Latest news with #Bhd
The Star
2 days ago
- Business
- The Star
SC Estate Builder sells Alor Setar land for RM8.8mil
PETALING JAYA: SC Estate Builder Bhd is disposing of a piece of land in Alor Setar, Kedah, measuring 5,834 sq metres to Novium Pinnacle Sdn Bhd for RM8.8mil. In a filing with Bursa Malaysia, the construction company said the proposed disposal will enable the group to use the proceeds to 'enhance its working capital to facilitate its renewable energy businesses in solar power plants and affordable houses with solar power on the roof.' 'The proposed disposal will also reduce the group's operational and maintenance costs of the property.' SC Builder said it had acquired the property on July 29, 2021 and that the cost of investment is RM6.28mil for the land. The company said the bulk of the proceeds will be utilised for working capital purposes.
The Sun
2 days ago
- Business
- The Sun
Express Powerr inks underwriting agreement with Mercury Securities for ACE Market IPO
KUALA LUMPUR: Generator rental services provider, Express Powerr Solutions (M) Bhd signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. Express Powerr managing director Lim Cheng Ten said the company is entering a new phase of growth, and this underwriting agreement marks a significant step towards its listing on the ACE Market of Bursa Malaysia. 'This move will accelerate our expansion into new end-user markets, including the oil and gas industry, and broaden our geographical coverage. 'With this in mind, we see great potential in the oil and gas sector. The industry typically operates in remote and challenging environments, where generators are required as temporary power solutions during exploration, drilling and production operations,' he said in a statement. He said in the first nine months of 2024 alone, 27 oil and gas projects worth RM4.46 billion were approved, presenting strong prospects for the industry. In the utility sector, Tenaga Nasional Bhd (TNB) has invested RM21 billion in its Grid of the Future programme to enhance its transmission and distribution network. As generator sets are widely used in the engineering, procurement, and construction of power grids as well as other generation and transmission projects, these developments reinforce the continued relevance of the generator rental business, Lim said. Express Power provides generator rental services, which are utilised in critical emergencies such as power outages and planned maintenance, and serve as standby power for events and special occasions, providing a reliable power source when needed most. The group also supplies ancillary items, including distribution boards, generator synchronisation panels, transformers, switchgears, load banks, and cables, to meet the varied requirements of its customers. With a 20-year track record, the group owns a fleet of 111 generator units, ranging in capacity from low- to high-voltage systems. Over 70% of the fleet consists of mobile generator units mounted on trucks, designed for easy transportation and deployment to various locations. The remaining units are canopy generators, which are commonly used in outdoor settings or areas where noise reduction is important. Routine maintenance is performed in-house, with generators inspected and maintained every 300 operational hours to ensure reliability and minimise downtime. In addition to its core business, the group is also registered as a solar photovoltaics (PV) investor under the Net Energy Metering (NEM) programme and a PV service provider by Sustainable Energy Development Authority Malaysia (SEDA). This enables the group to install rooftop solar PV systems for both residential and commercial properties. Though still in its early stages, this expansion aligns with Malaysia's net-zero emission target by 2050 and supports the growing demand for sustainable energy solutions. As a testament to its growing reputation for delivering quality generator rental services, Express Powerr became an approved vendor of TNB in 2021 and subsequently secured service contracts with TNB in 2022 after having supplied generators indirectly to TNB since 2005. The group has also expanded its geographical footprint to Sabah last year, providing services indirectly to Sabah Electricity Sdn Bhd (SESB). Beyond electric utility companies, Express Powerr serves a diverse range of end-user industries, including mechanical and electrical, manufacturing, construction, and event industries, as well as government agencies. The IPO exercise comprises a public issue of 180.0 million new ordinary shares, representing approximately 19.3% of the company's enlarged issued share capital, and an offer for sale of 65.4 million existing shares, equivalent to 7.0% of the enlarged share capital. Of the 180.0 million new shares, 46.7 million will be offered to the Malaysian public via balloting, 18.7 million allocated to eligible directors, employees, and contributors to the group's success, 63.2 million placed privately with selected investors, and 51.4 million placed with Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti). The 65.4 million existing shares under the offer for sale will also be allocated to Bumiputera investors approved by the Ministry of International Trade and Industry (Miti). Under the underwriting agreement, Mercury Securities has agreed to underwrite a total of 65.4 million Issue Shares made available to the Malaysian public and Pink Form Allocations. Express Powerr is scheduled to be listed on the ACE Market of Bursa Malaysia by the third quarter of 2025. Mercury Securities serves as the principal adviser, sponsor, sole underwriter and sole placement agent for the IPO exercise.
The Star
04-07-2025
- Business
- The Star
WCT secures RM365mil job for North-South Expressway expansion
PETALING JAYA: WCT Holdings Bhd had secured a RM365.22mil contract from Projek Lebuhraya Usahasama Bhd (Bhd) for the construction of an additional lane along the North-South Expressway from Sedenak to Simpang Renggam in Johor. In a filing on Bursa Malaysia, WCT Holdings stated the contract was awarded to its wholly-owned subsidiary WCT Bhd on July 4 to undertake Phase 2 of the Yong Peng (North) to Senai (North) stretch. The scope of works includes site clearance, demolition, earthworks, drainage, pavement and road marking works, as well as the construction of bridge structures, geotechnical works, road lighting systems, utility relocation and environmental protection measures. Scheduled to commence on July 28, 2025, the project is expected to be completed within 36 months from the date of commencement.
The Star
04-07-2025
- Business
- The Star
AEON Credit valuations to hinge on banking arm
AEON Bank is projected to see losses peak in FY26 and gradually ease from FY27 with breakeven targeted in FY28 and profitability by FY29. PETALING JAYA: Aeon Credit Service (M) Bhd 's valuations will likely be driven by the performance of its loss making subsidiary, AEON Bank (M) Bhd, which is Malaysia's first Islamic digital bank. AEON Credit's management expects the bank to only post a profit in financial year 2029 (FY29) and to run losses till then due to expansion and product development related costs. At its AGM on June 25, AEON Credit had guided to RM80mil to RM90mil in associate losses from its 50%-owned digital banking venture in FY26. 'This represents a 17.1% to 31.8% year-on-year (y-o-y) increase from the RM68.3mil loss recorded in FY25 and exceeds our RM75mil loss forecast by 7% to 20%. The updated guidance also surpasses consensus estimates of RM60mil by 33.3% to 50%. 'Further checks with AEON Credit revealed that the higher projected losses are driven by the rollout of expanded product offerings under AEON Bank, including a personal financing facility of up to RM10,000, business banking services and term deposit offerings,' CIMB Securities said in its report. The research house noted that the expansion entailed higher upfront costs, particularly in digital infrastructure and core banking systems, including cloud deployment, cybersecurity and regulatory compliance. AEON Bank is projected to see losses peak in FY26 and gradually ease from FY27 with breakeven targeted in FY28 and profitability by FY29. The financing company also guided to minimal impact on its business from the expanded sales and service tax (SST) apart from RM1.8mil in SST related costs for FY26 (year ending February). To improve its collections, AEON Credit expects to finalise discussions with two agencies to explore the potential implementation of a salary deduction scheme for civil servant borrowers by this month. This market segment accounts for 19% of its customer base. It might not fully mitigate the risk of rising impairments, particularly in light of elevated household debt levels and living costs. The recent increase in civil servant bankruptcies – triggered by the Malaysian Anti-Corruption Commission's 'Op Sky' investigation and the implementation of Malaysia's 'second chance policy' – may continue to weigh on the creditworthiness of this segment, potentially limiting the effectiveness of the salary deduction mechanism over the longer term. AEON Credit's impairment losses surged 32.9% y-o-y in FY25, driven by an 18.4% y-o-y increase in delinquent accounts. This resulted in a higher net credit cost of 3.87% in FY25 (FY24: 3.35%) and an increase in the non-performing loans ratio to 2.64% (FY24: 2.57%).
Daily Express
01-07-2025
- Daily Express
Manggatal house fire claims life of elderly woman
Published on: Tuesday, July 01, 2025 Published on: Tue, Jul 01, 2025 Text Size: KOTA KINABALU: A 72-year-old woman, Ng Su Yen, was killed in a house fire at Kg. Mansiang in Manggatal last night. The fire, which completely destroyed a two-storey house, was reported at 8.27pm. Lintas and Kota Kinabalu firefighters arrived within minutes and managed to control the blaze by 8.54pm. The victim was found at 9.02pm and confirmed dead at the scene by medical personnel. Her remains were handed over to the police for further action. City police chief, ACP Kasim Muda said the body was found near the stairs, pinned under a fallen cabinet on the ground floor. "She was believed to be living alone. Residents said she had three children, but none lived with her or were known to the community. "The fire is believed to have started on the upper floor of the house and spread rapidly. The cause is still under investigation, with Sabah Electricity Sdn. Bhd. assisting in the probe," he said in a statement. Police is seeking public assistance to locate the next of kin of the deceased. Anyone with information is urged to contact Sub Inspector Badrizaman Bin Abdol Rahman at 012-5095773. The operation ended at 11.30pm. A total of 20 personnel, supported by two fire engines, one EMRS unit and a water tanker, were involved. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
