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Singapore Investment


MHB, Iris, MyEG, Alliance Bank, SMTrack, Revenue Group, TNB, Signature International, Ageson, Serba Dinamik, Visdynamics, Globaltec, Matang and Star Media

KUALA LUMPUR (Feb 10) : Here is a brief recap of some corporate announcements that made the news on Friday (Feb 10) involving Malaysia Marine and Heavy Engineering Bhd, Iris Corp Bhd, MyEG Services Bhd, Alliance Bank Malaysia Bhd, SMTrack Group Bhd, Revenue Group Bhd, Tenaga Nasional Bhd, Signature International Bhd, Ageson Bhd, Serba Dinamik Holdings Bhd, Visdynamics Holdings Bhd, Globaltec Formation Bhd, Matang Bhd and Star Media Group Bhd.

Malaysia Marine and Heavy Engineering Bhd (MHB) posted its fourth consecutive quarterly net profit with RM27.14 million recorded in the fourth quarter ended Dec 31, 2022, from a net loss of RM107.79 million the year before. Revenue slipped 1.85% to RM424 million from RM432.01 million on lower heavy engineering revenue, offset by higher contribution from the marine segment. It declared an interim dividend of 1.5 sen per share, to be paid on March 24. MHB’s net profit for the full-year ended Dec 31, 2022 came in at RM67.77 million from a net loss of RM270.41 million in the previous year, as revenue rose 12.56% to RM1.65 billion, from RM1.47 billion.

Iris Corp Bhd has proposed to dispose of 80% equity interest in its wholly-owned subsidiary Iris Information Technology Systems Sdn Bhd (IITS) for RM70 million cash. IITS is the developer of the RM1.13 billion National Integrated Immigration System (NIISe). The purchaser of the 80% stake in IITS is IT company Tass Tech Technologies Sdn Bhd, which is wholly-owned by Tass Tech (M) Sdn Bhd. Iris said proceeds from the disposal will be used for its working capital and any future business expansions undertaken.

MyEG Services Bhd bought back an additional two million shares of the company at 61 sen apiece for a total of RM1.22 million on Friday. This is the third block of shares it purchased this week. In total, the e-government service provider has spent RM4.1 million for six million shares in its share buyback.

Lee Thiam Wah — the founder of retail chain 99 Speedmart — has emerged as a substantial shareholder of Alliance Bank Malaysia Bhd, with a 5.076% stake. Lee’s company Global Success Network Sdn Bhd acquired 1.38 million shares or a 0.089% stake on the open market on Thursday (Feb 9), bumping his stake in the bank to 5.076%. Lee is the third-largest shareholder of Alliance Bank, after Vertical Theme Sdn Bhd (29.06%) and the Employees Provident Fund (10.5%).

Gan Wen Ting @ Gan Moou Heng has pared her shareholding in radio frequency identification solution provider specialist SMTrack Group Bhd, paving the way for the group’s second attempt at diversification in less than a year. She disposed of 105.88 million of SMTrack’s shares in the open market through Gan SMT Sdn Bhd on Friday. Gan is the founder of beauty and wellness company V Ultimate Wellness Bhd. In June last year, SMTrack announced its plan to diversify into the beauty and wellness industry by inking an agreement with Gan and GWT Wellness Sdn Bhd to acquire a 30% stake in V Ultimate Sdn Bhd for RM18 million.  

Revenue Group Bhd said its co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang have filed their defence and a counterclaim against the group, stating that their suspension as its directors was invalid. The two brothers, who collectively hold a 19.497% stake in the e-payment solutions provider, were suspended last month after several complaints were received against them. Brian is the group's largest shareholder with an 11.932% stake, while Dino holds 8.105%. The brothers claimed that their suspension as directors pursuant to the special board meeting on Jan 4 was invalid. They also alleged that Revenue’s notice of meeting dated Jan 19 and the special directors’ meeting on Jan 26 were null and void. Meanwhile, the parties have also applied for injunctions to prevent two extraordinary general meetings of Revenue which are scheduled to be held on Feb 17.

Tenaga Nasional Bhd (TNB) has inked several Memoranda of Understanding (MOUs) in Thailand, including with the Electricity Generating Authority of Thailand (EGAT) to set up a joint working committee to study interconnection enhancement between Malaysia and Thailand to capitalise on regional demand and potential for greener power in Asean. Two other MOUs include collaborations between TNB Renewables Sdn Bhd and Planet Utility Co Ltd ; as well as TNB Power Generation Sdn Bhd and B Grimm Power Public Co Ltd.

Kitchen furniture designer and maker Signature International Bhd’s co-founder Tan Kee Choong has resigned as group chief executive officer effective Friday. Tan was appointed to the post in June 2021 upon his resignation as group managing director.

Ageson Bhd has denied the allegation about its executive director Datuk Seri Chin Kok Foong regarding the purported involvement of fraudulent documents in 2019 and 2018. In a response to media reports about the allegation, Ageson added that Chin denied his involvement and believed that the allegation was targeted at him personally. The group responded to the media coverage on Chin at the magistrate's court in Kuala Lumpur on Friday where Chin pleaded not guilty to charges of using fake invoices belonging to APC Builder & Construction Sdn Bhd dated Sept 28, 2019 and May 5, 2020.

The High Court on Friday granted a temporary stay to Serba Dinamik Holdings Bhd and its three subsidiaries — Serba Dinamik International Ltd, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd — of the winding-up order against them. Serba Dinamik and the subsidiaries are said to have owed syndicated, bilateral creditors from financial institutions and sukuk holders RM5 billion. The temporary stay order was granted pending the hearing of the companies’ permanent stay application on March 6.

Visdynamics Holdings Bhd has proposed a one-for-two bonus issue of shares to reward its existing shareholders. It entails the issuance of up to 87.6 million new shares to the entitled shareholders. At the same time, the company also proposed a bonus issue of warrants, involving the issuance of up to 65.7 million new warrants on the basis of one warrant for every four shares held after the completion of the proposed bonus issue of shares. Assuming that all warrants are exercised at an indicative exercise price of 5.5 sen each, Visdynamics will raise gross proceeds of up to about RM36.13 million to fund its day-to-day operations.

Globaltec Formation Bhd announced that its subsidiary NuEnergy Gas Ltd has inked the Heads of Agreement with PT Laras Ngarso Gede for the supply and sale of coal bed methane in the Tanjung Enim Production Sharing Contract in South Sumatra, Indonesia. PT Laras Energy is a downstream natural gas and its derivative products provider.

Matang Bhd is buying a property from Star Media Group Bhd for RM33 million. The two units of double storey semi-detached factory and warehouse  annexed with a one-and-a-half-storey office building and other ancillary buildings are located within the Star Business Hub, an industrial development project in Bukit Jelutong, Shah Alam. This exercise is deemed as related party transactions as MCA (a component party of Barisan Nasional) is a common major shareholder in both groups. MCA holds an indirect stake of 17.15% in Matang and a direct stake of 43.23% in Star Media.


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