KUALA LUMPUR (March 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Eco World Development Group Bhd (KL:ECOWLD) said on Tuesday that it is selling a plot of industrial land for RM119 million to a Chinese firm setting up a plant in Malaysia. The planned sale of the land measuring 32.9 acres in Eco Business Park II in Senai, Johor, follows an earlier announcement by Ningbo Deye Technology Co Ltd to invest up to US$150 million (RM668 million) in a new manufacturing base for solar equipment in Malaysia. "As a leading manufacturer of comprehensive solar photovoltaic systems, Deye’s presence here perfectly aligns with our aims to work with companies that make a positive contribution to lowering our collective carbon footprint,” said EcoWorld Malaysia deputy CEO Liew Tian Xiong. — EcoWorld to sell land for RM119 mil to Chinese firm setting factory in Malaysia

Paramount Corp Bhd (KL:PARAMON) is targeting RM400 million worth of land replenishment deals this year to pave the way for new launches in the next five years. Given the goal to complete property projects with a RM2 billion gross development value (GDV) in the financial year ending Dec 31, 2025 (FY2025), Paramount CEO Jeffrey Chew Sun Teong said the company would need to buy RM400 million worth of land to replenish the realised GDV. In comparison, the GDV for completed projects in FY2024 was at the same level of RM2.02 billion. The company had a remaining GDV of RM5.5 billion as at end-2024, from its 369.4-acre undeveloped land and unsold units in launched projects. — Paramount eyes RM400m land deals in 2025

S P Setia Bhd (KL:SPSETIA) is partnering Penang’s state development agency to develop a mixed-use project and industrial park in Bandar Setia Fontaines, Bertam.  The 350-acre development is in the process of rezoning, S P Setia said. A memorandum of collaboration has been signed with Penang Development Corporation (PDC) to explore the various potential business models, the company noted. “This partnership will accelerate the growth and boost our regional industrial land strategy,” said S P Setia president and chief executive officer Datuk Choong Kai Wai. “With our focus on developing green-themed industrial parks, we are confident that this initiative will contribute significantly to our sales growth and profitability." — S P Setia partnering Penang state agency for 350-acre industrial park

Malaysia Smelting Corp Bhd (KL:MSC) has proposed a bonus share issuance on a one-for-one basis to reward shareholders and improve the trading liquidity of its shares. This will double the tin miner and metal producer's share base to 840 million shares from 420 million shares. The last time MSC undertook a bonus issue was in the third quarter of 2018, also on a one-for-one basis. Right before that bonus issuance, it conducted a one-to-two share split, which involved dividing every existing share into two shares. At the end of 2018, the stock was trading at 53.9 sen, as opposed to its closing price of RM2.15 on Tuesday. — MSC proposes one-for-one bonus issue

Pecca Group Bhd (KL:PECCA) is exploring a potential joint venture (JV) with Zhejiang Tenchen Controls Co Ltd, a Shanghai Stock Exchange-listed seat supplier for the innovation, development and production of seats and accessories for the automotive sector. The group said both parties inked a memorandum of understanding outlining the intention for the JV, which will combine Pecca and Zhejiang Tenchen’s strengths to serve the local passenger vehicle market with high-quality seating solutions. "Pecca offers knowledge of the Malaysian automotive market, relationships with industry players and expertise in navigating regulatory processes, while Zhejiang Tenchen contributes world-class expertise in design and manufacturing of advanced seating solutions. The partnership will enable Pecca to expand its product portfolio and move up the value chain by offering complete seating solutions, including seat assembly and upholstery for passenger vehicles, child safety and commercial vehicles," it said. — Pecca exploring potential JV with China's Zhejiang Tenchen for vehicle seating solutions

Electrical home appliance distributor Fiamma Holdings Bhd (KL:FIAMMA) said its partnership with Zhuhai Samyou Environmental Technology Co Ltd (Samyou) announced last September will proceed, with the Chinese company managing the air conditioning manufacturing operations under its own entity and resources. Fiamma, on its part, will focus on the sales and distribution of "Vino" brand products in Malaysia through the joint-venture company, Vino Air-Conditioning (M) Sdn Bhd. "This decision allows each party to focus on its core strengths while preserving the integrity of our strategic partnership," said Fiamma. — Fiamma to focus on distribution of 'Vino' products under JV with China-based Samyou