Integrated power infrastructure group Pestech International Bhd (KL:PESTECH) and state utility firm Syarikat Sesco Bhd have scrapped plans to undertake the Entinggan–B 275/(33)kV substation project worth RM109.98 million after taking into consideration the economic factors of the job.

Pestech, Sesco nix RM109.98m substation project in Sarawak

South Malaysia Industries Bhd (KL:SMI) has sought a court order to compel local stockbrokers Kenanga Investment Bank Bhd to provide details of shareholders who sold their shares that led to Francis Leong Seng Wui becoming its major shareholder with a 30.67% stake.

Leong, the executive director of property developer Hong Seng Consolidated Bhd (KL:HONGSENG), emerged as a substantial shareholder of the company after he acquired 32.58 million shares or a 15.52% stake through his private vehicle Target 1 Sdn Bhd on June 4.

SMI seeks court order to identify sellers of shares acquired by new major shareholder

Appropriate action, including legal measures, has been initiated to address the RM286.3 million accumulated losses reported by Mara Incorporated Sdn Bhd (Mara Inc), as highlighted in the Auditor-General's Report (LKAN) released Thursday.

Mara director-general Datuk Seri Azhar Abdul Manaf said the accumulated losses between 2012 and 2022 were partly attributed to asset acquisitions abroad, particularly in Australia and the United Kingdom from 2012 to 2014.

Appropriate action taken to resolve Mara Inc's losses — Mara DG

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

Maybank, Southern Cable, TNB, GHL System, Eurospan Holdings, Salutica, Tex Cycle, Pestech, Computer Forms

Elon Musk wants to dismiss a lawsuit by former Twitter shareholders who said he waited too long in early 2022 to reveal his large ownership stake in the social media company, saying "all indications" show his delay was a mistake.

Musk suggests late Twitter disclosure was a mistake, seeks to end lawsuit

The Dow and the S&P 500 struggled for direction on Friday as investors assessed mixed payrolls data for cues on the Federal Reserve's pace of policy easing, while gains in megacap tech stocks lifted the Nasdaq.

Nasdaq gains on megacap boost as markets assess payrolls data

Umno will finalise its candidate for the Nenggiri state by-election next week, party president Datuk Seri Dr Ahmad Zahid Hamidi said.

Ahmad Zahid, who is also Deputy Prime Minister, said Gua Musang Umno has compiled a shortlist of potential candidates for the polls fixed for Aug 17.

Umno to finalise Nenggiri polls candidate next week — Ahmad Zahid

Umno has received numerous applications from former members who wish to become members again, party president Datuk Seri Dr Ahmad Zahid Hamidi said.

He said these applications will be reviewed by the party disciplinary board to verify their membership history.

Numerous requests from former members to rejoin Umno — Ahmad Zahid

The takeover bid by the children of businessman Tan Sri Robert Tan Hua Choon for Eurospan Holdings Bhd (KL:EUROSP) has closed, with the offerors increasing their stake in the furniture maker to 73.99%.

Casio King’s children raises stake in Eurospan to 73.99% as MGO closes

HB Global Ltd's (KL:HBGLOB) former executive chairman, Keh Chuan Seng, has ceased to be a substantial shareholder in the frozen food manufacturer.

Keh offloaded 15.7 million shares or a 2.01% stake in the group via direct business transactions on Friday, HB Global’s filing showed. This reduced his shareholding in the group to 4.9% from 6.91% previously.

HB Global's ex-chairman Keh Chuan Seng ceases to be substantial shareholder

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

The Inland Revenue Board (LHDN) has extended the deadline for submission of tax return forms for the assessment year 2023 for taxpayers who operate businesses to July 15.

Deadline to submit tax return forms for business taxpayers extended to July 15

Integrated power infrastructure group Pestech International Bhd (KL:PESTECH) and state utility firm Syarikat Sesco Bhd have scrapped plans to undertake the Entinggan–B 275/(33)kV substation project worth RM109.98 million after taking into consideration the economic factors of the job.

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Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

The Malaysian&nbsp;Anti-Corruption Commission (MACC) said it will examine all documents related to the findings made in the latest Auditor General’s Report concerning the Human Resource Development Corporation (HRD Corp) to determine if there is any element of wrongdoing.

MACC says will examine documents on HRD Corp to check for wrongdoing

KUALA LUMPUR (July 5): NTT DATA Japan Corp (NTTD Japan) is extending the closing date of its unconditional mandatory takeover offer (MGO) of RM1.08 per share for GHL Systems Bhd (KL:GHLSYS) by two weeks.

NTT Data Japan, holding 94.61% of GHL System shares, extends takeover closing date to July 23

Prime Minister Datuk Seri Anwar Ibrahim wants every ministry, department and agency to give priority to the aspects of management, governance and accountability in issues mentioned&nbsp;in the Auditor General's Report 2/2024 tabled in the Dewan Rakyat on Thursday.

PM wants priority given to management, governance, accountability in issues raised by AG's Report

Scheduled waste recycling company Tex Cycle Technology Bhd (KL:TEXCYCL) has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia.

Tex Cycle proposes listing transfer from ACE Market to Main Market

The takeover bid by the children of businessman Tan Sri Robert Tan Hua Choon for Eurospan Holdings Bhd (KL:EUROSP) has closed, with the offerors increasing their stake in the furniture maker to 73.99%.

The Ministry of Housing and Local Government has identified 534 potential areas in Peninsular Malaysia for urban redevelopment, with an estimated gross development value of RM355.3 billion.

Nga sees 534 potential areas in Peninsular Malaysia for urban redevelopment

US job growth slowed marginally in June, but a rise in the unemployment rate to more than a 2-1/2-year high of 4.1% and moderation in wage gains pointed to an easing of labour market conditions that keeps the Federal Reserve on track to start cutting interest rates this year.

US job growth slows moderately; unemployment rate rises to 4.1%

South Malaysia Industries Bhd (KL:SMI) has sought a court order to compel local stockbrokers Kenanga Investment Bank Bhd to provide details of shareholders who sold their shares that led to Francis Leong Seng Wui becoming its major shareholder with a 30.67% stake.

Leong, the executive director of property developer Hong Seng Consolidated Bhd (KL:HONGSENG), emerged as a substantial shareholder of the company after he acquired 32.58 million shares or a 15.52% stake through his private vehicle Target 1 Sdn Bhd on June 4.

The Dow and the S&amp;P 500 struggled for direction on Friday as investors assessed mixed payrolls data for cues on the Federal Reserve's pace of policy easing, while gains in megacap tech stocks lifted the Nasdaq.

PUTRAJAYA (July 5): Datuk Seri Mohd Hishamudin Md Yunus has been appointed as chairman of the&nbsp;Human Rights Commission of Malaysian (Suhakam) for a three-year term, effective&nbsp;Wednesday (July 3).

Hishamudin Yunus appointed as new Suhakam chairman

Elon Musk wants to dismiss a lawsuit by former Twitter shareholders who said he waited too long in early 2022 to reveal his large ownership stake in the social media company, saying "all indications" show his delay was a mistake.

HB Global Ltd's (KL:HBGLOB) former executive chairman, Keh Chuan Seng, has ceased to be a substantial shareholder in the frozen food manufacturer.

Keh offloaded 15.7 million shares or a 2.01% stake in the group via direct business transactions on Friday, HB Global’s filing showed. This reduced his shareholding in the group to 4.9% from 6.91% previously.

Appropriate action, including legal measures, has been initiated to address the RM286.3 million accumulated losses reported by Mara Incorporated Sdn Bhd (Mara Inc), as highlighted in the Auditor-General's Report (LKAN) released Thursday.

Mara director-general Datuk Seri Azhar Abdul Manaf said the accumulated losses between 2012 and 2022 were partly attributed to asset acquisitions abroad, particularly in Australia and the United Kingdom from 2012 to 2014.

Umno has received numerous applications from former members who wish to become members again, party president Datuk Seri Dr Ahmad Zahid Hamidi said.

He said these applications will be reviewed by the party disciplinary board to verify their membership history.

BENGALURU (July 5): India's Nifty 50 notched another record closing high on Friday, and also its longest weekly rising streak for this year, as gains in energy stocks offset a slide in top private lender HDFC Bank.

India's Nifty 50 posts another record close, longest weekly rising streak of 2024

Saturday marked the opening of the annual George Town Festival that will take place throughout this month. Inaugurated in 2010, the festival is a celebration, as much as it is a showcase, of the city of Penang and its people. This year, the festival focuses on Penang’s budding reputation as a pre...

Stage + Scenes: Our picks at the George Town Festival

Ali “Mabuha” Rahamad has been living a traveller’s Utopian dream for over four decades, gaining inspiration for his paintings wherever he visited. From Singapore, India, Nepal, Pakistan and Afghanistan to Turkey, Greece, Switzerland, Holland, Germany, Egypt and more, Ali has painted art that capt...

The latest from Ali ‘Mabuha’ Rahamad

We don’t get a lot of traditional, Western-style operas in Malaysia very much, and for good reason — they are incredibly elaborate affairs, right down from the ornate sets, lavish costumes and full orchestras. Properly produced operas are an endeavour we don’t have the space, the resources or the...

Artistic experiment

KUALA LUMPUR: The slower pace of export growth looks set to persist even as a weaker ringgit makes Malaysian-made goods more competitive, no thanks to commodity price weakness and falling export demand, said economists.

They predict Malaysia’s exports in the second half of this year to ...

Exports sputtering to continue

Turbo-Mech Bhd

FOR investors seeking a silver lining i...

Insider Asia’s Stock Of The Day: Turbo-Mech

Notion Vtec Bhd (-ve)

NOTION (Fundamental: 1.15/3, Valuation: 0.9/3) saw its share price increased 17.2% last week to end at 47.5 sen on Friday.

Today is the last day for its warrantholders to exercise their warrants (NOTION-WA). The warrants are currently out...

Stock With Momentum: Notion Vtec

BP Plastics Holding Bhd (-ve)

BP Plastics (Fundamental: 2.5/3, Valuation: 1.4/3) was first featured as InsiderAsia’s Stock of the Day last November. The stock has since risen by 24.5% to close at a 3-year high of 99.5 sen last Friday.

For 1Q2015, despite a 7.7...

Stock With Momentum: BP Plastics Holding

Supermax Corporation Bhd (-ve)

SHARES of Supermax (Fundamental: 1.0/3, Valuation: 0.8/3) have risen by 21.8% since it was recommended by InsiderAsia on July 10.

Nevertheless, Supermax is a laggard compared to its peers which had chalked up strong gains due to ...

Stock With Momentum: Supermax Corporation

KUALA LUMPUR: The three officers detained in relation to the 1Malaysia Development Bhd (1MDB) investigations were brought in to determine how information on the probe was leaked out, said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi.

Ahmad Zahid, who is also Home Minister, sai...

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