Latest news with #RM22mil
The Star
04-07-2025
- Business
- The Star
Trading ideas: Econpile, LBA, Kelington, Time dotCom, Wang-Zheng, Perdana Petroleum
KUALA LUMPUR: Stocks to watch today include Econpile Holdings Bhd , LB Aluminium Bhd (LBA), Kelington Group Bhd , TIME Dotcom Bhd , Wang-Zheng Bhd , and Perdana Petroleum Bhd following recent corporate announcements. Econpile, through its wholly-owned subsidiary Econpile (M) Sdn Bhd, has bagged two separate contracts from LFE Engineering Sdn Bhd and LFE Innovative Sdn Bhd for a combined sum of RM57.95mil. LBA is acquiring a parcel of leasehold industrial land in Banting, Selangor from Lucksoon Coatings Sdn Bhd for RM22mil. Kelington has signed a memorandum of understanding (MoU) with PETRONAS CCS Solutions Sdn Bhd to explore carbon capture technologies. Time Dotcom has appointed Loh Jenkim, 53, as group chief executive officer effective Sept 23, 2025, succeeding Afzal Abdul Rahim. Afzal, 47, will be redesignated to executive vice chairman from group CEO, effective Sept 23. Wang-Zheng estimates a provisional loss of approximately RM20mil from the fire that had broken out at the factory and warehouse of its wholly-owned subsidiary, Carefeel Cotton Industries (M) Sdn Bhd. Perdana Petroleum's wholly-owned subsidiary Perdana Nautika Sdn Bhd has secured a charter contract from PTTEP Sabah Oil Ltd for an anchor handling tug and supply (AHTS) vessel.
The Star
03-06-2025
- Automotive
- The Star
Globaltec enters commercial vehicle segment
PETALING JAYA: Globaltec Formation Bhd's wholly-owned subsidiary AutoV Corp Sdn Bhd has partnered Blue Breeze Sdn Bhd for the joint ownership and operation of a joint venture company to undertake the assembly and sales of leaf springs with the support of China-based Jiangxi Hongli Auto Parts Co Ltd. The assembly of leaf springs, a key component in the heavy vehicle suspension systems, marks Globaltec's entry into the commercial vehicle component segment. The group said the joint venture company, named GFB Hongli Sdn Bhd, will be held on a 50:50 basis with Blue Breeze. 'This joint venture marks a strategic diversification and expansion for the automotive division, enabling entry into the commercial heavy vehicle component sector and tap into the export market,' said Globaltec in a statement. Separately, Globaltec said it will be disposing of its entire stake in food and beverage firm Metta Food & Lifestyle Sdn Bhd to Oasis Harvest Corp Bhd for RM22mil.
The Star
16-05-2025
- Business
- The Star
Acme to dispose of Penang land for RM22mil
PETALING JAYA: ACME Holdings Bhd is selling its property in Perai, Penang to Nation Robo Sdn Bhd for RM22mil cash. In a filing with Bursa Malaysia, Acme noted the leasehold industrial land and development thereon original cost of investment was RM9.2mil. It added the net book value of the property as at March 31, 2024 of RM3.75mil while the market value as appraised by Henry Butcher Malaysia (Seberang Perai) Sdn Bhd was RM21mil as of valuation date of July 23, 2024. The deal will allow Acme to book disposal gains of RM14.14mil. The sale is expected to be completed by the second half of 2025. Acme intends to use RM12mil of the sale proceeds to repay bank borrowing while another RM5.9mil will be utilised to repay trade creditors and for working capital requirements. - Bernama
The Star
06-05-2025
- Business
- The Star
UOB Malaysia FY24 showing improves
UOB Malaysia registered steady growth across all income streams. PETALING JAYA: UOB Malaysia has posted a 15.9% year-on-year increase in pre-tax profit to an all-time high of RM2.2bil on the back of 2.3% growth in net operating income to RM4.7bil for the financial year ended 2024 (FY24). It registered steady growth across all income streams, including net interest income, Islamic banking, net foreign exchange gains and fees and commissions. It also reported a decrease in total expenses by RM22mil due to disciplined cost management and a significant 52.1% decline in total allowances for expected credit losses to RM159mil on improved asset quality and lower provisions for both impaired and non-impaired assets. 'This achievement reflects the strength of our diversified business model, supported by prudent risk management, disciplined cost control and solid performance across our core businesses,' said UOB Malaysia chief executive officer Ng Wei Wei in a statement. Ng reported the bank's wholesale banking business delivered double-digit growth in both sustainable financing and trade loans. In 2024, UOB Malaysia's gross loans, advances and financing grew 2.1% to RM109.5bil.
The Star
06-05-2025
- Business
- The Star
UOB Malaysia posts record RM2.2bil pre-tax profit in FY24
KUALA LUMPUR: UOB Malaysia posted a 15.9% year-on-year (y-o-y) increase in pre-tax profit to an all-time high of RM2.2bil on the back of 2.3% growth in net operating income to RM4.7bil for the financial year ended 2024. According to the bank, it registered steady growth across all income streams, including net interest income, Islamic banking, net foreign exchange gains and fees and commissions. It also reported a decrease in total expenses to RM22mil due to disciplined cost management, and a significant 52.1% decline in total allowances for expected credit losses to RM159mil on improved asset quality and lower provisions for both impaired and non-impaired assets. "This achievement reflects the strength of our diversified business model, supported by prudent risk management, disciplined cost control and solid performance across our core businesses," said UOB Malaysia CEO Ng Wei Wei in a statement. Ng reported the bank's wholesale banking businessed delivered double-digit growth in both sustainable financing and trade loans. She added that global market income also grew strongly while the expanded retail franchise saw strong momentum in the credit card and wealth management business following the integration of Citigroup's consumer banking business. In 2024, UOB Malaysia's gross loans, advances and financing grew 2.1% to RM109.5bil, supported by steady growth across both its wholesale and retail segments. It also registered a higher current account-savings account (Casa) ratio of more than 44%.
