KUALA LUMPUR (July 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

IOI Properties Group Bhd (KL:IOIPG) is acquiring Tropicana Gardens Mall, located in Petaling Jaya, from Tropicana Corp Bhd (KL:TROP) for RM680 million, cash. IOI said the property will provide a strong recurring income as it follows the successful model of IOI malls and leveraging on its brand in providing a vibrant lifestyle experience filled with dynamic offerings. Over at Tropicana, the developer said the divestment will enable the monetisation of Tropicana’s investment property and help reduce the group’s debt, thereby improving its cash flow position and reducing interest expenses. — IOI Properties continues shopping spree, snaps up Tropicana Gardens Mall for RM680m, cash

YTL Cement Bhd, a unit of giant conglomerate YTL Corp Bhd (KL:YTL), is planning to buy an 81.34% stake in Singapore-listed NSL Ltd for RM792.32 million, cash, to expand its industrialised building systems (IBS) business. NSL is a management and investment holding company whose subsidiaries manufacture building materials, oil and petroleum products, and provide environmental services. YTL Cement is buying the stake, comprising 303.48 million shares in NSL, from 98 Holdings Pte Ltd at RM2.61 per share or a total of RM792.32 million. — YTL Cement to acquire 81% stake in Singapore firm to expand IBS business

Axis Real Estate Investment Trust's (KL:AXREIT) (Axis REIT) second quarter net property income (NPI) increased 12.86% to RM65.95 million from RM58.44 million a year ago, on the back of higher revenue. Revenue for the quarter ended June 30, 2024, rose 11.8% to RM76.53 million from RM68.45 million in the previous year’s corresponding quarter. It declared a second interim income distribution of 2.25 sen per unit, payable on Aug 30. — Axis REIT's NPI up 12.9%, declares 2.25 sen income distribution

Trading in GHL Systems Bhd (KL:GHLSYS) shares is set to be suspended next week after NTT Data Japan Corp secured 98.8% of GHL's shares at the close of the Japanese group's takeover offer for the payments services provider. NTT Data does not intend to maintain the listing status of GHL on the Main Market of Bursa Securities. Thus, Bursa Securities will suspend the trading of the shares upon the expiry of five market days from the extended closing date. — GHL's shares set to be suspended as NTT Data Japan's takeover offer closes 

Uzma Bhd‘s (KL:UZMA) Thai unit has secured a RM19 million contract to provide infill well preparation services for offshore platforms. The one-year contract, awarded by PTTEP Energy Development Company Ltd to Uzma's subsidiary MMSVS Group Holding Co Ltd Thailand, is valid until July 15, 2025. The scope of work includes providing hydraulic workover unit equipment and services for infill well preparation on up to six of PTTEP’s offshore platforms in the Gulf of Thailand. — Uzma secures RM19 mil contract for infill well preparation services in Thailand

Advancecon Holdings Bhd's (KL:ADVCON) 51% subsidiary Spring Energy Sdn Bhd has inked a mining services agreement with Imerys Minerals Malaysia Sdn Bhd. Under the agreement, Spring Energy will provide a wide range of mining services that include quarry development and maintenance, drilling and blasting, marble handling and processing, waste management, and environmental protection measures at the quarry site in Gunung Terundum, Johor. — Advancecon bags mining services job from Imerys Minerals in Johor

T7 Global Bhd (KL:T7GLOBAL) has received a letter of award (LOA) from Petronas Carigali Sdn Bhd to provide a low-cost jack-up drilling rig. The company said its unit Tanjung Offshore Services Sdn Bhd had received the LOA for the Petronas Carigali Plug and Abandonment programme. However, it did not disclose the contract price. — T7 Global gets LOA from Petronas Carigali to provide jack-up drilling rig

Varia Bhd (KL:VARIA) had secured a construction subcontract worth RM555 million, sending shares in the company formerly known as Stella Holdings Bhd to their highest in nearly eight months. Under the subcontract, Varia will supply labour, plants, materials, equipment, tools, transport, temporary works and ancillary needed to build a sewage treatment plant in Penang. The contract is for a period of 57 months and expected to complete by March 24, 2029. — Varia bags subcontract worth RM555m for sewerage plant job in Penang

Well Chip Group Bhd (KL:WELLCHIP) ended its first day on the Main Market with a 50% gain, after the Johor-based pawnbroker raised RM172.5 million from its initial public offering (IPO). The stock opened at RM1.65 versus its IPO price of RM1.15 per share. It then climbed to as high as RM1.75 before closing at RM1.72, valuing the company RM1.03 billion. — Well Chip up 50% in Main Market debut, gains RM342m in market value