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The Sun
26-06-2025
- Business
- The Sun
Pan Merchant sees opportunities in wastewater treatment, sustainable fuel sectors
PETALING JAYA: ACE Market newcomer Pan Merchant Bhd, a provider of solid-liquid filtration solutions, is prioritising emerging industries such as wastewater treatment and sustainable fuel to drive business growth and expand untapped markets. Managing director Wong Voon Ten said the company sees rising demand for sustainable fuel solutions from major energy players, driven by the global push towards decarbonisation and cleaner energy sources. 'In Malaysia and across the Asia-Pacific region, we also see significant opportunities in water treatment projects, especially as governments and water service providers continue to increase capital expenditure to upgrade water infrastructure. 'On top of that, we are actively tendering for projects to sustain our earnings growth. 'Currently, our tender book has grown to a substantial level, with more than half derived from the potable water and wastewater treatment industry, while the remainder comprises projects from edible oil, sustainable fuel, and other industries,' he said at the company's listing ceremony on Bursa Malaysia in Kuala Lumpur today. Wong said the company remains committed to its core strength in the edible oil industry. 'As a trusted and irreplaceable partner to our end-users, we are recognised for our consistent quality and reliability, and we will continue to play a vital role in supporting refineries and processing operations. We are also focused on expanding our presence in strategic regions where edible oil production is critical,' he added. Wong emphasised the significant potential and growing demand for solid-liquid filtration solutions in the water treatment and sustainable fuel industries, expressing confidence in the group's ability to secure projects in such industries, backed by its 38-year track record of product quality and reliability. As of April 30, the group's potential project pipeline spans key industries, with the largest portion coming from the potable water and wastewater treatment segment, followed by projects in edible oil, sustainable fuel, mining, food processing, and other industrial segments. Pan Merchant's share price opened at 23.5 sen compared to the initial price offering (IPO) price of 27 sen per share. It closed at 23 sen, 4 sen or 14.8% below the IPO price, on 5.576 million shares traded. The company's IPO entailed a public issue of 232.2 million new shares and an 18 million offer-for-sale shares, at an issue price of 27 sen per share, representing 27.3% of the enlarged share capital. The overall value of the IPO is RM67.6 million, with Pan Merchant receiving RM62.7 million and the offeror receiving the remaining RM4.9 million. Out of the total proceeds of RM62.7 million, RM28 million will be used for capital expenditure on manufacturing plants, including the acquisition of machinery, equipment, and tools, as well as the renovation of its manufacturing facilities. A further RM7 million will be allocated for product development, and the remaining RM27.7 million for business expansion, working capital, and defraying of listing expenses. Pan Merchant plans to use part of its IPO proceeds to acquire advanced computer numerical control and robotic welding machines, which are expected to enhance production efficiency, to meet the growing demand for filtration equipment and replacement parts both locally and internationally. As of May 6, the group's order book stood at RM69.6 million, comprising orders for filtration equipment, replacement parts, and steel works. The order book is expected to be fulfilled within the next 12 months. Affin Hwang Investment Bank Bhd serves as the principal adviser, sponsor, sole placement agent, and sole underwriter for Pan Merchant's IPO exercise.
New Straits Times
25-06-2025
- Business
- New Straits Times
Axiata's Myanmar tower sale sparks Edotco monetisation talk
KUALA LUMPUR: Axiata Bhd's sale of its tower assets in Myanmar could set the stage for the monetisation of its subsidiary, Edotco, amid reports that a consortium comprising Khazanah Nasional Bhd and the Employees Provident Fund (EPF) is eyeing Axiata's 63 per cent stake, valuing the deal at around US$3.5 billion. Hong Leong Investment Bank (HLIB) said the move appears strategically aligned, as Khazanah had earlier increased its stake in Edotco to 32 per cent by acquiring the entire 21 per cent held by Innovation Network Corporation of Japan (INCJ) in March 2025. "Assuming Edotco is valued at an enterprise value of US$3.5 billion or RM14.9 billion, Axiata could net approximately RM6.3 billion for its 63 per cent stake after deducting Edotco's net debt of approximately RM4.9 billion. "We estimate that this could result in interest savings of up to RM210 million if utilised entirely to reduce debt at the holding company level, thereby close to offsetting the loss of earnings contribution from Edotco," it said in a note. The firm stated that following the completion of the XLSmart merger in April 2025, Axiata is set to receive an immediate equalisation payment of US$400 million, with an additional US$75 million expected within a year, pending certain conditions. It added that together with the potential proceeds from Edotco's monetisation, Axiata could significantly reduce its holding company debt, paving the way for a more streamlined structure and greater flexibility in distributing dividends from its telecommunications assets. "We estimate Axiata's net debt or earnings before interest, taxes, depreciation, and amortisation (EBITDA) would also significantly decrease to 1.0 times from 3.0 times in the first quarter of 2025 (1Q25) following XLSmart deconsolidation and potential disposal of Edotco," HLIB said. HLIB has increased its earnings forecasts for the financial years 2025 to 2027 by between 2 per cent and 15 per cent, incorporating updated management guidance and refined assumptions. It noted that the second quarter of 2025 (2Q25) results and headline earnings could be impacted by several one-off factors, including the deconsolidation of XLSmart, gains from the sale of Axiata's XLSmart stake to Sinar Mas, potential losses from the divestment of Edotco Myanmar, and fluctuations in foreign exchange. "While earnings are likely to remain lacklustre in the near term, we believe the market will respond positively to management's efforts to unlock value across its telco portfolio and reinforce its balance sheet in the process," the firm said. HLIB described the potential monetisation of Axiata's stake in Edotco as a significant near-term catalyst that could drive a re-rating of its share price. It maintained a 'Buy' recommendation on the stock, with a target price of RM2.50.
New Straits Times
14-06-2025
- Business
- New Straits Times
Unexplained Covid-era spending raises question marks among rugby affiliates
KUALA LUMPUR: Malaysia Rugby (MR) affiliates have requested the national body conduct an internal audit on MR's financial report for 2023. The MR exco presented the 2023 accounts during its annual general meeting in Kuala Lumpur today (June 14) but was not approved by the majority of the 15 affiliates that attended. The heated AGM, which also discussed issues relating to national team programmes and domestic competitions, lasted almost five hours. Selangor Rugby Union (SRU) president Lim Yi Wei said the financial report for 2023 lacked detail and showed poor accounting practices. "The financial report has to be more detailed and must be substantiated with supporting documents," said Yi Wei. "They should explain in more detail, for example there are delayed payments made in 2023 for team (programmes) done in 2020 and 2021. "These were the Covid-19 years so we want to know what programmes these were. "I am hoping for an internal audit to be conducted so we can at least get some answers. Hopefully they can initiate the internal audit process soon within the next one or two months. "I am also hoping the financial report for 2024 will be much better as it (2024) falls under the current exco." MR rugby lost millions in an embezzlement case that occurred between 2019-2022. The Kuala Lumpur High Court recently ordered a former MR employee to pay the national body RM4.9 million in damages. The investigation into the case delayed the presentation of MR's financial reports from 2020 to 2023. The 2024 financial report can only be tabled once the 2023 report is approved. The current MR rugby exco was elected in December 2023. MR president Amir Amri Mohamad said the internal audit will be conducted once necessary information has been obtained. An extraordinary general meeting will be held to approve the financial report if the affiliates are satisfied with the findings from the internal audit. "Our treasurer Che Zulkarnain Abd Wahab will be speaking to the former treasurer and secretary to obtain more information about the accounts for 2023," said Amir. Che Zulkarnain said that retrieving detailed documentation regarding 2023 spending has been challenging and urged all parties to give their full cooperation.
Borneo Post
14-06-2025
- General
- Borneo Post
RM4.9 mln agricultural road project to improve access in Kpg Krusen Kranji, says Tebedu rep
Dr Sinang symbolically crosses the traditional Bidayuh bamboo bridge during the Gawai Nyisan Bunos at Awah Gawai N'Tangan Biriyak, Kampung Krusen Kranji on Friday. – Photo from Ukas SERIAN (June 14): A RM4.9 million agricultural road project will soon be implemented in Kampung Krusen Kranji, announced Tebedu assemblyman Dr Simon Sinang Bada. According to a Sarawak Public Communications Unit (Ukas) report, Dr Sinang said the new road will not only connect Kampung Krusen Kranji to the neighbouring villages of Krusen Siu and Krusen Mawang, but also provide much-needed access to farms and idle land previously difficult to reach. 'This project will provide road connectivity to farms and vacant land, as well as providing convenience to all landowners in the area. 'When ready, the Serian Resident's Office will be responsible for opening the tender,' he said at the 'Gawai Nyisan Bunos' (Gawai closing) at Awah Gawai N'Tangan Biriyak, Kampung Krusen Kranji on Friday. During the event, Dr Sinang also announced a government allocation of RM10,000 for the construction of a new public toilet at Awah Gawai N'Tangan Biriyak, which will support upcoming community programmes in the area. agricultural road project Dr Simon Sinang Bada Kampung Krusen Kranji
New Straits Times
12-06-2025
- Business
- New Straits Times
MR says High Court ruling is a relief after lengthy trial
KUALA LUMPUR: Former Malaysia Rugby (MR) staff member Murni Azlina Yurdeksi has been ordered by the High Court to pay RM4.9 million in damages to the national body. In its ruling on March 4, the court found Murni Azlina liable for breach of trust, fraud and conversion, and ordered her to pay RM4,923,468.07 within 14 days. An annual interest of five per cent was to apply from March 13, 2023, until the full amount is paid. The court also dismissed a counterclaim filed by Murni Azlina and ordered her to pay RM30,000 in legal costs. MR honorary secretary Fahmy Jalil said the decision brought relief after a lengthy trial and that the union could now focus on its administrative affairs. "The civil suit is over, but the criminal suit is still ongoing. We are glad the civil case is settled and hope to recover the funds, though it will be tough if she is declared bankrupt," said Fahmy. "The new MR executive committee has moved on from the missing funds. It was tough to run programmes without the money, but we have managed to raise funds and continued with what we had." In 2022, MR discovered that a substantial sum of money was allegedly siphoned from its bank account by an administrative staff member. It is alleged that the staff member, who handled MR's accounts, had forged the signatures of both the MR president and treasurer to make cash withdrawals dating back to 2019. Fahmy said MR had since strengthened its financial procedures to prevent similar incidents. "We used to have four bank accounts, but we've closed three and now only maintain one. We've also reduced cheque usage and switched to online banking, which allows for better monitoring of our funds," he said.
