KUALA LUMPUR (Mar 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Water and wastewater engineering company Salcon Bhd (KL:SALCON) has secured a RM167 million contract for the construction of a new water treatment plant, raw water pipeline and related infrastructure in Melaka. The contract was awarded to Salcon Engineering Bhd (SEB), a wholly-owned subsidiary of Salcon, by Pengurusan Aset Air Bhd (PAAB). The project includes the construction, completion and commissioning of a 1,200mm-diameter raw water main pipeline and a 90-million-litre-per-day (MLD) water treatment plant. The company noted that the contract is a one-off construction agreement with no renewal option. Work will begin upon site possession, with completion targeted within 30 months, Salcon said. — Salcon bags RM167 mil contract for water treatment plant in Melaka

Scanwolf Corp Bhd (KL:SCNWOLF) has secured a RM42 million contract for sub-structure works on two commercial blocks on Jalan Ampang in a related-party transaction (RPT). Scanwolf said its wholly-owned subsidiary, Scanwolf Builder Sdn Bhd (SBSB), has accepted the letter of award from Fixus Construction Sdn Bhd. The transaction is classified as an RPT as Scanwolf’s managing director and major shareholder Eddy Seah Ley Hong, who holds a 60.6% stake, is also the sole shareholder and a director of Fixus Construction. The contract involves sub-structure works for a mixed-use development on Jalan Ampang, featuring a 69-storey SOHO block (775 units), a 78-storey SOVO block (1,440 units), and a 10-storey podium housing retail units. — Scanwolf secures RM42 mil sub-structure contract for mixed-use project in KL in related-party deal

Nasdaq-listed Founder Group Bhd, a subsidiary of Reservoir Link Energy Bhd (KL:RL), has secured a RM11.6 million contract to build a rooftop solar generating facility in Malaysia. Under the agreement, Founder Group will serve as contractor for the design, engineering, procurement, supply, delivery, construction and commissioning of a rooftop solar photovoltaic (PV) generating facility. Founder Group said the construction contract is expected to be completed in two years. Upon completion of the facility construction, the company said it will sign an operations and maintenance agreement for a period of 15 to 21 years. Although the identity of the client was not disclosed, the group said that the contract is with a leading solar installation company in Malaysia. — Reservoir Link unit secures RM11.6m contract to build rooftop solar generating facility

Shareholders of Pharmaniaga Bhd (KL:PHARMA) have approved its proposal to raise up to RM653.52 million in cash, which is part of the company’s revised regularisation plan to lift it out of Practice Note 17 status. The proposed regularisation plan includes a RM520 million capital reduction, a rights issue to raise up to RM353.52 million and a RM300 million private placement. At the company's extraordinary general meeting on Thursday, all three resolutions were passed with shareholders and proxies attending the meeting holding 99.9%, voting in favour. — Pharmaniaga’s RM653.52m cash call gets shareholder nod

IJM Corp Bhd (KL:IJM) has strongly refuted false and malicious allegations circulating online about the construction company and its leadership. IJM emphasised its commitment to strict corporate governance, competing based on capability, track record and regulatory compliance. The company stressed that it operates with the highest standards of transparency and integrity. The company did not specify the nature of the online allegations. However, it clarified in the statement that its chairman is a non-executive director with no executive authority over the company’s operations and holds only a 0.3% shareholding. Currently, IJM’s non-executive chairman is Tan Sri Tan Boon Seng@Krishnan. IJM also refuted claims regarding its former chief executive officer’s resignation. — IJM Corp files report with MCMC over false allegations, warns of legal action

Property developer Lagenda Properties Bhd (KL:LAGENDA) is acquiring six parcels of freehold land in Senawang, Negeri Sembilan, measuring 138.17 acres, for RM60.2 million. Lagenda Properties said its wholly-owned subsidiary Vivafirst Sdn Bhd has entered into a sale and purchase agreement with Land & General Bhd's (KL:L&G) unit Bright Term Sdn Bhd (BTSB) for the acquisition. Lagenda Properties described the acquisition as a strategic move to expand its landbank and establish a foothold in Negeri Sembilan, marking its presence in a sixth state as part of its nationwide growth strategy. The company aims to capitalise on Senawang’s rapid growth while addressing the region’s rising demand for affordable housing. — Lagenda Properties acquires freehold land in Senawang from Land & General for RM60.2m

Hextar Oiltech Sdn Bhd, a 60%-owned subsidiary of Hextar Global Bhd (KL:HEXTAR), has been appointed as an exclusive distributor of Petromin’s premium lubricant in Malaysia. Hextar Oiltech said it has entered into a legally binding distribution agreement with Technolube LLC, a subsidiary of Saudi-based Petrolube Group for the distributorship. Under the terms of the agreement, Hextar Oiltech will be responsible for stocking, trading, distributing and selling Technolube's products in Malaysia. The company is required to maintain sufficient stock for at least 60 days and adhere to Technolube’s policies and safety standards, as well as achieve a minimum of 90% of its annual sales target to avoid the risk of termination. The agreement will be effective for three years, running from March 19, 2025 to March 19, 2028. — Hextar Global to sell Petromin lubricants in Malaysia

Top Glove Corporation Bhd (KL:TOPGLOV), the world’s largest natural rubber glovemaker, remained in the black for a second consecutive quarter, thanks to a surge in sales. Net profit for the three months ended Feb 28, 2025 (2QFY2025) was RM30.28 million, compared to a net loss of RM51.2 million over the same period last year. Revenue surged 61% year-on-year to RM883.65 million, thanks partly to US tariffs on Chinese gloves. Meanwhile, for the first six months of the year, the group reported a turnaround with a net profit of RM35.76 million while also registering higher revenue of RM1.77 billion, compared with RM1.04 billion in the previous year’s corresponding period. The group expressed optimism about future prospects, driven by improving market conditions and growing demand. It expects continued order book growth, supported by strong inflows. — Top Glove in the black for another quarter as sales surge

Cahya Mata Sarawak Bhd (KL:CMSB) has initiated legal action against its deputy chairman Datuk Seri Mahmud Abu Bekir Taib over alleged breaches of trust and fiduciary duties in relation to a failed enterprise resource planning (ERP) system under the company’s digital transformation project. The lawsuit filed by Cahya Mata and its wholly-owned subsidiary, Cahya Mata Intelligent Technologies (CMIT), also named CMIT's former chief information officer and executive director Karl Vink @ Khalid Abdullah, and CMIT's former senior general manager Izzul Abdul Kamar as defendants. Software vendors Vienna Advantage GmbH and Vienna Advantage Asia Sdn Bhd were also named in the suit filed at the High Court in Kuching on Thursday. The action comes two weeks after Abu Bekir himself sued Cahya Mata for allegedly being denied access to the company’s accounts despite his position as a director. He is seeking an order for the company to produce and open an inspection into its accounts, as well as those of five subsidiaries. — Cahya Mata Sarawak sues deputy chairman Abu Bekir Taib, five others over failed project

Iskandar Waterfront City Bhd (KL:IWCITY) has proposed a regularisation plan involving the issuance of new shares to settle outstanding debts, a private placement and a capital reduction in order to exit its affected listed issuer status. The property developer said it had entered into a conditional settlement agreement with Rampai Fokus Sdn Bhd (RFSB) — an indirect wholly-owned unit of its major shareholder, Iskandar Waterfront Holding Sdn Bhd — to convert the amount it owed to RFSB into IWCity shares. RFSB is a wholly-owned subsidiary of Danga Bay Sdn Bhd, which is in turn a unit of Iskandar Waterfront Holding. Under the agreement, IWCity — which is controlled by tycoon Tan Sri Lim Kang Hoo — will issue up to 725.4 million new shares at 37 sen per share to fully settle outstanding advances of RM268.4 million, including accrued interest, provided by RFSB to IWCity and its subsidiaries as of Feb 28, 2025. Upon completion of the new share issuance, RFSB will emerge as IWCity’s largest shareholder with a 41.72% stake in the enlarged issued share capital. The collective shareholding of RFSB and persons acting in concert will increase from 37.04% to 61.34%. RFSB intends to seek an exemption from making a mandatory takeover offer. — Iskandar Waterfront City unveils regularisation plan to convert debt into equity, issue new shares