KUALA LUMPUR (Jan 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Investment management firm Vertical Theme Sdn Bhd is planning to seek approval in the coming weeks to start talks about selling its stake in Alliance Bank Malaysia Bhd (KL:ABMB), Bloomberg reported, citing people familiar with the development. Vertical Theme, a Malaysian holding company, is considering selling its roughly 29% stake in Alliance Bank to Singapore’s biggest lender, DBS Group Holdings Ltd, the report said. Under local rules, Vertical Theme needs to submit an application to Malaysia’s central bank to start any talks. If a deal goes through, DBS may consider raising its stake in Alliance Bank to up to 49% via a voluntary partial general offer, the people said. — Alliance Bank’s top shareholder Vertical Theme mulling sale to DBS, Bloomberg reports

Hextar Industries Bhd (KL:HEXIND) has announced the soft opening of five Luckin Coffee outlets by the end of January 2025. The first two outlets will open at Sunway Pyramid and Menara EcoWorld on Jan 23. Additional outlets will follow by the end of January. “This soft opening phase will allow the brand to gather valuable customer feedback and fine-tune its services,” the company said. — Hextar Industries to open five Luckin Coffee outlets by end of January

Jati Tinggi Group Bhd (KL:JTGROUP) has won the tender for a RM25.5 million contract from Tenaga Nasional Bhd (KL:TNB) to lay underground double-circuit cables for a data centre in Selangor. Jati Tinggi secured the project via its wholly-owned Jati Tinggi Holding Sdn Bhd. The contract is expected to be completed within 270 days from the commencement date. — Jati Tinggi bags RM25.5 mil job from TNB to lay cables for data centre

Ancom Nylex Bhd (KL:ANCOMNY) reported a 31% decline in net profit for the second financial quarter ended Nov 30, 2024 (2QFY2025) to RM15.16 million, from RM22.12 million a year earlier, on elevated freight cost and sharp foreign exchange (forex) fluctuations that affected its gross profit margin. This was offset by higher segmental profit at its logistics and polymer divisions. The lower quarterly earnings resulted in lower earnings per share of 1.26 sen for 2QFY2025, compared with 2.33 sen for 2QFY2024. Revenue for 2QFY2025 fell 11% to RM450.71 million, from RM505.16 million in 2QFY2024, largely due to lower contributions from the industrial chemical division, stemming from lower prices and orders. No dividend was recommended or proposed for the latest financial quarter. — Ancom Nylex's 2Q net profit down 31% on elevated freight cost, sharp forex fluctuations

Sarawak Oil Palms Bhd (KL:SOP) is targeting revenue of RMB2.4 million (RM1.5 million) as its flagship product, AvantHealth Avtriee Tocotrienols, makes its debut in the Chinese market. Sarawak Oil Palms chief operating officer Eric Kiu Kwong Seng said the premium tocotrienol product produced by the company’s unit, Avanstar International Sdn Bhd, has successfully penetrated most of China’s e-commerce platforms beginning this month. “We are targeting sales of around 10,000 bottles of AvantHealth Avtriee this year,” he said. — Sarawak Oil Palms eyes RM1.5 mil revenue with AvantHealth product’s debut in China

Sedania Innovator Bhd (KL:SEDANIA), which provides sustainable energy solutions as well as premium personal care and food supplements under the Tanamera brand, has hired Darren Choy to lead its fast-moving consumer goods (FMCG) business. Choy, formerly managing director of Warner Music Malaysia and Singapore, as well as Adidas Malaysia and Singapore, will succeed Ng Hock Guan, who stepped down as Sedania's FMCG Group chief executive officer due to personal commitments. Choy was also previously chief marketing officer of the Lotus Racing F1 Team, and MD of EMI Music Malaysia. — Sedania hires former Adidas, Warner Music MD to lead FMCG business

Tanco Holdings Bhd (KL:TANCO), whose share price surged to a 27-year high of RM2.13 on Thursday, has proposed a bonus issue of up to 3.85 billion new shares — on the basis of seven bonus shares for every five Tanco shares held — to reward shareholders. The entitlement date for the bonus issue will be announced later. Tanco shares would theoretically be adjusted to 51 sen per share after the bonus issuance, according to the company's estimates. — Tanco plans 7-for-5 bonus issue as share price hits 27-year high

Silver Ridge Holdings Bhd (KL:SRIDGE) said on Thursday that a legal dispute between the  telecommunication system solutions provider and a subcontractor over an outstanding contract payment has been resolved through mediation. Under the consent judgment recorded on Wednesday, Silver Ridge will pay Wilstech RM1.01 million in 24 monthly instalments.  No additional costs were awarded by the court. — Silver Ridge settles dispute with subcontractor over outstanding contract payment