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Singapore Investment


Aeon Credit, Uzma, Techna-X, Daythree Digital, TNB, Malakoff Corp, Jade Marvel, Bintai Kinden, Bonia, Glomac, Eco World International, Cosmos Technology, Ann Joo, Bumi Armada, SEGi, Jiankun, Capital A and UEM Sunrise

KUALA LUMPUR (June 21): Here is a brief recap of some corporate announcements that made the news on Wednesday (June 21) involving Aeon Credit Service (M) Bhd, Uzma Bhd, Techna-X Bhd, Daythree Digital Bhd, Tenaga Nasional Bhd (TNB), Malakoff Corp Bhd, Jade Marvel Group Bhd, Bintai Kinden Corp Bhd, Bonia Corp Bhd, Glomac Bhd, Eco World International Bhd, Cosmos Technology International Bhd, Ann Joo Resources Bhd, Bumi Armada Bhd, SEG International Bhd (SEGi), Jiankun International Bhd, Capital A Bhd and UEM Sunrise Bhd.

Aeon Credit Service (M) Bhd is leveraging artificial intelligence (AI) technology to minimise its high-risk customers segment to approximately 20% from 30% currently. Aeon Credit has collaborated with Japan-based Global Al Innovations Laboratory Co Ltd (Gailabo), which offers Al-based credit scoring service for Aeon Credit, to optimise and enhance the application process for eligible applicants. Besides that, Aeon Credit is adopting a cautious stance for the current year’s earnings outlook against a backdrop of inflationary pressures, high-interest rates and competition from other credit service platforms. Chairman Ng Eng Kiat said while it would be tough to maintain its past year's performance, the company expects to maintain a dividend payout of 30% this year.

A unit of Uzma Bhd has clinched two contracts estimated to worth RM450 million for the provision of hydraulic workover and plug and abandonment operation from Petronas Carigali Sdn Bhd. The duration of the contracts will be for three years with an extension option of one year.

Techna-X Bhd has entered into a tripartite agreement to develop an 85-acre microalgae farm and produce algae biofuel. Its wholly-owned subsidiary Techna-X Aerobeidou Sdn Bhd (TASB) has entered into the agreement with technology provider and operator of the farm MYKO Global Sdn Bhd and engineering, procurement, construction and commissioning contractor RTA E&C Sdn Bhd. It said TASB has committed to investing US$120 million (RM577.4 million), but MYKO will commit to arranging 98% of the US$120 million facility while TASB is obligated to finance the remaining 2%, which works out to be US$2.4 million, via a banker guarantee.

Tech-driven global business services service provider Daythree Digital Bhd has set its initial public offering (IPO) price at 30 sen per share as it looks to raise RM36.72 million under the listing exercise. Based on the enlarged share capital of 480 million shares, Daythree Digital is expected to have a market capitalisation of RM144 million after listing. The company plans to use 44.4% of its proceeds raised from the IPO for working capital requirements to recruit an additional 380 CX executives to enhance its capacity to service a growing number of contracts.

Tenaga Nasional Bhd (TNB) and Malakoff Corp Bhd’s joint venture company, Kapar Energy Ventures Sdn Bhd (KEV), has ironed out its RM595.95 million tax dispute with the Inland Revenue Board (IRB). After reaching the out-of-court settlement, KEV has withdrawn its judicial review application at the High Court to challenge the notices of assessment from the IRB amounting to RM595.95 million. The quantum of the out-of-court settlement was undisclosed.

Bintai Kinden Corp Bhd said its unit has terminated eight contracts with TNB due to its inability to continue to perform its contractual obligations. The group said the financial impact of the terminations by Kejuruteraan Bintai Kindenko Sdn Bhd has yet to be determined, as it is subject to TNB inspections on progress and assessment of the final account.

Jade Marvel Group Bhd plans to raise up to RM80 million through the issuance of redeemable convertible preference shares (RCPS) to fund its money-lending business and working capital. The group said the exercise would involve the issuance of up to 80 million new RCPS, at the issue price of RM1 per share, to Sycamore Capital SPC, a company incorporated in the Cayman Islands and acting on behalf of Sycamore Equity Fund SP.

Bonia Corp Bhd is disposing of its 30% stake in wholly-owned SBG Holdings Bhd for RM17.6 million cash, to a company owned by its executive director and shareholder Datuk Seri Chiang Fong Tat, to fund its working capital. Bonia said the disposal consideration was determined on the basis of "willing buyer, willing seller" after arm's length negotiations, by referencing SBG's unaudited net assets of RM58.66 million as at April 30.

Glomac Bhd’s net profit fell 15.58% to RM13.92 million for its fourth quarter ended April 30, 2023, from RM16.49 million a year earlier, mainly due to higher expenses and finance costs. Quarterly revenue rose 78.07% to RM131.09 million from RM73.62 million, lifted by higher contributions from both the property development and property investment segments. The group declared a final dividend of 1.25 sen per share.  

Eco World International Bhd posted a narrower net loss of RM4.56 million for the second quarter ended April 30, 2023 compared with RM67.35 million a year earlier. The improvement was due to higher foreign exchange gain as the British pound strengthened against Ringgit Malaysia, higher interest income following capital contribution repayments from the UK joint ventures and lower finance costs due to the group’s progressive repayment of loans.

Cosmos Technology International Bhd, which made its debut on the ACE Market in October 2022, posted a net profit of RM520,000 for the fourth quarter ended April 30, 2023 (4QFY2023) on revenue of RM14.14 million. For the full financial year, the group saw its net profit fall 36.5% to RM3.67 million, from RM5.79 million in FY2022, due to higher carriage outwards paid to overseas customers for shipment of goods. Full-year revenue increased 18.6% to RM58.27 million from RM49.12 million in FY2022, on the back of a RM16.5 million rise in the manufacturing sector's revenue to RM46.6 million.

Ann Joo Resources Bhd said its 55%-owned indirect subsidiary Konsortia Etiqa Sdn Bhd has acquired a 99.9% stake in loss-making wire maker Kinsteel Bhd's Perfect Channel Sdn Bhd (PCSB) for RM10.1 million in cash and shares, to expand its upstream steel division. Leveraging on PCSB’s plant and machinery capabilities, the group endeavours to revive and turn around PCSB’s manufacturing business.

Production from Bumi Armada Bhd's Armada Kraken floating production storage and offloading (FSPO) is currently at about 60% of pre-shutdown levels. It said there is further work, testing and investigations ongoing to stabilise and bring the vessel operational performance back to pre-shutdown level. On June 2, Bumi Armada announced the shutdown of Armada Kraken FPSO due to the failure of critical hydraulic submersible pump transformers. Bumi Armada has also inked a non-binding Memorandum of Understanding (MOU) with Navigator Holdings Ltd to establish a joint venture company to provide CO2 shipping and injection solutions in the United Kingdom. It said the Bluestreak CO2 Joint Venture, to be owned 50% by Bumi Armada and 50% by Navigator, aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the UK’s Industrial Decarbonisation Strategy.

SEG International Bhd (SEGi) announced a slew of boardroom changes, including the appointment of Chong Poh Yee and Stella Lau Kah Wai as its new executive directors, the appointment of four new independent and non-executive directors: Datuk Hew Lee Lam Sang, Chong Ying Choy, Chang Tuck Chee @ Philip Chang and Tong Lai Ling and the retirement of Datuk Siew Boon Yeong and Datuk Goh Leng Chua as non-independent and non-executive directors.

Jiankun International Bhd has entered into an MOU to explore buying the owner and operator of a private college, known as Unifield International College, for RM13 million to venture into the education sector. The purchase consideration of RM13 million is expected to be satisfied by a combination of 70% to be paid by cash and the balance of 30% to be paid by ordinary shares in Jiankun.

Capital A Bhd’s AirAsia has been voted the World’s Best Low-Cost Airline at the Skytrax World Airline Awards 2023 for the 14th time in a row. The airline also emerged as the Best Low-Cost Airline in Asia 2023, as voted by travellers who participated in the largest airline passenger satisfaction survey from September 2022 to May 2023. Over 100 customer nationalities participated in the survey, with 20.23 million eligible entries counted in the results. AirAsia is also ready to spread its wings with the addition of 19 new Airbus 320 planes set to take flight this year, with the first aircraft expected to come in by the end of next month. Capital A’s chief executive officer Tony Fernandes said the new additions would support the airline’s efforts towards regaining 100% of its pre-pandemic capacity in the coming months. To date the group has 170 planes back in service.

UEM Sunrise Bhd is planning to develop the first ‘Build-to-Rent’ (BTR) project in Melbourne with an estimated total transaction value of about A$277 million (RM881 million), in partnership with Greystar Real Estate Partners. This is the first BTR project by a Malaysian developer in Australia. The proposed development is expected to include approximately 400 apartment units in two buildings, with a mix of studios and one-, two- and three-bedroom apartments suitable for multi-generational living.


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