KUALA LUMPUR (Feb 7): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

NPC Resources Bhd’s (KL:NPC) co-founder Datuk Loo Pang Kee has formally launched his bid to privatise the Sabah-based palm oil producer. Loo, together with his vehicle Jubilant Ventures Sdn Bhd, have proposed a selective capital reduction and corresponding capital repayment to buy out the remaining shareholders of NPC Resources at RM2.82 per share. Loo, who is NPC Resources group managing director cum CEO, controls a 56.56% stake or 66 million shares in NPC Resources. The privatisation exercise involving the remaining 43.44% stake or 50.69 million shares Loo does not control is expected to cost RM142.96 million. Loo said this is expected to be funded via NPC Resources' internal funds as well as borrowings. — NPC Resources co-founder Loo Pang Kee makes formal privatisation offer

Zecon Bhd (KL:ZECON) has been granted an electricity licence from the Sarawak state government to generate solar power to supply electricity under the Sarawak Electricity Ordinance at the Kota Petra Green Technology Park in Kuching. Zecon said the licence shall be for a period of 30 years, effective from Feb 5, 2025, with an annual fee of RM300,000. It said during the duration of the licence, the rights granted include, among others, designing, constructing, installing, using, operating and maintaining a solar photovoltaic (PV) system for solar power generation within a 3,000-acre area in the Salak Land district of Kuching. This includes transmission and distribution of electricity as well as the installation of a 300-megawatt plant — Sarawak grants Zecon 30-year solar power generation licence

SSF Home Group Bhd (KL:SSF) has entered into a deal to supply kitchen cabinets and furniture vouchers for a home ownership scheme offered by social enterprise company Rumah Ibu Sdn Bhd (RISB). Under the Rumah Ibu scheme, RISB intends to offer some 35,000 land owners in Perak the opportunity to own affordable homes via the state's Structured Village Development Programme. SSF will provide kitchen cabinets valued between RM1,500 and RM5,000, alongside furniture vouchers worth up to RM5,500, offering flexibility and affordability to Rumah Ibu buyers. RISB will procure the furnishing solutions directly from SSF, and payments will be made upon successful delivery and installation. — SSF Home to supply kitchen cabinets for affordable housing project

Theta Edge Bhd (KL:THETA) is raising up to RM46.01 million through the issuance of 35.39 million new shares at RM1.30 apiece to Threadstone Capital Sdn Bhd, a private limited company controlled by its non-independent non-executive director Zainal 'Abidin Abd Jalil. Threadstone Capital currently holds an 8.48% stake in Theta Edge. Following the completion of the exercise, Threadstone Capital’s stake will rise to 29.6%, making it the largest shareholder in the group. Of the proceeds, Theta Edge has allocated RM18 million towards general working capital, RM16 million for future business expansion and viable investments in the ICT and telecommunications sectors, and RM11.5 million will be directed towards operational expenses for existing projects. — Theta Edge to raise RM46 mil via new share issuance; Threadstone Capital to become largest shareholder

EG Industries Bhd (KL:EG) proposed a one-for-one bonus issue involving 692.9 million new shares. EG Industries said the bonus issue will allow shareholders to have greater participation in its equity, while maintaining their percentage of equity interest held, and also possibly encourage trading liquidity and marketability of the shares. The theoretical ex-bonus share price would be RM1.25, based on the five-day volume-weighted average price of the shares up to Jan 31, EG Industries noted. The proposed bonus issue is expected to be completed by the second quarter of 2025. — EG Industries proposes one-for-one bonus issue

Teladan Setia Group Bhd (KL:TELADAN) has cancelled its plan to purchase a piece of land in Melaka Tengah for RM48.54 million for a health and wellness centre and serviced apartments project. The decision to cancel the land deal was due to vendor Megan Mastika Sdn Bhd’s failure to fulfil conditions precedent despite extensions granted by Teladan's wholly owned unit Asal Harta Sdn Bhd. Asal Harta inked the sales and purchase agreement with Megan Mastika to purchase the 7.54-acre land back in January 2023, with the acquisition initially expected to be completed by the fourth quarter of 2023. — Teladan Setia bins Melaka land purchase for wellness centre and apartments project

YNH Property Bhd (KL:YNHPROP) has clarified that its sale of AEON Mall Seri Manjung in Perak to Sunway Real Estate Investment Trust (KL:SUNREIT) for RM138 million is subject to shareholders’ approval in an extraordinary general meeting (EGM) to be fixed later. The property developer said the highest aggregated percentage ratio applicable to the transactions with Sunway REIT in the past 12 months stood at 30.68% — above the 25% threshold to warrant requiring shareholders’ approval to proceed with the AEON Mall Seri Manjung sale. On Jan 26, 2024, YNH Property had inked a deal to sell 163 Retail Park to Sunway REIT for RM215 million. Shareholders approved that transaction at an EGM on Sept 19. YNH Property’s initial announcement on the AEON Mall Seri Manjung sale, dated Jan 21 this year, had stated that the proposed disposal was not subject to shareholders’ approval as it was not required to be aggregated with its prior disposal of 163 Retail Park to Sunway REIT. — YNH says RM138m sale of AEON Mall Seri Manjung is subject to shareholders’ approval

Perak Corp Bhd (KL:PRKCORP) has proposed to undertake a mixed development project on 54.8 acres of land owned by the company in Hulu Kinta, Perak. It entered into a collaboration agreement to develop the project jointly with a private firm, Spectrum Asets Sdn Bhd. Under the agreement, Perak Corp will provide the land for the development while Spectrum Asets will be the project’s developer. Spectrum Asets’ shareholders are Datuk Wira Mubarak Hussain Akhtar Husin who held 80% stake, and Datuk Lai Keng Onn with the remaining 20%, according to Perak Corp. — Perak Corp partners private firm for mixed development project