KUALA LUMPUR (Aug 2): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Ranhill Utilities Bhd (KL:RANHILL) said four of its directors, including founder and executive chairman Tan Sri Hamdan Mohamad, have resigned from their positions after the successful takeover of Ranhill by YTL Power International Bhd (KL:YTLPOWR) and its 70%-owned unit SIPP Power Sdn Bhd. Their resignations are pursuant to the terms in the unconditional share sale and purchase agreement. — Four Ranhill directors, including founder Hamdan, resign following YTL Power’s takeover

Johor-based developer Paragon Globe Bhd (KL:PGLOBE) is selling more of a big plot of freehold land it had just bought in Plentong, Johor Bahru, to Bridge Data Centres Malaysia IV Sdn Bhd. In May, it inked an agreement to sell part of the 104.5-acre land — roughly the size of 104 football fields — it had bought for RM71.5 million in November 2023 to Bridge Data Centres. The agreement was for the sale of 47.86 acres of the plot under Geran 80943 Lot 2699 for RM238.32 million, cash, which Paragon Globe said was to improve its liquidity and financial position. — Paragon Globe sells more of Johor land it bought last year to data centre company for RM98.98m

British-domiciled multinational insurance company Prudential plc has emerged as a substantial shareholder in cable support system provider United U-Li Corp Bhd (KL:ULICORP). Prudential acquired 37,700 shares of United U-Li on July 31 through funds managed by Eastspring Investments Bhd, raising its shareholding in the company to 5.19%. — Prudential emerges as substantial shareholder in cable player United U-Li

Trading of the shares in Ecobuilt Holdings Bhd (KL:ECOHLDS) will be suspended Aug 9, after the High Court approved a winding-up petition against the company. Earlier, Ecobuilt was served a winding-up petition by S-Form System Formwork (M) Sdn Bhd on April 24, concerning a claim of RM670,596. The court approved the petition on July 24 and concurrently dismissed Ecobuilt's application to stay the winding-up proceedings. — Ecobuilt to be suspended from Aug 9 following High Court approval of winding-up petition

Oil trading and fuel bunkering service provider Straits Energy Resources Bhd (KL:STRAITS) plans to exit the port operation and management business by disposing of its entire 51% equity interest in Megah Port Management Sdn Bhd (MPM), the concessionaire of Labuan Liberty Port, to LPM Holdings Sdn Bhd for RM5 million, cash. By divesting its stake in MPM, the group can concentrate on fewer operating entities, and improve its overall operational efficiency and effectiveness. — Straits Energy Resources to exit port operation and management business after four years

Binastra Corp Bhd’s (KL:BNASTRA) wholly-owned Binastra Builders Sdn Bhd has bagged a RM160 million contract to demolish and build an office complex in Damansara Perdana from Dynamicz Sdn Bhd. The contract covers demolition and construction of main building works comprising four floors of offices (560 units), as well as two basement levels. The job is expected to be completed by July 30, 2026. — Binastra wins RM160m office construction job in Damansara Perdana

AwanBiru Technology Bhd (KL:AWANTEC), a cloud-based service provider, is supplying Google Workspace Enterprise Starter licence to Sabah Net Sdn Bhd (SNSB) for RM9.97 million. Its wholly-owned subsidiary Awantec Systems Sdn Bhd has inked a service agreement with SNSB for subscription of said licence. The agreement is for a five-year period from Aug 1, 2024 to July 31, 2029. — Awantec to supply Google Workspace Enterprise Starter licence to Sabah Net for RM9.97m

Malaysia Smelting Corp Bhd’s (KL:MSC) net profit for the second quarter ended June 30, 2024 fell 41.2% to RM16.72 million from RM28.45 million a year earlier, mainly dragged by the weaker performance of its tin smelting segment. Revenue for the quarter under review rose 26% year-on-year to RM410.8 million from RM327 million, lifted by higher average tin price. No dividend was declared for the quarter. — Malaysia Smelting Corp 2Q net profit drops 41% on furnace re-bricking, scheduled maintenance

Perak Transit Bhd (KL:PTRANS), developer and operator of integrated public transportation terminals, plans to raise RM1.5 billion via a perpetual Sukuk Wakalah programme to fund its capital expenditure (capex) and working capital. It said the capex will be used for the construction of the integrated bus transport terminal cum commercial complex known as Terminal Seri Iskandar in Bandar Seri Iskandar, Perak, subject to a margin of advance of 70%. It will also use proceeds from the sukuk programme to refinance existing Shariah-compliant financing and/or conventional borrowings. — Perak Transit to raise RM1.5b via sukuk

Infrastructure group Taliworks Corp Bhd (KL:TALIWRK) is expected to get a boost during the current financial year ending Dec 31, 2024 (FY2024) from insurance payments related to replacement costs for the solar modules at its wholly-owned subsidiaries' solar plants. The insurance proceeds are expected to be received this month. Taliworks said the US$2.32 million (RM10.67 million) in insurance payments the group will receive is expected to contribute positively to the group’s financial performance for FY2024. — Taliworks' FY2024 results to get RM11m boost from insurance payments

YBS International Bhd (KL:YBS) plans to raise up to RM25.6 million through a private placement with over half of the proceeds allocated to fund the lithium-ion battery manufacturing project it is undertaking in partnership with US advanced silicon battery producer Enovix Corp. It intends to issue up to 10% of its enlarged share base, or 30.47 million shares, to third-party investors who will be identified later. — YBS plans RM25.6 mil private placement to fund lithium-ion battery project with Nasdaq-listed Enovix

Construction and property group WCT Holdings Bhd (KL:WCT) plans to raise up to RM163.06 million via a private placement of shares to third-party independent investors. The fundraising exercise involves the issuance of 141.67 million new shares, equivalent to up to 10% of its 1.42 billion issued shares. RM50 million of the proceeds will be used to repay bank borrowings while RM112.76 million has been allocated for working capital for its ongoing construction projects. — WCT proposes RM163m private placement to fund ongoing projects