KUALA LUMPUR (July 13): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Sime Darby Property Bhd (KL:SIMEPROP) lost its case for additional compensation from the government’s acquisition of its land for the West Coast Expressway project. The Shah Alam High Court sided with the Malaysian Highway Authority and set aside the RM78.6 million in severance and injurious affection awarded to its wholly-owned unit Sime Darby Property (Klang) Sdn Bhd. The grounds of judgement has yet to be issued. The case involved compensation arising from the compulsory acquisition of seven plots of land measuring 504,101 square metres for the West Coast Expressway project. — Sime Darby Property’s RM78.6 mil compensation overturned by court

Tanco Holdings Bhd’s (KL:TANCO) proposed smart AI container port in Port Dickson has secured approvals for its building, earthworks, road and drainage, and street lighting plans. The approvals were issued by the Port Dickson Municipal Council to the company's 79%-owned subsidiary Midports Holdings Sdn Bhd. — Tanco secures building, earthworks approvals for smart AI port

PRG Holdings Bhd (KL:PRG) said Andrew Chan Lim-Fai has stepped down as group managing director (MD) and executive director with immediate effect. Chan, 47, informed the board of his decision to resign as director on July 6 ‘in the company’s best interest’. The board has appointed Steven Kang, managing director of PRG’s energy efficiency business, as his replacement. — PRG group MD Andrew Chan steps down as boardroom tussle continues

Separately, the group's second-largest shareholder, Datuk Sheah Kok Fah, and three other shareholders have moved to remove newly appointed independent director Shahjanaz Kamaruddin, questioning the timing of the announcement of her appointment and seeking her removal at an extraordinary general meeting. — PRG board rift widens as Sheah moves to remove newly appointed independent director

Velesto Energy Bhd’s (KL:VELESTO) proposed sale of its Naga 3 jack-up drilling rig to Indonesia's PT Indonesia Drilling Energy for US$63 million (RM258.4 million) cash has been terminated after the transaction failed to complete by the agreed deadline. The sale and purchase agreement (SPA) was terminated on July 7 following the issuance of a notice of termination by its indirect subsidiary Velesto Drilling 3 (L) Ltd to the buyer on June 30. — Velesto Energy's RM258.4m rig sale terminated as deal deadline lapses

Milux Corporation Bhd (KL:MILUX) has proposed to acquire smart home appliance rental and retail company Movon Sdn Bhd for RM150 million in an all-share transaction. The home appliance manufacturer is acquiring the entire issued share capital of Movon from Abletech Solutions Sdn Bhd and Datuk Dr Lim Jee Gin through the issuance of 220.59 million new Milux shares at 68 sen apiece. — Milux to acquire smart home appliance firm for RM150 mil in all-share deal

KSL Holdings Bhd (KL:KSL) is offering shareholders the option to reinvest the company's final dividend of 10 sen per share for the year ended Dec 31, 2025. Under the dividend reinvestment plan, shareholders may reinvest all or part of their dividend into new KSL shares, or opt to receive the full amount in cash. The issue price of the new shares will be fixed at up to a 10% discount to the five-day volume-weighted average market price of its shares immediately before the price-fixing date. — KSL offers reinvestment plan for final dividend

Ahmad Zaki Resources Bhd (KL:AZRB) said its wholly-owned subsidiary Ahmad Zaki Sdn Bhd (AZSB) has been served with two more winding-up petitions over alleged unpaid claims totalling about RM1.78 million, adding to a string of similar legal actions against the unit over the past two years. The petitions, filed by Tenaga Nirwana (M) Sdn Bhd and Muhibbah Engineering (M) Bhd relate to claims for works carried out under several infrastructure and MRT projects. — Ahmad Zaki Resources unit slapped with two more winding-up petitions over unpaid works

Bursa Malaysia Bhd (KL:BURSA) said its director of group technology Ashish Jaywant Rege will step down effective July 14, following the expiry of his fixed-term employment contract. The exchange operator is in the process of appointing a new group technology director, while executive vice-president of applications, group technology Tan York Kie will serve as acting director of group technology from July 14 until the appointment is made. — Bursa Malaysia’s technology director Ashish Rege to step down July 14

Perak Corp Bhd (KL:PRKCORP) said the group's 49%-owned associate has defaulted on RM18.36 million in financing repayments to Malaysia Debt Ventures Bhd (MDV), prompting the lender to recall the facility.  MDV, through its solicitors, issued a notice of termination to Suaconcept Pro Sdn Bhd on July 6, recalling the project financing facility and demanding repayment of the outstanding amount owed as at June 30. — Perak Corp faces RM9m guarantee claim after associate defaults on project financing

Kim Teck Cheong Consolidated Bhd (KL:KTC) has entered into a memorandum of understanding with Sanjung Etika Sdn Bhd, a wholly-owned unit of Yayasan Sarawak, to jointly establish a bakery manufacturing facility in Kuching to produce and distribute Gardenia products in Sarawak. KTC will hold an 80% stake in the joint venture, with Sanjung Etika owning the remaining 20%. — Kim Teck Cheong to form JV with Yayasan Sarawak unit for Gardenia bakery manufacturing plant in Kuching