KUALA LUMPUR (March 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Capital A Bhd (KL:CAPITALA) expects to exit its Practice Note (PN17) status by May this year, according to its chief executive officer Tan Sri Tony Fernandes. Last Friday (March 7), the group received Bursa Malaysia’s green light for its regularisation plan. Before exiting its financially distressed status, Capital A will first need to issue a circular to shareholders detailing its restructuring plan, scheduled in March 2025. By April 2025, the group’s shareholders and redeemable convertible unsecured Islamic debt securities (RCUIDS)-holders should vote in favour of the plan during an extraordinary general meeting (EGM), and subsequently, Capital A will secure a High Court approval for its capital reduction exercise by May 2025.The High Court has fixed March 21, 2025 as the hearing date for the group’s capital reduction and distribution exercise pursuant to the proposed distribution of AirAsia Group Bhd (AAGB) shares. — Fernandes aims to have Capital A’s PN17 status lifted by May, stays silent on a Saudi investment 

TDM Bhd’s (KL:TDM) subsidiary Kumpulan Medic Iman Sdn Bhd (KMI Healthcare) is collaborating with Bertam Specialist Hospital Sdn Bhd (BSHSB) to develop a 100-bed hospital in Bertam, Penang, with a gross development cost of RM146 million. KMI Healthcare’s subsidiary KMI Bertam Medical Center Sdn Bhd (KMI Bertam) signed a build-and-lease agreement with BSHSB. Under the agreement, BSHSB will manage the development and ownership of the hospital facility, and KMI Bertam will lease the hospital for 18 years, with an option to extend for another 12 more years. KMI Healthcare is a subsidiary of TDM's healthcare division, which operates five specialist hospitals with 419 beds. TDM is an investment holding company, which is mainly involved in the oil palm plantation sector. — TDM, Bertam Specialist Hospital to build RM146m hospital in Bertam, Penang 

MGB Bhd's (KL:MGB) subsidiary, MGB International for Industry (MGBI), has secured two orders worth RM88.57 million from Saudi Arabia's Sany Alameriah Industrial to supply and install precast elements for the Roshn Alarous development in Jeddah. The orders are part of a joint venture agreement signed between MBGI and Sany Alameriah Industrial on July 27, 2023 for the supply and installation contracts of a total aggregate minimum amount of 270,000 cubic metres (cu m) of precast concrete products over a three-year period. These latest orders are headed for Phase 1 of the Al Arous single-family residential units, specifically Zones B and C, as well as public amenities within the Roshn Alarous development. The supply and installation orders are to be completed within 14 months and involve about 42,000 cu m of precast concrete products, which translates to the equivalent of 326 residential units. — MGB secures RM88.57 mil worth of new orders for Al Arous development in Jeddah

ACE Market-bound Lim Seong Hai Capital Bhd (KL:LSH) has signed a 20-year concession agreement to operate and maintain the iconic Kuala Lumpur Tower, after almost a year it first announced the contract win. LSH Capital said it has signed the concession agreement with the federal government, which will commence on April 1, 2025. The concession was awarded to LSH Service Master Sdn Bhd (LSHSM), which is a 70:30 joint venture between its wholly owned subsidiary LSH BEST Builders Sdn Bhd and Service Master (M) Sdn Bhd (SMMSB). As part of the agreement, the government will receive 15% of LSHSM’s annual revenue. — Lim Seong Hai Capital secures 20-year concession to operate KL Tower, starts April 1

JF Technology Bhd (KL:JFTECH), a manufacturer of test contacting solutions for global integrated circuit makers, has entered an agreement with Spire Manufacturing Inc to acquire Q3 Probe Pte Ltd for US$1.36 million (RM6 million). JF Technology said its unit JF International Sdn Bhd has proposed the agreement to acquire 80% equity in Q3 for US$1.36 million, which is expected to be completed by the end of April. The remaining 20% equity interest will be acquired by Dec 31, 2027. The acquisition is structured with a three-year performance earn-out of US$90,670 (RM401,000) annually at the end of each calendar year, totalling US$272,010 (RM1.2 million), contingent on meeting the profit guarantee by the vendor. Q3, a Singapore-based probe card manufacturer, is fully owned by US-based Spire Manufacturing, which specialises in printed circuit boards design and assembly, probe card manufacturing, and machined parts for various industries, such as semiconductors to optics, wireless and broadband, and light-emitting diode (LED) lighting. — JF Technology in RM6 mil probe card manufacturer acquisition

Kerjaya Prospek Group Bhd (KL:KERJAYA) has secured a RM51.03 million contract for piling and earthworks at a serviced apartment project in Andaman Island, Penang, in a related party transaction (RPT). The contract, awarded by Persada Mentari Sdn Bhd, an indirect subsidiary of Eastern & Oriental Bhd (KL:E&O), was secured by Kerjaya Prospek’s wholly owned unit, Kerjaya Prospek (M) Sdn Bhd. The transaction is classified as an RPT as Kerjaya Prospek’s non-independent non-executive chairman, Datuk Seri Tee Eng Ho, also serves as executive chairman of E&O. He is a major shareholder of both companies. The contract covers the execution and completion of a foundation piling system and pile caps, the construction of a basement and two levels of lower ground and all associated site works and earthworks for the proposed two blocks of 52 storey service apartments. Work is scheduled to begin on April 1, 2025, with completion expected within 12 months, the company said. — Kerjaya Prospek wins RM51 mil piling job for Andaman Island apartment project in related party transaction

Pestech International Bhd (KL:PESTECH) is raising a further RM27.81 million through a restricted issue of shares to its newly emerged controlling shareholder, Dhaya Maju Infrastructure (Asia) Sdn Bhd (DMIA), to fund ongoing projects. This marks the struggling rail infrastructure company's second restricted issue within six months. Upon completion of the restricted issue, DMIA’s stake in Pestech will rise to 61.39% from 57.52% currently, further tightening its grip on the company, according to Pestech’s filing to Bursa Malaysia. — Pestech issues shares to major shareholder Dhaya Maju again to raise RM27.8 mil

Sapura Resources Bhd (KL:SAPRES) announced that the company has completed an internal investigation into its former managing director Datuk Shahriman Shamsuddin and submitted its findings to Bursa Malaysia and the Companies Commission of Malaysia (SSM). The company has lodged a formal complaint with SSM for potential breaches of the Companies Act 2016 related to conflict of interest matters. As required by SSM, the company also filed a police report on the issues raised in its complaint. Sapura Resources, however, said that the contents of the report will not be publicly disclosed to protect the integrity of ongoing regulatory reviews and to avoid any premature disclosures that could interfere with investigations. — Sapura Resources alleges conflict of interest against ex-MD Shahriman

Bursa Malaysia Securities has publicly reprimanded Oasis Harvest Corp Bhd (KL:OASIS) and its adviser, Mercury Securities Sdn Bhd, over the termination of the company's rights issue in 2023. Oasis had announced the rights issue on May 26 that year, involving up to 202.8 million new shares and 152.1 million free warrants on a four-for-three basis. The food and beverage company intended to allocate RM5.35 million (47.3% of the minimum RM11.3 million proceeds) for deferred acquisition payments. On Oct 13, 2023, Oasis announced that its board had decided to scrap the exercise. Bursa said Oasis and Mercury Securities violated key listing rules by altering or cancelling the book closing date of Oct 5 for the rights issue, before ultimately terminating the exercise. — Bursa Malaysia publicly reprimands Oasis Harvest and adviser Mercury Securities over compliance failures in terminated rights issue

Bursa Malaysia Securities has publicly reprimanded plywood products manufacturer Annum Bhd (KL:ANNUM) and imposed fines of RM31,000 each on five of its directors for failing to issue the company's annual report for the 18-month financial period ended June 30, 2023 within the stipulated deadline. The bourse regulator said Annum missed the Oct 31, 2023 deadline, releasing the annual report only on May 8, 2024 — a delay of over six months. Annum breached paragraph 9.23(1) of the Main Market Listing Requirements, which mandates timely submission of audited financial statements and related reports, said Bursa Securities. The reprimanded directors are independent non-executive chairman Kenneth Chai Chuan Teong (who resigned on Sept 18, 2023), executive director David Wong You King (who resigned on July 6, 2023), executive director Lim Yun Nyen, independent non-executive director and audit committee chairman Khor Chin Meng, and executive director Datuk Baharon Talib. — Bursa publicly reprimands Annum, fines directors for failing to issue annual report in time