KUALA LUMPUR (July 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday:

Sabah-based property developer KTI Landmark Bhd (KL:KTI) has secured a RM130.6 million contract to build the Malaysian Building Academy (ABM) campus in the state. The contract was awarded to its wholly-owned subsidiary KTI Sdn Bhd by the Construction Industry Development Board. Construction of the building in the Papar district will be carried out over 24 months. — KTI Landmark bags RM131m construction contract in Sabah from CIDB

Telecommunications services provider Silver Ridge Holdings Bhd (KL:SRIDGE) said its 51%-owned unit has secured a RM16.9 million contract for the installation of underground cables. The contract awarded to Total SR Web 3.0 Sdn Bhd by Elektron Berkat Sdn Bhd involves the installation of IIKV aluminium XLPE cables and accessories for asset development for all zones of the distribution network division. — Silver Ridge wins underground cable installation contract

Pestec International Bhd (KL:PESTEC) has resolved to remove its group chief executive officer Lim Pay Chuan from office effective immediately after he refused to return to work. Lim will be redesignated as a non-executive director. The decision on his position was made after “due consideration” by its board of directors during a meeting on July 17, the company said. The decision also came after he declined to resume his duties at the company during a reconciliation attempt on Monday, by the Selangor Industrial Relations Department and attended by both Pestec’s representatives and Lim. The meeting followed a representation filed by Lim on July 2 under Section 20 of the Industrial Relations Act 1967, which largely deals with unfair dismissals. Pestec issued a reply on the same day, denying the allegation of constructive dismissal and requesting that Lim return to work. — Pestec resolves to remove CEO from office after he refuses to return to work

TH Plantations Bhd (KL:THPLANT), the plantation arm of Lembaga Tabung Haji, on Friday issued show cause letters to both its chief executive officer (CEO) Mohamed Zainurin Mohamed Zain and chief financial officer Marliyana Omar. This is due to alleged unauthorised payments totalling RM5.1 million made to plantation workers. Following that, Zainurin has been placed on garden leave, which took effect on the same day, and will remain in place until further notice. Zainurin, 58, has been TH Plantations CEO since Oct 1, 2021. However, Marliyana, 44, who was appointed to the position on April 14, 2023, has voluntarily tendered her resignation with immediate effect. — TH Plantations issues show cause letters to CEO, CFO over alleged RM5.1m unauthorised payments

Construction outfit PTT Synergy Group Bhd (KL:PTT) has proposed to acquire 4.56 hectares of freehold land in Rawang, Selangor, for RM60 million to build a commercial warehouse. A single-storey industrial building equipped with an automated storage and retrieval system (ASRS) will be developed on the land. The building will then be leased or rented to a third party. The group submitted its development application to the relevant authorities on June 3, the filing read, adding that the completed facility is expected to generate RM22.2 million in annual rental income.  — PTT Synergy acquires land in Rawang for RM60 mil to develop warehouse

Cash-rich Globetronics Technology Bhd's (KL:GTRONIC) latest investment is the purchase of a 30.85% equity interest and 53.99% of Warrant C in loss-making Mpire Global Bhd (KL:MPIRE).  Globetronics paid RM45.05 million for a block of shares and Warrant C. Mpire, formerly known as Sand Nisko Capital Bhd, is involved in property construction and development, as well as fleet management services — including the trading and leasing of motor vehicles, among others. Separately, Globetronics disclosed that it had invested RM60.07 million — equivalent to 19.49% of its latest audited consolidated net assets — over the past 12 months to acquire quoted securities. The market value of these securities stood at RM59.54 million. Coincidentally, Mpire’s executive chairman Datuk Goh Soo Wee and non-independent non-executive director Teh Kok Liang have ceased to be the company’s substantial shareholders after their vehicle, Mayapada Asset Sdn Bhd, sold 277.2 million shares and 42 million units of Warrant C via a direct business transaction on Friday.  — Globetronics acquires 30.85% stake in Mpire Global for RM45 mil

Singapore-based private equity firm Dymon Asia Private Equity (SE Asia) Fund LP (DAPE) has halved its stake in Spritzer Bhd (KL:SPRITZER), following the disposal of 34.8 million shares — equivalent to a 5.47% interest in the mineral water producer. The shares were sold off-market on Wednesday by Tasik Puncak Holdings Ltd, a vehicle of DAPE. The block was transacted at RM1.53 per share, valuing the deal at RM53.24 million. Prior to the sale, DAPE was the second-largest shareholder in Spritzer. Post-disposal, it holds 35.36 million shares or a 5.55% stake — down from 11.02% previously. DAPE first committed RM63.81 million to Spritzer in 2017 through a private placement, acquiring 27.39 million new shares or a 13.04% stake for RM2.33 each. — Singapore PE fund trims holdings in Spritzer by nearly half 

Enproserve Group Bhd (KL:ENPRO) is expanding its crane services to boost its margins post-listing. The oil-and-gas services provider, which specialises in plant maintenance and turnaround, said the move into crane services is part of its strategy to reduce a reliance on third-party crane operators, which have previously weighed on its profit margins. Enproserve is eyeing new opportunities within Petroliam Nasional Bhd’s (Petronas) ecosystem for its crane services, managing director Azman Yusof said. — Enproserve expands crane services for better margins

SD Guthrie Bhd (KL:SDG), the world’s largest palm oil producer, has launched a B30 biodiesel pilot project to ensure a reliable and scalable supply of higher bio-content diesel for its plantation operations in Carey Island, Selangor. Under the initiative, all operational machinery and diesel-powered vehicles at the Carey Island estate will transition to B30 biodiesel — a blend comprising 30% palm-based biodiesel and 70% petroleum diesel. This cleaner-burning fuel can reduce greenhouse gas emissions by up to 23% per litre compared to conventional diesel. The B30 fuel will be supplied by Petronas Dagangan Bhd (KL:PETDAG) from its Melaka terminal.  — SD Guthrie launches pilot project for B30 biodiesel in Carey Island

Construction and renewable energy projects provider TCS Group Holdings Bhd (KL:TCS) has proposed to place out up to 10% of its total issued shares to third-party investors to be identified to raise as much as RM8.51 million, primarily for working capital in four ongoing construction projects. The projects it expects to use the funds on include: the construction of 561 units of Rumah Selangorku, the building of 60 two-storey semi-detached factories in Elmina Business Park, the highway upgrading works it secured under the Pan Borneo Sabah Highway Phase 1B, and the building of two blocks of 48-storey serviced apartments in Selangor.  — TCS Group plans to place out 10% of shares to raise funds for working capital