Category: Daily Finance

Leon Fuat Berhad’s Q4 Profit After Tax Jumps 61.8% to RM29 Million

Leon Fuat Berhad (“Leon Fuat” or the “Group”), a manufacturer and trader of steel products, specialising in rolled long and flat products today released the Group’s financial results for the fourth quarter ended 31 December 2021 (“Q4FY2021”) recording 61.8% growth in profit after tax (“PAT”) to RM29.09 million compared with RM17.98 million in the corresponding quarter of the preceding year (“Q4FY2020”).

The Group is pleased to note that for the quarter under review, revenue increased by 27.8% to RM254.21 million compared with RM198.96 million in Q4FY2020 while profit before tax (“PBT”) recorded a 106.5% increase to RM38.61 million compared with RM18.70 million.

On a segmental basis, revenue from trading of steel products registered a 26.5% increase to RM81.95 million while revenue from processing of steel products recorded a 28.4% rise to RM172.18 million. The trading segment’s contribution to revenue stood at 32.2% in Q4FY2021 compared with 32.6% in the corresponding quarter of FY2020 while the processing segment’s contribution stood at 67.7% compared with 67.4% in Q4FY2020.

For the financial year ended 31 December 2021 (“FY2021”), PAT grew 377.6% to RM135.98 million compared with RM28.47 million in the preceding financial year. PBT increased 418.1% to RM172.85 million compared with RM33.36 million while revenue gained 50.4% to RM886.58 million compared with RM589.58 million registered in FY2020.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, “The Group’s financial performance for the quarter under review was supported by higher revenue and better gross profit margin from the rise in average selling prices in both the trading and processing of steel products. For the financial year as a whole, revenue was also supported by higher overall average selling prices that also resulting in better overall gross profit margin”.

“We are maintaining our cautious outlook for 2022 on downside risks arising from decelerating economic growth amid continued COVID-19 flareups across the world, diminishing policy support and lingering supply bottlenecks. While the Malaysian economy is expected to grow by 5.5% to 6.5% this year on continued external demand and private sector expenditure, we note concerns over new virus variants, inflation and financial stress that could weigh on economic recovery too”.

“We will continue to monitor the movement of steel prices as we anticipate commodity price volatility due to global factors. Our monitoring will also continue for foreign currencies while negotiating forward contracts where necessary and having prudent inventory management. The Group will continue to actively address COVID-19 concerns by adhering strictly to standard operating procedures and having in place emergency response teams in three of our major subsidiaries”.

CATALIST-listed AOXIN Q&M records 21% growth in revenue for full year ended 31 December 2021

Catalist listed Aoxin Q&M Dental Limited (“Aoxin” or “the Group”), today announced a 20.8% increase in revenue to RMB160.2 million for full year ended 31 December 2021 (“FY2021”). The Group reported a net loss after tax of RMB7.3 million for FY2021, an improvement from the net loss of RMB12.1 million from a year ago. In 2020, in view of COVID-19 situation, the Chinese government provided temporary relief to businesses by waiving the social security insurance contributions. Aoxin would have additional RMB6.3 million of social security insurance expenses recorded in FY2020 resulting in a Net Loss of RMB18.4 million, instead of RMB12.1 million.

Dr. Shao Yongxin, Group Chief Executive Officer of Aoxin Q&M said, “Global economic prospects for 2022 will continue to be uncertain, with many countries still struggling to contain the rapid spread of the Omicron variant. The possibility of new COVID-19 strains cannot be ruled out. However, Aoxin Q&M’s dental services make it resilient and well-positioned ride out the current downturn to capitalize on strategic opportunities in the post-COVID healthcare sector”.

Mr Ryan San, Deputy Chief Executive Officer of Aoxin Q&M said, “The Group has been operating in a challenging environment, severely impacted by the recurring lockdowns of entire cities in the People’s Republic of China (“PRC”). We are keeping a close watch on the evolving COVID-19 situation in PRC, while managing our costs with strict discipline.”

Revenue

The Group’s revenue increased by RMB27.6 million or 20.8%, from RMB132.6 million in FY2020 to RMB160.2 million in FY2021, mainly due to the recovery in all business segments.

Revenue from primary healthcare segment increased by 19.7% from RMB78.5 million in FY2020 to RMB93.9 million in FY2021. The increase in revenue were from our key hospitals in Shenyang and Dalian cities, and a polyclinic in Panjin city mainly due to increase in patients.

Revenue from distribution of dental equipment and supplies segment achieved a significant growth of 24.8%. Revenue was RMB50.4 million in FY2021 as compared to RMB40.4 million in FY2020. There was a higher demand for dental supplies materials from government hospitals amidst a gradual economic recovery in China backed by rolling out of the COVID-19 vaccination in the country.

Revenue from laboratory services segment increased by 15.9% to RMB15.9 million in FY2021 as compared to RMB13.7 million in FY2020 due to increase in demand of such services from the government dental hospitals in Shenyang City.

EBITDA

The Group’s EBITDA also increased from RM9.5 million in FY2020 to RMB13.9 million in FY2021. The increase in EBITDA was mainly attributable to higher revenue and better performance from key dental hospitals and polyclinics as well as higher sales for dental equipment and supplies. Despite a positive EBITDA of RMB13.9 million, the Group recorded a loss of RMB7.3 million due to salary increment and recruitment expenses, as well as higher other expenses, such as acquisition related fees for Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”) and other tax expenses.

Mr Ryan San, Deputy Chief Executive Officer of Aoxin Q&M added. “We are also hopeful that moving forward, our recent acquisition of a 49% stake in Acumen Diagnostics will improve the profitability and cashflow of the Group. With Acumen Diagnostics expertise in R&D and medical diagnostics we will be able to play a vital role in support of the Singapore government’s strategy of living with COVID-19. Concomitantly, this will also contribute to the growth of the Group.”

Updates on associate – Acumen Diagnostics

– Capabilities to Tackle Omicron COVID-19 Variant

Acumen Diagnostics will continue to offer COVID-19 testing by polymerase chain reaction (“PCR”) for patients that require PCR test results and for travelers as Singapore opens its borders, as well as distribute COVID-19 antigen rapid tests (“ART”). It will also launch a panel of new PCR tests for infectious diseases, sepsis and cancer.

On 3 December 2021, Acumen Diagnostics announced that its proprietary, locally-manufactured PCR test kits Acu-Corona 2.0 and Acu-Corona Duplex are able to detect COVID-19 positive cases infected with the Omicron variant. On 16 December 2021, Acumen Diagnostics announced that it has been granted a license by Ministry of Health, Singapore to provide offsite COVID-19 PCR swab services and serology sample collection at 100 clinics.

Acumen Diagnostics will continue to roll out its testing services via the Q&M Dental Group Limited’s network of clinics, and also at its headquarters located at The Gemini, 41 Science Park Road, Singapore. Currently, Acumen Diagnostics has about 61 clinics providing the testing services island-wide.

– Proposed listing on NASDAQ stock exchange in relation to Acumen Diagnostics Pte. Ltd.

On 17 January 2022, Aoxin announced that the associated company of the Group, Acumen Diagnostics is exploring a proposed listing of its securities on the NASDAQ stock exchange in New York, USA. In this regard, Acumen Diagnostics has appointed UOB Kay Hian Private Limited to assist Acumen Diagnostics with the listing evaluation and all relevant preparatory work including the selection of professional advisers and underwriting banks in relation to the proposed listing and fund-raising exercise.

Looking Forward

Aoxin’s FY2021 results reflects the significant upturn in revenue as compared to FY2020 revenue which was the period when the COVID-19 pandemic in PRC was in a more serious phase. As the COVID-19 situation in the PRC continues to improve, we expect the Group’s revenue to correspondingly improve.

In addition, the recent 49% acquisition of medical technology company, Acumen Diagnostics for S$29.4 million on 1 November 2021, will enhance the profitability of the Group going forward.

The business environment is expected to remain challenging for the year ahead, as many countries including PRC struggle to contain the rapid spread of the COVID-19 virus demonstrated by new waves of infections.

The Group will continue to focus on disciplined management of operating expenditures, costs and capital expenditures. The Group will continue to monitor its expenses and maximise cost efficiency for operations.

Barring any unforeseen circumstances and further worsening of the COVID-19 situation such as ad-hoc lock down or temporary closures in cities where we operate, there are no known significant changes in the trends and competitive conditions of the industry in which the Group operates and no other major known factors or events that may adversely affect the Group in the next reporting period and the next 12 months. The Group will continue to monitor its operating expenses and maximise cost efficiency for operations.

For more information, please see attached files or the below links:
https://bit.ly/35eeZSh
https://bit.ly/3IgRxCt

This announcement has been reviewed by the Company’s sponsor, PrimePartners Corporate Finance Pte. Ltd. (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 Ms. Lim Hui Ling, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, sponsorship@ppcf.com.sg

About Aoxin Q&M Dental Group Limited (Stock Code: 1D4.SI) www.aoxinqm.com.sg

Aoxin Q&M Dental Group Limited (“Aoxin Q&M” or together with its subsidiaries, the “Group”) is a leading provider of private dental services in the Liaoning Province, Northern People’s Republic of China (“PRC”). The Group operates 16 dental centres, comprising 10 dental polyclinics and 6 dental hospitals, located across 8 cities in Liaoning Province, namely Shenyang, Huludao, Panjin, Gaizhou, Zhuanghe, Jinzhou, Dalian and Anshan.

We currently have 400 dental professionals, including 170 dentists, 180 dental surgery assistants and 50 laboratory technicians.

A majority of the dental centres are accredited as Designated Medical Institutions of Medical Insurance. Additionally, the Group is engaged in the provision of dental laboratory services, as well as the distribution and sale of dental equipment and supplies in the Liaoning, Heilongjiang and Jilin Provinces in Northern PRC.

Aoxin Q&M was listed on the Catalist board of the Singapore Exchange Securities Trading Limited on 26 April 2017.

About Acumen Diagnostics Pte. Ltd. (www.acumen-research.com)

Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”) is a homegrown Singaporean, award-winning medical technology company. It is fully integrated with functions in research and development, manufacturing, as well as commercialisation of molecular diagnostics by distribution as well as conducting clinical laboratory testing services for (including but not limited to) infectious diseases, cancer, and COVID-19. It has also actively established frontline services such as COVID-19 on-site swabbing operations.

Acumen Diagnostics is a 51% subsidiary of SGX-listed Q&M Dental Group (Singapore) Limited (SGX: 1D4.SI) and 49%-owned by SGX-listed Aoxin Q&M Dental Group Limited (SGX: QC7.SI).

Media and Analysts: please contact below for more information: Waterbrooks Consultants Pte. Ltd.
+65 6958 8008, query@waterbrooks.com.sg
Wayne Koo (M): +65 9338 8166, wayne.koo@waterbrooks.com.sg
Derek Yeo (M): +65 9791 4707, derek@waterbrooks.com.sg

Q&M Dental records historic highest-ever revenue and profit after tax for year ended 31 December 2021 and declares a full year dividend yielding 7%

Q&M Dental Group (Singapore) Limited (“Q&M” or together with its subsidiaries, the “Group”), a leading private dental healthcare group in Asia, today reported the highest-ever revenue and profit after tax of S$205.6 million and S$39.4 million respectively for the financial year ended 31 December 2021 (“FY2021”). This is the best set of financials in Q&M’s 25-year history since its founding in 1996. Net profit after tax attributable to shareholders for FY2021 jumped 55% to S$30.5 million compared to S$19.7 million compared to a year ago.

Quarterly Financial Performance since the start of Covid-19 (From 4Q2019)

The Covid-19 pandemic had no impact on the Group’s core dental and medical clinics business segment and continued its strong growth trend. On a Quarterly basis, the Group’s revenue also recorded a steady increase from S$36.4 million in 4Q2019 to S$53.3 million in 4Q2021.

FY2021 Financial Performance

For the FY2021, total revenue improved by S$68.0 million or 49% from S$137.6 million to S$205.6 million. Revenue from dental and medical clinics increased by 27% to S$160.2 million. The increase was mainly due to higher revenue from existing and new dental clinics in Singapore.

Revenue from medical laboratory and dental equipment & supplies segment jumped by 304% to S$45.4 million. The increase was mainly due to revenue from the Group’s Covid-19 medical laboratory business. The medical laboratory license from MOH was obtained in September 2020.

The Group’s EBITDA for FY2021 correspondingly increased by 68% to S$63.3 million, from S$37.7 million in the previous period.

The Group’s net profit after tax in FY2021 increased by 98% to S$39.4 million from the S$19.8 million recorded in FY2020. PATMI (Profit after tax attributable to Shareholders excluding Minorities) grew by 55% to S$30.5 million, from S$19.7 million in the previous period.

Earnings per share increased to 3.23 Singapore cents for FY2021, from 2.09 Singapore cents in the previous period.

As at 31 December 2021, the Group’s financial position remains strong with net assets of S$97.8 million, as well as cash and cash equivalents of S$47.6 million. Bank borrowings and financial liabilities amounted to S$83.7 million.

Fourth interim Dividend

The Group declares a fourth interim dividend of 1.0 Singapore cent per ordinary share for 4Q2021. In the last three quarters of 2021, the Group paid 1.0 Singapore cent in 1Q2021, 1.0 Singapore cent in 2Q2021 and 1.0 Singapore cent in 3Q2021. The total dividends work out to 4.0 Singapore cents for FY2021 translating to a 7% dividend yield based on closing share price of 56.5 cents and a dividend payout ratio of 113%. The 4Q2021 dividend will be paid on 24 March 2022.

Operational Update – Growth & Expansion in medical clinics

As at 31 December 2021, the Group has 136 dental clinics as compared to 118 in 31 December 2020, an increase of 18. The Group’s number of medical clinics in Singapore remained unchanged at 5. (See Table 1)

In Singapore, the Group’s number of dental clinics in Singapore grew to 97 in FY2021 from 83 in FY2020. The Group opened 15 new clinics and consolidated 1 clinic in Singapore in 2021 resulting in a net increase of 14 clinics. (See Table 2)

Similarly, for overseas, the number of dental clinics has increased to 39 in FY2021, as compared to 35 previously. 38 dental clinics are in Malaysia and 1 dental clinic is in the People’s Republic of

China (“PRC”). The locations of the dental clinics in Malaysia are 15 in Johor, 18 in Kuala Lumpur and 5 in Malacca. (See Table 3).

To support this growth, the Group has also increased its total number of dentists to 270 as at 31 December 2021, as compared to 250 a year ago.

Updates on subsidiary – Acumen Diagnostics Pte Ltd

The Group continues to focus on investment opportunities in sectors that are synergistic and aligned with its business strategy. Associate Company Aoxin Q&M Dental Group Limited (“Aoxin”)’s recent acquisition of a 49% shareholding of Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”), raised Q&M’s effective interest in Acumen Diagnostics to 67% from 51% in October 2021. With 1 scientist, 16 medical technologists and 36 other staff, Acumen Diagnostics’ technical capabilities and infrastructure in molecular diagnostics, enables it to do research and development, manufacturing, as well as clinical laboratory testing.

– Capabilities to Tackle Omicron Covid-19 Variant

For Acumen Diagnostics, the Group will continue to offer COVID-19 testing by polymerase chain reaction (“PCR”) for patients that require PCR test results and for travelers as Singapore opens its borders, as well as distribute COVID-19 antigen rapid tests (“ART”). It will also launch a panel of new PCR tests for infectious diseases, sepsis and cancer.

On 11 November 2021, Acumen Diagnostics announced that it has been granted the license by Ministry of Health, Singapore to provide door-to-door COVID-19 PCR home swab services.

On 3 December 2021, Acumen Diagnostics announced that its proprietary, locally-manufactured PCR test kits Acu-Corona 2.0 and Acu-Corona Duplex are able to detect COVID-19 positive cases infected with the Omicron variant. On 16 December 2021, Acumen Diagnostics announced that it has been granted a license by Ministry of Health, Singapore to provide offsite COVID-19 PCR swab services and serology sample collection at 100 clinics.

Acumen Diagnostics will continue to roll out its testing services via the Group’s network of clinics, and also at its headquarters located at The Gemini, 41 Science Park Road, Singapore. Currently, the Company has about 61 clinics providing the testing services island-wide.

– Appoints UOB Kay Hian Private Limited as Arranger to Explore NASDAQ Listing

On 17 January 2022, Q&M announced that Acumen Diagnostics is exploring a proposed listing of its securities on the NASDAQ stock exchange in New York, USA. Acumen Diagnostics has appointed UOB Kay Hian Private Limited to assist Acumen Diagnostics with the listing evaluation and all relevant preparatory work including the selection of professional advisers and underwriting banks in relation to the proposed NASDAQ listing and fundraising exercise.

Looking Forward – Expansion Plans

Dr Ng Chin Siau, said “Q&M will embark on 4 pillars of growth. Firstly, expansion of our core dental business in Singapore, Malaysia as well as South East Asia and China for sustainable growth. “Our Group intends to open at least 30 dental clinics a year from 2021 onwards in Singapore and Malaysia for the next 10 years.”

Secondly, the use of medical technology such as our proprietary Artificial Intelligence Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients This will enable us to scale up consistency and quality throughout our network clinics.

Thirdly, expand our clinical testing laboratory business to test Covid-19 and other diseases such as dengue sepsis and other bacterial pathogens.

Fourthly, invest in medical and healthcare business that will enhance our shareholder’s value such as Acumen Diagnostic.”

Q&M Group will continue to execute our business plans outlined below:

1. Expansion of network of dental clinics in Singapore, Malaysia and Southeast Asia

Q&M will focus on its operations in Singapore and has initiated a strategy of intensive organic growth for its dental clinics in Singapore. It will expand its team of dentists to support the future growth of its operations in Singapore.

The Group intends to open at least 30 dental clinics a year for the next 10 years from 2021 onwards in Singapore and Malaysia and continue to look for opportunities to expand its business through the opening of new dental clinics in Southeast Asia.

The eventual number of dental outlets will depend on available opportunities, pertinent market conditions and the evolving Covid-19 situation.

2. Expansion into private dental healthcare market in China

Q&M’s main thrust of expansion in China is through organic growth to develop a new and sustainable growth pillar that can yield long term value for the Group.

3. Artificial Intelligence Guided Clinical Decision Support System (AI-GCDSS)

Q&M will continue to develop, invest, and optimise its proprietary digital Artificial Intelligence (AI) Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients. The Group believes it is well-positioned to cater to patients’ rising demand for primary and higher value specialist dental healthcare services.

4. Medical Laboratory

Q&M will focus on rolling out its clinical testing laboratory’s pipeline of new tests including PCR assays for dengue sepsis and the identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.

Looking Forward

Barring any unforeseen circumstances, such as a rapid worsening of the Covid-19 situation in Singapore and Malaysia, there are no known significant changes in the trends and competitive conditions of the industry in which the Group operates and no other major known factors or events that may adversely affect the Group in the next reporting period and the next 12 months.

[1] Based on closing share price of 56.5 cents as at 17 February 2022

Please see links for PDF documents from SGXNET.
https://links.sgx.com/FileOpen/QnM_FY%202021_PRESS_RELEASE.ashx?App=Announcement&FileID=703150
https://links.sgx.com/FileOpen/QnM_4Q2021_Result_Announcement.ashx?App=Announcement&FileID=703149

About Q&M Dental Group (Singapore) Limited (QC7.SI) www.QandMDental.com.sg

Q&M Dental Group (Singapore) Limited (“Q&M” or together with its subsidiaries, the “Group”) is a leading private dental healthcare group in Asia. The Group owns the largest network of private dental outlets in Singapore, operating 98 dental outlets across the country. Underpinned by about 270 experienced dentists, 7 doctors and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.

Outside of Singapore, the Group has 38 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People’s Republic of China (“PRC”). Q&M is also the substantial shareholder of Aoxin Q&M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange, which operates dental clinics and hospitals primarily in the North- eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within ASEAN.

In 2018, the Group made inroads into the development of advanced technology in healthcare with the establishment of EM2AI Pte. Ltd. (“EM2AI”, formerly known as Q&M Dental AI Pte. Ltd.). EM2AI focuses on developing an Artificial Intelligence (AI) ethical enhanced guided treatment plan.

In 2019, the Group expanded into dental postgraduate education with the establishment of the Q&M College of Dentistry. It offers Singapore’s first private postgraduate diploma programme in clinical dentistry.

In 2020, the Group also expanded into the medical laboratories and research industry with the incorporation of Acumen Diagnostics Pte. Ltd. (“Acumen Diagnostics”). Acumen Diagnostics currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID-19 testing.

The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX- ST”) on 26 November 2009.

For more information, please contact:
Waterbrooks Consultants Pte Ltd
Tel: +65 6958 8008 (M) +65 9690-4959 email: query@waterbrooks.com.sg
Wayne Koo – wayne.koo@waterbrooks.com.sg (M) +65 933 88166
Derek Yeo – derek@waterbrooks.com.sg

Arkon Energy Sets New Australian Pre-seed Funding Record

Bitcoin mining startup Arkon Energy has raised an AUD$2.6M pre-seed round, setting a new Australian record, just one month after the record was set by one-click checkout startup “Instant” at AUD$2.2M.

The company will use the funds to rapidly scale its capabilities and deploy more bitcoin mining operations through a two year, 44 megawatt (MW) renewable energy project pipeline.

Utilising low-cost renewable energy and immersion cooling, Arkon Energy has built this 44MW future pipeline across four project partnerships to be deployed over 18-24 months. Arkon intends to scale its operations at a similar pace to its much larger Australian competitors, Mawson Infrastructure and Iris Energy.

The record-breaking round was led by blockchain investment firm Kestrel0x1. It also attracted a number of strategic investors, including leading provider of trade services and renewable energy products, Linked Group Services, and a suite of other angel investors.

The company was co-founded by Sydney-based Joshua Payne and Gold Coast-based Nathan Townsend. Payne is the COO and co-founder of NYSE-listed special purpose acquisition company, Battery Future Acquisition Corp, which raised USD$345M at an IPO in December. Mr Townsend is a former partner at boutique project finance advisory firm PT Capital.

The pitch

Payne and Townsend’s pitch to renewable power generation asset companies is to utilise low-cost, renewable energy (that often runs on a cost-negative basis during the day and is only profitable during peak grid pricing), to mine Bitcoin. This would result in five-fold greater profit margins, 24-hours a day, every day of the year.

“Due to the grid oversupply issues causing the cost of power to run negative during the day, renewable energy generation asset owners must consider alternative sources of electricity monetisation to remain profitable and competitive,” says Payne.

“Most large renewable companies are already exploring the use of battery storage to store energy and deliver it to the grid on-peak for additional profit. But this only provides a small window of opportunity during the day to benefit from high power prices.”

“There are benefits we provide for our clients are built on two fundamentals. The first is that fundamentally, Bitcoin is money,” explains Payne.

“The second is that the processes of converting energy to battery storage and converting energy to bitcoin, are essentially the same.

“The advantage of mining Bitcoin is that you are storing energy in money, which can either be immediately converted back to Australian Dollars at a five-times greater profit margin or held for long-term price appreciation.”

The outlook for Arkon Energy appears to be all upside, with competitors Mawson Infrastructure and Iris Energy both going public on the Nasdaq in Q3 and Q4 last year with enterprise valuations of USD $800M and USD $1.5B respectively.

With new cash reserves, Arkon Energy aims to achieve similar results within 24-months.

About Arkon Energy

Arkon Energy is a bitcoin mining startup founded by Sydney-based Joshua Payne and Gold Coast-based Nathan Townsend.

Web: ArkonEnergy.com
Contact: info@arkonenergy.com
Location: Sydney, Australia

SOURCE: Arkon Energy

Aurelius Technologies Berhad’s Subsidiary Appoints COO as part of Core Management Team

Aurelius Technologies Berhad (“ATech” or the “Company”) is pleased to announce that its wholly-owned subsidiary, BCM Electronics Corporation Sdn. Bhd. (“BCM”), a provider of electronics manufacturing services (“EMS”) for industrial electronic products, has appointed Mr Lee Siang Tat (“Michael”), 47, as the Chief Operating Officer (“COO”) effective today.

Michael has more than 25 years of working experience in the electronics manufacturing industry, and is familiar with the various operational processes including process and product engineering, equipment and maintenance engineering, cost management, production and operational quality.

He first joined BCM in 2005 and progressed quickly to his last role as the Director of Surface Mount Technology (SMT), Maintenance & Facilities. He was subsequently appointed Chief Operating Officer of EG Industries Berhad in 2020 where he played a vital role steering the group’s overall manufacturing operations, including engineering, production planning and operational quality, to enable the group to achieve its strategic goals.

Mr Loh Hock Chiang, Interim Group Chief Executive Officer (“CEO”) and Chief Financial Officer of ATech, said, “We are still grieving the passing of our co-founder and CEO, late Mr Lee Chong Yeow @ Lee Chong Yan (“Mr Lee”) but we know that he would want us to continue with the plans for the business. We started our succession planning several years back looking for individuals with the right experience and fit for the role. We welcome Michael’s return to the BCM and ATech family and we are sure that his vast experience will add strength to the management team while fulfilling a key position in the operations of the business.”

Michael said, “I would like to express my appreciation to Mr Loh and the late Mr Lee for their confidence in me to re-join ATech. I will endeavour to bring ATech in achieving higher operational efficiency by working closely with the management team as ATech plans its next phase of growth and expansion.”

Asia Vets Holdings proposes to acquire digital financial services group AlDigi Holdings for S$45 million via Reverse Takeover

Catalist-listed Asia Vets Holdings Ltd. (“Asia Vets Holdings”, the “Company”, and together with its subsidiaries, the “Group”) has entered into a conditional sale and purchase agreement (“SPA”) with RHT AlDigi Financial Holdings Pte. Ltd. (“Vendor”) and AlDigi Holdings Pte. Ltd. (the “AlDigi Group” or the “Target”) on 30th December 2021 to acquire from the Vendor 100% of the ordinary shares in the issued and paid-up share capital of the Target (the “Proposed Acquisition”).

Tan Chong Huat, Chairman of RHT Group of Companies, Tan Tong Guan, Executive Chairman and Chief Executive Officer of Asia Vets Holdings Ltd., and Jayaprakash Jagateesan, Chief Executive Officer of AlDigi Holdings Pte. Ltd. at the signing ceremony. [L-R]

The S$45 million consideration for the Proposed Acquisition shall be satisfied by way of allotment and issuance of 335,436,357 new ordinary shares (“Consideration Shares”) in the capital of the Company at the issue price of approximately S$0.13415 per Consideration Share. The Proposed Acquisition, subject to, inter alia, the approval of the Company’s shareholders, adds an additional revenue stream as well as an opportunity to diversify the Group’s portfolio of businesses. The Company also believes that the Proposed Acquisition has the potential to increase the market capitalisation and widen the investor base of the Company.

Mr Tan Tong Guan, Asia Vets Holdings Executive Chairman and Chief Executive Officer, said, “We have been actively exploring various acquisition opportunities to maximise value for shareholders and enable the Company to achieve higher revenue levels. The Proposed Acquisition, when completed, is expected to enable us to capture opportunities within the fast-growing financial and technology business and we are confident of the industry’s significant long-term growth prospects.”

The Target’s subsidiaries are digital finance and technology firm RHT DigiCapital Pte. Ltd., intellectual property consultancy RHT i-Assets Advisory Pte. Ltd., and its proposed subsidiary, capital markets advisory firm RHT Capital Pte. Ltd. (collectively with the Target, the “Target Group”).

The Proposed Acquisition will enable the Company to build on the Target Group’s established continuing sponsorship and licenced corporate finance business to develop new digital solutions to serve both traditional and digital finance markets.

Mr Jayaprakash Jagateesan, AlDigi Group Chief Executive Officer, said, “We have developed a fintech platform to reshape the capital markets to become the gateway to diverse digital assets and investments, built on a commitment to enhancing efficiency, accessibility and equal opportunity across capital markets and alternative investments. The Proposed Acquisition will further accelerate our efforts to develop new innovative products to capture the fast-growing digital security token economy with a focus on real estate, non-fungible tokens, and environmental, social and governance investments.”

Post-completion of the Proposed Acquisition, the Group will continue to own and operate its veterinary business.

This media release is to be read in conjunction with the full text of the Company’s announcement dated 30 December 2021 released on SGXNET, in relation to the proposed acquisition.

About Asia Vets Holdings Ltd. (SGX:5RE) (www.asiavets.com)

Asia Vets Holdings Ltd. (the “Company”), through its wholly-owned subsidiary, AVH Animal Ark Pte. Ltd. (together with the Company, the “Group”), provides veterinary care and clinical services to small animals in Singapore.

The Group currently operates two veterinary clinics providing a full range of general veterinary services including medical, surgical and dental care for small animals and after-hours emergency services.

About AlDigi Holdings Pte. Ltd. (www.aldigi.co)

The AlDigi Group combines proven expertise and deep experience across capital markets, blockchain technology and intellectual property to deliver next-gen digital finance solutions through the following subsidiaries/ proposed subsidiaries:
– RHT Capital
– RHT DigiCapital
– RHT i-Assets Advisory

The AlDigi Group leverages its proven proprietary institutional grade technology to deliver digital asset solutions across multiple asset classes and sought-after alternative investment products. As part of the ONE RHT ecosystem of multidisciplinary professional services, the AlDigi Group has access to a wide range of expertise including sustainability to add value to its digital asset solutions.

Issued on behalf of Asia Vets Holdings Ltd.
For media enquiries, please contact:
Elliot Siow
Communications Manager
RHT Communications & Investor Relations Pte. Ltd.
DID: +65 6381 6347
Email: elliot.siow@rhtgoc.com

This announcement has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor Ms Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone +65 6636 4201.

DigitalX Appoints New Chief Executive Officer

DigitalX Limited (ASX:DCC)(OTCQB:DGGXF) (‘DigitalX’ or ‘the Company’) is pleased to announce that after an extensive executive search process it has appointed highly experienced finance industry executive Lisa Wade as Chief Executive Officer.

HIGHLIGHTS
– Lisa Wade, former Head of Digital Innovation and Sustainability at National Australia Bank, appointed new Chief Executive Officer
– Lisa has over 30 years’ experience in finance and financial markets and has a strong background in blockchain project development
– Appointment positions DigitalX with a team and leadership capable of executing its next phase of growth and development
– Lisa was recently recognised as ‘Gender & Diversity Leader of the Year’ at the 2021 Australian Blockchain Industry Awards

Ms Wade has nearly 30 years of finance and financial markets experience working in organisations such as Citigroup, Bendigo Bank and most recently as Head of Digital Innovation and Sustainability at National Australia Bank (NAB).

She has a strong background in blockchain project development, having recently lead the Project Atom Central Bank Digital Currency project (CBDC), a collaborative research project between the Reserve Bank of Australia, CBA and Perpetual, and Project Carbon, a global strategic alliance tokenising voluntary carbon credits with Latu, CIBC, Natwest and NAB.

Ms Wade also has a strong background in funds management. Prior to her current role, she gained extensive experience managing investment portfolios with the Clean Energy Fund and the ESCOR Group. She has also been a Director at Citigroup where she specialised in arbitrage and derivatives. Ms Wade is an experienced trader with an in-depth understanding of pricing and investing in derivatives and financial products. In her role as Head of Community Assets at Bendigo Bank, Lisa specialised in developing financial structures to facilitate the acceleration of impact investment, including co-founding the Bright Energy fund, an early stage investment in Future Super and co-creating RARI, Australia’s first responsible investment ETF.

Ms Wade is also a Non-Executive Director of Blockchain Australia, the peak blockchain industry body in Australia.

She is expected to commence in her role after serving her notice period related to her existing role.

Mr Toby Hicks, Chair of DigitalX, commented: “Following a thorough search and assessment process, we are very proud to confirm the appointment of Lisa Wade as the new Chief Executive Officer of DigitalX. Lisa is a highly experienced and knowledgeable individual who has impressed the Board with her passion and knowledge for both financial markets and Blockchain technologies and opportunities. Out of a pool of outstanding candidates, we are pleased that Lisa has wanted to come on Board and lead DigitalX as it continues to execute its business plan based around our three business units of funds management, Blockchain ventures and development of distributed ledger technologies.”

Ms Lisa Wade, Incoming CEO of DigitalX, commented: “I am truly excited to join DigitalX, they have built the foundations and team to lead Australia and the world in the transition to blockchain as a mainstream part of finance, and to be a leader in this new and fast-moving financial future that blockchain creates. I am looking forward to working with the great team and building on this foundation together to grow the Company’s opportunities and value for shareholders.”

CONTACT
Investor Enquiries
DigitalX Limited
Jonathon Carley
Acting Chief Operating Officer & Chief Financial Officer
E: investors@digitalx.com

Media Enquiries
GRA Partners
Luke Forrestal
Director, Financial Communications
T: +61 411 479 144
E: luke.forrestal@grapartners.com.au

SOURCE: Digitalx Ltd.

Myanmar Government Looks to Early Resumption of Development & Infrastructure Projects with China, Its Close Neighbour and Main Trading Partner

The Myanmar Government looks forward to re-start development projects and accelerate bilateral economic and technical cooperation with the People’s Republic China (PRC), its largest trading following disruptions caused by the pandemic and recent social unrest.

The Ministry of Information (MOI) and Ministry of Investment and Foreign Economic Relations (MIFER) said in a joint statement that Myanmar enjoys a special ‘paukphaw’ or kinship with its close neighbour and has received substantial economic and technical support from the PRC over 71 years of bilateral ties.

Having achieved national stability in recent months, and with the health situation stabilizing after receiving substantial vaccines from the PRC, a major priority for Myanmar is to implement projects involving PRC development assistance, amounting to 3.8 billion renminbi (RMB).

Myanmar’s State Administration Council (SAC) has reviewed an original list of 97 projects that were proposed by the previous government in late 2020 in response to the PRC’s offer of 4.0 billion RMB in development assistance to Myanmar. The offer was announced during President Xi Jinping’s visit on 17-18 January 2020.

Following the review, the SAC has consulted with various Ministries to revise the list so as to prioritise projects that can be effectively implemented and which are better suited to the current needs of Myanmar. The SAC also reviewed and revised 15 projects under a separate 200 million RMB PRC grant specifically dedicated for Rakhine State.

The latter grant involves projects related to the environment and improving medical access and rural transport. Myanmar Government appreciates these corporate social responsibility initiatives by the PRC which will contribute to the success of the China-Myanmar Economic Corridor (CMEC).

The CMEC includes road and rail infrastructure stretching 1,700 km from Kunming in China’s Yunnan Province through several regions in Myanmar to Kyaukpyu along the Bay of Bengal. The site of a proposed Special Economic Zone (SEZ) Deep Sea Project, Kyaukpyu is of special significance for infrastructure-related and economic cooperation between the 2 countries.

The Kyaukpyu SEZ is a priority project revised and shortlisted by SAC from a list of 33 bilateral agreements signed during President Xi’s visit. Prior to 2020, China had agreed to provide grants totaling 4.9 billion RMB to Myanmar between 2014 to 2019. Over this period, 1 project has been completed, 12 are ongoing and 18 are at proposal stage, with a combined value of 6.01 billion RMB.

Implementation of the revised list of PRC-funded development programmes and related projects in the coming months will enhance bilateral cooperation after nearly 2 years of disruption caused by the pandemic and domestic issues, the 2 Ministers said.

They said the SAC is confident that bilateral cooperation to improve infrastructure, especially in less developed parts of the country, and to create jobs will be enhance economic recovery as Myanmar prepares for multi-party national elections which are scheduled to be held by August 2023.

To further improve bilateral cooperation, the Central Bank of Myanmar (CBM) has agreed to a pilot project starting next year to accept the RMB as an official settlement currency for border trade.

This settlement, which will substantially improve border trade especially for perishable goods such as fresh agriculture products, will be facilitated by 3 banks – Myanmar’s state-owned Myanmar Economic Bank and the PRC’s Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC). This decision follows the recent relaxation of travel restrictions at 2 Myanmar-PRC border checkpoints after COVID-19 infection rates were reduced nationwide.

Myanmar’s pandemic control has been greatly supported by vaccines donated by or procured from PRC pharmaceutical giants Sinovac and Sino Pharm. The Government remains on target to vaccinate at least 50% of Myanmar’s population above the age of 18 by the end of this month. The majority of all vaccines used in Myanmar originate from the PRC.

The 2 Ministers, on behalf of the Myanmar Government, also announced that:

i) With the improved vaccination rates and national stability, Gross Domestic Product (GDP) in fiscal 2020-2021 (November-October) is expected to decline by a single-digit – much less severe than forecasts of some international economists. Myanmar Government expects GDP to record modest growth in 2021-2022.

ii) The Health Ministry is assessing carefully new COVID-19 variants such as Omicron before relaxing travel protocols. Apart from helping to implement development and economic projects, the easing of travel lanes will also facilitate visitor arrivals from the PRC as Myanmar prepares to revive its tourism sector.

iii) The Government has improved security and provided assistance to Chinese factories that suffered attacks by the People’s Defensive Force which had waged a terror campaign against civilians. As such disturbances have declined sharply, the Government is confident that PRC investments to Myanmar will improve soon.

Since the 1 February 2021 Proclamation to declare a state of, civil disobedience and terrorism activities carried out by the outlawed People’s Defensive Force (PDF) have led to deaths of 198 administrative officials and at least 12 Buddhist monks and many injuries. The PDF has also destroyed roads and bridges, schools, government offices and telecommunication towers as well as branches or offices of state-owned and private banks.

“Myanmar has achieved national stability due to efficient handling by the security forces and the clear wish of the general population to resume normal economic and social activities. We are confident that the normalized situation will provide assurance to investors and lead to the improvement of bilateral cooperation with the PRC, a country that enjoys a long and trusted relationship with Myanmar,” said Minister of Information, Mr Maung Ohn.

“Myanmar Government has recently reviewed development and economic projects involving the PRC. This review is to ensure effective implementation of development assistance that can address the current needs of the country. Myanmar Government will do its best to protect all foreign direct investments, including those from the PRC. We also look forward to increased border trade through RMB-kyat settlement,” said Minister of Investment and Foreign Economic Relations, Mr Aung Naing Oo.

– Issued by Ministry of Information and Ministry of Investment and Foreign Economic Relations, Union Government of Myanmar.
– For more information, please contact mediacontact@e-information.gov.mm or myintkyawmoi@gmail.com

Britania (SET: BRI) Starts First Day of IPO Trading on the SET

Britania PCL (SET: BRI) is debuting its IPO shares in the stock market, putting forward an impressive performance between 2018 and 2020 with an average annual growth rate of 113%. Revenue during the first 9 months of this year stands at 2,808.57 million baht, growing by 52%. Further plans include 9 new low-rise housing projects next year across the Bangkok Metropolis and certain provinces, valued at 10,800 million baht.

Mrs. Supalak Chanpitak, Chief Executive Officer, BRI, reports that the trading of its IPO shares on the Stock Exchange of Thailand starts today (Dec. 21, 2021) under the symbol “BRI”.

The CEO is confident that the BRI securities will receive a positive response from investors interested in real estate companies. As an expert developer of low-rise housing and a flagship company of Origin Property Public Company Limited, Britania is expected to gain investors’ trust.

Since its inception in 2016, BRI has been growing by leaps and bounds. In 2019, the company launched a single project. That number ballooned to 21 in 2022. Revenues and profits grew in step with the company’s growth. Total revenue in 2018 came in at 515.47 million baht; it grew to 2,342.09 million baht in 2020 at the CAGR rate of 113.16%. The first nine months of this year generated 2,808.57 million baht in revenue, a growth of 52.18% over the same period last year which saw the revenue of 1,845.59 million baht.

Profit, too, took a great leap during that time. In 2018 it stood at 71.65 million baht and grew to 348.72 million baht in 2020. During the first nine months of this year, 452.30 million baht was made in profit, increasing by 55.93% over the same period last year with a profit of 290.08 million baht. The company’s stellar performance stemmed from launching of projects in locations that matched the need for housing as cities together with infrastructures and transportation systems grew.

Mrs. Supalak says the proceeds from the capital raised in the SET will be invested in project development, and used to pay loans and maintain cash flow. Plans have been set for 2022 to develop nine new projects at the cost of 10,800 million baht by highlighting the brands “Britania” and “Grand Britania” to attract clients at the middle and upper levels in Bangkok and vicinity as well as provinces with high potential. Provinces targeted include Rayong and Udon Thani. Rayong is an important part of the Eastern Economic Corridor (EEC) and is home to several industrial estates. Udon Thani, meanwhile, is a leading economic province in the northeast, having a large population with high purchasing power.

Mr. Pongsak Phrukpaisal, Managing Director, Kasikorn Securities Public Company Limited, as the IPO’s financial advisor and underwriter, says Britania PCL is a highly successful real estate company. Its first IPO offers 252.65 million shares at 10.50 baht a share, which will yield a total of 2,652.83 million baht.

Britania, he says, has been growing rapidly, having launched new projects continuously, with the result that income and profit have grown in step. The company is capable of managing capital efficiently, generating admirable rates of gross and net profits. Its consistent pace of growth means it could take advantage of the economy of scale in terms of negotiating lower prices for construction materials. It is also able to manage other costs efficiently. In addition, the company has received support from its parent company, Origin Property PCL, boosting its ability to gain advantage even more from the economy of scale and benefitting from new innovative researches conducted by the ORI Group.

Mr. Payupat Mahabhol, Managing Director, Yuanta Securities (Thailand) Company Limited, co-financial advisor and underwriter, adds that Britania is a premier real estate developer of low-rise housing projects with a long-term growth potential as it spans out across the Bangkok Metropolis as well as leading provinces in various regions across the country.

Mr. Payupat points out that the real estate sector is benefiting from the economic recovery that is underway. At the same time, the Bank of Thailand (BoT) has further eased the loan-to-value (LTV) ratio for mortgage lending to allow homebuyers to borrow loans of up to 100% of the property value. This will be a positive factor contributing to the growth of the real estate sector and boosting the number of projects to be launched by Britania.

Released by Public Relations Dept., MT Multimedia Co. Ltd. for Britania PCL
For more information, please contact: Orn-anong pattaravejkul
Tel: +66-86-801-8888, +66-99-194-6597
Email: ornanong.p@mtmultimedia.com

Society Pass (SoPa) Announces Inclusion in Russell 2000 Index

Society Pass Incorporated (Nasdaq: “SOPA”) (“SoPa” or “the Comapny”), the leading Southeast Asian data-driven loyalty platform, today, announced that the company has been added to the Russell 2000 Index, effective at the open of U.S. markets on December 20, 2021 and according to the preliminary list of IPO additions to the Russell indexes.

Founder, Chairman and Chief Executive Officer of Society Pass, Dennis Nguyen said “Building on the momentum of our successful IPO, the inclusion of Society Pass to these highly regarded and widely used indexes will increase the visibility of our stock to the wider global investment community and attract new classes of investors to our register.”

Membership in the Russell 2000 Index, which remains in place until the next reconstitution, is based on membership in the broad-market Russell 3000 Index. The Russell US Indexes are commonly used as performance benchmarks, or as the basis for index-linked products including index tracking funds, derivatives, and Exchange Traded Funds (ETFs).

FTSE Russell is a global index leader that provides innovative benchmarking, analytics, and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98 percent of the investable market globally. According to FTSE Russell, a core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants.

Society Pass recently also announced its ambition to accelerate its growth in Southeast Asia through the launch of its regional headquarters in Singapore on 16 December 2021. Located at Raffles Place in the heart of the Singapore central business district, the new office acts as the company’s designated Asia Pacific hub for regional business and expansion opportunities, in particular, the acquisition and acceleration of high growth ecommerce businesses in the key focus markets of Vietnam, Indonesia and Philippines.

SoPa is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty. From its launch in 2019, SoPa has amassed over 1.5 million registered users and over 3,500 registered merchants and brands. It has since invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its Platform’s consumers, merchants, and acquisitions.

About Society Pass

Society Pass’ customer loyalty and analytics platform has onboarded hundreds of thousands of registered consumers. Society Pass provides merchants with SoPa.asia – an online commerce platform for users, alongside with #HOTTAB Biz – a convenient order management app for business partners on SoPa.asia, and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user’s profile analytics, and convenient financial support packages for small and medium-sized enterprises. All tools offered above will allow businesses to attract and retain customers through personalized interaction based on analytics with a high profit margin. In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform. For more information, please check out: http://thesocietypass.com/

Media contact
PRecious Communications for SoPa
sopa@preciouscomms.com