Category: Exchanges & Software

Singapore’s top general insurer debuts trading on Asia’s leading digital exchange, AltaX

Alta, a leading private markets digital securities exchange in Asia and Phillip Securities Pte. Ltd (PSPL), the largest retail broker in Singapore, today announced the inaugural trade for the first tranche of shares from Income Insurance Limited (Income Insurance) shareholders.

The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).

Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.

This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.

Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.

Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”

“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.

Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”

Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.

To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.

[1] Net Asset Value as of 2022

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines,  to include fund management and digital custody.

Visit us on https://alta.exchange/    

About PhillipCapital

Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.

NOTE TO EDITORS
For media inquiries, please contact:
PRecious Communications for Alta
alta@preciouscomms.com

Singapore’s top general insurer debuts trading on Asia’s leading digital exchange, AltaX

Alta, a leading private markets digital securities exchange in Asia and Phillip Securities Pte. Ltd (PSPL), the largest retail broker in Singapore, today announced the inaugural trade for the first tranche of shares from Income Insurance Limited (Income Insurance) shareholders.

The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).

Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.

This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.

Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.

Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”

“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.

Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”

Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.

To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.

[1] Net Asset Value as of 2022

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines,  to include fund management and digital custody.

Visit us on https://alta.exchange/    

About PhillipCapital

Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.

NOTE TO EDITORS
For media inquiries, please contact:
PRecious Communications for Alta
alta@preciouscomms.com

SDAI Limited: Positive Outcomes Since New Board took over in June 2023

  • S$4.0 million of interest-free loan secured when new directors took over in June 2023
  • Foo Kon Tan LLP appointed as the statutory auditor in November 2023
  • A second interest-free loan of S$4.0 million was obtained in March 2024
  • Completed audit for 18-month financial period from 1 July 2021 to 31 December 2022
  • Annual General Meeting for FP2022 scheduled to be held on 10 May 2024
  • Preparation for quarterly and full year results announcements as well as audit for financial year ended 31 December 2023 initiated
  • Significant progress made to rectify, restore and rejuvenate the Company
  • Company is well placed to work towards resumption of trading of the Company’s shares

The board of directors (the Board) of SDAI Limited (the Company” or SDAI, and together with its subsidiaries, the “Group”) today announced that its statutory auditor, Foo Kon Tan LLP (FKT), had in April 2024 completed the Group’s audit for the 18-month financial period from 1 July 2021 to 31 December 2022 (FP2022). The notice of annual general meeting of the Company (AGM) and the Company’s annual report for FP2022 were despatched to shareholders of the Company (Shareholders) on 25 April 2024 and the AGM for FP2022 will be held on 10 May 2024 at the Grand Copthorne Waterfront Hotel. The preparation for quarterly and full- year results announcements as well as the audit work for the 12-month financial year ended 31 December 2023 (FY2023) is currently underway, and the Board will announce the Group’s quarterly and full-year results for FY2023 and hold the next AGM for FY2023 as soon as possible. This is a significant step in working towards the Company’s compliance with reporting requirements for 2024 onwards.

(Seated L-R) Mdm Hao Dongting (Executive Chairperson), Mr James Beeland Rogers, Jr. (Non-Independent, Non-Executive Director), Mr Yip Kean Mun (Executive Director) (Standing L-R) Mr Lam Kwong Fai (Lead Independent Director), Mr Cheung Wai Man (Independent Director), Mr Tan Meng Shern (Independent Director)
(Seated L-R) Mdm Hao Dongting (Executive Chairperson), Mr James Beeland Rogers, Jr. (Non-Independent, Non-Executive Director), Mr Yip Kean Mun (Executive Director)(Standing L-R) Mr Lam Kwong Fai (Lead Independent Director), Mr Cheung Wai Man (Independent Director), Mr Tan Meng Shern (Independent Director)

Madam Hao Dongting, Executive Chairperson of the Board, said, “Through the effective stewardship of the new Board, we have now completed the FP2022 audit, a significant step in fulfilling our statutory and reporting responsibilities. While non-compliance issues still need to be rectified, we will continue to work on addressing these to the best of our ability to fulfil all statutory and reporting requirements.”

“I have recently extended an interest-free loan of S$4.0 million to the Company for 18 months starting March 2024 and obtained an extension on the repayment of the first interest-free loan of S$4.0 million, which had originally been due this year, to September 2025. This will address ongoing concerns and ensure adequate working capital for the Group.

We want to reassure Shareholders that the new management and Board are making significant headway in rectifying the missteps and lapses of the past, restoring processes and structures that either did not exist or were broken down and working on rejuvenating the Company by exploring new strategies and businesses to create long-term value. We thank Shareholders for their unwavering and continued trust in our efforts thus far, and the Board is firmly committed to the rebuilding process to right the ship and work towards the resumption of trading and a brighter future for the Company.” added Madam Hao.

Progress since June 2023
Since taking over the reins of the Company on 26 June 2023, the new Board, consisting of qualified and motivated individuals, has left no stone unturned in addressing the multitude of issues that the Company has been beset with over recent years that resulted in numerous non-compliance issues and systemic shortcomings, which finally led to its share suspension in July 2021.

The commitment to rectify and restore in this initial stage repays the trust and confidence of Shareholders placed in the new Board and the firm belief that a new dawn is coming for the Company following severe challenges and shortcomings.

Appointment of Statutory Auditor and FP2022 Audit
SDAI was without a statutory auditor as the last auditor did not seek re-appointment at the AGM held in March 2022 for the financial year ended on 30 June 2021. The Company was thus unable to complete its annual statutory audit for the subsequent periods. The new Board engaged FKT when it assumed office in June 2023 to fulfil the role of a statutory auditor. Due to a multitude of issues arising, amongst others, lapses in financial record keeping, outstanding legal and regulatory issues, non-compliance, risks of economic mismanagement, internal control failure and concerns on the special audits by Deloitte & Touche Financial Advisory Services Pte. Ltd. (“Deloitte”), FKT agreed in late July 2023 to commence the onboarding process.

This onboarding process took 4 months, much longer than anticipated, because of the issues that needed addressing. The Board eventually convened an extraordinary general meeting on 17 November 2023 to obtain Shareholders’ approval to appoint FKT as the statutory auditors of the Company to kick-start the audit for FP2022.

During the recently completed FP2022 audit, FKT uncovered numerous issues at risk and material differences between audited and unaudited financial statements, including, amongst other things, incomplete and inconsistent financial records and other lapses. While the Board and management have sought to address a significant portion of these issues, some of these legacy issues remain substantive. As a result, the auditor has raised various disclaimers on financial statements disclosed in the Independent Auditor’s Report for FP2022, which was announced by the Company on 25 April 2024 under the title, “Disclaimer of Opinion by Independent Auditor on the Audited Financial Statements for the Financial Period Ended 31 December 2022”.

With the issuance of the FP2022 audited financial statements, a line has now been drawn underneath the past, and the Board looks to rejuvenate the Company in the days ahead.

Special Audit Phase 2 by Deloitte
The Company had announced in July 2023 the receipt of the executive summary of the Special Audit Report (Phase 1) detailing issues with certain payroll matters and unauthorised transactions. The closure of Phase 1 is a significant step towards finalising the special audit since the appointment of Deloitte as special auditor in September 2021. The Board is now focused on finalising Phase 2 of the independent special audit with Deloitte, which relates primarily to the deviation of usage of around S$19.3 million previously raised by the Company that were fully disbursed for purposes other than the intended usage for new businesses to turn the Company around.

Loans of S$8.0 million Secured
On 27 March 2024, SDAI announced that it had obtained a second interest-free loan of S$4.0 million from Madam Hao, its Executive Chairperson, for 18 months. For the first S$4.0 million interest-free loan secured in June 2023 from Asian Accounts Receivable Exchange Pte. Ltd., SDAI has obtained an 18-month extension to 26 September 2025. The new loan of S$4.0 million and the extension of the previous S$4.0 million loan will preserve the Company’s going concern status and pave the way for the Company towards a turnaround.

The Future
The Company has also been working assiduously to accelerate the process of completing Phase 2 of the independent special audit conducted by Deloitte in compliance with statutory requirements, which will be another key factor in the resumption of trading of the Company’s shares.

In addition, the Board is working on securing new businesses and collaborations to give the Company a new lease of life. With the above positive developments, the Company is well-placed to work towards trade resumption of the Company’s shares.

Reference:
https://links.sgx.com/1.0.0/corporate-announcements/24YECQDTI3MV9XZL/10de220d34c06e821dac1c0ba01cbbdc233ed42accf83c5c8766d8851b3dc29d

About SDAI Limited
SDAI Limited (formerly known as Kitchen Culture Holdings Ltd.) was listed on the Catalist board of the SGX-ST on 22 July 2011. The Company has been suspended from trading since July 2021 after responding to the SGX- ST’s queries.

On 26 June 2023, SDAI announced changes to the Board composition, resulting in the constitution of a new Board. The immediate tasks for the Board are to resolve all the outstanding legacy issues, including settling long overdue liabilities, completing the special audit, and strengthening the internal controls so as to elevate the Company to the position of pursuing new businesses.

The Group’s principal business of distributing high-end kitchen systems, kitchen appliances, wardrobe systems, bathroom furniture, household furniture and kitchen accessories from Europe reduced significantly after its principal wholly-owned subsidiary, KHL Marketing Asia-Pacific Pte. Ltd., entered into a compulsory liquidation on 5 April 2022 from the winding up application filed by Kim Hup Lee & Co. (Private) Limited.

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

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

The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

For media queries, please reach out to: Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner: https://www.waterbrooks.com.sg/ https://www.alphainvestholdings.com/

Legacy Credit Emerges as a Substantial Shareholder in VCI Global

Legacy Credit Sdn Bhd (“Legacy Credit” or the “Company”), a recognised entity in the financial services sector, is pleased to announce a substantial investment exceeding 5% stake through a private placement in VCI Global Limited (NASDAQ: VCIG) (“VCI Global”). Under this shares placement agreement, Legacy Credit will invest $2.5 million in VCI Global. This positions Legacy Credit as a substantial shareholder, reflecting its strategic commitment to enhancing financial solutions and expanding its influence across the ASEAN region.

L-R: Nelson Goh, Director and CEO of Legacy Credit and Dato' Victor Hoo, Group Executive Chairman and CEO of VCI Global
L-R: Nelson Goh, Director and CEO of Legacy Credit and Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global

VCI Global, known for its expertise in Corporate Finance, has a proven track record of facilitating SMEs in achieving Nasdaq listings, which is critical for companies aiming to tap into international markets. This partnership is expected to leverage Legacy Credit’s robust financial network and VCI Global’s technical prowess to foster substantial economic growth and innovation.

Mr. Nelson Goh, Director and Chief Executive Officer (CEO) of Legacy Credit commented, “Our significant investment in VCI Global is more than a financial venture; it’s a strategic alliance. With this move, we aim to blend VCI’s esteemed capabilities with our innovative approaches to open up new pathways for ASEAN SMEs on global platforms such as Nasdaq.”

Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global stated, ” We are delighted to welcome Legacy Credit as a valued investor. Their confidence in VCIG underscores our reliability and investment potential. Legacy Credit’s investment will boost our business, accelerate our growth trajectory, and drive long-term value for our stakeholders, demonstrating our commitment for further company growth.”

This strategic investment marks a milestone for Legacy Credit, highlighting its commitment to facilitating broader economic opportunities and enhancing its portfolio of financial services. Through this collaboration, Legacy Credit aims to further its vision of delivering innovative solutions that meet the evolving needs of businesses in ASEAN and beyond.

ShareInvestor celebrates 25th anniversary; Holding company rebrands as AlphaInvest

  • New corporate identity reflects Group’s evolution since its founding in 1999 and future directions
  • Group subsidiaries and trademarked data portal to retain Shareinvestor brand, as will its other product brands
  • Revamped Shareinvestor.com portal to be rolled out as part of 25th anniversary

Shareinvestor.com Holdings Pte. Ltd., the holding company of Singapore’s largest independent platform for retail investors, today announced a name change and a new logo to mark its 25th anniversary.

The new holding company name is AlphaInvest Holdings Pte. Ltd. (AlphaInvest or the Group), with its new logo and tagline as shown here:

Senior Management of AlphaInvest Group, (Left to Right) Mr Christopher Lee (Group Chief Executive Officer), Mr Shanison Lin (Group Managing Director, Investor Platforms) and Mr Lim Dau Hee (Group Chief Operating Officer & concurrent Chief Technology Officer)
Senior Management of AlphaInvest Group, (Left to Right) Mr Christopher Lee (Group Chief Executive Officer), Mr Shanison Lin (Group Managing Director, Investor Platforms) and Mr Lim Dau Hee (Group Chief Operating Officer & concurrent Chief Technology Officer).

The Group’s subsidiaries in Singapore, Malaysia and Indonesia, and its associate in Thailand, will retain the ShareInvestor (“SI”) name, as will its trademarked Shareinvestor.com market data portal and other product brands.

The new holding company identity coincides with the Group’s 25th anniversary of its founding in 1999. It better reflects the Group’s ongoing and future evolution beyond its original share market data business and its leading positions in investor relations and investor education in multiple markets in the region.

The Group’s holding company has been registered with the Accounting and Corporate Regularity Authority (ACRA) as “AlphaInvest Holdings Pte. Ltd.” and the name change took effect on 8 March 2024. See http://www.alphainvestholdings.com/ for the Group’s profile.

Mr Christopher Lee, Group Chief Executive Officer and co-founder of the Group, said: “Our mission is to empower retail investors to make informed investment decisions via our investor education and market data products. Our key challenges now are to serve the next generation of younger investors, and to expand into new asset classes. This goes hand-in-hand with growing our investor relations advisory services to enable corporates to engage meaningfully with investors. Our ultimate vision is to create better investment outcomes for all.”

Mr Lim Dau Hee, Group Chief Operating Officer and concurrent Chief Technology Officer and a co-founder of the Group, added: “For the last 25 years, we have leveraged on technologies to empower investors to make better choices. We are happy to have enabled investors to build diversified investment portfolios. AlphaInvest must continue to innovate to serve our customers and stay ahead of the game.”

The Group has had an eventful 25 years since its founding in 1999. The Group was acquired by Singapore Press Holdings (SPH) in 2008. After 10 years of profitable operations as part of SPH, the Group’s founders and management team did a management buyout in 2018 at a S$17 million valuation.

In 2023, ShareInvestor acquired and merged with InvestingNote at a combined valuation of S$30 million. InvestingNote, founded by Mr. Shanison Lin, is a social media start-up with a user base of young investors. Mr Lin, an ex-staff of Shareinvestor, is now part of AlphaInvest’s leadership team. The Group aims to further grow its reach of 300,000 retail investors and its client base of 700 public listed companies in the region.

Mr Patrick Daniel, who has chaired the Group since 2008, said: “The Group is fortunate to have a dedicated management team who have not ceased their efforts to grow the business in the face of challenging times.

“In addition to Christopher, Dau Hee and Shanison, we have Wayne Koo at Waterbrooks, Janista Taosuwan in SI Thailand, Edward Stanislaus in SI Malaysia, and Ahmad Mustafid in PTSI in Jakarta. Together, they form a strong leadership team and I’m confident that AlphaInvest will succeed in extracting synergies and in seizing new opportunities.”

Launch of revamped Shareinvestor.com portal
The revamped Shareinvestor.com market data portal provides a huge trove of data and a comprehensive set of tools for the analysis of local and global equities. Building on the new platform, the team will continue to enhance Shareinvestor.com with new functions, new features and other data elements over the coming months.

The preview version is now available to existing users and the full version will be rolled out to all users within the next few months.

Future Directions
While the company has cemented its status as Southeast Asia’s largest Investor Relations provider, the new corporate identity reflects the Group’s ongoing and future evolution. Going beyond traditional equities-based products and services is a key opportunity.

The Group is well-positioned to expand to other asset classes such as currencies, commodities and digital assets including NFTs and cryptocurrencies. The Group’s approach will be to collaborate with partners in these areas in win-win partnerships.

AlphaInvest will continue to strengthen its portfolio of well-established brands in investor relations and investor education. While retaining their distinct brand identities, there will be greater internal collaboration to capitalise on inherent synergies to add further value Group- wide.

AlphaInvest’s digital publications; Investor-One and the Inve$t weekly e-magazine – will be distributed across the region. In their visually attractive formats and with insightful content, they will reach over 130,000 investors, from novices to professionals.

The Group will further grow its InvestingNote social portal, the largest in Singapore and Malaysia. The aim is to be a virtual water cooler corner for the growing number of Gen Z and Tik-Tok Generation investors to share their investing insights, exchange ideas and network.

The Group’s Waterbrooks Consultants, which provides customised public relations, branding and crisis communications advisory services to listed as well as non-listed companies, will be integrated more closely with the Group’s Investor Relations service.

AlphaInvest is currently the organiser of several prominent events on the annual investing calendar such as InvestFair and the REITs Symposium.

Capitalising on the opportunities in the region, the Group will further expand its footprint to serve the growing investing community in Malaysia, Indonesia and Thailand.

For Investor & Media Enquiries, please contact:
AlphaInvest Holdings Pte Ltd
Christopher Lee, Director
Email: christopher.lee@alphainvestholdings.com

Waterbrooks Consultants Pte Ltd
Wayne Koo, Director
Email: wayne.koo@waterbrooks.com.sg
Phone: +65 9338 8166

About AlphaInvest Holdings Pte. Ltd. (www.alphainvestholdings.com)
Vision: Creating better investing outcomes
Mission: Empowering investors to make informed decisions and for corporates to inform and engage meaningfully with investors.

A leading regional financial services, media and technology company, AlphaInvest Holdings Pte Ltd (“AlphaInvest”or “the Group”) was founded in 1999 to empower investors by providing them with trusted products and services for informed investment decision-making. Its core areas of business span investor relations, market data tools and investor education.

AlphaInvest Group operates the largest investor relations network in the region, with a customer base of about 700 public listed companies and a reach of over 300,000 people across its platforms. The Group has over 120 employees in four countries (Singapore, Malaysia, Thailand, and Indonesia).

The Group has made several strategic investments:
– Waterbrooks Consultants Pte Ltd, investor relations/public relations firm, (www.waterbrooks.com.sg)
– InvestingNote, Singapore’s leading social media platform for retail investors, (www.investingnote.com).

InvestingNote is the largest and most active social platform for investments in Singapore and Malaysia. It is a community-driven platform designed specifically to help investors and traders to share ideas on stocks, news and insights through social networking and a variety of useful investment tools.

ShareInvestor (www.shareinvestor.com) provides online market data tools for multiple markets across its ShareInvestor Station™, ShareInvestor WebPro™ and ShareInvestor Mobile range of products.

AlphaInvest’s digital publications include:
– Investor-One (www.investor-one.com), a website on investor education, market news, corporate developments, and data analytics;
–  Inve$t, the e-magazine published weekly in Singapore and Malaysia.

AlphaInvest organises financial investment seminars and conferences for investors. Its annual large-scale events, InvestFair™ (www.investfair.com.sg) in Singapore and Malaysia, draws thousands of participants. Other key exhibition includes the largest REIT event ie REITS Symposium (www.reitsymposium.com).

NASDAQ-listed Agape ATP Unveils Expansion Plans and Green Initiatives at Opening Bell Ringing Ceremony

Agape ATP Leads the Charge in Green Energy with Nasdaq Bell Ringing and Major EV Initiatives

Homegrown Nasdaq listed Agape ATP Corporation (ATPC or the Company; NASDAQ: ATPC) announces the Company’s move to push forward its Sustainability Green Energy Initiative at the NASDAQ Opening Bell Ringing Ceremony hosted by ATPC at the Kuala Lumpur Convention Centre recently.

Datuk Ir. (Dr.) Khairol Anuar Mohamad​ Tawi, Pengerusi, SIRIM Berhad; YBhg. Datin Saidatul Badru Tun Said; YBhg. Puan Sri Datin Noraini Binti Mohd; YB Tan Sri Dato’ Johari Bin Abdul, Yang di-Pertua Dewan Rakyat; YBhg. Datin Sri Dr. Yvonne Teng; YBhg. Dato Sri Dr. How Kok Choong J.P., Founder & Global Group CEO, AGAPE ATP Corporation; Professor Dr. MD Nasir Ibrahim, Penasihat Koporate Agape ATP Corporation; Mr. Hiren Krishnani, NASDAQ ASEAN Investor Relations and IPO Director; YBhg. Dato’ Rohaizi bin Bahari, Pengarah Kanan Sektor Perdagangan Pengedaran dan Perniagaan (SDTP); Dr. Fernando Cortizo, Executive Director of Agape ATP Corporation [L-R]

The event held marks a significant milestone for ATPC and was attended by the Speaker of the Dewan Rakyat, YB Tan Sri Dato’ (Dr.) Johari Bin Abdul; Representing the Honourable Minister of Domestic Trade and Cost of Living YB Datuk Armizan Bin Mohd Ali is Senior Director, Trade, Distribution, and Business Sector, YBhg. Dato’ Rohaizi Bin Bahari; Chairman of SIRIM, YBhg. Datuk Ir (Dr) Khairol Nuar Mohamad Tawi; the NASDAQ ASEAN Investor Relations and IPO Director, Mr. Hiren Krishnani; and guests and business partners from Japan, Australia, Thailand, Singapore, Germany, the United States of America, China, Indonesia, and Taiwan.

Dato’ Sri Dr. How Kok Choong, Founder and Global Group CEO of ATPC said, ‘It is with great honour and immense gratitude that we welcome our distinguished guests, partners from around the globe, and the respected dignitaries of Malaysia to this momentous NASDAQ Opening Bell Ringing Ceremony. Your presence today is a testament to our shared vision for a sustainable future.”

Central to ATPC’s sustainability strategy is a Memorandum of Agreement with Volt Industries Sdn. Bhd. (“VOLT”) in November 2023, marking a significant milestone in both parties’ collaborative efforts. While the acquisition of a 51% stake in VOLT is currently its’ final stages, this partnership is expected to play a crucial role in ATPC’s Sustainability Green Energy Initiative. This initiative includes the development and installation of 50 Electric Vehicle (EV) charging stations in Pahang, Malaysia, which is already in development progress.

Meanwhile, following a Memorandum of Agreement signed in November 2023 between ATPC and Oriental Industries Enterprise Sdn. Bhd. (“OIE”), a specialist in the EV bike industry, both companies established a Special Purpose Vehicle (SPV), with each holding an equal of 50% share, focusing on the distribution and marketing of EV bikes. Highlighting this partnership, the Ceremony featured an impressive showcase of EV bike display which will go to market in key cities, especially in the Klang Valley region, after inspection and obtaining clearance from SIRIM.

Dato Sri How elaborated, “As we forge ahead with our pivotal collaborations with various companies, we are thrilled to be at the forefront of Malaysia’s green energy transition. Our initiative of establishing 50 EV charging stations in Pahang, coupled with the plans of establishing a 300 MWp solar farm in Sabah, is a bold stride towards our commitment to sustainable development. These efforts, enhanced by our partnerships, are a testament to how environmental sustainability and corporate growth can successfully coexist. We stand here today, poised for a future where green energy is not just an option, but a driving force for innovation and prosperity.”

Further contributing to this wave of sustainable initiatives, VOLT has independently signed a Memorandum of Understanding (MOU) with KAB Smart Solar Energy Sdn. Bhd. (“KAB Smart Solar”). This agreement opens avenues for collaboration in Engineering, Procurement, Construction, and Commissioning services specifically for Solar Photovoltaic systems, highlighting the synergy between VOLT’s EV charging station expertise and KAB Smart Solar’s proficiency in the realm of solar energy.

Mercury Securities Achieves Healthy Performance for Q4FY2023

Mercury Securities Group Berhad (Mercury Securities or Company), today announced the Company’s consolidated financial results for the fourth quarter ended 31 October 2023 (Q4FY2023), marking a period of sustained growth.

For Q4FY2023, the Group reported revenue of RM8.71 million, which signifies a notable increase of 19.93% from RM7.26 million in the preceding quarter (“Q3FY2023”), despite challenging market conditions domestically and internationally, underscoring the Group’s performance resilience. The stockbroking segment contributed RM6.35 million, while the corporate finance segment added RM2.36 million, reflecting the Group’s multi-channel revenue stream.

Mercury Securities’ gross profit margin stood at 57.93% for Q4FY2023. The Profit Before Tax (“PBT”) for the cumulative quarters reached RM12.46 million, after fully charging the one-off non-recurring listing expenses of RM3.93 million. Excluding this one-off non-recurring listing expenses of RM3.93 million, the Group performed creditably with PBT for the current quarter of RM4.60 million and RM16.39 million for the full financial year.

The Board of Directors is pleased to declare a maiden interim dividend of 0.5 sen per share based on the entitlement date of 12 January 2024 whilst the payment date has been fixed on 2 February 2024. The Group continues to be committed to creating value for its shareholders and other stakeholders.

The Management of Mercury Securities commented, “Our credible performance this quarter, evidenced by a meaningful increase in revenue and a healthy gross profit margin, demonstrates the effectiveness of our business strategies. These results underscore our resilience and our all-round proficiency in a mixed market environment. We are particularly proud of our team’s efforts in achieving these results and remain focused on sustaining this growth trajectory.”

Looking ahead, Mercury Securities is steadfast in the Group’s commitment to driving revenue growth and optimising operating costs. Key initiatives include expanding its share margin financing portfolio, enhancing its online trading platform with algorithmic capabilities to increase market share, enlarging its proprietary trading teams and adding corporate finance personnel to further expand the corporate finance division.

Mercury Securities will also be introducing new products and services to further diversify its revenue channels and thereby expand its clients base. With these strategies in place, the Group is poised to navigate future challenges and capitalise on opportunities for the Group’s continued growth and performance.

There are no comparative year-on-year figures as Mercury Securities was only listed on the ACE Market of Bursa Malaysia on 19 September 2023.

Jati Tinggi Aims to Raise RM18.04 Million from ACE Market IPO

Jati Tinggi Group Berhad, one of the players in the field of infrastructure utilities engineering industry, today unveiled its prospectus in anticipation of its forthcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.

Jati Tinggi Aims to Raise RM18.04 Million from ACE Market IPO
Dato’ Ir. Lim Yew Soon, Independent Non-Executive Director of Jati Tinggi Group Berhad; Mr. Chin Jiunn Shyong, Executive Director/ COO of Jati Tinggi Group Berhad; Dato’ Seri Lim Yeong Seong, Managing Director of Jati Tinggi Group Berhad; Datuk Ir. Mohd Aminuddin Bin Mohd Amin, Independent Non-Executive Chairman of Jati Tinggi Group Berhad; Mr. Tah Heong Beng, Executive Director, Operations, TA Securities Holdings Berhad; Ms. Vivien Hooi, Vice President, Corporate Finance, TA Securities Holdings Berhad; Ms. Poon Lai Kit, Independent Non-Executive Director of Jati Tinggi Group Berhad; Ms. Loo May Len, Independent Non-Executive Director of Jati Tinggi Group Berhad[L-R]

The Group aims to raise RM18.04 million through the issuance of 66.80 million new shares priced at RM0.27 per share. The capital to be raised will be allocated to support the Group’s growth, enhance operational capacities and strengthen its financial position.

The usage of proceeds is outlined as follows:

• RM7.00 million to be directed towards the repayment of bank borrowings;
• RM7.34 million will be earmarked for general working capital purposes;
• RM0.20 million will be invested in capital expenditure, specifically in the procurement of winch machines; and
• RM3.50 million is allocated to cover the estimated expenses associated with the listing process.

Managing Director of Jati Tinggi, Dato’ Seri Lim Yeong Seong remarked, “At Jati Tinggi, we strive to achieve operational excellence and embrace sustainable practices. This IPO marks a key milestone; it reflects our dedication to excellence and for sustainability as well as growth. The funds to be raised will play a crucial role in enhancing our capabilities in supporting our future growth as our Group will have access to a larger pool of financial resources which would facilitate our Group’s efforts to secure and undertake more and/ or larger projects in the future.”

Head of Corporate Finance of TA Securities Holdings Berhad (“TA Securities”), Mr. Ku Mun Fong said, “Jati Tinggi’s performance over the last 3 full financial years showcases its foundation and strategic planning. This IPO is a significant step, set to expand Jati Tinggi’s reach, strengthen its position, and establish itself as a prominent player in the infrastructure utilities engineering industry.”

TA Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO.

Artroniq Announces Impressive Q1 FY2024 Financial Performance with Remarkable Revenue Growth

Artroniq Berhad (Artroniq or the Group), a key contender on the ACE Market, with its’ game-changing move for the Malaysian electric vehicle industry, is proud to unveils the Group’s financial achievements for the first quarter ended 30 September 2023 (Q1 FY2024). The Group has demonstrated exceptional growth and strategic resilience, marking a promising start to the year with a substantial increase in revenue.

In Q1 FY2024, Artroniq Berhad achieved an extraordinary revenue of RM16.0 million, marking a stellar increase of about 225-fold as compared to Q6 FY2023. This surge in revenue is mainly attributed to the resolution of previous product returns in the ICT products and related services segment, signifying a robust recovery and commitment to quality and customer service.

Despite the challenging economic climate, Artroniq Berhad has significantly reduced its loss before tax to a less than RM0.1 million in Q1 FY2024 from RM16.0 million in Q6 FY2023. This improvement is a result of strategic initiatives and effective management decisions, including addressing goodwill impairment in the ICT segment.

The management of Artroniq, commented, “We are thrilled with our Q1 performance, which not only showcases our resilience but also our strategic prowess in navigating industry challenges. Artroniq Berhad is actively capitalising on the growth of the semiconductor industry and the emerging electric vehicle market. Our ventures, especially in electric bicycles, are aligned with Malaysia’s Madani Economy objectives and contribute to the national goal of carbon neutrality by 2050. We are committed to innovation, sustainability, and delivering value to our stakeholders.”

They added: “The global semiconductor industry continues to grow despite challenges in securing resources and talent. Malaysia’s strategic initiatives, particularly in Penang, are creating a conducive environment for semiconductor advancements. The government’s focus, as highlighted by the Malaysian Automotive, Robotics and IoT Institute (MARii), on initiatives like the Electric Motorcycle Usage Incentive Scheme is expected to bolster the EV market, including electric motorcycles (e-bikes).”

In conclusion, Artroniq Berhad remains focused on its growth trajectory, leveraging its strengths in the semiconductor and electric vehicle sectors. The Group is committed to navigating the dynamic market conditions with prudence and strategic foresight, ensuring sustained success in 2024 and beyond.

As at 23 November 2023, the share price of Artroniq is RM0.845, representing a market capitalisation of RM344.6 million.

KJTS Group Berhad Receives Bursa Malaysia’s Approval for ACE Market Listing

KJTS Group Berhad (“KJTS” or the “Company”) and its subsidiaries (collectively referred to as “KJTS Group” or the “Group”), a building support services provider in Malaysia, Thailand and Singapore, are pleased to announce its approval to list on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Malaysia”). The Company is set to offer a total of approximately 218.03 million new ordinary shares, representing 31.69% of its enlarged issued share capital of 688.00 million ordinary shares, in its upcoming initial public offering (“IPO”).

Since 1984, KJTS Group has evolved significantly over the years. The leadership of the current management team of the Group has been instrumental in shaping KJTS Group’s growth. Today, KJTS Group’s operations extends across Malaysia, Singapore, and Thailand. The Group’s core expertise lies in delivering cooling energy, cleaning, and facilities management services. This includes comprehensive range of cooling energy services which include cooling energy management and engineering, procurement, construction and commissioning of cooling energy systems services, alongside general and specialised cleaning services, and FM services that cover the repair and maintenance of mechanical and electrical machinery and equipment, process utilities, and food and beverage and retail outlet equipment. The services that KJTS Group provides are synergistic as cooling energy, cleaning and facilities management services are necessary for the proper functioning of many types of buildings, including commercial properties such as shopping complexes and offices, manufacturing facilities and institutional buildings such as universities and hospitals.

According to KJTS’ draft prospectus for the IPO posted on the Bursa Malaysia Berhad’s website, the listing exercise involves the IPO of approximately 218.03 million new ordinary shares or 31.69% of the enlarged issued share capital with no offer for sale.

The new ordinary shares will be offered in the following manner:

1. Retail offering of 49.40 million new ordinary shares, representing 7.18% of the enlarged issued shares:

a. 34.40 million new ordinary shares for application by the Malaysian public via balloting, of which 17.20 million new ordinary shares (representing 2.50% of the enlarged issued shares) are reserved for application by Bumiputera investors including individuals, companies, societies, co-operatives and institutions;

b. 15.00 million new ordinary shares reserved for application by the eligible directors, eligible key senior management, eligible employees and persons who have contributed to the success of the Group.

2.  Institutional offering of approximately 168.63 million new ordinary shares representing 24.51% of the enlarged issued shares to institutional and selected investors.

Managing Director of KJTS Group, Mr. Lee Kok Choon (“KC Lee”), commented on the milestone, saying, “We are grateful to the Bursa Malaysia for their approval of our IPO on the ACE Market. This listing is a pivotal step in elevating KJTS’ profile and further extending our market reach across Malaysia, Singapore, and Thailand. The IPO also opens doors to capital markets, enabling us to secure funding for our next phase of growth and expansion, particularly in our cooling energy segment.”

KC Lee further added, “The funds raised will significantly contribute to our strategic plans, including the expansion of our cooling energy segment in Malaysia and our operational presence in Malaysia, Singapore and Thailand. This move aligns with our long-term vision to solidify the Group’s position as a leading provider in the building support services industry.”

Hong Leong Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Sole Bookrunner.

KJTS Group Berhad: http://www.kjts.com.my