KUALA LUMPUR (July 12): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Toyo Ventures Holdings Bhd (KL:TOYOVEN) said that the US$980 million (RM4.58 billion) financing facility it secured from i-Power Solutions Pte Ltd for the Song Hau 2 thermal power plant project is no longer applicable. This came one week after Toyo Venture confirmed that the project had been terminated by the Vietnamese government. Its wholly-owned subsidiary, Song Hau 2 Power Company Limited (SH2P), received an email on July 9 from i-Power Solutions' legal counsel, citing the project's termination as reason for rendering the equipment facility irrelevant. However, it emphasised that SH2P is still in the process of finalising syndicated financing facilities for the power plant project. — Toyo Ventures' US$980m equipment financing facility voided following termination of Vietnam thermal power plant project

Theta Edge Bhd (KL:THETA) is now saying that the RM673.8 million it planned to invest to develop Internet of Things (IoT) technology for a project for the Ampang Jaya Municipal Council (MPAJ) is actually the operating expenditure (opex) that is required for the project over a 20-year concession period. The company clarified in a Bursa filing that the value of RM673.8 million refers to the opex required during the concession period for the development of IoT solutions for Smart Economy in Ampang Jaya, and not the actual investment required for the project. — Theta Edge now says RM673.8 mil 'investment' for new IoT project is actually opex

KNM Group Bhd (KL:KNM) has been granted a second extension to submit its Practice Note 17 (PN17) regularisation plan from the earlier deadline of April 30, 2024. The company now has until Oct 30, 2024 to submit its regularisation plan to the authorities. The cash-strapped company had previously requested for a 12-month extension until April 30, 2025, but was given six months instead to finalise the PN17 regularisation plan. — KNM gets six-month extension to submit PN17 regularisation plan

REDtone Digital Bhd (KL:REDTONE) has acquired a total of 8.4 million shares, representing a 7.12% stake in Theta Edge Bhd (KL:THETA), from the open market for about RM13.93 million, cash. This makes REDtone the fourth-largest shareholder in Theta Edge, after Lembaga Tabung Haji which holds a 27.28% stake, Threadstone Capital Sdn Bhd (13.56%) and Inter Pacific (9.4%). Prior to this, REDtone acquired 600,000 shares in Theta Edge on July 10, emerging as a substantial shareholder of the group and increasing its total shareholdings to 6.4 million shares, or a 5.43% stake in the company. — REDtone now fourth-largest shareholder in Theta Edge after raising stake to 7.12%

The Employees Provident Fund (EPF) emerged as a substantial shareholder in palm oil producer Johor Plantations Group Bhd (KL:JPG) on Tuesday, the day the stock was listed on Bursa Malaysia’s Main Market. EPF, through Citigroup Nominees (Tempatan) Sdn Bhd, bought 222.24 million shares, or an 8.896% stake in the company. The transaction price was not disclosed in the filing. — EPF emerges as Johor Plantations’ substantial shareholder, with 8.9% stake

Kimlun Corp Bhd (KL:KIMLUN) is forming a joint venture company (JVco) with Singapore-listed Astaka Holdings Ltd’s (AHL) indirect 50.99%-owned unit Astaka Capital Sdn Bhd (ACSB) to develop a residential serviced apartment project in Johor Bahru. The project is related to phase three of Arden @ One Bukit Senyum, which is slated to launch in the fourth quarter of 2024, with construction expected to be completed within 48 months. The JVco has also proposed to acquire a parcel of land measuring 1.662 acres in Johor Bahru for RM61.5 million or RM77 per sq ft to be developed for the residential serviced apartment project. — Kimlun forms JVco with Singapore’s Astaka to build serviced apartments in JB

Construction and power utilities group JAKS Resources Bhd (KL:JAKS) has partnered with Shanghai-based China Power Engineering Consulting Group International Engineering Co Ltd (CPECC INT'L) to bid for the development of solar photovoltaic (PV) plants with a maximum aggregate capacity of 500 megawatt of alternating current (MWac), under the Energy Commission’s fifth Large Scale Solar (LSS5) programme. Should the project be awarded by the Energy Commission, both parties have agreed to establish a special purpose vehicle (SPV) to implement the project. Both parties will collaborate on the study, planning, and preparation of the project bidding document by the bid closing date, arrange project financing with acceptable guarantees and terms, and share costs for external consultants and necessary preparations. — JAKS Resources partners with Chinese firm to bid for 500MWac solar PV plants under LSS5 programme

Energy services firm Uzma Bhd (KL:UZMA) is working with two companies operating in Papua New Guinea to sell hydrocarbon fuel and products. Uzma’s 51%-owned subsidiary, Jannatul Firdaus International Sdn Bhd, signed an expression of interest with refined petroleum products company Arafura Energies Ltd and services firm Australian Niugini Services (ANS) for the venture. The expression of interest is valid for one year, starting from July 12, 2024 until July 11, 2025. Under the expression of interest, the three parties will negotiate a master sale and purchase agreement before signing a confirmation notice for the sale and purchase of a specific quantity of hydrocarbon fuel from time to time. — Uzma to explore fuel venture in Papua New Guinea

Radiant Globaltech Bhd (KL:RGTECH) is acquiring an 80% stake in IT solutions provider Rymnet Solutions Sdn Bhd, for RM52.5 million, from its chief executive officer and major shareholder Un Sze Hau. Rymnet specialises in digitalisation of human resource (HR) management operations. Through the proposed acquisition, the group will be able to incorporate HR management system modules into its existing suite of solutions, thereby offering a more comprehensive and integrated service to its customers. The acquisition deal will be financed through a combination of cash of RM42.5 million and 30.3 million new shares at 33 sen per share to Un to cover the remaining RM10 million. — Radiant Globaltech to acquire 80% stake in IT firm for RM52.5m

Tafi Industries Bhd (KL:TAFI) has bagged a construction contract as well as piling and project furniture works worth a combined total of RM207.46 million for a mixed-use development project that comprises a serviced apartment and a small-office, home-office block in Setia Alam, Selangor. The contract, awarded by Armani KPF2 Development Sdn Bhd, is expected to contribute positively to its earnings for the financial year ending Dec 31, 2024 (FY2024) until FY2027. — Tafi bags RM207 mil related-party transaction for mixed-used development in Setia Alam

Minetech Resources Bhd (KL:MINETEC) has bagged a contract to undertake the proposed construction and completion of road and drainage works for Banting Industrial City in Kuala Langat, Selangor, worth RM4.05 million. The contract, which was awarded by VED Engineers Sdn Bhd to the group's wholly-owned subsidiary Minetech Construction Sdn Bhd, commenced on June 28, 2024 and is slated for completion within three months. The award of this project to Minetech adds to the support in infrastructure development. — Minetech bags RM4.05m contract for road, drainage works in Banting Industrial City

Nestcon Bhd (KL:NESTCON) aims to raise RM27.27 million through a private placement of 70.82 million shares or 10% of its enlarged share base. A total of RM22 million of the gross proceeds will be allocated to repaying its bank borrowings. Another RM4.58 million will be used for working capital in construction projects, as well as for engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) projects. The remaining RM685,000 will cover estimated expenses related to the proposed private placement. — Nestcon aims to raise RM27m via private placement to repay bank borrowings

EVD Bhd (KL: EVD) has reinstated its chief executive officer and major shareholder Mah Seong Huak, whom it had suspended for the past six months, following what appears to be the conclusion of a boardroom tussle. The company, which provides information and communications technology solutions for transportation systems, said in a bourse filing on Friday that the decision was made following a 'special board meeting' on the same day, although it did not disclose any reason for the reinstatement. It had also not given any reason for suspending Mah when the decision was announced on Jan 11, other than saying that the suspension would have no financial or operational impact on the company. — EVD CEO reinstated after six-month suspension, sans explanation