KUALA LUMPUR (Jan 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Reservoir Link Energy Bhd (KL:RL) said on Wednesday that its 45%-owned associate has secured a RM20 million subcontract for a 10-megawatt solar farm in Kuala Langat, Selangor. The contract from an undisclosed client involves solar panels mounted on floating platforms over 24 acres (9.71 hectares). Its associate Founder Group Ltd will be the subcontractor, responsible for labour, hand tools, materials and necessary machinery and equipment. The floating solar farm is expected to be completed by June 2025. — Reservoir Link's associate gets RM20 mil subcontract job for solar farm

Swift Energy Technology Bhd (KL:SET), which made its debut on the ACE Market on Wednesday, is expecting mid-teen earnings growth in the current financial year, leveraging new opportunities in the renewable energy (RE) industry within the oil and gas (O&G) sector. The company, which supplies automation and power systems to RE and O&G industries, has set its sights on capturing more projects in the foreign markets across Asia, mainly Indonesia, Singapore and China. As of December 2024, Swift Energy's tender book stood at about RM80 million. The company’s past tender win success rate is between 20% to 30% annually. The company’s order book currently stands at RM71 million. — Newly-listed Swift Energy sees mid-teen earnings growth for FY2025

The level of acceptances of the takeover offer by Gateway Development Alliance (GDA), the consortium proposing to privatise Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT), has reached 83.04% as of the first closing date of Jan 8. On top of that, a total of 18.18 million shares, representing a 1.09% stake, has also been transferred to the offerors, pending receipt of the acceptance document. Including this portion, GDA effectively holds 84.12% of the total issued shares in MAHB. GDA — comprising the Employees Provident Fund (EPF), Khazanah Nasional Bhd, the Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP) — will have seven more days until Jan 17 to meet the acceptance condition of 90% of the total issued MAHB shares. — Khazanah-EPF-led consortium amasses 84% stake in MAHB, seven working days left to meet 90% condition

Aeon Co (M) Bhd (KL:AEON) announced on Wednesday that the High Court has granted the company a conditional stay of the judgment issued on Dec 16, 2024, which found Aeon in breach of a tenancy agreement with Betanaz Properties Sdn Bhd, a 51%-owned subsidiary of Ahmad Zaki Resources Bhd (KL:AZRB). Aeon said the conditional stay was approved on Tuesday (Jan 7) for Aeon to deposit the judgment sum of RM18.68 million into an interest-bearing account held by Betanaz’s solicitors as stakeholders. This also included the required payment of legal costs of RM200,000 to Betanaz and RM100,000 to Ahmad Zaki Resources by Jan 28, 2025. Aeon had earlier filed both the notice of appeal and a stay application to halt the execution of the High Court’s decision on Dec 23, 2024. The stay ensures the judgment will not take effect until the Court of Appeal hears Aeon’s appeal. — Aeon gets stay of High Court ruling in tenancy dispute with Ahmad Zaki unit, pending appeal

CJ Century Logistics Holdings Bhd (KL:CJCEN) has appointed Kim HyunChul as its new deputy chief executive officer (CEO), succeeding Kim JinMok, who resigned after nearly two years of service with the company. The company announced that HyunChul's appointment as deputy CEO takes effect on Wednesday. The 47-year-old man has spent nearly 20 years building his career with CJ Logistics Corporation — a logistics company headquartered in Seoul, South Korea — since December 2004. — CJ Century Logistics names Kim HyunChul as new deputy CEO

The directors of UUE Holdings Bhd (KL:UUE), an underground utilities engineering firm, have collectively disposed of shares valued at RM29.14 million on the ACE Market to institutional funds, following the expiry of the typical six-month moratorium period on directors' shares after the company's initial public offering (IPO). Its managing director and largest shareholder Ting Kok Hwa sold 24.28 million shares, equivalent to a 3.99% stake in the company, for RM19.91 million. This leaves him with a 46.87% stake in UUE Holdings. Executive directors Hin Wai Mun and Chong Tuoo Choi each sold 3.92 million shares, for RM6.43 million. Post-disposal, Hin still has a 7.57% stake in UUE, while Chong retains a 6.35% stake. Datuk Ting Meng Pheng, a director of a major UUE Holdings subsidiary, also disposed of 3.51 million shares for RM2.80 million, reducing his stake to 6.77%. All shares were sold at 82 sen each, representing a 4.65% discount to Wednesday's closing price of 86 sen and a 241.67% premium to the company's IPO price of 24 sen. — UUE Holdings directors sell RM30m worth of shares

Erdasan Group Bhd (KL: ERDASAN), formerly known as AT Systematization Bhd, has proposed a share capital reduction to eliminate up to RM100 million of its accumulated losses. The move is part of the group's strategy to align its capital structure with its current and future business needs. The company told Bursa Malaysia that the proposed exercise would strengthen its credibility with bankers, customers, suppliers and investors, while providing a more robust financial platform for future growth. As of Dec 23, 2024, Erdasan's issued share capital stood at RM228.54 million, comprising 228.79 million ordinary shares and 15.63 million outstanding warrants (Warrants C) at an exercise price of RM1.05. At the group level, Erdasan's accumulated losses totalled RM72.7 million as of Sept 30, 2024. Following the capital reduction, the company will have retained earnings of RM34.63 million. — Erdasan Group, formerly AT Systematization, proposes share capital reduction to wipe out losses

Edaran Bhd (KL:EDARAN), an IT and telecommunications company, has proposed a share capital reduction to wipe out its accumulated losses. The exercise will involve reducing up to RM52 million of its RM68.02 million share capital. This move is expected to eliminate the group's RM47.05 million accumulated losses as at end-September 2024, leaving it with pro forma retained earnings of RM4.76 million. — Edaran plans RM52 mil share capital reduction to eliminate losses 

Construction firm Lim Seong Hai Capital Bhd (KL:LSH) and soil erosion control company Fibromat (M) Bhd (KL:FBBHD) have received approval to transfer their listings to the ACE Market from the LEAP Market. Lim Seong Hai, controlled by the niece and nephews of Johor property tycoon Tan Sri Lim Kang Hoo of Ekovest Bhd (KL:EKOVEST), had received approval from Bursa Malaysia for the transfer. The company was listed on the LEAP Market in July 2021. Fibromat, which made its debut on the LEAP Market in May 2019, also received the approval for its transfer from the exchange operator. — Lim Seong Hai, Fibromat get Bursa nod for transfer to ACE Market