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Singapore Investment Bloggers


PetChem, BCorp, Perak Corp, BTM Resources, Zen Tech, Emico, MGRC, MPay, EP Manufacturing and AWC

KUALA LUMPUR (Jan 9): Here is a brief recap of some corporate announcements that made the news on Monday (Jan 9), involving Petronas Chemicals Group Bhd (PetChem), Berjaya Corp Bhd (BCorp), Perak Corp Bhd, BTM Resources Bhd, Zen Tech International Bhd, Emico Holdings Bhd, Malaysian Genomics Resource Centre Bhd (MGRC), ManagePay Systems Bhd (MPay), EP Manufacturing Bhd and AWC Bhd.

Petronas Chemicals Group Bhd (PetChem) has inked a heads of agreement to sell a 25% stake in its wholly-owned Petronas Chemicals Fertiliser Sabah Sdn Bhd to SMJ Sdn Bhd, which is owned by the Sabah state government. The divestment is part of the group’s strategic efforts to position itself as a preferred partner in shaping and implementing efforts by PetChem to sustain and grow the petrochemicals business in Sabah. The completion of the divestment is expected to be in 2023, subject to conditions precedent in the agreement being met.

Berjaya Corp Bhd (BCorp) confirmed that it is in talks on acquiring a company. The group informed Bursa Malaysia Securities in a filing that it is “in the midst of negotiation with a potential seller of a licensed entity, subject to approval of Bank Negara Malaysia”. BCorp’s filing, which was referring to an article in the latest issue of The Edge Malaysia weekly entitled “Berjaya Corp eyes controlling stake in MCIS Life”, did not name the potential seller nor the company to be potentially acquired. Last month, BCorp announced that its founder and major shareholder Tan Sri Vincent Tan Chee Yioun intends to pare his shareholding in the group to not more than 19.6% by end-January 2023. This, the group said, was to facilitate the potential acquisition of a financial institution. According to Section 92 of the Financial Services Act 2013 (FSA), individuals shall hold no more than a 10% stake in a financial institution.

Perak Corp Bhd, after nearly four months since the company’s former chief executive officer (CEO) Zainal Iskandar Ismail resigned, has appointed Rosmin Mohamed as its new CEO. Rosmin was previously employed by the group’s substantial shareholder Sime Darby Property Bhd. Perak Corp is 52.27%-owned by the Perak State Development Corp, and 6.13% by Sime Darby Property Bhd.

Wood processing firm BTM Resources Bhd’s six-for-one rights issue with free detachable warrants, has been under-subscribed by 10.19%. The group received total valid acceptances and excess applications for 921.57 million shares of the 1.03 billion rights shares available under the issuance. Based on the 921.57 million rights shares subscribed for at eight sen apiece, BTM Resources will raise RM73.73 million in proceeds.

Zen Tech International Bhd, formerly known as Inix Technologies Holdings Bhd, has procured undertakings from seven shareholders ― including the company’s executive director Datuk Zhang Li ― who together hold an 8.13% stake in the company, to subscribe for their entitlements in full (amounting to 131.53 million or 9.86% of the right shares), and to submit excess application for the other 1.2 billion (90.14%) rights shares not entitled to them. Zen Tech is seeking to raise a minimum of RM20 million through the exercise, which will see the issuance of 1.33 billion rights shares at 1.5 sen apiece, together with two free warrants for every three rights shares subscribed.

Trophy maker Emico Holdings Bhd announced that a fire incident occurred at its unit’s manufacturing plant in Penang on Sunday (Jan 8). Emico said the fire occurred at 3am on Sunday at one of the two manufacturing plants of the company’s wholly-owned subsidiary, Emico Penang Sdn Bhd, but noted that the incident did not result in any fatalities, nor was any of its workers injured. Emico said that the operations at the affected manufacturing plant are temporarily halted, pending the restoration of the power supply.

Genomics and biopharmaceutical specialist Malaysian Genomics Resource Centre Bhd (MGRC) has announced a strategic cooperation with government-owned SIRIM Bhd to explore the commercialisation of joint research and development projects in the medical and biotechnology fields. Under the strategic cooperation, both parties will evaluate the potential commercial value of a range of genomics-driven biotechnology R&D projects.

ManagePay Systems Bhd (MPay), which recently received conditional approval from the Malaysian government to operate as an online money lender, inked a memorandum of understanding (MOU) with Eddid Financial on Dec 28, 2022, to launch and market Eddid Financial’s internet-based securities trading mobile application in Malaysia. Eddid Financial is involved in securities and futures trading, foreign exchange trading, asset management and financial technology.

EP Manufacturing Bhd’s wholly-owned subsidiary EP Blueshark Sdn Bhd (EBSB) has entered into a master agreement with Singapore-based Averte Global Pte Ltd and Hong Kong-based Blueshark Group Ltd to form a strategic partnership to sell two-wheel electric vehicles (EVs) in Indonesia and Vietnam. EP Manufacturing said that Averte and Blueshark may form a joint venture company ― Averte Blueshark Asia Ltd ― to purchase an initial 23,000 units of the e-motorbike from EBSB in 2023, and not less than two million units over the five-year term of the agreement.

Engineering services company AWC Bhd has entered into an MOU with an Indonesian company PT Bintang Timur Investama to jointly explore investment opportunities in renewable and green energy in Malaysia.


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