Malaysian Investor Thread

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ASEAN 2021:
Part 81: Indonesia | Destini Bhd
Destini, Indonesia state-owned enterprise sign railway heads of agreement
Sulhi Khalid November 11, 2021 14:02 pm +08

KUALA LUMPUR (Nov 11): Destini Bhd announced on Thursday (Nov 11) the company on Wednesday (Nov 10) entered into a heads of agreement (HOA) with Indonesia's state-owned PT Industri Kereta Api (PT INKA) to pursue opportunities in the railway business and related infrastructure projects in Malaysia, Indonesia and across the region.

In a statement to Bursa Malaysia on Thursday, Destini said the HOA stipulates the beginning of exploration or further cooperation where Destini and PT INKA will conduct discussions to develop a more detailed agreement to implement the HOA.

"The HOA is valid for 12 months. The proposed collaboration allows Destini Group to expand its footprint in the rail segment in Indonesia and regionally," Destini said.

In a separate statement from Jakarta, Indonesia attached to Destini's Bursa filing, Destini said it had entered into the HOA with PT INKA in conjunction with Malaysian Prime Minister Datuk Seri Ismail Sabri Yaakob's official visit to Indonesia.

It was reported on Wednesday that Ismail Sabri, who is on a three-day visit to Indonesia, met with the country's President Joko Widodo, who is popularly known as Jokowi, at Istana Bogor in Jakarta.

"Ismail Sabri arrived at the Indonesian capital on Tuesday (Nov 9) to begin his inaugural visit to the neighbouring country since (he was) sworn in as Malaysia's ninth prime minister on Aug 21, 2021," Bernama reported on Wednesday.

In Destini's attached statement, the group said it believes that the partnership with PT INKA will contribute positively to Destini's ambitions within the railway segment.

According to Destini, PT INKA is a rolling stock manufacturer that has supplied its products to various countries including Indonesia, Malaysia, Thailand, the Philippines, Bangladesh and Australia.

In railway-transportation terminology, rolling stock is defined as vehicles, which move along a railway.

At Bursa’s 12.30pm break on Thursday, Destini’s share price settled one sen or 3.92% lower at 24.5 sen, valuing the company at about RM406.7 million based on the group’s 1.66 billion issued shares.

The counter saw 15.45 million shares changing hands.

https://www.theedgemarkets.com/artic...eads-agreement

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ASEAN 2021:
Part 82: Indonesia | Penjana Kapital Sdn Bhd
Penjana Kapital partners Indonesia’s AC Ventures to pave way for M’sian start-ups to access US$1 trillion Indonesian market
Sulhi Khalid November 11, 2021 13:19 pm +08



The partnership between AC Ventures and Penjana Kapital Sdn Bhd was signed and witnessed by Prime Minister Datuk Seri Ismail Sabri Yaakob (centre) and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the premier's four-day working visit to Jakarta.

KUALA LUMPUR (Nov 11): Penjana Kapital Sdn Bhd has entered into an agreement with Indonesian venture capital investment firm AC Ventures to allow promising Malaysian start-ups to expand into Indonesia and form partnerships within the regional technology ecosystem.

In a statement on Thursday (Nov 11), Penjana Kapital highlighted that AC Ventures is one of the eight venture capital fund managers selected as part of Dana Penjana Nasional, a programme administered by Penjana Kapital.

The partnership between AC Ventures and Penjana Kapital was signed and witnessed by Prime Minister Datuk Seri Ismail Sabri Yaakob and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the premier's four-day working visit to Jakarta.

“We are pleased with AC Ventures’ decision to partner up with Penjana Kapital and invest in the Malaysian start-up space.

“These funds are crucial to spur our start-up ecosystem by encouraging innovation and equipping Malaysian innovators with the necessary resources to scale and succeed, particularly in Indonesia, the largest consumer market in Southeast Asia.

“By tapping the power of AC Ventures’ local knowledge and network, Malaysia’s start-ups stand a higher chance of go-to-market success in a US$1 trillion (about RM4.16 trillion) economy,” according to Tengku Zafrul.

With nearly 100 companies in its portfolio, AC Ventures has backed the likes of Carsome, Xendit, Stockbit, Eden Farm, Ula and many other unicorns.

Meanwhile, Penjana Kapital also pointed out that AC Ventures had partnered with Translink Capital and Vertex Force to invest in Dana Penjana Nasional’s SEA Frontier Fund.

“Through AC Ventures’ investment, the SEA Frontier Fund will double down on its strategy of identifying and funding start-ups with the potential for cross-border regional expansion.

“The SEA Frontier Fund has also attracted commitments from strategic foreign investors, including a global conglomerate from South Korea.

“The SEA Frontier Fund, whose current fund size is RM200 million, aims to raise an additional RM100 million in the next three months,” it elaborated.

Separately, Penjana Kapital also shared that Dana Penjana Nasional had, thus far, raised a total commitment of RM995.4 million for its eight funds as of October 2021.

“Of the total, RM562.7 million came from foreign and private local investors. Penjana Kapital is also pleased to announce that Dana Penjana Nasional has approved 30 investments valued at RM267.2 million. Two of them have recently attained 'unicorn' status (start-ups valued at over US$1 billion),” it said.

https://www.theedgemarkets.com/artic...s-us1-trillion

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ASEAN 2021:
Part 83: Indonesia | Permodalan Nasional Bhd (PNB)
PNB among investors of Indonesian tech firm GoTo as latter raises over US$1.3b in first close of pre-IPO funding
Anshuman Daga Reuters November 11, 2021 14:54 pm +08

SINGAPORE (Nov 11): Indonesia's biggest tech firm GoTo Group said on Thursday (Nov 11) it raised more than US$1.3 billion (about RM5.41 billion) in the first close of its pre-initial public offering (IPO) fundraising, backed by investors including Permodalan Nasional Bhd (PNB), Fidelity International, Google and Tencent.

Sources previously told Reuters that GoTo, formed by merging ride hailing-to-payment firm Gojek and e-commerce leader Tokopedia in May, was set to complete a pre-IPO funding exercise to raise up to US$2 billion but regulatory delays threatened to push its plans to list in Jakarta into early next year.

Malaysia's largest fund manager PNB, Chinese private equity firm Primavera Capital Group and Fidelity are among Gojek's new investors.

More investors are expected to join the pre-IPO fundraising round ahead of the final close in the coming weeks, GoTo said in a statement.

Last month, GoTo entered into a deal with the Abu Dhabi Investment Authority, under which the Middle Eastern sovereign wealth fund would lead the pre-IPO funding with a US$400 million investment.

GoTo's biggest investors include Alibaba Group Holding, SoftBank Vision Fund 1, Singapore sovereign wealth fund GIC and Tencent.

https://www.theedgemarkets.com/artic...t-close-preipo

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WORLD 2021
Part 67: Brazil | Yinson Holdings Bhd
Yinson lands FPSO contracts worth US$5.2 billion in Brazil
November 15, 2021 09:05 am +08

KUALA LUMPUR (Nov 15): Yinson Holdings Bhd has landed contracts worth an estimated US$5.2 billion in Brazil.

In a statement Monday (Nov 15), Yinson said it had been awarded two Letters of Intent (LOI) by Petróleo Brasileiro S.A. for the charter, operations and maintenance of Integrado Parque das Baleias (IPB FPSO), a floating, production, storage and offloading (FPSO) vessel in the North Campos Basin, offshore Brazil.

It said the LOIs were issued to its indirect wholly owned unit Yinson Production Pte Ltd

Following the LOIs, Yinson Bergenia Production B.V, a Netherlands-incorporated indirect subsidiary of Yinson will enter into a charter contract for the provision of the FPSO, while Brazil-incorporated wholly owned subsidiary Yinson Bergenia Serviços de Operação Ltda will enter into a contract for the asset’s operations and maintenance.

Yinso said the contract period is for 22.5 years from the date of the final acceptance.

IPB FPSO will be Yinson’s second vessel to operate in Brazil waters, with the first being FPSO Anna Nery, which was awarded to Yinson by Petrobras in October 2019.

Yinson said FPSO Anna Nery is currently under construction in Cosco Changxing, China, and is on track to be operational in 2023 in the Marlim field, located in Northeastern part of the Campos Basin.

Yinson group chief executive officer Lim Chern Yuan said that Yinson is well-positioned to take on the IPB FPSO project, as it had successfully strengthened its resources, capacity and expertise in Brazil over the past few years.

“Brazil is a region of paramount importance to Yinson and we are committed to giving our very best in order to contribute to the advancement of the country’s energy industry.

“We are pleased that the efforts we have put into building our presence in Brazil have created synergies that will allow our Brazil-based projects to achieve greater efficiencies, creating greater value for all our stakeholders,” said Lim.

Meanwhile. Yinson Production Offshore CEO Flemming Grønnegaard said the team had gained valuable skills and experience through existing activities in Brazil and has also thus far been able to adapt and innovate to overcome the many challenges brought about by the pandemic and uncertain global economic situation.

“With this experience, we are stronger than ever and ready to demonstrate once again that we can successfully deliver a world-classed FPSO project.”

“Yinson and Petrobras have jointly committed to implementing a low emission design into IPB FPSO towards mitigating the world’s climate change issues,” said Grønnegaard.

https://www.theedgemarkets.com/artic...billion-brazil

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WORLD 2021
Part 68: Kenya | QNET
Malaysia's QNET, EcoMatcher plant new forest in Kenya and two other countries
By Farah Adilla - November 15, 2021 @ 12:32pm

KUALA LUMPUR: E-commerce-based Malaysian direct selling company QNET has announced its new Green Legacy programme in partnership with EcoMatcher with the planting of three new forests in three countries.

QNET said it had has launched the first phase of the Green Legacy programme by planting new forests comprising 1,000 trees each in the UAE, Kenya and the Philippines.

QNET said the Green Legacy initiative is the company's commitment to actively protect nature by planting trees that help improve local ecosystems and generate sustainable agro-forestry livelihoods for local communities.

The programme contributes to United Nation's Sustainable Development Goals (SDGs) 10 (Reduced Inequalities), 13 (Climate Action), and 15 (Life on Land).

"To say we are planting trees is perfunctory. Our commitment to reforestation in these communities goes much deeper.

"We are in a long-term partnership to ensure these forests thrive long into the future while meeting the needs and desires of each community."

She added that "QNET is building a Green Legacy to protect the planet for all of us.

"These three forests are just the beginning. We will work closely with EcoMatcher and other environmental organisations to identify the global footprint of the QNET forests over the next few years."

https://www.nst.com.my/business/2021...ountries%C2%A0

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WORLD 2021
Part 69: Gambia | Petronas
Petronas JV starts drilling Gambia's offshore oil and gas exploration well
Justin Lim November 15, 2021 15:21 pm +08

KUALA LUMPUR (Nov 15): Petroliam Nasional Bhd's (Petronas) joint venture (JV) company in the Gambia reported that drilling has commenced on the Bambo-1 exploration well in the Gambia's offshore Block A2.

Australia-listed company FAR Ltd's FAR Gambia Ltd is the operator and it has 50% interest in the Gambia's offshore A2 and A5 blocks. The remaining 50% stake is held by Petronas' subsidiary PC Gambia Ltd.

According to FAR's filing with the Australian Securities Exchange, the Stena IceMax drillship arrived on site on Nov 12 Gambian time and after completing preparations, it successfully spudded the well.

The Bambo-1 well is located approximately 85km offshore the Gambia, in 930 metres of water depth.

The well is planned to be drilled to a depth of approximately 3,400 metres and the drilling campaign is expected to take approximately 30 days.

"We are very excited to be drilling offshore the Gambia again and I thank our co-venturer Petronas and the government of the Gambia for their support during a challenging period of uncertainties and delays.

"We're looking forward to working safely and efficiently with our trusted partners at Exceed and Stena. The well will be run as a tight well, and we look forward to announcing drilling results at the appropriate time," said FAR's managing director Cath Norman.

FAR said the well is designed to drill into a series of vertically stacked targets with a combined estimated recoverable, prospective resource of 1,118 mmbbls.

"FAR calculates the chance of geological success for the various horizons to range from 7% to 36%," it added.

At 2.30pm, FAR's share price dipped 1.76% or 1.5 Australian cents to 84 Australian cents, giving it a market capitalisation of A$83.33 million.

https://www.theedgemarkets.com/artic...ploration-well

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WORLD 2021
Part 70: European Union (EU) | PDZ Holdings Bhd
PDZ ties up with German-based Protev Asia in new rubber glove venture to penetrate hospital, military market in EU
Shazni Ong November 15, 2021 21:56 pm +08

KUALA LUMPUR (Nov 15): PDZ Holdings Bhd, which was the top fifth most actively traded stock on Monday, has inked a memorandum of understanding with Protev Asia Ltd to penetrate the hospital and military market for rubber gloves in the European Union (EU).

Protev director Herbert said EU hospitals and military agencies are interested to stockpile rubber gloves in preparation of potential future biological threat application.

"With Protev being a reputable procurement and project management company, together with PDZ, we are going to tap into these niche premium markets in the EU," he said in a statement on Monday.

Besides the EU, the partnership also intends to target other countries with high Covid-19 infection rates such as the US, Africa, South America and India.

According to PDZ, the demand for personal protective equipment to curb the pandemic has boosted the demand for medical gloves since the outbreak of the Covid-19 pandemic, and that while many countries globally have rolled out vaccines to control the Covid-19 pandemic, global demand for rubber gloves is expected to remain high.

This, it said, is premised on the continuous use of medical gloves among healthcare professionals worldwide during mass vaccination, supported by heightened awareness of the use of rubber gloves as a general protection against viruses and other diseases.

PDZ executive director cum chief executive officer Datuk Tan Chor How Christopher said under the company's diversification into the rubber glove industry, it plans to instal and commission up to eight double former glove-dipping lines in phases.

"[This is] to focus on manufacturing of medical-grade nitrile gloves which is expected to yield a total production capacity of around 1.94 billion pieces per annum with full operation within 36 months, for an expected return on equity of at least approximately 10%," he said.

PDZ said the total capital outlay to commence the glove business is RM104.8 million, comprising RM25 million for the acquisition of factory building, RM56.7 million for capital expenditure, and RM22.1 million for working capital, including the purchase of raw materials, with the remainder RM1 million for professional fees.

It plans to partly fund the new venture with RM19.9 million reallocation of funds raised in a previous rights issue, and RM56 million from the issuance of 400.25 million new shares and 133.4 million free warrants (PDZ-WC) under its recent rights issue. The balance will be financed by internal funds, bank borrowings, and future fundraising exercises if required.

PDZ has also identified a 140,000 sq ft single-storey detached factory in Kulai, Johor erected on a 6.53-acre land that could cater for the future expansion of the new glove business.

PDZ's share price settled 32% or four sen lower at 8.5 sen on Monday, valuing the company at RM42.62 million. It saw 72.71 million shares traded.

https://www.theedgemarkets.com/artic...ilitary-market

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ASEAN 2021:
Part 84: Brunei | Icon Offshore Bhd
Icon Offshore returns to glory days: Affin Hwang
By Farah Adilla - November 16, 2021 @ 9:11am

KUALA LUMPUR: Icon Offshore Bhd's profit has reverted to its 2014 glory days, with offshore support vessel (OSV) utilisation rate improving and maiden contribution from its jack up rigs, Affin Hwang Capital said.

The firm said Icon Offshore had seen a strong earnings turnaround with a high offshore support vessel (OSV) active utilisation rate coupled with maiden contribution of its newly-acquired jack up rig.

Affin Hwang said Icon Offshore reported an all-time high revenue of RM81 million and RM87 million in the second quarter (Q2) and Q3 of financial year 2021 (FY21).

Icon Offshore's Q3 FY21 core profit rose 23 per cent quarter-on-quarter to RM16 million from RM13 million in Q2 FY21.

Icon Offshore's total outstanding order book of RM771 million translates to 3.6x cover ratio of its FY20 revenue, providing Icon with an earnings visibility over the next three years.

Affin Hwang said being the largest OSV player and one of the two in the jack up market duopoly in Malaysia, Icon Offshore believed prioritisation over local vessels and rigs would be beneficial to them, riding on the higher oil price environment.

It currently operates 21 active OSV vessels in both Malaysia and Brunei waters.

"Eighteen of the vessels are under long-term charter which provide steady recurring multi-year earnings visibility, while three vessels are on short-term charter.

"Icon Offshore recorded an active utilisation rate of 90 per cent in the nine-month of 2021, higher as compared to the rest of the OSV companies, supported by its integrated logistics control tower long-term contract with Petronas.

"Its list of clients includes Petronas, Shell, ExxonMobil and PTTEP," Affin Hwang said.

Icon Offshore is not rated by Affin Hwang.

https://www.nst.com.my/business/2021...ys-affin-hwang

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WORLD 2021
Part 71: South Sudan | Bioalpha Holdings Bhd
First batch of Bioalpha's Covid 19 screening products commenced in Sudan airport
By NST Business - November 17, 2021 @ 12:45pm

KUALA LUMPUR: Mandatory screening of passengers arriving at South Sudan's Juba International Airport has begun following the delivery of the first batch of Bioalpha Holdings Bhd's (BHB) Covid-19 screening products.

Managing director William Hon said the company is already seeing contributions from its venture in South Sudan under its first shipment of 100,000 Covid-19 Rapid Test Kit (RTK) and Polymerase Chain Reaction (PCR) test kits to South Sudan in September 2021.

"Following authorisation from South Sudan's Ministry of Health, our partner Crawford Laboratory Ltd of the Republic of South Sudan has started the Covid-19 screening services using our solutions exclusively at the Juba International Airport.

"Soon, the screening services will be extended to the second entry point, the Nimule border crossing.

"With the successful delivery of the maiden batch, we are now making preparations for the second shipment of the test kits to South Sudan," William said in a statement today.

To recap, BHB, on 28 July 2021, signed a Memorandum of Agreement (MoA) with Crawford to exclusively undertake Covid-19 screening services at two locations in South Sudan, namely at the Juba International Airport and the Nimule border crossing.

Under the MoA, BHB and Crawford collaborate to establish Covid-19 screening facilities at selected sites, with BHB supplying the screening equipment and products and the transfer of technical know-how.

The products include the PCR test kits and the RTK, which are priced at US$20 for locals and US$50 for foreigners.

"With the support of the East African Community (EAC) Secretariat, we believe that this is a timely collaboration as international borders reopen and Covid-19 testing facilities become increasingly critical in breaking the transmission of the virus.

"All inbound travellers into South Sudan are required to be screened upon arrival, and the ability to process the test results quickly is critical to contain the virus spread.

"The Covid-19 PCR test kits we supply can produce results within 40 minutes, as compared to the standard waiting time of up to 48 hours," William said.

He said the Covid-19 screening solutions are fully integrated with the EACPass, which verify and consolidate the health status of travellers in the EAC nations.

This allows for the safe resumption of cross-border travels within the EAC region.

"At the same time, we are also in talks with the EAC Secretariat to replicate the services to the other five EAC countries, namely Kenya, Uganda, Tanzania, Burundi and Rwanda," William said.

https://www.nst.com.my/business/2021...-sudan-airport

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ASEAN 2021:
Part 85: Indonesia | CIMB Group Holdings Bhd
Lani Darmawan nominated as CIMB Niaga president director and CEO
Syafiqah Salim November 18, 2021 13:46 pm +08

KUALA LUMPUR (Nov 18): CIMB Group Holdings Bhd said Lani Darmawan had been nominated as the new president director and chief executive officer (CEO) of its 92.5% indirectly-held Indonesian unit CIMB Niaga.

Lani will succeed Tigor M Siahaan who tendered his resignation last month.

CIMB said the appointment is subject to shareholder approval in CIMB Niaga's upcoming extraordinary general meeting on Dec 17 and subsequent approval by financial service authority Otoritas Jasa Keuangan (OJK).

“Lani, who brings with her more than 35 years of banking experience, is currently CIMB Niaga’s CEO of consumer business and has been with the group since 2016.

“She is an established and proven leader in consumer banking with a strong track record in developing market-leading positions across the retail banking value chain, covering sales and distribution, product, preferred and wealth management, SMEs (small and medium enterprises) and digital banking.

“The appointment was made after a thorough succession review and selection process,” said the bank in a bourse filing on Thursday (Nov 18).

At Thursday’s noon break, CIMB shares were up two sen or 0.39% at RM5.09.

At RM5.09, the group had a market capitalisation of RM52.03 billion. The counter had risen 18.93% year-to-date.

https://www.theedgemarkets.com/artic...rector-and-ceo

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ASEAN 2021:
Part 86: Thailand | Kejuruteraan Asastera Bhd
Kejuruteraan Asastera bags three jobs worth RM55.72mil
By Ayisy Yusof - November 18, 2021 @ 1:13pm

KUALA LUMPUR: Kejuruteraan Asastera Bhd's (KAB) subsidiaries KAB Gree Solar Thai Co Ltd (KABGST) and Energy Optimisation (Thailand) Co Ltd. (EOT) have bagged three new projects worth RM55.72 million for grid connected photovoltaic (GCPV) solar systems.

In an exchange filing today, KAB said the projects have an estimated aggregate capacity of 4,537 kilowatt-peak in Thailand.

The projects will be executed through six power purchase agreements (PPA) to be entered by the indirect subsidiaries of KAB with Aapico Ayutthaya Group of Companies, Great Glove (Thailand) Co Ltd and Volcano Tec Thailand Co Ltd.

KAB said four 15-year PPAs would be signed between KABGST and Aapico Group, comprising four subsidiary companies - Aapico Hitech Public Company Ltd, Aapico Hitech Parts Company Ltd, Aapico Hitech Tooling Company Ltd and Able Sanoh Industries (1996) Company Ltd.

https://www.nst.com.my/business/2021...orth-rm5572mil

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ASEAN 2021:
Part 87: Singapore | Sunway Bhd
Sunway-Hoi Hup JV acquires prime freehold land at Tanjong Katong, Singapore for RM2.5bil
By NST Business - November 19, 2021 @ 3:24pm

KUALA LUMPUR: Sunway Bhd, through its joint venture vehicle with Singapore developer Hoi Hup Realty, today won a competitive bid for 22 parcels of freehold residential land in Tanjong Katong, Singapore, for SG$815 million (approximately RM2.5 billion).

The 22 land parcels, totalling six acres, are located on Thiam Siew Avenue, near the Dakota MRT station and the Paya Lebar MRT Interchange.

Located on the fringes of Singapore central business district (CBD), the site is also just a 10-minute drive away via Nicoll Highway or ECP.

Under the URA Master Plan 2019, the site is zoned 'residential' with a plot ratio of 2.8.

Sunway and Hoi Hup intend to redevelop the site into luxury private residential condominiums with a potential GDV of SG$2.0 billion.

The acquisition is Sunway's second major acquisition in Singapore for 2021 after earlier securing the 4.79-acre freehold Flynn Park site at Pasir Panjang for SG$371 million.

The acquisitions represent Sunway's continued expansion in Singapore in which its current launched developments, including Ki Residences, a private condominium in Clementi, and Parc Central, an Executive Condominium in Tampines, have both done well and achieved robust take-ups of 75 per cent and 95 per cent respectively since their launch in early 2021.

With the latest acquisition of the land on Thiam Siew Avenue, Sunway Property's landbank to date stands at 3,345 acres, with a potential GDV of RM 60.5 billion.

https://www.nst.com.my/business/2021...tong-singapore

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ASEAN 2021:
Part 88: Philippines | Pestech International Bhd
Pestech wins Philippine substation contract worth a combined RM157m
Adam Aziz November 22, 2021 19:08 pm +08

KUALA LUMPUR (Nov 22): Pestech International Bhd said its unit has secured a contract from the National Grid Corp of the Philippines (NGCP) to upgrade the South Luzon substations worth around RM156.91 million.

The contract, secured by Pestech Sdn Bhd from NGCP, comprises an offshore portion worth US$23.46 million (RM98.18 million), while the onshore portion is valued at 710.76 million pesos (RM58.72 million).

Pestech said the contract underlines its full responsibilities to design and build according to contract requirements, involving seven independent substation components.

"The project aims to cater [to] the load growth and provide N-1 contingency to various substations for NGCP in the South Luzon Region.

"This involves capacity additions, replacement of old and obsolete substation equipment and reconfiguration of the existing substations to ensure reliability and flexibility of the electrical network for achieving sustainable growth of NGCP's power network," Pestech said.

Pestech said the commencement date will be determined by the client later, but said that the project will contribute in its financial years ending June 30, 2022 to 2023.

Shares of Pestech closed unchanged at RM1, giving the construction engineering group a market capitalisation of RM764.29 million.

https://www.theedgemarkets.com/artic...ombined-rm157m

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WORLD 2021
Part 72: Germany | Guan Chong Bhd
Guan Chong to invest RM50mil in capex for the next two years
By Farah Adilla - November 22, 2021 @ 6:45pm

KUALA LUMPUR: Guan Chong Bhd plans to invest RM50 million in capital expenditure (capex) in the next two years for its Germany plant Schokinag Holding GmbH.

In a statement today, the company said the capex will mainly fund capacity expansions for the Mannheim-based plant, aiming to ride on the recovery in Europe as borders open up in the continent.

The company said the growing revenue contribution from Schokinag also necessitates the expansion.

Managing director and chief executive officer Brandon Tay Hoe Lian said the company finally made its long-overdued visit to Schokinag in October and is happy to physically meet the team to discuss on operation optimisations and growth strategies.

"The better performance in Schokinag, even without new capacity put in, is not only a good indication of economic recovery in the European region, but also a reflection of our German team in growing our market share in industrial chocolate in Europe.

"Hence, we believe the decision to expand Schokinag's capacity is necessary to support the team in their growth ambition, and we will continue to evaluate other expansion options where needed to capture the ongoing opportunities," he said.

Meanwhile, Guan Chong's net profit eased 26.3 per cent to RM34.46 million in the third quarter (Q3) ended September 30, 2021 from RM46.78 million recorded in the same quarter a year ago.

The company said the lower net profit recorded for Q3 was mainly due to the higher freight costs and competitive margins that were committed last year.

Revenue in the same quarter increased 18.6 per cent to RM998.1 million from RM841.59 million, backed by Schokinag's contributions and better overall sales tonnage.

For the nine month period, Guan Chong's net profit eased 40.5 per cent to RM104.74 million from RM175.92 million, while revenue grew 6.5 per cent to RM2.83 billion from RM2.66 billion.

Moving forward, Tay said the company is seeing signs of demand for cocoa products and ingredients recovering in tandem with economies reopening and higher vaccination rates worldwide.

"The commencement of the Ivory Coast factory mid-2022 will also be timely to capture the growing demand trend," he added.

https://www.nst.com.my/business/2021...next-two-years

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WORLD 2021
Part 73: India | Genting Bhd
Genting Ventures invests in pre-Series A round for India-based farm management platform Fasal — report
Seah Eu Hen November 23, 2021 19:48 pm +08

KUALA LUMPUR (Nov 23): Genting Bhd's corporate venture arm Genting Ventures has invested in the US$4 million pre-Series A round for Fasal, a farm management platform based in India.

The pre-Series A round was led by Indian VC firm 3one4 Capital, Mumbai-based Omnivore, Singapore's Wavemaker Partners, Antares Investments, The Yield Lab Asia Pacific and Sandeep Singhal, co-founder and senior adviser at Nexus Venture Partners, according to agrifoodtech portal AFN.

Genting Ventures' exact investment was unspecified.

According to the report, Fasal was founded in 2018 and describes itself as a "full-stack" software platform for the "progressive horticulture" industry. By using on-farm sensors, it aggregates and analyses data to provide farmers across India with actionable insights in their local language.

The start-up said that the pre-Series A funds will be used to accelerate this process of diversification and scaling up, including through hires to the company's agronomy, sales and marketing, and tech teams.

It also said that the capital raised will be deployed in Southeast Asia, specifically Thailand and Malaysia, as the region presents a massive opportunity for them to improve crop outcomes and help build sustainable farms.

https://www.theedgemarkets.com/artic...sal-—-report

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WORLD 2021
Part 74: India | Petroliam Nasional Bhd (Petronas)
Petronas' India-based RE unit says developers should be protected from abrupt regulatory changes
Seah Eu Hen November 23, 2021 16:25 pm +08

KUALA LUMPUR (Nov 23): Amplus Solar, the India-based renewable energy (RE) subsidiary of Petroliam Nasional Bhd (Petronas), has said developers should be protected from abrupt regulatory changes and other change-in-law situations as the RE industry is capital-intensive and has little room to absorb those externalities.

The response was given by Jatin Babbar, assistant vice-president (commercial) of Amplus Solar, in an interview with Saur Energy International, an India-based solar industry trade publication, when asked what changes the firm would like to see in terms of tax and tariff regimes in India.

"There needs to be increased focus on quality and long-term plant performance to ensure that installed capacities yield high and consistent generation. Till the time the country's domestic manufacturing ecosystem is developed, excessive duty/taxation should be avoided as the same will make solar expensive and impact the growth of the sector," Babbar said.

"Bidders/developers should also be protected from abrupt regulatory changes and other change-in-law situations as RE is a capital-intensive business and there is hardly any room to absorb such kinds of externalities.

"There should be gradual tightening on the demand-side management front as well, given that RE continues to remain exposed to natural vagaries, and quality weather data and forecasting techniques are still at a developing stage," he added.

Babbar said Amplus Solar, also known as M+, is diversifying in battery energy storage solutions and that it could replace diesel generators, shave off peak load and serve as an off-grid power source.

On electric vehicle (EV) charging infrastructure, Babbar said the firm's EV division, Yelo, already has more than a dozen of parking and charging hubs which are used by its partners to deliver goods for its clients.

"As we continue expanding from a few hundred to thousands of vehicles, this captive charging infra will continue to grow. Eventually, we are looking at opening these hubs for public charging as EV penetration increases in the market," he said.

"As far as residential solar solutions go, Amplus has recently entered the residential solar space (in 2019), and in less than two years, we have helped over 700 customers solarise their homes. We offer a range of innovative aesthetic home solar solutions that not only generate green energy that delivers savings, but also helps beautify our customers' homes," said Babbar.

Established in 2013, Amplus caters to commercial and industrial customers by providing end-to-end solutions for rooftop and ground-mounted solar power projects. The RE firm was acquired by Petronas in 2019 and marks the national oil company's venture into the international RE industry.

According to Amplus, it currently manages a portfolio of 870+ MWp of operational and under-construction distributed solar assets comprising over 400 projects across 24 states in India.

It also boasts a portfolio of about 250 global clients across diverse industries such as manufacturing, aerospace & defence, automotive, FMCG, consumer durables, pharma, food processing, retail chains, educational institutes, hospitals & healthcare, office buildings, shopping malls etc.

https://www.theedgemarkets.com/artic...latory-changes

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ASEAN 2021:
Part 89: Vietnam | Techbond Group Bhd
Techbond Group posts a lower revenue of RM15.3mil for Q1, impacted by lockdown imposed in Malaysia, Vietnam
By NST Business - November 24, 2021 @ 10:02pm

KUALA LUMPUR: Techbond Group Bhd posted a lower revenue of RM15.3 million in first quarter (Q1) financial results ended 30 September 2021 (FY22) from RM22.0 million posted in the same quarter last year.

This was mainly attributed to lower demand from both Vietnam and Malaysia markets as a result of lockdown imposed in the respective countries.

Net profit stood at RM1.3 million versus RM2.5 million in 1Q FY21.

This was primarily due to lower revenue recorded stemming from the aforementioned factors, which resulted in lower economies of scale.

Techbond's balance sheet continued to be lean and healthy as it remained in a net cash position, with net cash per share of 6.5 sen as of 30 September 2021, backed by net assets of 28 sen per share.

Industrial adhesives and sealants remained the company's revenue contributor, accounting for 95.9 per cent or RM14.7 million to total turnover in Q1.

Managing director Lee Seng Thye said against the backdrop of a very demanding business operating landscape stemming from the Full Movement Control Order (FMCO) and lockdown imposed in Malaysia and Vietnam impacted earnings for Q1.

"Nevertheless, we continue to be positive on our prospects, which will be further elevated by the uptick in economic activities following the reopening of the economy in Malaysia and the lifting of the lockdown in Vietnam.

"On the other hand, our operations in Malaysia have been running at optimal capacity since early September 2021 after

receiving approval from the authority.

"Over in Vietnam, the company's production has been operating with the full workforce and capacity as well since mid-October 2021.

"Prior to this, our Malaysia and Vietnam operations were running at reduced capacity in accordance with the guidelines enforced," he said in a statement today.

Lee said the company have also started utilising in-house manufactured polymer from the new upstream polymerization plant in Vietnam to produce industrial adhesives.

Currently, the plant is running at approximately 30 per cent capacity, which is fully allocated for our internal use.

"This would provide us cost savings and with the tax incentives enjoyed in Vietnam, it would boost our bottom-line going forward.

"Another 40 per cent of the capacity will be used to develop new types of industrial adhesives with the remaining 30 per cent allocated to be sold to external customers," Lee said.

Touching on the demand outlook, Lee said the orders from customers are robust from both the domestic and overseas markets.

"Following the lifting of the Covid-19 restrictions in Malaysia and Vietnam, we anticipate pent-up demand from the woodworking, paper and packaging and other industries, which we have already started receiving sales orders.

"Besides, we also expect to make further progress in our efforts to expand our distribution network to more countries and simultaneously, enhancing presence in existing countries following the reopening of international borders.

"All in all, the outlook of Techbond remains promising underpinned by the abovementioned factors backed by our strong balance sheet and prudent management," Lee further said.

https://www.nst.com.my/business/2021...ckdown-imposed

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WORLD 2021
Part 75: Ireland | Sapura Energy Bhd
Sapura Energy confirms collaboration with Enterprize on wind farm in Ireland
Shazni Ong November 29, 2021 18:22 pm +08

KUALA LUMPUR (Nov 29): Sapura Energy Bhd has confirmed that it is collaborating with Singapore-based Enterprize Energy Pte Ltd in works related to a wind farm off the coast of Ireland to power a green hydrogen facility.

This follows a Bloomberg report last Wednesday (Nov 24) whereby Enterprize has signed deals with Sapura Energy, one of the two companies to supply articulated wind columns for the project, which is worth US$10 billion.

“Sapura Energy and Enterprize Energy signed a collaboration agreement in August this year, to explore how our engineering and construction expertise may be utilised for the construction of Enterprize Energy’s wind farm project in Ireland.

“The collaboration is still at an exploratory stage and is part of our effort to deepen our capabilities in renewables and embrace the energy transition. At this point in time, it is too early to comment further on the project,” the company said in an email reply to The Edge on Monday.

According to the report, Enterprize’s 4-gigawatt wind farm will supply electricity for hydrogen production and consumption in Ireland, or for conversion into ammonia that can be exported, chief executive officer Ian Hatton said in an interview.

Enterprize will also raise money through project financing arranged by Societe Generale SA as well as from private equity investment, Hatton said, as quoted by the report.

MIDF Research said in a research note dated Nov 25 it believes the recent agreement with Enterprize will increase the valuation level for Sapura Energy in the near future, and possibly clear up the group’s debt and compensate for its previous losses in the longer term.

"Enterprize is also developing a 3.4GW offshore wind farm in Vietnam and is looking at Brazil for a similar market. The projects are believed to bring low-cost hydrogen to Europe and Japan. Considering the type of collaboration the company has with SEB (Sapura Energy), there’s a high probability of more contracts for wind columns for SEB to win. As such, we opine that the prospect for SEB to venture into the renewables sector of the energy market would assist the company to perform better in the near future," it said.

MIDF kept its "buy" call on Sapura Energy with an unchanged target price of 14 sen.

Sapura Energy shares closed unchanged on Monday at nine sen, with 22.85 million shares changing hands. Its market capitalisation stood at RM1.44 billion.

https://www.theedgemarkets.com/artic...d-farm-ireland

[nazrey]

ASEAN 2021:
Part 90: Indonesia | 7-Eleven Malaysia Holdings Bhd / Caring Pharmacy Retail Management Sdn Bhd
7-Eleven’s Caring Pharmacy signs deal to establish pharmaceutical business in Indonesia
Seah Eu Hen November 30, 2021 01:44 am +08

KUALA LUMPUR (Nov 29): 7-Eleven Malaysia Holdings Bhd’s (SEM) 75%-owned subsidiary, Caring Pharmacy Retail Management Sdn Bhd, has inked a joint-venture (JV) agreement to establish a pharmaceutical business to distribute and administer pharmaceutical products in Indonesia.

The group said the 28.98 billion rupiah (RM8.55 million) deal represents an opportunity for SEM to venture into the pharmaceutical industry in Indonesia.

It said the JV agreement with PT Era Prima Indonesia contains two proposals which are inter-conditional upon each other, and are expected to be completed by the first half of 2022.

The first proposal is a shareholders’ agreement between Caring and Era Prima to facilitate the establishment of a distribution company under the name PT Era Caring Indonesia. Caring will own a 50.1% equity interest in the distribution company.

The second proposal is a mandatory convertible bond subscription agreement with Era Prima and its 98.46%-owned subsidiary, PT Era Farma Indonesia (EFI), for a proposed cash subscription of a principal amount of 23.95 billion rupiah (RM7.07 million) in unsecured mandatory convertible interest-bearing bonds.

EFI will then operate as the retail company under the brand name “Wellings” in Indonesia.

The filing added that after the bond subscription is completed, two additional agreements will be entered into between Caring and Era Prima.

The first additional agreement will be a governance agreement between Caring, Era Prima and EFI, which will take effect to regulate the relationship between Caring and Era Prima with regards to the management of EFI.

The second additional agreement will be a trademark licence agreement between Caring’s subsidiary Wellings Pharmacy Sdn Bhd as the licensor, and EFI and Era Prima as licensees, to enable both Indonesian counterparties to use the trademark of “Wellings” in their branding and conduct of their business at a nominal licence fee of 50 million rupiah (RM15,000).

Shares of 7-Eleven Malaysia closed one sen or 0.66% down at RM1.50 on Monday (Nov 29), giving the convenience and pharmaceutical chain a market capitalisation of RM1.85 billion.

https://www.theedgemarkets.com/artic...ness-indonesia

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WORLD 2021
Part 76: USA | Mah Sing Group Bhd
Mah Sing Healthcare gets green light to market nitrile gloves in US
Sulhi Khalid December 06, 2021 14:58 pm +08

KUALA LUMPUR (Dec 6): Mah Sing Group Bhd's healthcare business unit Mah Sing Healthcare Sdn Bhd has received approval from the US Food and Drug Administration (FDA) to market nitrile examination gloves in the US market.

In a statement on Monday (Dec 6), the group said it received 510(K) clearance from the FDA on Dec 4, and it believes global demand for gloves will continue to rise until 2023.

“With the 501(K) clearance, the recent issuance of a medical device licence from Health Canada and pending the completion of the European Union (EU) Medical Devices Regulation certificate, Mah Sing Healthcare will be able to export medical-grade gloves to a wider range of markets, including major markets such as the US, Canada and Europe.

“This is indeed timely as Mah Sing will complete commissioning all 12 production lines by December and have received numerous customer sales enquiries.

“These new high-speed glove dipping machines can produce 38,000 pieces of gloves per production line per hour, enabling a maximum production capacity of up to 3.68 billion pieces of gloves per annum,” it said.

The group added that it also plans for auto boxing in the near future by collaborating with packing automation specialists.

It will also implement the enterprise resource planning system and advanced supervisory control and data acquisition system.

“Demand for gloves is expected to remain steady due to a structural increase in demand, fears of reinfection, increased health awareness and hygiene compliance requirements for both the healthcare and non-healthcare sectors,” it shared.

At the noon break on Monday, shares in Mah Sing settled 1.5 sen or 2.11% lower at 69.5 sen, giving it a market value of RM1.7 billion.

https://www.theedgemarkets.com/artic...rile-gloves-us