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Singapore Investment

Apex Equity, Apex Healthcare, Eco World Intl, Wah Seong, Bintulu Port, Samaiden, Teladan Setia and Dufu Technology

KUALA LUMPUR (April 28): Here is a brief recap of some corporate announcements that made the news on Friday (April 28) involving Apex Equity Holdings Bhd, Apex Healthcare Bhd, Eco World International Bhd (EWI), Wah Seong Corp Bhd, Bintulu Port Holdings Bhd, Samaiden Group Bhd, Teladan Setia Group Bhd and Dufu Technology Corp Bhd.

A few interesting names have just popped up in the latest top 30 largest shareholders’ list of Main Market-listed stockbroking firm Apex Equity Holdings Bhd. They are Hextar Group boss Datuk Eddie Ong Choo Meng, KIP Real Estate Investment Trust (KIP REIT) co-founder Datuk Eric Ong Kook Liong, and Sanichi Technology Bhd founder Datuk Seri Dr Jacky Pang Chow Huat, who have surfaced as new shareholders, albeit not substantial ones, of Apex Equity. According to Apex Equity’s Annual Report 2022,  published Friday (April 28) on Bursa Malaysia, Choo Meng owned 6.4 million shares or a 3.16% stake in the company as at March 31.

Apex Healthcare Bhd's 40%-owned associate Straits Apex Group Sdn Bhd (SAG) has proposed to divest its entire interest in Straits Apex Sdn Bhd (SA) to healthcare-focused private equity firm Quadria Capital for an enterprise value of US$240 million (RM1.06 billion). Upon completion of the transactions, SAG will have a 40% effective stake in the SA group of companies, while the remaining 60% effective equity interest will be owned by Quadria (through its affiliates). Meanwhile, Apex Healthcare will have a 16% effective equity interest in SA (through 40%-owned SAG, which in turn will hold a 40% stake in the new holding company).

Eco World International Bhd (EWI) is proposing to reduce its share capital by RM1.5 billion to eliminate the group's accumulated losses, which stood at RM144.45 million as of Oct 31, 2022 (FY2022), with the balance RM900 million to be credited to the group's retained earnings for distribution to shareholders. EWI said the proposed exercise is based on the group's intention to distribute its estimated excess cash of up to RM900 million in 2023 to shareholders — after setting aside funds for working capital and funding necessary to meet its sales targets — and to provide additional headroom for further declaration of dividends by the group in the future from the sales of its remaining properties in the UK.

Wah Seong Corp Bhd said its managing director (MD) and group chief executive officer Chan Cheu Leong, 72, is retiring and will be succeeded by deputy MD Gian Carlo Maccagno, 59, effective July 1. Chan will be redesignated as non-independent non-executive director following his retirement as MD, nearly 21 years since his appointment on May 22, 2002.

Bintulu Port Holdings Bhd’s Datuk Abdul Mutalib Alias will be stepping down as the chairman upon the expiry of his two-year tenure on May 1. The company said Abdul Mutalib, was appointed as its non-executive chairman on May 1, 2021.

Samaiden Group Bhd via its indirectly owned Samaiden Energy (Cambodia) Co Ltd has signed a five-year Memorandum of Understanding with Royal Group Co Ltd, Management Venture Asia (Cambodia) Ltd and Panna Energy Sdn Bhd to develop unutilised plots of land alongside the railway tracks operated by Cambodia's Royal Railway PLC for RE and other sustainable economic projects.

Melaka-based property developer Teladan Setia Group Bhd is eyeing a move to the Main Market of Bursa Malaysia, after being listed on the ACE Market. The group said it has satisfied the requirements for the transfer, based on the equity guidelines issued by the Securities Commission Malaysia and the Main Market Listing Requirements of Bursa Securities.

Dufu Technology Corp Bhd’s net profit dropped 40.59% to RM10.88 million for the first quarter ended March 31, 2023 (1QFY2023), from RM18.32 million a year earlier, mainly due to lower revenue in hard disk drive (HDD) components as well as higher raw material costs incurred. The lower HDD components revenue contributed to a 14.07% fall in the group's overall revenue to RM74.18 million from RM86.33 million in 1QFY2022.

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