KUALA LUMPUR (Aug 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Construction firm Mitrajaya Holdings Bhd (KL:MITRA) said it has won a job worth RM151.99 million from the Northern Corridor Implementation Authority. The contract involves the construction of Phase 2A of the Kedah Science and Technology Park in Bukit Kayu Hitam. The two-year contract was awarded to its wholly owned subsidiary Pembinaan Mitrajaya Sdn Bhd. — Mitrajaya wins RM152m construction contract

First World Hotels & Resorts Sdn Bhd, and by extension the company's owner, Genting Malaysia Bhd (KL:GENM), has been found to be liable for an employee's negligence that led to the death of a patron in Genting Highlands more than five years ago. Judicial Commissioner Raja Ahmad Mohzanuddin Shah determined that hotel housekeeping assistant Nurul Suhaida Dahlan, 34, had breached her duty of care in allowing an unauthorised person into the room of the deceased, Xie Ning, resulting in the Chinese national's death in June 2019. The court awarded more than RM800,000 in damages to Wang Cui Lin, the widow of the deceased. — Genting, First World Hotel liable for death of China national on premises, to pay RM800,000 damages

MARC Ratings warned on Friday that it may downgrade the rating of a toll concessionaire unit of Ekovest Bhd (KL:EKOVEST) in the intermediate term, citing cash flow concerns. The agency affirmed the investment-grade AA-IS rating on Lebuhraya Duke Fasa 3 Sdn Bhd’s (Duke 3) outstanding RM3.64 billion sukuk. However, the agency has revised the outlook from "stable" to "negative" — which indicates that a rating may be lowered typically over the next one to two years. “The outlook revision to negative has been prompted by the thinning liquidity buffer to meet its financial obligations under the rated programme,” MARC said. “Given the tolling delay, traffic levels were lower than projected.” — MARC warns it may downgrade Duke 3 rating amid cash flow concerns

Asteel Group Bhd (KL:ASTEEL), via its wholly owned subsidiary Asteel (Sarawak) Sdn Bhd (ASWK), has jointly secured a RM61.2 million contract for roof and wall cladding of the EBP1A Hyperscale Data Centre at the Elmina Business Park, Selangor. Asteel said the contract was awarded by Gamuda Engineering Sdn Bhd to a consortium comprising ASWK and Sarnatec Sdn Bhd. The consortium will be responsible for the roofing and wall cladding work, with the project scheduled to run for 15 months from Aug 12. — Asteel consortium bags RM61m Elmina data centre cladding deal

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. Straits Energy said 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

Swift Haulage Bhd (KL:SWIFT), the country's largest container haulier by the number of prime movers, saw its net profit fall 14.3% to RM8.33 million for the second quarter ended June 30, 2024 (2QFY2024), from RM9.72 million a year earlier, attributed to lower profit margins. As a result, earnings per share came in lower at 0.95 sen for 2QFY2024, compared with 1.48 sen for 2QFY2023. However, revenue for 2QFY2024 grew 4.7% to RM172.87 million, from RM165.1 million a year earlier. The container haulage and land transportation segments collectively contributed about 75.3% of total revenue. — Swift Haulage’s 2Q net profit down 14% on lower profit margins

Ranhill Utilities Bhd (KL:RANHILL) — which has been taken over by YTL Power International Bhd (KL:YTLPOWR) — on Friday announced the resignation of four independent directors. This comes a day after the group added five new members to its board. The four directors who have resigned are Datuk Abdullah Karim, 72, Abu Talib Abdul Rahman, 70, Dr Arzu Topal, 60, and Jeffrey Bosra, 56. — Another four independent directors of Ranhill Utilities resign after YTL takeover

TMC Life Sciences Bhd (KL:TMCLIFE) will issue a notice of domestic inquiry against its suspended group chief executive officer (CEO) Wan Nadiah Wan Mohd Abdullah Yaakob, after failing to achieve any settlement following two show cause letters and a mediation process. The notice will be issued to allow Nadiah the opportunity to be heard by an independent domestic inquiry panel, TMC Life Sciences said. — TMC Life Sciences to call suspended CEO for domestic inquiry as mediation falls through

MN Holdings Bhd (KL:MNHLDG) and a 51%-owned unit of Reservoir Link Energy Bhd (KL:RL) are joining hands to tender for a solar project in Pulau Tioman, which is being taken up by Tenaga Nasional Bhd or TNB (KL:TENAGA). MN Holdings’ 100%-owned unit MN Power Transmission Sdn Bhd, and Founder Energy Sdn Bhd, which is 51% owned by Reservoir Link, are forming a 20:80 joint venture to submit a tender for the project. — MN Holdings, Reservoir Link unit eye TNB’s small-scale solar project in Pulau Tioman