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Singapore Investment


TIME dotCom, Berjaya Food, Datasonic, GFM, Eco World International, Scomi, Citaglobal, Hong Seng

KUALA LUMPUR (June 15): Here is a brief look at some corporate announcements and news flow on Wednesday (June 15), which include TIME dotCom Bhd, Berjaya Food Bhd, Datasonic Group Bhd, GFM Services Bhd, Eco World International Bhd, Scomi Group Bhd, Citaglobal Bhd and Hong Seng Consolidated Bhd.

TIME dotCom Bhd is suing celebseek.com, a little-known tabloid, over a fake news article which purportedly linked TIME dotCom commander-in-chief Afzal Abdul Rahim to the remand of a completely unconnected individual who was reported to have been remanded in connection to some enforcement action in Johor. TIME dotCom said the tabloid website had a history of attracting attention via "clickbait" articles.

Berjaya Food Bhd, which operates the Starbucks and Kenny Rogers Roasters franchise in Malaysia, is set to announce a joint venture with international bakery operator Paris Baguette Singapore. Paris Baguette is a French-inspired bakery brand that is operated by SPC Group and is the number one bakery chain in South Korea, according to the group.

Security-based ICT solutions provider Datasonic Group Bhd announced it has secured a RM9.66 million contract from Pertubuhan Keselamatan Sosial (Perkeso) to provide services for the development of a data analytics hub for the Employment Insurance System. Datasonic said its wholly-owned subsidiary Datasonic Technologies Sdn Bhd (DTSB) has received and accepted a letter of award (LoA) dated June 10 from Perkeso. Under the terms of the LoA, DTSB is required to furnish a performance bond for the amount of RM96,590 to Perkeso, with the validity period commencing from July 1, 2022 to June 30, 2028.

Integrated facilities and services management provider GFM Services Bhd has secured a letter of acceptance from the Public Works Department to provide facilities management services for Istana Negara in Kuala Lumpur. The group said the RM367.2 million contract will span a period of five years from June 15, 2022 until June 14, 2027.

Eco World International Bhd posted a net loss of RM67.35 million for the second quarter ended April 30, 2022 against a net profit of RM11.3 million a year ago as revenue plunged 70%. The property developer said the net loss was in line with its revenue for the quarter falling 69.26% to RM33.08 million from RM107.56 million, owing to fewer units sold being handed over to customers as well as its share of losses in joint ventures.

Bursa Securities has granted a further five-month extension of time until Nov 30 to ailing oil and gas service provider Scomi Group Bhd to submit its regularisation plan for approval. Scomi, a Practice Note 17 company, said the regulator's decision was made after considering the written and oral presentations before the appeals committee including the fact that Malayan Banking Bhd — Scomi's largest creditor with the RM151.27 million owed to the bank representing 55.9% of the company's outstanding liabilities — had agreed to accept a settlement sum of RM8 million in cash from a third party identified by Scomi as settlement.

Citaglobal Bhd (formerly known as WZ Satu Bhd) has entered into a share purchase agreement with TIZA Global Sdn Bhd (formerly known as Citaglobal Sdn Bhd) for the proposed acquisition of the entire equity interest in Citaglobal Engineering Services Sdn Bhd. The proposed acquisition is for an indicative purchase consideration of RM140 million via the issuance of 736.84 million new shares in Citaglobal at an issue price of 19 sen per share. Citaglobal is also proposing to undertake a share consolidation to consolidate every five shares into one share.

Hong Seng Consolidated Bhd announced that it has issued a letter of intent to Invest NS to explore the possibilities towards forming a strategic partnership for the development of five parcels of leasehold land in Seremban, Negeri Sembilan measuring approximately 284.75 acres into Malaysia Green Valley. Invest NS is a solution centre set up by the Negeri Sembilan state government to assist investors in setting up new operations and expanding their existing operations in the state.


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