Latest news with #Kee
The Star
22-07-2025
- Business
- The Star
Trading ideas: SunCon, Cahya Mata, Aneka, PJBumi, Atlan, Apex, FACB, Prolintas, Green Packet, Oxford Innotech, CLMT, United Plantations
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Sunway Construction Group Bhd said one of its employees is being investigated by the country's anti-graft agency over engagements with unnamed sub-contractors. Cahya Mata Sarawak Bhd 's unit Cahya Mata Cement Sdn Bhd has awarded a RM673mn contract to Sinoma Industry Engineering (M) Sdn Bhd to build a new 6,000-tonnes-per-day clinker line at its Mambong Integrated Plant in Kuching. Aneka Jaringan Holdings Bhd has won a RM72.3mn contract to undertake piling works for a proposed data centre development in Eco Business Park V, Ijok, Selangor. PJBumi Bhd has clinched a contract for the supply of its ADiRA BioReactor technology to process up to 20 tonnes per day of municipal solid waste in Indonesia. Atlan Holdings Bhd is proposing to dispose of its entire issued and paid-up share capital in United Industries Holdings Sdn Bhd to Singapore-based Duty Free International Ltd for RM175mn. Apex Healthcare Bhd climbed to an eight-month high on Monday following news that the founding Kee family could be looking to exit the pharmaceutical company. FACB Industries Incorporated Bhd has received a privatisation offer worth RM134.2mn from Chen Yiy Fon, the son of its late founder. Prolintas Managers Sdn Bhd, the trustee-manager of Prolintas Infra Business Trust , has appointed Mohamad Idros Mosin as its chief executive officer effective Monday (July 21), filling a leadership vacuum that had been managed by an interim executive team since earlier this year. Green Packet Bhd has appointed Datuk Wira Shahul Hameed Shaik Dawood as its new managing director and group chief executive officer, effective Monday. Oxford Innotech Bhd's initial public offering has been oversubscribed by 3.4 times ahead of its listing on the ACE Market of Bursa Malaysia on July 29. Capitaland Malaysia Trust , which reported a 7.3% increase in net property income to RM138.8mn in the 1HFY25, remains positive on its prospects for the second half of this year, but has flagged uncertainties stemming from the expanded sales and service tax and electricity tariffs revision. United Plantations Bhd reported a 34.1% YoY jump in its second quarter net profit to RM249.4mn from RM185.9mn, driven by higher revenue.
New Straits Times
21-07-2025
- Business
- New Straits Times
Apex Healthcare says Kee family in exploratory talks, no firm deal in place
KUALA LUMPUR: Apex Healthcare Bhd has clarified that while its founding Kee family is engaged in exploratory discussions with industry players, there are currently no firm developments to report regarding a potential exit. This follows an article published by The Edge Financial Weekly on July 21, titled "Kee Family could be exiting Apex Healthcare", which speculated on the possibility of the founding family's divestment from the company. In a bourse filing today, Apex said chairman and chief executive officer Dr Kee Kirk Chin, speaking on behalf of his family's investment vehicles, stated that they are "periodically in discussions with industry players and external parties on potential collaborations." "At this stage, no discussions have developed to an extent that justifies further comment," the company said. It added that it would make the necessary announcements in compliance with Bursa Malaysia's Main Market Listing Requirements should any material development arise. "Shareholders and investors are advised to exercise caution in trading the shares of the company," it said. Trading in Apex Healthcare shares was halted between 9am and 10am today, pending the release of the company's clarification.
Business Times
21-07-2025
- Business
- Business Times
With IPO in the bag, Sheffield Green plots training and listing spinoff for wind energy sector
[SINGAPORE] Getting its training centres off the ground took time and resources, but Sheffield Green is going all in on what it calls a 'new product line', with five to six centres set to be running by end-2025 – plus a potential spinoff and listing on the horizon. Sheffield Green – itself a spinoff of oil and gas recruiter Sheffield Energy – supplies manpower for the renewable energy sector, particularly in offshore wind. After its 2023 Catalist debut, the company looked to diversify and realised that it was spending heavily on third-party training for its workers. The Global Wind Organisation (GWO), a non-profit industry body, requires industry workers to be certified in basic training courses, with a mandatory refresher every two years. Having its own training centre meant Sheffield Green's manpower arm could become a client of its training arm, allowing revenue to be recognised within the group, said chief executive officer Bryan Kee. Running a centre solely for its own staff would not make financial sense, but Kee saw an opportunity. The company's existing manpower clients also needed to train their other workers, and could become paying customers of the training business. The group teamed up with a UK-based training solutions provider as a technical consultant to launch its first centre in October 2024 in Taiwan, where most of its business is based. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Seeing firsthand the strong margins in training, Kee realised this could be a lucrative new line. Sheffield Green thus set about exploring acquisitions, snapping up a business in Spain this June; it also hired a CEO, who came on board two months ago, to run the training arm. One-stop training shop Kee explained that, because GWO-accredited training is standardised, providers have to differentiate on price or delivery. Sheffield Green's offering, while 'not the cheapest out there', was developed with a consultant that 'sets the standard' in the field, and is aimed at large corporate clients that prioritise quality over cost savings. In Taiwan, the company currently runs three courses: GWO's Basic Safety Training, Advanced Rescue Training and Basic Technical Training. Kee is looking to introduce more course types, and is in talks with one of the world's largest turbine manufacturers to add product training to the centre's list of offerings. Citing a 2024 report by the GWO and Global Wind Energy Council, he pointed out the expected global shortage of skilled technicians to support the onshore and offshore wind sector. The report noted that, by 2028, more than 532,000 new wind technicians will be needed, with 40 per cent of these roles to be filled by new entrants. 'We do not want just to be a supplier to our clients,' said Kee. 'We want to be a long-term partner.' Over in Spain, Sheffield Green's training centre already offers more than 10 courses; this expertise could be shared with its other centres. Its existing training customers could also be potential clients for Sheffield Green's recruitment business. The decision to use acquisitions to expand Sheffield Green's training facilities was also financially driven. With an already-operational centre such as the one in Spain, 'straight away, you bring in the revenue', said Kee. In contrast, it took a year of preparation before the Taiwan centre commenced operations in late January and began to generate revenue in February, though it has now broken even. In the meantime, startup costs, including for rentals and instructor training, contributed to administrative expenses and finance costs, including in the first half of the 2025 financial year. This is why the training business involves a mix of greenfield projects and acquisitions. 'We can afford it,' said Kee. In Taiwan, Sheffield Green has a term loan which will be fully repaid by March next year; in Singapore, the company has 'cash sitting in the bank', the chief executive added. For H1 FY2025 ended Dec 31, 2024, Sheffield Green's revenue slipped marginally by 2.3 per cent to US$9 million, from US$9.2 million in the same period a year earlier. Kee attributed the dip to the completion of two major projects, as payments for its manpower services are made on a recurring, 30-to-60-day basis. He noted, however, that these clients are expected to continue engaging Sheffield Green's services. Meanwhile, the cost of services grew US$0.4 million or 6.5 per cent in that half-year, in line with the general increase in labour costs, as well as accounting for one-off tax-related costs for mobilising staff across borders. While Sheffield Green had at that time borne the cost of its client in Taiwan taking the recruiter's employees across jurisdictions to service other projects, it has since engaged tax consultants to familiarise itself with different regimes and renegotiated contracts to pass on such costs. For the period, the group recorded a net profit after tax of US$101,344, down from US$474,840 in H1 FY2024. Adding more facilities Based on May data, training now contributes up to 10 per cent of the group's revenue, Kee said. 'For a training business, the Ebitda (earnings before interest, taxes, depreciation and amortisation) can go as high as 40 per cent, depending on how you manage the training centre.' He added that the premises and equipment are a one-time investment. While funds are needed for things such as maintaining equipment, rental and utility bills, instructor costs and support roles, these are not too costly. Beyond the two training centres in Taiwan and Germany, Sheffield Green is also exploring the acquisition of UK-based training solutions provider Advanced Blade Repair Services, which Kee hopes to be finalised by end-August. In February this year, it entered into a joint venture (JV) in Malaysia to set up and run a centre in Sarawak. The JV partner has bought the land for the development, and they target to have the centre operational in about 10 months, Kee noted. Whether Sheffield Green builds from scratch or buys depends on several factors, including market maturity and the availability of acquisition targets. In the UK, a mature market, there are a hundred big and small players already, Kee pointed out. 'Why should I be number 101?' But in Sarawak, where options are limited, he added that there is 'still room for me to play'. Deciding where to base the training centres is not solely about where labour is needed, but also takes into account where international companies source their hires. Kee said that Malaysia, the Philippines and India are key labour export markets, thanks to their lower cost. In addition to the centres already in the works, Sheffield Green is considering acquiring two more from a training solutions provider in the Baltics. 'By the end of this year easily, we will have at least five to six training centres that will be generating revenue,' said Kee. Once that is all in place, the group plans to explore spinning off the training business and taking it public. 'If you ask me what's the long-term plan, this (training) business will be standalone,' he continued. While Sheffield Green would remain its biggest shareholder, it would also be able to service its competitors as an independent training partner, said Kee. The group is also considering two further greenfield projects in South Korea and Saudi Arabia, though these may not happen this year, as it plans to wait until the Malaysian greenfield centre is up and running. Industry headwinds While the offshore wind industry is still expected to grow significantly, it has seen recent setbacks. US President Donald Trump's administration is attempting to stymie support for renewable energy sources, disrupting progress in offshore wind. While Sheffield Green supplies manpower for several US-based offshore wind projects, it had held off on previously announced plans for a US office when a second Trump term seemed possible. 'There are plenty of other places I can focus (on),' Kee said. 'The capital (leaving the US) will go somewhere else for investment,' he noted, naming Australia as one potential beneficiary. 'So we are looking seriously at Australia as a market itself.' And although macroeconomic challenges and underdeveloped infrastructure have led to several high-profile offshore wind project cancellations in various countries, Kee believes that there are 'still very good markets'. In the UK, for example, oil and gas companies 'are all dying' despite there being abundant oil in the North Sea, as the government is 'pushing everything into offshore wind'. So whether individual countries' governments are supportive of the renewables shift is an important factor that can help the industry weather the storm, he said. In the close to two years since its listing, Sheffield Green's share price has not been able to reach its initial public offering (IPO) price of S$0.25 per share. Asked what he would say to potential shareholders, Kee replied: 'Definitely, I think, with the diversification that we have with training… gradually that will contribute to the group, that will push up the profitability of the company.' The company has remained profitable since going public, and has continued to pay dividends, he added. 'We will still continue to do that.'
Business Times
20-07-2025
- Business
- Business Times
From two centres to IPO: offshore wind recruiter Sheffield Green plots training spinoff
[SINGAPORE] Getting its training centres off the ground took time and resources, but Sheffield Green is going all in on what it calls a 'new product line', with five to six centres set to be running by end-2025 – plus a potential spinoff and listing on the horizon. Sheffield Green – itself a spinoff of oil and gas recruiter Sheffield Energy – supplies manpower for the renewable energy sector, particularly in offshore wind. After its 2023 Catalist debut, the company looked to diversify and realised that it was spending heavily on third-party training for its workers. The Global Wind Organisation (GWO), a non-profit industry body, requires industry workers to be certified in basic training courses, with a mandatory refresher every two years. Having its own training centre meant Sheffield Green's manpower arm could become a client of its training arm, allowing revenue to be recognised within the group, said chief executive officer Bryan Kee. Running a centre solely for its own staff would not make financial sense, but Kee saw an opportunity. The company's existing manpower clients also needed to train their other workers, and could become paying customers of the training business. The group teamed up with a UK-based training solutions provider as a technical consultant to launch its first centre in October 2024 in Taiwan, where most of its business is based. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Seeing firsthand the strong margins in training, Kee realised this could be a lucrative new line. Sheffield Green thus set about exploring acquisitions, snapping up a business in Spain this June; it also hired a CEO, who came on board two months ago, to run the training arm. One-stop training shop Kee explained that, because GWO-accredited training is standardised, providers have to differentiate on price or delivery. Sheffield Green's offering, while 'not the cheapest out there', was developed with a consultant that 'sets the standard' in the field, and is aimed at large corporate clients that prioritise quality over cost savings. In Taiwan, the company currently runs three courses: GWO's Basic Safety Training, Advanced Rescue Training and Basic Technical Training. Kee is looking to introduce more course types, and is in talks with one of the world's largest turbine manufacturers to add product training to the centre's list of offerings. Citing a 2024 report by the GWO and Global Wind Energy Council, he pointed out the expected global shortage of skilled technicians to support the onshore and offshore wind sector. The report noted that, by 2028, more than 532,000 new wind technicians will be needed, with 40 per cent of these roles to be filled by new entrants. 'We do not want just to be a supplier to our clients,' said Kee. 'We want to be a long-term partner.' Over in Spain, Sheffield Green's training centre already offers more than 10 courses; this expertise could be shared with its other centres. Its existing training customers could also be potential clients for Sheffield Green's recruitment business. The decision to use acquisitions to expand Sheffield Green's training facilities was also financially driven. With an already-operational centre such as the one in Spain, 'straight away, you bring in the revenue', said Kee. In contrast, it took a year of preparation before the Taiwan centre commenced operations in late January and began to generate revenue in February, though it has now broken even. In the meantime, startup costs, including for rentals and instructor training, contributed to administrative expenses and finance costs, including in the first half of the 2025 financial year. This is why the training business involves a mix of greenfield projects and acquisitions. 'We can afford it,' said Kee. In Taiwan, Sheffield Green has a term loan which will be fully repaid by March next year; in Singapore, the company has 'cash sitting in the bank', the chief executive added. For H1 FY2025 ended Dec 31, 2024, Sheffield Green's revenue slipped marginally by 2.3 per cent to US$9 million, from US$9.2 million in the same period a year earlier. Kee attributed the dip to the completion of two major projects, as payments for its manpower services are made on a recurring, 30-to-60-day basis. He noted, however, that these clients are expected to continue engaging Sheffield Green's services. Meanwhile, the cost of services grew US$0.4 million or 6.5 per cent in that half-year, in line with the general increase in labour costs, as well as accounting for one-off tax-related costs for mobilising staff across borders. While Sheffield Green had at that time borne the cost of its client in Taiwan taking the recruiter's employees across jurisdictions to service other projects, it has since engaged tax consultants to familiarise itself with different regimes and renegotiated contracts to pass on such costs. For the period, the group recorded a net profit after tax of US$101,344, down from US$474,840 in H1 FY2024. Adding more facilities Based on May data, training now contributes up to 10 per cent of the group's revenue, Kee said. 'For a training business, the Ebitda (earnings before interest, taxes, depreciation and amortisation) can go as high as 40 per cent, depending on how you manage the training centre.' He added that the premises and equipment are a one-time investment. While funds are needed for things such as maintaining equipment, rental and utility bills, instructor costs and support roles, these are not too costly. Beyond the two training centres in Taiwan and Germany, Sheffield Green is also exploring the acquisition of UK-based training solutions provider Advanced Blade Repair Services, which Kee hopes to be finalised by end-August. In February this year, it entered into a joint venture (JV) in Malaysia to set up and run a centre in Sarawak. The JV partner has bought the land for the development, and they target to have the centre operational in about 10 months, Kee noted. Whether Sheffield Green builds from scratch or buys depends on several factors, including market maturity and the availability of acquisition targets. In the UK, a mature market, there are a hundred big and small players already, Kee pointed out. 'Why should I be number 101?' But in Sarawak, where options are limited, he added that there is 'still room for me to play'. Deciding where to base the training centres is not solely about where labour is needed, but also takes into account where international companies source their hires. Kee said that Malaysia, the Philippines and India are key labour export markets, thanks to their lower cost. In addition to the centres already in the works, Sheffield Green is considering acquiring two more from a training solutions provider in the Baltics. 'By the end of this year easily, we will have at least five to six training centres that will be generating revenue,' said Kee. Once that is all in place, the group plans to explore spinning off the training business and taking it public. 'If you ask me what's the long-term plan, this (training) business will be standalone,' he continued. While Sheffield Green would remain its biggest shareholder, it would also be able to service its competitors as an independent training partner, said Kee. The group is also considering two further greenfield projects in South Korea and Saudi Arabia, though these may not happen this year, as it plans to wait until the Malaysian greenfield centre is up and running. Industry headwinds While the offshore wind industry is still expected to grow significantly, it has seen recent setbacks. US President Donald Trump's administration is attempting to stymie support for renewable energy sources, disrupting progress in offshore wind. While Sheffield Green supplies manpower for several US-based offshore wind projects, it had held off on previously announced plans for a US office when a second Trump term seemed possible. 'There are plenty of other places I can focus (on),' Kee said. 'The capital (leaving the US) will go somewhere else for investment,' he noted, naming Australia as one potential beneficiary. 'So we are looking seriously at Australia as a market itself.' And although macroeconomic challenges and underdeveloped infrastructure have led to several high-profile offshore wind project cancellations in various countries, Kee believes that there are 'still very good markets'. In the UK, for example, oil and gas companies 'are all dying' despite there being abundant oil in the North Sea, as the government is 'pushing everything into offshore wind'. So whether individual countries' governments are supportive of the renewables shift is an important factor that can help the industry weather the storm, he said. In the close to two years since its listing, Sheffield Green's share price has not been able to reach its initial public offering (IPO) price of S$0.25 per share. Asked what he would say to potential shareholders, Kee replied: 'Definitely, I think, with the diversification that we have with training… gradually that will contribute to the group, that will push up the profitability of the company.' The company has remained profitable since going public, and has continued to pay dividends, he added. 'We will still continue to do that.'
The Star
14-07-2025
- Automotive
- The Star
Steady outlook for used car market
PETALING JAYA: Used car players expect year-on-year (y-o-y) sales to remain steady in 2025, on the back of a stable socio-political environment, favourable interest rates and aggressive promotional initiatives. Carsome Group chief business officer Aaron Kee said used car sales typically mirror new car sales quite closely. 'With the new car segment expected to moderate after a record year in 2024, used car sales are also expected to come in moderately lower y-o-y. 'That said, Carsome continues to grow as a platform, driven by market share gains,' he told StarBiz. Kee: Access to financing and interest rates remain accommodative, and we do not see a spike in non-performing loans. According to the Malaysian Automotive Association (MAA), new vehicle sales hit a record high in 2024, rising 2.1% y-o-y to 816,747 units, supported by a resilient economy and broad-based improvements across all key sectors. The MAA projects a slight slowdown to 780,000 units in 2025. Kee noted that the recent sales and service tax (SST) announcement has dampened sentiment slightly, with more consumers adopting a wait-and-see approach. 'The uncertainty surrounding RON95 fuel subsidy rationalisation is also likely to influence car-buying patterns in the near term.' Despite these headwinds, he said the local used car market remains relatively resilient compared with regional peers. 'In Thailand, new vehicle sales in the first five months of 2025 declined by around 3% y-o-y, while Indonesia saw a steeper drop with sales falling by approximately 5.5%. 'In contrast, Malaysia continues to benefit from a stable socio-political environment, favourable interest rates and a resilient domestic economy,' Kee said. Meanwhile, Federation of Motor and Credit Companies Association of Malaysia president Datuk Tony Khor believes used car sales in 2025 will likely be 'on par' with 2024 levels. 'Used car sales are down 3% y-o-y in the first six months of 2025 (1H25). With the recent overnight policy rate (OPR) cut, we are hopeful that this will help reduce the costs of borrowing and boost spending.' Khor: We expect used car companies' digitalisation efforts to boost car sales in the second half of the year. Bank Negara cut the OPR by 25 basis points to 2.75% at its July Monetary Policy Committee meeting. Khor also noted that many used car companies are accelerating their digitalisation efforts to drive sales. 'We expect these efforts to boost car sales in the 2H25. Hopefully, this will result in used car sales being on par with the levels achieved last year.' He added that smaller used car companies that have yet to adopt digital marketing face the risk of falling behind. 'Therefore, we have reached out to the government, especially the Malaysia Automotive Robotics and IoT Institute (MARii), to assist these smaller used car companies fast-track their digitalisation initiatives.' MARii is an agency under the Investment, Trade and Industry Ministry tasked with enhancing the competitiveness of the Malaysia's automotive sector. Citing Carsome data, Kee said used car sales in 1H25 were broadly flat y-o-y, reflecting a more measured consumption backdrop. 'This is in contrast to the new car segment, which is expected to moderate after reaching peak volumes in 2024. 'That said, access to financing and interest rates remain accommodative, and we do not see a spike in non-performing loans,' he added. This suggests that while consumers are more selective, credit availability and repayment capacity remain healthy, explained Kee. 'One area to watch is the spillover effect from new car competition into the used car market. We are seeing early signs of pricing pressure on younger used car vehicles in the one-to-three-year range due to heavy discounting in the new segment. 'Meanwhile, despite electric vehicle (EV) promotions intensifying in the new car market, we have not seen a material impact on used car demand. 'We expect the first wave of EV adoption to filter into the used market significantly over the next two years.' Commenting on sales trends in 1H25, Kee said top-selling models across both new and used segments continued to reflect what buyers value most: affordability, practicality and long-term usability. 'Nationally, the Perodua Bezza, Myvi and Axia led new car sales. 'These models consistently perform well not just because of their price points, but because they meet core consumer needs such as low running costs, fuel efficiency and easy maintenance. 'In a more selective spending environment, these qualities matter even more, especially for first-time buyers and value-driven households.' Kee emphasised that brand trust remains a key factor for buyers. 'Perodua and Proton have long established themselves as names that catered well to local conditions. Familiarity, strong resale value and access to service networks all contribute to sustained demand, particularly in the used car space.' He said consumer preference is also shifting toward Chinese brands like BYD and Chery, where perceived value-for-money is beginning to outweigh traditional brand recognition. Whether this trend will extend to the used car market remains to be seen, Kee added.
