KUALA LUMPUR (June 16): Here is a brief recap of Monday’s top local business news and corporate announcements:

CIMB Group Holdings Bhd (KL:CIMB) has named former head of the Securities Commission Malaysia, Datuk Syed Zaid Albar, as its new group chairman, succeeding Tan Sri Mohd Nasir Ahmad, who is retiring on July 19. The appointment will take effect on July 20. In line with the transition, Syed Zaid will be appointed independent, non-executive director on June 18, according to CIMB. — CIMB names former SC head Syed Zaid as new chairman

Solarvest Holdings Bhd (KL:SLVEST) has, via a joint venture company, secured a 25-year power purchase agreement with the government of Brunei to invest in, build and operate a 30MWac solar photovoltaic power plant, which will be the largest such plant in Brunei upon its completion by end-2026. The project, which originated from a request for proposal process launched in 2021, will be developed on a remediated landfill in Brunei. It is expected to generate an annual output of 64.47 million kWh of renewable energy. — Solarvest JV secures 25-year solar plant deal in Brunei

Berjaya Land Bhd (KL:BJLAND), via its wholly-owned subsidiary Berjaya Greenland Invest A/S, has signed a memorandum of understanding with Sweden-based SIBS Sdn Bhd to deliver climate-resilient modular housing in Greenland with a gross development value of RM170 million. Construction is targeted to commence in July 2026 and is expected to be completed in two years. — Berjaya Land to develop RM170 mil apartment project in Greenland

Deleum Bhd (KL:DELEUM), through its indirect unit Deleum Oilfield Solutions (Thailand) Co Ltd, is buying Thailand-based MPC Future Co Ltd's oilfield service assets and business for RM60 million — through a combination of cash and share issuance in a subsidiary — to expand its portfolio and services offering in Thailand. The acquisition will include slickline, hydraulic workover and well head maintenance assets from MPC Future, an oil and gas services firm. — Deleum acquires oilfield service assets and business from Thai-based MPC Future for RM60m

Poh Kong Holdings Bhd’s (KL:POHKONG) net profit for the third quarter ended April 30, 2025 came in almost unchanged at RM47.60 million compared to RM47.65 million a year ago, although revenue hit a record high of RM533.93 million as gold prices surged. The jeweller attributed its performance to higher income tax and operating expenses during the quarter in review. Its third quarter revenue was 2.76% higher than the RM519.61 million registered a year ago. — Poh Kong posts flat 3Q net profit despite record revenue due to higher gold prices

Sersol Bhd (KL:SERSOL) said on Monday that its executive director Datuk Mohamed Suffian Awang has reemerged as the company’s largest shareholder, after acquiring a 13.671% stake in the Johor-based industrial paint manufacturer. Mohamed Suffian acquired 100 million Sersol shares for a total consideration of RM500,000 — or half a sen per share — via IceAge Property Sdn Bhd in an off-market transaction on June 12. The transaction price represents an 80% discount to Sersol’s closing share price of 2.5 sen on the same day. — Sersol’s ED Mohamed Suffian reemerges as largest shareholder