KUALA LUMPUR (Jan 30): Here is a brief recap of some corporate announcements that made the news on Monday: YNH Property Bhd, YTL Power International, Lotte Chemical Titan Holding Bhd, Ireka Corp Bhd, TMC Life Sciences Bhd, Sunsuria Bhd, Bintai Kinden Corp Bhd, Varia Bhd and Telekom Malaysia Bhd.

YNH Property Bhd is planning to sell its Mont Kiara shopping mall, 163 Retail Park, to Sunway Real Estate Investment Trust (Sunway REIT) for RM215 million, cash. Of the proceeds, RM110.94 million will be used to redeem the property from its chargee, Public Bank Bhd. Another RM74.06 million will be used for the group's working capital, while RM30 million will go towards the repayment of borrowings. The proposed disposal is expected to be completed by the second quarter of 2024 (2Q2024), subject to approval being obtained at the group’s forthcoming extraordinary general meeting. — YNH Property to sell 163 Retail Park to Sunway REIT for RM215m cash

YTL PowerSeraya Pte Ltd, a unit of YTL Power International Bhd, has won the right to build, own and operate a hydrogen-ready combined cycle gas turbine unit with a capacity of at least 600 megawatts in Singapore. This follows a request for proposal called by the Energy Market Authority (EMA) of Singapore in July 2023. The power plant is estimated to cost S$800 million (RM2.82 billion) and is targeted to be completed by Dec 31, 2027. — YTL Power’s Singapore unit commissioned to build hydrogen-ready power plant worth S$800m

Lotte Chemical Titan Holding Bhd (LCTitan) booked its seventh consecutive quarter in the red in the quarter ended Dec 31, 2023 (4QFY2023), which saw its losses narrow year-on-year amid lower feedstock costs and forex gains. Quarterly net loss came in at RM186.48 million or 8.19 sen per share, from RM333.64 million or 14.65 sen per share in 4QFY2022. The lower losses came despite a 10.26% decline in quarterly revenue to RM1.86 billion, from RM2.07 billion, which LCTitan attributed to lower sales volume amid slower economic activities in the region. Nonetheless, LCTitan’s FY2023 results saw its full-year net loss widen to RM780.29 million, from RM731.06 million, with a 23.68% drop in full-year revenue to RM7.65 billion, from RM10.19 billion. — LCTitan FY2023 net loss widens y-o-y as 4Q loss narrows to RM186m

Ireka Corp Bhd is transferring its 30% stake in two associates linked to The RuMa Hotel and Residences to joint venture partner Aseana Properties Ltd, as part of a settlement to a suit filed by Aseana Properties’ subsidiary last October. Ireka will also transfer back its 19.55% stake in Aseana as part of the settlement to the RM109.8 million suit filed by ASPL M9 Ltd, in relation to a JV agreement signed between Ireka, ASPL and Urban DNA Sdn Bhd for the RuMa project development back in 2009. The shares represent a 19.55% stake in Aseana, and will leave Ireka Corp with 3.52% in the London-listed property player, from 23.07% currently. Together, the settlement is expected to result in a net financial impact of RM15.2 million on the local-listed property player. — Ireka to exit RuMa project, pare stake in Aseana to settle 2009 JV dispute

TMC Life Sciences Bhd has suspended the employment of Wan Nadiah Wan Mohd Abdullah Yaakob as its group chief executive officer (CEO), and as CEO of its subsidiary Thomson Hospitals Sdn Bhd. The powers, authorities and functions vested in her as CEO are suspended with effect from Monday until further announcement by the board, it said, without disclosing any reason for the suspension. The company will continue its business as usual and during the period of suspension, one of its directors, Dr Heng Jun Li Melvin, will be appointed as the acting group CEO, who will temporarily assume the duties and functions of group CEO. — TMC Life Sciences suspends CEO Wan Nadiah, reason not disclosed

Sunsuria Bhd is raising its stake in Bangsar Hill Park Development Sdn Bhd, the developer of the eight-block high-rise residential property Bangsar Hill Park, by another 33% for RM71.42 million, cash. The related party transaction will see Sunsuria raise its stake in the property developer to 84%, from 51% currently. Sunsuria is buying out two shareholders, Suez Capital Sdn Bhd and Dasar Temasek Sdn Bhd, with the purchase, leaving Sunsuria KL Sdn Bhd as the only other remaining shareholder with a 16% stake. Sunsuria KL is controlled by Tan Sri Ter Leong Yap, who is also the executive chairman and a major shareholder of Bursa-listed Sunsuria with 17.73% direct and 42.27% indirect stakes. Leong Yap is the brother of Datuk Ter Leong Hing, who is a director and the major shareholder of Suez Capital as well as a director and an indirect major shareholder of Dasar Temasek. — Sunsuria to raise stake in Bangsar Hill Park developer by 33% for RM71m cash in related party deal

Bintai Kinden Corp Bhd, which fell into Practice Note 17 status in March 2023, has obtained an interim settlement plan from a debtor as well as the approval of its shareholders for a private placement exercise, developments the group hailed as "strategic advancements towards financial resiliency and operational vitality". Its unit Optimal Property Management Sdn Bhd has accepted an interim settlement proposal with Kolej Teknologi Islam Melaka Bhd over its default and outstanding debts of RM58.9 million. — Bintai Kinden secures RM59m debt settlement plan, shareholders' nod for private placement

Varia Bhd, formerly known as Stella Holdings Bhd, has secured a RM94.86 million contract for the Klang River flood mitigation project in Shah Alam, Selangor. Its unit, Mewah Kota Sdn Bhd, has accepted a letter of award from Kator Construction Sdn Bhd, appointing it as a subcontractor for the project. The project is scheduled to span 60 months, commencing on Feb 1, 2024, and concluding on Jan 31, 2029. — Varia secures RM95 million contract for Klang River flood mitigation project in Shah Alam

Telekom Malaysia Bhd (TM) is said to be exploring plans to build a new hyperscale data centre (HDC) in Malaysia, expanding its capacity from the existing Klang Valley Data Centre and Iskandar Puteri Data Centre, according to CIMB Investment Bank.  HDCs are large facilities offering at least 40 megawatts of IT power capacity and often bigger, catering to large cloud service providers and internet companies, according to the research house. If TM proceeds, CIMB expects the group to develop the HDC in phases. — Telekom Malaysia said to be exploring plans to build new hyperscale data centre