KUALA LUMPUR (July 10): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

NexG Bhd (KL:NEXG), formerly known as Datasonic Group Bhd, is buying an industrial property in Petaling Jaya for RM28.5 million to boost production and efficiency for current and future projects. The move aims to bring research, design, and production under one roof, improving cost efficiency, quality control, and output. NexG said its wholly owned subsidiary, Datasonic Technologies Sdn Bhd, had entered into a sale and purchase agreement with Pixio Sdn Bhd to acquire the leasehold land and accompanying buildings. — NexG acquires Petaling Jaya property for RM28.5 mil to boost production capacity 

Avaland Bhd (KL:AVALAND) has signed a deal to acquire a 3.194-acre parcel of land on Jalan Putra here from a unit of Tan Chong Motor Holdings Bhd (KL:TCHONG) for RM148.8 million, which it plans to develop into a mixed-use commercial project. This marks the second land acquisition involving Avaland and Tan Chong Group this month. The land, located 100 metres from the PWTC LRT station and 550 metres from the Chow Kit Monorail station, is "strategically located within an established neighbourhood" surrounded by landmarks such as the Sunway Putra Mall, World Trade Centre Kuala Lumpur and the Chow Kit Road Market,” Avaland said. Avaland intends to develop a mixed-use commercial project on the site, with an estimated gross development value  of RM900 million. — Avaland buys 3.2-acre KL land from Tan Chong for RM148m 

Ho Hup Construction Company Bhd (KL:HOHUP) has been served with a winding-up petition by the Inland Revenue Board (IRB) over tax arrears amounting to RM23.72 million. The petition was issued to its wholly owned subsidiary Bukit Jalil Development Sdn Bhd (BJD),  Ho Hup said. It said BJD was unable to meet its tax obligations or the year of assessment 2019 within the prescribed timeline due to prolonged cash flow constraints. Ho Hup said BJD was placed under creditors’ voluntary liquidation on May 23, with Baker Tilly Insolvency PLT confirmed as the liquidator at a creditors' meeting on June 13. — Ho Hup unit gets winding-up petition from IRB over RM24 mil tax arrears

Atlan Holdings Bhd’s (KL:ATLAN) latest quarterly net profit fell to a near three-year low, dragged by lower contribution from business operations. The net profit for the group's first quarter ended May 31, 2025 (1QFY2026) was down 40.67% year-on-year to RM3.06 million from RM5.15 million, as revenue declined 15.69% to RM99.41 million from RM117.92 million. The group has declared a first interim dividend of five sen per share, payable on Aug 15. This is higher than the one sen dividend paid a year earlier. — Atlan declares higher dividend despite posting lowest quarterly profit in three years 

Propel Global Bhd (KL:PGB) has proposed a private placement of up to 73.02 million new shares, representing about 10% of its total issued shares, to yet-to-be-identified investors to raise as much as RM6.57 million for working capital. The oil and gas (O&G) services provider said RM2 million of the proceeds will be used to secure bank guarantees for new project tenders, such as marine heating, ventilation, and air conditioning (HVAC), and construction services. Of the balance, RM4.48 million will be used for general administrative expenses such as staff wages, voluntary separation schemes, rent, and utilities. — Propel Global proposes placing out 10% of its shares to raise funds for working capital 

Shares of Sarawak Cable Bhd (KL:SCABLE) will be delisted from Bursa Malaysia on July 15, after the exchange dismissed the financially distressed company’s appeal for an extension of time to submit its regularisation plan. Sarawak Cable said Bursa Malaysia has rejected its request for more time — up to Dec 31, 2025 — to submit its regularisation plan to address its Practice Note 17 (PN17) status. The delisting will see the Sarawak Cable, which is principally involved in the manufacturing and trading of power cables and wires, continue to exist as an unlisted entity. The company said it will maintain its shareholders’ information in its register and continue with its operations and corporate restructuring. However, its shares will no longer be quoted or traded on Bursa Malaysia. — Sarawak Cable to be delisted on July 15 after failing to get more time to submit regularisation plan 

Power tool and industrial equipment maker Jasa Kita Bhd (KL:JASKITA) said trading in its shares will be suspended from Friday (July 11), pending an announcement. Bursa Malaysia Securities approved the company’s request for the trading suspension, Jasa Kita said. Jasa Kita shares have been on the rise since the start of the week. The counter closed 2.5 sen or 7.35% higher at 36.5 sen on Thursday, valuing the company at RM164.09 million. It has gained over 21% over the three market days, following its Monday's close of 30 sen. — Jasa Kita advises on trading suspension ahead of announcement 

Enproserve Group Bhd (KL:ENPRO), slated for listing on the ACE Market of Bursa Malaysia on July 18, said the 52.5 million new shares it offered to the Malaysian public under its initial public offering (IPO) have been oversubscribed by 0.43 times. The shares were part of the 315 million shares offered under its IPO, comprising 210 million new shares and an offer for sale of 105 million existing shares at 24 sen each. Enproserve said it received 1,414 applications from the Malaysian public for 74.96 million shares, valued at RM17.99 million. — ACE-bound Enproserve's IPO sees 0.43 times oversubscription