KUALA LUMPUR (March 24): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

The Court of Appeal has recorded a consent judgment between the federal government and AwanBiru Technology Bhd’s (KL:AWANTEC) unit Prestariang Skin Sdn Bhd, where the government has agreed to pay Prestariang  RM201.477 million within three months and withdraw its appeal for a stay of the High Court’s decision last year that ordered it to pay RM231.55 million. This is over the termination of the government’s RM3.5 billion National Immigration Control System (SKIN) project. — Government settles with Awantec subsidiary Prestariang Skin, agrees to pay RM201m over termination of immigration control system project

Datuk Keh Chuan Seng has resigned as executive chairman of Ge-Shen Corp Bhd (KL:GESHEN), Tex Cycle Technology (M) Bhd (KL:TEXCYCL) and K Seng Seng Corp Bhd (KL:KSSC), citing personal circumstances. Keh, 53, also stepped down as non-independent non-executive deputy chairman of Agricore CS Holdings Bhd (KL:AGRICOR) for unforeseen personal reasons. His resignation coincided with a sharp drop in share prices across these companies linked to him, triggering selling pressure in the market on Monday. — Counters related to businessman Keh Chuan Seng under selling pressure

IJM Corp Bhd (KL:IJM) remains positive about its business outlook and the potential to secure tendered projects despite recent online allegations casting a pall over the company. Its chief financial officer Datuk Edward Chong Sin Kiat said IJM's official response should provide assurance to potential clients. "I'm sure our clients know what is true and what is not. We remain hopeful [of securing the tendered projects]. We are bidding alongside our competitors, and everyone is putting in a good bid. Let’s see what the outcome is," Chong said. — IJM remains confident in project prospects despite online allegations, says CFO

Oasis Harvest Corp Bhd (KL:OASIS) said it will ensure all future corporate exercises align with best practices and prioritise shareholder interests, after it was reprimanded by Bursa Malaysia in relation to the way it handled a now-scrapped rights issue proposal. Oasis Harvest said the May 2023 rights issue exercise proposal, which sought to raise up to RM17.24 million before a downsizing and subsequent cancellation, "occurred before the company's rebranding and transformation from Dolphin International Bhd". It was also under the previous management, the company said. — Oasis Harvest says to ensure best practices in corporate exercises after Bursa reprimand

Axiata Group Bhd’s (KL:AXIATA) shareholders have approved the proposed merger between PT XL Axiata and PT Smartfren Telecom Tbk. The merger was approved by shareholders at the group’s EGM through polling, and the results have been submitted to Bursa Malaysia in compliance with regulatory requirements. — Axiata shareholders approve XL Axiata-Smartfren merger

Capital A Bhd (KL:CAPITALA) said the cut-off date to dispose of its short-haul aviation business worth RM6.8 billion to its sister company AirAsia X Bhd (KL:AAX) has been extended for a second time, to May 30. The original cut-off date of January 25 was previously extended to March 25, before this latest two-month extension. “This is to allow additional time for the company and AAX to, amongst others, obtain the approval and/or consent of the relevant authorities, financiers/lenders and/or third parties as well as for AAX to finalise the definitive terms with the identified investors in relation to AAX’s proposed pre-completion private placement exercise,” Capital A said. — Cut-off date for AAX's takeover of Capital A’s aviation assets extended again, to May 30

AME Real Estate Investment Trust (KL:AMEREIT) has entered into a deal to acquire three industrial properties from its sponsor, AME Elite Consortium Bhd (KL:AME), for RM100.8 million. The properties are located in AME Elite’s industrial parks — one of them in i-Park @ Senai Airport City (priced at RM39.3 million) and the other two in i-TechValley at Southern Industrial Logistic Clusters (RM30.8 million each). — AME REIT to acquire three industrial properties from AME Elite for RM100.8 mil

Construction outfit Nestcon Bhd (KL:NESTCON), through its wholly-owned subsidiary Nestcon Infra Sdn Bhd, has secured a RM100 million contract from Alam Casana Sdn Bhd for earthworks covering an area of 242 acres in Mukim Kerling, Hulu Selangor. The project is part of the first-phase development within the 800-acre Beringin High-Tech Auto Valley ecosystem, which is anchored by the 200-acre Chery Smart Auto Industrial Park in Lembah Beringin. — Nestcon wins RM100 mil earthworks job in Beringin High-Tech Auto Valley

Construction services firm Advancecon Holdings Bhd (KL:ADVCON) said it has secured a RM56.64 million contract for infrastructure works at Ladang Londah in Gemas, Negeri Sembilan. Under the contract from Fraser & Neave Holdings Bhd (KL:F&N), Advancecon will be responsible for site clearing, earthwork, erosion control, water reservoir embankment and other works, the company said. — Advancecon gets RM56.6m infrastructure works contract

Borneo Oil Bhd (KL:BORNOIL) said its indirect subsidiary Borneo Oil (Sabah) Sdn Bhd (BOS) has secured a licence from Petroliam Nasional Bhd (Petronas) as a Sabahan vendor. The group said BOS is expanding its operational base to offer comprehensive oil and gas services through partnerships with experienced technical service providers in the oil and gas services and equipment sector. In line with this, BOS has signed an agreement with Intercontinental Strait Energy Technology Co Ltd (SETC) to jointly bid for projects involving drilling, completion, stimulation and geological consultancy, the group said. — Borneo Oil chosen as Petronas’ Sabah vendor, teams up with Chinese firm to bid for drilling projects

Malaysia Marine and Heavy Engineering Holdings Bhd (KL:MHB) has secured a contract from Vestigo Petroleum Sdn Bhd to undertake an engineering, procurement, construction, installation and commissioning project. MHB's subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), will be responsible for fabricating two wellhead platforms — Irong Timur and Berantai East — each weighing 1,500 metric tonnes. Once completed, these facilities will be deployed offshore Peninsular Malaysia to support the field development plans of Vestigo, a wholly-owned unit of Petronas Carigali Sdn Bhd. — MHB unit bags EPCIC contract from Vestigo Petroleum for offshore wellhead platforms

Catcha Digital Bhd (KL:CATCHA) has proposed to acquire a 92.5% stake in financial software company Theta Service Partner Sdn Bhd for RM34.96 million, as part of the company’s expansion into enterprise IT solutions and to diversify its revenue beyond digital media advertising. The company said its wholly-owned subsidiary Catcha Theta Holdings Sdn Bhd has signed an agreement with Theta Service vendors to acquire the controlling stake in the company. — Catcha Digital buys 92.5% stake in financial software firm Theta Service for RM35 mil

ICT Zone Asia Bhd (KL:ICTZONE), which is in the midst of being transferred from the LEAP Market to the ACE Market, reported a net profit of RM4.42 million for the second half ended Jan 31, 2025, down 16.8% from RM5.32 million a year earlier. The decline was mainly due to higher finance and staff costs from additional headcount to support business expansion, along with one-off expenses related to its proposed transfer of listing, the technology financing solutions provider said. Revenue for the six-month period rose 24.8% year-on-year to RM70.1 million from RM56.2 million, driven by growth in the technology financing and trading segments, supported by renewed and new contracts. — ACE Market-bound ICT Zone’s six-month profit drops 16.8% on higher finance and staff costs