KUALA LUMPUR (Sept 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

IHH Healthcare Bhd (KL:IHH) said it is acquiring the 600-bed Island Hospital in Penang for RM3.92 billion in cash from Comprehensive Care Sdn Bhd. The acquisition includes the vacant land, which is valued at RM223 million with approvals secured for future development. The transaction — to be financed with internal funds and external borrowings — is expected to be accretive to its earnings and return on equity from 2026. IHH group chief financial officer Dilip Kadambi said the group is expecting Island Hospital to contribute "upwards of 15%" of its total annual revenue. Based on the group's FY2023 revenue of RM20.93 billion, Island Hospital's revenue contribution may come up to over RM3.13 billion annually. — IHH to acquire Island Hospital for RM3.92b, cash

YTL Power International Bhd (KL:YTLPOWR) has confirmed that its subsidiary YTL Communications Sdn Bhd (YTL Comms) has been questioned by the Malaysian Anti-Corruption Commission (MACC) about the Ministry of Education's 1BestariNet project, valued at RM4 billion. "We wish to confirm that MACC has recently requested information from YTL Comms in respect of the 1Bestarinet project," YTL Power said. Bernama, citing a source, reported that MACC had launched an investigation into payment claims related to the 1BestariNet service tender, as the graftbuster raided several government offices as well as the office of YTL Comms. According to the news agency, the investigation is centred on claims involving false details related to RM2.7 billion in payments, as well as other criminal elements under the MACC Act 2009. — YTL Power confirms under MACC probe over 1BestariNet project

Central Global Bhd (KL:CGB) has bagged a RM616.4 million contract for the Pan Borneo Highway Sabah Phase 1B project. The contract was granted to its unit, RYRT International Sdn Bhd, from Pembinaan Urusmesra Sdn Bhd for the upgrading of the road from the Lahad Datu Bypass to Kampung Sandau under Work Package 22. The project is expected to start on Sept 30, 2024 and conclude on March 29, 2028. Central Global said the project award has significantly increased its order book by 456.3% and amounting to RM751.5 million. It expects the contract to provide consistent revenue generation for the group over the next three and a half years. — Central Global bags RM616.4m Pan Borneo highway job in Sabah

Jentayu Sustainables Bhd (KL:JSB) said it has received a letter of notification from the Energy Commission of Sabah (ECOS) for Project Oriole — a 162MW run-of-river hydropower plant in the state. The letter outlines the key commercial and technical terms for the project, including specific deadlines for signing a 40-year power purchase agreement, achieving financial close and submitting a commitment letter and bond to ECOS. "The project is scheduled to reach its commercial operation date no later than Dec 31, 2028," Jentayu said. — Jentayu Sustainables' hydropower project receives notification letter from Sabah regulator

Loss-making Ocean Vantage Holdings Bhd (KL:OVH) announced the emergence of three new Sarawak-based substantial shareholders, following the disposal of a collective 23.32% stake by executive directors Martin Philip King Ik Piau and Yau Kah Tak, and one other. The three new shareholders, all based in Kuching, are Majuco Motor Sdn Bhd (10% or 41.99 million shares), Pertanian Teguh Jaya Sdn Bhd (7.75% or 32.54 million shares) and Resources Hub Logistics Sdn Bhd (5.57% or 23.39 million shares). With the announcement, Majuco and Pertanian Teguh Jaya are now the largest and second largest shareholders in Ocean Vantage. — Ocean Vantage sees Sarawak-based companies emerge as largest shareholders

Vetece Holdings Bhd (KL:VTC) was the most active stock on Wednesday, though the share price of the newly listed enterprise software company was volatile amid strong interest. The stock rose as much as 6% or four sen to 63.5 sen before slipping to as low as 53 sen. The counter closed at 58.5 sen, giving the company a market capitalisation of RM229.3 million. Trading volume totalled 111.42 million shares, over 28% of its total shares outstanding. Shares of Vetece have exceeded the fair value of 30 sen to 46 sen assessed by Public Investment Bank, Mercury Securities and Apex Securities in non-rated notes ahead of its listing on Aug 28. The stock has also more than doubled from its initial public offering price of 25 sen apiece. — Vetece most active stock, share price volatile amid strong interest

Shares of UWC Bhd (KL:UWC) fell by more than 15% on Wednesday, prompting Bursa Malaysia to suspend the counter’s intraday short-selling (IDSS). The regulator said that IDSS in UWC will only be reactivated at 8.30am on Thursday. Shares of the Penang-based integrated engineering solutions provider fell 9.88% to RM2.19 as at noon market break on Wednesday. The counter then extended its losses to RM2.04 at market close, down 16.05% or 39 sen from the previous day’s close of RM2.43, giving it a market capitalisation of RM2.25 billion. Year to date, UWC has fallen more than 40%. While it is not immediately clear why the counter experienced such a downfall, the company is currently lagging its performance in the previous financial year. — Bursa suspends UWC’s intraday short-selling as its share price drops over 15%

Shares of Tan Chong Motor Holdings Bhd (KL:TCHONG) slipped on Wednesday to their lowest in two decades, as analysts took a dim view following a larger-than-expected quarterly loss. Tan Chong fell to 70.5 sen, its lowest since April 2004, at market close. At that price, the company — which mainly assembles Nissan-branded vehicles — had a market capitalisation of RM473.76 million. Trading volume, however, was light, with only 166,400 shares changing hands throughout the day. Hong Leong Investment Bank Research maintained its “sell” call on the stock, as it voiced concern over the group’s continued weak sales volume amid deteriorated market conditions. — Tan Chong Motor shares slip to two-decade low amid dim outlook