KUALA LUMPUR (Dec 9): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Khazanah Nasional Bhd has disposed of a 2.33% stake or 135.65 million shares in utility giant Tenaga Nasional Bhd (KL:TENAGA). Based on back-of-the-envelope calculations, the fund raised RM1.69 billion from the disposal of said 135.65 million shares. Meanwhile, the Employees Provident Fund has emerged as TNB’s largest shareholder with a 21.25% stake after acquiring an additional 0.69%, placing Khazanah as the second-largest shareholder with an 18.05% stake. — Khazanah sells 2.33% TNB stake for RM1.69b; EPF now largest shareholder

Johor Regent Tunku Ismail Sultan Ibrahim announced the launch of RMJDT, a ringgit-backed stablecoin issued on Zetrix AI Bhd’s (KL:ZETRIX) layer-1 blockchain, which forms the backbone of the Malaysia Blockchain Infrastructure (MBI). Tunku Ismail's wholly owned company Bullish Aim Sdn Bhd is rolling out RMJDT under a regulated sandbox framework. The stablecoin seeks to boost the international use of the ringgit in cross-border trade settlements and attract greater foreign direct investment into Malaysia. The initiative is also aligned with global tokenisation trends and directly supports Malaysia’s Digital Asset National Policy. — TMJ launches ringgit-backed stablecoin on Zetrix AI blockchain

Distributor of Fortune 500 companies’ consumer goods, healthcare, materials, and technology DKSH Holdings (Malaysia) Bhd (KL:DKSH) said its controlling shareholder, DKSH Resources (Malaysia) Sdn Bhd, plans to take the company private through a RM249.1 million, or RM6.15 a share, selective capital reduction and repayment (SCR) exercise. DKSH Resources currently owns 74.3% of the company. DKSH Resources does not plan to keep the company listed. — DKSH’s major shareholder offers RM6.15 per share to take company private, a nearly 17% premium

Dagang NeXchange Bhd (KL:DNEX) has filed an appeal after the High Court dismissed its unit's judicial review application against the Malaysia Competition Commission (MyCC) over a finding of abuse of dominance. The High Court’s decision on Monday reaffirmed MyCC’s 2021 ruling, which imposed a RM10.3 million penalty on Dagang Net Technologies Sdn Bhd for allegedly abusing its dominant position by enforcing exclusivity clauses on software providers between October 2015 and November 2017. — DNeX appeals against High Court ruling on MyCC abuse-of-dominance fine

Jentayu Sustainables Bhd (KL:JSB) has cautioned that the legal challenge filed against its Dec 4 extraordinary general meeting (EGM), if prolonged, may result in delays to the implementation and financing timeline of its Project Oriole hydropower development in Sabah. A shareholder, Andy Lai Wee Young, has filed a lawsuit seeking declarations to invalidate the EGM and the resolutions passed, on grounds relating to the company’s decision to postpone the initial meeting and the process surrounding its reconvening.  At the EGM on Dec 4, shareholders approved a private placement of up to 20% of the company’s issued capital to raise up to RM45.26 million to fund Project Oriole. — Jentayu Sustainables flags potential delays to Sabah hydropower project amid EGM legal challenge

FBG Holdings Bhd (KL:FBG) has secured a RM206.2 million contract to construct a hotel apartment block or Tower 2 for Johor Bahru City Square as part of its redevelopment by owner, Allgreen Properties Ltd. Allgreen's multi-phase redevelopment of Johor Bahru City Square aims to transform the mall into a modern lifestyle hub and add new hotel apartments to capture demand from the upcoming Johor Bahru-Singapore RTS Link. The contract, awarded to its wholly owned subsidiary FBG Builder Sdn Bhd by Sunray Construction & Interior Sdn Bhd, covers main building works, mechanical and electrical installations, and testing and commissioning. — FBG wins RM206.2m contract to build hotel apartments for Johor Bahru City Square redevelopment

Techstore Bhd (KL:TECHSTORE) has bagged an RM89.68 million contract to provide digital radio and on-board live detection systems for the Kelana Jaya light rail transit line. Works are expected to be completed within 30 months from the date in the notice-to-proceed to be issued by Prasarana Malaysia Bhd. — Techstore bags RM89.7 mil contract to supply comms systems

Southern Score Builders Bhd (KL:SSB8) has secured an RM87.8 million subcontract to handle electrical works for a data centre project. Its 51%-owned subsidiary, SJEE Engineering Sdn Bhd, was awarded the subcontract by a local construction company whose identity was not disclosed. Under the contract, SJEE will undertake the supply, installation and maintenance of electrical and extra-low voltage systems. — Southern Score unit wins RM88m data centre electrical subcontract

Engineering services firm AWC Bhd (KL:AWC) has won a RM52.3 million contract for the facilities management and maintenance of Putra Mosque in Putrajaya. The contract was awarded to AWC’s wholly owned subsidiary, Ambang Wira Facilities Sdn Bhd (AWF), by the Public Works Department. — AWC bags RM52.3 mil Putra Mosque facilities contract

Newly listed marine transportation company Orkim Bhd (KL:ORKIM) plans to replace its ageing tankers gradually, through new purchases or new builds, to keep its fleet at an average age of 12 years over the next five years. Nearly half of its 18 vessels are 10-18 years old. Chief executive officer Captain Cheah Sin Bi told The Edge the company prefers a younger fleet compared to the national average of 18 years, to meet regulations, reduce maintenance costs, improve efficiency, and ensure higher vessel uptime — which refers to the amount of time a ship is fully operational and available for use.The counter made a modest debut on the Main Market on Tuesday, closing at 93 sen — a 1% premium to its initial public offering price of 92 sen. — Orkim to rejuvenate fleet over five years, targeting 12-year average age to boost efficiency