KUALA LUMPUR (Sept 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Gamuda Bhd (KL:GAMUDA) said its joint venture (JV) to build the Ulu Padas hydroelectric project has been approved by the Sabah energy regulator. Once completed, the project is expected to achieve scheduled commercial operation by the end of 2030 and generate revenue exceeding RM400 million a year. Gamuda has a 45% stake in the joint venture under UPP Holdings Sdn Bhd that was formed in October 2023, while Sabah Energy Corp Sdn Bhd owns 40% and Kerjaya Kagum Hitech JV Sdn Bhd holds the remaining 15%. The project involves the construction of a dam located in the Tenom and Sipitang districts of Sabah and will deliver an average of 1,052 Gigawatt hours of clean energy per annum. A hybrid floating solar plant will also be integrated into the reservoir area that will boost clean energy generation by 2031. — Gamuda’s Ulu Padas hydroelectric project approved by Sabah energy regulator

OSK Holdings Bhd (KL:OSK) is expanding its cable manufacturing operations by acquiring the assets of Universal Cable (M) Bhd, currently under liquidation, for RM85 million. The conglomerate said its 97.47%-indirectly owned unit, Olympic Cable Company Sdn Bhd, had entered into sale and purchase agreements with Universal Cable to acquire its two manufacturing plants in Tebrau and Plentong, together with its land and machinery. The total net book value of these properties and assets was RM146.04 million as of end-May. — OSK Holdings acquires Universal Cable's assets for RM85m to expand its cable manufacturing ops

Varia Bhd (KL:VARIA) has secured a subcontract for flood mitigation works worth RM334.69 million. The contract was awarded to its wholly-owned Pembinaan Teguh Maju Sdn Bhd, by Ikatan Harmoni Sdn Bhd, to build a flood control reservoir in Kota Tinggi, Johor. The 60-month job started from July 23, 2024 and is expected to be completed by July 22, 2029. The new contract — which comes on the heels of another flood mitigation project it secured in Segamat worth RM410.3 million that it announced on Aug 28 — lifted Varia’s total job wins in 2024 to RM1.46 billion. — Varia's unit secures RM334.69 mil flood mitigation contract in Johor

Duopharma Biotech Bhd (KL:DPHARMA) has extended its group managing director (MD) Leonard Ariff Abdul Shatar’s contract for another year until Dec 31, 2025. Leonard Ariff’s contract will commence from Dec 9, 2024 until Dec 31, 2025. Leonard Ariff has served in the role since Dec 28, 2017. Duopharma said it has developed a succession plan in relation to the group MD role, and is progressing under the stewardship of the company’s nomination and remuneration committee to facilitate a smooth and effective chief executive leadership transition in due course. — Duopharma extends group MD Leonard Ariff’s contract

MISC Bhd (KL:MISC) has agreed with Netherlands-based floating production storage and offloading (FPSO) operator SBM Holding Inc to exchange ownership interests on two FPSO vessels. Under the arrangement, MISC will acquire SBM's 49% equity interests in Malaysian Deepwater Floating Terminal (Kikeh) Ltd (MDFT) and Malaysian Deepwater Production Contractors Sdn Bhd (MDPC). MDFT and MDPC own the FPSO Kikeh in Malaysia. Upon completion of the acquisition, both companies will become wholly-owned subsidiaries of MISC. In return, MISC will sell 49% equity interests each in Brazilian Deepwater Production BV (BDPBV), Brazilian Deepwater Production Contractors Ltd (BDPC), Brazilian Deepwater Production Ltd (BDPL), and Brazilian Deepwater Floating Terminals Ltd (BDFT) to SBM. All the four companies own the FPSO Espirito Santo in Brazil. Upon completion of the divestment, the four companies will cease to be joint venture companies of MISC. — MISC and Dutch-operator SBM agrees to exchange FPSO

The Malaysian Anti-Corruption Commission confirmed that it has initiated a probe against YTL Communications Sdn Bhd, saying it was based on complaints of alleged graft, embezzlement and power abuse that it had received over the Education Ministry’s 1BestariNet project. The investigation against YTL Comms — a 60%-owned subsidiary of YTL Power International Bhd (KL:YTLPOWR) was also initiated based on information revealed by the governance, procurement and finance investigation committee's report that was received in August, and findings from the Public Accounts Committee. — MACC confirms probe against YTL Comms over 1BestariNet, says it's based on complaints of alleged graft, PAC findings

MyEG Services Bhd (KL:MYEG) said it has teamed up with an agency of China's customs in a bid to secure the Royal Malaysian Customs's “single window” project. The government e-service provider has signed a heads of agreement (HOA) with East Logistics Link Co Ltd (ELLC) to work together exclusively on securing and operating the project. ELLC is a wholly-owned agency of the General Administration of Customs of the People’s Republic of China. Under the HOA, the parties will collaborate on implementing the project, defining its structure, obtaining regulatory approvals, developing a business plan, securing funding and pitching to the relevant Malaysian agencies. — MyEG partners with China customs agency in bid to secure 'single window' project

Gadang Holdings Bhd (KL:GADANG) said its subsidiaries have been hit with a civil suit by their subcontractor, claiming an amount of RM9.77 million in alleged outstanding payments for works done related to the Johor Bahru–Singapore Rapid Transit System (RTS) Link. Gadang's wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd (GESB), together with Usaha Pesona Sdn Bhd, a wholly-owned subsidiary of GESB, were served with the writ of summon and statement of claim by its subcontractor JF Foundation (M) Sdn Bhd over bored piling works carried out in relation to the RTS Link project. The subcontractor claimed that Usaha Pesona had only made a total payment of RM17.88 million, after materials back-charge, although the amount claimed is RM55.04 million. — Gadang subsidiaries face RM9.77 mil claim for RTS Link work