KUALA LUMPUR (May 4): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday: 

PETRONAS Gas Bhd (KL:PETGAS) plans to develop its third regasification terminal (RGT-3) in Lumut, Perak, using a floating storage and regasification unit (FSRU), the first of its kind in Malaysia, following a notification from the Ministry of Economy. The facility will have a storage capacity of 170,000 cu m and a regasification capacity of 500 million standard cu ft per day (MMscfd), supporting around 3.5GW of power demand. The project is targeted for commercial operation in the second quarter of 2029 and will be regulated under an incentive-based tariff system. — PETRONAS Gas' RGT-3 in Lumut to be Malaysia’s first floating storage and regasification unit
  

Mercury Securities Sdn Bhd has recommended Concrete Engineering Products Bhd (KL:CEPCO) shareholders to accept the RM2.60 per share takeover offer from YTL Corp Bhd’s (KL:YTL) YTL Cement Bhd. The cash offer is deemed “reasonable” premised on Concrete Engineering shares’ relative illiquidity, and “fair” as it represents a premium to the concrete products maker’s revalued net assets per share, said the independent adviser. — Concrete Engineering’s independent adviser recommends accepting YTL Cement’s RM2.60 apiece takeover offer

 Maxim Global Bhd (KL:MAXIM) has received a mandatory takeover offer of 24 sen per share from its managing director Tan Sri Gan Seong Liam. The offer price, however, is a discount to the stock’s recent trading levels. The offerors, including Gan’s children Gan Kuok Chyuan and Gan Kuok Wei, intend to maintain Maxim Global’s listing status on the Main Market. The offer was triggered after Gan bought the equivalent of 15.54% stake from executive director Chai Chang Guan and her brother Chai Seong Min for RM27.42 million. — Maxim Global gets 24 sen takeover offer from managing director

Cropmate Bhd (KL:CRPMATE) said the Malaysian Anti-Corruption Commission (MACC) has partially released some of its and its subsidiaries’ frozen bank accounts. The company has submitted further representation through its solicitor, requesting the full unfreezing of all affected accounts, and will issue updates if there are material developments. The update comes after Cropmate’s external auditors issued an audit opinion with material uncertainty related to its ability to continue as a going concern for the financial year ended Dec 31, 2025, citing the freezing of bank accounts and uncertainty over the duration and impact of the restrictions. — Cropmate says MACC has partially unfrozen its bank accounts

IQ Group Holdings Bhd (KL:IQGROUP) is shutting down its Penang manufacturing operations that makes motion sensors and lighting as orders fell. A small team will remain to manage third-party supply and external manufacturers, while 37 employees will be retrenched with no redeployment options. The closure follows a sustained drop in orders at its wholly owned unit IQ Group Sdn Bhd over the past three financial years, as customers shift to lower-cost China and US tariffs weigh on volumes. — IQ Group to close Penang factory, over three dozen staff retrenched as orders evaporate

GIIB Holdings Bhd (KL:GIIB) is evaluating a potential investment in a healthcare-related business in response to Bursa Malaysia’s query over the recent surge in its share price. The company said the proposal is still at a preliminary stage, with key details and terms yet to be finalised. The response came after Bursa Malaysia issued an unusual market activity query following a sharp rise in GIIB’s share price on Monday, which climbed as much as 50% intraday before closing 45.45% higher at 16 sen, a more than four-year high, with 56.8 million shares traded. — GIIB says considering investment in healthcare business following UMA query

Eurospan Holdings Bhd’s (KL:EUROSP) controlling shareholder is selling down its stake in the furniture maker by June 25, 2026, to comply with the bourse’s public shareholding requirement. Controlling shareholder, EC Synergy (M) Sdn Bhd, the vehicle of executive director Samuel Ng Heng Hong, which holds a 78.189% stake in the company, is selling its shares to third parties. The sell-down comes as the company works to comply with the bourse’s public spread requirement of 25% following Ng’s mandatory general takeover that concluded in October last year. — Eurospan says controlling shareholder selling down stake to comply with public spread rule

MISC Bhd (KL:MISC) has secured a contract from PETRONAS Gas Bhd (KL:PETGAS) to provide and maintain a newbuild floating storage and regasification unit (FSRU). Covering supply, operation and maintenance of the FSRU, the job will span 20 years with commencement expected in 2029. A shipbuilding contract was entered into with Samsung Heavy Industries Co Ltd for the FSRU’s construction. — MISC gets floating storage and regasification job from PETRONAS Gas

Feytech Holdings Bhd (KL:FEYTECH) has secured a RM96.83 million contract to supply seat covers for a new Proton model. The seat covers will be manufactured by its subsidiary, Gosford Leather Industries Sdn Bhd. — Feytech secures RM97 mil seat deal for new Proton model, expands supply to Chery models

PMW International Bhd (KL:PMW) has secured a three-year renewal on its concrete pole supply agreement with CTS Horizon Sdn Bhd, which serves all major telcos in Sabah. The agreement, which covers the supply of pre-stressed spun concrete poles for telco infrastructure, is for a three-year period starting Dec 12, 2025, plus a two-year extension option. — PMW renews concrete pole supply deal for Sabah telco projects

Industronics Bhd (KL:ITRONIC) has triggered Practice Note 17 (PN17) status after its external auditor issued a disclaimer of opinion on the group’s audited financial statements for the 15-month period ended Dec 31, 2025 (FY2025). Industronics is required to submit a regularisation plan to Bursa Malaysia Securities within 12 months. Failure to do so could result in suspension of trading and eventual delisting, subject to appeal. — Industronics triggers PN17 criteria after auditor issues disclaimer on FY2025 accounts