KUALA LUMPUR (Dec 31): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

LYC Healthcare Bhd (KL:LYC) plans to list two of its subsidiaries — HC Orthopaedic Surgery Pte Ltd (HCOS) and T&T Medical Group Pte Ltd — on the Nasdaq Capital Markets through a listing vehicle, LYC Healthcare (Cayman) Ltd. The proposed listing aims to raise between US$5 million (RM22.33 million) and US$15 million, with a minimum share price of US$4. LYC Healthcare itself will not receive any direct cash proceeds, as the listing does not involve selling existing shares. After the listing, LYC Healthcare's stake in HCOS and T&T will be diluted from 64.5% to at least 50%, ensuring continued control over the subsidiaries. — LYC Healthcare to list subsidiary on Nasdaq, expects to raise up to US$15 mil 

Bintulu Port Holdings Bhd (KL:BIPORT) has been granted approval to continue operating the Bintulu Port, Sarawak’s main port for liquified natural gas (LNG), for another 12 months. A third interim agreement has been formalised between Bintulu Port’s wholly owned unit Bintulu Port Sdn Bhd, the Ministry of Transport, and Bintulu Port Authority for the group to continue operating the port from Jan 1 to Dec 31, 2025. This follows the initial interim agreement for the group’s operations of the Bintulu Port for six months from Jan 1 to June 30, 2023, a second interim agreement for a year from July 1, 2023, to June 30, 2024, and an exercised six-month extension option until Dec 31, 2024. These interim agreements came as the federal government agreed to transfer regulatory powers over Bintulu Port to the Sarawak state government, resulting in the port’s status going from a federal port to a state port. — Bintulu Port secures one-year extension to operate main LNG port in Sarawak

Hextar Retail Bhd (KL:HEXRTL) has terminated an agreement to acquire a 51% stake in a shoes and clothing company Redina Malaysia Sdn Bhd for RM35.7 million, cash. The termination was due to Redina posting an unaudited loss after tax for the nine months ended Sept 30, 2024. "Redina confirmed that it is unlikely to attain the guaranteed PAT (profit after tax) for the first year of the guaranteed period,” Hextar Retail said. The acquisition, which came with a total profit guarantee of RM12 million for two years — from Jan 1, 2024 to Dec 31, 2025 —  was supposed to provide Hextar Retail with an additional income stream in the near term. — Hextar Retail calls off deal to acquire 51% stake in apparel company Redina

Cahya Mata Sarawak Bhd (KL:CMSB) has aborted its joint venture project to build a four-star hotel and serviced apartments in Kuching Isthmus, a business district in Kuching, Sarawak, with its joint venture (JV) partners. Shareholders of the JV company, Isthmus Developments Sdn Bhd, mutually decided to abort the project as it is "no longer desired by the shareholders", CMSB said. The JV agreement shall cease to be valid and effective from Dec 31, 2024. — Cahya Mata Sarawak aborts joint development of hotel and serviced apartments in Kuching Isthmus

Cypark Resources Bhd (KL:CYPARK) has returned to profitability with a net profit of RM2.28 million for the second quarter ended Oct 31, 2024 (2QFY2025).  Compared to a year ago, the group’s net profit more than doubled from RM992,000. The increase in earnings was mainly due to a RM30.09 million one-off reversal on a provision that had been made previously. Previously, the group incurred a net loss of RM27.98 million in 3QFY2024, followed by RM57.92 million in 4QFY2024 and RM18.07 million in 1QFY2025. — Cypark returns to the black in 2Q on reversal of provision

MBSB Bhd (KL:MBSB) has appointed Datuk Seri Diraja Nur Julie Gwee Ariff as chief executive officer of its subsidiary MIDF Amanah Investment Bank Bhd, effective Jan 1, 2025. The appointment of Nur Julie, currently deputy CEO of MIDF Amanah, will strengthen the bank and unlock new growth opportunities, MBSB said in a statement. She replaces Datuk Dominic Silva, who stepped down in October after nearly six years serving the investment bank. — MBSB promotes Nur Julie as CEO of MIDF Amanah Investment Bank

Penang Deputy Chief Minister II Jagdeep Singh Deo has been removed from the board of Penang's water service provider, PBA Holdings Bhd (KL:PBA), with immediate effect. Jagdeep, 53, vacated his post as a non-independent and non-executive director "pursuant to Paragraph 15.05(3)(c) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd," according to PBA's filing with the local stock exchange. Under this listing requirement, the office of a director becomes vacant if the director is absent from more than 50% of the total board of directors' meetings held during a financial year. — Penang deputy CM Jagdeep Singh vacates spot on PBA Holdings board 

Datuk Foong Wei Kuong, managing director and controlling shareholder of JF Technology Bhd (KL:JFTECH), is now a substantial shareholder of Cosmos Technology International Bhd (KL:COSMOS). Foong’s stake crossed the 5% threshold after acquiring 13.946 million shares on Dec 16, which raised his stake to 24.07 million shares in the integrated water solutions provider. He went on to acquire another 7.6 million shares on Dec 17. According to Bloomberg data, Foong bought the two blocks of shares at 39.4 sen per share or RM8.49 million in total. — JF Tech MD emerges as Cosmos substantial shareholder as MSM pares stake

KLCC Property Holdings Bhd’s (KLCCP) (KL:KLCC) wholly owned unit Suria KLCC Sdn Bhd has upsized its sukuk murabahah programme to RM2 billion from RM600 million. This came after the programme’s RM600 million issuance on Dec 31, 2014 matured on Tuesday. On the same day, Suria KLCC issued a fresh RM600 million sukuk under the expanded programme. The newly issued sukuk has a tenure of 10.5 years with a profit rate of 4% per year. The programme has a perpetual tenure and has been accorded a long-term rating of AAA by RAM Rating Services Bhd, according to KLCCP. — KLCCP’s unit expands sukuk programme to RM2 bil, issues RM600 mil sukuk