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

Lotte Chemical Titan Holding Bhd’s (KL:LCTITAN) parent company, Lotte Chemical Corporation (LCC), is selling a 25% stake in PT Lotte Chemical Indonesia (LCI), which will lower LCC's direct interest in the Lotte Chemical Indonesia New Ethylene Project to 24% from 49%. LC Titan said LCC has received an offer from a group of companies — comprising one securities company and five special purpose corporations set up by five other securities companies — for the 25% stake in LCI for US$462.7 million (about RM2.05 billion). LC Titan, in which LCC controls 75.86%, holds the remaining 51% stake in LCI. — LC Titan says its parent selling 24% stake in Indonesia ethylene project for about RM2.05b

AirAsia Aviation Group, the airline arm of Capital A Bhd (KL:CAPITALA) that is being transferred to its sister company AirAsia X Bhd (KL:AAX), has decided to relocate its domestic jet services from the Subang airport to Kuala Lumpur International Airport Terminal 2 (klia2), effective April 7. The low-cost carrier, which once pushed for jet operations in Subang, has decided to relocate to klia2 to optimise operations and improve the guest experience amid growing demand. — Analyst questions feasibility of Subang airport's expansion after AirAsia pulls out seven months in

Axiata Group Bhd’s (KL:AXIATA) 63%-owned Edotco Malaysia Sdn Bhd has announced a series of collaborations aimed at accelerating 5G telecommunications infrastructure in Malaysia, including being selected as U Mobile Sdn Bhd’s 5G in-building coverage (IBC) infrastructure partner.  It said it is one of the first companies to be recognised as an “official and preferred” 5G IBC infrastructure partner for U Mobile’s 5G network rollout, it said, adding the partnership aims to expedite the deployment of 5G coverage inside buildings. The company is also collaborating with Digital Nasional Bhd (DNB) to spearhead efforts to establish Langkawi as Malaysia’s first 5G-enabled digital tourism hub. — Edotco chosen as U Mobile's 5G in-building coverage partner

Sapura Energy Bhd (KL:SAPNRG) said the Kuala Lumpur High Court has granted an order approving the oil and gas services outfit’s debt restructuring plan, which will take effect once a copy of the court order is lodged with the Companies Commission Malaysia. In conjunction with the order approving the debt restructuring plan, Sapura Energy said the court also granted an order preventing any legal action being initiated against the company until the restructuring's effective date, expected to be in August 2025. — Court approves Sapura Energy’s debt restructuring plan

Malaysia Marine and Heavy Engineering Holdings Bhd's (KL:MHB) wholly-owned unit Malaysia Marine and Heavy Engineering Sdn Bhd has signed a joint development agreement (JDA) with US-based firm FuelCell Energy Inc. The JDA aims to co-develop large-scale hydrogen production systems and technologies across Asia, New Zealand and Australia. The JDA follows a memorandum of understanding signed in February 2023. In conjunction with the JDA, FuelCell Energy and MHB are collaborating to support a contract awarded to the US firm for a detailed feasibility study of a low-carbon fuel production facility in Malaysia. — MHB's unit to co-develop hydrogen production systems with US firm FuelCell Energy

Euro Holdings Bhd (KL:EURO) has proposed a slew of corporate exercises, which will see its former group managing director and major shareholder Datuk Seri Steven Lim Teck Boon’s stake expanding to 46.99% from 38.45% currently. The exercises comprise a proposed RM56 million property deal, a RM25.34 million debt settlement arrangement, a private placement of 331.99 million shares (25% of its share base), and a one-for-one rights issue. The private placement exercise is expected to raise RM14.94 million, while the rights issue is expected to raise up to RM104.93 million. The exercises are expected to be completed by the fourth quarter of 2025. — Euro Holdings mulls multiple proposals; former MD’s stake to rise to 47%

Sapura Industrial Bhd (KL:SAPIND) has partnered with China-based lithium battery firm Zhejiang Zhongze Precision Technology Co Ltd to establish an industrial and commercial battery component manufacturing facility in Malaysia. A memorandum of understanding was inked between Sapura Industrial’s wholly-owned unit SIB Ventures Sdn Bhd and Zhejiang Zhongze for the collaboration, which the company said serves as a foundation for negotiations of the proposed collaboration. A definitive agreement is expected to follow within six months. — Sapura Industrial partners Chinese lithium battery firm to set up battery plant in Malaysia

Cahya Mata Sarawak Bhd’s (CMS) (KL:CMSB) deputy chairman Datuk Seri Mahmud Abu Bekir Taib has filed a lawsuit against the group to inspect its accounts. The suit stems from Mahmud’s requests to the group for it to undergo an inspection of accounts, which the board was deliberating. "However, Mahmud did not wait for the board’s decision on time and place for inspection and chose to file this [suit]." Under the suit, Mahmud is seeking an order for CMS to produce and open an inspection into its accounts and five of its units, namely Cahya Mata Phosphates Industries Sdn Bhd, Cahya Mata Cement Sdn Bhd, Oiltools International Sdn Bhd, Cahya Mata Oiltools Sdn Bhd and Cahya Mata Professionals Sdn Bhd. — Cahya Mata Sarawak sued by deputy chairman over account inspection request

SDS Group Bhd (KL:SDS) has proposed to undertake a bonus share exercise on a one-for-three basis — one bonus share for every three existing shares held — to reward shareholders and improve trading liquidity of its shares. The exercise will see the company’s share base expand from 409.63 million shares currently to 546.17 million shares. For illustrative purposes, post-bonus share issuance, the price of SDS shares is expected to be 85.81 sen, based on the five-day volume-weighted average price up to February 24 of RM1.14. — SDS Group plans one-for-three bonus issue

Practice Note 17 (PN17) Nylex (M) Bhd (KL:NYLEX) is slated to be delisted from the Main Market of Bursa Malaysia on March 11 after its bid for a further extension to submit its regularisation plan was dismissed by the bourse regulator. Nylex had applied for a further extension of time on January 24, two days before its prior extension was to expire on January 26. Nylex was classified as a PN17 company after it divested all of its assets and liabilities to its parent Ancom Nylex Bhd (KL:ANCOMNY), then known as Ancom Bhd, for RM179.3 million in a cash-plus-share deal in January 2022. — Nylex to be delisted on March 11