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

Capital A Bhd (KL:CAPITALA) has received approval from Bursa Malaysia for its proposed regularisation plan, a crucial step towards lifting its Practice Note 17 (PN17) status. The approval is subject to several conditions, including full compliance with the listing requirements during implementation, securing all necessary approvals from relevant authorities, and obtaining shareholder approval at a general meeting.  Capital A and RHB Investment Bank must also inform Bursa Securities upon completing the regularisation plan and provide written confirmation of compliance with all approval terms. The regularisation plan includes a share capital reduction of up to RM6 billion to reduce the company's accumulated losses and the reorganisation of its business units. — Capital A gets Bursa nod for regularisation plan to uplift PN17 status

Bumi Armada Bhd (KL:ARMADA) said its joint-venture companies have secured two contracts worth a total of RM581.1 million from India’s state-owned Oil and Natural Gas Corporation Ltd (ONGC). The group said Shapoorji Pallonji Armada Oil & Gas Services Pte Ltd (SPAOGSPL) won the contract for the operation and maintenance of the Armada Sterling II floating production, storage and offloading (FPSO) vessel at ONGC’s oilfield located off the west coast of Mumbai. The contract is valued at 2.5 billion rupees (RM127 million). SPAOGSPL is a 60:40 joint venture between Shapoorji Pallonji Energy Pvt Ltd and Bumi Armada (Singapore) Pte Ltd, a wholly-owned subsidiary of Bumi Armada. The second contract, valued at US$101.9 million, was awarded to Armada C7 Pte Ltd for the bareboat charter lease of the Armada Sterling II FPSO. Armada C7 is a 51:49 joint venture between Shapoorji Pallonji Energy and Bumi Armada Offshore Holdings Ltd, another wholly-owned subsidiary of Bumi Armada. — Bumi Armada secures RM581 mil contracts from India’s state-owned O&G firm

ICT solutions provider SNS Network Technology Bhd (KL:SNS) said the group has secured a RM269.3 million contract from an undisclosed local customer to supply a server system. The customer, a Malaysian firm engaged in the sale of computer hardware and software, server systems and IT services, has requested confidentiality, SNS Network said. The group said work on the server system, undertaken by its wholly-owned unit SNS Network (M) Sdn Bhd, is targeted for completion by April 18. — SNS Network secures RM269 mil server system contract

MN Holdings Bhd (KL:MNHLDG) has secured a RM58.2 million contract from Tenaga Nasional Bhd (KL:TENAGA) for the construction of a new transmission main intake gas-insulated substation (GIS) in the Chuping Valley Industrial Area, Perlis. MN Holdings' contract covers the supply, erection, testing, commissioning and associated civil works, along with underground utilities of the 132/33 kV GIS. The contract awarded to its wholly-owned subsidiary MN Power Transmission Sdn Bhd is effective from March 6 and will run for 840 days. — MN Holdings bags RM58.2 mil substation contract from TNB

Econpile Holdings Bhd (KL:ECONBHD) has clinched a RM27.23 million contract for substructure works for the Setia Federal Hill project (Residential Tower 1) in Kuala Lumpur. Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd had on March 6 received the letter of award from Archimatrix Sdn Bhd, acting on behalf of Setia MF SFH Development Sdn Bhd. The contract, which spans 13 months starting from March 20, 2025, is expected to contribute positively to the company’s revenue and earnings for the financial year ending June 30, 2025. — Econpile secures RM27m contract for Setia Federal Hill project

Swift Energy Technology Bhd (KL:SET) has secured two purchase orders worth a combined RM24.37 million. The company said the contracts were awarded by Offshore Oil Engineering Co Ltd (COOEC) and Siemens Energy Sdn Bhd for energy infrastructure projects in Nigeria and Malaysia respectively. Under the first contract, it will supply an explosion-proof (Ex) Solar Power/Wind Turbine/Diesel Generator Hybrid Power System for Shell HI OTB Wellhead Platform in Nigeria, with delivery scheduled by September 2025. The second contract involves the supply of Siemens Sivacon S8 Low Voltage Switchboard, Motor Control Center and Integrated Motor Control System for the Petronas META project in Labuan, with completion expected by July 2025. — Swift Energy secures two purchase orders worth RM24.4 mil for energy infrastructure projects

UEM Edgenta Bhd (KL:EDGENTA) has secured a three-year extension to its concession agreement with the government to provide hospital support services at contract hospitals in Perak, Penang, Kedah and Perlis. The current agreement, which began on April 1, 2015, is set to expire on March 31, 2025. The company did not disclose the value of the contract extension in its filing with Bursa Malaysia. Under the extension, its subsidiary, Edgenta Mediserve Sdn Bhd, will continue providing services from April 1, 2025, to March 31, 2028, with an option for two additional one-year extensions. — UEM Edgenta bags three-year extension to provide support services to govt hospitals in four states

Precision component manufacturer Northeast Group Bhd (KL:NE) is acquiring two leasehold properties in Seberang Perai Tengah, Penang for RM16.35 million, as part of its plan to accelerate production capacity expansion amid construction delays for its new factory. For the first property — a 0.607-hectare plot of vacant leasehold land, Northeast said its wholly-owned subsidiary NE Technologies Sdn Bhd will pay RM5.55 million. It plans to build a two-storey warehouse on the site, with construction costs estimated at RM8.1 million. The second property — a piece of leasehold land which spans 0.538 hectares and comes with an existing 27,155-sq ft warehouse, will be acquired for RM10.8 million. — Northeast to acquire two land parcels in Penang for RM16.35m to expand capacity

WTK Holdings Bhd (KL:WTK) has proposed the sale of its entire equity interest in two loss-making units for a combined RM40.35 million in cash, as part of the company’s strategy to focus on more commercially sustainable and profitable business segments. WTK has entered into sale and purchase agreements with Huang Qian Wen for the disposals of Piramid Intan Sdn Bhd (PISB) and Immense Fleet Sdn Bhd (IFSB) for RM16 million and RM24.35 million respectively. The disposals are expected to generate a gain of RM26.96 million for WTK, with the proceeds allocated for working capital, including payments to suppliers and creditors as well as operational and administrative expenses. — WTK disposes of two loss-making firms for RM40 mil