Latest news with #RM18mil
The Star
2 days ago
- Business
- The Star
Tourism group eyes RM18mil in revenue from travel fair in JB
JOHOR BARU: The Malaysian Chinese Tourism Association (MCTA) has set a target of RM18mil in revenue from the ongoing Malaysia International Travel Fair (MITM) 2025 here. Its Johor chairman Edwin Tay Kian Chuan said they expected to draw more than 80,000 visitors to MITM, which ends on Sunday (July 20). 'We have 19 top travel agencies offering exclusive promotions to destinations all over the world and within Malaysia as well," he told a press conference after the opening of MITM at a mall in Skudai on Friday (July 18). "People can go on their dream vacation for as little as RM2,000. 'Over the last few years, we have seen China and Taiwan emerging as favourite international destinations among Malaysians." He said the association was confident of hitting its target from the initial response so far. 'We have been seeing Singaporeans using Malaysian travel agencies to book their vacations to foreign destinations. "We are expecting the same thing during MITM. 'We usually hold this travel fair twice a year, but from next year, we will be holding it three times a year, including in Batu Pahat," he added. Follow us on our official WhatsApp channel for breaking news alerts and key updates!
The Star
10-07-2025
- Business
- The Star
Enproserve IPO sees 0.43 times oversubscription for public shares
Enproserve Group Bhd managing director Azman Yusof. — AZLINA ABDULLAH/The Star KUALA LUMPUR: Mechanical and civil engineering services provider Enproserve Group Bhd saw strong demand for its ACE Market initial public offering (IPO), with the public portion oversubscribed by 0.43 times. In a statement, Enproserve said it received 1,414 applications for 74.9 million public issue shares from the Malaysian public, valued at around RM18mil. This exceeded the 52.5 million shares offered to the public via balloting, leading to an oversubscription rate of 0.43 times. Enproserve said the strong investor demand across all subscription tranches reflects the group's solid value proposition and strategic position within a key industry segment. 'The strong reception to our IPO validates investor confidence in Enproserve's resilient business model and strategic position within the vital oil and gas and petrochemical industries. 'With enhanced capabilities as we continue to scale our operations, we are primed to accelerate growth and further expand our market share,' group managing director Azman Yusof said. The Bumiputera portion received 705 applications for 40.57 million shares, resulting in an oversubscription rate of 0.55 times, while the non-Bumiputera portion saw 709 applications for 34.39 million shares, translating to an oversubscription rate of 0.31 times. At the same time, all 244.18 million shares offered to selected investors through private placement were fully taken up. The 18.32 million shares set aside for eligible directors, employees, and contributors to the group were also fully subscribed. The IPO, priced at RM0.24 per share, involves a total of 315 million ordinary shares, consisting of 210 million new shares under the public issue and 105 million existing shares offered for sale. Upon listing, the company's enlarged share capital will stand at 1.05 billion shares. The IPO raised RM50.4mil in gross proceeds for Enproserve through new share issuance. Of this, RM23.7mil will go towards capital spending to strengthen its plant maintenance, turnaround, and engineering services, including the purchase of heavy equipment and vehicles. The remaining RM26.7mil will be used for working capital, loan repayments, and listing-related expenses. Enproserve is expected to be listed on the ACE Market of Bursa Malaysia on July 18. KAF Investment Bank Bhd is the principal adviser, sponsor, sole placement agent, and sole underwriter for the IPO.
The Star
26-06-2025
- Business
- The Star
Over 60,000 visitors expected at travel fair next month
(Seated from third left) Ng and Tay holding up publicity materials for the MITM Travel Fair slated for July 18 to 20. THE Malaysia International Travel Mart (MITM) Travel Fair is back in Johor, with more than 60,000 visitors expected over three days. Event organising chairman Vin Ng said this year's fair from July 18 to 20 in Sutera Mall, Skudai, would have the highest number of exhibitors to date. 'There will be 19 travel agencies, with booths on the second level of the mall, offering travel packages. 'We aim to generate more than RM18mil in sales revenue over the three days,' he said in a press statement. Ng added that the annual event served as a one-stop marketplace for tourism players to promote affordable and attractive international holiday packages. Malaysian Chinese Tourism Association Johor chapter chairman Edwin Tay said visitors could expect more tourism destinations as the Japan National Tourism Organisation (JNTO) would be joining MITM for the first time. 'This marks JNTO's debut appearance in our fair, where it will be introducing exciting travel opportunities in Japan.' He said the Taiwan Tourism Administration would also be at the fair to promote Taiwanese destinations. He also announced that Sichuan Airlines had come on board as a sponsor of the travel fair. Strong support has also been shown by Tourism, Arts and Culture Ministry, Tourism Malaysia and Tourism Johor, Tay added. Visitors who spend a minimum of RM500 during the event will be eligible to participate in a lucky draw to win the grand prize of a Perodua Axia. Admission to the travel fair is free.
The Star
26-05-2025
- Business
- The Star
EVD secures RM18mil traffic system contract for East Klang Valley Expressway
PETALING JAYA: EVD Bhd has accepted a letter of acceptance (LOA) from WZR Property Sdn Bhd to perform sub-contract works pertaining to a traffic control and surveillance system on the East Klang Valley Expressway, worth RM18mil. In a filing with Bursa Malaysia, the system software company said the scope of works covers the supply of labour, materials and all necessary plants and machinery of the works. 'The contract is based on an overall completion period of 21 weeks from the date of commencement or within any extended period (if any) upon the sole discretion of the main contractor in writing.' The company said the commencement date will be on May 21, 2025. It added that Section 1 and Section2 (both, including internal testing and commissioning) will be completed by July 30 and Oct 30, 2025, respectively. 'The LOA is expected to contribute positively to the future earnings, earnings per share and net assets per share of the company over the duration of the contract. 'The LOA will not have any effect on the share capital and the shareholdings of the substantial shareholders of the company.'
The Star
21-05-2025
- Business
- The Star
PetChem dragged by O&D segment amid challenges
PETRONAS Chemicals managing director and chief executive officer Mazuin Ismail. PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) sustained its operational performance with a plant utilisation rate of 94% in the first quarter of 2025 (1Q25), but its bottomline was weighed down by its olefins and derivatives (O&D) segment amid a challenging market landscape. 'To maintain our resilience and competitiveness amid the current industry downtrun, we remain focused on driving excellence. 'Our unwavering comitment to safe and efficient operations across all facilities continues, as we are currently undertaking repair and maintenance activities at several O&D and fertilisers and methanol (F&M) plants,' said PetChem managing director and chief executive officer Mazuin Ismail. He added that the group is closely monitoring the developments with regards to the US tariffs, and assessing their broader implications on overall market dynamics. During the quarter under review, the petrochemicals group recorded a RM18mil net loss, on the back of a revenue of RM7.66bil, which compares to a net profit of RM668mil and revenue of RM7.5bil in the year-ago quarter. The group said in a statement the O&D business had been affected by a utilities supply disruption in Kertih as well as reduced production in Pengerang Petrochemicals Company Sdn Bhd (PPC) due to feedstock unavailability. The segment subsequently reported a loss before interest, tax, depreciation and amortisation of RM43mil, primarily owing to lower contributions from PPC – mainly due to a lower plant utilisation rate and unrealised foreign exchange loss on revaluation of payables. Meanwhile, the group's fertilisers and methanol (F&M) segment saw an improvement in sales and earnings due to stronger product prices, which offset a slight decline in sales volume. 'Tight global supply and robust seasonal demand led to an increase in prices of approximately 13% and 5% for urea and methanol, respectively.' The segment's quarterly revenue rose slightly to RM2.5bil while earnings before interest, tax, depreciation and amortisation (ebitda) gained 22% quarter-on-quarter (q-o-q) to RM892mil, driven by improved product spreads. In the specialities segment, revenue rose 19% (q-o-q) to RM1.6bil on higher sales volumes. Ebitda rose to RM52mil on stronger contribution margins and sales volume.
