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

AirAsia X Bhd (KL:AAX) has fallen behind on payments to suppliers and asked for deferrals on at least a dozen planes, according to Bloomberg’s sources, after higher fuel prices strained the low-cost carrier’s finances. Rolls-Royce Holdings plc has informed the airline that the budget carrier missed payments on its TotalCare Agreement to maintain jet engines, some of the people said, asking not to be identified discussing a private matter. Rolls-Royce makes and maintains the engines for about one tenth of AirAsia’s entire fleet of about 250 planes. Separately, AirAsia has also asked some plane-leasing firms to push back rental payments on more than 16 aircraft, citing the surge in fuel costs in the wake of the Iran war, other people familiar with the situation said. — AirAsia missing payments to some suppliers as fuel costs bite — Bloomberg

Mi Technovation Bhd (KL:MI) is seeking to unlock the value of its semiconductor materials business through a proposed spin-off listing on the Singapore Exchange. The group on Wednesday submitted an application for the initial public offering (IPO) of Mi Material Holding Pte Ltd on the exchange's Mainboard. The proposed listing will see Mi Material, which will house Mi Technovation's semiconductor materials operations in Taiwan, Singapore, China and Malaysia, offer new and existing shares to investors, while Mi Technovation is expected to retain a 72.61% stake in the unit upon completion of the exercise.  — Mi Technovation plans spin-off listing in Singapore for semiconductor materials arm

IJM Corp Bhd (KL:IJM) said the RM1.7 billion New Pantai Expressway 2 (NPE 2) extension project remains within its allocated budget, though it is keeping a close watch on costs amid geopolitical uncertainties that could drive up raw material prices. “We are still managing the budget allocated for the project,” IJM toll division chief executive officer Chua Lay Hoon said. NPE 2, which is slated for completion on Oct 15, 2029, is expected to attract about 40,000 vehicles daily in its first year of operation, with traffic forecast to expand by 2% to 3% annually thereafter, said Chua. — IJM says RM1.7 bil NPE 2 project remains on budget despite geopolitical risks

AEON Credit Service (M) Bhd (KL:AEONCR) has been fined RM520,000 for failing to comply with targeted financial sanctions requirements. Bank Negara Malaysia (BNM) imposed the penalty after an on-site examination found a sanctioned entity onboarded as a customer. The company also delayed freezing the customer's account after confirming their identity as a sanction target, the central bank said. AEON Credit paid the fine on April 16, BNM said. The customer’s identity was not disclosed. — AEON Credit fined RM520,000 for onboarding sanctioned entity, delay in freezing account

Offshore support vessel provider Keyfield International Bhd (KL:KEYFIELD) has secured 13 charter contracts worth RM229 million across Malaysia, Thailand and the Middle East. The contracts, which carry extension options worth an additional RM41 million, are expected to strengthen the group's earnings visibility through 2027 while supporting its strategy to diversify geographically and expand its international presence. The group said the contracts involve a mix of vessels from its own fleet as well as third-party vessels. — Keyfield bags RM229m in charter contracts, boosting earnings visibility through 2027

Kee Ming Group Bhd (KL:KEEMING) has bagged a RM70 million subcontract to undertake mechanical and electrical engineering works for a large-scale solar power plant in Bukit Selambau, Kedah. Its wholly-owned subsidiary Kee Ming Electrical Sdn Bhd accepted the letter of award from Atlantic Blue Sdn Bhd for a nearly 100MW solar power plant. The contract excludes a provisional RM2 million sum for additional or contingency works that may be instructed by Atlantic Blue, which is the project’s main contractor. — Kee Ming bags RM70 mil subcontract works for Kedah solar plant

Steelmaker Ann Joo Resources Bhd (KL:ANNJOO) said it has initiated legal action over alleged unpaid proceeds of RM9.4 million from the sale of its 51% stake in a waste management firm. The group said its wholly-owned unit, Ann Joo Green Energy Sdn Bhd, filed the lawsuit last month after buyer Datuk Ng Kwok Siong failed to settle the balance by the March 7 deadline. Under an agreement inked in February, Ann Joo Green Energy agreed to sell its 51% stake in Bumi Segar Indah Sdn Bhd for RM15.14 million to Ng, who already held a 32.07% interest in the company. Another 16.93% stake is owned by DSI Northern Source Sdn Bhd. — Ann Joo goes to court over alleged unpaid sum from waste management unit stake sale

TWL Holdings Bhd (KL:TWL) has provided further details on its proposed RM42 million acquisition of a 45% stake in property investment company Fairise Odyssey (M) Sdn Bhd following a query from Bursa Malaysia. TWL said Fairise Odyssey does not directly own any property but holds a 50% stake in Elite Community Sdn Bhd, which owns two leasehold land parcels in Mukim Setul, Seremban, with a combined area of 206.64 acres. The land, located near the Nilai Springs Golf & Country Club, remains undeveloped. It was valued at RM198 million as at Dec 16, 2025 and has been earmarked for a RM1.5 billion affordable housing project. — TWL says Fairise Odyssey stake buy gives access to over 200 acres of land in Seremban

Sealink International Bhd (KL:SEALINK) has asked Carimin Petroleum Bhd (KL:CARIMIN) to raise its 41 sen per share takeover offer. The board, excluding three directors, said it sought a higher offer price after considering several factors, including a preliminary valuation of Sealink’s material assets. Sealink’s board explained that it has yet to reach a final decision and will continue to evaluate the offer, including any response from Carimin as well as the recommendation of the independent adviser. Separately, Carimin said it has received the letter requesting a revision of the offer price.  — Sealink asks Carimin to raise 41-sen takeover offer, independent director objects