Sunday 04 Jun 2023
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KUALA LUMPUR (March 7): Here is a brief recap of some corporate announcements that made news on Tuesday (March 7): Serba Dinamik Holdings Bhd, Sime Darby Plantation Bhd, FGV Holdings Bhd, UMW Holdings Bhd, Green Packet Bhd, Teladan Setia Group Bhd and Catcha Digital Bhd.

Serba Dinamik Holdings Bhd, which was embroiled in audit disputes with its former auditor and regulators, posted a net loss of RM89.67 million in its second quarter ended Dec 31, 2022 (2QFY2023) lower than the RM290.33 million posted in the previous corresponding quarter. However, the financially-ailing company’s quarterly revenue shrank by 40.3% to RM105.8 million from RM177.14 million a year ago. It attributed the fall in revenue to the reduction in activities in all segments. Its EPCC (Engineering, procurement, construction and commissioning) division, a core division, recorded zero revenue in 2QFY2023, while its key revenue contributors are its operation and maintenance (O&M), and Education and training (E&T).

Sime Darby Plantation Bhd plans to employ 100% local workers by the end of 2027 with a minimum wage of RM3,000. According to SDP’s group managing director Mohamad Helmy Othman Basha, this move would help the plantation company reduce its dependency on foreign workers and propel it towards increasing mechanisation and automation on the ground. “The end game is to reduce manpower as much as possible. For Malaysia, we want to recruit our locals. We want to have 100% local workers. I know it's a lofty target, but it is where we are moving by the end of 2027 with a minimum wage of RM3,000.”

FGV Holdings Bhd has proposed that the government should look into consolidating fragmented palm oil smallholders from Federal Land Development Authority (Felda), Felcra Bhd and Rubber Industry Smallholders Development Authority (Risda) under one entity so that they can meet international standards and increase profit amid increasing demand for sustainable tropical oil. FGV group chief executive officer Datuk Mohd Nazrul Izam Mansor said Malaysian smallholders could be at risk with increased regulation, especially the new European Union’s Deforestation-free Regulation (EUDR).

UMW Holdings Bhd’s subsidiary UMW Toyota Motor sold a total of 9,297 vehicles in February, some 37% more than the 6,786 units sold in the prior month. This is the company’s highest-ever month-on-month sales performance. On a year-on-year basis, the sales growth was even more impressive at 45%. Year to date, the company's sales stood at 16,083 units, a 15% increase compared with the corresponding period a year prior.

Loss-making Green Packet Bhd said it is selling its wholly-owned Labuan investment banking business Oasis Capital Investment Bank Ltd (OCIB) for RM23 million. The disposal provides a timely opportunity for the group to unlock and realise the value of the investment and assets in OCIB. It is selling its entire equity interest in OCIB to WKJ Capital Equity Sdn Bhd, which is 35%-owned by Tan Wei Sun, and 30% each by Aeriel Huang and Wisen Soon, with the remaining 5% by Wisun Soon.

ACE Market-listed property firm Teladan Setia Group Bhd is acquiring freehold land in Negeri Sembilan for RM24.12 million in cash. The land, measuring 70,020 sq m, is planned for mixed development. “This proposed acquisition is in line with our strategy of replenishing our land bank at locations with strong growth potential and to scale up our property development activities to generate long-term sustainable income,” said the group.

Catcha Digital Bhd announced that it had concluded its acquisition of iMedia Asia Sdn Bhd for RM43.92 million, which was satisfied in cash and shares. The group is also expected to have its Guidance Note 2 (GN2) status lifted after the completion of the final step in its regularisation plan, which involves a proposed rights issue that may raise up to RM41.04 million. It has secured an undertaking from its major shareholder Catcha Group to subscribe to a minimum of RM18 million in the proposed rights issue.

Edited ByLiew Jia Teng
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