Latest news with #RM326
Focus Malaysia
6 hours ago
- Automotive
- Focus Malaysia
Meta Bright fast-tracks EV expansion, secures prime charging sites in first major move for ChargeHere JV
META Bright Group Bhd, a Main Market-listed diversified Energy conglomerate, has unveiled a significant acceleration for its venture into the electric vehicle (EV) charging sector. Its 51%-owned subsidiary, Meta Bright ChargeSini Sdn Bhd (MBC), has executed novation agreements with ChargeHere EV Solution Sdn Bhd, hence effectively taking over the full rights, operations and revenue streams of four key EV charging station projects. The strategic novation agreement transfers operational control and revenue rights for EV charging stations at key properties. It therefore fast-tracks Meta Bright's expansion by leveraging the groundwork laid by its joint venture partner ChargeHere which aligns directly with Malaysia's National Energy Transition Roadmap (NETR) ambitions. Chargehere which manages and operates the operation of EV charging infrastructure and solutions via the 'ChargeSini' brand name is Malaysia's leading charging point operator (CPO). It owns 935 EV charging points across Malaysia. By assuming full control, MBC will manage the entire operational scope from maintenance to accruing all commercial benefits. This transaction crystallises the objectives of the JV announced earlier in July by immediately unlocking recurring revenue for the group through profit-sharing models and service income. The novation arrangement is poised to enable Meta Bright to further expand and replicate similar successful projects across Malaysia. 'This novation is a key tactical move that significantly shortens our time-to-market in the competitive EV space,' commented Meta Bright's executive director (corporate and strategic planning) Derek Phang Kiew Lim. 'Rather than doing it from scratch via the novation arrangement with our JV partner, Chargehere, we have instantly secured EV chargers in high-visibility, strategic locations.' This reinforces Meta Bright's commitment to expanding the group's renewable energy business while immediately positioning the group as a credible and active player in Malaysia's green mobility transition. 'We're not just entering the market but we're accelerating within, thus enhancing our recurring income base and positioning ourselves strongly for future growth,' enthused Phang. 'In addition, the novation marks a strategic progression from the JV agreement we entered with Chargehere earlier, and could further strengthen our position in the CPO market'. At the close of today's (July 21) trading, Meta Bright was unchanged at 12 sen with 113,500 shares traded, thus valuing the company at RM326 mil. – July 21, 2025
The Star
10-06-2025
- Business
- The Star
Contraband worth over RM16.6mil seized in Sepanggar Port raids
KOTA KINABALU: Customs officials seized more than RM16.6mil worth of smuggled goods in three separate raids in May. The raids from May 14 to 29 saw frozen chicken, rice and alcohol confiscated at Sepanggar Port. Sabah Customs deputy director-general Siti Mang said that in the first raid on May 14, officials inspected a total of 33 shipping containers and found 659,856 litres of alcoholic beverages of various brands inside. 'They are worth RM3.97mil, with the unpaid duty and tax estimated at RM11.86mil,' she told a press conference here on Tuesday (June 10). On May 16, a container was raided, leading to the discovery of 28 tonnes of frozen chicken without import permits, valued at around RM326,760 including tax. Siti said the third raid on May 29 saw 150 tonnes of rice and glutinous rice being confiscated. '(The rice was) valued RM498,750 including tax,' she said, adding that all the contraband seized had been declared as other goods during shipping. Siti said the cases are being investigated under the Customs Act 1967. 'Smuggling of any sort causes economic losses to the country and poses a security threat," she said. She urged anyone with information on smuggling activities to inform the Customs Department at 1-800-88-8855, and said informants' identities would be kept confidential.
![[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FHQ130824HZ003_1748576034.jpg&w=3840&q=100)
![[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
30-05-2025
- Business
- New Straits Times
[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star
KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe
New Straits Times
30-04-2025
- Business
- New Straits Times
South Korea's SIMMTECH completes RM326mil second plant in Batu Kawan
KUALA LUMPUR: Sustio Sdn Bhd, a subsidiary of South Korea's SIMMTECH Group, has completed its RM326 million second manufacturing facility in Batu Kawan, Penang, under Phase 2 of its expansion project. The new facility brings Sustio's total investment in Malaysia to RM750 million since its establishment in May 2022, according to the Malaysian Investment Development Authority (MIDA). The company, which manufactures printed circuit boards and substrates for the semiconductor industry, now operates the first advanced facility of its kind in Southeast Asia. "Sustio is not just growing its business, it is helping to energise and elevate our entire semiconductor ecosystem," said MIDA deputy chief executive officer Zalina Zainol in a joint statement with InvestPenang and Sustio. SIMMTECH Co Ltd chief executive officer Jeffery Chun said the company is confident in Malaysia's talent, infrastructure and strategic position within the semiconductor industry. He added that SIMMTECH plans further expansion, with designs for a third facility, dubbed 'Sustio Building 3' and a fourth on a newly acquired 10-acre site. Penang Chief Minister Chow Kon Yeow said the group's long-term commitment signals a promising future for Batu Kawan as a hub for advanced electronics manufacturing. "As Penang continues to strengthen its position as the 'Silicon Valley of the East,' the state government remains committed to enhancing infrastructure that supports and complements investor needs," he added. The launch ceremony was attended by representatives from MIDA, InvestPenang, the Penang Development Corporation and industry players including Micron and SanDisk.
