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Singapore Investment


BCorp, BLand, KPJ Healthcare, Paramount, Sime Darby Property, UEM Edgenta and ATA IMS

KUALA LUMPUR (March 1): Here is a brief recap of some corporate announcements that made news on Wednesday (March 1) involving Berjaya Corp Bhd, Berjaya Land Bhd, KPJ Healthcare Bhd, Paramount Corp Bhd, Sime Darby Property Bhd, UEM Edgenta Bhd and ATA IMS Bhd.

Tan Sri Vincent Tan has stepped down as non-independent and non-executive chairman, while his son Datuk Seri Robin Tan has resigned as non-independent and non-executive deputy chairman, of Berjaya Corp Bhd (BCorp) in the latest boardroom shuffle at the conglomerate, which has led to the formation of an all-women board of directors for the group. Vincent, who is BCorp's founder and major shareholder, will serve as adviser of the group, while Robin resigned "due to other work commitments and responsibilities". Meanwhile, Chryseis Tan — daughter of Vincent Tan — was redesignated as the group's executive director. Prior to that, Chryseis was the group’s non-executive director.  

In a related development, Berjaya Land Bhd appointed Robin as its non-independent non-executive deputy chairman.

KPJ Healthcare Bhd has entered into a share sale agreement with PT Nusautama Medicalindo via three subsidiaries for the proposed disposal of its Indonesian hospital operations and facilities involving KPJ Medica for a total consideration based on an enterprise value of RM150.2 million. The subsidiaries are Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), Crossborder Aim (M) Sdn Bhd (CAMSB) and Crossborder Hall (M) Sdn Bhd (CHMSB). KPJ said the proposed disposal involves a 75% stake in KPJ Medica by KPJSB, and a 100% stake in Al-Aqar Bumi Serpong Damai by CAMSB and CHMSB to PT Nusautama Medicalindo at a provisional purchase price of  RM13.66 million, subject to adjustment based on closing cash, closing debt and closing working capital.

On the back of achieving record sales of RM1.1 billion in the financial year ended Dec 31, 2022 (FY2022), Paramount Corp Bhd has set out to launch RM1.5 billion worth of projects in FY2023. Speaking at the property developer’s financial results briefing, Paramount chief executive officer Jeffrey Chew Sun Teong shared his optimism on the group’s outlook for the current year, citing signs of the property market’s recovery last year. While property development remains its core business accounting for 97% of the group’s revenue in FY2022, Chew noted that its coworking division is set to turn profitable in 2023.

Sime Darby Property Bhd (SDP) has set a lower sales target of RM2.3 billion for FY2023 due to absence of normalisation in the labour situation, rising raw material prices, looming state elections and higher interest rates. SDP group managing director Datuk Azmir Merican said the property developer will closely monitor the market and be ready to take advantage as soon as there is recovery in headwinds. “If you look at our sales numbers of RM3.7 billion in FY2020, they are 100% from the domestic market. This is the largest you will see in any property company," he said.

Despite facing higher operating costs amid cost-inflation pressure, UEM Edgenta Bhd is anticipating a better bottom line performance for the financial year ending Dec 31, 2023 (FY2023).  There has been concern about the group's profit growth due to cost escalation related to higher repair and maintenance costs for some hospitals and incinerator plants, as well as the increase in the minimum wage for the hospital division. In addition, the group also faces margin compression for projects in its property and building solutions segment due to the global supply chain disruption.

ATA IMS Bhd said its unit ATA Industrial (M) Sdn Bhd (AIM) is being sued by a motor supplier, Johnson Electric Industrial Manufactory Ltd, over a claim amounting to US$4.44 million (RM19.85 million), consisting of payment for finished goods, payment for raw materials, storage costs and testing fees.


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