Exchanges & Software Archives - Page 6 of 25

Varia Reports Strong Q4 FY2024 with RM65.78 Million in Revenue with PBT of RM1.99 Million

Varia Berhad (Varia or the Group), an experienced player in the field of construction and property development, is pleased to announce its financial results for the fourth quarter of the financial year 2024 (Q4 FY2024), demonstrating substantial growth and continued momentum from previous quarters. Varia’s revenue for Q4 FY2024 surged to RM65.78 million, showcasing a 1,654% increase compared to a negative revenue of RM4.23 million in corresponding year’s quarter (Q4 FY2023), primarily driven by the successful integration of Pembinaan Teguh Maju Sdn Bhd (PTM) and strategic leadership initiatives, highlights the new management’s effectiveness in steering the Group towards sustainable growth.

Datuk Benson Lau, Managing Director of Varia

The Group reported a Profit Before Tax (“PBT”) of RM1.99 million in Q4 FY2024, a 33% increase from a PBT of RM1.49 million in the same period last year. This robust performance was primarily driven by the construction segment, which continues to benefit from the full integration of PTM.

The construction segment generated RM58.62 million in revenue and RM5.90 million in PBT, with key contributions from projects such as Perkeso, Pulau Indah, and Kuarters Hospital Pulau Pinang (“KHPP”). For property segment, Taman Arowana Phase 1, 106 units of single-storey development project generated revenue of RM0.35 million and a gross profit of RM0.05 million.

For the twelve months ended 31 March 2024 (“12M FY2024”), Varia’s revenue stood at RM148.31 million, a remarkable 404% increase from RM29.41 million in the corresponding period of the previous year (“12M FY2023”). The Group achieved a PBT of RM8.39 million for 12M FY2024, a substantial turnaround from a Loss Before Tax (“LBT”) of RM10.81 million in 12M FY2023.

Datuk Benson Lau, Managing Director of Varia, remarked, “The strategic acquisition of PTM and the successful execution of significant projects have been pivotal to Varia’s outstanding financial performance in Q4 FY2024. Our revenue growth and improved profitability highlight our capability to deliver on our strategic goals. We are optimistic about sustaining this momentum as we continue to explore new opportunities within the construction and property development sectors.”

Looking forward, Varia is poised for continued growth, bolstered by PTM’s diversified order book valued at RM1.10 billion, which includes a mix of building construction and mechanical and electrical (M&E) projects. On 29 January 2024, Mewah Kota Sdn Bhd, a wholly-owned subsidiary of Varia, was awarded a Letter of Award from Kator Construction Sdn Bhd for the “Rancangan Tebatan Banjir Sungai Klang di Seksyen 25 Shah Alam, Daerah Klang, Selangor” project. This project, valued at RM94.86 million, will span 60 months, commencing on 1 February 2024.

Varia Berhad https://stella-holdings.com.my/

Minetech Records RM128.14 Million Revenue in 12M FY2024 amidst Challenging Market Conditions

Company Demonstrates Resilient Sets of Revenue and Operational Stability in Q4 FY2024

Minetech Resources Berhad (Minetech or the Company), is pleased to report a solid set of financial performance for the fourth quarter ended 31 March 2024 (Q4 FY2024). Despite a challenging market environment, Minetech achieved a revenue of RM33.47 million for the quarter, reflecting the Company’s resilience and operational strength. The Company recorded a gross profit of RM3.62 million in Q4 FY2024, an improvement from RM3.40 million in the corresponding quarter of the previous year (Q4 FY2023).

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech

For Q4 FY2024, both Civil Engineering division and Bituminous Products see a slight decrease of revenue to RM23.01 million and RM7.6 million respectively. However, the Energy segment, representing Minetech’s venture into renewable energy, contributed RM1.78 million in revenue for Q4 FY2024, marking a successful entry into the renewable energy sector.

For the financial year ended 31 March 2024 (“FY2024”), Minetech reported a revenue of RM128.14 million, an increase from RM123.77 million in the previous year. The gross profit for the year was RM14.97 million, up from RM13.42 million in the previous year. The Company recorded a loss before tax of RM6.85 million, an improvement from the RM7.92 million loss in the previous financial year. The net loss for the financial year was RM8.82 million, a notable improvement from the net loss of RM11.87 million in the previous year. This improvement is primarily attributed to enhanced operational efficiencies, stringent cost management practices, and strategic project completions that reduced overall expenditure. The Company also benefited from increased contributions from the Energy segment, which helped offset declines in other areas.

A significant highlight for Minetech Construction Sdn. Bhd. (“MCSB”), a wholly-owned subsidiary, is the renewal of a substantial contract with Able Return Sdn. Bhd. and Damar Consolidated Exploration Sdn. Bhd. for the Selinsing Gold Mine Project, valued at approximately RM230.0 million. This renewal, effective from 1 January 2024 to 31 December 2026, signifies an increase in production volume and contract value, reflecting the expanded mining area and operational scope. This contract sets a positive trajectory for Minetech’s future projects and reinforces the Company’s capability and commitment to growth.

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech, expressed his perspective on the Company’s performance, stating, “While the quarter presented several challenges, our strategic direction and adaptability have proven effective. The contract renewal for the Selinsing Gold Mine Project is a testament to our capabilities and commitment to growth. We remain focused on driving sustainable value for our stakeholders as we navigate the evolving market landscape.”

Adding to this, he highlighted the Company’s goal of turning profitable: “Our primary objective moving forward is to steer Minetech towards profitability. Through strategic initiatives, cost management, and operational efficiency, we are dedicated to transforming our financial performance and delivering long-term value to our shareholders.”

As at 5:00 P.M. 30 May 2024, the share price of Minetech closed at RM0.135, reflecting a market capitalisation of RM241 million.

Minetech Resources Berhad https://minetech.com.my/

Amazfit Elevates Smartwatch Technology with Updated AI-Powered Zepp OS 3.5

Zepp Health (NYSE: ZEPP), a global health technology provider of smart wearables, announced the update of the Zepp OS 3.5 featuring AI-powered Zepp Flow(TM) for the Amazfit Balance models. The groundbreaking advancement is the first operating system to integrate Natural-Language User Interface (LUI) driven by LLM (large language model) AI.

The LUI allows users to interact with the wearable device in natural or normal way via speech. Zepp Flow(TM) fosters a progression towards AI usage by amalgamating AI with all aspects of Zepp OS 3.5, enabling the device to recognise and execute based on the user’s voice. The progression continues with expanded capabilities offering users an even more personalised experience, taking control of their well-being through AI utilisation. Features of the updated OS include scheduling, reply to notifications, check weather, and much more.

Ms. Chow Kar Mun, Marketing Manager-Malaysia said, “Zepp Flow(TM) will revolutionise health technology. The Natural-Language User Interface, powered by LLM AI, offers a seamless, user-friendly way to monitor and maintain a healthier lifestyle. Users simply describe their needs, and Zepp Flow(TM) will recognise and provide the most appropriate response.”

Additional updated features include:

Marathon Training: Support for half and full marathon training via the Zepp Coach(TM), with new Confidence Index and Plan Completion Rate for training insights.

HRV Recording: Sleep Heart Rate Variability (HRV) tracks heartbeat variations, provides information on user’s recovery state, stress levels and post-exercise recovery. Complete records of the previous night’s HRV data is displayed for better awareness of your holistic well-being.

WhatsApp Integration: View Whatsapp image messages directly on the Amazfit Balance smartwatch when received via WhatsApp for an Android device.

Offline Maps: Enhanced navigation with intuitive road names for better running, hiking, or even finding a new place to eat easier.

New Sports Modes: Includes latest activities in the sports modes list – bouldering and indoor rock climbing.

Running Power tracking: for power performance insights during a run.

Winter Sports: Enhanced experience for snowboarding and skiing, with trail navigation and resort maps.

Malaysia will see the launch of more AI technology, in July 2024, in the form of the Zepp Aura personal wellness assistant. Zepp Aura will feature sleep and stress management, health reporting, soothing soundscapes and sleep analysis. Combined with Zepp Flow(TM), Zepp Aura will be an impressive piece of technology.

Image Download

Please download high-resolution images from this LINK.

Genetec’s Consistent Performance Delivers Higher Overall Margins in Q4FY2024

Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD (“Genetec” or the “Company”) recorded another consistent and solid quarter performance, maintaining a healthy momentum with a 7.5% year-on-year YoY increase in revenue for the quarter to RM70.5 million from RM65.6 million in Q4FY2023. Genetec’s PBT and PAT rose to RM19.1 million and RM17.7 million or by 40.4% and 59.5% respectively, for the quarter under review versus RM13.6 million and RM11.1 million a year ago.

On the overall, the Company’s solid performance for the quarter saw an improvement across all key financial indicators due to continued costs and operational efficiency that allowed the flow through of its top line to boost bottom-line numbers. Performance highlights for the quarter include, a 33.0% gross profit (“GP”) margin versus 29.0% in the preceding year reflecting a 4.0% YoY increase, a 27.1% PBT margin versus a 20.7% margin in Q4FY2023, and a PAT margin of 25.1% versus 16.9% in the preceding year.

Chin Kem Weng, Co-founder and Managing Director of Genetec, commented, “Despite ongoing market volatility, uncertainties and concerns especially in the automotive, Electric Vehicle (“EV”), and renewable energy (“RE”) sectors, Genetec has been consistent in our performance. This is due to the Group’s ability to convert our opportunities to orders, especially in securing recurring orders from existing clients. Our high client retention rate is also a key factor to our success and in building our pipeline. Our teams have been and will continue to work closely with our clients to improve on current solutions, as well as to collaborate on new opportunities with other divisions within our client groups to grow our revenue over the long-term.

The EV and Energy Storage (“ES”) segments remain Genetec’s primary revenue contributors and are expected to anchor our earnings prospects in the coming quarters. We are however, actively looking to diversify our revenue sources within these segments to cater to different areas within automotive manufacturing. As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

The Group remains confident in its position as a key solutions provider for manufacturing automation for its key clients in the automotive industry that serve the EV and plug-in hybrids (“PHEV”) platforms. To remain competitive, Genetec is constantly enhancing its capabilities and solutions to cater to either platform. At the same time, the Group is engaging closely with its clients and the industries to remain at the forefront of development and planning.

In closing, Chin highlighted his optimism on the prospects for the RE industry. He added, “Growth for RE storage solutions are expected to rise in tandem with the need for clean energy sources as the world continues to replace fossil-based energy with RE sources for industrial, commercial and residential purposes. The most immediate shift is in the transport system where we see efforts to improve the local and international charging infrastructure for EVs especially. From the manufacturing automation perspective, autonomous robotics and software-defined automation are poised to revolutionise industry operations. As a result, Genetec anticipates an increase in demand for our key solutions in automation and energy storage as clients continue to execute their production plans.”

At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.21 sen (basic) compared to 1.50 sen (basic) in Q4FY2023.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104). Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors.

For more information please visit: https://genetec.net/.

Siab Holdings Berhad Sees Financial Performance Turning Positive in Q1 FY2024

Siab Holdings Berhad (Siab or the Company), an established player in Malaysia’s construction industry, is pleased to announce its financial results for the first quarter ended 31 March 2024 (Q1 FY2024) with 104.7% improvement in Profit After Tax (PAT) of RM0.11 million as compared to the Loss After Tax (LAT) of RM2.33 million from the previous year’s corresponding quarter (Q1 FY2023).

Siab reported a Profit Before Tax (“PBT”) and PAT of RM0.11 million for Q1 FY2024, reversing the Loss Before Tax (LBT) and LAT of RM2.31 million and RM2.33 million respectively, from Q1 FY2023. The loss recorded in Q1 FY2023 was mainly attributable to lower profitability from ongoing projects due to elevated cost of construction materials and higher defect rectification cost incurred for completed projects.

For Q1 FY2024, Siab recorded a revenue of RM26.26 million, compared to RM36.84 million in Q1 FY2023. The decline in revenue is primarily due to lower levels of construction activities in ongoing projects. However, the Company achieved a gross profit of RM2.17 million, a significant improvement from the gross loss of RM0.20 million in the first quarter of 2023.

Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad said, ” We are positively looking forward to achieving more improved results in the coming quarters. Our focus on cost control and operational efficiency has significantly improved our financial performance. We remain committed to delivering better value to our stakeholders and supporting the growth of Malaysia’s construction industry.”

To recap, Siab has recently signed an Underwriting Agreement with M & A Securities Sdn. Bhd. and NewParadigm Securities Sdn. Bhd. This supports the acquisition of Taghill Projects Sdn. Bhd. (“Taghill”), a construction project and contract management consultancy company. Taghill boasts a robust order book valued at RM1.31 billion and has committed to a profit guarantee of at least RM24.00 million for the financial years 2024 and 2025.

The Company managed to turnaround its financial performance before the acquisition exercise is complete. With Taghill, Siab is in a strong position in tendering projects, enhancing the success rate and catering for a more diverse range of projects.

Looking forward, Siab is optimistic about the prospects of the Malaysian construction industry, which is projected to grow by 6.8% to RM60.49 billion in 2024, driven by resilient domestic expenditure and improvement in external demand. The 2024 Budget, with a record allocation of RM99.00 billion for development expenditure, highlights the government’s focus on home ownership with RM2.47 billion allocated for housing projects. Siab’s orderbook stood at RM314.48 million as of 31 March 2024 and Taghill’s orderbook valued at RM1.31 billion, the Company is well-positioned to capitalise on these opportunities.

Propel Global Posts 166.1% Increase In Revenue For Q3 FY2024

Group’s Healthy Cash Flow is Well-Positioned to Undertake Internal Funding for Future Projects

PROPEL GLOBAL BERHAD (Propel Global or the Group), a provider of oil and gas (O&G) services, today announced its financial results for the third quarter of fiscal year 2024 (Q3 FY2024). The Group recorded an impressive revenue of RM65.8 million, marking a significant increase of 166.1% from RM24.7 million in the corresponding quarter of the previous year (Q3 FY2023).

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global

The Group reported a loss before tax (“LBT”) of RM2.1 million for Q3 FY2024 compared to a profit before tax (“PBT”) of RM0.9 million in Q3 FY2023. This decline is primarily attributed to higher corporate administrative expenses such as professional charges and staff costs. The expenses in Q3 FY2024 included the charge for the share-based payment/share grant, and the incentive bonus payment. These expenses are essential for retaining and investing in human capital as the Group is mostly service-driven, hence, people are the key assets.

In the O&G segment, revenue reached RM30.1 million and PBT stood at RM3.3 million, reflecting an increase from RM12.1 million and RM2.7 million respectively in Q3 FY2023. This growth is driven by ongoing projects such as the Engineering, Procurement, Construction & Commissioning (“EPCC”) projects and the Marine Heating Ventilation and Air-conditioning (“HVAC”) projects.

The Technical Services segment also reported strong performance with revenue of RM33.5 million and PBT of RM0.6 million in Q3 FY2024, compared to RM12.6 million and RM1.1 million respectively in Q3 FY2023. The increase in revenue is mainly contributed by a construction project of an electronics factory in Chuping, Perlis, although the profit margin from existing projects was lower than the short-term projects in the previous year.

The newly introduced Information and Communications Technology (“ICT”) segment contributed RM2.2 million in revenue and RM0.8 million in PBT, showcasing the Group’s strategic diversification and adaptability.

Additionally, Propel Global maintained a healthy cash position with cash and cash equivalents at the end of the period at RM20.3 million for the nine months ended 31 March 2024, well positioning the Group to undertake internal funding for future projects.

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global commented, “Our Q3 FY2024 results reflect our commitment to strategic growth and adaptability in a dynamic market environment. The significant increase in revenue and our healthy cash flow position demonstrate our ability to capitalise on new opportunities and execute our projects effectively. As a new management team, we are focused on leveraging our strengths and pursuing sustainable growth initiatives to enhance value for our stakeholders.”

She added, “A healthy cash position ensures that we can meet our financial obligations on a timely basis, seize opportunities, and invest in people and technologies. With our healthy cash flow, we are capable of continuing to drive further growth for Propel Global.”

Moving forward, Propel Global will focus on completing existing projects while consistently bidding for new ones to drive sustained growth. The new management team is committed to strategic realignment and operational efficiency, setting a clear distinction from previous management approaches.

EPB Group Berhad Receives Bursa Securities’ Approval For ACE Market Listing

A New Chapter for EPB Group Berhad, Sets to Capitalise Growth Opportunities Through IPO Exercise

EPB Group Berhad (EPB) and its group of companies (the Group), an established one-stop food processing and packaging machinery solutions provider, is pleased to announce that EPB has received the approval from Bursa Malaysia Securities Berhad (Bursa Securities) to list on the ACE Market of Bursa Securities. The listing exercise, is set to offer a total of 111,570,000 IPO shares, representing approximately 29.99% of the enlarged issued share capital upon listing of 372,000,002 ordinary shares, in the upcoming initial public offering (IPO) of the Group.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad

The Group, having initiated its operations since 1992, offers a comprehensive solution in the design, customisation, fabrication, integration, and automation of production lines, alongside the trading and manufacturing of flexible packaging materials as well as trading of cellulose casings, catering to the diverse needs of the food industry.

According to EPB’s prospectus exposure for the IPO, the listing exercise involves the public issue of 71,570,000 new ordinary shares, or 19.24% of the enlarged issued share capital upon listing with an offer for sale of 40,000,000 ordinary shares, or 10.75% of the enlarged issued share capital upon listing.

The IPO shares will be offered in the following manner:

1. Public Issue of 71,570,000 new ordinary shares, representing 19.24% of the enlarged issued share capital upon listing:
a. 19,570,000 new ordinary shares, or 5.26% of the enlarged issued share capital upon listing will be made available for application by the Malaysian public via balloting, of which 50% of this allocation representing 9,785,000 new ordinary shares shall be made available to Bumiputera public investors;

b. 21,196,000 new ordinary shares, or 5.70% of the enlarged issued share capital upon listing will be reserved for application by the eligible directors, eligible key senior management, eligible employees and business associates (including any other persons who have contributed to the success of the Group); and

c, 30,804,000 new ordinary shares, or 8.28% of the enlarged issued share capital upon listing will be made available for application by Bumiputera Investors approved by the Ministry of Investment, Trade and Industry (“MITI”) by way of private placement.

2. Offer for Sale of 40,000,000 ordinary shares (“Offer Shares”), representing 10.75% of the enlarged issued share capital upon listing:
a. 15,696,000 Offer Shares, or 4.22% of the enlarged issued share capital upon listing shall be made available to Bumiputera investors approved by MITI; and

b. 24,304,000 Offer Shares, or 6.53% of the enlarged issued share capital upon listing, shall be made available to selected investors.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad said, “We are deeply appreciative of the endorsement from Bursa Securities for our IPO on the ACE Market. This significant occasion marks a milestone for our Group’s journey which will enhance our visibility and allow us to expand our footprint in Penang. The IPO serves as a gateway to the capital markets, providing us with the necessary resources to fuel our next phase of growth and innovation, particularly in the realm of robotics integration in the food processing and packaging machinery solutions currently provided to our customers.”

Mr. Yeoh further elaborated on the Group’s growth strategy, “The capital raised through this IPO will be instrumental in realising our expansion plans, including the expansion of our existing factory. This expansion is not just about scaling our operations; it’s about strategically positioning our Group to capture emerging opportunities in the market, thereby reducing our gearing and bolstering our working capital. Our aim is to cement our Group’s status as a frontrunner in providing comprehensive food processing and packaging solutions, driving forward our commitment to excellence and innovation in the industry.”

Malacca Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent, and WYNCORP Advisory Sdn. Bhd. is the Corporate Finance Adviser of EPB Group Berhad.

Perfios Technology Solutions Titled Indonesia Winner of Zurich Innovation Championship for Health Claims Analytics Solution

Perfios was honored for its innovative solution, Perfios Acclaim, at a ceremony hosted by Zurich Asuransi Indonesia in Jakarta on April 30, 2024. Distinguished attendees included Benny Jioe (Head of Digital Transformation, Zurich), Daniel Susanto (Digital Project Manager, Zurich), Amitabh Singh (Chief Business Officer, APAC & EMEA), and Mahendra Ramaiyyah (Director, Insurance Business Acquisition, APAC).

The Zurich Innovation Championship

The Zurich Innovation Championship is a global competition conducted by Zurich Insurance, one of the world’s largest insurers with a significant presence in over 215 countries. This annual event seeks startups that not only aim for profitability but also strive to make a substantial social impact. The championship emphasizes creating new value propositions and delivering innovative services beyond mere product distribution. By winning this prestigious competition, Perfios has established itself as a key player in shaping the insurance industry through impactful solutions.

Criteria and Qualifications for the Award

The selection process for the Zurich Innovation Championship is rigorous and globally oriented, focusing on companies that demonstrate a dual purpose: profitability and social betterment. Participants are evaluated on their ability to address significant industry issues with innovative solutions that have the potential to revolutionize market practices.

Significance of the Award

**Benny Jio, Head of Digital Transformation, Zurich Asuransi Indonesia presents the award to Amitabh Singh, Chief Business Officer, EMEA & APAC Insurance, Perfios**

The significance of winning the Zurich Innovation Championship cannot be understated. It underscores Perfios’ role as a transformative force in the insurance sector, particularly in combating claims fraud, which is a major contributor to the inflation of insurance premiums globally.

What Sets Perfios Apart

Founded in 2019, Perfios Technology Solutions Sdn Bhd has rapidly expanded throughout the Southeast Asia region. Supported by top-tier investors like Bessemer Venture Partners, Warburg Pincus, Kedaara Capital, and Ontario Teacher’s Venture Growth, Perfios recently raised $80 million in its latest funding round. Their clientele includes leading global banks and insurers who rely on Perfios for seamless digital transformations.

Supporting Quote

Amitabh, Chief Business Officer, Perfios Insurance International stated: “We are honored to receive this recognition from Zurich Asuransi Indonesia. Perfios Acclaim embodies our vision to provide insurers with cutting-edge technology that simplifies their operations and protects against fraud.”

Future Goals

Winning the Zurich Innovation Championship aligns perfectly with Perfios’ mission to empower insurers with innovative, reliable technology. Perfios Acclaim aims to expand its impact across Asia and further solidify its presence as a leader in the insurance technology space.

About Perfios Acclaim

Perfios Acclaim tackles the pressing challenge of claims leakages in health insurance, which cost the industry up to $28 billion annually due to fraudulent or ineligible claims. Traditional methods fall short, as human assessors struggle to correlate data across extensive documents to detect fraud. Perfios Acclaim integrates claims digitization and fraud detection into a unified solution, enabling Straight Through Processing (STP) and automatic adjudication. This reduces processing times from over a week to just 30 minutes and has saved up to 5% in claims payouts in regions like Vietnam, Malaysia, and Indonesia. For more information, visit https://perfios.ai/acclaim/.

This press release can also be viewed at Marketing in Asia (https://shorturl.at/eGWLs).

Media contact:
Komaldeep Kaur Dhir
Marketing in Asia
komal@mianext.com

Spritzer EcoPark Taiping Brightens up the Sky with an Enchanting Aurora Light Show at Food, Arts and Music Carnival

Spritzer EcoPark enchants visitors by bringing home the northern lights through an Aurora light show that illuminates the night sky in Taiping over the last weekend, 27th April to 1st May 2024. This breathtaking show is a standout feature of Spritzer’s Foods, Art & Music (“F.A.M.”) Carnival, an event generously supported by Perak Tourism.

The F.A.M. Carnival delivers a whirlwind of activities from 27th April to 1st May 2024, running daily from 1:00pm to 12:00am. Attendees enjoy the vibrant atmosphere, which commenced with an opening ceremony on 27th April. At the heart of this extravaganza lies the breathtaking Aurora Light Show, illuminating the skies of Taiping each night with dazzling moving streams, ripples, to arcs of colours, leaving attendees mesmerized.

For food lovers, the F.A.M. Carnival offers enticing local food stalls for visitors to choose from. Foodies can also take part in the Big Eater Challenge, challenging the influencer, Amoi Saka, on day two of the carnival to eat the most satay within 8 minutes. Once again, Amoi Saka emerged victorious by consuming 80 pieces of satay within the time limit.

In addition to the Aurora Light Show, art enthusiasts immersed themselves in colourful installations and exhibitions showcasing the works of local and regional artists. These creative expressions will ignite the imagination.

As the sun sets, the F.A.M. Carnival will come alive with the rhythms of local music acts. Visitors will be entertained by the performances of Shidi Data, Azzaraband, Han Budak Cina, Amoi Saka, Ukays, and Bueh, among others, as they take the stage and command the audience with their infectious melodies and captivating stage presence. Throughout the carnival, visitors can add a splash of fun to their carnival day at the daily foam party experience.

On Tuesday, April 30th, YB Loh Sze Yee, State Tourism, Industry, Investment, and Corridor Development Committee chairman, paid a surprise visit to grace the event, highlighting the significance of this celebration. YB Mr Loh Sze Yee expressed, “It is truly heartwarming to see such a dynamic fusion of food, arts, and music bringing vibrant energy to Taiping. Events like the F.A.M. Carnival not only showcase the cultural richness and creative spirit of our community but also play a crucial role in boosting local tourism and economic development. This Aurora Light Show, mimicking the magical northern lights, is not just a feast for the eyes but a symbol of how innovation and tradition can blend to create something truly spectacular. As we celebrate 150 years of Taiping, it is our commitment to continue supporting such initiatives that enrich our community and enhance Taiping’s appeal as a must-visit destination in Malaysia.

Winnie Chin, Spritzer’s Head of Public Relations, shared, “Taiping, the Home of Spritzer, holds a special place in our hearts. As Taiping celebrates its 150 years, our company is dedicated to revitalizing this enchanting town by organizing a diverse range of events and enriching Taiping’s tourism. We aim to provide local residents with plentiful opportunities to savour and indulge in unforgettable experiences.”

The event offered a fusion of food, arts and music for an unforgettable experience for all. Nestled in the lush greenery of Taiping, Spritzer EcoPark invites visitors to explore its breathtaking natural surroundings, from leisurely walking trails to the ancient 214-million-year-old Cactus Rock and an 18-hole Mini-Golf course. Visitors can also purchase souvenirs and Spritzer products or unwind at the STG café, soaking in the serene ambience.

Spritzer EcoPark is open daily from 10:00 AM to 9:30 PM. During special event, the park extends its operating hours to coincide with the event schedule. We are located at Lot 898, Jalan Reservoir, Off Jalan Air Kuning, 34000 Taiping, Perak.

For more details, please visit our website at Spritzer Mineral Water Malaysia.

About Spritzer:

Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.

Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.

With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.

M&A Securities and NewParadigm Underwrites Rights Issue with Warrants for Siab Holdings Berhad’s Acquisition of Taghill

Siab Holdings Berhad (Siab or the Company), an established player in Malaysia’s construction industry, is pleased to announce its plans to raise approximately RM103.98 million through private placement, of which RM12.00 million has been completed on 28 December 2023, and rights issue with warrants. These funds will be used to finance the acquisition of Taghill Projects Sdn. Bhd. (Taghill). The rights issue with warrants, valued at RM91.98 million, will be underwritten by M & A Securities Sdn. Bhd. (M & A Securities), the Principal Adviser, Managing Underwriter and Joint Underwriter to the Company, as well as NewParadigm Securities Sdn. Bhd. (NewParadigm), the Joint Underwriter to Siab.

Vincent YH Chu, Deputy Managing Director of Taghill Group; Mr. Yap Kek Siung, Executive Director of Taghill Group; Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad; Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities; Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm Securities; Mr. Wong Yih Ming, Founder and Managing Director of Taghill Group[L-R]

These efforts support the acquisition of Taghill, a move designed to bolster the Company’s growth trajectory, where the purchase price for Taghill is set at RM122.00 million, to be settled with RM96.00 million in cash and the issuance of 200.00 million new Siab shares at RM0.12 per share as detailed in the circular issued by the Company dated 16 November 2023.

Taghill is a construction project and contract management consultancy company, which has completed 12 major construction projects worth RM1.58 billion, including notable developments like Expressionz Suites and Ceylonz Suites in Kuala Lumpur. Currently, Taghill boasts a robust order book valued at RM1.31 billion and has committed to a profit guarantee of at least RM24.00 million for the financial years 2024 and 2025. Nonetheless, Taghill has a strong orderbook of RM1.31 billion.

Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad, expressed his excitement by saying, “The integration of Taghill into our operations allows us to leverage on each other’s specialty which will significantly enhances our Company’s overall value and create synergy for us to work together closely over a longer horizon. We appreciate the continuous support and expertise provided by M & A Securities, NewParadigm Securities and our Financial Advisor, Eco Asia Advisory Sdn. Bhd. (“Eco Asia”), in facilitating these transformative initiatives.”

Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities added, “We are thrilled to assist Siab in these pivotal financial manoeuvres. With the funds raised, Siab is well-positioned to enhance its market presence and seize more opportunities in the dynamic Malaysian construction and property market.”

Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm commented, “The fund-raising exercise and acquisition of Taghill would allow Siab continues its path on becoming the market leading in construction sector in Malaysia. We are truly delighted to be a part of this significant tipping point of Siab.”

The construction industry in Malaysia is expected to expand by 6.8% to RM60.49 billion as supported by broad-based growth across all subsectors. In Budget 2024, the allocation for Development Expenditure (“DE”) stands at RM99.0 billion – which is the largest DE ever to support the significant growth in the local construction industry. One of the most notably initiative includes the Malaysian Government’s focus on home ownership with an allocation of RM2.47 billion, allocated to implement housing projects for the rakyat in 2024. Siab, together with the acquisition of Taghill, is more than ready to support the Malaysian Government ambitious DE in 2024.