Type something and hit enter


Singapore Investment


Panasonic Malaysia, Affin Hwang Investment, Velesto Energy, Green Packet, Top Builders Capital, Star Media, Citaglobal, AME Elite, SCIB, UP, Meta Bright, Top Builders, Kimlun and Synergy House

KUALA LUMPUR (June 1): Here is a brief recap of some corporate announcements that made news on Thursday (June 1): Panasonic Manufacturing Malaysia Bhd, Affin Hwang Investment Bank Bhd, Velesto Energy Bhd, Green Packet Bhd, Top Builders Capital Bhd, Star Media Group Bhd, Citaglobal Bhd, AME Elite Consortium Bhd, Sarawak Consolidated Industries Bhd, United Plantations Bhd, Meta Bright Group Bhd, Top Builders Capital Bhd, Kimlun Corp Bhd and Synergy House Bhd.

Panasonic Manufacturing Malaysia Bhd has clarified a report that it will shut down several of its operations in Malaysia this year, which will leave hundreds of its workers unemployed. The company stressed that it has only closed two product manufacturing departments at its Shah Alam plant, while it has no plans to close other operations in Malaysia. The company also said that it has appointed Takashi Sugihara as its new managing director, replacing Kenji Kamada. Sugihara has more than 35 years of working experience with Panasonic.

The former executive director and head of global corporate bank at JP Morgan Chase Bank Bhd, Nurjesmi Mohd Nashir, has been appointed as the new chief executive officer of Affin Bank Bhd’s investment banking arm Affin Hwang Investment Bank Bhd. His appointment takes effect from June 1.

Velesto Energy Bhd has secured a contract worth an estimated US$10.9 million (RM50.26 million) from Vestigo Petroleum Sdn Bhd for its Naga 2 jack-up rig to drill five wells. The contract, awarded to Velesto’s wholly-owned unit Velesto Malaysian Ventures Sdn Bhd, is expected to commence in 4QFY2023. Vestigo, which develops small and stranded oil and gas reserves, is a wholly-owned unit of Petronas Carigali Sdn Bhd.

Former Green Packet Bhd group managing director Puan Chan Cheong, more familiarly known as CC Puan, has been declared bankrupt by the Kuala Lumpur High Court after failing to meet the requirements of bankruptcy notices filed in Maylast year. The bankruptcy order was issued on March 27, following a petition by Everegion Sdn Bhd and an ex-parte (one-sided) application by Medinis Sdn Bhd. Puan, the founder of Green Packet, was issued the bankruptcy notices last year after failing to settle a combined RM30.66 million owed to Everegion and Medinis.

Trading suspension of Top Builders Capital Bhd will continue until further notice, as the group failed to file its quarterly report for the financial period ended March 31, 2023, with Bursa Securities by the May 31 deadline. The piling and engineering firm also faces delisting if it fails to issue its outstanding financial statements within six months. Its external auditor Kreston John & Gan flagged significant doubts over the group’s future in an audit of its financial statements for the financial year ended June 30, 2022, saying that it was unable to obtain sufficient appropriate audit evidence regarding the feasibility of the group’s plan to regularise its financial condition by June 29. The trading of its shares has been suspended since Nov 8, following the group's failure to release its 2022 annual report.

A day after the Star Media Group Bhd chairman insisted that MCA Wanita chief Wong You Fong can be an independent director of the MCA-controlled company, Star Media said Wong has been redesignated as non-independent non-executive director with immediate effect. The redesignation was made at Wong's own request “to avoid unnecessary confusion, ambiguity and misperception”. The company added that the membership of its three-member Nomination Committee, in which Wong is a member, will also be reviewed following her redesignation.

Citaglobal Bhd has secured a RM13.3 million contract to dismantle the balance of the power plant owned by Malakoff Corp Bhd's unit Port Dickson Power Bhd. The job involves the decommissioning, dismantling, demolition and disposal of the balance of the 440MW Port Dickson Power Plant (PDPP). The PDPP, which was commissioned in 1995, ceased operations on Feb 28, 2019 due to the expiry of an extended power purchase agreement.

Kang Kok Wei has been appointed as executive director of AME Elite Consortium Bhd with effect from Thursday (June 1), replacing his father Kang Ah Chee. This is among several changes reported to Bursa Malaysia in line with the company's succession plan. Kok Wei, 41, ceases to be the alternate director to Ah Chee, while the senior Kang, 67, has been named as the alternate director to Kok Wei. AME Elite has also appointed Lim Khai Wen, 42, as a new executive director, in place of his 69-year-old father Lim Yook Kim. Lim Pei Shi, 35, has resigned as alternate director to her father Yook Kim, and has been named as the alternate director to her brother Khai Wen.

Precast concrete product maker Sarawak Consolidated Industries Bhd will be holding an extraordinary general meeting on June 28 to vote on the removal of three directors from its board, including Noor Azri Noor Azerai — the 24-year-old former executive director of Bintai Kinden Corp Bhd — and to replace them with four others. This follows a notice sent to the company on Tuesday (May 30) by eight shareholders holding no less than 10% of the company's issued share capital, to move the resolutions to reshuffle the board. The shareholders will also move a resolution to have anybody appointed as a director between the date of the notice and up to the commencement of the EGM to be removed immediately.

United Plantations Bhd announced the appointment of Tunku Alizakri Raja Mohd Alias as the group’s new non-independent, non-executive director, effective June 1, 2023. Alizakri replaces Puan Rohaya Mohd Yusof who has resigned. Currently, Alizakri is a board member of Bumi Armada Bhd and Petronas Dagangan Bhd, as well as the chairman of Malaysian Venture Capital Management Bhd (Mavcap). He also sits on the board of Malaysia Aviation Group Bhd, Malaysia Airlines Bhd, Prudential BSN Takaful Bhd and Yayasan Hasanah.

Towards widening its earnings base, Meta Bright Group Bhd (formerly known as Eastland Equity Bhd) plans to expand the group’s leasing and financing business segment to include the provision of industrial machinery and equipment leasing. Its current leasing and financing segment comprises provision of short- to medium-term personal and business loans, but added that the diversification into industrial equipment leasing is expected to contribute at least 25% of its net profit and result in diversion of at least 25% of net assets in the long term.

Top Builders Capital Bhd which has yet to submit its financial reports for the quarters ended Sept 30, 2022, and Dec 31, 2022 and March 31, 2023, plans to release the outstanding quarterly reports in the first week of June. "The delay in releasing the quarterly reports is due to the company’s audited financial statements for the financial year ended June 30, 2022 have just been finalised and announced on May 29, 2023. "The management team is in the midst of finalising the outstanding quarterly reports, targeting to release them by the first week of June 2023.”

Kimlun Corp Bhd has bagged a contract worth RM237.63 million from Melati Ehsan Holdings Bhd to undertake main building works for two blocks of serviced apartments in Selangor. Its wholly-owned subsidiary Kimlun Sdn Bhd accepted the award from Melati Ehsan's unit Bayu Melati Sdn Bhd. The construction work is expected to be completed by the end of January 2027.

Synergy House Bhd, a cross-border e-commerce seller and furniture exporter of ready-to-assemble home furniture, opened at 38 sen on its debut on the ACE Market of Bursa Malaysia, 11% lower than its initial public offering price of 43 sen. The IPO was fully subscribed by 14.02 times by the Malaysian public, after the group received a total of 12,347 applications for 375.42 million shares.


Back to Top