KUALA LUMPUR (Sept 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Affin Bank Bhd (KL:AFFIN) has launched its private banking service designed for individuals with investable assets of RM2 million or more. The service, branded Affin Diventium, will allow clients to have access to expertise of the bank’s various businesses, covering everything from daily banking and investment management to advanced corporate banking services and long-term financial planning. The bank has set a target of securing around 250 clients in the first year, comprising local, foreign and internal clients. — Affin Bank launches new private banking service, targets ultra-high net worth clients valued at RM2 mil or more

Cypark Resources Bhd (KL:CYPARK) is deferring its periodic distribution for its RM235 million tranche 1 perpetual sukuk, due Wednesday, to focus on meeting the commercial operations date for its 60MW floating solar plant in Kelantan. This is the second time the group has deferred the distribution, after deferring coupon payment on March 4 this year. At the time, the deferment was for six months to Sept 4. In total, Cypark has RM500 million of perpetual sukuk. The balance RM265 million was subscribed last year by its single largest shareholder, Jakel Capital with a 21.47% stake in the green energy outfit. — Cypark deferring tranche 1 perps distribution for second time

Solarvest Holdings Bhd (KL:SLVEST) has secured a RM113.29 million contract from P Solar Sdn Bhd to construct a 30MW solar plant in Pekan, Pahang. Solarvest's unit Atlantic Blue Sdn Bhd is expected to complete the project within 18 months from the date of acceptance of the letter of award on Tuesday. The project was awarded to P Solar, a 70%-owned unit of Malaysian Renewable Energy Group Sdn Bhd, under the Corporate Green Power Programme (CGPP) awarded by the Energy Commission. — Solarvest bags RM113 mil EPCC job for 30MW solar plant in Pahang

AWC Bhd (KL:AWC) has received a letter of award worth RM19.9 million from Gamuda Engineering Sdn Bhd for construction works related to a data centre project in Rawang, Gombak. The sub-contract was awarded to AWC’s wholly-owned subsidiary, Qudotech Sdn Bhd. The scope of work includes the construction and completion of cold water, rainwater harvesting, water reticulation, fire hydrant, foul water and sewerage services for the data centre. The sub-contract commenced on Sept 2, 2024, and is expected to be completed by Nov 18, 2025. — AWC bags RM19.9 mil data centre job from Gamuda

Malaysia Marine and Heavy Engineering Bhd (KL:MHB) said it has entered into a partnership with HD Hyundai Marine Solution Co Ltd (HD HMS) to serve as the South Korean marine aftermarket engineering and technology company's partner in undertaking work related to green retrofit solutions. MHB's wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), has signed a two-year memorandum of understanding with HD HMS, with an option to extend for an additional two years. Under the collaboration, MMHE will serve as HD HMS' partner for the installation of green retrofit within the Southern Asian region. This includes the process of updating and improving existing buildings, vessels or infrastructure with technologies and practices that enhance energy efficiency, reduce environmental impact and promote sustainability. — MHB teams up with HD Hyundai for green retrofit related works

Magni-Tech Industries Bhd (KL:MAGNI) reported a 36.4% increase in net profit to RM44.64 million for its first quarter ended July 31, 2024 (1QFY2025), from RM32.73 million a year earlier, on the back of higher revenue across its business segments. This marks the garment and packaging products manufacturer's highest quarterly profit since 3QFY2021. Quarterly revenue increased 34.9% to RM437.6 million from RM324.38 million. The group has proposed a dividend of five sen per share, payable on Oct 10. — Magni-Tech 1Q net profit rises 36%, declares five sen dividend

Euro Holdings Bhd (KL:EURO) said the High Court on Tuesday struck out the lawsuit filed by Surian Creation Sdn Bhd against the furniture maker and its former managing director Datuk Seri Lim Teck Boon. Euro Holdings said the court struck out the suit filed in Melaka last year with costs. Surian had sought a payment of RM19.29 million from the defendants, which included Euro Holdings' subsidiaries Eurosteel Line Sdn Bhd, Euro Space Industries (M) Sdn Bhd and Euro Space System Sdn Bhd. Surian had accused the defendants of conspiring together by "seizing full control" of the company and then using Surian to obtain banking facilities to be used for the benefit of the defendants without incurring any liability. — Court strikes out RM19m suit against Euro Holdings

Hexza Corp Bhd (KL:HEXZA) said on Tuesday it had acquired 50,000 shares in British semiconductor and software design giant Arm Holdings PLC for US$6.36 million (RM29.48 million), cash, with the intention of deriving dividend income and for potential capital gains. Hexza said that the shares were purchased in the open market on Nasdaq, funded by internal funds. The investment, Hexza added, was non-operational in nature and was undertaken mainly as an alternative to fixed deposits, money market financial products and unit trusts. Separately, Hexza said it had disposed of 216,394 shares in American robotics warehouse automation company Symbotic Inc for US$5.14 million, cash. Hexza said the Symbotic shares were purchased between April 28, 2023 and July 26, 2024 at an average cost of US$39.27 per share. The disposal has resulted in a fair value loss of RM12.89 million. — Hexza buys 50,000 shares in chip designer giant Arm after selling stake in robotics firm Symbotic at a loss

Wellcall Holdings Bhd (KL: WELLCAL) is acquiring three parcels of leasehold land in Ipoh, Perak for RM32 million. The group said the three parcels, with a total land area of 18.31 acres, are located within the vicinity of its existing manufacturing facilities in Kawasan Perindustrian Pengkalan II. The lands are expected to facilitate future expansion and provide the group with the flexibility to be able to plan ahead for any expansion of its operations without land space constraints. — Wellcall buys land in Ipoh for RM32 mil

Power Root Bhd (KL:PWROOT) has filed for a sukuk wakalah programme with the Securities Commission of Malaysia (SC) to raise funds for working capital, capital expenditure, and to refinance existing borrowings or future financing. Power Root said it had submitted the necessary documents to the SC for the Islamic Medium Term Notes (IMTN) of up to RM500 million in nominal value, based on the shariah principle of Wakalah Bi Al-Istithmar. The IMTN will have a tenure of 30 years from the date of the first issuance. Each IMTN issued will have a minimum term of one year but must mature before the end of the programme. — Power Root sets up RM500 mil sukuk programme