KUALA LUMPUR (Oct 14): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Genting Malaysia Bhd's (KL:GENM) unit in the US has been named in a complaint filed by RAV Bahamas Ltd in the US District Court Southern District of Florida. The complaint, filed on Oct 7, named GenM’s indirect wholly owned subsidiary Genting Americas Inc, which is involved in the operations of Resorts World Bimini in the Bahamas, of which RAV Bahamas is seeking damages of more than US$600 million (RM2.57 billion). The company, however, did not elaborate on the damages that were filed by the plaintiff. — GenM US unit says RAV Bahamas’ complaint baseless after it was named in US$600 mil lawsuit

Mr DIY Group (M) Bhd's (KL:MRDIY) largest shareholder, Bee Family Ltd, offloaded 71.7 million shares, representing a 0.76% stake in the home improvement retailer, for a total of RM149.37 million via direct business transaction. Following the disposal, Bee Family’s stake in Mr DIY was reduced to 50.11% (50.87% previously). Bee Family is the investment vehicle of Mr DIY founder Tan Yu Yeh, who also holds 20 million direct shares, or a 0.21% stake in the group. — Bee Family offloads 71.7 mil shares in Mr DIY for RM149.37m

Shareholders of Capital A Bhd (KL:CAPITALA) have approved the proposed disposal of its aviation business, worth some RM6.8 billion, to AirAsia X Bhd (KL:AAX). The disposal resolutions were passed with shareholders and proxies attending the meeting holding 99.97%, voting in favour. The other key resolution, involving the distribution of AAX shares or 73.33% of the total AAX shares that Capital A would receive from the proposed disposal to its shareholders, was also passed with 99.97% voting in favour. — Capital A shareholders approve disposal of RM6.8b aviation assets to AirAsia X

Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) has proposed a dividend of eight sen per share for FY2024. The proposed payout includes a single-tier first and final dividend of two sen per share, along with a single-tier bonus dividend of six sen per share. The ex-dividend date is set for Dec 12, 2024 for both dividends, with the payment to be made on Jan 2, 2025. Sg Bagan also announced the emergence of property developer Kuchai Development Bhd (KL:KUCHAI) as a substantial shareholder, signifying that they have completed the earlier proposed asset and liability acquisition deal between the companies. — Sungei Bagan proposes eight sen dividend for FY2024

Meanwhile, Kuchai announced that it has become a cash company following the completion of its disposal of assets and liabilities to Sungei Bagan. Kuchai received notification from Bursa Securities on Monday, stating that the company triggered Paragraph 8.03(1) of the Main Market listing requirements. Under this rule, a listed issuer is considered a cash company if 70% or more of its consolidated assets consist of cash, short-term investments or a combination of both. — Kuchai turns cash company after completing disposal of assets and liabilities to Sungei Bagan

Ho Hup Construction Company Bhd's (KL:HOHUP) 52.5% indirect subsidiary, Golden Wave Sdn Bhd (GWSB), has been served with a winding-up petition by Eko Bina Sdn Bhd over a payment dispute tied to a serviced apartment and retail units project in Kota Kinabalu, Sabah. The petition stems from an adjudication ruling made in December last year, which awarded Eko Bina, a wholly owned subsidiary of Ecobuilt Holdings Bhd (KL:ECOHLDS), RM23.16 million in its dispute with GWSB concerning payments owed during the construction process. The petition hearing is scheduled for Nov 18. — Ho Hup’s 52.5% indirect unit served with winding-up petition over payment dispute

ACE Market-listed Critical Holdings Bhd (KL:CHB) has bagged a RM62.5 million contract from IJM Corp Bhd (KL:IJM) to provide mechanical and electrical services for a semiconductor plant in mainland Penang. Its wholly owned subsidiary Critical M&E Engineering Sdn Bhd will undertake the supply and maintenance of mechanical and electrical services for the new semiconductor plant — for a renowned US-based multinational company — located at the Batu Kawan Bandar Cassia Technology Park in Prai. However, it did not name the multinational company. — Critical Holdings secures mechanical and electrical services job from IJM unit

Fajarbaru Builder Group Bhd (KL:FAJAR) will pay Penang Development Corp (PDC) RM111.45 million to undertake a joint development of a medical city and mixed development hub in Bandar Cassia, Batu Kawan. The payment is for the purchase of land measuring 51.17 acres, for the Medi-City development. That purchase is 'part one' of the purchase and development arrangement totalling 235.8 acres that it has signed with PDC in June 2023. The 235.8-acre Medi-City master plan will encompass a wellness village, medical education hub, hybrid health-tech park as well as a waterfront commercial centre, Fajarbaru Global Park and seaview residence. — Fajarbaru buys Batu Kawan land for RM111m for healthcare hub project

Property developer BCB Bhd (KL:BCB) has acquired four parcels of freehold land in Kluang, Johor, spanning a total of 54.71 acres, for RM31 million, cash. It has signed four sale and purchase agreements with Country Green Realty Sdn Bhd for the acquisition. BCB intends to develop residential units and retail shops on the site that is expected to have a gross development value of RM245 million upon full completion. — BCB acquires 54.7-acre Kluang land for RM31m

Pan Malaysia Holdings Bhd (KL:PMHLDG), now trading under the name of Exsim Hospitality Bhd, has secured a RM47.4 million subcontract to provide interior design fit-out works to guest rooms at an office property in Damansara Perdana. The group said its wholly owned subsidiary, Exsim Concepto Sdn Bhd, received the letter of award from Discovery Media Sdn Bhd for the subcontract under a project involving the development of 560 office units. — Pan Malaysia Holdings clinches RM47m subcontract in Damansara Perdana

Property developer Tanco Holdings Bhd (KL:TANCO) is forming an 80:20 joint venture with Menteri Besar Negeri Sembilan (Inc) to develop an industrial park in Port Dickson. The park, provisionally named the Port Dickson Free Zone, will be developed on 575 acres of land currently owned by SD Guthrie Bhd (KL:SDG). The collaboration will focus on acquiring the land and executing the development, which is expected to include warehouses, factories and other infrastructure, subject to approval from relevant authorities. — Tanco partners with Negeri Sembilan state-owned firm to develop industrial park