KUALA LUMPUR (Oct 22): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Gamuda Bhd (KL:GAMUDA) and its joint-venture partners have been awarded a RM4.3 billion main design and build contract by the Department of Rapid Transit Systems, New Taipei City Government, to deliver the Xizhi Donghu Mass Rapid Transit (MRT) in Taiwan. This is the largest project Gamuda has secured in Taiwan since entering the market two decades ago. With a significant 75% share within the JV, Gamuda’s share of the contract value is RM3.2 billion. The JV is obligated to undertake additional works worth RM10.8 billion, further increasing Gamuda's share to approximately RM8.1 billion. Combined with the main design and build contract, the overall project value will be RM15.1 billion. — Gamuda JV wins RM4.3 bil MRT job in Taiwan

Bahvest Resources Bhd (KL:BAHVEST) has entered into an exclusive prospecting and contract of works agreement with Aurelius Borneo Mining Sdn Bhd, which is involved in gold mining. Under the agreement, Bahvest’s wholly-owned subsidiary Wullersdorf Resources Sdn Bhd (WRSB) shall collaborate with Aurelius exclusively to explore, prospect, sample, survey and drill for gold containing ore at Mt Andrassy in Tawau, Sabah, spanning 18,000 hectares. There is also a profit-sharing arrangement from any future potential gold mined: 70% for WRSB and 30% for Aurelius. — Bahvest signs exclusive gold mining agreement with substantial shareholder’s vehicle

Globetronics Technology Bhd (KL:GTRONIC) said its CEO Heng Charng Yee and executive director Kang Wei Luen have resigned from their positions. Both cited personal matters and other commitment as the reason for the resignation. Heng's last day of employment will be Dec 31, while Kang is vacating his post with immediate effect. The group also said that its chief operating officer Yip Wai Chee, 56, will be re-designated as CEO effective Jan 2, 2025. — Globetronics announces resignation of CEO, executive director

Teo Seng Capital Bhd (KL:TEOSENG), whose share price soared to an all-time high of RM2.60 on Monday, has proposed a one-for-one bonus issue of up to 300 million shares to reward shareholders. As of Sept 30, the egg producer has an issued share capital of RM60 million, comprising 300 million shares. Teo Seng said its share price adjusted for the bonus issue must not be less than 50 sen, based on the daily volume-weighted average market price (VWAMP) for the three-month period before the application date, to comply with Bursa's listing requirements. The theoretical ex-bonus price for the group's shares is expected to be between RM0.8641 and RM1.1615, based on the lowest daily VWAMP during the three-month period of RM1.7281 and the five-day VWAMP up to Sept 30 of RM2.323. — Teo Seng proposes one-for-one bonus issue as share price reaches new peak

Loss-making Green Ocean Corp Bhd (KL:GOCEAN) has proposed to undertake a RM92.5 million share capital reduction to wipe out the food and beverage distributor’s accumulated losses. The ACE Market-listed company has been in the red for four consecutive years, racking up losses totalling RM60.8 million by end-September 2023. The RM92.5 million to be credited from the share capital reduction will be used to set off the accumulated losses and give rise to retained earnings of RM31.41 million based on audited financial statements for the 15-month financial period ended Sept 30, 2023. — Green Ocean proposes RM92.5m share capital reduction

Contract manufacturer Ge-Shen Corp Bhd (KL:GESHEN), whose share price has jumped over 200% year-to-date, has obtained shareholders’ approval to buy a 40% stake in electronic manufacturing services (EMS) firm Local Assembly Sdn Bhd for RM48 million, cash, and diversify its existing business to include EMS. At Tuesday's extraordinary general meeting, Ge-Shen’s shareholders voted 100% in favour of the acquisition deal and proposed diversification. Its shareholders also voted in favour of a private placement involving 39.60 million shares to raise gross proceeds of up to RM91.20 million to fund the acquisition, borrowings as well as working capital. — Ge-Shen shareholders approve stake buy in EMS firm