KUALA LUMPUR (March 5): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

NexG Bhd (KL:NEXG) saw a tussle erupt at its boardroom following the emergence of Datuk Ishak Ismail’s Raya Aviation Holdings as its largest shareholder. A day after Ishak’s entry, NexG’s board suspended executive chairman and CEO Datuk Abu Hanifah Noordin amid a review of the company’s investments in other public-listed companies. Meanwhile, the other faction, comprising Hanifah, the founder of NexG, Velocity Capital Sdn Bhd — the financing arm of Velocity Capital Partners Bhd (KL:VELOCITY) — and Siti Nur Aishah Ishak called for an extraordinary general meeting to remove seven directors and appoint eight new ones, including Ishak. — Boardroom tussle erupts at NexG after Ishak Ismail emerges as largest shareholder

British American Tobacco (Malaysia) Bhd (KL:BAT) announced that its managing director Nedal Salem will be concluding his tenure on Aug 1 after leading the company for four and a half years. Nedal, 56, will be succeeded by Daniel Hsu, current general manager of BAT Vietnam Cluster. — BAT Malaysia MD Nedal Salem to step down on Aug 1, Daniel Hsu to take over

Paramount Corp Bhd (KL:PARAMON) is aiming for higher property sales this year and is confident that its margins will withstand cost pressures amid Middle East tensions. The property developer is targeting RM1.2 billion sales this year and expects no delays to its planned launches worth RM1.1 billion in 2026, Paramount chief executive officer Jeffrey Chew said. — Paramount targets higher sales for 2026, confident margins will withstand cost pressures

Paramount is also open to considering other food-and-beverage franchises following its entry into the business last year, Chew noted. Several franchise holders have approached Paramount about their businesses since the company bought a stake in the operator of Texas Chicken restaurants last year, Chew said. Paramount has yet to seriously consider any of the offers, he noted. — Paramount open to consider other food franchises, says CEO as offerors line up

Sunview Group Bhd (KL:SUNVIEW)’s unit has secured a RM289.71 million fixed contract sum to carry out engineering, procurement, construction and commissioning (EPCC) work for a solar photovoltaic power plant in Bintulu, Sarawak. The contract was secured from Malakoff Evergreen Sdn Bhd, a 70%-owned unit of Malakoff Corp Bhd (KL:MALAKOF). — Sunview unit bags RM289.7 mil Sarawak solar EPCC job from Malakoff

Magma Group Bhd (KL:MAGMA) plans to acquire the LUMA Hotel in Kota Kinabalu for RM60.9 million in a cash-and-shares deal, to expand its hotel portfolio. Its unit entered into a heads of agreement to acquire the LUMA Hotel business and four contiguous buildings in the Sabah capital. — Magma to acquire LUMA Hotel in Kota Kinabalu for RM61m in cash-and-shares deal

InNature Bhd (KL:INNATURE) has secured a deal to exclusively distribute products of French natural cosmetics and skin care brand Yves Rocher in Singapore. A distribution agreement was inked between unit Hello Natural Singapore Pte Ltd and Laboratoires De Biologie Végétale Yves Rocher for the five-year arrangement, renewable for a further five years. — InNature seals deal to distribute Yves Rocher products in Singapore

EPB Group Bhd (KL:EPB), which debuted on the ACE Market in August 2024, has proposed to transfer its listing to the Main Market of Bursa Malaysia. The transfer, which is subject to approval from the Securities Commission and Bursa Malaysia Securities, is expected to be completed in the third quarter of 2026. — Food packaging machinery firm EPB plans transfer to Main Market

Ireka Corp Bhd (KL:IREKA) is set to be delisted from the Main Market of Bursa Malaysia on March 10. This comes after Bursa Securities dismissed its appeal for more time to submit its regularisation plan. — Ireka to be delisted on March 10

Genetec Technology Bhd (KL:GENETEC) co-founder Aaron Chen Khai Voon has emerged as a substantial shareholder in Sunzen Group Bhd (KL:SUNZEN) with a 8.51% stake after acquiring an additional 4.3% stake. Chen is now the second largest shareholder of the company, behind group managing director Teo Yek Ming with a direct 14.685% stake. — Genetec co-founder Aaron Chen emerges as substantial shareholder in Sunzen

Poh Huat Resources Holdings Bhd (KL:POHUAT) said a substantial shareholder has put forward a proposal for at least 50% of fees received by independent non-executive directors to be paid in the form of the company’s shares purchased from the open market. Pangolin Asia Fund, which holds a 6% stake in Poh Huat, submitted a requisition letter to move a special resolution on this matter at the company's upcoming annual general meeting on April 15. — Poh Huat shareholder submits proposal for independent non-exec directors to be partially paid in shares