KUALA LUMPUR (Oct 3): Here is brief recap of some business news and corporate announcements that made headlines on Thursday: 

Velesto Energy Bhd (KL:VELESTO) has completed its mandatory five yearly special periodical survey for its Naga 6 back-up rig on schedule. The works, conducted in the Labuan shipyard, include essential class recertification, upgrades, repairs and maintenance on equipment from drilling to well control, pipe racking, as well as some piping and steel renewal, among others. — Velesto completes periodical works on Naga 6 rig on schedule

The privatisation of MPHB Capital Bhd (KL:MPHBCAP) has been met with a stumbling block put up by ISM Sdn Bhd, which is the company's minority partner in six joint-venture companies. MPHB said ISM had filed an intervening application on the grounds that the proposed selective capital reduction — which is part of the privatisation exercise — would affect ISM’s rights against MPHB in relation to an ongoing contentious shareholder dispute between the two parties and MPHB's subsidiaries. — MPHB Capital's privatisation hits stumbling block

The total sum for the proposed disposal of Kuchai Development Bhd’s (KL:KUCHAI) assets and liabilities to Sungei Bagan Rubber Company (M) Bhd (KL:SBAGAN) has been revised lower following the exclusion of an agricultural land parcel in Semenyih, Selangor. The disposal sum has been adjusted to RM267.78 million from RM275.47 million, while the number of consideration shares to be issued has also been reduced to 26.75 million from 27.52 million. — Kuchai Development-Sg Bagan deal revised downwards to RM267.78 mil on Semenyih land exclusion

NH Foods Ltd, a joint venture partner of egg producer Lay Hong Bhd (KL:LAYHONG), has ceased to be the latter’s substantial shareholder after disposing of 62.32 million shares, or an 8.24% stake. The shares were sold via an off-market transaction on Wednesday. While the selling price was not disclosed, based on Wednesday’s closing price of 40 sen, the stake could be valued at approximately RM24.93 million. — NH Foods ceases to be Lay Hong’s substantial shareholder

Atlan Holdings Bhd (KL:ATLAN) indirectly owned units, Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd have received notices for the compulsory acquisition of their lands in Bukit Kayu Hitam, Kedah, for a road construction project. The land was acquired by Malaysia's Home Affairs Ministry and is administered by the Department of Director General of Lands and Mines, Kedah. — Atlan Holdings' units get compulsory land acquisition for road construction project in Bukit Kayu Hitam

Technology company Techna-X Bhd (KL:TECHNAX) has called off its plans to develop an 85-acre microalgae farm and produce algae biofuel following the mutual termination of a tripartite agreement. Techna-X Aerobeidou Sdn Bhd, its wholly owned subsidiary, alongside MYKO Global Sdn Bhd and RTA E&C Sdn Bhd, had agreed to mutually terminate the agreement. No further details on the reasons behind the termination were provided. — Techna-X’s microalgae biofuel project scrapped

MyEG Services Bhd (KL:MYEG) blockchain developer, Zetrix, has come out with a digital identification (ID) verification service for Chinese nationals on the ZCert service. Through the ZCert service, Zetrix now simplifies and facilitates electronic "know your customer" processes for entities outside of China wishing to verify the authenticity of information contained in the digital IDs presented to them by Chinese nationals. — MyEG's blockchain developer launches digital ID verification for Chinese nationals

Harrisons Holdings (Malaysia) Bhd (KL:HARISON) has proposed to split each of its shares into five shares in a move to improve the trading liquidity of the shares. The share split will take place based on an entitlement date to be determined later, and is expected to be completed by the fourth quarter of this year. — Harrisons proposes one-into-five share split

Malayan Banking Bhd (KL:MAYBANK) has signed a memorandum of understanding with China's Bank of Hangzhou to work together on enhancing cross-border business and advancing digital innovation. The partnership aims to facilitate services such as cross-border financing, interbank cooperation within China, and the clearing of Southeast Asian currencies, while also connecting Chinese enterprises to a broader business ecosystem in the region. — Maybank teams up with Bank of Hangzhou to boost cross-border financing, digital innovation

Varia Bhd (KL:VARIA), formerly known as Stella Holdings Bhd, has appointed Datuk Seri Mohd Nizom Sairi, the former chief executive officer and director general of the Inland Revenue Board (LHDN), as its new independent and non-executive chairman. Nizom, 61, replaces Datuk Mohamad Haslah Mohamad Amin, who stepped down on Jan 14 last year following a series of board resignations, to pursue other interests. — Varia appoints former LHDN chief Nizom Sairi as non-executive chairman