KUALA LUMPUR (March 17): Here is a brief recap of some business news and corporate announcement that made the headlines on Monday:

Malaysian Resources Corp Bhd (KL:MRCB) has struck a land swap deal with Cyberview Sdn Bhd, in which the Minister of Finance Inc owns a 92.24% stake. The other shareholders of Cyberview — the master developer of Cyberjaya — include Sime Darby Property Bhd (KL:SIMEPROP), with a 5.17% stake, and Permodalan Nasional Bhd, with a 2.59% stake. MRCB said its wholly-owned subsidiary, MRCB Land Sdn Bhd, is selling its 70% stake in CSB Development Sdn Bhd to Cyberview for RM219.04 million in cash. It also announced that its other wholly-owned unit Subang Sentral Sdn Bhd has signed a sale and purchase agreement with Cyberview's subsidiary, Cyberjaya City Centre Land Sdn Bhd, in relation to the land purchases. — MRCB strikes land deals with MOF unit

Sapura Energy Bhd (KL:SAPNRG) clarified that it has not been contacted by the MACC regarding a probe into alleged bribery and fund misappropriation involving the company. In a shortly-worded filing, Sapura said it is fully committed to cooperating with the MACC and will provide all necessary information as required to support its inquiries. The company said: “As a responsible, publicly-listed entity, we uphold the highest standards of corporate governance, transparency, and integrity in all our operations. We understand the significance of keeping our stakeholders informed and undertake to provide updates as necessary when there are pertinent developments in this matter.” — Sapura Energy says has not been contacted by MACC over bribery, fund misappropriation probe

Solarvest Holdings Bhd (KL:SLVEST) has secured a RM401 million engineering, procurement, construction and commissioning contract for Tenaga Nasional Bhd’s (KL:TENAGA) 500MW solar farm in Bukit Selembau, Kedah. The 500MW solar farm was awarded under the LSS5 programme by the Energy Commission, and is the largest solar farm project to be dished out under the LSS programme. It expects the project to be completed by July 31, 2027, with a 24-month defects liability period commencing from the project's scheduled commercial operation date. — Solarvest bags RM401m contract to build TNB’s 500MW solar farm in Kedah

Water and wastewater engineering company Salcon Bhd (KL:SALCON) has secured two wastewater-related contracts worth RM99.8 million. The group said Envitech Sdn Bhd, a 60%-owned subsidiary of Salcon Engineering Bhd, which is in turn a wholly-owned subsidiary of Salcon, had accepted two letters of award to redevelop wastewater treatment plant and wastewater infrastructure. The first contract, valued at RM88.8 million, was awarded by Perbadanan Pembangunan Pulau Pinang to build wastewater infrastructure in the Batu Kawan Industrial Park. The project is expected to span over 18 months. The second contract was awarded by Binastra Builders Sdn Bhd to redevelop a wastewater treatment plant in Cheras worth RM11 million. The project is expected to take about 36 months to complete. — Salcon secures RM99.8m wastewater-related contracts

Rohas Tecnic Bhd (KL:ROHAS) has entered into a binding term sheet with South Korea-based Korea Water Resources Corporation to sell its 30%-owned Vietnamese unit Phu My Vinh Construction and Investment Corporation for RM87.14 million. The term sheet will take effect from March 14 to April 30 or the signing date of the share sale agreement. Meanwhile, the pro forma effects of the disposal will be detailed in a subsequent announcement upon the SSA's signing. — Rohas Tecnic to divest Vietnamese water infra subsidiary for RM87m

Penang-based biomass material manufacturer HHRG Bhd’s (KL:HHRG) new shareholder Digital Trustees Bhd has called for an extraordinary general meeting to remove its entire board of directors and replace them with three new directors. Digital Trustees Bhd, which claims holdings of more than 10% of the company’s total issued paid-up capital, wants to remove the company’s directors, including its executive deputy chairman Datuk Paduka Ammar Datuk Shaikh Mahmood Naim, Guok Ngek Seong, Abdul Rahman Din, Chan Hon Woo and Ju Siew Lee. At the same time, Digital Trustees is nominating three directors for appointment — Zam Azri Mohamed Zam Zamil, Dr Mazlan Ahmad and Low Xhu Hern. The Edge has learnt that HHRG's largest shareholder Cfamillie Holdings Sdn Bhd is behind the requisition to remove the board of directors and still the ultimate owner of the shares registered under Digital Trustee Bhd. In an email to The Edge, GamBit Group, which includes Digital Trustee, said that the shares registered under Digital Trustee are held in custody for Cfamillie Holdings, the largest shareholder. — Cfamillie Holdings still largest shareholder of HHRG, behind bid to remove board of directors

Jentayu Sustainables Bhd (KL:JSB) has aborted its acquisition of hydro assets in Sabah — Senja Optima Sdn Bhd, Telekosang Hydro One Sdn Bhd and Telekosang Hydro Two Sdn Bhd — having inked the deals more than three years ago in September 2021. Telekosang Hydro One and Telekosang Hydro Two own and operate the 40MW Telekosang Hydro power plant project. Meanwhile, Senja Optima owns 70% in both companies. The remaining 30% stakes are owned by Inno Hydropower (T) Sdn Bhd. — Jentayu Sustainables’ Sabah hydro asset acquisitions mutually terminated

Focus Point Holdings Bhd (KL:FOCUSP) has proposed a one-for-three bonus issue, alongside a dividend reinvestment plan (DRP) and a share grant plan, aimed at enhancing shareholder value and incentivising employees. The bonus issue will involve 153.99 million new shares, with the entitlement date to be determined after obtaining all necessary approvals. Under the DRP, shareholders will have the option to reinvest their cash dividends into new shares instead of receiving cash payouts. The initiative offers shareholders an opportunity to increase their stake in Focus Point while allowing the company to preserve its cash reserves. — Focus Point proposes one-for-three bonus issue

Catcha Digital Bhd (KL:CATCHA) has finalised the acquisition of a 51% stake in DS Services Sdn Bhd (Digital Symphony) for RM22.95 million cash, after more than two years of negotiations. The group has signed a share sale agreement with Digital Symphony to acquire the controlling stake in the latter. It is worth noting that the parties had signed a letter of intent for the acquisition back in November 2023. Catcha Digital outlined that the acquisition will be made in three instalments over a 24-month period following the completion of the share sale. — Catcha Digital buys 51% stake in digital marketing company for RM22.95m

Poh Huat Resources Holdings Bhd (KL:POHUAT) saw its first-quarter net profit fall 7.98% to RM9.48 million from RM10.30 million a year earlier, due to higher material costs and factory overheads, amid lower capacity utilisation in its Vietnam factories. Quarterly revenue rose 3.90% year-on-year to RM136.25 million from RM131.14 million, driven by stronger office furniture orders from the company's Malaysian operations. This was partly mitigated by lower demand from its Vietnam factories. — Poh Huat's 1Q net profit drops 8% on higher costs, lower capacity utilisation in Vietnam factories

Dutch Lady Milk Industries Bhd (KL:DLADY), a dairy company under FrieslandCampina, has named Veronika Winanti Wahyu Utami as its new managing director, effective from April 15, 2025. Utami currently serves as the marketing director for consumer dairy and specialised nutrition at Frisian Flag Indonesia. she will succeed Ramjeet Kaur Virik, who has held the position since July 2021. — Dutch Lady names Utami as managing director

AmanahRaya Real Estate Investment Trust (REIT) (KL:ARREIT) has officially appointed acting managing director (MD) Mohd Iskandar Dzulkarnain Ramli as MD of AmanahRaya Kenedix REIT Manager Sdn Bhd, effective immediately. Mohd Iskandar has been serving in the acting role following the departure of Tunku Rozita Tunku Abdul Malek in January. Tunku Rozita stepped down as executive director and MD of the REIT manager due to personal reasons.  — AmanahRaya REIT retains Mohd Iskandar as managing director