KUALA LUMPUR (April 3): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:

Boustead Heavy Industries Corp Bhd (BHIC) will receive a repayment sum of RM49.7 million, as a result of the write-off of the RM384.43 million net debt owed by Lumut Naval Shipyard Sdn Bhd (Lunas). Both parties will enter into an intercompany trade receivables settlement agreement (ITRSA), after BHIC has obtained its shareholders’ approval. The proposed ITRSA is one of the conditions precedent to be fulfilled in the share sale agreement in relation to BHIC’s proposed disposal of its 20.77% stake in troubled Lunas. BHIC intends to utilise the repayment sum for the redemption of redeemable preference shares and working capital purposes. — BHIC to receive RM49.7 mil repayment from write-off of RM384.43 mil debt owed by Lumut Naval Shipyard

HeiTech Padu Bhd has appointed Salmi Nadia Mohd Hilmey as group managing director, effective Wednesday. Salmi, 42, was promoted to group chief executive officer in October last year to replace her father Datuk Seri Mohd Hilmey Mohd Taib, who stepped down from his position due to “personal commitment”. The company also appointed Sandraruben Neelamagham as its new executive director and Datuk Mohd Jimmy Wong Abdullah as the group’s non-independent and non-executive director. — HeiTech Padu deputy chairman’s daughter Salmi Nadia appointed as MD

Kobay Technology Bhd said its 70%-owned subsidiary Avelon Healthcare Sdn Bhd has secured banking facilities totalling RM21 million from CIMB Islamic Bank Bhd. Of this, RM15 million comprises a revolving credit for the acquisition of a company and subsequent working capital needs, Kobay said, without naming the company. It added that the balance of the banking facilities will mainly be used for working capital purposes. — Kobay unit secures RM21 mil banking facilities for acquisition, working capital

Guan Chong Bhd has witnessed a significant upside since March, in tandem with the sharp rise in cocoa prices due to shortages. Cocoa futures breached US$9,000 (RM42,750) a tonne in late March, having swelled 132.4% year to date as bad weather and disease battered crops of major growers. Guan Chong's shares have rallied as much as 58.8% since the beginning of March to a peak of RM2.54 on March 29. — Why Guan Chong's stock run isn't over yet 

UMediC Group Bhd has secured approval from the Securities Commission Malaysia for the proposed transfer to the Main Market of Bursa Malaysia Securities. The medical equipment supplier was listed on the ACE Market on July 26, 2022. It booked a net profit of RM10.36 million and revenue of RM45.43 million for its financial year ended July 31, 2023. — UMediC gets SC’s nod for proposed Main Market transfer

MN Holdings Bhd has secured a contract worth RM17.6 million for the supply, erection and commissioning of transmission main intake for the Pasir Gudang power station extension in Johor by Tenaga Nasional Bhd. The scope of work involves establishing two new units of 275kV OHL bays in Permas Jaya and replacing two existing units of 275kV OHL bays at the Pasir Gudang power station north, among others. The contract will be effective immediately and span 730 days from the commencement date. — MN Holdings wins RM17.6m Pasir Gudang power station job

JAG Capital Holdings Bhd has increased its shareholding in KUB Malaysia Bhd to 62.72% following the conclusion of a mandatory general offer. The MGO at 60 per share was concluded on March 18, with JAG Capital acquiring an additional 163.82 million shares, representing 29.44% of KUB. — JAG's stake in KUB up to 62.72% following conclusion of MGO

Tune Protect Group Bhd’s group chief executive officer Rohit Chandrasekharan Nambiar is resigning from his position “due to personal reasons,” effective May 10. Rohit, 43, was appointed to the position more than three years ago in October 2020. Tune Protect remarked that Rohit did not have any disagreement with its board of directors. — Tune Protect CEO Rohit to step down in May

UCrest Bhd has signed an agreement with MDC Asia Link Bhd to provide the iMedic clinic management system to MDC Asia Link for five years, for an undisclosed amount. The digital health firm said it is optimistic about rising technology adoption in the healthcare sector, which will boost demand for its services. — UCrest chairman sees boom in digital healthcare

Kumpulan Kitacon Bhd's wholly-owned subsidiary has secured a contract worth RM80.98 million for a housing development project in Shah Alam. The contract, awarded by Sime Darby Property (City of Elmina) Sdn Bhd, involves constructing and completing 40 double-storey cluster houses, 86 double-storey semi-detached houses, and one Tenaga Nasional Bhd substation. The project is scheduled to begin on April 22 and slated for completion within 18 months. — Kumpulan Kitacon secures RM81m housing job in Shah Alam