Category: Construct

SGX-Listed Mooreast Signs Agreement with ETZ to Explore Establishing Manufacturing Facility in Aberdeen

SGX Catalist-listed Mooreast Holdings Ltd. (“Mooreast”; SGX: 1V3) has signed a Collaboration Agreement to explore establishing a manufacturing facility in Aberdeen, Scotland for the production of subsea foundations, and the consolidation and assembly of mooring components for the floating offshore renewable energy sector.

Pursuant to this Agreement, the mooring and rigging solutions leader will work with ETZ Ltd (“ETZ”), a private sector-led not-for-profit company spearheading the energy transition ambitions of Northeast Scotland by supporting the creation of a hub to protect the Scottish renewable sector whilst facilitating job creation.

Signed in Singapore with ETZ Offshore Renewables Director, Mr Andy Rodden, and witnessed by Mr Ivan McKee, Scotland’s Minister for Business, Trade, Tourism and Enterprise, the facility is projected to be more than double the floor space and output of the Group’s Singapore facility at 51 Shipyard Road.

It will support Mooreast’s efforts to target an increasing number of offshore wind projects emerging in Europe. High-profile projects include the ScotWind auction, The Celtic Sea Cluster and the Innovation and Targeted Oil and Gas (INTOG) project, which are expected to deliver over 20GW, 5 GW and 4.5GW of floating wind energy, respectively. As part of its strategy to capture such opportunities, the Group incorporated Mooreast UK Co Limited (“Mooreast UK”) in July 2022.

Based on the Agreement, Mooreast and ETZ will work closely on the following areas, amongst others, to help secure a positive outcome in terms of:

– Developing a preferred site plan to meet the requirements of Mooreast that is compatible with local planning regulations, development requirements and site limitations.
– Delivering a jobs and skills plan to secure a workforce ready to support the effective operation of a facility whilst creating employment opportunities for local communities aligned with just transition principles.
– Facilitating introductions to key local supply chain companies required to support the start-up and future operation of the preferred site.

Mr Sim Koon Lam, CEO of Mooreast, said: “We are honoured to have Mr Ivan McKee grace this event. Upon completion, the facility will serve as a cornerstone of Mooreast’s expansion into Europe, and will enable us to produce high-quality products and services for our renewable energy customers in the region.”

Scottish Government Minister for Business, Trade, Tourism and Enterprise, Ivan McKee, said: “It is great to witness the signing of this Collaboration Agreement. As the world’s largest floating offshore wind leasing round, ScotWind puts us at the forefront of the global development of offshore wind and represents a massive step forward in our transition to net zero.

As set out in our National Strategy for Economic Transformation and our Inward Investment Plan, it is critically important that we work closely with inward investors by offering our unique ‘Team Scotland’ approach to support their growth and expansion into Scotland, enabling us to deliver inclusive economic prosperity.”

ETZ Ltd Offshore Renewables Director, Andy Rodden, said: “Mooreast’s intention to explore establishing significant operations in Aberdeen is warmly welcomed and a testament to the critical mass this region has in the skills and expertise required to support such an exciting development.

“Owing to a world-class oil and gas sector, our region is home to 75% of the world’s subsea engineering capability and the highest concentration of energy supply chain companies anywhere in the UK. ETZ Ltd’s role is to harness these competitive strengths and accelerate diversification in order to retain that global status as a sustainable and long-term-industry cluster for new and green energies.

We are at the very early stages of this particular process but this potential development reflects the type of investment that will help us realise this ambition. I’m therefore delighted that ETZ Ltd, which has a key role as a catalyst to attract investment to the region, will be working closely with Mooreast on a range of areas as we seek to secure a positive outcome.”

Mooreast has appointed Mr Barry Silver as Managing Director of Mooreast UK. He brings over 24 years of business, technical and operational experience in offshore energy markets, and will be responsible for establishing and managing the Group’s facility, as well as business development to support Mooreast’s international growth.

Mr Sim added: “We welcome Mr Barry Silver to the Mooreast team. His deep domain knowledge, extensive experience, and strong leadership skills will be a valuable asset in bringing the Group to the next level, as we continue to capture opportunities in the offshore renewable energy industry.”

About Mooreast [SGX: 1V3] [BBG: MOOR SP] [RIC: MOOR SI]

Mooreast Holdings Ltd. is a total mooring solutions specialist, serving mainly the offshore oil & gas (O&G), marine and offshore renewable energy industries, with operations primarily in Singapore, and through its wholly-owned subsidiary, Mooreast Europe, a European sales office in Rotterdam, the Netherlands.

Mooreast’s solutions include the design, engineering, fabrication, supply and logistics, installation and commissioning of mooring systems. Mooreast is applying its experience and expertise in mooring solutions to floating renewable energy projects, in particular floating offshore wind farms. It has successfully participated in developmental and prototype projects for floating offshore wind turbines in Japan and Europe. Please visit https://mooreast.com.

About ETZ Ltd

ETZ Ltd (ETZ) is a not-for-profit organisation operating on the basis of no commercial gain and with one over-riding goal – to protect and create as many jobs as possible ensuring a sustainable and vibrant future for the North East of Scotland and the people who live and work here. ETZ Ltd will is supporting the creation of a world-leading hub for renewable energies – offshore wind, hydrogen, carbon capture and storage – establishing a sustainable cluster of activity, jobs and skills. For more information, please visit https://etzltd.com.

Media & Investors:
WeR1 Consultants Pte Ltd
Isaac Tang, e: mooreast@wer1.net, m: +65 9748 0688

This press release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, W Capital Markets Pte. Ltd. (the “Sponsor”). This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Ms Sheila Ong, Registered Professional, W Capital Markets Pte. Ltd., at 65 Chulia Street, #43-01 OCBC Centre, Singapore 049513, Telephone (65) 6513 3541.

Issued for and on behalf of Mooreast Holdings Ltd. by WeR1 Consultants Pte Ltd.

Aneka Jaringan Shareholders Approve All Resolutions at 4th AGM

Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, announced that shareholders have approved all resolutions at the 4th Annual General Meeting (AGM) of Aneka Jaringan held today on a virtual platform.

Managing Director of Aneka Jaringan, Pang Tse Fui

Shareholders received the audited financial statements for the Financial Year Ended 31 August 2022 together with the reports of the directors and auditors contained therein. Shareholder passed resolutions to re-elect Dato’ Noraini binti Abdul Rahman and Wee Kee Hong to the Board of Directors and approved the payment of directors’ fees and benefits of up to RM220,000 from 17 February 2023 until the conclusion of the next AGM.

Other resolutions passed included the re-appointment of Baker Tilly Monteiro Heng PLT as the Group’s auditor, as well as authorising the Board of Directors to fix its remuneration. Shareholders also approved the authority for the Board of Directors to issue shares and approved the proposed new mandate for recurrent related party transactions of a revenue or trading nature.

Managing Director of Aneka Jaringan, Pang Tse Fui said, “We would like to thank shareholders for their continued support and confidence in us as the Group continues to secure new contracts in Malaysia while expanding in Indonesia. We have secured RM59.8 million in contracts in Financial Year Ended 2023 and have increased capacity in Indonesia as we seek to leverage on the country’s infrastructure needs that include its new capital of Nusantara.”

“The Group is cognisant of the risks and challenges that continue to affect the construction sector. Energy, labour and raw material prices remain areas of concern and the Group has taken steps to mitigate these risks such as replacing outsourced workers with newly recruited foreign workers as we have been granted a government quota of 150 workers.”

Aneka Jaringan has an order book of RM145.73 million as of 31 October 2022, with Malaysian operations contributing RM138.97 million and Indonesian operations contributing RM6.76 million.

As of 31 October 2022, the Group’s tender book stood at RM969.45 million, with tenders in Malaysia valued at RM873.85 million and tenders in Indonesia valued at RM95.60 million.

Aneka Jaringan Holdings Berhad: 226 [BURSA: ANEKA], http://www.anekajaringan.com/

SCIB Terminates Indonesian Project

  • Company takes action to protect interests following lack of project progress

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company’s wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.

Group MD and CEO of SCIB, Encik Rosland bin Othman

SCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB’s order book records.

SCIBILL and PTCMS have mutually agreed to terminate the contract and unconditionally release and indefinitely discharge both parties from all claims, liens and obligations of every nature arising out of or in connection with the performance of the works and all amendments thereto, provided that the parties’ obligations under a settlement agreement are fulfilled.

Group Managing Director of SCIB, Encik Rosland bin Othman said, “The termination is in the best interests of the Company as there has been no progress on the project. On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL.”

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Bintai Kinden Wins RM14.2 Million Project from TNB

  • Company to install two 132kV transformer bays in Negeri Sembilan

Bintai Kinden Corporation Bhd (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company’s wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project worth RM14.2 million by Tenaga Nasional Berhad (TNB) for the installation of two 132kV transformer bays air insulated switchgear complete with the relevant primary, secondary, cables and all associated civil works located in Pasir Besar, Negeri Sembilan.

Executive Director of Bintai Kinden, En. Azri Azerai

The project’s scope of work also includes a 33kV building, two 300kVA 33/0.415kV local transformers, 33kV GIS single busbar (eight outgoing, two incomer, two local transformers and two bus-ties), 33kV CRP, 33kV RTU, 33kV SIP and 33kV MPE, neutral earthing system, earthing system extension, lightning protection system, associated secondary works (protection & telecontrol) and, associated underground cable works for power transformer, local transformer and bus-tie.

KBK, a specialist in M&E engineering services, was also awarded a project worth RM39.0 million by TNB for the installation of a 132kV underground cable double circuit in late November 2022.

Azri Azerai, Executive Director of Bintai Kinden said, “We are happy to work with TNB as both parties have a working relationship and track record going back some years. The award of the contract is also testament to our expertise and experience in M&E engineering services including design, installation and commissioning.

“Bintai Kinden has in recent years been growing our range of expertise through investments and acquisitions that leverage on our strengths and market network. The Company has mid-to-long-term plans to transform to a multidisciplinary M&E engineering services specialist that also include strategic partnerships like the one we recently inked with Sarawak Consolidated Industries Berhad.”

Past TNB projects in which Bintai Kinden has been involved in include the 132kV Kuchai Lama switching station, 132kV MRT Bukit Serdang switching station, 132kV single-circuit underground cable from PMU Galloway to PMU KLCC2 and, 132kV bulk supply connection to KTMB Sentul feeder station. Total unbilled order book under M&E segment of Bintai Kinden is RM143.41 million.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

SCIB and Bintai Kinden in Strategic Alliance

  • Company to form partnership using existing subsidiary to explore opportunities, new projects and profit-sharing

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company had on 6 February 2023 signed a Memorandum of Understanding (MoU) with Bintai Kinden Corporation Berhad to establish a strategic alliance for exploring of business opportunities, securing of new projects and sharing of profits.

Group Managing Director of SCIB, Encik Rosland bin Othman
Executive Director of SCIB, Mr. Ku Chong Hong
Executive Director of Bintai Kinden, En. Azri Azerai

The MoU is a preliminary step the parties are taking as they explore a working relationship and cooperation to combine skills, expertise, capabilities, experience and collectively bid for projects in Malaysia and to set out the principal terms of the arrangement between the parties.

The JV vehicle to be used is SCIB’s wholly-owned subsidiary, SCIB Infraworks Sdn. Bhd in which SCIB will retain a 51% stake in the JV while Bintai Kinden will subscribe to the remaining 49%. Bintai Kinden is a mechanical and electrical (“M&E”) engineering services specialist listed on the Main Market of Bursa Malaysia, with unique combination of extensive regional experience and local knowledge.

Group Managing Director of SCIB, Encik Rosland bin Othman said, “We welcome this strategic alliance with Bintai Kinden as both parties can leverage each other’s strengths and expertise that add value to any projects we are involved in together. SCIB’s manufacturing arm, the leading precast concrete and Industrialised Building System products manufacturer in East Malaysia, is already supporting our construction arm in projects throughout the country.”

“Our focus on small-to-mid-sized construction healthcare, educational and utility facilities as well as rural infrastructure projects together with investment in technology such as 3D printing and automation are also strengths that we can leverage on for the future JV projects.”

Executive Director of SCIB, Mr. Ku Chong Hong said, “This JV brings together two teams with core expertise and knowledge in construction and engineering that will give an edge to projects undertaken together. We expect to see more infrastructure projects in the pipeline as Malaysia’s construction sector gains momentum on the back of economic growth.”

Executive Director of Bintai Kinden, En. Azri Azerai said, “We look forward to a fruitful partnership with SCIB as we seek opportunities together across the country. Bintai Kinden’s core expertise is M&E services, and as a multi-disciplined building and industrial service engineers and specialists, we work in all the major market sectors, from commercial buildings to industrial complexes. We design, install and commission systems that include the full range of engineering services which we believe can complement the JV.”

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/
Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

WEGE Secures Project to Construct Coordinating Ministry for Maritime and Investment Affairs Office Complex at IKN

PT Wijaya Karya Bangunan Gedung Tbk (WEGE) has secured another project at the new capital city (Ibu Kota Negara, IKN) in East Kalimantan to construct the office complex for the Coordinating Ministry for Maritime and Investment Affairs (Kementerian Koordinator Kemaritiman dan Investasi, Kemenkomarves). The project was valued at Rp745 billion. WEGE has previously secured a project to construct modular buildings to house construction workers at IKN, and its progress has reached 94%.

A highlight of the eight storey Kemenkomarves office is it features integrated Smart and Green Building concept.

Another highlight is that the construction of the Kemenkomarves Office will implement Building Information Modelling (BIM) technology. The Kemenkomarves Office is located at Sepaku, Penajam Paser Utara and will not be far from the IKN Presidential Office.

WEGE’s scope of work in this project is design-build construction with a completion period of 660 working days. The Kemenkomarves office complex will cover an area of 24,274 square metres.

WEGE Carries Out Groundbreaking of BMKG State College that Applies Smart and Green Building Concept

WEGE held a groundbreaking ceremony of the Lecture and Laboratory Building (Centre of Excellence) for the departments of Meteorology, Climatology, Geophysics, and Instrumentation (MKGI) of the State College of Meteorology Climatology and Geophysics (STMKG) in Tangerang.

The groundbreaking ceremony was held on Monday (24/01) and attended by the Head of Meteorological, Climatological, and Geophysical Agency (BMKG), Dwikorita Karnawati; Head of STMKG, I Nyoman Sukanta; representative of the Tangerang City Government; President Director of WEGE, Hadian Pramudita; Director of QHSE and Marketing, Yulianto; and Director of Operations I, Bagus Tri Setyana.

“We hope that through Smart and Green Building concept, BMKG is contributing to reducing and controlling CO2 emissions,” said the Head of BMKG, Dwikorita Karnawati in her speech.

WEGE was trusted by BMKG to construct the MKGI Lecture and Laboratory Building (Centre of Excellence) located at Jalan Meteorologi No. 5, Tanah Tinggi, Tangerang, Banten.

This modern campus with the Smart and Green Building concept is scheduled for completion in 350 calendar days or at the end of 2023. Construction of this BMKG state college implemented level 5D of BIM technology to support the acceleration, construction accuracy, and safety and security factors.

WEGE’s scope of work in this project includes planning, preparation, structural work, architectural work, mechanical, electrical & plumbing (MEP) work, and landscaping.

This STMKG facility will be 39 metres high, consisting of eight floors and one basement level with a total building area of 31,540 square metres.

In addition to constructing a lecture building, there will be an MKGI Laboratory (Centre of Excellence) which targets the Excellent category in Green Building Certification.

This is one of BMKG’s mega projects in training experts to support BMKG’s duty in providing information on meteorology, climatology, geophysics, and air quality to the Indonesian people.

PT Wijaya Karya Bangunan Gedung Tbk [IDX: WEGE]

Contact:
Purba Yudha Tama
Corporate Secretary
PT Wijaya Karya Bangunan Gedung Tbk.
Mobile: 0813 1792 5577
Phone: +6221 85908862 / 85909003
Email: corsec@wikagedung.co.id

ACROMETA Group Appoints Veteran Investor Mr. Levin Lee as Executive Chairman

  • Wealth of experience and enviable investing track record
  • Sees high potential in ACROMETA’s controlled environments engineering business
  • Aims to let investors better understand ACROMETA’s business and optimize its market value

ACROMETA Group Limited [SGX: 1CH1] today announced that with effect from 30 January 2023, it has appointed Mr Levin Lee Keng Weng as Executive Chairman and Director of the Board. Mr Lee brings with him a wealth of experience in business and an enviable track record in investing.

On the appointment of Levin as Executive Chairman, ACROMETA Chief Executive Officer and Executive Director Mr Lim Say Chin said, “Levin’s experience, business network and financial resources will be beneficial to ACROMETA as we advance to capture growth opportunities in our controlled environments engineering business. He has an enviable track record in helping companies strategize to be future-ready and bring about optimization of their market valuation.”

Mr Levin Lee said, “SMEs in Singapore with good potential are often neglected by investors who do not understand their business. As a result, such small caps are often overlooked and thus hampered in their operations through a lack of financial resources and a good business strategy. My role is not only to help ACROMETA in its business strategy and financials, but also to let the investing public understand the company’s business and potential. The controlled environments engineering business is truly a future-ready business as the R&D and production processes of many industries in the future economy such as biotechnology, semi-conductors and renewable energy take place in controlled environments.”

The appointment of Mr Lee as Executive Chairman is in accordance with corporate governance best practice that the post of Chief Executive Officer should be separate from that of Chairman of the Board.

Note on ACROMETA’s Controlled Environments Engineering Business
ACROMEC Engineers Pte Ltd (ACROMEC) a wholly owned subsidiary of ACOMETA is one of the few companies in Singapore established in the field of Controlled Environments Engineering (CEE) where it designs and constructs facilities for companies that require a controlled physical environment for their production and processes. The ability to control physical variables such as temperature, air purity, humidity, and pressure in the product manufacturing space is a mission-critical requirement for new economy industries such as semiconductors, biotechnology and renewable energy. Examples of CCE include Semiconductor wafer fab production, biotechnology R&D laboratories, and animal-manure-to- energy pyrolysis chamber.

About ACROMETA Group Limited (SGX Stock Code: 1CH1)
ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments. The Group has over the years acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMETA’s business is divided into two main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.

The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA counts amongst its customers, hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies. The company has been listed on the Catalist board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.

Media and Analysts Contact:
ACROMETA Limited
Mr Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: jerry.tan@acromec.com

Waterbrooks Consultants Pte Ltd
Mr Wayne Koo
Tel: +65 6958 8008 / +65 9338 8166
Email: wayne.koo@waterbrooks.com.sg
Email: query@waterbrooks.com.sg

This media release has been reviewed by the Company’s sponsor Evolve Capital Advisory Private Limited. (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “Exchange”) and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Mr Chua Hiang Hwee Jerry, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, jerrychua@evolvecapitalasia.com

SCIB Enforces Rights to Withdraw from Project

  • Company to be reimbursed commitment fee paid out for the project following mutual agreement

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company has issued a letter of withdrawal to Kencana Healthcare Sdn. Bhd. (KHSB) for the proposed engineering, procurement, construction and commissioning (EPCC) contracts involving a specialist hospital project located in Johor Bahru.

Group MD and CEO of SCIB, Encik Rosland bin Othman

SCIB had accepted a letter of award from KHSB dated 13 August 2021 for EPCC contracts involving the capital equipment procurement as well as the leasing concession for the procurement, supply, installation, testing and commissioning of medical equipment. SCIB and KHSB have mutually agreed to the Company withdrawing from the project.

As part of the withdrawal from the project, KHSB will reimburse under a settlement agreement, the commitment fee amounting to RM1.65 million that SCIB had paid out in two tranches. The withdrawal from the contracts will not have any material effect on the gearing, earnings per share and net assets of the Company for the financial year ending 30 June 2023.

Group Managing Director of SCIB, Encik Rosland bin Othman said, “The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB’s interests in mitigating the risks arising from the long delay or non-movement of project progress due to the uncertainties and inability to secure the necessary operator for the project. Additionally, this decision was made due to reviewing and updating our order book records to reflect the current situation.”

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Aneka Jaringan Posts Revenue of RM53 Million in 1Q FY2023

Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, today announced that the Group recorded a 26.92% gain in revenue to RM52.85 million for the first quarter ended 30 November 2022 (1Q FYE2023) compared with RM41.64 million in the corresponding quarter of the previous financial year (1Q FYE2022).

Managing Director of Aneka Jaringan, Pang Tse Fui

In the quarter under review, the Group registered a narrower loss after tax (LAT) of RM4.62 million compared with LAT of RM5.41 million in 1Q FYE2022. Gross loss decreased to RM0.95 million in 1Q FYE2023 compared with gross loss of RM2.88 million in 1Q FYE2022 on a decline in material costs.

Managing Director of Aneka Jaringan, Pang Tse Fui said, “The Group continues to assess and monitor risks while selectively tendering for projects. We have secured RM52 million in contracts in FYE2023 and we are also increasing capacity in Indonesia to leverage on the country’s growing infrastructure needs while monitoring developments on the new Indonesian capital of Nusantara in which we believe would present us a lot of opportunities.”

“Although we have seen material prices stabilized, it remains a concern along with energy and labour costs. China’s relaxation of its zero-COVID policy and the reopening of its economy may mean volatile material prices as demand grows. To lower labour costs, the Group will be replacing its outsourced workers with newly recruited foreign workers as we have been granted a government quota of 150 workers.”

Aneka Jaringan has an order book of RM145.73 million as of 31 October 2022, with Malaysian operations contributing RM138.97 million and Indonesian operations contributing RM6.76 million.

As of 31 October 2022, the Group’s tender book stood at RM969.45 million, with tenders in Malaysia valued at RM873.85 million and tenders in Indonesia valued at RM95.60 million.

Aneka Jaringan Holdings Berhad: 226 [BURSA: ANEKA], http://www.anekajaringan.com/

SCIB Proposes Private Placement to Raise Up to RM10.98 Million

Company to use gross proceeds for working capital, repayment of bank borrowings and estimated placement expenses

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) is proposing a private placement to raise gross proceeds of up to approximately RM10.98 million for working capital, repayment of bank borrowings and estimated expenses for the proposed private placement.

Group MD and CEO of SCIB, Encik Rosland bin Othman

While the issue price and the actual number of shares to be issued will be determined later, under the maximum scenario in which all the Company’s 245.18 million outstanding warrants are exercised, the proposed private placement will entail the issuance of up to 82.72 million placement shares at an indicative price of RM0.1327 per placement share to raise gross proceeds of up to approximately RM10.98 million. Under the minimum scenario, should none of the outstanding warrants be exercised, then gross proceeds raised will be RM7.72 million.

The proposed issuance represents not more than 10% of the issued shares as at the latest practicable date (LPD) of 30 December 2022 while the indicative price per share represents a discount of approximately 9.97% to the five-day volume weighted average market price of SCIB shares up to the LPD of RM0.1474. The proposed private placement may be implemented in several tranches within six months of approval from Bursa Securities Malaysia Berhad or any extended period approved by it until the conclusion of the next AGM.

The proposed private placement is undertaken in accordance with the approval obtained from the shareholders of the Company at the 46th AGM convened on 8 December 2022.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my