KUALA LUMPUR (March 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

MN Holdings Bhd (KL:MNHLDG), an infrastructure utilities construction and engineering solutions firm, has secured a RM137.8 million contract from Tenaga Nasional Bhd (KL:TENAGA). The contract is the largest direct contract ever secured by the group from TNB. The latest contract win brings MN Holdings’ order book to RM977.8 million. The project is a new transmission main intake (PMU) 275 kilovolt (kV) Kenyir switching station gas insulated substation in Terengganu. MN Holdings will supply, install and commission the PMU, complete with relevant primary, secondary and all associated civil works. — MN Holdings bags its largest direct contract of RM138m from TNB

Genting Bhd (KL:GENTING) said on Friday the Nevada Gaming Commission has accepted the terms of a settlement in relation to a complaint against its Las Vegas resort. The settlement’s agreement, signed with the Nevada Gaming Control Board last week and includes a fine of US$10.5 million (RM46.41 million), was approved by the Nevada Gaming Commission at a hearing on Thursday. — Genting says Nevada authorities have signed off settlement terms for Las Vegas complaint

MMAG Holdings Bhd (KL:MMAG) on Friday announced that Datuk Farhash Wafa Salvador has emerged as its largest shareholder, after acquiring a 20% stake or 462 million shares earlier this week. He has also been appointed chairman of the company. Farhash, formerly the political aide to Prime Minister Datuk Seri Anwar Ibrahim and Perak PKR chief, made the acquisition through a direct business transaction on March 26. The purchase price was not disclosed, but a check with Bloomberg showed that the 462 million shares were transacted off-market in four tranches at 40 sen apiece, amounting to RM184.8 million. At 40 sen per share, this represents a 65% discount to MMAG’s closing price of 66 sen on March 26. — Farhash Wafa emerges as MMAG’s largest shareholder, named chairman

Lim Seong Hai Capital Bhd (KL:LSH), which has been slapped with a lawsuit by the former operator of Kuala Lumpur Tower, said the claims against its subsidiaries are without merit and cannot be established. LSH Capital said LSH Service Master’s appointment as the concessionaire of KL Tower followed a legitimate government-led procurement process where the company bid for the contract via the government’s open call for a request for proposal (RFP) in February 2024. LSH Capital said neither the group nor its subsidiaries were aware or informed of “any previous meetings, understandings, or arrangements” between the plaintiffs and the government. — LSH Capital says former KL Tower operator’s lawsuit ‘without merit’, followed procurement process

Able Global Bhd (KL:ABLEGLOB) said its executive chairman Ng Keng Hoe was charged with abetment of dishonest misappropriation on Tuesday. Ng had denied the charges framed under Section 403 — dishonest misappropriation of property — of the Penal Code in court and claimed trial. “The charges are not directly related to the company. The transactions mentioned in the charges relate to civil disputes in the Malaysian courts,” Able Global said. Further details of the case were not disclosed in the filing. — Able Global chairman Ng Keng Hoe charged with abetment of dishonest misappropriation

Kerjaya Prospek Property Bhd (KL:KPPROP) has proposed a rights issue of shares and redeemable convertible unsecured loan stocks (RCULS) to raise up to RM147.18 million, mainly to fund property development projects and repay loans. The group said it expects to issue one new rights share for every two shares held at 20 sen per share, totalling 273.82 million shares, to raise RM54.76 million. The RCULS — involving the issuance of up to 410.73 million eight-year, 4.2% loan stocks at 22.5 sen each, on the basis of three RCULS for every four shares held — is expected to raise RM92.41 million. — Kerjaya Prospek Property plans to raise RM147 mil via rights issue of shares, loan stocks

Yinson Holdings Bhd’s (KL:YINSON) latest quarterly net profit halved to RM146 million from RM278 million a year earlier, mainly due to lower contribution from its engineering, procurement, construction, installation and commissioning (EPCIC) business. The floating storage, production and offloading (FPSO) vessels operator also attributed the lower earnings to higher finance costs, and fair value losses recognised for its green technologies segment. Revenue for the fourth quarter ended Jan 31, 2025 (4QFY2025) also almost halved to RM1.4 billion from RM2.7 billion in 4QFY2024. The group declared a final dividend of one sen per share. — Yinson's 4Q net profit halves on lower contribution from EPCIC business, higher finance costs

Electronic circuit board maker and property company GUH Holdings Bhd (KL:GUH) is acquiring 27.22ha of land in Semenyih for RM71.76 million from Rich Court Estate Sdn Bhd. The acquisition will be funded through a combination of bank loans and internal funds. GUH Holdings said the acquisition aligns with its goal of expanding its landbank and strengthening its presence in the Klang Valley. — GUH Holdings buys Semenyih land for RM71.7m

Dagang Nexchange Bhd (KL:DNEX) said it is seeking a court order to set aside an arbitration ruling against its units, DNeX Semiconductor Sdn Bhd and SilTerra Malaysia Sdn Bhd, in a dispute between the two firms and China-based Tethystronics Technologies Company Ltd (TTCL). DNeX cited provisions under the Arbitration Act 2005 that deal with the issue of whether the matter is capable of settlement by arbitration, and whether a breach of natural justice occurred in making the award. The group is also seeking an order for a stay of the arbitration ruling pending the final determination of its application at the High Court. — DNeX goes to court in bid to overturn arbitration ruling against its units

Sarawak Cable Bhd (KL:SCABLE) said its external auditor has expressed a disclaimer of opinion on the Practice Note 17 (PN17) company’s audited financial statements for the financial period ended Nov 30, 2024 (FY2024), citing multiple material uncertainties that cast significant doubt on its ability to continue as a going concern. This marks the third time that Sarawak Cable’s financial statements have been flagged by its auditor, following similar disclaimers of opinion for FY2022 and FY2023. The financially distressed power cable and wire firm said its external auditor, Baker Tilly Monteiro Heng PLT, was unable to obtain sufficient appropriate audit evidence to support various items in the financial statements for FY2024, leading to the disclaimer of opinion. — Sarawak Cable’s auditor issues disclaimer of opinion on accounts for third time