KUALA LUMPUR (March 11): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Debt-laden Sapura Energy Bhd (KL:SAPNRG) has received a lifeline in the form of a RM1.1 billion investment from the Minister of Finance (Inc) through its special purpose vehicle Malaysia Development Holding Sdn Bhd (MDH). Sapura Energy said MDH will be subscribing to its redeemable convertible loan stocks worth RM1.1 billion, subject to certain conditions. The monies have been earmarked exclusively for settling what Sapura Energy owes its vendors. — Sapura Energy gets RM1.1 bil MOF bailout

FGV Holdings Bhd (KL:FGV) said Bursa Securities has rejected the plantation group's application for a further six-month extension to comply with the public shareholding spread requirement. The rejection comes after FGV’s previous six-month extension, granted on Sept 13, 2024, expired on March 2, 2025. The group has, prior to this rejection, sought and obtained seven extensions to the deadline to meet the public shareholding spread requirement. As of Feb 19, 2025, FGV’s public shareholding spread stood at 13.09%, noted the group's bourse filing on Tuesday, far short of the minimum requirement of 25%. — Bursa rejects FGV's eighth public spread extension application, sets Sept 10 deadline for compliance

Teleport, the logistics arm of Capital A Bhd (KL:CAPITALA), said it is actively seeking funds from private investors to boost its finances for expansion before embarking on an initial public offering (IPO). “We will do one private fundraising before an IPO,” said Teleport chief executive officer Pete Chareonwongsak. “If we do that, that means, you know, we are closer to our goal of a public company.” Neither the amount for the fundraising nor the IPO timeline was disclosed. Chareonwongsak said that the company is focused on achieving the necessary scale and financial performance to support its successful listing. — Capital A's logistics arm Teleport seeking private funds to support expansion ahead of IPO, says CEO

ES Sunlogy Bhd (KL:SUNLOGY) has been awarded a contract worth RM34 million to develop a 29.99 megawatt (MWac) large-scale solar photovoltaic (LSSPV) system under the Corporate Green Power Programme. SaveLite Engineering Sdn Bhd, a subsidiary of the mechanical and electrical engineering services firm, accepted the letter of award dated Feb 28 from Atlantic Blue Sdn Bhd on March 8. The solar facility will be located at Lot 42, Padang China, Kulim, Kedah (also known as the Selarong LSSPV plant). The solar facility is scheduled to commence initial operations on May 29, with the scheduled commercial operation date set for June 30. — ES Sunlogy secures RM34m contract for 29.99MWac solar project

Erdasan Group Bhd (KL:ERDASAN), formerly known as AT Systematization Bhd, has suspended its executive director, Mak Siew Wei, pending an investigation into possible questionable transactions that occurred in 2020 and 2021. Mak, who has been on the board since 2013, holds a significant 7.835% stake in Erdasan. As a result of his suspension, Mak has been relieved of all duties, powers and obligations as executive director of Erdasan and its subsidiaries. The company, which operates in various sectors including industrial and engineering part fabrication, industrial automation system design and manufacturing, renewable energy and property leasing, has engaged legal counsel Eric Tan from Messrs Ong Kok Bin & Co to advise on the next steps. — Erdasan suspends executive director amid probe into dubious transactions

SEG International Bhd (SEGi) (KL:SEG) has launched a virtual learning platform that offers SEGi University students a 3D virtual version of the university campus, enabling real-time interaction with lecturers, peers and learning resources from anywhere in the world. SEGi UniVerse, created by SEGi's wholly owned subsidiary SEGi University Sdn Bhd, is developed with virtual reality and artificial intelligence technologies for the university's approved and accredited open and distance learning programmes as well as students in traditional programmes who choose to attend online classes for part of their course. With global expansion plans, the virtual learning platform aims to make high-quality, accredited education "truly borderless", said SEGi. — SEGi unveils virtual learning platform

KESM Industries Bhd (KL:KESM), the world’s largest independent burn-in and test service provider, posted its third straight quarterly net loss of RM2.99 million, or loss per share of 6.95 sen, in the second quarter ended Jan 31, 2025 (2QFY2025), due to continued weak demand for automotive chips. The loss, the group said, reflected industry-wide inventory adjustments. Quarterly revenue declined 17% year-on-year to RM51.39 million from RM61.77 million. The weaker top-line performance was attributed to reduced orders for burn-in and testing services, reflecting softer demand in the automotive semiconductor sector. No dividend was declared during the quarter. KESM reported a net loss of RM7.52 million for the first half of FY2025 (1HFY2025), a reversal from a net profit of RM1.05 million in 1HFY2024. Revenue fell 17% year-on-year to RM104.21 million from RM125.3 million. — KESM reports third consecutive net loss in 2QFY2025 due to ongoing weak automotive chip demand

Flexible plastic packaging provider Scientex Packaging (Ayer Keroh) Bhd (KL:SCIPACK) posted a 16.61% year-on-year increase in net profit for the second quarter, driven by stronger export sales and an improved sales mix. For the three months ended Jan 31, 2025 (2QFY2025), net profit rose to RM9.35 million from RM8.02 million in the same period a year earlier, while revenue grew 4.57% to RM183.87 million from RM175.85 million. Earnings per share rose to 2.66 sen from 2.28 sen. No dividend was declared for the quarter under review. For the first half of 2025, the group's net profit fell 22.12% to RM12.25 million from RM15.72 million a year earlier, weighed down by foreign exchange losses. This was despite a 4.11% increase in revenue to RM363.16 million from RM348.82 million. — Scientex Packaging’s 2Q net profit rises 17% on higher exports and better sales mix

Oil and gas pipe supplier Saliran Group Bhd (KL:SALIRAN), which is scheduled for listing on the ACE Market this Thursday, posted a RM3.72 million profit for the fourth quarter ended on Dec 31, 2024 (4QFY2024). Quarterly revenue stood at RM95.57 million. Earnings per share stood at 1.23 sen. For its financial year ended Dec 31, 2024 (FY2024), the group recorded a profit of RM13.24 million and revenue of RM344.52 million. — ACE Market-bound Saliran Group logs RM3.72m profit in 4Q

Globaltec Formation Bhd (KL:GLOTEC) said it is letting go of its stake in the Muara Enim 2 production sharing contract. The company has 30% interest through Australia-listed subsidiary, NuEnergy Gas Ltd, and operates the contract that explores and extracts coal bed methane in Indonesia. NuEnergy will work with Indonesia's authorities to complete the relinquishment, Globaltec said. The relinquishment of Muara Enim 2 provides NuEnergy an opportunity to “further optimise” its portfolio of coal bed methane — a form of natural gas found in coal deposits or coal seams — by prioritising more advanced projects with near-term monetisation potential, Globaltec said. — Globaltec gives up Muara Enim 2 contract to prioritise higher-potential projects