Latest news with #RM351
New Straits Times
17-07-2025
- Business
- New Straits Times
Ramssol backs loss-making subsidiary to deliver US$1mil profit post disposal
KUALA LUMPUR: Ramssol Group Bhd is backing its loss-making subsidiary, Rider Gate Sdn Bhd, to deliver a profit after tax of at least US$1 million following the disposal of a 40 per cent stake to NASDAQ-listed SAGTEC Global Ltd. The company clarified that the profit guarantee applies specifically to Rider Gate and not Ramssol, correcting an earlier announcement made on July 14. "Ramssol warrants and guarantees that Rider Gate shall deliver a profit after tax of no less than US$1 million in the following one full financial year after completion," it said in a stock exchange filing. The clarification comes after Bursa Malaysia requested additional information on the terms of the proposed disposal, which involves Ramssol receiving shares in SAGTEC in exchange for the 40 per cent equity interest. Rider Gate posted a net loss after tax of RM283,722 and a net liability of RM351,818 for the financial year ended Dec 31, 2024, while SAGTEC recorded a net profit of RM6.93 million and net assets of RM17.38 million. Ramssol stated that while the share sale agreement includes the profit guarantee, it does not contain any clause specifying enforcement mechanisms should the target not be achieved. "SAGTEC is entitled to pursue any legal remedy that they see fit if the profit guarantee is not met. However, the parties have mutually agreed to operate based on a trust-based commercial relationship and understanding between themselves," it said. The company said it considers the target achievable, citing Rider Gate's commercialisation since January 2025. "With more than 150 registered dealers and the potential to grow its network to 1,000 dealers within the first year of launch, the company is of the view that the profit guarantee is realistic," it added. Ramssol highlighted that there are no liabilities, including contingent liabilities, remaining with the group following the disposal, and no guarantees were extended to either SAGTEC or Rider Gate. The fair market value of Rider Gate's software platform is estimated between RM24.26 million and RM29.49 million, based on a valuation by Strategic Capital Advisory Sdn Bhd using the discounted free cash flow to firm method.
New Straits Times
16-06-2025
- Business
- New Straits Times
OCBC extends RM351mil financing for projects in Johor-Singapore SEZ
KUALA LUMPUR: OCBC Bank (Malaysia) Bhd has approved RM351 million in financing for three major real estate developments within the Johor-Singapore Special Economic Zone (JS-SEZ). The funding supports a joint venture between property developers See Hong Chen Group and EXSIM Group for the acquisition of freehold land in Johor Bahru. In a statement today, the bank said the mixed-use development has a projected gross development value of RM1.8 billion. OCBC is also financing See Hong Chen Group's purchase of additional freehold land parcels in Bandar Johor Bahru. "The JS-SEZ represents a significant opportunity for long-term economic growth," said OCBC managing director and wholesale banking head Jeffrey Teoh. "We're committed to going beyond traditional lending by delivering integrated financial solutions through our One Group capabilities," he added. The JS-SEZ, a flagship cross-border economic initiative, is expected to catalyse investment flows between Johor and Singapore, with connectivity boosted by the Rapid Transit System Link, which is slated for completion in 2026. See Hong Chen Group managing director See Cherng Jye said the developments aligned with the group's strategy to deliver impactful assets in growth zones. "This collaboration marks a significant milestone for us as we expand our footprint into Johor," said EXSIM managing director Lim Aik Hoe, adding that the projects are designed to meet evolving market and community needs. OCBC is the second-largest banking group by assets in Southeast Asia and is part of a wider financial ecosystem that includes Great Eastern, Bank of Singapore and asset manager Lion Global Investors.
Barnama
24-05-2025
- Business
- Barnama
PKNS Introduces Linkar 52 To Offer Affordable Urban Homes For Young Families
SHAH ALAM, May 24 (Bernama) -- The Selangor State Development Corporation (PKNS) continues to explore new mechanisms to create opportunities for local communities to own homes at affordable prices. PKNS Group chief executive officer Datuk Mahmud Abbas said this initiative is driven by the ongoing challenge of delivering affordable housing, especially in urban areas. He said among the new mechanisms implemented by PKNS is the introduction of transit-oriented development (TOD) projects, targeting individuals or couples who prefer a minimalist lifestyle as the target market. "In line with the state government's commitment to providing local communities with the opportunity to own homes at reasonable prices, PKNS is introducing Linkar 52, its first TOD project comprising two 33-storey towers with a total of 615 residential units. "With built-up areas ranging from 450 to 850 square feet, these smaller units also have the potential to save on maintenance and utility costs, making them suitable for individuals and couples who prefer a minimalist lifestyle," he told a press conference after launching the Linkar 52 project at Galeria SA Sentral here today. Mahmud said Linkar 52, developed as a key component of the SA Sentral project and equipped with 19 retail units and four lifts per tower, is offered at prices starting from RM351,000 per unit. It is located in a strategic area that integrates all aspects of a modern commercial hub, targeting young families and single individuals, and is suitable as a future investment asset that promises good returns. "We must bring value to this project, and one of the values we offer to customers is the design. "In addition, Linkar 52 is located within one to two kilometres of a hospital, and is also close to a university, a lake, a mosque, and various eateries, all of which are key factors that appeal to buyers," he said.
