KUALA LUMPUR (July 15): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

NationGate Holdings Bhd (KL:NATGATE) said on Tuesday that the Malaysian Anti-Corruption Commission (MACC) had raided the premises of its wholly owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of an ongoing investigation into alleged scrap metal smuggling. The reaction from investors was swift, sending NationGate's share price down as much as 16% or 26 sen in high volume within minutes after trading resumed from the midday market break when the announcement was made. Intraday short selling on the stock was also suspended until Wednesday. — MACC raids NationGate unit over alleged scrap metal smuggling, stock plunges

Zetrix AI Bhd (KL:ZETRIX), formerly MyEG Services Bhd, said on Tuesday it will challenge Bursa Securities’ public reprimand for breaking Main Market listing rules. “The company and its board of directors, after consultation with the company's lawyers, will be seeking a judicial review on the public reprimand,” it said. Bursa Securities on Monday issued a public reprimand to Zetrix AI and seven directors because announcements made on July 7, Sept 13, and Sept 14, 2023, were inaccurate, misleading and without a proper factual basis. Each director was also fined RM150,000. — Zetrix AI to challenge Bursa reprimand; stock drops 7% amid governance concerns

YNH Property Bhd (KL:YNHPROP) on Tuesday terminated a development agreement with Chin Hin Group Property Bhd (KL:CHGP) for an apartment project in Segambut, Kuala Lumpur, and will instead sell the 6.49-acre parcel to Chin Hin via a direct land deal. The agreement, signed in April 2024, was intended for the joint development of the parcel into a serviced apartment project with an estimated gross development value of RM685.1 million. YNH Property and Chin Hin — along with the land’s registered proprietor, New York Empire Sdn Bhd — have now agreed to revoke that agreement and proceed with a direct land sale to Chin Hin. — Chin Hin to undertake high-rise project on its own, after YNH Property revokes joint development deal

Oil and gas services firm T7 Global Bhd (KL:T7GLOBAL) has on Tuesday secured a six-month contract extension from Hibiscus Petroleum Bhd (KL:HIBISCS) for the provision of maintenance, construction and modification (MCM) services. T7 Global said the extension was awarded to its wholly owned subsidiary Tanjung Offshore Services Sdn Bhd on June 11 by Hibiscus’ unit Hibiscus Oil & Gas Malaysia Ltd. The contract — for work in the Malaysia-Vietnam Commercial Arrangement Area (PM3-CAA) — will run from June 19 to Dec 18, 2025. — T7 Global gets six-month extension from Hibiscus Petroleum for offshore work

Luxchem Corp Bhd (KL:LUXCHEM) is acquiring five leasehold industrial lands in Mukim Kapar, Klang, for RM45.59 million in cash, as part of its strategy to optimise surplus cash reserves by investing in income-generating real estate assets. The industrial chemicals and materials firm said its wholly-owned Luxchem Trading Sdn Bhd is acquiring three plots from Leisure Harvest Sdn Bhd and two plots from Excellent Delight Sdn Bhd and has inked the sale and purchase agreements for the deals. The five plots, measuring a total of 40,340 sq m, come with a nine-year tenancy agreement that generates an annual rental income of RM2.3 million. — Luxchem invests in five leasehold plots in Klang for RM45.6m

Tomypak Holdings Bhd (KL:TOMYPAK) announced that its wholly-owned subsidiary, Tomypak Flexible Packaging Sdn Bhd (TFP), has exercised a call option to acquire an additional 10% equity interest in EB Packaging Sdn Bhd for RM6.687 million that will raise its shareholding in the latter to 90%. The option price was determined based on EB Packaging’s profit after tax of RM6.687 million for the 12-month financial period ended Oct 31, 2024, in accordance with the terms of the call and put option agreement signed in June 2023. — Tomypak boosts stake in EB Packaging to 90% with RM6.69m acquisition

Cable manufacturer Master Tec Group Bhd (KL:MTEC) has signed a memorandum of understanding (MOU) with Kuching-based Senari Synergy Sdn Bhd (SSSB) to jointly assess the feasibility of establishing a cable manufacturing facility in Sarawak. The MOU outlines a one-year collaboration during which both parties will conduct a joint feasibility study for the proposed venture. SSSB's core operations are in the oil, gas, petrochemicals and palm oil refinery sectors, with its facilities located at the Senari Synergy Industrial Complex in Senari, Kuching. — Master Tec Group eyes new manufacturing facility in Sarawak

Petronas Gas Bhd (KL:PETGAS) has entered into a settlement agreement with BASF Petronas Chemicals Sdn Bhd (BPC) under which BPC will pay RM52 million to resolve disputes arising from an electricity supply agreement. BPC is a joint venture between Germany’s BASF SE and Petronas Chemicals Group Bhd (KL:PCHEM), in which Petroliam Nasional Bhd (Petronas) holds a 64.35% stake. Petronas also owns 51% of Petronas Gas. Petronas Gas said the disputes with BPC stemmed from an electricity supply agreement signed in December 1998 and its supplementary agreements. — Petronas Gas reaches RM52 mil settlement with related company over electricity disputes

MBSB Bhd (KL:MBSB) said it has rebranded its investment banking arm that was taken over following the RM1.01 billion acquisition of Malaysian Industrial Development Finance (MIDF) in 2023. The rebranding, effective July 10, sees MIDF Amanah Investment Bank Bhd renamed as MBSB Investment Bank Bhd (MBSB IB). Meanwhile, the group's investment research unit, MIDF Research, is now known as MBSB Research, MBSB said. — MBSB rebrands investment banking, research units

Urusharta Jamaah Sdn Bhd, a special purpose vehicle under Malaysia's Ministry of Finance, has emerged as a substantial shareholder in Elridge Energy Bhd (KL:ELRIDGE) with a 5.26% direct stake. Elridge said the government-owned entity that was initially tasked with acquiring underperforming assets from Lembaga Tabung Haji had acquired 7.19 million shares in the biomass fuel producer on July 9. — Urusharta Jamaah emerges as substantial shareholder in Elridge Energy with 5.26% stake