Category: Engineering

Sunpower’s GI business performed well in 1H 2021 with GI PATMI up 37.0% YoY to RMB91.8 million

Mainboard-listed Sunpower Group Ltd. (Sunpower or the Group), a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term, cash-generating Green Investments (GI) projects that uses innovative integrated environmental protection technologies to facilitate the development of the circular economy and help China attain carbon peak and carbon neutrality, today announced its financial results for the six months to 30 June 2021 (1H 2021).

Results Highlights
Completed disposal of M&S business to unlock value and improved return for shareholders

  • Paid substantial Special Dividend of S$0.2412 per share
  • Recognised gain on disposal of RMB934.0 million
  • Green Investments (GI) is now the principal business of the Group
  •  GI performance remains strong, driven by continued ramp-up of GI plants
  • Total steam sales volume for 1H2021 grew by 73.2% YoY to 3.93 million tons
  •  GI revenue rose 77.3% YoY to record RMB906.6 million
  •  GI EBITDA rose 50.0% YoY to RMB 281.3 million
  • GI PATMI grew 37.0% YoY to RMB91.8 million in 1H 2021
  • GI operating cashflow rose to RMB156.0 million
    Group results boosted by gain on M&S disposal and excellent GI performance
  • PATMI rose 247.2% YoY to RMB602.5 million due to gain on disposal and strong GI results

Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million
Group Financial Highlights (Without Financial Effects of Convertible Bonds and Warrants)
Please see http://sunpower.listedcompany.com/newsroom/20210812_001821_5GD_X3CN815RIZBAT10L.2.PDF

Key Investment Highlights
Leading provider of industrial steam with development strategy aligned with national policies
Within 3 years from the first CB issue in 2017, Sunpower has scaled up to 9 projects in operation and 2 in construction with a proven track record, leading market position and strong brand equity. Its long-term growth strategy is aligned with national policies on CO2 reduction, energy conservation and smog control. Multiple pollution sources can be eliminated with just one centralised GI plant within a circular economy industrial park that helps the park attain zero emissions and allows Sunpower to increase revenue and reduce cost.

Superior GI business model that generates 100%-recurring, long-term income and cash flows
GI’s superior business model is based on exclusive concessions of typically 30 years with first right to renew that confer a strong market position to supply steam, a non-discretionary input product, to a large base of customers that provides resilient counter-cyclical demand, bolstered by technologies that act as entry barriers against competition. Direct B2B arrangements with customers enable GI plants to require either pre-payment or immediate post-payment, and a contractual fuel cost passthrough mechanism that allows reliable long-term profitability across cycles.

Excellent financial performance with high margins and strong cash generation
Sunpower has proven its ability to sustain excellent financial performance with high profitability and strong cash generation.

Well-positioned to gain long-term growth potential
Sunpower is well-positioned to benefit from customers’ natural organic growth as the mandatory closures of small dirty boilers redirect steam demand to its clean centralised GI plants and as more factories relocate to industrial parks served by GI plants. Long-term sustainable growth will come from the large addressable market and strong project pipeline.

Practises ESG and sustainability values in every aspect
Sunpower is committed to better sustainability in its business by incorporating environmental, social and governance (ESG) values it does. In this way, it supports the ecologically sustainable development of China’s economy, and aims to help China achieve its national CO2 emission peak and carbon neutrality targets.

Professional & disciplined management with strong execution and entrepreneurship
The key management are professional and disciplined executives with extensive experience, strong execution capabilities, entrepreneurship and a refined and standardised management approach.

DCP and CDH are strategic institutional investors that support the group
They are among the largest and most experienced private equity investors in China with a strong track record of investing and nurturing many leading companies in China.

Financials
As the GI business went from strength to strength, the strong 1H 2021 performance proved the recurring, high-quality nature of Sunpower’s GI development strategy that is creating sustainable value for the Group in the long-term.

Total steam sales volume grew 73.2% to 3.93 million tons in 1H 2021, boosted by (a) robust rampingup of new plants such as Shantou Phase 1; (b) connections to new customers; and (c) organic expansion of existing customers’ already-resilient businesses.

As a result, GI revenue grew 77.3% YoY to RMB906.6 million. GI EBITDA and GI PATMI grew 50.0% YoY and 37.0% YoY to RMB281.3 million and RMB91.8 million respectively due to Sunpower’s sophisticated management and strong operational capabilities. GI operating cashflow in 1H2021 increased to RMB156.0 million, demonstrating GI’s excellent capabilities of generating recurring cashflows.

Following the disposal, the M&S business was deconsolidated on 30 April 2021. A substantial gain on disposal of RMB934.0 million was recorded, boosting group PATMI to RMB602.5 million in 1H 2021, up 247.2% YoY. Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million.

Business Update
Sunpower supplies industrial steam to a diverse range of industries, such as chemical, printing & dyeing, paper making, F&B, building materials, pharmacy, paint, wood processing, chemical fertilisers, supported by structural demand. It also provides pollution-free civil heating to a large base of households and electricity to the State Grid.

Update on Shantou Project:
– Rapid ramp up of Phase 1 since the beginning of 2021 and will continue to ramp up with connections to additional customers in the Park
– New revenue sources are being added, e.g. compressed air, sludge incineration, sales of waste products, etc
– Phase 2 is expected to commence production in 2021 to meet customers’ robust demand

Shantou Project is Sunpower’s 51%-owned steam and electricity cogeneration plant in the Shantou Textile Circular Economy Industrial Park in Chaonan District of Shantou City, Guangdong Province (the “Park”) with a 38.5 year concession. The combined current designed capacity of Phase 1 (which started commercial operations in 4Q 2020) and Phase 2 (under construction) is 970 tons/hour of steam and 100 MW of electricity, making it the largest project in Sunpower’s GI portfolio.

Shantou Project is one of the key water pollution control and alleviation measures put in place to clean up heavily-polluted Lianjiang River, specially built to supply 128 printing & dyeing companies that qualified to be relocated from their previous sites along Lianjiang River into the Park on an accelerated basis. In addition to controlling air and water pollution along the river, Shantou Project promotes the built-up of circular economy activities in the Park and ensures long-term employment amidst the sustainable development of the area’s dyed textile and garment industry, a pillar industry in Shantou City that has helped make China a major producer of garments such as jeans and women’s wear.

Shantou has large potential as it is the exclusive steam supplier in the park, and the accelerated relocation of local printing & dyeing companies into the park is boosting its ramp-up.

Updates on other GI projects:
– Changrun Project: Steam supply to new large customer Sanli started in May 2021 following the completion of the pipeline connection.
– Yongxing Plant: Commencement of blended sludge combustion in 1Q 2021 improved efficiency and increased revenue.
– Xintai Zhengda Project: The remaining part is under construction and is expected to be completed by the end of 2021.
– Xinyuan Plant: The construction of the city heating network system for the newly-added 2 million m2 concession area in Jimo International Trade Park is expected to be completed in 3Q 2021.
– Projects under construction: Tongshan and Shanxi Xinjiang Projects are progressing as planned, and are expected to start operations in 2021 and 2022 respectively.

Outlook
With a stronger balance sheet following the disposal of the M&S business, Sunpower is well positioned to take the GI business to even greater heights. GI is expected to continue to generate 100%-recurring, long-term, high-quality income and cashflows for the Group.

China’s GDP grew 12.7% YoY in 1H 2021 to RMB53.2 trillion. Overall, the economy of China improved in a stable way, and the recovery of the global economy has also led to greater external demand. However, due to the global economic recovery and the impact of easing monetary policy, commodity prices have been continuously increasing this year which pushes up the cost of raw materials and adds pressure to the production and operation of some downstream enterprises. The Chinese government has rolled out a series of measures to secure supply and stabilise the prices of commodities.

The recently-issued “14th Five-Year Plan for Circular Economy Development” by the National Development and Reform Commission (NDRC) promotes the circular economy and centralized steam facilities as part of China’s efforts to achieve its carbon peak and carbon neutral goals. Sunpower is well positioned to benefit as it is already a pioneer in circular economy and centralized steam facilities through its GI plants.

For 2021, Sunpower intends to continue to execute the following two-pronged strategy with emphasis on the quality of development that amplifies its strengths:
(1) By solidifying its market position as an environmentally-clean centralised provider of industrial steam, heating and electricity through (a) the continuous ramp-up of its existing GI portfolio, supported by further expansion of the coverage areas and customer base of the projects but with less intense capital expenditure; (b) proceeding with the planned construction of the expansion phases of certain existing projects; (c) continuous closure of small “dirty” boilers; and (d) the continuous cultivation of the earnings quality and asset returns of existing projects, and

(2) By tapping into its proven ability to identify and invest in additional promising GI projects that meet the investment hurdles of the Company.

Barring unforeseen circumstances, the Group expects the business trends summarized below to benefit its business in FY2021. Please note that Sunpower’s financial results12 should be viewed on a 12-month basis to arrive at a balanced perspective.

Anticipated additional contributions from new plants, namely:
– Shantou Project, where Phase 1 is in commercial operation and will continue to ramp up rapidly, while Phase 2 construction is expected to be completed in 2021.
– Xintai Zhengda Project, where part of the new facility is in commercial operation, and construction of the remaining part is expected to be completed in 2021.
– Tongshan Project, where construction of Phase 1 is expected to be completed in 2021.

Continued ramp-up and enhancement of all existing GI plants, namely:
– Continuous connection of new customers, following mandatory closures of small dirty boilers, mandatory location and/or relocation of new factories into industrial parks, expansion of coverage area, and/or organic growth of customers and industrial parks served by the Group’s GI plants
– Anticipated increase in demand for steam when Xinyuan Plant starts to supply clean heating to its new 2 million m2 concession area in Jimo International Trade Park.
– Changrun Project has recently started to supply Sanli under its 25-year exclusive supply contract in May 2021 following the completion of the connecting pipeline.

Mr. Ma Ming, Executive Director of Sunpower, commented:
“It has been a busy but satisfying time in 1H 2021. We successfully completed the disposal of the M&S business and was able to return a substantial amount of capital to shareholders and bondholders. I thank them for their investment and belief in Sunpower. Due to our leading market position and effective cost management measures, we were also able to capture the strong growth potential of the GI business in 1H 2021 with a robust double-digit jump in GI revenue.

Going forward, we will leverage on all of our resources to steer the development of the GI business. Meanwhile, the Group will intensify efforts to cultivate and enhance the quality of its existing GI projects, greenfield and acquired projects alike, to achieve even stronger, better quality growth which will further boost the investment returns and value of its assets in the long term, and will also seek suitable opportunities to expand the portfolio, either by procuring new GI projects with exclusive longterm concessions or to embark on further phases of expansion for certain existing projects.”

Forward-looking Statement
This press release includes forward-looking statements and financial information provided with respect to the anticipated future performance and involve assumptions and uncertainties based on the Group’s view of future events. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. The actual results may vary from the anticipated results and such variations may be material. Accordingly, there can be no assurance that such projections and forward-looking statements can be realized. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Group undertakes no obligation to update forwardlooking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance of the Group is not necessarily indicative of the future performance of the Group.

About Sunpower Group Ltd.
Sunpower Group Ltd. (SGX: 5GD.SI) is a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term cash-generating Green Investments (“GI”) projects that use innovative integrated environmental-protection technology to facilitate the development of the circular economy and help China to attain its carbon peak and carbon neutrality goals. It was founded in China in 1997 and listed on the Singapore Exchange (SGX) in 2005.

In 2020, Sunpower disposed its Manufacturing and Services (“M&S”) business for an attractive consideration that unlocked value and improved investment returns for investors. To reward shareholders and bondholders, a substantial Special Dividend of S$0.2412 a share was declared and paid in 2021. Following the monetisation of M&S, the sole principal business of the Group is the “Green Investments” (“GI”) business where it has a sizeable portfolio of GI projects that generate 100% recurring, long-term, high-quality income and cashflow.

Sunpower is successfully expanding the GI business by leveraging on its robust and replicable business model with unique competitive edge to unlock the long-term growth potential. With the application of innovative technology packages that raise high entry barriers, a proven effective management team to provide leadership and execution capabilities in operations and risk management, and the strong support of strategic investors DCP and CDH, Sunpower is continuously shaping a green future for itself as it takes its green, low-carbon, circular economy GI business to greater heights.

For more information, please refer to Sunpower’s investor relations website, http://sunpower.listedcompany.com/.

August Consulting (Singapore)
Silvia Heng
Email: silviaheng@august.com.sg
Phone: +65 6733 8873

Jeremy Sing
Email: jeremysing@august.com.sg
Phone: +65 6733 8873

Techtronic Industries Delivers Exceptional First Half Sales Growth

Hong Kong-based global power equipment and floorcare company Techtronic Industries Co. Ltd. (TTI or the Group) (stock code: 669, ADR symbol: TTNDY) announced its results for the six months ended June 30, 2021.

The Group delivered extraordinary results for the first half of 2021, growing sales by 52.0% to US$6.4 billion. Gross margin improved for the 13th consecutive first half to 38.6%, and the growth in EBIT, net profit, and earnings per share all outpaced sales growth. EBIT increased 57.4% to US$572 million, net profit rose 57.9% to US$524 million, and earnings per share increased 57.8% to approximately US28.62 cents per share.

  • Exceptional sales growth of 52.0%
  • Sales growth of 71.5% over two years, compared to the first half of 2019
  • Strong sales growth across all businesses and geographies
  •  Gross margin improved for the 13th consecutive first half to 38.6%, up 58 basis points
  • Net profit growth of 57.9% to US$524 million

Working capital as a percent of sales finished at 18.3%, below TTI’s goal of 20.0% or less. The Group continues to strategically build inventory to support its exceptional above market growth, to serve its customers with consistently high service levels, and to insulate the company from potential critical component shortages.

The TTI Power Equipment segment delivered sales growth of 55.3% to US$5.8 billion. All geographies and business units contributed to this stellar performance in the first half of 2021. The flagship Milwaukee business delivered an astounding 64.1% growth globally. RYOBI performed exceptionally well across all brands with solid double-digit growth in all categories and geographies. In addition, the Floorcare & Cleaning business accounted for 9.0% of total TTI sales, with sales increasing 25.3% to US$574 million.

Mr. Horst Pudwill, Chairman of TTI, said, “At TTI, we have built an exceptional world-class team and we would like to recognize our outstanding global organization for delivering strong results. We are proud of the bold, strategic decisions we have made over the past 18 months to position ourselves for a strong second half of 2021.”

Mr. Joseph Galli, CEO of TTI, commented, “TTI’s first half results clearly demonstrate our leadership position, our momentum, and our future potential. Our high-speed new product machine allows us to expand the market and capture market share, while we continue to improve gross margin to record levels.”

About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare Cleaning Products and Solutions for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI’s powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI(TM) All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

For enquiries:
Techtronic Industries Co. Ltd.
Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com

Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk
Adrianna Lau +(852) 2114 4987 adrianna.lau@sprg.com.hk
Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk
Email: sprg_tti@sprg.com.hk
Website: www.sprg.com.hk

Central Global Continues with Proactive Business Sustainability Measures Despite Lockdown

  • Group’s factory operations will remain closed until 1 August 2021 due to government orders
  • Substantial backlog of orders will keep factory busy until yearend

Central Global Berhad (Central Global or Group), a producer of industrial masking tapes and label stocks as well as general building contractor, will continue to keep a tight rein on cashflow in order to ensure business sustainability following the government’s decision to lengthen the extended movement control order (EMCO) in certain areas of Kuala Muda, Kedah where the Group’s factory is located by a further two weeks to 1 August 2021.

Central Global executive chairman Dato’ Faisal Zelman

Central Global’s factory, which produces masking tapes and label stocks, has been closed since 5th July 2021 given its location in Kuala Muda which is currently under the EMCO. The factory employs almost entirely locals, with several among the 170 employees having been with the Group for more than four decades.

Central Global executive chairman Dato’ Faisal Zelman said: “We have always been cautious about the outlook for this year given the uncertainties of further COVID-19 outbreaks and while we will continue to tap into opportunities arising from a more fragmented regional competition landscape and the sporadic local supply-chain disruption, we are also mindful of the risks.”

“We have backlog orders to fulfil which will keep factory busy until year end, but operations have been affected due to the EMCO. We are consistently in discussion with the authorities despite of the lock down measures which has been imposed in the EMCO zones. We managed to obtain permission to operate on a partial basis being categorised as an Essential Industry (Packaging) during the period of the MCO 1.0 and we hope that the government will consider applying the similar regulations for the current EMCO as well. At the same time, we want to reassure all stakeholders that the management will do all it can to ensure that business sustains and maintain operational efficiency and quality.”

Central Global has two scheduled meetings annually to review the Group’s manufacturing operations’ internal controls and risk management under a risk management framework to mitigate business and operational risks. The Group’s lean manufacturing process ensures that costs are kept under scrutiny while driving productivity and quality through employee suggestion programmes and reward schemes.

“We will monitor the situation and continue to adhere to all standard operating procedures as laid out by the National Security Council and Ministry of Health guidelines to ensure the safety and health of employees and vendors. In the meantime, we have to manage our customers’ expectation in fulfilling their orders,” Faisal concluded.

For more information, please contact Hakim J. Munif at +60 12-318 5410 or h.juraimi@swanconsultancy.biz.

Haily Group Berhad debuts at 11 sen premium, 16.18% above IPO price

Haily Group Berhad (Haily or the Group) has debuted on the ACE Market of Bursa Malaysia Securities today with a sterling performance. At 9.00a.m., the Group’s shares opened at 79 sen, which was a 11 sen premium or 16.18% higher than its initial public offering (IPO) price of 68 sen per share, with the first traded volume recorded at 7,191,600 shares.

Haily is principally a main contractor involved in building construction of residential and non-residential buildings in the Southern Region of Peninsular Malaysia, particularly Johor, and is also involved in the provision of rental of construction machinery.

The Group’s IPO involved a public issue of 30.00 million shares at 68 sen each and raised gross proceeds of RM20.40 million. Of the 30.00 million shares, it was offering 8.92 million shares to the Malaysian public, 10.00 million to its eligible directors, employees and persons who have contributed to the success of the Group, and 11.08 million to selected investors by way of a private placement.

In addition, there was an offer for sale by its promoters that involved 18.00 million existing ordinary shares in Haily by way of a private placement to selected investors. Its promoters are Haily Holdings Sdn Bhd, See Tin Hai and Kik Siew Lee.

The offering of 8.92 million shares to the Malaysian public was oversubscribed by 38.81 times. TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent in relation to the IPO.

Commenting on the listing ceremony, Haily Independent Non-Executive Chairman Tuan Haji Mohd Jaffar Bin Awang (Ismail) said: “The listing marks an important milestone for Haily as it successfully brings the Group to greater heights, and everything began from the humble beginnings of our founders Mr. See Tin Hai and Madam Kik Siew Lee back in 2007. I believe that the listing exercise will help to unlock the potential of the Group by enhancing our reputation as we market our construction services and expand our customer base in Malaysia.”

At the virtual listing ceremony, he said that the Group plans to continue focusing on its core competency in building construction in Johor while leveraging on its experience to extend its reach to the other districts. “Our Group will be able to leverage on our capabilities as a Grade G7 contractor which allows us to bid and carry out any size of building construction projects irrespective of the contract value.”

He explained that Haily had completed a total of 65 building construction projects with a total contract value of RM1.29 billion since 2008.

“We have on-going projects that can sustain us at least until 2023. Currently, Haily has 18 building construction projects as well as 2 civil engineering related construction projects. The total secured contract value and unbilled contract value as at 10 June 2021 stood at RM460.04 million and RM249.58 million respectively,” he elaborated.

Tuan Haji Mohd Jaffar Bin Awang (Ismail) said that the Group also plans to expand into industrial building construction to address opportunities provided by economic developments in Johor, adding that the Group had completed 6 industrial building construction projects with a total of 68 units of factories located in the districts of Johor Bahru and Kulai.

“We will also use part of the proceeds raised from our IPO exercise to purchase additional construction machinery and equipment mainly to facilitate better scheduling of our construction work when the projects require concurrent usage and in anticipation of future growth,” he said, adding that improving the overall operational capabilities is also a priority of the Group besides expanding its foothold in other districts in Johor.

On its dividend policy, the Group has an intention to distribute dividends of at least 30% of its annual profits attributable to its shareholders upon completion of the listing. However, it is not a legally binding obligation/guaranteed commitment to the shareholders. Dividends declared and distributed by the Group for the financial year ended 31 December (“FYE”) 2017, FYE 2018, FYE 2019 and FYE 2020 were RM10.01 million, RM5.25 million, RM6.00 million and RM2.50 million, respectively.

Haily IPO oversubscribed by 38.81 times

Haily Group Berhad’s (Haily) IPO exercise comprises:

(from left) Haily Group Berhad Executive Director Ms See Swee Ling, Haily Group Berhad Founder & Executive Director Mr See Tin Hai, and Haily Group Berhad CEO & Executive Director Mr Yoong Woei Yeh at the Balloting Ceremony of the Company in conjunction with its listing on the ACE Market of Bursa Malaysia Securities

(A) Public issue of 30,000,000 new ordinary shares in HAILY (“Public Issue Shares”) in the following manner:
i. 8,920,000 new Public Issue Shares for application by the Malaysian public:
ii. 10,000,000 new Public Issue Shares for application by the eligible directors and employees of HAILY and its subsidiaries (“Group”) and persons who have contributed to the success of the Group;
iii. 11,080,000 new Public Issue Shares by way of private placement to selected investors in the following manner; and
– 5,100,000 Public Issue Shares to selected Bumiputera investors approved by Ministry of International Trade and Industry (“MITI”); and
– 5,980,000 Public Issue Shares to selected investors.

(B). Offer for sale of 18,000,000 existing ordinary Shares in HAILY (“Offer Shares”) by way of private placement to selected investors in the following manner:
– 12,700,000 Offer Shares to selected Bumiputera investors approved by MITI; and
– 5,300,000 Offer Shares to selected investors.

Tricor Investor & Issuing House Services Sdn Bhd (“TIIH”) wishes to announce that the Public Issue of 8,920,000 new Public Issue Shares of HAILY available for application by the Malaysian public has been oversubscribed.

A total of 13,367 applications for 355,099,900 new Public Issue Shares with a value of RM241,467,932 were received from the Malaysian public, which represents an overall oversubscription rate of 38.81 times. For the Bumiputera portion, a total of 6,185 applications for 138,110,700 new Shares were received, which represents an oversubscription rate of 29.69 times. For the public portion, a total of 7,182 applications for 216,989,200 new Shares were received, which represents an oversubscription rate of 48.09 times.

Meanwhile, a total of 10,000,000 new Public Issue Shares available for application by the eligible directors and employees of the Group and persons who have contributed to the success of the Group have also been fully subscribed.

In addition, the Placement Agent has confirmed that the 5,980,000 Public Issue Shares and 5,300,000 Offer Shares made available for application by way of private placement to selected investors have been fully placed out.

In relation to the 5,100,000 Public Issue Shares and 12,700,000 Offer Shares made available for application by Bumiputera investors approved by MITI, a total of 2,159,300 shares were not taken up. Pursuant to the terms set out in the Prospectus, the said remaining unsubscribed shares which were initially reserved for Bumiputera investors approved by MITI were clawed-back and reallocated to the Bumiputera public via the balloting process.

Commenting on the balloting result, HAILY’s Executive Director Mr. See Tin Hai said: “We are delighted to see the strong support from investors for HAILY’s shares. This is an encouraging sign as we embark on our next stage of growth as a public-listed company. We believe that the construction industry will show positive signs of recovery towards the second half of 2021, bolstered by the country’s on-going national immunisation programme. Thus, we look forward to more developments being revived by property companies which provide the construction sector with more project bidding opportunities especially in the Johor region where HAILY is operating. However, before that, let us anticipate another key milestone in the pipeline, which is the official listing of HAILY on the ACE Market of Bursa Securities on 21 July 2021.”

The notices of allotment will be posted to all successful applicants on or before 19 July 2021.

TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO exercise.

Glasstech Asia x PERAFI Webinar Series #1 concludes with much success attracting over 150 attendees online

Glasstech Asia aims to be the leading community that facilitates communication, learning, networking amongst industry professionals to increase business collaborations and address the latest developments in the industry, while catering to industry professionals from different sectors.

As part of this effort, Glasstech Asia is pleased to collaborate with PERAFI (Indonesian Facade Association) to introduce a new series of webinars, Glasstech Asia x PERAFI, that focuses on facades and its related building materials. Bringing together international industry experts, the webinars seek to improve the excellence of building facade industry through active discussions on key topics and content sharing from different industry players, from property developers to architects. The webinars also aim to address the latest developments in the industry, allowing participants to gain valuable insights and meet a strong network of connections within the BAU network.

Fibra Reelianto, PERAFI Chairman 2021, commented: “We are honoured to have had the opportunity to gather the different stakeholders of facade industry, especially in Indonesia. We would like to actively play our part in creating a friendly and receptive community who support one another, especially during this current situation, building bonds of trust that bridge the differences, and cultivate our facade industry toward better future.”

The first webinar of the series focused on High-Performance Facade: Design Strategies and Applications, where it highlighted the different key factors that each industry stakeholder prioritizes in a building facade and covers the entire journey of creating and testing a building facade to the construction of a building. Key highlights
The line-up of topics was specially curated to support the facade industry in navigating the current challenges posed by many on delivering and using high performance facades. The webinar saw interesting and valuable insights shared by the five esteemed speakers from various sectors of the facade industry.

The webinar kickstarted with Paul Onslow, Senior Construction Manager of Hongkong Land, who shared about the process of ‘Delivering a High-Performance Facade as a Property Developer’. The session was supported by many case studies and went through a detailed presentation of the development process for the World Trade Centre II, giving the participants much to learn from.

The session was then complemented by Simon Chin, Managing Director of Winwall Technology Private Limited, as he reviewed the different types of performance tests on facades, the specifications, and requirements for it, while providing examples.

Additionally, participants had the opportunity to understand and learn from an architect’s perspective through numerous case studies on various building developments and the evolution of facade design responding to varying design considerations, constraints, and opportunities. Kevin Jose, Global Board Director of Aedas, also shared examples on how the design approach can differ for geometrically challenged forms and how architecture design was successfully done remotely through the Covid-19 pandemic.

A deeper understanding on the testing of facade and laboratories was later reached through Joenel Tajonera’s, Technical Manager at Kaskal Facade Testing Center, presentation. During his session, he covered the requirements to evaluate the competence of testing and calibration laboratories, exploratory testing, and case studies showcasing the difference between PMU vs VMU. This spurred interaction amongst attendees by creating a discussion on the criteria for facade and types of facade tests against lightning strikes.

Lastly, with his extensive experience in the facade industry, Sreenivas Narayanan, General Manager of Siderise Middle East, focused mainly on protection and prevention of facade fires. Through his presentation, attendees gained valuable insights on the difference to fire resistance and fire protection, stone wool properties, standard requirements, and the importance of cycling.

Summing up the webinar, the discussion round saw high levels of activity from the participants, where a series of thought-provoking questions were asked.

Besides these live sessions, Glasstech Asia x PERAFI webinars also features on-demand components that are only accessible to delegates that have an account on the Glasstech Asia Virtual platform.

Contact Us
Please contact us if you have any questions or require any additional information: bauasia@mmiasia.com.sg MMI Asia Pte. Ltd.
#10-07 Gateway East
Singapore 189721

About Glasstech Asia 2022/ Fenestration Asia 2022
Coined “The Glass Hub of Southeast Asia”, Glasstech Asia is an annual rotating exhibition that focuses on all things glass. The upcoming 18th edition Glasstech Asia along with the concurrent Fenestration Asia will be held between the 26th to 28th of October next year at Marina Bay Sands Convention Centre in Singapore. The three-day event brings together the best of the Southeast Asian glass and glazing sector, from glass manufacturing, processing, and machinery to accessories, raw materials, and finished glass products. Coupled with high-powered symposiums, forums, workshops, and an exciting Glass Installation Competition, it is an event not to be missed.

Additionally, Glasstech Asia and Fenestration Asia aims to meet and satisfy the increasing global demands for eco-friendly windows, doors, and facades by focusing on new industry standards in sustainability, automation, and energy-efficiency topics. With a focus on green and smart fenestration technologies to bring about a more sustainable, energy-efficient, and liveable future, the exposition is strategically geared towards helping the architecture, building, and construction sectors in countries meet their energy targets.

About Messe Munchen
Messe Munchen is one of the leading exhibition organizers worldwide with more than 50 of its own trade shows for capital goods, consumer goods and new technologies. Every year, a total of over 50,000 exhibitors and around three million visitors take part in more than 200 events at the exhibition center in Munich, at the ICM – Internationales Congress Center Munchen and the MOC Veranstaltungscenter Munchen as well as abroad. Together with its subsidiary companies, Messe Munchen organizes trade shows in China, India, Brazil, Russia, Turkey, South Africa, Nigeria, Vietnam, and Iran.

With a network of associated companies in Europe, Asia, Africa and South America as well as around 70 representations abroad for over 100 countries, Messe Munchen has a global presence.

About BAU Network
BAU is the World’s Leading Trade Fair for Architecture, Materials and Systems. Everyone involved in the international community for planning, building and designing buildings comes together here–i.e. architects, planners, investors, representatives of the industrial and commercial sectors, the building trades, etc.

It is where future-oriented manufacturers come together with an audience of interested professionals. Their primary interests include the latest techniques, materials and applications that can be used in actual practice. This is where visitors experience the future of building in person.

Haily Group Berhad aims to raise RM20.4 million from IPO

– Experienced building contractor with established track record in Johor
– Completed 65 building construction projects with a total contract value of RM1.29 billion since 2008
– Total secured contract value and unbilled contract value as at 10 June 2021 stood at RM460.04 million and RM249.58 million respectively

Haily Group Berhad (Haily or the Group) aims to raise RM20.4 million from its upcoming listing on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) through an Initial Public Offering (IPO) exercise.

(from left) Haily Group Berhad Executive Director Ms See Swee Ling, Haily Construction Sdn Bhd Director Mdm Kik Siew Lee, Haily Group Berhad Founder & Executive Director Mr See Tin Hai, and Haily Group Berhad CEO & Executive Director Mr Yoong Woei Yeh

Haily is principally a main contractor involved in building construction of residential and non-residential buildings in the Southern Region of Peninsular Malaysia, in particular, Johor and is also involved in the provision of rental of construction machinery. Haily has completed approximately 65 building construction projects with a total contract value of RM1.29 billion since 2008. As a Grade 7 contractor with CIDB, this allows the Group to bid and carry out any size of building construction projects irrespective of the contract value. Haily’s clients include subsidiaries of public listed companies such as Mah Sing group of companies, Country View Resources Sdn Bhd, IOI group of companies, IJM Properties Sdn Bhd, as well as other private companies such as WB Land Sdn Bhd, Danau Homes Sdn Bhd and Connoisseur Food Generation Sdn Bhd.

Launching its Prospectus today, Haily said the IPO involved a public issue of 30.00 million shares at RM0.68 each which is expected to raise gross proceeds of RM20.40 million.

Of the 30.00 million shares, it is offering 8.92 million shares to the Malaysian public, 10.00 million to its eligible directors, employees and persons who have contributed to the success of the Group, and 11.08 million to selected investors by way of private placement.

In addition, there will be an offer for sale by its promoter that involves 18.00 million existing ordinary shares in Haily by way of private placement to selected investors which is expected to raise gross proceeds of RM12.24 million. Its promoters are Haily Holdings Sdn Bhd, See Tin Hai and Kik Siew Lee.

Of the RM20.40 million to be raised from its public issue, Haily plans to use RM4.20 million (20.59%) for purchase of construction machinery, equipment as well as new contract management and accounting software and office equipment, RM6.00 million (29.41%) for working capital for construction projects, RM7.00 million (34.31%) for repayment of bank borrowings, and the remaining RM3.20 million (15.69%) as listing expenses.

Haily Group Berhad Founder and Executive Director See Tin Hai said: “The listing exercise is an important next step which will increase the stature of our Group, thus enhancing our reputation as we market our construction services and expand our customer base in Malaysia. We are excited to provide an opportunity for investors and institutions to participate in our equity and continuing growth.”

Currently, Haily has 18 on-going building construction projects as well as 2 civil engineering related construction projects. Its total secured contract value and unbilled contract value as at 10 June 2021 stood at RM460.04 million and RM249.58 million respectively. The ongoing projects are expected to be completed progressively between 2021 and 2023.

On the long-term prospects of the construction industry, See said Malaysia’s economy is expected to gradually improve in the second half of 2021 underpinned by key growth drivers such as continued improvement in global growth, trade and technology cycle, upcoming large-scale infrastructure projects as well as economic stimulus measures.

“The growth of the residential and industrial sector in other districts of Johor will provide opportunities for the Group, and we have secured and unbilled contracts that can sustain us through the near-term challenges brought about by the Covid-19 pandemic.

Taking into consideration our healthy cash position, expected profits to be generated from our operations, the amount that is available under our existing banking facilities and proceeds expected to be raised from the public issue, we will have adequate working capital to meet our present and foreseeable requirements as we continue to replenish and enlarge our order book to provide business growth,” See added.

TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent in relation to the IPO. Its Head of Corporate Finance, Ku Mun Fong said: “The Malaysian economy in 2020 has weathered a challenging year amidst the pandemic. However, with the strong fundamentals of the Malaysian economy, Bursa Malaysia Securities Berhad is able to weather challenges and is poised to grow in the long term. This augurs well with the listing of Haily Group Berhad on the ACE Market of Bursa Malaysia Securities Berhad.”

The Group has an intention to distribute dividends of at least 30% of its annual profits attributable to its shareholders upon completion of the listing. However, it is not a legally binding obligation/guaranteed commitment to the shareholders. Dividends declared and distributed by the Group for the financial year ended 31 December (“FYE”) 2017, FYE 2018, FYE 2019 and FYE 2020 were RM10.01 million, RM5.25 million, RM6.00 million and RM2.50 million respectively.

Haily’s core competency is building construction in Johor, mainly in the districts of Johor Bahru and Kulai, and the Group plans to continue focusing on building construction there while leveraging on its experience to extend its reach to the other districts. The listing exercise will help accelerate this, as well as enable them to purchase new construction machinery and equipment in anticipation of future growth.

Central Global Berhad Makes Two Board Appointments

KUALA LUMPUR, June 24, 2021 – (ACN Newswire) – Main Market-listed Central Global Berhad (“Central Global”) is pleased to announce the appointments of Yang Hormat Mulia (“YHM”) Tengku Dato’ Indera Abu Bakar Ahmad (“Tengku Abu Bakar”) and Encik Shaharuddin bin Abdullah (“Encik Shaharuddin”) as non-executive directors of the Group.

YHM Tengku Abu Bakar, 36, has a background in strategic planning, specialising in health-related, e-commerce and information technology businesses. He is currently chairman of Fomema Sdn Bhd, which operates a foreign workers’ medical examination screening system in Peninsular Malaysia, as well as chairman of several other related companies. He is also a director of Bookdoc Holdings Sdn Bhd, which operates a mobile application connecting patients with medical professionals.

Tengku Abu Bakar holds a Bachelor of Business in Accounting from Swinburne University of Technology, Hawthorne, Australia. He has also throughout his career accumulated experience in dealing with multinational companies while providing guidance and support in the companies where he is a member of the board of directors.

Encik Shaharuddin, 60, spent his entire career in the Royal Malaysian Police and retired as an Assistant Commissioner of Police where his last posting was as Head of Administration for the Human Resources Department (Policy). He holds a Master in Social Science from University Kebangsaan Malaysia and a Diploma in Forensic Investigation from University Malaya.

Please contact the below for more information:
Muhammad Hakim
h.juraimi@swanconsultancy.biz

Glasstech Asia 2021 exhibition postponed to 26-28 October 2022

Due to the COVID-19 pandemic, the 18th edition of Southeast Asia’s leading trade fair for Glass and Facade is postponed and will now take place from 26 – 28 October 2022 at the Marina Bay Sands Convention Centre in Singapore. This decision was reached by MMI Asia after a series of meetings and discussions with the industry, including Glasstech Asia‘s supporting organisations and stakeholders.

Mr. Michael Wilton, General Manager of MMI Asia commented: “After extensive discussions and feedback from the industry it has become clear that, despite our best efforts to create an in-person event this year in Bangkok, recent trends force us to postpone to 2022. We are looking forward to bringing the industry back together again in Singapore next year. Plans are already underway for what will be a welcome return to face-to-face business in 2022. In the meantime, we are excited to present further enhanced digital offerings to the market. Glasstech and Fenestration Asia are committed to bringing the very best minds together to further enhance, develop and equip the industry for the demands ahead in the coming years. The tools we are providing now will strive to achieve this for the industry”Rather than the annual physical trade fair, professionals in the glass and facade industry can expect a series of exciting virtual activities such as webinars that focuses on glass and facade, virtual booths, product placement opportunities, matchmaking with private secure meetings and customizable digital packages.

Additionally, all educational content, live streaming and video recordings of talks and discussions will be available for a global audience on Glasstech Asia Virtual. Interested companies will have the opportunity to present their products virtually in their own customized webinar sessions and in their virtual booths. Moreover, to increase networking opportunities, visitors will be able to initiate chats and video calls to get in touch and discuss with exhibitors and other visitors, along with other business matchmaking functions.

Details about the new digital package and information on the participation options for exhibitors and visitors are expected to be available online from the end of June at Glasstech Asia website. Exhibitors who had already booked their stand will enjoy additional benefits and would be able to feature their virtual booth and products online immediately from the end of June.

Glasstech Asia unveils its new digital approach – Glasstech Asia website has been transformed with the addition of new features on the platform and introduces an enhanced digital package adding significant value to suppliers.

Introducing a new website in line with the BAU network, Glasstech Asia transforms its website with the addition of new features, which aims to increase user engagement, convenience, and access to the latest trends and information seamlessly around the world.

Users can easily subscribe to monthly e-newsletters that covers a broad range of topics, highlighting recent developments in the Glass and Facade industry and view exclusive interviews with leading experts in the field.

Moreover, being the leading platform for the Glass and Facade industry, Glasstech Asia website links users directly to Glasstech Asia Virtual that showcases on demand videos from past conferences and offers complimentary business matching services to all registered users.Further enhancing the value of the show for both exhibitors and visitors, Glasstech Asia offers new bespoke digital packages to any interested exhibitors. These packages include items such as speaking opportunities in Glasstech Asia series of webinars, all year-round exhibitor listing on the directory along with product showcases, and extensive marketing exposure on the event platforms such as newsletters and social media.

Interested exhibitors will be able to find pertinent information on these packages on the website and reach out directly to the organiser team via the chat function.

Supporting Associations
Glasstech Asia is supported by the following associations:

Contact Us
Please contact us if you have any questions or require any additional information: bauasia@mmiasia.com.sg
MMI Asia Pte. Ltd. #10-07 Gateway East Singapore 189721

Social Media
All conference sessions are recorded and will be uploaded on Glasstech Asia Virtual. Follow us on our social media channels to stay up to date.
Facebook: https://www.facebook.com/glasstechasia/
LinkedIn: https://www.linkedin.com/company/glasstech-asia-fenestration-asia/

About Glasstech Asia 2022/ Fenestration Asia 2022

Coined “The Glass Hub of Southeast Asia”, Glasstech Asia is an annual rotating exhibition that focuses on all things glass. The upcoming 18th edition Glasstech Asia along with the concurrent Fenestration Asia will be held between the 26th to 28th of October next year at Marina Bay Sands Convention Centre in Singapore. The three-day event brings together the best of the Southeast Asian glass and glazing sector, from glass manufacturing, processing, and machinery to accessories, raw materials, and finished glass products. Coupled with high-powered symposiums, forums, workshops, and an exciting Glass Installation Competition, it is an event not to be missed.

Additionally, Glasstech Asia and Fenestration Asia aims to meet and satisfy the increasing global demands for eco-friendly windows, doors, and facades by focusing on new industry standards in sustainability, automation, and energy-efficiency topics. With a focus on green and smart fenestration technologies to bring about a more sustainable, energy-efficient, and liveable future, the exposition is strategically geared towards helping the architecture, building, and construction sectors in countries meet their energy targets.

About Messe Munchen

Messe München is one of the leading exhibition organizers worldwide with more than 50 of its own trade shows for capital goods, consumer goods and new technologies. Every year, a total of over 50,000 exhibitors and around three million visitors take part in more than 200 events at the exhibition center in Munich, at the ICM – Internationales Congress Center München and the MOC Veranstaltungscenter Munchen as well as abroad. Together with its subsidiary companies, Messe München organizes trade shows in China, India, Brazil, Russia, Turkey, South Africa, Nigeria, Vietnam, and Iran.

With a network of associated companies in Europe, Asia, Africa and South America as well as around 70 representations abroad for over 100 countries, Messe München has a global presence.

About BAU Network

BAU is the World’s Leading Trade Fair for Architecture, Materials and Systems. Everyone involved in the international community for planning, building and designing buildings comes together here—i.e. architects, planners, investors, representatives of the industrial and commercial sectors, the building trades, etc. It is where future-oriented manufacturers come together with an audience of interested professionals. Their primary interests include the latest techniques, materials and applications that can be used in actual practice. This is where visitors experience the future of building in person.

Clarification Regarding Central Global Bhd’s MoU with China’s Huobi Mall for the Development of a Global Data Centre in Malaysia

Main Market-listed Central Global Berhad (CGB) wishes to clarify that the information published in several news journals in China regarding a strategic partnership/Memorandum of Understanding (MoU) between the Company and/or its subsidiary, CIC Construction Sdn Bhd and Huobi Mall to build a Global Data Base Collection Centre in Malaysia is inaccurate.

CGB executive chairman Dato’ Faisal Zelman

CGB’s Executive Chairman Dato’ Faisal Zelman said: “We are indeed in discussion with Huobi Mall on the possibility of collaborating on the construction of a proposed data base collection centre in Malaysia. However, we are still in the midst of evaluating the viability of the aforesaid project and have yet to sign a MoU or any other forms of agreement with Huobi Mall in this regard. We will make further announcements as and when there are any significant developments on this matter.”

Central Global Berhad is principally involved in manufacturing and construction. The company is a specialist in industrial tapes and label stock manufacturing as well as a one-stop solution provider for crepe-paper masking. Its construction division was established in 2009 and is mostly active in the northern region of Peninsular Malaysia.

Please contact the below for more information:
Fintan Ng
Tel: +60 12-233 6986
Email: f.ng@swanconsultancy.biz