KUALA LUMPUR (Oct 19): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Zetrix AI Bhd (KL:ZETRIX) is withdrawing its planned dividend of 0.25 sen per share — announced on Aug 24 — to conserve cash and preserve working capital amid unexpected operational expenses. Based on the company’s 7.898 billion outstanding shares, the withdrawal of the 0.25 sen dividend for the financial year ending Dec 31, 2026, would conserve about RM19.74 million for some working-capital relief. —  Zetrix AI rescinds dividend plan to conserve cash

Separately, Zetrix AI managing director Wong Thean Soon has sold another 600,000 shares, reducing his stake to 1.887% and further complicating the group’s efforts to remedy a breach of its RM2 billion sukuk covenant, which requires him to remain its largest shareholder, by the Oct 22 deadline. — Zetrix AI's TS Wong sells more shares as Oct 22 sukuk covenant deadline looms

Toyo Ventures Holdings Bhd (KL:TOYOVEN) has received an offer from its largest shareholder to take the ink manufacturer private at 28 sen per share. The takeover will be through a selective capital reduction and repayment, Eng Lian Enterprise Sdn Bhd, a vehicle of Yvonne Po Leng Lam, and its connected parties together control about 13% in Toyo Ventures. The offer price of 28 sen per share represents a 16.67% premium over Toyo Ventures' closing price of 24 sen per share on Oct 16, before the proposal was announced. —  Toyo Ventures’ largest shareholder offers to take it private at 28 sen per share

Mi Technovation Bhd’s (KL:MI) unit has launched its Singapore listing that aims to raise over RM680 million for its next phase of global growth. The initial public offering (IPO) of Mi Material Holding Ltd — scheduled to list on the Mainboard of Singapore Exchange on Oct 28 — at S$1.80 per share will raise S$168.2 million for the semiconductor materials unit from public investors and cornerstone investors. Mi Technovation will pocket RM46.8 million from an offer for sale of its existing shares under the IPO. — Mi Technovation unit launches Singapore IPO to raise over RM680 mil

IHH Healthcare Bhd (KL:IHH) is acquiring Afiniti Wellness in Medini, Iskandar Puteri, Johor, as part of plans to expand Gleneagles Hospital Johor into an integrated healthcare campus spanning approximately 18 acres. The acquisition, undertaken through its wholly-owned subsidiary Pantai Medical Centre Sdn Bhd, will see the property converted into a dedicated ambulatory care centre offering consultations, diagnostic services, day surgery and other outpatient treatments. The acquisition price, however, was not disclosed. — IHH Healthcare to acquire Afiniti Wellness for Gleneagles Hospital Johor expansion

Duopharma Biotech Bhd (KL:DPHARMA) has reached an amicable settlement with India’s Sun Pharmaceutical Industries Ltd over a drug trademark dispute. The group said the Indian pharmaceutical group had filed a notice of discontinuance at the Kuala Lumpur High Court “without liberty to file afresh and with no order as to cost”. Following this, the court vacated the trial which was due to start on Monday. Duopharma did not disclose the terms of the settlement with Sun Pharma. — Duopharma settles drug trademark suit with Indian pharmaceutical group

LYC Healthcare Bhd (KL:LYC) faces suspension and delisting from Bursa Malaysia after failing to secure a sponsor for its proposed Guidance Note 3 (GN3) regularisation plan following the termination of UOB Kay Hian (M) Sdn Bhd’s appointment last Friday. The confinement centre and aesthetic clinic operator had received a termination letter from UOB Kay Hian (M) Sdn Bhd (UOBKH). No reason was given for the termination. Following this, trading in LYC’s securities will be suspended from Oct 27, with the company set to be delisted on Oct 29 unless it appeals against the delisting by Oct 26. — LYC Healthcare trading suspension, delisting looms after losing GN3 regularisation plan sponsor

KIP Real Estate Investment Trust’s (KL:KIPREIT) net property income rose 18% to RM34.95 million in the first quarter ended Sept 30  from RM29.72 million in the same quarter last year thanks to newly acquired assets by the REIT. Additions of retail and industrial assets in Selangor, Johor, Negeri Sembilan, and Sarawak lifted revenue by nearly 20% year-on-year to RM48.75 million from RM40.77 million. — KIP REIT reports 18% rise in net property income in 1Q, expects to sustain results

GDB Holdings Bhd (KL:GDB) has secured a RM119 million subcontract involving construction work for the National Flood Forecasting and Warning Programme Phase 3 project in Sarawak. Its wholly-owned subsidiary, GDB Infra Sdn Bhd, received the subcontract from main contractor I-Ilham Corporation Sdn Bhd, with completion scheduled for Nov 29, 2029. — GDB bags RM119 mil subcontract for flood forecasting infrastructure project in Sarawak

MMAG Holdings Bhd (KL:MMAG) is disposing of a Boeing 737-400SF cargo aircraft for US$2.8 million (RM11.43 million) as the group seeks to reduce costs amid rising fuel prices and weaker demand for charter services. MMAG’s indirect subsidiary MJets Air Sdn Bhd has entered into a deal to sell the aircraft to Mont Gabanon Airlines, which is owned by a privately held company incorporated in the Democratic Republic of Congo. The transaction will result in a loss of RM12.69 million based on the aircraft's unaudited net book value of RM24.12 million as at Sept 30, 2026, compared with the selling price of RM11.43 million. — MMAG to sell Boeing freighter for RM11.4 mil, incur RM12.7 mil loss

Jati Tinggi Group Bhd (KL:JTGROUP) has secured a RM30.1 million contract to build power infrastructure for a data centre in Kulai, Johor. The contract, awarded to its wholly owned subsidiary Jati Tinggi Holding Sdn Bhd, runs until July 25, 2027. The job involves building two circuits of 275kV underground cable ducting and installing 11kV temporary power cables, including engineering, procurement, construction and commissioning works. — Jati Tinggi bags RM30 mil data centre power job in Johor

Cosmos Technology International Bhd (KL:COSMOS) has proposed to acquire a 51% stake in electronic manufacturing services (EMS) player Orisystems Opto Sdn Bhd for RM16.52 million to be paid in shares. The group entered into a non-binding letter of intent with Akil Ahmad Ishaq and Othman Ali — directors and substantial shareholders of Orisystems — for the acquisition of the stake, comprising 510,000 shares. The purchase consideration of RM16.52 million will be satisfied via the issuance of 33.05 million new Cosmos shares at 50 sen per share .The price represents a premium of 27.71% or 10.85 sen over Cosmos’ five-day volume weighted average market price of 39.15 sen as of Oct 16. — Cosmos Technology acquires 51% stake in electronic manufacturing services firm in all-share deal

Eonmetall Group Bhd (KL:EMETALL) said Datuk Seri Lee Hock Seng has ceased to be a substantial shareholder in the steel manufacturer. Lee disposed of 6.09 million shares through an open market transaction on Oct 15, which gives the share sale an estimated value of RM2.68 million based on the then closing price of 44 sen. His stake fell below the 5% substantial shareholder threshold, as his current stake is now estimated to be 4.21% from 5.57% previously, according to Bloomberg data. — Lee Hock Seng ceases to be substantial shareholder in Eonmetall