KUALA LUMPUR (July 8): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Binastra Corp Bhd (KL:BNASTRA) on Tuesday secured a RM405 million construction contract from Exsim Jalil Link Sdn Bhd (EJL) for the development of a residential project in Bukit Jalil, Kuala Lumpur. The contract is deemed a recurrent related party transaction as Binastra major shareholder cum managing director Datuk Jackson Tan Kak Seng and executive director Lee Seng Yong hold stakes in EJL. The newly secured project, dubbed The Queenswoodz, will comprise two residential blocks with a total of 1,004 units, including parking, commercial units, a guardhouse, and utility facilities. Construction will span 41 months from the official commencement date, which is pending confirmation from the project architect. — Binastra bags another Bukit Jalil contract worth RM405 mil in RPT deal 

Sapura Energy Bhd (KL:SAPNRG) said it will convene an extraordinary general meeting on July 30 to seek shareholders’ approval for its proposed regularisation plan. The approval is one of the steps the oil-and-gas services firm needs to take in order to exit the Practice Note 17 (PN17) status after Bursa Malaysia approved key components of the plan — capital reconstruction, debt restructuring, fundraising, and an exemption from a mandatory general offer. The proposals are “decisive steps” for Sapura Energy to be reshaped into a resilient, profitable company, its group chief executive officer Muhammad Zamri Jusoh said in a statement. The measures entails capital reduction to eliminate accumulated losses and improve the capital structure, alongside a 20-to-one share consolidation to reduce the number of shares in circulation with the aim of enhancing share price and reducing volatility.  — Sapura Energy to seek shareholders’ nod on July 30 for PN17 exit plan 

SkyWorld Development Bhd (KL:SKYWLD) is acquiring a 25.9-acre parcel of land in Batu Kawan, Penang, for RM48.51 million as part of a previously announced joint development to build affordable housing units in the state. The land, referred to as Parcel 1, is part of a larger 161.5-acre tract located in Bandar Cassia, Seberang Perai Selatan. The site will be developed into Rumah Bakat Baru Madani (RBB) homes, under a joint development agreement between SkyWorld, the Penang Development Corporation (PDC) and its subsidiary PDC Properties. The RBB initiative, first announced in December 2024, targets middle-income households earning below RM11,800 a month, offering units priced between RM225,000 and RM420,000. — SkyWorld acquires Penang land to kickstart RM13 bil affordable housing project

Bina Puri Holdings Bhd (KL:BPURI) said two of its wholly owned subsidiaries have been served with winding-up petitions by the government, via the Inland Revenue Board, for failing to settle outstanding tax liabilities. Bina Puri Properties Sdn Bhd was served a petition in relation to unpaid taxes amounting to RM849,499, while Bina Puri Sdn Bhd (BPSB) received a separate petition over a larger tax sum of RM4.2 million. The two subsidiaries are seeking legal and tax advice, and intend to take all necessary steps to oppose the petition, the group said. Hearings for both petitions have been fixed for Sept 29. The latest development brings the number of winding-up petitions faced by Bina Puri and its subsidiaries to at least five in 2025 alone. — Bina Puri unit hit with winding-up petition by IRB over RM850,000 tax debt

Alliance Bank Bhd (KL:ABMB) said its rights issue of two new shares for every 17 shares held has been oversubscribed by 55.1% The bank received 282.47 million acceptances and excess rights shares applications for the 182.12 million rights shares available for subscription. The rights shares are expected to be listed on the Main Market of Bursa Securities on July 15. The rights shares were offered at RM3.33 per share and are expected to raise gross proceeds of RM606.49 million. Alliance Bank said the proceeds will mainly be used to fund its working capital, including investments in government securities, treasury bills, money market and non-money market instruments. — Alliance Bank says rights issue oversubscribed by 55%

AEON Credit Service (M) Bhd (KL:AEONCR) said its net profit for the first quarter ended May 31, 2025 (1QFY2026) fell 27.1% to RM77.55 million from RM106.41 million a year earlier, dragged by higher impairment losses on financing receivables. Earnings per share dropped to 15.19 sen, compared with 20.84 sen previously. Revenue for the quarter rose 14.9% year-on-year to RM599.92 million from RM522.26 million, supported by stronger loan and financing growth. No dividends were declared for the quarter. — AEON Credit 1Q net profit drops 27% on impairment losses, despite higher revenue

Sabah-based plantation company NPC Resources Bhd (KL:NPC) will be delisted from Bursa Malaysia effective Friday (July 11).  Earlier in February, NPC co-founder Datuk Loo Pang Kee launched his bid to privatise the group. Loo, together with his vehicle, Jubilant Ventures Sdn Bhd, proposed a selective capital reduction and corresponding capital repayment to buy out the remaining shareholders of NPC Resources at RM2.82 per share. Loo, who is NPC group managing director cum chief executive officer, controls a 56.56% stake, or 66 million shares in the company. The privatisation exercise involved the remaining 43.44% stake, or 50.69 million shares Loo did not control. The block of shares was worth approximately RM142.96 million. — NPC Resources to be delisted on Friday following privatisation

YTL Power International Bhd (KL:YTLPOWR) has invested about RM10 billion in artificial intelligence (AI) and AI infrastructure to date, and encourages Malaysian companies to invest in AI and leverage the infrastructure. Yeoh Keong Hann, executive director of YTL Power, said the company has invested in data centres, which he described as one of the world’s largest data centre parks, as well as in graphics processing units (GPUs) and a large language model. “We have 200 megawatts operational, and we can go up to 600 megawatts. We have the world's largest hyperscalers with us at our campus and a partnership with Nvidia, which encompasses GPU chips. We also have the world's fastest chips, the GB200 Blackwell chips, in Malaysia, in our data centres right now, and they will be operational very soon,” he said. — YTL Power invests RM10b in AI, encourages local firms to leverage AI infrastructure