KUALA LUMPUR (Feb 6): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

IHH Healthcare Bhd’s (KL:IHH) unit Northern TK Venture (NTK) is seeking compensation of up to 109.3 billion Indian rupees (RM5.7 billion) from Japanese drugmaker Daiichi Sankyo Co Ltd over its stake buy in India’s Fortis Healthcare. In October 2023, NTK had filed a claim against Daiichi Sankyo saying the latter prevented NTK from proceeding with its open offer to acquire a stake in Fortis Healthcare back in 2018. At that time, NTK had sought an initial claim of ¥20 billion (RM653 million) that Daiichi Sankyo was ordered to pay as damages in November 2023, together with interest at the rate of 3% per annum. Nevertheless, after a report conducted by NTK-appointed consultant Osborne Partners, the group said that the compensation ranges from RM200 million to RM5.7 billion, “depending on what relevant parameters are applied”.  IHH’s unit seeks up to RM5.7 bil in compensation from Japan’s Daiichi Sankyo over Fortis deal

Lotte Chemical Titan Holding Bhd’s (KL:LCTITAN) net loss for the fourth quarter ended Dec 31, 2024 (4QFY2024) widened to RM510.07 million from RM186.48 million a year earlier, attributed to higher loss to impairment of RM940.23 million on property, plant, equipment and right-of-use assets. This was the group’s largest quarterly net loss since its listing in 2017. Revenue for the quarter fell 3.37% to RM1.79 billion from RM1.86 billion. No dividend was declared for the quarter under review. The weak 4QFY2024 performance dragged Lotte Chemical Titan’s full-year net loss deeper to RM1.18 billion in FY2024 against RM780.29 million in FY2023. Cumulative revenue also declined 2.76% to RM7.44 billion from RM7.65 billion.  Lotte Chemical Titan faces persistent headwinds, posts largest quarterly loss in 4Q

British American Tobacco (M) Bhd’s (KL:BAT) net profit for 4QFY2024 increased 3.38% to RM48.97 million from RM47.36 million a year earlier, on higher sales volume driven by year-end seasonal sales but offset by higher tax expenses. Quarterly revenue rose 2.7% to RM653.03 million versus RM635.96 million. It declared a fourth interim dividend of 15 sen per share, payable on March 6, bringing total dividend payouts for the financial year ended Dec 31, 2024 (FY2024) to 59 sen per share. For FY2024, net profit slipped 5.96% to RM183.14 million compared with RM194.75 million in FY2023, despite revenue rising marginally by 0.19% to RM2.32 billion versus RM2.31 billion.  BAT Malaysia 4Q profit up 3.4% on higher sales, declares 15 sen dividend

Bank Islam Malaysia Bhd (KL:BIMB) has signed an agreement to set up a joint venture, Finodyn Sdn Bhd, with local firm Reldyn Tech Sdn Bhd to sell finance-related digital technology products and services. The total investment is RM9 million cash, of which Bank Islam will contribute 40% of the capital and 60% will be contributed by Reldyn Tech. Bank Islam said Finodyn will adopt a business-to-business model, focusing on delivering financial and banking platforms that offer Shariah-compliant financial solutions, consulting, maintenance, and support services to diverse businesses and organisations.  Bank Islam to set up JV to sell financial tech products, services

Zecon Bhd (KL:ZECON) has signed a non-binding pact with Sabah state-owned firm Petrosabah Sdn Bhd to explore joint development of a large-scale floating solar project in Lahad Datu. Under the terms of the Memorandum of Understanding (MOU), Zecon will hold a 70% stake in a company to be formed, and Petrosabah will have 30%. The MOU is valid for six months or until a formal joint venture agreement is signed. During the period, parties will explore the long-term potential of their partnership and seek opportunities for mutually beneficial collaboration on the project.  Zecon signs pact to explore large-scale floating solar project in Sabah

Notion VTec Bhd (KL:NOTION) is acquiring a four-hectare piece of vacant freehold agricultural land in Kapar, Klang, for RM29.62 million as part of the expansion of its manufacturing operations. The expansion plans include the construction of a large new factory to accommodate growing production needs. The company said the land's strategic location near its existing extrusion plant provides a natural extension for future development.  Notion VTec acquires land in Klang for manufacturing expansion

Bina Puri Holdings Bhd (KL:BPURI) is in the midst of restructuring its loan with Export-Import Bank of Malaysia Bhd (Exim Bank) following a winding-up petition from the bank on Tuesday. Bina Puri said the restructuring negotiations were warranted due to the escalation of the US dollar against the ringgit and the increase of interest rates from 4% to 11%. The property developer had taken a US$7.65 million (RM33.93 million) loan, with an initial interest rate of 4%. Throughout the loan tenure, the company had paid US$5.1 million, with an inclusive interest of US$2.35 million. It added that proposals for restructuring the loans were discussed with Exim Bank, and the bank had in principle agreed to the restructuring to be finalised no later than end-February 2025.  Bina Puri seeks to restructure debt with Exim Bank

Scomi Energy Services Bhd (KL:SCOMIES) is set to be delisted from Bursa Malaysia on Feb 12, following the company’s failure to submit its regularisation plan on time. Bursa Securities dismissed Scomi Energy’s bid for an extension of time to submit its regularisation plan, keeping the deadline on Jan 31. The company's shares are to be removed from the official list effective Feb 12.  Scomi Energy to be delisted on Feb 12

MN Holdings Bhd (KL:MNHLDG) has terminated its partnership with cybersecurity solutions company Intelligent Pie Consulting Sdn Bhd aimed at securing tenders for operational technology cybersecurity projects. MN Holdings said the termination, in the form of letting the MOU lapse, was due to the weak flow of tenders and no successful tenders secured up to date.  MN Holdings calls off cybersecurity projects MOU after failing to secure contracts

ATA IMS Bhd’s (KL:ATAIMS) chief operating officer (COO) Dharma Rajan Nadarajah has stepped down, effective Wednesday. Dharma Rajan, 55, resigned from the post he held since May 2022 “to pursue personal interest”. Meanwhile, ATA IMS announced that it has appointed AV Kamaraj Vellapan as the group’s new COO.  ATA IMS appoints AV Kamaraj as new COO