Sunview Group secures large scale solar project in Uzbekistan

Tex Cycle Technology (M) Bhd (KL:TEXCYCL) is acquiring Meridian World Sdn Bhd, which specialises in wastewater and air pollution control, for RM55 million in cash. A binding term sheet has been signed with all 10 shareholders of Meridian World to negotiate the detailed terms and conditions of the acquisition, said Tex Cycle. The company expects to sign a definitive agreement within the next 60 days. The proposed acquisition allows Tex Cycle to expand its product and service offerings, the company said. Further, the addition of Meridian World will also expand Tex Cycle’s geographical reach to the northern region of peninsular Malaysia. — Tex Cycle to acquire wastewater management specialist for RM55 mil cash

Careplus Group Bhd (KL:CAREPLS) plans to raise up to RM10.57 million through a private placement to finance the construction of a manufacturing hub in Negeri Sembilan for its electric vehicle business. The glove maker said the exercise entails the issuance of 63.31 million new shares, equivalent to 9.04% of its total number of issued shares. Careplus said the assumed price for the placement shares is 27.6 sen per share, representing a discount of about 9.95% over Careplus’ five-day volume weighted average market price of 30.65 sen up to June 7, the latest practicable date. The proposed private placement is anticipated to conclude by the end of 2024. — Careplus to raise up to RM10.6 mil via private placement to fund EV manufacturing hub

Taliworks Corp Bhd (KL:TALIWRK) said its non-independent and non-executive director Lim Chin Sean retired at the conclusion of the group’s annual general meeting (AGM) on Thursday. Taliworks said Lim had decided to withdraw his offer for re-election as a director at the AGM due to increased commitments elsewhere. He holds an indirect stake of 49.95% in Taliworks through LGB Group Sdn Bhd and a direct stake of 0.01%. — Taliworks director Lim Chin Sean retires at AGM

Apollo Food Holdings Bhd’s (KL:APOLLO) net profit fell 11.85% to RM5.998 million for its fourth quarter ended April 30, 2024 (4QFY2024) from RM6.8 million a year earlier, due to higher operating expenses. Revenue declined 5.03% to RM57.23 million from RM60.27 million in 4QFY2023 amid reduced export sales. No dividends were declared during the quarter. — Apollo’s 4Q net profit down 12% on higher operating expenses

Cash-strapped Sapura Energy Bhd said it expects to reach an arrangement with its creditors by achieving a majority support in a  court-convened meeting. This expectation is based on the group's ability to offer higher recovery through the scheme of arrangement compared to liquidation. The group last week secured a nine-month extension of a standstill period granted by the Corporate Debt Restructuring Committee (CDRC), which shields it from actions from its multi-currency financing creditors, till March 10, 2025, in consideration of the current status of the company’s proposed restructuring scheme. Additionally, Sapura Energy had obtained a nine-month extension for the convening and restraining orders from the High Court, which will be in effect from June 11 this year till March 10, 2025. — Sapura Energy sees deal with creditors following court extension to restructure debts