KUALA LUMPUR (March 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Permodalan Nasional Bhd (PNB) has decided not to accept the voluntary takeover offer by Sunway Bhd (KL:SUNWAY) for its 13.5% stake in IJM Corp Bhd (KL:IJM), citing the offer’s valuation, small cash component, as well as IJM’s dividend prospects and long-term growth potential. It said the decision was made after a thorough, comprehensive and independent assessment, in accordance with PNB’s investment process and governance framework. It also stressed that its decision should not be interpreted as guidance for other shareholders. — PNB rejects Sunway’s takeover offer for IJM over valuation, small cash component

Meanwhile, IJM said the takeover bid reflects the low point in its earnings cycle as the company urged shareholders to reject the offer. Group chief executive officer Datuk Lee Chun Fai said the construction and infrastructure company is in a period where several major assets are still in development or incubation stages and have yet to fully produce earnings. — IJM says takeover offer reflects low point in earnings while asset value stays high

Pharmaniaga Bhd (KL:PHARMA) will be lifted from the Practice Note 17 (PN17) category effective Tuesday (March 17), ending its three-year stint as a financially distressed company. The upliftment follows Bursa Securities' approval of the group's application for removal from the category. — Pharmaniaga to exit PN17 on Tuesday

Advancecon Holdings Bhd (KL:ADVCON) has appointed former inspector general of police (IGP) Tan Sri Razarudin Husain @ Abd Rasid as its new independent, non-executive chairman, with immediate effect. Razarudin, 63, succeeds Yeoh Chong Keat, who resigned after serving on the board for nearly 10 years since his appointment in August 2016. Also joining the board as Advancecon's independent and non-executive directors are Datuk Loo Took Gee and Wee Chuan Lii. — Former IGP Razarudin joins Advancecon as chairman after brief stint at NexG Bina

 Keyfield International Bhd (KL:KEYFIELD) has secured eight charter contracts for the provision of accommodation work boats (AWBs) and an anchor handling tug supply (AHTS) vessel, with a combined value of RM162 million. The contracts involve the charter of seven AWBs and one AHTS vessel to various petroleum arrangement contractors and oil and gas contractors across Malaysia, Qatar, the United Arab Emirates and Thailand, and carry extension options worth an additional RM84 million. — Keyfield bags RM162 mil worth of charter contracts

Aneka Jaringan Holdings Bhd (KL:ANEKA) has bagged two letters of award with a combined value of RM95.65 million for works on the New Pantai Highway (NPE) extension project and a high-rise residential development in Seputeh. The first letter of award was from IJM Construction Sdn Bhd for bored piling and reverse circulation drilling works for Package 1 (Sections 1 & 2A) of the NPE extension, while the second was awarded by MRCB Builders Sdn Bhd for earthwork, piling and pile cap works under a proposed 50-storey apartment project. — Aneka Jaringan bags RM95.65m contracts for NPE extension, Seputeh residential development

ITMAX System Bhd’s (KL:ITMAX) 65%-owned unit, Southmax Sdn Bhd, has secured a 15-year contract to operate a smart on-street parking system in Johor Bahru. No value was disclosed for the contract that will run from May 1, 2026, to April 30, 2041. ITMAX said revenue collected from the parking system will be shared on a 70:30 basis between Southmax and the Johor Bahru City Council respectively. — ITMAX unit appointed to operate smart on-street parking in JB for 15 years

Dialog Group Bhd's (KL:DIALOG) unit, Dialog Chemicals Sdn Bhd, and Diyou PCR Sdn Bhd are disposing of their respective 51% and 49% equity stakes in their joint venture (JV) to funds managed by circular economy investment management firm Circulate Capital. Dialog and Diyou will be paid RM1 each, while US$8.5 million (about RM33 million) will be paid directly to the JV, Dialog Diyou PCR Sdn Bhd, to fully repay its bank loan. — Dialog Group divests 51% stake in Dialog Diyou PCR

Gagasan Nadi Cergas Bhd (KL:NADIBHD) group managing director Datuk Wan Azman Wan Kamal has sold a 7.44% stake in the property and construction company, reducing his deemed interest in the company to 57.25% from 64.69%. The stake, comprising 56 million shares, was disposed of on March 13 at 43 sen each. Based on the transacted price, Wan Azman is expected to have pocketed RM24.08 million from the sale. — Gagasan Nadi Cergas MD trims stake to 57%

SDS Group Bhd (KL:SDS) saw the Employees Provident Fund (EPF) cease to be its substantial shareholder after the pension fund's latest round of share disposals. The EPF offloaded 165,000 shares, equivalent to a 0.03% stake, trimming its total shareholding to 27.1 million shares or 4.988% — just below the 5% threshold required for mandatory disclosure as a substantial shareholder. — EPF ceases to be substantial shareholder of SDS Group