KUALA LUMPUR (June 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday: 

Maxis Bhd (KL:MAXIS) and CelcomDigi Bhd (KL:CDB) have fulfilled the conditions precedent for their subscription of a 14% stake each in state-owned 5G network Digital Nasional Bhd (DNB). The two mobile network operators (MNOs) are ready to complete the share subscription agreement (SSAs) with the Minister of Finance (Incorporated) and DNB. In addition to Maxis and CelcomDigi, U Mobile Sdn Bhd and YTL Communications Sdn Bhd have also met the conditions precedent in the SSA. "With this crucial step completed, the SSAs are poised for completion by the end of June 2024 for all the MNOs, apart from Telekom Malaysia Bhd (KL:TM), to increase their equity stake in DNB. The long stop date for TM is Aug 21, 2024, for it to seek its shareholders’ approval, in accordance with its governance requirements," DNB added. — Maxis and CelcomDigi say they have fulfilled conditions for stake subscription in DNB

Genting Bhd (KL:GENTING) awarded a US$1 billion contract to Wison New Energies Co Ltd for the construction of a floating liquefied natural gas (FLNG) facility that will be deployed at Teluk Bintuni, West Papua in Indoesia. The LNG facility is expected to have an annual capacity of up to 1.2 million tonnes. The tenure of the contract is estimated to last 27 months. The first drop of LNG is expected in the third quarter of 2026, which will also be the first FLNG facility in Indonesia and the 9th FLNG facility in the world. — Genting to operate Indonesia’s first floating LNG facility; awards US$1 bil EPCC works to China’s Wison

Separately, Genting has proposed to acquire a 49% equity interest in SDIC Jineng (ZhouShan) Gas Power Generation Co Ltd, which is developing up to 1,490 megawatt (MW) capacity gas-fired power plant in ZhouShan, eastern China’s Zhejiang province. Genting is buying the 49% equity interest in SDIC Jineng from Jineng International Energy Co Ltd for 100 million yuan (RM64.87 million). Additionally, Genting estimates that a further pro-rata equity investment of 328 million yuan (RM212.8 million) will be required up to target commercial operation next year. — Genting to invest RM277 mil for another power plant in China

Press Metal Aluminium Holdings Bhd (KL:PMETAL) is planning to sell its entire 25% stake in aluminium oxide producer PT Bintan Alumina Indonesia (PT BAI) in exchange for a 25.59% stake in Hong Kong firm Nanshan Aluminium International Holdings Ltd (NAIHL) in a deal worth US$329.8 million or RM1.55 billion, ahead of NAIHL's listing on the Hong Kong stock exchange. Press Metal acquired the 25% stake in PT BAI in 2020 to secure a stable supply of alumina, which is one of the key raw materials it needs for its smelting operations, and to reduce reliance on third-party suppliers. NAIHL currently owns 72.7% in PT BAI. — Press Metal swaps stake in PT Bintan Alumina for 25.59% in Hong Kong's Nanshan Aluminium in RM1.55b deal ahead of spin-off listing

WCT Holdings Bhd (KL:WCT) has secured a contract worth RM249.74 million to build additional lanes for the North-South Expressway (PLUS) expansion project. The contract, awarded by Projek Lebuhraya Usahasama Bhd, involves the construction of the additional lanes on the stretch from Yong Peng (North) to Senai (North) in Johor. Property tycoon Tan Sri Desmond Lim Siew Choon’s private vehicle Dominion Nexus Sdn Bhd holds the largest stake in WCT at 18.15%, followed by Lim himself with a 7.42% stake, and Amanah Saham Nasional Bhd with 5.82%. — WCT gets PLUS expressway lane expansion contract worth RM250 mil

Hengyuan Refining Company Bhd (KL:HENGYUAN) has shut its long residue catalytic cracking unit (LRCCU) following a leakage found at the carbon monoxide boiler, and warned that there will be a "material" financial impact from the incident as its refinery production will be affected.  The LRCCU is used to convert high-boiling point hydrocarbon fractions of crude oil into high value consumer petroleum products. "Following the shutdown of LRCCU, the company is required to shut down the hydrogen manufacturing unit and Euro4Mogas facility for inspection as part of regulatory requirements. Otherwise, the refinery plant is operating as usual," it said. — Hengyuan warns its production affected, with material financial impact as it shuts cracking, hydrogen manufacturing units after leakage

Glove maker Hextar Healthcare Bhd (KL:HEXCARE), formerly known as Rubberex Corp (M) Bhd, has announced that a fire occurred at its factory in Bercham Industrial Park, Ipoh, Perak, on Monday (June 17), with no casualties reported. At this juncture, it has yet to ascertain the full financial and operational impact due to damage by the fire. — Fire breaks out at Hextar Healthcare's factory in Ipoh, no casualties reported 

Information technology services provider FSBM Holdings Bhd (KL:FSBM) will exit the stock exchange's Practice Note 17 (PN17) financially distressed category on Friday. This followed by FSBM has regularised its financial condition and no longer triggers any of the criteria under Paragraph 2.1 of PN17 of the Main Market listing requirements of Bursa Malaysia. It slipped into PN17 status on Dec 30, 2019 after its external auditor Moore Stephens PLT expressed a disclaimer of opinion on its audited financial statements for the financial year ended June 30, 2018 as the auditor could not obtain enough appropriate evidence to provide a basis for an audit opinion. — FSBM Holdings' PN17 status to be uplifted on Friday

Energy and engineering services firm Kinergy Advancement Bhd (KL:KAB) said it is looking to raise up to RM66.23 million via a private placement to finance its renewable energy projects and repay its loans. Previously known as Kejuruteraan Asastera Bhd, it had raised RM60.95 million from an earlier private placement. — Kinergy plans another private placement to raise up to RM66 mil

Eco World Development Group Bhd’s net profit rose (KL:ECOWLD) 11.7% to RM70 million for its second quarter ended April 30, 2024 from RM62.7 million a year ago, driven by higher revenue and cost savings in completed and near-completion development projects. Revenue increased 32.1% to RM555.76 million from RM420.82 million due to higher contributions from active and newly launched phases of projects. The group declared an interim dividend of two sen per share, payable on July 19. — Eco World Development’s 2Q net profit up 12%, declares two sen dividend