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Singapore Investment


Icon Offshore, HLIB, Ramssol, Cypark, LKL International, Yinson, AZRB, AWC, Fiamma, UEM Sunrise and JCorp

KUALA LUMPUR (June 6): Here is a brief recap of some corporate announcements that made the news on Tuesday (June 6) involving Icon Offshore Bhd, Hong Leong Islamic Bank Bhd, Ramssol Group Bhd, Cypark Resources Bhd, Yinson Holdings Bhd, Ahmad Zaki Resources Bhd, AWC Bhd, Fiamma Holdings Bhd, UEM Sunrise Bhd  and Johor Corporation Group.

Icon Offshore Bhd has appointed Datuk Abdul Mutalib Alias as the oil and gas service provider’s non-independent non-executive chairman after Raja Tan Sri Arshad Raja Tun Uda retired from the post. Abdul Mutalib previously served as non-independent, non-executive chairman of Bintulu Port Holdings Bhd. He had also served on the board of Bank Rakyat, and currently sits on the board of Ekuiti Nasional Bhd as an independent and non-executive director.

Dafinah Ahmed Hilmi has been appointed as the chief executive officer of Hong Leong Islamic Bank Bhd (HLISB). Dafini succeeds Jasani Abdullah, who retired at the end of April 2023 after 16 years of service at HLISB, of which six years were spent as CEO of the Islamic banking arm of Hong Leong Bank (HLB). HLISB said that Dafinah brings with her 23 years of conventional and Islamic banking experience.

Ramssol Group Bhd has appointed Datuk Abdul Harith Abdullah as its independent non-executive chairman. He replaces Datuk Seri Vignaesvaran Jeyandran who retired from the position on June 1 following the conclusion of Ramssol’s AGM. Harith brings with him 33 years of corporate experience through his employment with DRB-Hicom Bhd, holding various senior positions, and also as director and chairman of various subsidiaries and joint venture companies within DRB.

Datuk Hamidah Moris has been appointed the new independent non-executive chairman of Cypark Resources Bhd. Hamidah, known as Ami Moris, was appointed as independent non-executive director of the renewable energy engineering group in March. She will take over the new position from Cypark’s co-founder Tan Sri Razali Ismail, who has been redesignated as executive director.

Former High Court judge Datuk Mohd Yazid Mustafa has been appointed as LKL International Bhd's independent and non-executive chairman. The hospital bed maker said Mohd Yazid, 66, served as a High Court judge for more than 15 years and retired from the judiciary at the end of December last year. He continues to serve as a Shariah Court of Appeal judge in Terengganu.

Yinson Holdings Bhd's offshore production unit Yinson Production (YP), via its joint-venture company PTSC South East Asia (PTSC SEA), has received a five-year extension for the bareboat charter contract for FSO PTSC Bien Dong 01. The extended period of the contract is from June 4, 2023 to June 3, 2028. According to Yinson, FSO PTSC Bien Dong 01 has been operating in Block 05-2/05-3, Vietnam since June 4, 2013. YP holds a 49% stake in PTSC SEA, while its joint-venture partner PetroVietnam Services Corp holds the remaining 51%.

Ahmad Zaki Resources Bhd (AZRB) has been awarded a letter of acceptance by the government for the Cameron Highlands road plan and bypass project to commence on June 15, 2023. The group revealed that the contract value is RM122.5 million, and that it is for a duration of 42 months.

AWC Bhd said it has secured four light rail transit (LRT)-related contracts in the Klang Valley from Prasarana Malaysia Bhd worth a total of RM51.99 million. Three of the contracts, with a total value of RM44.25 million, are for the design, supply and commissioning of new base plates for the Ampang Line - Phase 1 (Plaza Rakyat to Sultan Ismail stations), testing, commissioning and warranty of a rail profile grinding machine for the Ampang line, and a new underfloor lathe for the Kelana Jaya line. The fourth contract, worth RM7.74 million, is for the supply of 400 units of UIC 60E1 grade R350HT running rails for the Ampang line and 340 units of RE 115 running rails for the Kelana Jaya line.

Fiamma Holdings Bhd has entered into a memorandum of understanding (MOU) with Hong-Kong-based Modena Global Ltd to look into importing and distributing Modena’s household electrical products in Malaysia and Singapore. The home and kitchen electrical appliances company said the MOU is also to facilitate Modena to manufacture products under the original equipment manufacturer's brand. The MOU will be valid for 12 months and may be renewed for a further 12 months, but is not legally binding on the parties until a definitive agreement comes into force, said Fiamma in a bourse filing.

UEM Sunrise Bhd has confirmed that it is buying a 3.7-hectare freehold land in Kelana Jaya adjacent to the Damansara-Puchong Expressway (LDP) from the Employees Provident Fund (EPF) for RM155 million, expected to be completed in the first half of 2024. The group said its wholly-owned subsidiary Sunrise Innovations Sdn Bhd has inked a sale and purchase agreement with Kwasa Properties Sdn Bhd, a wholly-owned subsidiary of EPF, to acquire the land. UEM Sunrise's development is estimated at a total gross development value (GDV) of RM1.1 billion and targeted to be launched in 2025. With this latest purchase, UEM Sunrise's total landbank in the Kuala Lumpur area stands at 175 hectares, with a total GDV of RM29.5 billion.

Johor Corporation Group (JCorp) said its profit after tax more than doubled to RM808 million for the financial year ended Dec 31, 2022 (FY2022), from RM379 million a year earlier, on the back of strong performance across its business segments. Revenue rose 12% to RM5.7 billion, with the agribusiness segment’s revenue reaching RM1.85 billion, a 13% increase compared with FY2021, as a result of high crude palm oil and palm kernel prices. The wellness and healthcare segment saw revenue increase by 13%, thanks to an uptick in inpatient activity, which grew by 50%, and outpatient activity, which grew by 19%, as well as improved medical tourism revenue. However, its food and restaurants segment recorded an RM31 million loss primarily due to ongoing restructuring of the segment aimed at streamlining operations.


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