Latest news with #Labuan-based


The Star
a day ago
- Business
- The Star
Trading ideas: Edelteq, WCT, Green Packet, MAG, Capital A, Mudajaya, Mesiniage, MN, Kretam, Kim Hin, TeamStar, ISF
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Edelteq Holdings Bhd is venturing into upstream semiconductor manufacturing with a proposed 24% stake acquisition in Solid Point Precision Manufacturing Sdn Bhd for RM20.7mn via a mix of cash and shares from Singapore-based LIPO Precision Industry Pte Ltd. WCT Holdings Bhd has secured a RM365.2mn contract from Projek Lebuhraya Usahasama Bhd to expand the Sedenak–Simpang Renggam stretch of the North-South Expressway in Johor. Green Packet Bhd has welcomed European Credit Investment Bank Ltd as a new substantial shareholder after the Labuan-based investment bank acquired 141.1mn shares (5.77% stake) via open- and off-market trades on 3 July. Malaysia Aviation Group has exercised purchase rights for 20 additional A330neo aircraft from Airbus, with deliveries scheduled between 2029 and 2031. Capital A Bhd announced that AirAsia has signed an MoU with Airbus to purchase 50 A321XLR aircraft, with delivery confirmed by 2028. The deal, valued at US$12.25bn (RM51.72bn), includes rights for an additional 20 units. Mudajaya Group Bhd plans to raise up to RM26mn through a private placement of 265.7mn new shares, representing 10% of its enlarged share capital. Proceeds will be used to pare down bank borrowings, which stood at RM644.5mn as of 24 June. Mesiniaga Bhd has secured a RM148mn contract from KWAP to supply and commission a new pension system, with completion targeted by July 2028. MN Holdings Bhd has secured a RM29.3mn contract from Tenaga Nasional Bhd to extend new transformer bays at the existing transmission main intake in Tanjung Langsat Industrial Estate, Johor. Kretam Holdings Bhd has appointed Chiong Li Wei as executive director effective 5 July. Kim Hin Industry Bhd has received an unconditional takeover offer from its controlling shareholders, Kim Hin (Malaysia) Sdn Bhd and chairman Chua Seng Huat, to acquire the remaining 37.75% stake at 85 sen/share. TeamStar Bhd, a furniture fittings and hardware trader, has filed for an IPO on the ACE Market of Bursa Malaysia. ISF Group Bhd, a family-run piping system installer for industrial properties, has filed for an IPO on the ACE Market to fund its expansion plans.


Daily Express
29-06-2025
- Business
- Daily Express
MACC report over RM5.4 million demolition job
Published on: Monday, June 30, 2025 Published on: Mon, Jun 30, 2025 By: Sohan Das Text Size: The 11-storey hotel, which has remained closed since November 1997, was slated for demolition under a tender called by Labuan Corporation with an indicative value of RM5.467 million. LABUAN: The long-awaited demolition of the abandoned Hotel Labuan is expected to face delays following allegations of irregularities in the tender awarding process, prompting a complaint to the Malaysian Anti-Corruption Commission (MACC). The 11-storey hotel, which has remained closed since November 1997, was slated for demolition under a tender called by Labuan Corporation with an indicative value of RM5.467 million. The project was expected to take between 32 to 36 weeks to complete. More than 10 companies from peninsula have submitted bids for the demolition project, with the tender closing before April 30, 2025. However, the process has now come under scrutiny after a local contractor filed a complaint with MACC on June 16, 2025. The complainant, a Labuan-based company, has called for the suspension of all demolition work pending the outcome of investigations. The firm expressed frustration that despite being qualified, possessing necessary certifications and submitting a competitive bid lower than the winning company, it was ultimately sidelined in favour of an outside contractor. Among key concerns raised include lack of transparency, preference for outside contractors, limited local opportunities, pattern of exclusion and suspected political interference. The local company claims it met all requirements and was shortlisted in the final phase but was inexplicably excluded from the final selection. Questions were raised about why a qualified local company was overlooked in favour of a contractor from outside Labuan. The complaint noted that projects for CIDB G6 classification contractors in Labuan are extremely limited, with few local contractors registered under the B26 licence category. Concerns were expressed about a perceived pattern of favouring outside contractors over local firms, despite the presence of competent local companies. The most serious allegation involves potential political interference from higher authorities in the tender process. The complainant has called for a comprehensive MACC investigation to determine whether irregularities and external pressure influenced the tender awarding process. The tender was initially called on March 19, 2025, targeting registered qualified contractors for the demolition of the iconic hotel that has stood vacant for nearly three decades. The outcome of the MACC investigation will likely determine whether the project proceeds as planned or faces further delays.


Daily Express
17-06-2025
- Politics
- Daily Express
GRS is optimistic of continued alliance with Pakatan Harapan
Published on: Tuesday, June 17, 2025 Published on: Tue, Jun 17, 2025 Text Size: Arifin said Chief Minister Datuk Seri Hajiji Mohd Noor, who is also PGRS President, is making strategic efforts to ensure the continuation of the coalition's collaboration with PH both during and after the polls. LABUAN: Gabungan Rakyat Sabah (GRS) is optimistic that its political alliance with Pakatan Harapan (PH) will continue into the Sabah state election. Parti Gagasan Rakyat Sabah (PGRS) Vice-President Datuk Mohd Arifin Mohd Arif said Chief Minister Datuk Seri Hajiji Mohd Noor, who is also PGRS President, is making strategic efforts to ensure the continuation of the coalition's collaboration with PH both during and after the polls. Advertisement 'The current Sabah Government is a combination of GRS and PH…our president is fine-tuning the details of ongoing discussions with PH, and he will make an official announcement in due course,' he said after officiating the Labuan PGRS annual conference, here, on Sunday. He said the Labuan division would play a critical support role during the state election campaign, especially by reaching out to Labuan-based Sabah voters. 'One of the key efforts is the opening of an operations room here in Labuan, specifically to coordinate support for PGRS candidates,' he said. The current five-year term of the 16th Sabah State Assembly will expire automatically on Nov 11. In a recent statement, Hajiji reaffirmed that the cooperation between GRS and PH is based on shared governance goals and the commitment to political stability in Sabah. He said both coalitions have demonstrated that working together has yielded positive outcomes for the people, and the partnership remains essential for ensuring continued development and unity in the State. * 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


The Sun
15-06-2025
- Politics
- The Sun
GRS optimistic of continued alliance with PH in Sabah election
LABUAN: Gabungan Rakyat Sabah (GRS) is optimistic that its political alliance with Pakatan Harapan (PH) will continue into the Sabah state election. Parti Gagasan Rakyat Sabah (PGRS) vice-president Datuk Mohd Arifin Mohd Arif said Chief Minister Datuk Seri Hajiji Mohd Noor, who is also PGRS president, is making strategic efforts to ensure the continuation of the coalition's collaboration with PH both during and after the polls. 'The current Sabah government is a combination of GRS and president is fine-tuning the details of ongoing discussions with PH, and he will make an official announcement in due course,' he told Bernama after officiating the Labuan PGRS annual conference here today. He said the Labuan division would play a critical support role during the state election campaign, especially by reaching out to Labuan-based Sabah voters. 'One of the key efforts is the opening of an operations room here in Labuan, specifically to coordinate support for PGRS candidates,' he said. The current five-year term of the 16th Sabah state assembly will expire automatically on Nov 11. In a recent statement, Hajiji reaffirmed that the cooperation between GRS and PH is based on shared governance goals and the commitment to political stability in Sabah. He said that both coalitions have demonstrated that working together has yielded positive outcomes for the people, and the partnership remains essential for ensuring continued development and unity in the state.


Daily Express
15-06-2025
- Politics
- Daily Express
GRS optimistic of continued alliance with PH in Sabah polls: Arifin
Published on: Sunday, June 15, 2025 Published on: Sun, Jun 15, 2025 By: Bernama Text Size: LABUAN: Gabungan Rakyat Sabah (GRS) is optimistic that its political alliance with Pakatan Harapan (PH) will continue into the Sabah state election. Parti Gagasan Rakyat Sabah (PGRS) vice-president Datuk Mohd Arifin Mohd Arif ( pic ) said Chief Minister Datuk Seri Hajiji Mohd Noor, who is also PGRS president, is making strategic efforts to ensure the continuation of the coalition's collaboration with PH both during and after the polls. Advertisement 'The current Sabah government is a combination of GRS and PH…our president is fine-tuning the details of ongoing discussions with PH, and he will make an official announcement in due course,' he told Bernama after officiating the Labuan PGRS annual conference here today. He said the Labuan division would play a critical support role during the state election campaign, especially by reaching out to Labuan-based Sabah voters. 'One of the key efforts is the opening of an operations room here in Labuan, specifically to coordinate support for PGRS candidates,' he said. The current five-year term of the 16th Sabah state assembly will expire automatically on Nov 11. In a recent statement, Hajiji reaffirmed that the cooperation between GRS and PH is based on shared governance goals and the commitment to political stability in Sabah. He said that both coalitions have demonstrated that working together has yielded positive outcomes for the people, and the partnership remains essential for ensuring continued development and unity in the state. * 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