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Singapore Investment


Revenue Group, AirAsia X, MAHB, SCIB, UEM Edgenta, Ahmad Zaki Resources, Perak Transit, Hextar Industries, EcoFirst and LYC Healthcare

KUALA LUMPUR (Jan 27): Here is a brief recap of some corporate announcements that made the news on Friday (Jan 27), involving Revenue Group Bhd, AirAsia X Bhd, Malaysia Airports Holdings Bhd, Sarawak Consolidated Industries Bhd, UEM Edgenta Bhd, Ahmad Zaki Resources Bhd, Perak Transit Bhd, Hextar Industries Bhd, EcoFirst Consolidated Bhd, and LYC Healthcare Bhd.

Revenue Group Bhd has confirmed that two of its directors have been arrested by the Malaysian Anti-Corruption Commission (MACC) over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000. It clarified that its business and operation are not affected by MACC’s arrest of the two directors as they have been suspended from their executive functions earlier. The two directors of Revenue Group — Brian Ng Shih Chiow and his younger brother Dino Ng Shih Fang — were suspended earlier this month following complaints received against them.

On the other hand, the e-payment solutions provider will hold two separate extraordinary general meetings (EGMs) virtually on Feb 17. The first EGM at 10am will vote on the current board's resolution to remove Brian and Dino as directors of the group. The second EGM at 4pm has been requisitioned by Brian in an effort to remove the current board.  

AirAsia X Bhd (AAX) flew 337,638 passengers in the quarter ended December 2022 (6QFY2022), up 324.4% quarter-on-quarter from 79,557 passengers in the July-September 2022 period, as travel recovery gained momentum in tandem with the peak travel season. Passenger load factor rose to 79%, from 73% in 5QFY2022, as it focused on flying “the most popular and profitable routes first”, AAX said.

Malaysia Airports Holdings Bhd (MAHB), meanwhile, saw monthly passenger movements reaching a record high in December 2022, with 6.8 million passengers for its operations in Malaysia. The year-end holiday season contributed to the significant 31% increase from the preceding month, and enabled the airport operator to reach 50% of 2019 levels for its Malaysian operations.  

Sarawak Consolidated Industries Bhd (SCIB) said it has withdrawn from proposed engineering, procurement, construction and commissioning contracts involving a specialist hospital project in Johor Bahru. The group had issued a letter of withdrawal to Kencana Healthcare Sdn Bhd, as Kencana had been unable to kick-start the project as initially scheduled due to its inability to secure the necessary operator, leading to financing issues.

UEM Edgenta Bhd’s unit has withdrawn its winding up petition against Ahmad Zaki Resources Bhd (AZRB)’s wholly owned Ahmad Zaki Sdn Bhd (AZSB) after the pair mutually agreed that AZSB would settle an RM11.05 million outstanding sum by way of 11 monthly instalments. The outstanding sum relates to a sub-contract work for the protection and relocation of utilities that Edgenta Propel Bhd (UEM Edgenta’s unit) awarded to AZSB under the Klang Valley Mass Rapid Transit Putrajaya Line (MRT2) project in 2016.

Perak Transit Bhd, which in early December inked a deal with edotco Malaysia Sdn Bhd's 79%-owned On Site Services Sdn Bhd to provide construction and engineering services to On Site Services for the building of telecommunication towers, has now accepted an extended agreement to extend its services to another edotco subsidiary. The Ipoh-based transport terminal and bus operator accepted the extended agreement to provide the same scope of services to Touch Matrix Sdn Bhd via its wholly owned PTrans Resources Sdn Bhd.

Hextar Industries Bhd registered a net profit of RM4.01 million in the three months ended Nov 30, 2022, up 29.8% from RM3.09 million in the immediate preceding quarter (three months ended Aug 31), mainly due to better profit margin achieved from the products’ sales mix. This was despite revenue decreasing 6.9% to RM57.16 million from RM61.4 million amid lower delivery of fertilisers, and lower sales from the trading of industrial batteries. There is no comparative year-ago quarter as the group recently changed its financial year end from Aug 31 to Dec 31.

EcoFirst Consolidated Bhd’s net loss widened to RM4.1 million in the second quarter ended Nov 30, 2022 (2QFY2023) from RM1.89 million in the same quarter last year, despite stronger revenue, due to higher finance costs after the end of the moratorium period. The property developer has been loss-making since 1QFY2022. The group’s revenue rose 38% to RM5.07 million from RM3.67 million, mainly due to higher rental income from its investment property division and the sales of inventories.

LYC Healthcare Bhd is expecting the listing of its subsidiary, LYC Medicare (Singapore) Pte Ltd (LYCSG), on the Catalist Board of the Singapore Exchange Securities Trading Ltd to be completed by the first half of 2023. LYC Healthcare said the proposed listing would raise gross proceeds of S$11.2 million (RM36.1 million) and would accrue entirely to LYCSG.


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