KUALA LUMPUR (Sept 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

A consortium comprising Citaglobal Bhd (KL:CITAGLB) and two other firms has emerged as the latest shortlisted bidder under the government’s new large-scale solar (LSS5+) tender for the development of  a 200-megawatt (MW) floating solar photovoltaic plant at the Chereh Dam in Kuantan. The consortium, made up of its subsidiary Citaglobal Renewable Energy Sdn Bhd together with Abu Dhabi Future Energy Company PJSC (Masdar) and Tiza Global Sdn Bhd, accepted the notification letter from the Energy Commission of Malaysia. "Upon completion, the Chereh Dam plant will be Southeast Asia’s largest floating solar power facility, surpassing the region’s current benchmark: the 145MWac Cirata Floating Solar Plant in Indonesia, developed by Masdar and PT PLN Nusantara Power," Citaglobal said. — Citaglobal emerges in LSS5+ shortlist for Kuantan floating solar project

A consortium comprising JAKS Resources Bhd’s (KL:JAKS) wholly-owned subsidiary JAKS Solar Power Holdings Sdn Bhd and China Power Engineering Consulting Group International Engineering Co Ltd (CPEEC) will develop two large-scale solar (LSS) plants in Terengganu. The consortium was issued two letters of notification by the Energy Commission to undertake the projects located in Setiu, each with a capacity of 99.99 megawatts (MW). “The consortium shall incorporate a special purpose company, which will enter into a solar power purchase agreement with Tenaga Nasional Bhd (KL:TENAGA) for the projects for a period of 21 years,” JAKS said. — JAKS Resources, China’s CPEEC to build two large-scale solar plants in Terengganu

Property developer Eastern & Oriental Bhd (KL:E&O) has secured RM780 million in financing facilities from AmBank Group to fund the ongoing development of Phase 2 of Andaman Island. The fresh loans, channelled to subsidiary Tanjung Pinang Development Sdn Bhd, will be used for land reclamation, infrastructure works and working capital across the remaining 507 acres of Andaman Phase 2, according to E&O managing director Kok Tuck Cheong. Kok said that further financing for Phase 2 of the project will still be required as it progresses, particularly to support vertical development once reclamation is complete. Overall, the total cost of reclaiming and building infrastructure across the 760-acre island is budgeted at RM4 billion, though this may vary with inflationary pressures, he said. — E&O secures RM780 mil AmBank loan to fund Andaman Phase 2, eyes more financing ahead

WTK Holdings Bhd (KL:WTK) has proposed an all-cash deal to acquire plantation and palm oil mill businesses for a total of RM555 million from its major shareholder. The Sibu-based timber and plantation firm said it had entered into three separate conditional share sale agreements with WTK Realty Sdn Bhd for the acquisitions. The first involves WTK acquiring a 100% stake in Desacorp Sdn Bhd, which manages an oil palm plantation in Mukah, for RM230 million. Additionally, its wholly-owned subsidiary, BioPalm Venture Sdn Bhd, will acquire a 70% stake in plantation company Imbok Enterprise Sdn Bhd for RM290 million, and a 70% stake in WTK Oil Mill Sdn Bhd, which operates and manages a palm oil mill, for RM35 million. The acquisition will see the group’s planted area increase by more than 68% to 35,519 hectares from 21,130 hectares. — WTK to acquire plantation and palm oil mill businesses from major shareholder for RM555m cash

Pentamaster Corp Bhd (KL:PENTA) has invested US$3 million (RM12.69 million) for a 14.29% stake in Ahead Optoelectronics (Malaysia) Sdn Bhd to expand into opto-electronics and silicon photonics — technologies that combine light and electronics to create faster, more powerful devices. Ahead, incorporated in Malaysia in June 2024, will be a joint venture between Pentamaster, Taiwan’s Ahead Optoelectronics Inc (AOI), and Cayman-based JC Capital Ltd (JCC). Pentamaster will undertake the investment via its wholly-owned Pentamaster Innoteq Sdn Bhd. On completion of the deal, AOI will hold 71.42% in the venture, while Pentamaster and JCC will each own 14.29%. JCC's entry will be facilitated through convertible notes of up to US$3 million. AOI is recognised for its optical integration products, including wafer-level lenses and 3D sensing modules, while JCC is a Cayman-incorporated investment vehicle. Ahead, with a capital of up to US$21 million (RM88.80 million), will focus on the import and export of components for electronic applications. — Pentamaster expands into technology for next-gen AI servers via JV

Axis Real Estate Investment Trust (KL:AXREIT) is acquiring an industrial property in Port Klang for RM50 million from Barry Callebaut Malaysia Sdn Bhd. The property comprises 3.64 hectares of land with buildings on the site, including a single-storey detached factory with a double-storey office annex, a standalone double-storey office and canteen block, and a single-storey detached warehouse with a double-storey office annex and additional ancillary buildings. The property’s location in the Bandar Sultan Suleiman industrial area supports the REIT's strategy of acquiring high-quality, income-generating assets. The location, accessible via the New North Klang Straits Bypass, also enhances long-term portfolio value. — Axis REIT to acquire industrial property in Port Klang for RM50 mil

Gamuda Bhd (KL:GAMUDA) is partnering with Taylor's Education Group to redevelop a prime commercial site in SS15, Subang Jaya. With an estimated gross development value of RM500 million, the redevelopment will entail serviced apartments, purpose-built student accommodation (PBSA) and retail spaces. The project is targeted for completion in November 2029. — Gamuda to redevelop Taylor’s University campus in SS15 into RM500m mixed-use project

DXN Holdings Bhd (KL:DXN), a multi-level marketing company specialising in health and wellness products, is buying an apartment in Dubai's iconic Burj Khalifa for 6.4 million dhirhams (RM7.37 million) in cash. The seller is the company's executive chairman and major shareholder Datuk Lim Siow Jin. The apartment, located on the 60th floor of the Burj Khalifa, has a built-up area of 1,887.99 sq ft. The apartment is planned to be used in leadership training, "influencer-led" content creation and VIP events, with the company also exploring potential rental income opportunities. — DXN to buy Burj Khalifa apartment for RM7.4 mil from chairman

IOI Properties Group Bhd’s (KL:IOIPG) wholly-owned subsidiary Fortune Premiere Sdn Bhd has completed its seventh issuance of sukuk murabahah amounting to RM1 billion in nominal value under its existing multi-currency Islamic medium-term note programme of up to RM3 billion. IOI Properties said proceeds raised from this issuance will be used by the company or its subsidiaries for shariah-compliant purposes, including capital expenditure, working capital requirements, refinancing of existing borrowings and general corporate purposes. — IOI Properties completes RM1b sukuk murabahah issuance

Ranhill Utilities Bhd (KL:RANHILL) has redesignated non-independent director Datuk Faiz Ishak as its chairman, filling the post that has been left vacant for a year since the resignation of founder Tan Sri Hamdan Mohamad in August 2024. Hamdan, who had been in control of Ranhill since it took over the listing status of Symphony House Bhd in December 2015, stepped down shortly after YTL Power International Bhd (KL:YTLPOWR) and its 70%-owned unit SIPP Power Sdn Bhd completed their mandatory general offer (MGO) for Ranhill in July 2024. The MGO secured a controlling 53.19% stake in the Johor-based utility company. It was launched after YTL Power emerged as a substantial shareholder in late 2023, when it bought nearly 19% of the group for RM140 million. — Ranhill names Faiz Ishak as chairman after year-long vacancy

Khazanah Nasional Bhd has ceased to be a substantial shareholder of Farm Fresh Bhd (KL:FFB) after disposing of 65 million shares, trimming its stake in the Johor-based dairy producer from 6.49% to 3.02%. The disposal was made via Khazanah’s wholly-owned unit Agrifood Resources Holdings Sdn Bhd. The company did not disclose details of the transaction price. Khazanah first invested in Farm Fresh in 2011, many years before its listing in 2022, acquiring a 30% stake in the company then known as The Holstein Milk Company Sdn Bhd through Agrifood Resources, as part of its push to strengthen Malaysia’s food security and dairy self-sufficiency agenda. — Khazanah trims Farm Fresh holdings, ceases to be substantial shareholder