KUALA LUMPUR (July 31): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

RHB Bank Bhd (KL:RHBBANK) has appointed Mohamed Rastam Shahrom as its new group CFO, effective Thursday (Aug 1). He was formerly the acting group CEO and CFO of Malaysia Airports Holdings Bhd (KL:AIRPORT). RHB also appointed Phuah Shok Cheng as its new regional CFO and head of capital strategy, Kevin Vijendren Davies as the managing director and CEO of RHB Investment Bank Bhd, and Tan Boon Ching as the group chief internal auditor. —  RHB Bank appoints Mohamed Rastam as group CFO

Separately, Malaysia Airports Holdings Bhd (KL:AIRPORT) has named Datuk Mohd Izani Ghani to take over the role as the managing director for the airport operator effective Thursday (Aug 1). MAHB also named Zeid Abdul Razak, as its new CFO, effective Thursday, in place of Mohamed Rastam Shahrom, who is stepping down “to pursue a new career opportunity”. — MAHB names UEM’s Mohd Izani as MD, confirming The Edge report; promotes Zeid Abdul to finance chief  

Meanwhile, Datuk Amran Hafiz Affifudin, the executive director and head of Malaysian investments at sovereign wealth fund Khazanah Nasional Bhd, has been tipped to take over the reins of UEM Group from managing director Datuk Mohd Izani Ghani, according to sources. — Khazanah executive director Amran Hafiz tipped to take over as UEM Group MD as Mohd Izani set to move to MAHB

CelcomDigi Bhd (KL:CDB) has submitted its proposal for the deployment of Malaysia’s second 5G network to the industry regulator Malaysian Communications and Multimedia Commission to build “the most advanced 5G network”. Currently, CDB is the only telco operator that has publicly expressed its interest in leading the second 5G network after completing its share subscription of a 16.3% stake in Digital Nasional Bhd’s single wholesale network model last month. — CelcomDigi submits proposal to MCMC for second 5G network deployment

Tourism-related property developer Yong Tai Bhd (KL:YONGTAI) is selling its five-star hotel Courtyard by Marriott Melaka for RM160 million. Its wholly owned subsidiary Apple 99 Development Sdn Bhd had entered into a conditional sale and purchase agreement with Southern Envoy Sdn Bhd for the proposed asset disposal. It anticipated a gain of RM45.86 million from the proposed disposal. Yong Tai also proposed to undertake a special issue of up 190.05 million new shares, or up to 30% of the company’s issued shares, to third-party investors to be determined later, in a bid to raise RM57.02 million. — Yong Tai sells Courtyard by Marriott Melaka for RM160m, proposes special issue to raise RM57 mil

Bursa Malaysia Securities Bhd has publicly reprimanded Zen Tech International Bhd (KL:ZENTECH) and eight of its directors for misrepresenting its appointment as a Covid-19 vaccine distributor, and for breaches related to its annual report 2021 and corporate governance. The bourse operator also imposed a total of RM757,500 in fines on the eight directors. — Bursa reprimands Zen Tech and eight directors, imposes RM757,500 fines for misleading vaccine announcements, annual report breaches

Avillion Bhd’s (KL:AVI) external auditor Messrs Baker Tilly Monteiro Heng PLT has flagged material uncertainty that would affect the hotel and travel company’s ability to continue as a going concern. The auditor drew attention to a net loss of RM5.55 million at the group level, and RM6.81 million at the company level for the financial year ended March 31, 2024 (FY2024), even as Avillion’s hospitality and travel businesses operate at full capacity. — External auditor again casts doubts over Avillion’s ability to continue as a going concern

Bintai Kinden Corp Bhd (KL:BINTAI), which has two months left to submit its regularisation plan, said approval has been received for the restructuring and rescheduling of the banking facilities of a wholly owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd. The restructuring approved by Malayan Banking Bhd (KL:MAYBANK) involves converting outstanding contract overdraft/ trade bills into a term loan facility. It also includes reinstating an overdraft facility of RM6.9 million and a bank guarantee facility of RM10 million. — Bintai Kinden receives nod for restructuring of banking facilities 

Lotte Chemical Titan Holding Bhd (KL:LCTITAN) reported its ninth consecutive quarterly loss with a narrower net loss of RM248.9 million for the second quarter ended June 30, 2024 (2QFY2024), compared to RM313.5 million in 2QFY2023. Its loss per share dropped to 10.93 sen from 13.76 sen. Revenue dropped 4.3% to RM1.78 billion from RM1.86 billion, mainly due to scheduled statutory maintenance that resulted in lower sales volume. — Lotte Chemical Titan posts ninth straight loss-making quarter amid gross negative margin

Information technology service firm Infomina Bhd (KL:INFOM) has bagged a three-year contract worth RM34.71 million to provide technology and infrastructure operations and support services to the National Registration Department. The three-year contract was awarded by the Ministry of Home Affairs. It expects the contract to contribute positively to its earnings during the contract period — Infomina bags RM35m contract for provision of tech services to NRD

Censof Holdings Bhd (KL:CENSOF), through its wholly owned unit Century Software (M) Sdn Bhd, has teamed up with Netherlands-based Storecove to strengthen its position in the e-invoicing market. It selected Storecove for its e-invoice rollout due to Storecove’s adaptive solution, as well as its proven expertise and experience. The partnership will ensure full compliance with Inland Revenue Board regulations. — Censof partners with Netherlands-based Storecove for e-invoicing solutions

Cape EMS Bhd (KL:CEB), whose stock price has fallen over 30% in the past week, saw its managing director and chief executive officer Christina Tee Kim Chin disposing of 1.895 million shares in the electronics manufacturing services firm. Tee offloaded the block of shares for RM1.27 million. Following the disposal, Tee's shareholding in the company dropped to 37.86% from 38.05%. Still, he remains the largest shareholder of Cape EMS, followed by her sister Kim Yok, who is also the executive director, with a shareholding of 6.81%. — Cape EMS CEO offloads shares amid selling pressure, EPF emerges as substantial shareholder