Purecircle sdn bhd nature of business

- A + A KUALA LUMPUR (Aug 18): Here is a brief look at some corporate announcements and news flow on Thursday (Aug 18), which include MISC Bhd, S P Setia Bhd, Gas Malaysia Bhd, Mega First Corp Bhd, Dayang Enterprise Holdings Bhd, Sunway Real Estate Investment Trust, Magnum Bhd, Dialog Group Bhd, Kobay Technology Bhd, AME Elite Consortium Bhd, and Lambo Group Bhd. MISC Bhd slipped into the red, with a net loss of RM19.1 million, for the second quarter ended June 30, 2022 (2QFY22), against a net profit of RM538.8 million for the same quarter last year, amid higher impairment losses on non-current assets and finance costs, as well as its share of losses from joint ventures. Quarterly revenue, in contrast, grew 36.47% to RM3.21 billion from RM2.35 billion a year ago. MISC declared a second tax-exempt dividend of seven sen per share. S P Setia Bhd 's net profit for 2QFY22 rose 6.95% to RM80.09 million from RM74.81 million a year earlier, mainly due to higher volume of … [Read more...] about MISC, S P Setia, Gas Malaysia, Mega First, Dayang Enterprise, Sunway REIT, Magnum, Dialog, Kobay, AME Elite Consortium, Lambo

This article first appeared in The Edge Malaysia Weekly, on August 1, 2022 - August 07, 2022. Ong has been active in the local corporate scene over the past few years. (Photo by Mohd Izwan Mohd Nazam/The Edge) - A + A CHEMICAL products distributor Hextar Global Bhd, the flagship company of Datuk Eddie Ong Choo Meng, is selling its manufacturing plant and the land on which it sits to KIP Real Estate Investment Trust (KIP REIT), in which Ong has a stake as well. Hextar Global, which bought the land in Klang in October 2005 for RM12.58 million, will lease back the assets after the sale. The company explains that the RM27 million sale is to unlock asset value and reduce its funding requirements. Nonetheless, Hextar Global’s asset sale is not that big a deal compared with that of its controlling shareholder Ong. The 44-year-old businessman is selling two industrial properties, namely warehouses and a factory, to KIP REIT for RM51.7 million cash. His original … [Read more...] about Hextar group boss continues acquisition spree

- A + A Datuk Clement Toh (Photo credit: MN Holdings Bhd) KUALA LUMPUR (Aug 19): MN Holdings Bhd (MNHB) has secured two underground utilities contracts worth RM10.5 million in Kedah and Kuala Lumpur. In a statement on Friday (Aug 19), the Underground utilities and substation engineering specialist said its unit Mutu Nusantara Sdn Bhd had accepted a letter of award (LOA) from Orasko Sdn Bhd, appointing it to be the subcontractor to provide horizontal directional drilling (HDD) and open cut construction works for RM8.1 million. It said the contracts' scope of works comprise installation of 33 kilovolt (kV) power cables and fiber optic cables to connect a multinational corporation’s high-end integrated circuit substrates manufacturing facility to a new gas insulated substation in Kulim Hi-Tech Park. The project is under Nur Energy Services Sdn Bhd, a unit of Nur Power Sdn Bhd, the exclusive power utility firm for Kulim Hi-Tech Park. Work for the contract is for … [Read more...] about MN Holdings secures two underground utilities contracts worth RM10.5 mil

- A + A PUTRAJAYA (Aug 19): A three-member Court of Appeal bench on Friday (Aug 19) upheld the High Court's ruling that shares of Rantai Wawasan Sdn Bhd are part of the late minister Tan Sri Jamaludin Jarjis' estate. The appellate court also upheld the High Court's decision that Alpine Motion Sdn Bhd and Ivory Insights Sdn Bhd, which were used as special purpose vehicles for Nur Power, are not part of the estate. The unanimous decision was delivered online by a bench led by judge Datuk Azizah Nawawi and also comprised Datuk P Ravinthran and Datuk Mohd Nazlan Mohd Ghazali. Mohd Nazlan read the broad grounds of the decision to dismiss an appeal by the late minister's children Ikhwan Hafiz Jamaludin and Nur Anis Jamaludin, as well as a cross-appeal by their grandmother Aminah Abdullah. “On a balance of probabilities, the bench affirmed the 2019 trust deeds of Rantai Wawasan to (Ikhwan Hafiz Jamaludin and Nur Anis Jamaludin) are null and void and we affirmed the … [Read more...] about Appellate court upholds High Court ruling that Rantai Wawasan shares part of late JJ’s estate

- A + A KUALA LUMPUR (Aug 18): The High Court has granted Kapar Energy Ventures Sdn Bhd (KEV) an interim stay extension on the Inland Revenue Board’s (IRB) enforcement of notices of assessment until Sept 13, 2022. KEV is a 60%-owned subsidiary of TNB Power Generation Sdn Bhd, the latter being a wholly-owned subsidiary of Tenaga Nasional Bhd (TNB), while it is also a 40%-owned associate of Malakoff Corp Bhd. In a filing with Bursa Malaysia, both TNB and Malakoff said the High Court, at the case management session on Thursday, has also vacated the hearing for KEV’s leave application for judicial review that was initially fixed on Aug 18. “The High Court has rescheduled the hearing date for the application on Sept 13, 2022,” they said. According to a filing with Bursa Malaysia on Nov 5, 2021, KEV received notices of assessment from the IRB amounting to over half a billion ringgit. KEV, on Nov 1, 2021, received notices of assessment for 2011, 2012 and 2014, and … [Read more...] about TNB-Malakoff unit gets new court date for RM596 mil IRB assessment notices claim

- A + A KUALA LUMPUR (Aug 19): TCS Group Holdings Bhd has secured a RM103.38 million contract for the construction of Moxy Putrajaya Hotel. The group, through its wholly-owned subsidiary TCS Construction Sdn Bhd, had on Friday (Aug 19) won the contract from IOI City Hotel Sdn Bhd to complete one block of the 19-storey main building of the hotel. IOI City is an indirect wholly-owned subsidiary of IOI Properties Group Bhd. Located within the integrated township of IOI Resort City in Putrajaya, the Moxy Putrajaya hotel will be directly linked to the IOI City Mall and managed by Marriott International Inc, said TCS in a statement. The duration of the contract is 16 months, beginning Sept 1, 2022, with work to be completed by Dec 31, 2023. TCS managing director Datuk Ir Tee Chai Seng said the contract will boost the group’s orderbook and enhance earnings visibility. Looking ahead, TCS remains cautious against the backdrop of a challenging operating environment in … [Read more...] about TCS bags RM108.38 mil contract to build hotel in Putrajaya

- A + A KUALA LUMPUR (Aug 18): Dialog Group Bhd's net profit fell 14.65% to RM118.25 million for the fourth quarter ended June 30, 2022 (4QFY22), from RM138.54 million a year earlier, on higher project cost and losses in some of the projects under both its local downstream and international businesses. Earnings per share slipped to 2.1 sen from 2.46 sen previously, the group's Bursa Malaysia filing on Thursday (Aug 18) showed. Quarterly revenue however rose 29.4% to RM675.65 million from RM522.14 million following increased business activities in both local and international operations. For the full FY22, Dialog saw its net profit drop 6.47% to RM508 million from RM543.14 million in the previous financial year, despite revenue rising 44.04% to RM2.32 billion from RM1.61 billion. Dialog said the higher revenue reported by its local operations for 4QFY22 was due to increased activities in the upstream, midstream and downstream activities. The upstream activities … [Read more...] about Dialog’s 4Q net profit falls 15% on higher project cost, losses in some projects

Datuk Seri Najib Razak's newly appointed lead counsel Hisyam Teh Poh Teik - A + A PUTRAJAYA (Aug 18): At the tail-end of Datuk Seri Najib Razak’s final SRC International Sdn Bhd appeal hearing on Thursday, the former premier’s newly appointed lead counsel Hisyam Teh Poh Teik reversed his position on filing fresh submissions. "I will not file the submissions. That is my position," he told the Federal Court. Chief Justice Tun Tengku Maimun Tuan Mat — who leads the five-member quorum in the appeal hearing — noted that Hisyam was contradicting what he had said a few hours earlier when the court reconvened following lunch. She reminded Hisyam that he had informed the court that the defence was planning to file fresh submissions and warned him: “If you choose not to participate then that is your position. The court will not repeat itself.” Hisyam clarified that his position is that he would only file fresh submissions if the defence is provided with an … [Read more...] about Najib’s new lawyer changes mind on filing fresh submissions

- A + A KUALA LUMPUR (August 19): Inter-Pacific Securities Sdn Bhd said market conditions are likely to remain mostly indifferent as the FBM KLCI appears to be toppish following its 7.0% rebound in July. In its daily bulletin on Friday (Aug 19), the research house said Malaysian stocks were mostly rangebound amid the continuing profit taking on some of the heavyweights that made significant headway of late. However, it said sustained buying by foreign funds helped to limit the day’s losses and kept the key index comfortably above the 1,500 level. “Conditions in the broader market were also mostly directionless and this trimmed the fresh buying interest. “Consequently, market breadth remained on the negative side, while volumes were relatively insipid,” it said. Inter-Pacific said with fewer impetuses, and the ongoing results reporting season devoid of significant surprises, the wait and see conditions are likely to stay for the time being. It said local funds … [Read more...] about Market conditions are likely to remain mostly indifferent, says Inter-Pacific

The newly appointed solicitors for Najib only lasted for about three and a half weeks. (Photo by Mohamad Shahril Basri/The Edge) - A + A PUTRAJAYA (Aug 19): Former premier Datuk Seri Najib Razak has discharged Datuk Zaid Ibrahim's law firm from representing him in his final appeal against his SRC International Sdn Bhd conviction in the Federal Court. This is the second time Najib has dropped his solicitors in less than a month. During proceedings in the apex court on Friday (Aug 19), the former premier’s lead defence counsel Hisyam Teh Poh Teik informed the five-member bench led by Chief Justice Tun Tengku Maimun Tuan Mat that his client had discharged his solicitors. The solicitors in question are from Messrs Zaid Suflan TH Liew and Partners. Najib’s counsels from Messrs Zaid Suflan TH Liew — Zaid, Liew Teck Huat and Rueben Mathiavarnam — were not present in the courtroom. Kee Wei Lon and Low Wei Loke appeared with Hisyam. In late July, weeks before the … [Read more...] about Najib discharges Zaid Ibrahim’s law firm as he drops solicitors for second time in less than a month