KUALA LUMPUR (Dec 24): Here is a brief recap of the business news and corporate announcements that made the headlines on Tuesday:

Boustead Heavy Industries Corp Bhd's (KL:BHIC) shareholders have approved the disposal of the fabrication and engineering company’s 51% equity stake in littoral combat ship subcontractor Contraves Advanced Devices Sdn Bhd (CAD) to German defence firm Rheinmetall AG for RM54 million. The disposal will result in a loss of RM14.82 million for BHIC, which has already been recognised in its September quarter. — BHIC shareholders approve RM54m sale of 51% stake in LCS subcontractor

East Navigators Capital Ltd is no longer a substantial shareholder in Pharmaniaga Bhd (KL:PHARMA) after disposing of 25.35 million shares or a 1.76% stake for RM5.32 million. The identity of the buyer was not disclosed. A check with Bloomberg showed that the shares were traded in a single block on Tuesday at 21 sen per share, a discount of 41.7% or 15 sen to Pharmaniaga's last closing price of 36 sen. — East Navigators subscribed to the shares at 35 sen apiece via a private placement in July

MMAG Holdings Bhd (KL:MMAG) has acquired a Boeing B737-400SF aircraft from Japan-based JPA No 161 Co Ltd for US$4.61 million (RM20.76 million), cash, to add to its existing air cargo fleet of six planes. JPA is a wholly-owned subsidiary of JP Lease Products & Services Co Ltd (JLPS), one of the largest independent arrangers of tax leases in the Japanese market. — MMAG buys aircraft for RM20 mil to expand air cargo capacity

Prolintas Infra Business Trust (KL:PLINTAS) said it has settled its dispute with KL-Kuala Selangor Expressway Bhd (Latar) over a cost-sharing agreement for an undisclosed amount. A consent order has been recorded in court to formalise the settlement. As such, the matter has been resolved, it said. Latar was seeking legal action to enforce a RM46.13 million arbitration award in relation with the agreement. — Prolintas settles cost-sharing agreement dispute with Latar for undisclosed sum

Construction engineering company Nestcon Bhd (KL:NESTCON) has secured two contracts to develop a total of 18.99 megawatts (MWac) of large-scale solar photovoltaic (LSSPV) plants in Sabah. The group will develop a 4MWac plant in Sri Tanjong, Tawau, on Sabah’s southeast coast, and a 14.99MWac plant in Bongawan, Kimanis, on the west coast of the state. — Nestcon wins bids to develop 18.99 MWac LSS power plant projects in Sabah

Datasonic Group Bhd (KL:DSONIC) said Azlan Abdul Kadir’s status as a substantial shareholder in the company has ceased following a 20 million share disposal. Azlan’s vehicle Demi Mekar Sdn Bhd offloaded the shares, comprising a 0.72% stake, on Dec 11 and 12. Based on back-of-the-envelope calculations, Demi Mekar, and in turn Azlan’s, stake has been trimmed to 4.79% from 5.51%. — Azlan Abdul Kadir ceases to be Datasonic's substantial shareholder

PUC Bhd (KL:PUC) group managing director Cheong Chia Chou has pared his stake in the loss-making digital payment solutions provider to 6.58%. Cheong offloaded 40 million shares or a 1.44% stake on Monday. Bloomberg’s off-market data showed that a 40 million block of shares was traded on Monday at five sen per share or RM2 million in total. The price represents a 25% premium to Monday’s closing price of four sen. — PUC MD Cheong Chia Chou pares stake to 6.58%

KKB Engineering Bhd (KL:KKB) has initiated adjudication proceedings under the Construction Industry Payment and Adjudication Act against a contractor over outstanding claims amounting to RM10.1 million. The Sarawak-based steel fabrication company, in which Cahya Mata Sarawak Bhd (KL:CMSB) holds a 17.9% stake, said the claims are related to a RM17 million sub-contract awarded by Fook Lai Construction & Development Sdn Bhd in 2012. The project involves a glove factory at Petchem Industrial Park in Tanjung Kidurong, Bintulu. — KKB Engineering sues glove factory project contractor over unpaid claims

Loss-making Parlo Bhd (KL:PARLO) has proposed a cash call and capital reduction to revive its financials. The ACE Market-listed travel and tour services provider said it intends to undertake a rights issue of 300.58 million shares that comes with free detachable warrants to raise fresh capital after capital reduction. The rights issue will be conducted on a renounceable basis of one rights share for every one consolidated share, with one Warrant B for every four rights shares subscribed. Prior to the rights issue, the company will undertake a capital reduction of RM42 million and share consolidation. At the group level, Parlo’s accumulated losses stood at RM28.64 million as at end-September. Upon completion of the proposed share capital reduction, the group is expected to retain earnings of RM12.36 million. — Parlo proposes rights issue and capital reduction