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

PRG Holdings Bhd’s (KL:PRG) largest shareholder Datuk Ng Yan Cheng has initiated proceedings to  wind up the company after the two parties failed to reach an agreement to restructure a RM21.22 million loan provided by him to the company as working capital.  Prior to the filing of the winding-up petition in the High Court, the group had approached Ng to restructure the loan but the parties were "not able to come to a mutually agreeable statement”. Ng owns a 16.8% stake in PRG. — PRG’s major shareholder Ng petitions to wind up company after loan restructuring talks fail

Destini Bhd (KL:DESTINI) has received a requisition notice from four shareholders seeking an extraordinary general meeting (EGM) to remove four directors (executive chairman Datuk Abd Aziz Sheikh Fadzir, executive director Ismail Mustaffa, and non-executive directors Datuk Bahudin Mansor and Norashikin Mat Yusof), and appoint Datuk Mua'Amar Ghadafi Jamal Jamaludin as director and Datuk Seri Diraja Syed Razlan Ibni Syed Putra as non-executive chairman. The four shareholders collectively hold a 10.15% stake in the company. — Destini's shareholders seek EGM to remove executive chairman and three other directors, appoint two

Norway’s Norges Bank has emerged as a substantial shareholder of semiconductor devices manufacturer Unisem (M) Bhd (KL:UNISEM) after raising its stake in the company to 5.13% from 2.75%. The Norwegian central bank purchased the shares through Citigroup Nominees (Asing) Sdn Bhd, which holds the legal title of the shares on paper as the registered holder. — Norway’s Norges Bank becomes substantial shareholder of Unisem

Private Education provider Cyberjaya Education Group Bhd (KL:CYBERE) has proposed a share capital reduction to offset RM235 million in accumulated losses as at end-March, leaving it with positive reserves of RM121.6 million. Its unaudited accumulated losses stood at RM113.24 million at the group level. — Cyber Education proposes RM235 mil capital reduction to eliminate accumulated losses

Lagenda Properties Bhd (KL:LAGENDA) has proposed to establish an Islamic medium-term notes programme of up to RM1.5 billion in nominal value to finance investments and land acquisitions, including for affordable housing developments. The group, which made a lodgement with the Securities Commission Malaysia for the establishment of the sukuk wakalah programme, said the proceeds will also be used for working capital and the refinancing of existing loans. — Lagenda Properties plans RM1.5b sukuk programme

Property developer YNH Property Bhd’s (KL:YNHPROP) unit, YNH Construction Sdn Bhd, has received approval from the Inland Revenue Board  for a settlement plan to resolve its outstanding tax arrears, which had resulted in a winding-up petition by the tax authority.  On July 23, YNH Construction received approval from the IRB to settle RM5.16 million in tax arrears by Sept 10. The IRB also agreed to waive RM1.71 million in tax penalties if the settlement terms are fulfilled. — YNH Property unit gets IRB approval for RM5.16m tax settlement plan