Malaysian Investor Thread

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WORLD 2022
Part 80: Hong Kong | Berjaya Corp Bhd
Berjaya Corp proposes deregistration of Hong Kong-based eCosway.com, Tact Full
Dilpreet Kaur October 20, 2022 14:25 pm +08

KUALA LUMPUR (Oct 20): Berjaya Corp Bhd (BCorp) is voluntarily deregistering its Hong Kong-based 100%-owned dormant subsidiaries eCosway.com (HK) Ltd and Tact Full Ltd pursuant to Section 750 of the Hong Kong Companies Ordinance.

In a Bursa Malaysia filing on Wednesday (Oct 19), diversified group BCorp said the proposed deregistration of eCosway.com and Tact Full is subject to approvals from the Hong Kong Inland Revenue Department for tax clearance and Hong Kong Companies Registry.

"The proposed deregistration will not have any effect on the issued share capital and shareholding structure of BCorp and is not expected to have any material effect on the earnings, net assets and gearing of the BCorp.

"None of the directors and major shareholders of BCorp and/or persons connected with them has any interest, direct or indirect, in the proposed deregistration," BCorp said.

At Bursa on Thursday, BCorp's share price settled unchanged at 23.5 sen at the 12.30pm break for a market value of about RM1.4 billion.

BCorp's latest-reported number of outstanding shares stood at around 5.96 billion.

The diversified businesses of BCorp include property development, food and beverage besides education, according to its website.

https://www.theedgemarkets.com/artic...ycom-tact-full

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ASEAN 2022
Part 84: Singapore | Genting
Genting Singapore climbs on peer Las Vegas Sands’ earnings beat
Ishika Mookerjee/Bloomberg October 20, 2022 11:21 am +08

(Oct 20): Shares in casino operator Genting Singapore jumped as much as 5.2%, the most since July 22, after peer Las Vegas Sands beat property earnings estimates for the third quarter and gave a positive outlook for its Singapore operations.

Las Vegas Sands cited “further progress in Singapore’s recovery”, with Marina Bay Sands reaching US$343 million (RM1.62 billion) in adjusted property earnings before interest, tax, depreciation and amortisation in the third quarter versus US$15 million a year ago.

Genting Singapore's share trading volume was 1.8 times the three-month full-day average.

Comments on Marina Bay Sands have a positive read across for Genting Singapore, said Bloomberg Intelligence analyst Angela Hanlee.

However, “Genting’s Resorts World Sentosa has slightly more problems than Marina Bay Sands, because Genting has been suffering from a labour shortage”, she added.

Genting Singapore's share price is up 3.2% this year, versus a decline of a similar magnitude in the benchmark Straits Times Index.

https://www.theedgemarkets.com/artic...-earnings-beat

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WORLD 2022
Part 81: China | Parkson Holdings Bhd
Parkson’s HK-listed indirect unit wins tenancy bid for 20-year lease in Sichuan province
Lam Jian Wyn October 26, 2022 12:18 pm +08

KUALA LUMPUR (Oct 26): An indirect unit of Parkson Holdings Bhd’s 54.97%-owned Hong Kong-listed subsidiary Parkson Retail Group Ltd has won a tender for a 20-year tenancy in Mianyang, a city within the Sichuan province of China.

In a bourse filing, Parkson said Mianyang Fulin Parkson Plaza Co Ltd received a successful bidding notice on Tuesday (Oct 25) confirming that it had won the bid in the tender for tenancy of part of LG1, and levels one to four of buildings on the east side of Chuan Ye Da Dao, Mianyang Science and Technology City New District.

Mianyang Fulin’s winning bid for the space measuring 60,000 sq m was about 21.6 million yuan (RM14.01 million).

“The board considers that the tenancy of the property plays an important role in the development of the group’s business in the Mianyang city, and is in line with the group’s development strategy in the Sichuan province.

“The property is tailor-made for the group, located in the new district of the Mianyang city established in 2020, and is being developed by the local government for an important business circle. The board believes that the tenancy will have a positive impact on the future development of the company,” said Parkson.

According to the group, it will enter into a cooperation agreement with landlord Mianyang New Investment Industrial Co Ltd within 45 business days of receving the notice, and negotiate and finalise the terms of the tenancy via a supplemental agreement within another 45 business days from the date of the cooperation agreement, before entering into the tenancy agreement within five days of the landlord obtaining the construction project planning permit for the property.

At the time of writing, Parkson was unchanged at 12 sen, with a market capitalisation of RM132.57 million.

https://www.theedgemarkets.com/artic...chuan-province

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WORLD 2022
Part 82: UAE | Genomics and biopharmaceutical specialist Malaysian Genomics Resource Centre Bhd (MGRC)
Malaysian Genomics partners Middle Eastern companies to market products in the UAE
October 26, 2022 23:24 pm +08

KUALA LUMPUR (Oct 26): Genomics and biopharmaceutical specialist Malaysian Genomics Resource Centre Bhd (MGRC) has teamed up with American Spine Centre, Wellness By Design FZ LLC, Balsam Health Services and IAC International LLC to market and distribute the group's Dtect® range of genetic screening services in the United Arab Emirates (UAE).

In a bourse filing on Wednesday (Oct 26), MGRC said it has signed a strategic collaboration agreement (SCA) with the four parties to enable them to collaborate, explore and monetise MGRC’s products in the UAE. The collaboration will be for one year.

“The collaboration will allow the parties to coordinate their efforts in the development and marketing of the Dtect® range of genetic screening services of MGRC within the UAE,” it added.

MGRC shares closed unchanged at 67 sen on Wednesday, bringing the company a market capitalisation of RM83.22 million.

https://www.theedgemarkets.com/artic...t-products-uae

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ASEAN 2022
Part 85: Indonesia | CIMB
CIMB Niaga's 9MFY22 PBT rises 22.5% y-o-y to 5 tril rupiah on strong business growth, better cost control
Syafiqah Salim October 26, 2022 19:25 pm +08

KUALA LUMPUR (Oct 26): CIMB Group Holdings Bhd's 92.5%-owned PT CIMB Niaga Tbk's announced that its unaudited consolidated profit before tax (PBT) for the nine months ended Sept 30, 2022 (9MFY22) rose 22.5% year-on-year (y-o-y) to 5.02 trillion rupiah (RM1.52 billion) from 4.1 trillion rupiah.

This translated into higher earnings per share of 154.13 rupiah from 126.38 rupiah, according to CIMB Group's filing with Bursa Malaysia on Wednesday (Oct 26).

The solid results in 9MFY22 were due to improved revenues coming from strong business growth, excellent cost control and better underlying asset quality trends, said CIMB Niaga president director Lani Darmawan in a statement.

"These results allowed us to create more value to our shareholders. We maintain a positive outlook for the rest of 2022 with strong growth in our key focused segments, auto loans, mortgages, SME (small and medium enterprise) and corporate.

"The strength of our franchise is further evident by our strong capital & liquidity position. Our business strategy execution is progressing well, and we are on track in delivering our financial targets in 2022," said Lani.

CIMB Niaga's capital adequacy ratio closed at 21% and loan-to-deposit ratio closed at 86.9% as of Sept 30.

Its total consolidated assets stood at 307 trillion rupiah, solidifying the bank's position as Indonesia's second largest privately owned bank.

Additionally, total deposits reached 221.9 trillion rupiah with current account and savings account ratio rising to 67.7%, which was attributed to deepening customer relationship and customer experience through digital touchpoints.

"As part of our continuous efforts in providing the best to our customers, we have recently launched our customer experience campaign 'Anda #YangUtama' (#YouMatter). This initiative emphasises our commitment to customers who have placed their trust in CIMB Niaga. In addition, we continue to strive to provide up-to-date and relevant financial solutions, including through our Digital Super App OCTO Mobile," Lani said.

Furthermore, CIMB Niaga's total loans or financing stood at 194.7 trillion rupiah, contributed mainly by growth in corporate banking (rose 12.8% y-o-y) and consumer banking (up 14.7% y-o-y).

Mortgages grew by 8.6% y-o-y while auto loans rose 52.4% y-o-y, including contributions from the bank's subsidiary, PT CIMB Niaga Auto Finance.

In shariah banking, CIMB Niaga's Islamic Business Unit (CIMB Niaga Syariah) maintained its position as the largest Islamic business unit in Indonesia, with total financing valued at 45.2 trillion rupiah and deposits at 34.6 trillion rupiah as of Sept 30.

Shares of CIMB slipped four sen to close at RM5.55 on Wednesday, translating into a market capitalisation of RM58.24 billion.

https://www.theedgemarkets.com/artic...th-better-cost

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ASEAN 2022
Part 86: Indonesia | Maybank
OJK approves Datuk Khairussaleh Ramli's appointment as PT Bank Maybank Indonesia president commissioner
By NST Business - October 13, 2022 @ 11:13am

KUALA LUMPUR: The Indonesian Financial Authority (OJK) has approved the appointment of Datuk Khairussaleh Ramli as PT Bank Maybank Indonesia Tbk president commissioner, effective Oct 4, 2022.

Khairussaleh is the Malayan Banking Bhd (Maybank) group president and chief executive officer.

Khairussaleh looks forward to continuing working with Maybank Indonesia's board of directors, commissioners, and the banking industry regulators, aiming to spur economic and social growth in Indonesia while driving the bank's operations to greater heights by tapping unrealised opportunities.

"Indonesia as a market has seen tremendous growth pre-Covid, and we are seeing the traction rebuild post-pandemic.

"Given the potential of this market and being one of Maybank's home markets, we will continue to build on our rich history and expertise to enhance our banking footprint in the archipelago," he said in a statement today.

Khairussaleh, who was previously Maybank Indonesia's president director and chief executive officer between 2012 and 2013, has deep knowledge of the Indonesian market and was instrumental in turning around Bank Internasional following Maybank's acquisition of it in 2008.

"Indonesia remains a key focus market for the group under the current strategic plan.

"We hope to strengthen Maybank Indonesia's fundamentals through a clear target and proposition segmentation, differentiating ourselves through key growth levers and optimising the operations further," he added.

Meanwhile, Maybank president director Taswin Zakaria said Maybank Indonesia's management would continue to work closely with Khairussaleh to operationalise its M25 ambitions.

"Khairussaleh is well acquainted among us as he had previously led Maybank Indonesia for almost two years.

"With his experience and deep knowledge of Indonesia and Maybank Indonesia, we are optimistic about accelerating our M25 strategies implementation and being able to contribute sustainably to the economy and the communities where we operate," said Taswin.

https://www.nst.com.my/business/2022...bank-indonesia

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WORLD 2022
Part 83: Taiwan | Gamuda Bhd
Gamuda clinches RM2.13 bil railway job from Taiwanese govt
Izzul Ikram October 27, 2022 20:27 pm +08



Artist’s impression of the PingZhen underground commuter station.

KUALA LUMPUR (Oct 27): Gamuda Bhd has bagged a NT$14.5 billion (RM2.13 billion) contract to construct an underground rail track and commuter station in Taiwan's TaoYuan city, jointly with a local company.

Gamuda said it was appointed as the main contractor for the the package of the TaoYuan City Underground Railway Project by Taiwan's transportation ministry and state-owned railway company Communications’ Railway Bureau.

The job was awarded to a 60:40 joint venture between Gamuda and Asia World Engineering & Construction Co (AWEC), said Gamuda, adding that the group was expected to receive RM1.28 billion in revenue (60% of the RM2.13 billion) from the contract.

AWEC is a Taiwan-based company principally involved in general civil construction, specialising in geotechnical, hydraulic, architectural and civil engineering.

“The project will require the construction of a 3.734 km underground twin-bound railway track with an underground commuter station at PingZhen, and is estimated to be completed within [eight years],” said Gamuda in a statement.

This is the Malaysian engineering, property and infrastructure group's sixth project in Taiwan.

The group noted that its first project in the country was a 3.86km package of the 43km Kaohsiung Metropolitan Mass Rapid Transit Line.

“Gamuda’s ongoing projects in Taiwan include the construction and completion of a 1.23km marine bridge at Guantang, and a 376-metre extension of the bridge; a 4,014m-long seawall at the Taipei Port and a 7.3km 161-kilovolt underground transmission line from Songshu to Guanfeng,” added Gamuda.

Shares of Gamuda ended eight sen or 2.08% higher at RM3.93 on Thursday (Oct 27), giving the group a market capitalisation of RM10.18 billion.

https://www.theedgemarkets.com/artic...taiwanese-govt

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ASEAN 2022
Part 87: Indonesia | Maybank
Maybank's Indonesian unit records "stable" profits
By Asila Jalil - October 28, 2022 @ 3:48pm

KUALA LUMPUR: Maybank Indonesia posted net earnings of 1.06 trillion rupiah (RM321.62 million) for its consolidated nine months ended Sept 30, 2022.

In a statement, the bank said despite a growth in loans, interest income was lower due to lower loan yields, which were impacted by the tight competition for loans.

However, the bank booked lower provisions as loan quality and cost of funds improved, and well-contained overheads.

Net interest margin (NIM) grew slightly by two basis points (bps) to 4.8 per cent in September 2022 due to lower cost of funds.

Non-retail loan specifically for retail small and medium enterprises (RSME) grew 5.7 per cent to 12.76 trillion rupiah (RM3.87 billion) from 12.07 trillion rupiah (RM3.66 billion).

In the larger loan segment, loans for SME grew 1.3 per cent to 5.08 trillion rupiah (RM1.54 billion) due to resumption of business and market activities.

https://www.nst.com.my/business/2022...stable-profits

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WORLD 2022
Part 84: China| Pharmaniaga Bhd
Pharmaniaga enters China market via partnership with JD.com
By Bernama - October 31, 2022 @ 2:30pm

PETALING JAYA: Pharmaniaga Bhd has ventured into the second largest world consumer market, China, through inking a significant collaboration with JD.com, the republic's biggest online company by revenue.

Pharmaniaga group managing director Datuk Zulkarnain Md Eusope said that the partnership would enable the company's access to 570 million JD.com users and subsequently to a population of over 1.4 billion in China.

"We need a high calibre partner and have chosen JDMas Commerce Sdn Bhd, the operator of JD.com, to commercialise our products as JDMas already possessed an established logistics and distribution network in China.

"Tapping China's market is not easy especially for pharmaceutical products.

https://www.nst.com.my/business/2022...ip-jdcom%C2%A0

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MALAYSIAN INVESTOR
ASEAN
Part 88: Thailand, Indonesia | Sersol Bhd
Sersol partners Thailand's Takuni Group to manufacture, market EV bikes
By NST Business
November 1, 2022 @ 12:29pm



The JV entails the setup of a battery factory in Malaysia, harnessing energy storage and improving battery quality and efficiency, as well as producing high-quality charging platforms for EV motorcycles and e-scooters.The JV entails the setup of a battery factory in Malaysia, harnessing energy storage and improving battery quality and efficiency, as well as producing high-quality charging platforms for EV motorcycles and e-scooters.

KUALA LUMPUR: Sersol Bhd has partnered with Thailand energy giant and electric vehicle (EV) motorbike specialist Takuni Group PCL to anchor business growth plans within Malaysia, Indonesia and Thailand.

The joint venture was inked in Bangkok, announcing Sersol's investment portfolio diversification to incorporate a Malaysian entity to handle the manufacturing, marketing and distribution of EV motorbike batteries, EV batteries and charging platforms throughout the region.

The JV entails the setup of a battery factory in Malaysia, harnessing energy storage and improving battery quality and efficiency, as well as producing high-quality charging platforms for EV motorcycles and e-scooters.

Sersol managing director Datuk Wira Justin Lim Hwa Tat said the company is meeting the critical needs of the ongoing global energy and climate crisis.

https://www.nst.com.my/business/2022...arket-ev-bikes

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ASEAN
Part 89: Indonesia | Sime Darby Plantation Bhd
Sime Darby Plantation’s downstream arm invests US$150m to build new refinery in Sumatera
Priyatharisiny Vasu November 08, 2022 11:51 am +08

KUALA LUMPUR (Nov 8): Sime Darby Plantation Bhd’s downstream arm Sime Darby Oils (SDO) is investing over US$150 million (RM711.18 million) for the construction of a new specialty oils and fats refinery in Sumatera.

In a statement on Tuesday (Nov 7), the company said the refinery will be located at the Sei Mangkei Special Economic Zone in North Sumatera’s Simalungun region with a built-up area of 16ha.

The refinery is expected to begin production in 2024.

Upon completion, it will contribute an annual production capacity of more than 450,000 tonnes of palm and lauric based products.

According to SDO’s managing director Mohd Haris Mohd Arshad, the company’s latest investment reflects SDO’s long-term commitment to Indonesia and to contributing to the development of the North Sumatera region.

“The Sei Mangkei refinery is Sime Darby Oils’ biggest investment in Indonesia to date and will be our second refinery investment in this country after our Pulau Laut refinery in Kalimantan.

“It shall employ world-class technologies to produce our specialty oils and fats as well as more value-added products for export markets,” said Mohd Haris.

SDO’s latest refinery is the company’s fourth downstream asset in Indonesia.

It operates a refinery in Pulau Laut, which began operations in 2014, and two kernel crushing plants in Rantau, South Kalimantan and in Pemantang, Central Kalimantan.

The Sei Mangkei refinery, SDO’s first facility in the Sumatera region, is expected to leverage existing crude palm oil production within the region through Minamas Plantation, Sime Darby Plantation’s Indonesian subsidiary.

Mohd Haris said Sei Mangkei is a strategic location due to its good inbound and outbound access as well as proximity to both bulk and containerised ports.

The region is also among the special economic zones established by the Indonesian government that are implementing green growth principles to attract more green investment opportunities into the country.

“Hence, the decision by SDO to build its new refinery in the region aligns with SDO’s own target to contribute towards the Sustainable Development Goals, particularly Goal 12 of ensuring sustainable consumption and production patterns,” he said.

At 11.05am, Sime Darby Plantation shed 0.92% or four sen to RM4.32 with 320,600 shares traded.

https://www.theedgemarkets.com/artic...inery-sumatera

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WORLD 2022
Part 85: China| Pharmaniaga Bhd
Touch 'n Go expands cross-border payment reach to China
By Asila Jalil - November 7, 2022 @ 7:46pm



TNG Digital chief executive officer Alan Ni and Ant Group president of international business Angel Zhao.

KUALA LUMPUR: Touch 'n Go Group, via TNG Digital Sdn Bhd (TNG Digital), has expanded its cross-border payment capabilities to Mainland China.

This capability is made available through its collaboration with Alipay+, a suite of global cross-border digital payments and marketing solutions operated by Ant Group.

TNG Digital chief executive officer Alan Ni said it was pleased to continue its partnership with Alipay+ on cross-border payment solutions and expand its service territory beyond Singapore, Japan and South Korea.

"Touch 'n Go eWallet is the first Malaysian eWallet which can be used for payments in mainland China.

"This augurs well for all our users travelling there as they will enjoy the ease of making cashless payments, and in the ringgit as well," said Ni.

Ni expects users to experience the same seamless convenience of using Touch 'n Go eWallet in China as how they would in Malaysia, with the assurance that their transactions are safe and secure.

Ant Group president of international business Angel Zhao said Alipay+ was playing an important role in connecting global brands – both online and offline, big and small – with mobile-savvy consumers worldwide.

"Through simple adaption, more than 2.5 million merchants around the world are able to access and better serve the growing user population of various leading digital payments providers, as digital transformation takes hold around the world," said Zhao.

Over the past six months, Alipay+ has been gaining ground in markets including Southeast Asia, South Korea and Japan, connecting local and regional merchants with various digital payment methods.

China has become the latest destination for users of Malaysia's Touch 'n Go eWallet in a drive to enhance a seamless and convenient payment experience for international visitors ahead of the Hangzhou Asian Games.

The global merchant coverage of Alipay+ by sector includes over 1,000 online platforms, more than 10 major airports, over 90,000 convenience stores, over 360,000 restaurants, nearly 200,000 taxis and major hotel brands, department stores, duty-free shops and tourist facilities in Asia and Europe.

https://www.nst.com.my/business/2022...nt-reach-china

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WORLD 2022
Part 86: Brazil | Petroliam Nasional Bhd
Petronas makes first oil discovery in Brazil's Sepia field
By NST Business - November 8, 2022 @ 1:15pm

KUALA LUMPUR: Petroliam Nasional Bhd subsidiary Petronas Petróleo Brasil Ltd has today announced its first oil discovery in 4-BRSA-1386D-RJS well in the pre-salt Sépia oil field in Brazil.

The well is located in the Santos Basin, about 250 km off the coast of Rio de Janerio, at a water depth of about 2,000 metres.

"The net oil column is one of the thickest ever recorded in Brazil," Petronas said in a statement today.

The significant discovery was made within the Sépia Co-Participated Area, which covers the Sépia transfer of rights (ToR) contract and Sepia ToR surplus production sharing contract awarded to Petrobras, TotalEnergies, QatarEnergy and Petronas Petroleo, with Pré-Sal Petróleo S.A (PPSA) as manager.

Petronas Petroleo and its consortium partners won the Sépia ToR surplus production sharing contract during Brazil's second transfer of rights surplus bidding round in Rio de Janeiro last year.

Petronas exploration vice president Mohd Redhani Abdul Rahman said it was "extremely encouraged with this notable discovery in one of the world's most prolific basins".

He said Petronas would continue its decarbonisation efforts to sustainably develop and monetise the Sépia field, while strengthening its portfolio in Brazil, in line with its global growth strategy.

Petronas Petroleo has participating interests in the Tartaruga Verde (BM-C-36 concession) and Module III of the Espadarte (Espadarte concession) deepwater fields located in the Campos Basin, offshore Brazil.

It also holds participating interests in three other deepwater exploration blocks in the Campos Basin (C-M-661, C-M-715 and C-M-541).

https://www.nst.com.my/business/2022...ls-sepia-field

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WORLD 2022
Part 87: Brazil | Ranhill Utilities Bhd
Ranhill bags RM124 mil FPSO service contract from Brazil's Petrobras
Justin Lim November 14, 2022 22:55 pm +08

KUALA LUMPUR (Nov 14): Ranhill Utilities Bhd has bagged a US$27 million (RM124 million) contract to perform detail design engineering services for a new floating, production, storage and offloading (FPSO) vessel for Brazil's state-owned oil and gas (O&G) company Petrobras.

In a Bursa Malaysia filing, Ranhill said the project was secured by its 51%-owned subsidiary Ranhill Worley Sdn Bhd from Singapore-based Semcorp Marine Integrated Yard Pte Ltd.

Ranhill Worley is principally involved in the provision of engineering and design services of O&G facilities in the energy, chemical and resource sector.

Ranhill said the vessel to be built, P-82, would be one of the largest vessels to be deployed in the Buzios field, an ultra-deep-water O&G field covering an area of 853 square kilometres in the pre-salt Santos Basin, about 180 kilometres off the coast of Rio de Janeiro in Brazil.

P-82 is part of Petrobras' new generation of production facilities, characterised by their high production capacity and the technologies utilised to reduce cardon dioxide emissions. The unit will also be equipped with water injection capacity of 250,000 barrels per day and a storage capacity of two million barrels of oil.

Ranhill said the duration of the detailed engineering phase is anticipated to be 14 months with follow-on engineering support thereafter. The project is expected to contribute positively to Ranhill's revenue and earnings for the financial year ending Dec 31, 2023.

Ranhill's share price closed unchanged at 38 sen on Monday (Nov 14), for a market capitalisation of RM492 million.

https://www.theedgemarkets.com/artic...zils-petrobras

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WORLD 2022
Part 88: China | MY E.G. Services Bhd
MYEG signs 4-year agreement for international extension of China's blockchain network
Surin Murugiah November 21, 2022 08:58 am +08

KUALA LUMPUR (Nov 21): MY E.G. Services Bhd has inked a four-year collaboration agreement with the Institute of Industrial Internet and Internet of Things of the China Academy of Information and Communications Technology (CAICT).

In a bourse filing on Monday (Nov 21), the company said that under the deal, MY E.G. will own and operate the Xinghuo International Supernode that will provide connectivity from China to the rest of the world.

It said the agreement also entails the cross-border adoption and utilisation of the latest Decentralised Identifier standard (BID) to gradually create the Web3 of China and beyond.

MY E.G. said the 4 years initial term is renewable upon expiry subject to further negotiation.

“It has no fixed value and is determined by the number of transactions on Xinghuo International Supernode,” it said.

The company said the agreement is expected to contribute positively to its earnings for the financial year ending Dec 31, 2022 and onwards.

Trading in the securities of MY E.G. was halted for one hour from 9am on Monday and will resume at 10am.

https://www.theedgemarkets.com/artic...kchain-network

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ASEAN
Part 90: Indonesia | Caely Holdings Bhd
Caely to form 60:40 JV company in Indonesia
Syafiqah Salim November 21, 2022 23:17 pm +08

KUALA LUMPUR (Nov 21): Caely Holdings Bhd is going to form a joint venture (JV) company to carry the business of apparel manufacturing, undergarments and lingerie in Jakarta, Indonesia.

In its filing with Bursa Malaysia, it said wholly-owned unit Classita (M) Sdn Bhd entered into a shareholders’ agreement with Jakarta-based PT Bintang Mas Jogja (BMJ) to set up a company (newco) on Nov 18.

This would provide the troubled lingerie maker with an opportunity for growth expansion, as well as to access new markets and distribution networks, it added.

Classita and BMJ will hold 60% and 40% stake respectively in the company, which will have an initial issued and paid-up capital of RM1.74 million (IDR6 bil).

The directors of Classita are Ng Keok Chai, Leong Seng Wui, Hor Weng Kuan and Kenny Khow Chuan Wah. BMK’s directors are Andrew Teguh and Robert Teguh.

Caely added that the execution of the shareholders’ agreement is expected to contribute positively to the group’s earnings in future.

The Edge reported last month that the expansion into Indonesia will help reduce the group’s operating costs due to lower wages and abundant skilled worker supply there, as well as help Caely grow its customer base.

Caely, which is embroiled in allegations of corruption and misuse of funds, reported a net loss of RM352,000 for the three-month period from April 1 to June 30, on a revenue of RM15.75 million.

Caely shares were last traded at 28 sen, for a market capitalisation of RM96.62 million.

https://www.theedgemarkets.com/artic...pany-indonesia

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WORLD 2022
Part 89: Argentina | Petronas
Petronas, Argentina’s YPF looking for partners to help build US$10b terminal — report
Surin Murugiah December 07, 2022 10:17 am +08

KUALA LUMPUR (Dec 7): Petroliam Nasional Bhd (Petronas) and Argentina's state-backed energy company YPF plan to look for partners to help build a US$10 billion (RM43.96 billion) liquefaction terminal and related infrastructure, a key for boosting output from the Vaca Muerta shale play.

Citing an unnamed company source, S&P Global Commodity Insights on Tuesday (Dec 6) said the companies signed a memorandum of understanding for the project in September, saying that the target is to reach 25 million MT a year of liquefied natural gas (LNG) exports in 10 years.

The source said the five-train liquefaction terminal will be built in Bahía Blanca, a port in the southern Buenos Aires province, and will be supplied by a dedicated pipeline from Vaca Muerta in northern Patagonia.

YPF, the biggest gas producer in Argentina, and Petronas plan to look for partners for building and financing the plant in modules, helping to stretch out the capital requirements, the source said.

As a first step, the source said they will build the pipeline to deliver gas to two floating liquefaction terminals supplied by Petronas.

The exports from these vessels will help bring in the revenue for paying for the construction of the onshore terminal.

Pivotal law

A key for moving forward with the project is the approval of a bill designed to promote investment in LNG export infrastructure.

"The bill is a priority," the source said.

Without the legal, regulatory and tax stability that the law would provide, it will be hard to attract investors for the project and buyers for the LNG, the source warned. Argentina has a reputation for sudden changes in regulations and taxes that have made it difficult to fulfil export contracts or curbed profits, exposing sellers to legal challenges.

The source said the bill is expected to go to Congress during the extraordinary sessions that run from December to the end of February.

If the bill is approved, YPF and Petronas will sign a contract for the project and begin to arrange partners, including for supplying gas for export.

https://www.theedgemarkets.com/artic...nal-—-report

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WORLD 2022
Part 90: China | SIRIM Bhd
SIRIM sets up Hunan SIRIM Huasheng Certification Company in China
Bernama December 02, 2022 13:26 pm +08

KUALA LUMPUR (Dec 2): SIRIM Bhd has spread its wings to China to set up Hunan SIRIM Huasheng Certification and Inspection Co Ltd, a joint venture company between SIRIM QAS International and Hunan Huasheng International Trade Consultancy, to provide certification services.

SIRIM chairman Tan Sri Dr Ahmad Tajuddin Ali said the joint venture company located in Hunan province will begin operation in January 2023 providing certification services, particularly International Automotive Task Force (IATF) 16949 standard, inspection and training activities.

“With this joint venture company, SIRIM QAS International has a foothold in China, chiefly in the China automotive manufacturing sector, which is the world’s largest sector, accounting for the production of 21 million passenger cars in 2021,” he said during the Majlis SIRIM Industri (MSI) 2022.

The IATF 16949 standard is an international standard for automotive quality management system developed by IATF, and SIRIM QAS, a wholly owned subsidiary of SIRIM, is the only certification body in Southeast Asia recognised by the IATF.

President and group chief executive officer Datuk Dr Ahmad Sabirin Arshad said the investment for the joint venture company was valued at about RM1 million with the target to generate millions in revenue in years to come as the industry has been booming recently.

“The intention for the certification through this collaboration was to bring certified products to the international market and not just into Malaysia,” he told reporters.

As China is under lockdown at the moment, Ahmad Sabirin said the certification work would be done remotely and would be intensified by next year once the lockdown eased, which is expected to be after the Chinese New Year festival next year.

At the MSI 2022, he said the environmental, social and governance (ESG) themed event is an annual affair to strengthen the relationship and collaboration between SIRIM, the industry and the government agencies, while helping the government to embrace ESG as the main agenda.

“We are also working with the Ministry of International Trade and Industry (MITI) to come out with a new certification which combines all three elements in ESG into one certification and Malaysia wants to take the lead to embark on the journey,” he said.

Meanwhile, Ahmad Tajuddin noted that there may be some reluctance in adopting ESG due to misconceptions and higher cost, however, organisations should be aware that safeguarding the future was not something that could be measured in ringgit or sen.

“I hope that more organisations in Malaysia will engage with SIRIM and our subsidiaries and take up our various programmes and certifications to show that they are ESG conscious,” he said.

The event was officiated by MITI deputy secretary-general (Investment) Datuk Bahria Mohd Tamil.

https://www.theedgemarkets.com/artic...-company-china


https://www.astroawani.com/berita-bi...uasheng-394715

[nazrey]

WORLD 2022
Part 91: Italy | MAA Group Bhd
MAA buys Italian company for RM10 mil in related party transaction
Justin Lim December 02, 2022 19:15 pm +08

KUALA LUMPUR (Dec 2): MAA Group Bhd is acquiring an Italian company for €2.2 million (RM10.15 million) in a related party transaction.

In a Bursa Malaysia filing, MAA said its wholly owned subsidiary Edumaax Sdn Bhd has entered into an agreement with MAACA Labuan Ltd, Tunku Datuk Yaacob Khyra and Samuele Minotti for the proposed acquisition of Villa Castiglioni SRL (VC).

Tunku Yaacob, who is a director and shareholder of VC, is also the executive chairman of MAA. He also has indirect interests in VC via his interests in MAACA Labuan Ltd.

VC's principal business is in Milan, and the group owns a property known as Villa Castiglioni in Italy. There is an intention to convert the villa into a boarding school.

MAA said the acquisition would provide the group with an opportunity to build a stable stream of income and profits in the education business segment, and to enjoy the potential capital appreciation in the value of the property.

"In addition to the MAA Group's involvement in international school and tuition industry in Malaysia, the proposed acquisition will allow the group to penetrate into the buoyant global international school market," it said.

MAA's education sector consists of Imperium International College, St John's International School and Kasturi Academy, its 2022 annual report showed.

MAA's share price closed up 1.5 sen or 3.95% at 39.5 sen on Friday (Dec 2), giving the group a market capitalisation of RM104 million.

Year-to-date, the stock has depreciated 38%, from 64 sen on Jan 3.

https://www.theedgemarkets.com/artic...ty-transaction

[nazrey]

WORLD 2022
Part 92: Angola | Yinson Holdings Bhd
Yinson inks RM956m FPSO deal in Angola
Surin Murugiah December 05, 2022 10:10 am +08

KUALA LUMPUR (Dec 5): Yinson Holdings Bhd has inked an agreement for preliminary activities with Azule Energy, through its wholly owned subsidiary Eni Angola SpA, to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.

In a statement on Monday (Dec 5), Yinson said Azule is Angola's largest independent equity oil and gas producer, and a 50-50 joint venture between BP plc and Eni SpA.

The agreement outlines both parties' interests in commencing preliminary work in order to meet the project schedule, while finalising firm contract(s) for the project.

The term of the agreement for preliminary activities is 60 days, with an approximate aggregate value of US$218 million (RM956 million).

Trading of the securities in Yinson was halted for one hour from 9am to 10am on Monday.

https://www.theedgemarkets.com/artic...so-deal-angola