KUALA LUMPUR (March 11): Here is a brief recap of some corporate announcements that made the news on Monday.

MyEG Services Bhd has acquired a 14.4% stake in HeiTech Padu Bhd for RM31.25 million via its unit MyEG Capital Sdn Bhd through the open market and direct business transactions. The 5.16 million shares were first bought from the open market on March 7 for RM11 million cash or RM2.134 sen per HeiTech share. Meanwhile the other 9.42 million shares were acquired via direct business transactions for RM20.25 million or RM2.15 per share on average. MyEG said the investment will allow the company to explore potential collaborations with HeiTech to create synergies by leveraging the respective expertise and experience of both parties as established e-government service providers. —  MyEG acquires 14.4% strategic stake in HeiTech Padu for RM31m 

Meanwhile, HeiTech Padu announced that it has secured a contract extension worth RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs). The contract extension is for a one-year period starting from Feb 18, and any further renewal or extension will be at the discretion of the government. — HeiTech Padu gets one-year extension for provision of immigration system maintenance services 

Rexit Bhd announced a few changes to its boardroom, with the appointment of Datuk Seow Gim Shen as its new chief executive officer effective Monday, succeeding Datuk Chung Hon Cheong who stepped down on the same day. Joining Seow is Wong Tack Heng, who was appointed as the chief operating officer following Si Tho Yoke Meng’s resignation.  —  A slew of boardroom changes at Rexit, Seow Gim Shen made new CEO

Integrated engineering solutions provider Destini Bhd announced the resignation of former Dewan Rakyat speaker Tan Sri Azhar Azizan Harun as its independent and non-executive chairman, after a nine-month tenure at the helm, due to his personal commitments. The group also redesignated its non-independent director Datuk Abd Aziz Sheikh Fadzir as the group’s new chairman. —  Former speaker Art Harun resigns as Destini chairman 

Rubber glove solution provider Flexidynamic Holdings Bhd has received a contract worth RM12.4 million to supply and install mechanical and electrical works for the water treatment plant and intake in Jajahan Gua Musang, Kelantan. The contract was awarded to its wholly owned subsidiary Flexidynamic Engineering Sdn Bhd from Usaha Pammek Sdn Bhd, and the project is slated to be completed on March 20, 2025. Flexidynamic also said that Sea Capital Holdings Sdn Bhd has emerged as its substantial shareholder after subscribing to 15 million shares or a 5% stake under a private placement exercise. — Flexidynamic receives RM12.4m contract for water treatment plant in Kelantan 

Perak Corporation Bhd has signed a development agreement to move forward with a housing project that will help rescue the financially troubled state-owned real estate developer. Development of the Teluk Dalam land, measuring 56.31 acres (22.78 hectare), involves a gated housing scheme with bungalows, semi-detached houses and terraced houses. —  Perak Corp signs agreement to develop Teluk Dalam land

UMediC Group Bhd's net profit for the second quarter ended Jan 31, 2024 (2QFY2024) fell 14.8% to RM2.48 million, from RM2.91 million a year earlier, due mainly to decreased orders for the marketing and distribution segments. Revenue for the quarter rose to RM13.48 million, from RM12.52 million previously. For the cumulative six months, the company’s net profit dipped to RM4.37 million from RM4.91 million, on the back of revenue of RM28 million versus RM23.83 million. — UMediC's 2Q net profit drops 14.8% to RM2.5m on decreased orders