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

Boustead Heavy Industries Corp Bhd’s (BHIC) planned disposal of its 20.77% stake in Lumut Naval Shipyard Sdn Bhd (Lunas) to the Ministry of Finance (Inc)-owned Ocean Sunshine Bhd has turned unconditional after shareholders of BHIC endorsed the RM1 deal. An intercompany trade receivables settlement agreement (ITRSA) has also been executed on April 30, its filing showed. Under the ITRSA, BHIC received a repayment sum of RM49.7 million, as a result of Lunas’ RM384.43 million net debt write-off. BHIC’s stake sale in LCS contractor to MOF turns unconditional

Naza Corp Holdings Sdn Bhd has completed the acquisition of a 100% stake in Berjaya Enviro Holdings Sdn Bhd (BEnviro) from Berjaya Corp Bhd for RM700 million in cash. The acquisition also sees Naza taking over seven entities under BEnviro. “Through this acquisition, Naza will be able to offer comprehensive solutions to meet Malaysia's waste management needs, leveraging on the extensive operational infrastructure, technological advancements, and talented workforce of BEnviro and its seven subsidiaries," the company said. Naza completes acquisition of waste management company from Berjaya for RM700m cash

Fraser & Neave Holding Bhd (F&N) said on Friday that the company will focus on fixed asset optimisation over the next three years, after having allocated more than RM3 billion in capital expenditure (capex) and development of its integrated farm in Gemas. “Currently, we are in a position where we can enhance our FAT (fixed assets turnover) by 50% to 60% without significant capex. This will be the most profitable avenue for revenue growth,” F&N chief executive officer Lim Yew Hoe. He also anticipates that the Gemas dairy farm will reach its breakeven point within the next three years. F&N to focus on sweating off its assets after investing RM3b in capex and development

Pestech International Bhd’s unit Pestech Sdn Bhd has lost an appeal to stop the tampering of machinery used in the Gemas-Johor electrified double track project by main contractor Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL). The company filed the appeal against an earlier High Court decision to dismiss its interim injunction application against SPYTL on the matter. However, the application was dismissed by the Court of Appeal, with costs of RM15,000. Pestech did not elaborate on the value of the machinery involved, and whether it would appeal the decision. Pestech loses another appeal in Gemas-JB double track dispute

The Energy Commission (EC) has raised the tariff to transport gas via Peninsular Malaysia’s gas pipeline, owned and operated by Petronas Gas Bhd (PetGas), to RM1.096 per gigajoule per day (GJ/day) for 2024 versus a base of RM1.063 GJ/day under Regulatory Period 2 (2023-2025). The tariff for the supply of high-pressure gas to Singapore has also been raised to RM1.701 GJ/day, compared with the base RP2 tariff of RM1.614 GJ/day. PetGas gets nod for gas transportation tariff hike; regas sees mixed adjustment

XOX Bhd plans to undertake a share capital reduction to wipe out RM303 million of the virtual mobile network operator’s accumulated losses. The company, which had been in the red for five straight years, had racked up losses totalling RM307.48 million by the end of 2023. XOX raised nearly RM300 million in the three financial years of 2020, 2021 and 2022 in the equity market, including through share issuance, private placements, four-for-two rights issue of preference shares, and employee share option scheme. XOX proposes RM303mil share capital reduction

Penang-based automated test equipment (ATE) maker TT Vision Holdings Bhd is looking to raise RM25.27 million via a private placement of up to 23.4 million shares or 5% of its enlarged share base, based on an illustrative price of RM1.08. The issue price will be determined at a later date. The proceeds will be mainly used to fund its 15% stake in a joint venture company with Autowell (Singapore) Pte Ltd (ASPL), which plans to set up a manufacturing base in Malaysia for the research and development, production and sales of automation equipment and related hardware and software products particularly in the field of solar energy. TT Vision aims to raise RM25m via private placement to fund solar energy venture

Uzma Bhd has secured a contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC) to provide integrated production and integrity chemical and associated services. Uzma said its subsidiary Malaysian Energy Chemical & Services Sdn Bhd had accepted the contract from both SSB and SSPC, but did not disclose its value. The contract will be in force for five years from April 15, 2024, until April 14, 2029. Uzma unit secures integrated production contract from Shell

SLP Resources Bhd’s net profit surged 63% year-on-year to RM4.94 million from RM3.03 million for the financial quarter ended March 31, 2024 (1QFY2024), bolstered by better product mix and higher output. Earnings per share came in at 1.56 sen in 1QFY2024, higher than 0.96 sen in 1QFY2023. Revenue for the quarter inched up 1.32% to RM40.8 million from RM40.27 million. It declared a first interim dividend of one sen per share payable on July 4, 2024. SLP Resources net profit soars on better product mix, higher output

WTK Holdings Bhd is raising its stake in Sarawak-based rival Durafarm Sdn Bhd by another 15% for RM28.33 million. The company has signed share sale agreements with Datuk Robert Lawson Chuat to acquire his 11.25% stake for RM21.45 million, and Edwin Ak Banta for his 3.75% stake for RM7.08 million. “The proposed acquisitions are expected to allow WTK to account for additional profitability and cash flow,” the company said. WTK buys another 15% in Sarawak planter Durafarm for RM28m

Ranhill Utilities Bhd has declared a share dividend distribution on a basis of 0.5 share for every 100 shares held in the utility group. The dividends ex-date is on May 20, with payout on June 13. Ranhill last paid dividends of 1.5 sen in FY2023, representing a trailing dividend yield of 1.29%. Ranhill declares share dividend distribution

Practice Note 17 (PN17) outfit Sarawak Cable Bhd announced that Datuk Seri Fong Joo Chung has stepped down as non-independent non-executive deputy chairman, effective immediately. Fong, 75, resigned due to personal reasons, prevailing circumstances and recent developments concerning the company. Fong Joo Chung steps down as Sarawak Cable deputy chairman