Latest news with #RM104
New Straits Times
23-06-2025
- New Straits Times
Wanted man hauled to court for 2016 concealment offence
KUALA LUMPUR: A spare parts salesman who had been on the police wanted list was brought before the Sessions Court today to face a charge related to an offence dating back to 2016. Mah Kian Dong, 38, claimed trial to a charge of concealing RM104,000 in cash belonging to a businessman, Soh Chin Huat, 53. The amount was allegedly deposited into a bank account registered under Mah's name. Mah is accused of committing the offence at a bank in Sri Petaling on July 4, 2016. He was charged under Section 424 of the Penal Code, which carries a maximum jail term of five years, a fine, or both, upon conviction. Deputy public prosecutor M. Saravanan requested that the court set bail at RM30,000 with one surety and fix a date for mention. Mah, who represented himself as he did not have legal counsel, appealed for a lower bail amount, citing financial hardship. "I am unmarried and live in Ipoh with my mother. I earn RM2,000 a month and cannot afford the proposed bail sum. "My employer is here today to help post bail. I kindly request the court's assistance in reducing the amount," he said. Judge Azrul Darus set bail at RM10,000 with one surety and fixed July 23 for the submission of documents and the appointment of counsel.
The Sun
09-06-2025
- Business
- The Sun
LBS Bina secures RM88.4m green financing for solar farm project
PETALING JAYA: Property developer LBS Bina Group Bhd's special purpose vehicle, Suria Hijauan Sdn Bhd, has secured a RM88.4 million green financing facility from Alliance Bank Malaysia Bhd to fund the engineering, procurement, construction and commissioning (EPCC) costs for its maiden 43 MWp solar farm project. The project, which is under the Corporate Green Power Programme, is located in Senawang, Negeri Sembilan, and is scheduled for completion by the end of this year. The solar farm is expected to deliver stable, recurring revenue, thus enhancing long-term earnings resilience and underscoring LBS's commitment to sustainable growth. The solar farm project is expected to generate approximately 53,000 MWh of clean energy annually, effectively offsetting about 35,000 tonnes of carbon emissions. Atlantic Blue Sdn Bhd, a subsidiary of Solarvest Holdings Bhd, was appointed as the EPCC contractor under a RM104 million contract, leveraging its expertise in delivering large-scale solar projects. LBS group executive chairman Tan Sri Lim Hock San said, 'This green financing marks an important milestone for LBS as we diversify into renewable energy, reinforcing our commitment to sustainability. 'Securing this credit facility from a reputable bank like Alliance Bank highlights the strong potential of our renewable energy venture and our capacity to expand our initiatives within this sector. This support reflects confidence in our strategic direction and financial strength, while also facilitating the successful execution of this project.' He added that this initiative not only resonates with their goal of creating a positive environmental impact, it also strategically complements their core property development business by integrating future product offerings with renewable energy solutions. Alliance Bank Group CEO Kellee Kam said they believe financial institutions have a critical role to play in advancing sustainable development and are honoured to partner with LBS, a company whose values and vision closely align with their own. He added, 'Today's announcement is not just the launch of a project – it marks the beginning of a journey and a cause we are proud to be part of.'
New Straits Times
09-06-2025
- Business
- New Straits Times
LBS Bina secures RM88.4mil financing for maiden solar farm project
KUALA LUMPUR: LBS Bina Group Bhd's special purpose vehicle, Suria Hijauan Sdn Bhd, has secured an RM88.4 million green financing facility from Alliance Bank Malaysia Bhd to cover the engineering, procurement, construction and commissioning (EPCC) costs for its maiden 43 MWp solar farm project in Negeri Sembilan. The project, part of the Corporate Green Power Programme (CGPP) and located in Senawang, is slated for completion by the end of 2025. It is expected to generate about 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon emissions each year. Atlantic Blue Sdn Bhd, a subsidiary of Solarvest Holdings Berhad, was appointed as the EPCC contractor under a RM104 million contract, leveraging its expertise in delivering large-scale solar projects. Tan Sri Dr. Lim Hock San, group executive chairman of LBS, said that this green financing marks an important milestone for LBS as the group diversifies into renewable energy, reinforcing its commitment to sustainability. "Securing this credit facility from a reputable bank like Alliance Bank highlights the strong potential of our renewable energy venture and our capacity to expand our initiatives within this sector. This support reflects confidence in our strategic direction and financial strength, while also facilitating the successful execution of this project," he said. Lim said that this initiative not only resonates with the group's goal of creating a positive environmental impact, but it also strategically complements LBS' core property development business by integrating future product offerings with renewable energy solutions. "In turn, this contributes to Malaysia's national carbon reduction goals, supporting the country's transition towards a low-carbon economy," he said. The solar farm is expected to provide stable, recurring revenue, enhancing LBS' long-term earnings resilience and reinforcing its dedication to sustainable growth. Alliance Bank's group chief executive officer, Kellee Kam, said, "At Alliance Bank, we believe financial institutions have a critical role to play in advancing sustainable development. We are honoured to partner with LBS, a company whose values and vision closely align with our own."
New Straits Times
13-05-2025
- Business
- New Straits Times
CIMB cuts Berjaya Food forecasts amid weak Q3, sluggish sales recovery
KUALA LUMPUR: Berjaya Food Bhd is expected to see slower-than-expected sales recovery after its core net loss widened in the third quarter ended March 31, 2025 (Q3FY25). CIMB Securities has raised its core net loss estimates for the company to RM133 RM133million, RM74 million and RM23 million for financial year 2025 (FY25), FY26 and FY27, respectively. The estimates were revised upwards from the previous forecast of RM104 million, RM61 million and RM20 million. The firm also lowered its target price for the stock to 28 sen from 32 sen previously. Berjaya Food reported a core net loss of RM36.7 million in 3QFY25, after adjusting for one-off items of RM0.5 million. This brought the cumulative nine-month core net loss to RM101.2 million, missing CIMB Securities' expectations at 97 per cent for the FY25 previous loss estimate and 110 per cent of the Bloomberg consensus forecast. "The earnings miss is attributed to lower-than-expected revenue from Starbucks and Kenny Rogers Roasters operations, as well as higher-than-expected start-up costs for its overseas expansion efforts," it said in a note. Berjaya Food is likely to post narrow losses in Q4 Q4FY25 following the end of Ramadan fasting in March. Additionally, the company has indicated early signs of recovery at its Malaysia Starbucks outlets, as the impact of the boycott related to the Israel-Palestine conflict appears to be easing. "The group's ongoing efforts to rationalise its store network by closing underperforming outlets may also support loss mitigation." The firm maintained its 'Reduce' call on the stock.
New Straits Times
13-05-2025
- Business
- New Straits Times
Palm surges on stronger Dalian oils, weak ringgit
KUALA LUMPUR: Malaysian palm oil futures extended gains to the third straight session on Tuesday after a long weekend holiday, supported by stronger rival Dalian oils and a weak ringgit. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM104, or 2.73 per cent, to RM3,918 (US$905.48) a metric ton in early trade, the biggest daily gain since March 7. The market in Malaysia was closed on Monday for the Vesak holiday. FUNDAMENTALS Dalian's most-active soyoil contract rose 0.69 per cent, while its palm oil contract added 1.01 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) dropped 0.28 per cent. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.77 per cent against the US dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices eased on Tuesday from a two-week high reached in the previous session, after the US and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end. MARKET NEWS Asian stocks joined the global rally and the US dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the US and China eased worries of a global recession.
