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  #261  
Old Posted Jul 2, 2022, 3:26 PM
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Part 54: China | Mudajaya Group Bhd
Mudajaya buys cement maker Real Jade for RM224 mil to expand into China
Izzul Ikram June 30, 2022 20:24 pm +08
Quote:
KUALA LUMPUR (June 30): Mudajaya Group Bhd is buying Real Jade Ltd, which is involved in the manufacturing and trading of cement and clinker in China, at an indicative price of HK$400 million (about RM224.32 million), to expand its trading and manufacturing of construction materials business in the country.

The construction outfit said in a bourse filing on Thursday (June 30) that its indirect wholly-owned subsidiary Xelmont Ltd had inked a share sale and purchase agreement with Minyi Holdings Ltd for the proposed acquisition of Real Jade, which owns and operates a production plant in Shandong.

Aside from cement and clinker, Real Jade is also involved in the provision of energy conservation and reuse solutions through the installation of energy efficient and environmentally-friendly air-conditioning and heating systems for commercial, residential and industrial buildings, according to Mudajaya.

“We see the growth potential in China, and this expansion into the China market will supplement our local trading and manufacturing of construction materials, as well as expand our market presence overseas,” said Mudajaya group managing director and chief executive officer James Wong.

Mudajaya said the expansion will allow it to expand its revenue stream. "The group is confident that the acquisition will contribute positively to the group’s earnings and growth moving forward," it added.

Mudajaya said the purchase price for Real Jade represents a discount of 7.1% to Real Jade's unaudited net assets as at Dec 31, 2021, which amounted to HK$430.498 million.

It plans to fund the purchase via a mix of internal funds and vendor financing.

According to Mudajaya, Real Jade made a profit after tax of HK$164.18 million (RM85.08 million) in FY20, up from HK$22.41 million (RM11.84 million) in FY18, while revenue rose to HK$498.13 (RM258.13 million) from HK$492.22 million (RM259.99 million).

Shares in Mudajaya closed unchanged at 23 sen on Thursday, giving the group a market capitalisation of RM291.99 million.
https://www.theedgemarkets.com/artic...l-expand-china
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  #262  
Old Posted Jul 2, 2022, 3:28 PM
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Part 55: UK | Dagang NeXchange Bhd (DNeX)
DNeX takes delivery of FPSO for Avalon development in the UK
Shazni Ong July 01, 2022 17:59 pm +08
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KUALA LUMPUR (July 1): Dagang NeXchange Bhd (DNeX), via its 90%-owned subsidiary Ping Petroleum UK PLC, has taken delivery of the Sevan Hummingbird floating production storage and offloading (FPSO) vessel from marine energy transportation company Teekay Corp.

In a statement on Friday (July 1), DNeX said the acquisition of the FPSO is a critical milestone in the Central North Sea Avalon development project in the UK, which the group continues to progress after receiving a letter of “no objections” from the North Sea Transition Authority (NSTA) in March this year for its proposed Avalon development plans.

Ping has also been recently granted a 19-month extension by NSTA to the second term of the P2006 licence containing Avalon, which allows the company additional time to optimise and gain full regulatory approval of the Avalon Field Development Plan.

The proposed development concept includes plans to deploy the Sevan Hummingbird FPSO at the Avalon field, which will be modified to facilitate electrification from an external, low carbon source.

DNeX added that the group is evaluating options to connect the FPSO to a dedicated floating offshore wind turbine to power the facility, minimising diesel usage and associated greenhouse gas emissions.

The planned development, said DNeX, allows Ping to expand and diversify its portfolio of producing assets in full compliance with the UK’s energy security and net zero targets.

DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said the group anticipates full operational deployment of the facility on Avalon by 2025.

“We have a tangible asset ready with the newly acquired Sevan Hummingbird. Our next step is to secure approval for our Field Development Plan, which will be submitted in the coming months,” he said.

First commissioned in 2008, the Sevan Hummingbird FPSO is a 60m diameter facility, which has a storage capacity of 270,000 barrels of oil and is capable of producing up to 30,000 barrels of oil per day, supporting up to 47 offshore personnel.

With a total estimated ultimate recovery of 23 million barrels of oil reserves over a period of 12 years, oil production from Ping’s second oilfield asset is expected to come onstream in 2025.

DNeX shares closed unchanged at 79 sen on Friday (July 1), bringing it a market capitalisation of RM2.49 billion.
https://www.theedgemarkets.com/artic...development-uk
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  #263  
Old Posted Jul 2, 2022, 3:30 PM
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Part 51: Thailand | AirAsia
AirAsia Thailand to launch Guangzhou, Hong Kong flights on July 13
Bernama July 01, 2022 15:28 pm +08
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BANGKOK (July 1): AirAsia Thailand is launching direct flights to Guangzhou and Hong Kong with close adherence to all travel policies in a bid to help spur Thailand’s economic growth post Covid-19.

In a statement, AirAsia Thailand said the airline would begin a weekly Bangkok-Hong Kong flight starting from Aug 7 before increasing it to twice and three times weekly in September and October this year.

It said a pilot round-trip flight between Bangkok and Guangzhou will also be launched on July 13.

“The flight is being carried out to demonstrate the carrier’s readiness to serve routes to and from China as soon as the republic’s government announces the country’s official reopening.

“The world’s best low-cost airline’s initial goal is to bring tourists from China and Hong Kong to Thailand to help spur economic growth post pandemic.

“Emphasis will be placed on its wide domestic network offering connections to all the kingdom’s regions to attract long-stay tourists with high spending capability,” it said.

AirAsia Thailand is confident that once foreign travel restrictions into China are further eased, the airline will be ready to return to full service between the two countries.

Meanwhile, AirAsia Thailand chief executive officer Santisuk Klongchaiya said AirAsia reaffirms its adherence to established stringent health and safety protocols as the airline launches direct flights to China and Hong Kong.

“China is Thailand’s number one market for tourists and is home to a large population with high spending power.

“While the government of China has yet to fully allow foreign tourists, the relaxation of some measures has allowed the airline to restart its service and signals recovery for the country’s economy and tourism sector.

“These two initial routes provide us with an opportunity to welcome visitors to Thailand, which is already a very popular destination that many travellers from China and Hong Kong have been highly anticipating for the past two years. With restrictions further relaxed in Thailand, we have been marketing heavily in China and Hong Kong to tap these tourism markets to sustain strong recovery post pandemic,” he said.

On Tuesday (June 28), the National Health Commission of China announced that quarantine at a centralised facility, such as a hotel, is down to seven days compared with 14 and 21 days previously.

Travellers will need to spend three additional days at home before they can venture out.

Previously, overseas arrivals in China had to spend 14 to 21 days in centralised quarantine, depending on the city of entry and destination within the country.

At present, travellers to Hong Kong are required to undergo screening procedures. Arrivals are required to be fully vaccinated, produce a Covid-19 test result and undergo quarantine.
https://www.theedgemarkets.com/artic...lights-july-13
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  #264  
Old Posted Jul 3, 2022, 6:22 AM
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Part 52: Vietnam | Yinson Holdings Bhd
Yinson bags 12-month bareboat charter extension contract for PTSC Lam Son
By Asila Jalil - July 1, 2022 @ 6:22pm
Quote:
KUALA LUMPUR: Yinson Holdings Bhd, through its joint venture company with PetroVietnam Technical Services Corporation (PTSC), PTSC Asia Pacific Pte Ltd (PTSC AP), has received a 12-month bareboat charter contract extension for the floating production storage and offloading (FPSO) PTSC Lam Son.

The company said the extension is part of the addendum entered into by client PTSC and PTSC AP on June 30, which sets 12 months from July 1, 2022, to June 30, 2023.

The value of the bareboat charter contract throughout the tenure is estimated at US$18.1 million (RM79.8 million).

PTSC AP is 49 per cent and 51 per cent owned by Yinson and PTSC, respectively.

Yinson group chief executive officer Lim Chern Yuan said the company had forged a close working relationship with its partners in this joint venture when it first commenced in 2017.


"We are delighted with the contract extension announcement, and the group will continue providing a high uptime and excellent safety record with FPSO PTSC Lam Son," he said in a statement.
https://www.nst.com.my/business/2022...t-ptsc-lam-son
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  #265  
Old Posted Jul 5, 2022, 8:22 AM
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Part 56: Taiwan | Pentamaster Corp Bhd
Pentamaster takes up 29.9% stake in Taiwanese optoelectronics manufacturer for US$6.78 mil
Adam Aziz July 04, 2022 18:20 pm +08
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KUALA LUMPUR (July 4): Pentamaster Corp Bhd has subscribed for a 29.9% stake in the enlarged capital of Taiwan-based Everready Precision Industrial Corp (EPIC) for US$6.78 million (RM29.89 million), in a debt-to-equity exercise.

Pentamaster's wholly owned Pentamaster InnoTeq Sdn Bhd has subscribed for the 16.61 million new shares in EPIC at US$0.4079 per share, following an arm's-length negotiation between the two parties, it said in a filing.

EPIC is involved in the design and manufacturing of end-to-end optoelectronics solutions that cover optical molds to lenses and 3D sensing modules.

For the financial year ended December 2021 (FY21), EPIC booked a net loss of NT$25.35 million (RM3.75 million) on a revenue of NT$252.62 million. The company had debt of NT$326.29 million and gearing of 50.3%, according to Pentamaster.

The deal took into account EPIC's intellectual properties, technological know-how and its Greater China plans that "are meeting Pentamaster Group's business strategy objectives", Pentamaster said.

"EPIC has also proposed establishing a manufacturing joint venture in China with the investment arm of a major enterprise in China for its business expansion, where the [share] subscription price has factored in such a plan by EPIC," it added.

Pentamaster said the exercise is intended to expand its business into synergistic technology solutions and applications, particularly a vertical integration for its electro-optical segment.

"The optoelectronics market has witnessed growing consumption across various verticals as technology advancements and the growing demand for 'smart' electronics with high precision and quality fuel such demand," it said, pointing to the 10.25% compounded annual growth for the segment globally in 2020-2026.

Shares of Pentamaster slipped two sen or 0.56% to settle at RM3.55, giving it a market capitalisation of RM2.53 billion. Year-to-date, the counter has dropped 36.04%.
https://www.theedgemarkets.com/artic...urer-us678-mil

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  #266  
Old Posted Jul 6, 2022, 12:33 PM
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Part 57: UK | Sime Darby Property, S P Setia Bhd and the Employees Providend Fund.
Battersea Power Station main build construction completed
Surin Murugiah July 06, 2022 09:53 am +08



The Grade II listed Power Station is now certified as practically complete.
Quote:
KUALA LUMPUR (July 6): Battersea Power Station has reached practical completion of the Grade II listed Power Station after eight years of transformational restoration, said Sime Darby Property Bhd.

Battersea Power Station is owned by a Malaysian consortium consisting of Sime Darby Property, S P Setia Bhd and the Employees Providend Fund.

In a statement on Tuesday (July 5), Battersea Power Station Development Company (BPSDC) chief executive officer Simon Murphy said the company is now working with the retail and leisure brands as they fit out their spaces ahead of the opening of the building to the public for the first time in autumn.

BPSDC said also opening this year is London’s newest pedestrianised high street, Electric Boulevard.

It said the new high street was designed by two of the world’s most renowned architectural practices, Gehry Partners and Foster + Partners, and will feature shops, restaurants, a community hub, a new park and a 164-room art’otel, the brand’s first hotel in the UK overlooking the Power Station itself.

The company said Electric Boulevard will also link the development to the new Zone 1 Northern Line London Underground Station which opened in 2021, bringing Battersea within 15 minutes of the City and the West End, as well as boosting the local economy and creating over 17,000 jobs.

Meanwhile, it said the Circus West Village, the first chapter in the regeneration of Battersea Power Station, already includes customer favourites such as Sugen Gopal’s Roti King, Francesco Mazzei’s Fiume and Chef Vivek Singh’s Cinnamon Kitchen.

It said the vibrant riverside neighbourhood is home to more than 1,800 residents and over 20 cafés, bars, restaurants, shops, fitness and leisure facilities.
https://www.theedgemarkets.com/artic...tion-completed
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  #267  
Old Posted Jul 6, 2022, 12:37 PM
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Part 53: Philippines | AirAsia
Philippines AirAsia to explore more direct routes to Sabah
POSTED ON JULY 6, 2022, WEDNESDAY AT 4:34 PM
Quote:
KOTA KINABALU (July 6): Philippines AirAsia intends to create more direct flights to Sabah and will likely establish a hub in Sandakan as part of these expansion ambitions.

The direct routes to Kota Kinabalu they plan to study are Puerto Princesa and Davao.

A probable connection between Zamboanga and Sandakan is also on their list of possible direct routes.

State Tourism, Culture, and Environment Minister Datuk Jafry Ariffin stated that Sabah welcomes the plan, which would help both countries in terms of economic spillover.

“One of the Sabah Maju Jaya plans is to ensure Sandakan Airport is upgraded to an international airport. We should explore additional direct routes into the state.

“Tawau, being a gateway to Semporna, might potentially serve as an operational hub too. So, whether it’s Sandakan or Tawau, we’ll let them study the viability,” he said.

Jafry was speaking at a press conference on the joint collaboration between the Philippines AirAsia and Sabah Tourism Board (STB) here on Tuesday.
https://www.theborneopost.com/2022/0...utes-to-sabah/
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  #268  
Old Posted Jul 8, 2022, 10:34 PM
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Part 58: Turkey | Boustead Holdings Bhd
Boustead teams up with GEC to establish Turkey's first Islamic digital bank
D Arul Rajoo/BernamaJuly 06, 2022 18:55 pm +08
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ISTANBUL (July 6): Boustead Holdings Bhd and Turkey's Great East Capital (GEC) have teamed up to establish the republic's first Islamic digital banking to tap the huge potential of 85 million population.

Boustead deputy group managing director Izaddeen Daud said the company is planning to take up strategic investment in the venture.

He said GEC is currently in the process of applying for the digital bank's licence from the relevant Turkish authorities.

"With Boustead's experience and expertise through Affin Islamic Bank, Boustead hopes to be able to share Malaysia's expertise and knowledge to Europe, if not, the rest of the world.

"Our partnership with GEC will be our stepping stone into the huge Europe market," he told reporters after the exchange of the document of understanding between both companies to take up the venture here on Tuesday.

The event was witnessed by Prime Minister Datuk Seri Ismail Sabri Yaakob, who is on a four-day official visit to Turkey.

GEC's Umut Tekin said the companies are embarking on a new journey to establish the first Islamic digital banking in Turkey and hoping to realise it by the first quarter of 2023.

"With Malaysia being recognised as one of the most advanced Islamic finance ecosystems in the world and Boustead's experience and expertise, we are going to get the best experience in Malaysia and apply here," he said.

He said their long-term plan is to establish a sister digital bank in Malaysia that shares technology, customers, financial tools, and know-how across the two countries.

According to media reports, digital banks across the world have reached valuations of billions in less than seven years.
https://www.theedgemarkets.com/artic...c-digital-bank
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  #269  
Old Posted Jul 9, 2022, 12:35 AM
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Part 54: Myanmar | edotco Group Sdn Bhd
edotco: Operations in Myanmar running well but repatriation of funds a challenge
Shazni Ong July 07, 2022 19:31 pm +08
Quote:
KUALA LUMPUR (July 7): Axiata Group Bhd’s 63%-owned subsidiary, edotco Group Sdn Bhd, said its Myanmar operations are largely unaffected by the political upheaval there, but the company is not putting more money into the country for now.

“The challenge for Myanmar today is more on the repatriation of funds because essentially getting the US dollar is quite a challenge in the country. But apart from that, operationally things are running well and in fact in terms of getting approvals from the government, it is much faster than what we've seen in the past," said edotco group CEO Mohamed Adlan Ahmad Tajudin.

“For us, we'll continue to sustain the business over there but we are not going to put much more investment at least at this point in time until there is clarity in terms of how [the situation] is going moving forward,” he told reporters at the launch of the edotco Sustainability Blueprint and Report 2021 on Thursday (July 7).

Mohamed Adlan said that apart from some areas where it is probably not safe to operate, most of edotco’s operations in Myanmar are not affected.

“But from our perspective, we are not putting more cash into the country. Our operations in Myanmar today are self-sustaining so we are continuing, maintaining our operations using internal cash,” he added.

Meanwhile, in Sri Lanka, Mohamed Adlan said there is a need to reprice in terms of rentals from the company's customers there.

“Given the depreciation of the currency there, what we are seeing today by 50% to 60%, given that some of the rentals are in Sri Lanka rupee, there is a need to revise our pricing in the market today,” he said.

According to edotco’s website, the integrated telecommunications infrastructure services company has a portfolio of over 3,000 towers and managed sites in Myanmar and over 1,000 towers in Sri Lanka.

On a related note, Mohamed Adlan said that as one of the major partners for Digital Nasional Bhd (DNB) in terms of assisting for the rolling out of 5G towers in the country, edotco hopes to deliver nearly 1,000 towers to DNB by the end of the year.

“The beauty about our industry is that when we actually receive the orders, we then build the infrastructure. So all of our capex is backed by a certainty of long-term cash flow," he said.

According to Mohamed Adlan, the cost varies from as low as US$20,000 to as high as US$50,000 per tower depending on several factors.
https://www.theedgemarkets.com/artic...unds-challenge
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  #270  
Old Posted Jul 9, 2022, 12:50 AM
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Malaysian global business services industry's revenue to hit US$6.7 bil by 2025 — GBS Malaysia
Bernama July 09, 2022 00:06 am +08
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KUALA LUMPUR (July 8): The Malaysian global business services industry is expected to grow at a five-year compound annual growth rate of 6.2% to US$6.7 billion by 2025, according to Digital Global Business Services Council Malaysia (GBS Malaysia).

The projection is contained in the strategic roadmap entitled “Global Business Services — Malaysia Strategy 2022-2027” which is being spearheaded by GBS Malaysia (formerly Outsourcing Malaysia), a chapter under the National Tech Association of Malaysia (PIKOM), to drive the industry forward.

GBS Malaysia chair Anthony Raja Devadoss said the industry has recorded growth for the past 15 years and is expected to continue growing in the future as Malaysia's position in high-value digital global business services is pivotal.

He said four key pillars have been identified to help fuel the industry growth. The key areas include digital transformation, automation, data and analytics, and cloud-based services.

"GBS Malaysia resonates with the constant changes in the global business services sector and we must remain relevant with the times in representing our industry in Malaysia for the next five years.

"The report significantly lays out global and local companies' focus on enhancing the skills of their employees that led to the creation of more than 250,000 trained talent currently, including in the areas of customer experience, digital technology, finance, accounting and human resources," he told the media at the launch of the Global Business Services — Malaysia Strategy Report 2022-2027 on Friday.

Anthony noted that the industry experienced significant revenue growth and provided employment during the Covid-19 pandemic which started in 2020, and it has continued to grow, based on the report’s findings.

Meanwhile, Malaysia Digital Economy Corporation (MDEC) chief executive officer Mahadhir Aziz said the agency intends to accelerate the growth of the global business services industry to strengthen Malaysia's position as its hub.

"Along with the heavy support from the government and effective collaborations between public-private partnerships, our nation will be able to assert and consolidate its leadership position in this focus sector," he said.
https://www.theedgemarkets.com/artic...-gbs-malaysia
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  #271  
Old Posted Jul 14, 2022, 1:20 AM
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Part 55: Singapore | Maybank
Maybank Singapore withdraws lawsuit against NFC chairman, children over housing loans
Bernama July 13, 2022 00:35 am +08
Quote:
KUALA LUMPUR (July 12): Maybank Singapore Ltd has withdrawn the lawsuit against National Feedlot Corporation (NFC) chairman Datuk Dr Mohamad Salleh Ismail and his two children for allegedly defaulting on two housing loan facilities amounting to S$2,534,203.41 for properties in Singapore.

Mohamad Salleh is the husband of former Women, Family and Community Development Minister Tan Sri Shahrizat Abdul Jalil.

Lawyer Wan Mohammad Arfan Wan Othman, representing Mohamad Salleh and his two children, Wan Shahinur Izran and Wan Izzana Fatimah Zabedah, said both parties have reached the settlement.

"High Court Judge Atan Mustaffa Yussof Ahmad allowed the lawsuit to be withdrawn with liberty for the plaintiff (Maybank) to file afresh and with no order as to costs," he said when contacted by reporters after the proceedings which took place online.

Tuesday (July 12) had been fixed for the hearing of Maybank Singapore's application for a summary judgment, which was also attended by counsel Tan Hui Ru representing the bank.

On July 19 last year, in its statement of claim, Maybank Singapore claimed that at the request of the defendants, the plaintiff had provided a housing loan for a property in Orchard Scotts, Singapore, totalling S$4.3 million, subject to the terms and conditions in the offer letters dated Nov 20, 2009 and Nov 10, 2017.

It claimed that all of the defendants had defaulted to pay the monthly instalment of S$7,225 and the plaintiff had withdrawn the loan and demanded full payment of S$3.94 million, which is the amount owed and payable as of June 22, 2018, together with the accrued interests.

The plaintiff claimed that it had exercised its rights under the mortgage and obtained a court order dated Jan 23, 2019 from the Singapore High Court to repossess the property, and sell it through an auction on June 28, 2019 for S$3.2 million. However, it was insufficient to settle the whole outstanding amount of the loan, with the total outstanding sum of S$1.3 million.

Meanwhile, for the second housing facility, the plaintiff claimed to have granted a housing loan amounting to S$5.3 million to the first and second defendants (Mohamad Salleh and Wan Shahinur Izran) for the purchase of a property in Central Boulevard, Singapore, with a monthly instalment of S$8,700.

The plaintiff alleged that both defendants had failed to settle the loan arrears and demanded them to pay S5.05 million of the amount due as of June 4, 2018, together with the accrued interests.

Exercising its rights under the mortgage, the plaintiff obtained a court order dated Jan 23, 2019 from the Singapore High Court to repossess the property before selling it through a personal treaty sale for S$4.68 million.

According to the plaintiff, the sale price was insufficient to settle the amount due under the loan, hence it demanded the first and second defendants pay a total of S$1.16 million together with the accrued interests.

The plaintiff applied to the court to enter judgment against all the defendants including demanding the amount owed totalling S$1.36 million from the three defendants and S$1.16 million from the first and second defendants.
https://www.theedgemarkets.com/artic...-housing-loans
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  #272  
Old Posted Jul 14, 2022, 1:27 AM
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Part 56: Singapore | Berjaya Corp Bhd
Berjaya Corp plans to list 51.62%-owned Singapore medical services unit
Chester Tay July 13, 2022 22:23 pm +08
Quote:
KUALA LUMPUR (July 13): Berjaya Corp Bhd (BCorp) is planning to list its 51.62%-owned unit Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH) on the Catalist Board of the Singapore Stock Exchange.

In a filing with Bursa Malaysia on Wednesday (July 13), the group said PrimePartners Corporate Finance Pte Ltd (PPCF), a boutique corporate finance firm in Singapore, has been appointed to act as the sponsor, issue manager and placement agent for the proposed initial public offering.

“Details of the proposed listing, financial effects on the BCorp Group and other developments, if any, will be announced in due course,” said the diversified group, whose businesses range from hospitality and real estate development to consumer products, food & beverage and lottery operations.

According to BCorp’s annual report, SIAMH is principally involved in the provision of medical laboratory services, clinic and other general medical services, sale of pharmaceuticals, surgical and consumables.

The group, which is 35.18%-owned by founder Tan Sri Vincent Tan Chee Yioun, reported a net profit of RM5.8 million for the nine-month period ended March 31, 2022 (9MFY22), versus a net loss of RM196.22 million a year ago.

Revenue grew 2.8% for 9MFY22 to RM5.86 billion, from RM5.70 billion in the previous corresponding period.

Shares of BCorp closed unchanged at 24.5 sen apiece on Wednesday, giving the group a market capitalisation of RM1.44 billion.
https://www.theedgemarkets.com/artic...-services-unit
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  #273  
Old Posted Jul 19, 2022, 7:45 AM
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Part 59: India | Aerodyne Group
Aerodyne eyes to expand its tech solutions to India's agricultural market
By Bernama - July 15, 2022 @ 8:14am
Quote:
KUALA LUMPUR: Aerodyne Group is eyeing to expand its business by providing drone technology, data technology, and digital transformation (DT3) solutions to India's agricultural market next month.

Founder and group chief executive officer Kamarul A. Muhamed said Aerodyne is making this move since their solutions have established a strong foothold in Malaysia and Indonesia recently.

"There is a major push for this technology by the government over there; we have done the market study and some people have already started (providing) it.

"So I am going to India in the first week of August to start the operations," he said during a MIDF Conversations webinar today.

Kamarul said Aerodyne has a stable presence in Malaysia and the use of advanced digital technology and other DT3 solutions in agriculture can enable Malaysia to reduce its dependence on cheap labour.

He said some of his clients have reported yield increases of more than 30 per cent yield and DT3 solutions have also helped trees to survive.

"We have hyper spectral sensors (which are able to) detect which trees are sick. Clients have saved about RM235 million from dying trees," he said.

He added that the recent food security issue is a serious problem and solutions using technology must be used to manage and accelerate agro-industry growth.

On another note, Kamarul said Aerodyne has also ventured into the agricultural sector; the company has 100 hectares of land and is looking forward to scaling up its businesses.

To date, he said the company has an order book of about RM400 million in agricultural produce.– BERNAMA
https://www.nst.com.my/business/2022...l-market%C2%A0
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  #274  
Old Posted Jul 19, 2022, 7:53 AM
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Part 60: UK | VSure Group
VSure.life expands to UK to modernise small businesses
By Asila Jalil - July 15, 2022 @ 9:54am



Quote:
KUALA LUMPUR: Malaysia's first on-demand lifestyle digital insurer, VSure.life, is expanding to the United Kingdom (UK) to modernise the traditional insurance market by modernising the digital insurance landscape.

Through this expansion, the company also plans to make it affordable for small businesses to access insurance collectively.

VSure Group's co-founder, chief executive officer (CEO) and managing director Eddy Wong said the company's expansion in the UK represents a significant step forward in becoming a serious player using technology to revolutionise the insurance industry globally.

"Having a foothold in the UK and partnering up with local players will give us a strong platform and profile to continue expanding internationally.

"We are also proud to have the support of the ecosystem from the Malaysia Digital Economy Corporation (MDEC) for our growth plans," he said.

The establishment of VSure UK at the Malaysian High Commission in London also saw the company announcing its strategic partnership with Pro MGA Global Solutions and McGill & Partners with the support of MDEC and the Malaysian High Commission.

MDEC CEO Mahadhir Aziz said VSure is an innovative and revolutionary scale-up that is transforming the traditional insurance industry.

"MDEC is proud to have supported VSure in their journey, primarily through participation in the MDEC x Alibaba Ant Financial 10x1000 Leadership & Innovator Program, MDEC's eBerkat platform and Southeast Asia Tech Innovators Workshop.

"VSure's expansion to the UK is in line with the goals and vision of Malaysia Digital, the national strategic initiative to enable Malaysian businesses to play a leading part in the global digital economy.

"We congratulate VSure on their expansion and look forward to working closely with them to drive the development of Malaysia's Digital focus sectors, particularly Fintech and the Islamic Digital Economy," he said.
https://www.nst.com.my/business/2022...all-businesses
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Old Posted Jul 19, 2022, 11:56 AM
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Part 61: China | Bioalpha Holdings Bhd
Bioalpha Holdings partners Gaolin Village Council to develop Malaysian agricultural hub in China
By NST Business - July 18, 2022 @ 6:04pm
Quote:
KUALA LUMPUR: Bioalpha Holdings Bhd's wholly owned subsidiary, Bioalpha (Hainan) Development Ltd, is partnering with Gaolin Village Council to develop the Malaysian agricultural hub in the Hainan province jointly.

The integrated health supplement company said this was in line with the company's strategy to firm up plans to bolster its presence in China.

The development of the hub, which Bioalpha will spearhead, will entail the construction of a factory complex consisting of 30 units.

The hub will have an initial paid-up capital of 10 million renminbi (RM6.6 million) and an authorised capital of 50 million renminbi (RM33 million).

Managing director William Hon said the Malaysian agricultural hub is a unique model that focuses on the complete integration supply chain of Malaysian farm products.

"With the hub, we can conduct research and development (R&D) activities, formulate and manufacture our herbal-based products, as well as eventually commercialise said products under one roof for the Chinese market.

"The abovementioned endeavour would provide the local Chinese population immediate access to our products as well as allow the company to better gauge the domestic demand to roll out related products in the shortest time possible," he said in a statement today.

Bioalpha said the initial phase of the hub focuses on the upstream and downstream activities such as formulation, manufacturing and even commercialisation of functional food products using Malaysian indigenous and tropical herbs, such as Misai Kucing and Kacip Fatimah, targeted for the local Chinese market.

In addition, the hub enables other Malaysian agricultural players, such as manufacturers of durian and cocoa products, to venture into China by investing and stationing at the hub.

Hon said that for future phases, the company might even plant its indigenous herbs as this could reduce the logistics costs of importing raw materials from overseas.

To recap, Bioalpha has a supply contract to deliver health food ingredients to customers in Guizhou, China.

The company will utilise these ingredients to prepare healthy food and nutritional meals for the private and public sectors there.
https://www.nst.com.my/business/2022...elop-malaysian
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Part 62: UAE, Saudi Arabia, Qatar, Sri Lanka, India, Singapore | Eversendai Corp Bhd
Eversendai wins RM1.6bil new jobs
By Sharen Kaur - July 18, 2022 @ 6:33pm
Quote:
KUALA LUMPUR: Eversendai Corp Bhd has won over RM1.6 billion in new contracts as of June 30 this year, according to its group managing director Tan Sri AK Nathan.

The group's construction order book stood at RM2.13 billion and was expected to grow further in the coming months, he said.

The majority of the projects awarded this year are in the UAE, Saudi Arabia, Qatar, Sri Lanka, India, Singapore and Malaysia.

"The notable projects come from both repeat and new clients," Nathan said today in a statement.

Among the newly-secured contracts are a large prestigious Museum project in Abu Dhabi, the King Salman Park-Loop Bridges project in Saudi Arabia, the Cultural Center Education City in Qatar, the Bandaranaike International Airport Development Project in Sri Lanka (funded by the Japanese Government), the Keppel Tower and the Labrador projects in Singapore, and the SK Nexilis project in Sabah.

Nathan said the SK Nexilis project, a copper foil manufacturing plant, was accepted on fast-track basis and that the main structural steel works would be completed by the end of December 2022.

"As the group moves into the next phase of recovery and rebuilding, we will concentrate on reshaping the Eversendai Group with a renewed focus on our core fundamental values in geographical regions where we have been traditionally strong to seize the various emerging opportunities," he said.

Going into the second half of 2022, Nathan said the group was confident of securing projects due to its strong team, well-positioned resources, long-term experience and expertise in this industry, and support from stakeholders.

Nathan described 2020 and 2021 as "unimaginable" in any way, as the Covid-19 pandemic swept across the globe like a colossal tsunami, wreaking havoc on businesses, families and individuals alike.

He said Eversendai Group had to perform the greatest balancing act in its history in dealing with the Covid-19 pandemic while focusing on its long-term sustainability during this extremely challenging unforeseeable period.

Although it was unable to execute and deliver projects in its normal course of project execution and fully unlock its outstanding order book due to lockdowns and restrictions around the world, Nathan said the group had weathered the unprecedented pandemic with resilience and determination to recover gradually.

Nathan said the group had achieved significant milestones, such as the strategy of expanding into the European offshore wind renewable energy sector, as it delivered three major offshore wind projects for Holland and Scotland, the United Kingdom in 2021, and 2022, from its waterfront fabrication facility in Ras Al Khaimah, UAE.

According to him, the most notable was the 1.1-gigatonne offshore wind substation topside platform and jacket structure for the Seagreen offshore wind farm project, which positioned the group strategically in the offshore wind renewable energy sector not only in Europe, but globally, and boded well for the future.

Other notable achievements during the pandemic were the completion of major structural steel works for the world's second-largest building.
https://www.nst.com.my/business/2022...16bil-new-jobs
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Old Posted Jul 22, 2022, 12:21 PM
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Part 57: Thailand | CIMB Group Holdings Bhd
CIMB Thai's 6MFY22 net profit soars 122% y-o-y to 2.12b baht on better cost control, lower credit losses
Syafiqah Salim July 21, 2022 15:00 pm +08


Quote:
KUALA LUMPUR (July 21): CIMB Group Holdings Bhd's 94.83%-owned subsidiary CIMB Thai Bank PCL's net profit for the cumulative six months ended June 30, 2022 (6MFY22) jumped 122% year-on-year (y-o-y) to 2.12 billion baht from 1.16 billion baht.

The improvement was mainly attributed to better cost control with a 7.4% decrease in operating expenses and a 63.7% decrease in expected credit losses, according to a statement to the local bourse on Thursday (July 21).

In the statement, CIMB Thai president and chief executive officer Paul Wong Chee Kin said the bank's 6MFY22 operating income went down slightly by 1.3% to 7.11 billion baht from 7.2 billion baht, attributed to the drop in net interest income which fell 8.2% amid lower interest income on loans and hire purchase business.

"Other operating income increased by 143.5 million baht or 9.9%, mainly attributed to gains on financial instruments measured at fair value through profit or loss and other income, offset by higher losses on investments.

"Operating expenses decreased by 229.7 million [baht] or 7.4% y-o-y, largely due to better optimisation of cost management. This consequently improved the cost-to-income ratio to 52.8% in 6MFY22 compared to 56.3% in 6MFY21," he said.

Net interest margin over earning assets stood at 2.8% in 6MFY22, compared with 3.2% in the same period of the previous year, resulting from lower interest income on loans and hire purchase business.

As at June 30, 2022, total gross loans (inclusive of loans guaranteed by other banks and loans to financial institutions) stood at 220.2 billion baht, an increase of 3.9% from Dec 31, 2021.

Deposits (inclusive of bills of exchange, debentures and selected structured deposit products) grew 18.1% to 282.9 billion baht from 239.5 billion baht as at end of December 2021.

The modified loan-to-deposit ratio, on the other hand, decreased to 77.8% from 88.5% as at end-December last year.

"Gross non-performing loans (NPLs) stood at 7.4 billion baht, with a lower equivalent gross NPL ratio of 3.3% compared to 3.7% as at Dec 31, 2021. The lower NPL ratio was mainly due to the sale of some NPLs in 6MFY22, as part of efficient risk management policies, improved asset quality management, and loan collection processes.

"CIMB Thai Group's loan loss coverage ratio as at June 30, 2022 stood at 114.3% from 117.5% as at the end of December 2021.

"Total allowance for expected credit losses stood at 7.7 billion baht, 1.5 billion baht over the Bank of Thailand's reserve requirements.

"Total consolidated capital funds as at June 30, 2022 stood at 53.8 billion baht. The BIS ratio stood at 21.6%, of which 15.7% comprised Tier-1-capital," said Wong.

At Thursday's midday break, CIMB Group's share price rose nine sen or 1.77% to RM5.18. At the current price, the bank has a market capitalisation of RM54.26 billion.
https://www.theedgemarkets.com/artic...-credit-losses
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Old Posted Jul 22, 2022, 12:29 PM
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Part 58: Thailand | Tex Cycle Technology (M) Bhd
Tex Cycle's JV unit inks 20-year PPA in Thailand
Chester Tay July 20, 2022 19:15 pm +08
Quote:
KUALA LUMPUR (July 20): ACE Market-listed home-grown scheduled waste recycling company Tex Cycle Technology (M) Bhd's joint venture (JV) unit has inked a 20-year solar power purchase agreement (PPA) with Thailand-based Bothong Rubber Fund Cooperative Ltd.

In a filing with Bursa Malaysia on Wednesday (July 20), Tex Cycle said that pursuant to the PPA, its JV unit EFS MySolar (Thailand) Co Ltd will design, construct, instal, own, operate and maintain a solar photovoltaic energy generating system with the capacity of 999.24 kilowatts of electricity at the premises of Bothong Rubber Fund.

The authorised director of Bothong Rubber Fund is Pracha Sapphipattana.

Tex Cycle said this PPA is expected to contribute positively to its future earnings.

Shares of Tex Cycle closed unchanged at 44 sen apiece, giving it a market capitalisation of RM112.72 million.
https://www.theedgemarkets.com/artic...r-ppa-thailand
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Old Posted Jul 22, 2022, 12:32 PM
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Part 63: USA | Genting Malaysia Bhd
GenM unit among New York state's top spending lobbying entities in 2021 — report
Izzul Ikram July 20, 2022 14:40 pm +08
Quote:
KUALA LUMPUR (July 20): Genting Malaysia Bhd's (GenM) unit Genting New York LLC (GenNY) ranked fourth among top spending lobbying entities in the state of New York last year, with US$1.898 million forked out for the practice, according to the state's Joint Commission on Public Ethics (JCOPE).

According to JCOPE's 2021 annual report, GenNY's lobbying focused on gaming and was among the many filers who were involved in the state's third most lobbied bill in 2021 — the New York Senate Bill S2509 (the budget bill).

"That bill, signed on April 19, 2021, provides, among other things, for the regulation of sports wagering and mobile sports wagering and implements a tax on sports wagering gross revenue," it added.

Meanwhile, in terms of lobbying entities ranked by payments to retained lobbyists — a person or organisation engaged to lobby for the benefit of an unaffiliated client — GenNY topped the list with its US$1.898 paid to seven different retained lobbyists.

The commission noted that GenNY's lobbying efforts, which focused on gaming, shared nothing in common with other top lobbying entities.

It said that labour was the biggest focus among the top 10 spending lobbying entities — with it being a large focus of Greater New York Hospital Association (which ranked first on the lobbying entities by total spending list), American Association of Retired Persons (third), NYS Nurses Association (sixth), NYS Trial Lawyers Association (seventh), NYS United Teachers (eighth), and Doordash (ninth).

Notably, the JCOPE also said that the trend in lobbying spending in the state continued to shift more towards compensations — salaries, fees, gifts, payments or any other thing of value paid or owed to lobbyists in exchange for lobbying, or services related to lobbying activity — and away from expenses — which by themselves do not constitute lobbying, but when used as part of a lobbying effort become reportable expenses — in 2021.

It said lobbying spending increased to US$292.9 million in 2021, a 9.2% rise from US$268.1 million in 2020. It said compensations paid to retained and in-house lobbyists climbed to US$270.4 million, a US$21.7 million jump from the US$248.7 million logged in 2020.

"Compensation constituted 92.3% of total lobbying spending in 2021, while lobbying expenses accounted for only 7.7%.

"The 10 highest-spending lobbying entities followed the industry-wide trend toward proportionally greater spending on compensation for the second consecutive year, with 57.4% spent on compensation and 42.6% on expenses," it added.

At noon break on Wednesday (July 20), shares in GenM were up three sen or 1.06% to RM2.85, giving the group a market capitalisation of RM16.92 billion.
https://www.theedgemarkets.com/artic...021-—-report
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Old Posted Jul 26, 2022, 6:03 AM
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Part 64: Saudi Arabia | Bintai Kinden Corp Bhd
Bintai Kinden partners Marafie Co to supply piping materials to Saudi-based O&G firms
By Azanis Shahila Aman - July 25, 2022 @ 3:52pm
Quote:
KUALA LUMPUR: Bintai Kinden Corp Bhd has partnered with Marafie Co to supply piping materials to oil and gas (O&G) companies in Saudi Arabia.

To formalise the collaboration, the company said its subsidiary, Bintai Energy Sdn Bhd (Bintai Energy), has signed a marketing and distribution agreement with Marafie.

"Under the agreement, Marafie will act as a representative of Bintai Energy to engage in oil and gas development in the region of Saudi Arabia," it said.

Bintai Kinden executive director Azri Azerai said the company foresees the demand for piping materials and equipment related to the O&G industry to escalate in tandem with the recovery in the global O&G market.

"Saudi Arabia is an oil-rich country. It possesses around 17 per cent of the world's proven petroleum reserves.

"We hope to tap into our local partner network and win more O&G contracts in the region.

"We believe this partnership will further accelerate the growth of our new business venture, and we are excited by the immense opportunity ahead of us," said Azri.

Marafie provides total solutions to complicated fabrication projects, from the sales and bidding of the project to construction engineering, scheduling, quality assurance, logistics, and follow-up with the customer.

Marafie Group has established fabrication facilities and offices and regional sales offices in the Kingdom of Saudi Arabia.

The agreement is for three years and is subject to further extension of time upon mutual understanding by Bintai Energy and Marafie unless termination notice in writing is given by either party 60 days before the termination.

The agreement is not expected to have any material effect on the issued and paid-up share capital of Bintai Kinden but is expected to contribute positively to the future earnings of the company.
https://www.nst.com.my/business/2022...saudi-based-og
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