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

Yinson Production, an indirect subsidiary of Yinson Holdings Bhd (KL:YINSON), has secured US$1 billion (RM4.51 billion) worth of funding from a consortium of international investors, led by a wholly owned subsidiary of Abu Dhabi Investment Authority (Adia), for expansion. Adia's Platinum Lily B 2024 RSC Ltd, together with funds managed by British Columbia Investment Management Corp (BCI) and RRJ Group, will subscribe to redeemable convertible preference shares (RCPS) and warrants issued by Yinson Production, giving the unit a post-money valuation of US$3.7 billion. The agreement also includes an option for the investors to invest US$500 million more by taking up an additional 500,000 RCPS within the next 24 months, subject to mutual agreement. The proceeds will primarily go towards supporting Yinson Production's growth in the floating, production, storage and offload (FPSO) vessel market, US$200 million will be distributed to its controlling shareholder, which is a wholly owned subsidiary of Yinson. — Yinson secures US$1b investment from Abu Dhabi consortium

Mah Sing Group Bhd (KL:MAHSING) said it is confident that its data centre projects will pass through the proposed US restrictions on the export of artificial intelligence (AI) chips. Companies in Malaysia can secure validated end-user designations by adhering to US standards on security, cyber resilience, and human rights, the property developer said in a statement. Mah Sing said that it will ensure full compliance and mitigate potential risks. Mah Sing also noted that its partner Bridge Data Centres is primarily owned by US-based Bain Capital. — Mah Sing confident data centre projects will pass through potential US chip export restrictions

The digital bank jointly-owned by YTL Power International Bhd (KL:YTLPOWR) and Singapore-based Sea Ltd has received approval from the Ministry of Finance (MOF) to commence operations, effective Dec 20, 2024. The bank, operating under the name Ryt Bank, will be launched in phases to the public to ensure a smooth rollout, according to a statement. The YTL Power-Sea joint venture was one of five successful applicants that had secured digital bank licences approved by the MOF, Bank Negara Malaysia (BNM) announced in April 2022. — YTL Power-Sea digital bank secures regulatory nod for operations

Atlan Holdings Bhd (KL:ATLAN) is paying an interim dividend of eight sen per share after its third quarter net profit jumped over four-fold, lifted by proceeds from the compulsory disposal of a subsidiary's land in Kedah to the Malaysian government. The company's net profit surged to RM29.93 million in the third quarter ended Nov 30, 2024 (3QFY2025) from RM6.47 million in 3QFY2024, though revenue dipped 4.02% to RM112.48 million compared to RM117.19 million. The decline in quarterly revenue was attributed to lower contributions from the group's automotive, property and hospitality segments. The interim dividend declared, which is double the four sen it declared in 3QFY2024, will be paid on Feb 17. Year to date, Atlan has paid 12.75 sen dividend, as opposed to 10 sen previously. — Atlan's 3Q profit jumps after compulsory land sale to govt, pays eight sen dividend

Sunway Property, the property arm of Sunway Group, announced the appointment of Chung Soo Kiong as its new managing director. Chung succeeds Datin Paduka Sarena Cheah Yean Tih — daughter of Sunway Bhd (KL:SUNWAY) founder Tan Sri Dr Jeffrey Cheah — who assumed the role of executive deputy chair of Sunway Group on Jan 2 this year. Chung brings over 20 years of experience in property development and construction within Sunway Group. — Sunway Property appoints Chung Soo Kiong as new MD, succeeding Sarena Cheah

Kawan Food Bhd’s (KL:KAWAN) plan to set up an information technology equipment joint venture (JV) with several individuals, including its founder cum major shareholder, and current chairman, has fallen through. Talks ceased after Kawan Food and Sun Cheng Leng, Huang Er-Wen, Gan Thiam Chai and Lim Hun Soon @ David Lim failed to arrive at a consensus on revised terms for the JV. “The board of directors of the company wishes to announce that all parties were unable to reach an agreement on the revised terms of the JV. Hence, all negotiations have ceased,” the filing read. — Kawan Food bins IT equipment JV after failed talks

Theta Edge Bhd (KL:THETA) said its subsidiary’s JV deal with a data-science company to develop artificial intelligence (AI) and blockchain solutions has been terminated. The telecommunications and technology company said its wholly owned unit Theta Innovation Sdn Bhd (TISB) and iStream360 Sdn Bhd have mutually agreed to terminate the JV agreement entered on Nov 21 last year. — Theta Edge calls off JV agreement to develop AI, blockchain solutions

Target 1 Sdn Bhd announced that the Securities Commission Malaysia (SC) has given another seven days' extension for the company to deliver the mandatory takeover offer documentation to South Malaysia Industries Bhd’s (KL:SMI) shareholders. Target 1 — one of the parties seeking to take the company private — now has until Jan 21 to deliver the mandatory takeover offer documentation to shareholders of SMI, said TA Securities Holdings Bhd in a statement on behalf of Target 1. This marks the second time Target 1 has been granted an extension from the SC to deliver the document. The original deadline was Jan 7, and it had previously been extended for seven days until Jan 14. — South Malaysia Industries bidder granted more time for takeover documentation