Category: Finance

Kitchen Culture: Update on Progress towards Resumption of Trading of the Company’s Shares

1. Resolutions approved at the EGM held on 17 November 2023:
– Appointment of Foo Kon Tan LLP as the new statutory auditor for the Company
– Change of name of the Company to “SDAI Limited”
2. Change of Continuing Sponsor of the Company to ZICO Capital Pte. Ltd. with effect from 1 November 2023

The Board of Directors (the Board) of Kitchen Culture Holdings Ltd. (the Company or Kitchen Culture) wishes to announce that following the Extraordinary General Meeting of the Company (EGM) held on 17 November 2023, at 9.00 a.m. in the Grand Copthorne Waterfront Hotel, the following two resolutions were passed and adopted by shareholders of the Company:

1. Ordinary Resolution: Appointment of Foo Kon Tan LLP as the statutory auditor of the Company
2. Special Resolution: Change of name of the Company from “Kitchen Culture Holdings Ltd.” to

“SDAI Limited”
At the EGM, 99.997% of the approximately 184.59 million votes represented, were cast in favour of the two resolutions and the resolutions were duly passed.

“Through the effective stewardship of the new Board, a new statutory auditor of the Company has now been appointed, filling the void following the cessation of the previous auditor. This is a significant and necessary step forward in getting the Company back on the path of accountability, restoration and fulfilling all its statutory responsibilities to shareholders.” said Mdm Hao Dongting, Executive Chairperson of the Board.

“With the new management in place, we are actively working to chart a new path for the Company by pursuing various strategies going forward, including a new name for the Company as a testament and reflection of the positive developments being undertaken in our new growth trajectory.”

“Holding the EGM marks a vital milestone towards the Board’s ultimate goal of obtaining SGX approval for the resumption of trading of the Company’s shares. We would like to assure shareholders that we are steadily making progress to create long-term value for the Company and we thank them for their continued trust and patience in us in overcoming the many obstacles during the tumultuous period of the Company’s history.” added Mdm Hao.

Background
Kitchen Culture was listed on the SGX-Catalist on 22 July 2011. The Company previously specialised in the sale and distribution of a wide range of premium imported kitchen systems, appliances, wardrobes systems, household furnishings and accessories from Europe and the USA. The Company worked closely with developers to market “higher-end” residential projects. Since 12 July 2021, the Company’s shares have been suspended due to a variety of issues including non-compliance and systemic internal failures.

Appointment of new Statutory Auditor, Foo Kon Tan LLP
The appointment of the new statutory auditor of the Company is a significant milestone accomplished by the present Board to rectify historical breaches of the Company, signifying a major step to work towards resumption of trading of the Company’s shares. Prior to this, the Company had failed to secure a statutory auditor when the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek re-appointment at the last Annual General Meeting of the Company held on 18 March 2022 for the financial year ended 30 June 2021. Consequently, the Company has failed to comply with the requisite listing rules of SGX and is in breach of statutory requirements under the Companies Act 1967 of Singapore for filing of statutory accounts and convening of shareholders’ meeting.

Change of the Company’s name to “SDAI Limited”
The change of the Company’s name from “Kitchen Culture Holdings Ltd.” to “SDAI Limited” will reflect the Company’s strategic direction and business activities going forward. This will enable the Company to create a new corporate identity for itself and develop a new positioning in the market, allowing the public and the Company’s business partners to better identify with the Company under this new name moving forward.

Going Forward
The Company will lodge the requisite statutory returns with the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) to effect the change of name of the Company from “Kitchen Culture Holdings Ltd.” to “SDAI Limited”. Upon the lodgement of the requisite statutory returns with ACRA, the Company shall adopt the name “SDAI Limited” as its new name and the name “SDAI Limited” shall replace all references to “Kitchen Culture Holdings Ltd.”.

The Company has also been working hard to accelerate the process of completing the Independent Special Audit being conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. by the end of the year, in compliance with statutory requirements, and is another key factor in the resumption of trading of the Company’s shares.

Change of Continuing Sponsor to ZICO Capital Pte. Ltd.
With effect from 1 November 2023, the Company has appointed ZICO Capital Pte. Ltd. as its new continuing sponsor in place of the previous continuing sponsor, SAC Capital Private Limited. The change of continuing sponsor is due to commercial reasons.

This media release is to be read in conjunction with the Company’s announcement on the results of the EGM held on 17 November 2023 released on SGXNET on 17 November 2023.

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.shareinvestorholdings.com/

ISSUED BY KITCHEN CULTURE HOLDINGS LTD:
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.

Legacy Trustee Ltd Partners with Prominent Financial and Educational Collaborators in Labuan International Business and Financial Centre on Wealth Management Portfolio

Legacy Trustee Ltd (Legacy Trustee or the Company), an established Asian private trustee with a Digital Asset Infrastructure Platform that provides international wealth management services through custom-made trust portfolio services and education, has signed a Memorandum of Understanding (MoU) with multiple well known financial institutions and organisations in Labuan International Business and Finance Centre (Labuan IBFC) on Wealth Management Portfolio.

The signing partners includes Alpine Advisory Sdn. Bhd, AMS Trust Company Limited, Estate Planning Practitioners (HK) Limited EPPL (HK), Fintech Bank Limited, GLP Consultancy Sdn Bhd (U Need Will), J.Rotbart & Co Gold Precious Metal, Pacific Invesco Capital Ltd, PFPFA Pte Ltd, UOB Kay Hian Wealth Advisors Sdn. Bhd. and VCI Global Limited.

Through these partnerships, the Company aims to provide clients with an integrated wealth preservation plan.  This collaborative approach enhances convenience as well as safeguard the best interest for settlors and beneficiaries.

The wealth management involves some strategic management of financial assets, to achieve an individual and family financial goals. Spanning from retirement savings to asset protection for future generations.  Trusts play a pivotal role in realising a spectrum of wealth management objectives. Among key benefits of using a trust for wealth management is that it offers flexibility in financial planning for asset growth and preservation while segregating power over managing, owning, and benefiting from trust assets. When assets are placed under a trust, they are no longer considered part of the grantor’s estate, which means that assets under trust are not subject to traditional estate distribution. This can be particularly important for high-net-worth individuals who may have complex succession planning needs for their immovable assets, movable assets, and business empires.

As Labuan IBFC is a leading international business and finance centre that offers a wide range of financial products and services, including the new in demand wealth management mechanism named Labuan Foundations. Among key benefits of using a Labuan Foundation, is that it provides asset protection and confidentiality. Assets held in a foundation are owned by the foundation itself, and not by the founder or beneficiaries. Additionally, the names of the founder and beneficiaries are not publicly disclosed, ensuring confidentiality. Labuan Foundations are also flexible and tax efficient.

Successfully, Legacy Trustee Ltd and Bank Islam Trust Company (Labuan) Ltd have declared their respective intentions for the purpose of achieving the principles of collaboration which are to offer an innovative and an attractive option of Labuan Foundations structure for high-net-worth individuals and families as part of their wealth management plan.

The Malaysian government, through Labuan Financial Services Authority (“Labuan FSA”), having a wide array of financial products and services, and skilled workforce, is committed to developing Labuan as a world-class sustainable financial centre.

Mr. Nelson Goh, Principal Officer and Managing Director of Legacy Trustee said, “In our rapidly evolving digital age, digital assets are crucial, and collaboration among digital trustee companies, asset managers, and regulators is necessary. Labuan aims to become Asia’s top financial hub, offering tax efficiency, diverse financial products, and skilled professionals. To achieve this shared goal, both the public and industry players need access to knowledge and continuous education. Importantly, synergy and unity among industry players are vital to achieving the goals.”

He added, “Today’s MoU symbolises our commitment to enrich wealth management, estate planning, and cross-financial institutional and legacy academy collaborations. It’s a milestone for Legacy Trustee Ltd, Labuan, and the Malaysian financial industry.”

This MoU is also witnessed by representatives of Labuan IBFC Incorporated Sdn Bhd (“Labuan IBFC Inc.”), representatives of Bank Islam Trust Company (Labuan) Ltd and the President of Malaysian Institute of Estate Planners (“MIEP”), Mr See Kok Loong, which will mark a significant step towards promoting the utilisation of trusts and foundations in wealth management, estate planning and importance of legacy academic in fostering among financial institutions within the Labuan International Business and Finance Centre. This initiative is believed could attract new businesses and investment to Labuan, which would benefit the Malaysian economy.

Back Row (From L-R):

  • Vivian Yong, Group COO, VCI Global Limited
  • Melvin Sho, Representative of Fintech Bank Limited (Labuan)    
  • Herman Chong, Director of Strategic transaction-Singapore, J. Rotbart & Co
  • Jeff Chow, Chief Executive Officer, PFPFA PTE LTD.
  • Alvin Tan, Chief Executive Officer, UOB KayHian Wealth Advisory Sdn Bhd
  • Julian Seng , Director of Compliance, Alpine Advisory Sdn Bhd
  • Gary Lee, Founder, GLP Consultancy Sdn Bhd “U NEED WILL”
  • Lee Chiwi, Chief Executive Officer, Estate Planning Practitioners (HK) Limited

Front Row (From L-R):

  • Dato Sri Desmond Lim, Board of Advisor, Pacific Invesco Capital
  • Joyce Louisa, Chief Operating Officer, Legacy Trustee
  • Dato’ Seri Prof. Dr. Mohamad Zabidi Ahmad, Independent Non-Executive Director, BIMB Investment Bank Islam Malaysia Berhad
  • Nelson Goh, Managing Director, Legacy Trustee
  • Eric Rodriquez Sigutil, Head, Legal & Secretarial, Bank Islam (Labuan) Trustee LTD
  • Komaladewi Sabilawati, Representative of Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO, Labuan IBFC Incorporated
  • Rita Mohd Sharif, Director/ Principal Officer, AMS Trust Company Limited
  • See Kok Loong, President, Malaysia Institute of Estate Planner

Samurai 2K Aerosol Records All-Round Improvement in 1H2024 Financials despite Challenging Business Environment

  • Net Profit (attributable to shareholders) up 494% to RM2.78 million;
  • EPS up from 0.14 RM Sen to 0.83 RM Sen;
  • Gross Profit margin up from approximately 34% to 45%;
  • Profit Before Tax margin up from approximately 3% to 10%.

1H2024 FINANCIAL HIGHLIGHTS

 

1H2024

1H2023

Variance

Revenue

RM39.74 m

RM41.83 m

-5%

Net Income attributable to Equity Holders

RM2.78 m

RM0.47 m

+494%

Earnings Per Ordinary Share (EPS)

RM 0.83 sen

RM 0.14 sen

+493%

Gross Profit Margin (%)

44.7%

34.3%

+10%

Profit before tax Margin (%)

9.8%

3.3%

+7%

 

Samurai 2K Aerosol Limited (the Company and together with its subsidiaries, the Group) (SGX: Y8E), a manufacturer of automotive aerosol paints and aerosol solution specialist, announced its financial results for the six months ended 30 September 2023 (1H2024). Despite a challenging business environment dominated by international trade tensions, global geopolitics and general slowdown in global economies, the Group recorded all-round improvement in its financials for 1H2024 as compared with same period last year (1H2023).

Revenue slightly decreased by approximately 5.01 % from RM41.83 million in 1H2023 to RM39.74 million in 1H2024. The decrease in revenue was mainly due to lower demand from the Malaysia market. However, for the same period, net income attributable to equity holders increased significantly from RM0.47 million to RM2.78 million. Consequently, EPS increased from 0.14 RM Sen to 0.83 RM Sen.

Revenue by Geography

1H2024

% of revenue

1H2023

% of revenue

Indonesia

RM17.87 m

45%

RM17.11 m

41%

Malaysia

RM10.40 m

26%

RM12.73 m

30%

Others (Thailand, Vietnam, Philippines, United Kingdom, Singapore, Cambodia, India and United States of America)

RM11.47 m

29%

RM11.99 m

29%

Total

RM39.74 m

100%

RM41.83 m

100%

 

Indonesia remains Samurai’s largest market with 45% of total revenue or RM17.87 million for 1H2024 and Malaysia is the second largest market with 26% of total revenue or RM10.40 million for 1H2024.

Cost of sales decreased by RM5.51 million or 20.05% from RM27.47 million in 1H2023 to RM21.96 million in 1H2024. The decrease was mainly due to the decrease in raw material and packing material costs. As a result, Gross Profit Margin was higher at 44.7% in 1H2024 compared to 34.3% in 1H2023.

Overall expenses increased marginally by 0.7% from RM 15.22 million in 1H2023 to RM15.33 million for 1H2024. Administrative expenses in 1H2024 increased by RM0.98 million or 12.97%, mainly due to additional headcount which is in line with business expansion generally in new business development O2O (offline to online). This is offset by marketing and distribution expenses decreasing approximately by RM1.15 million or 15.86%, from RM7.24 million in 1H2023 to RM6.09 million in 1H2024 as well as a decrease in offline marketing activities. Finance expenses increased approximately by RM0.28 million or 61.42% from RM0.45 million in 1H2023 to RM0.73 million in 1H2024 mainly due to increase in drawdown of term loan for upgrading the new office building.

Financial PositionThe Group’s financial position remains robust with net assets of RM77.44 million as at 30 September 2023, compared to RM75.15 million as at 31 March 2023. As at 30 September 2023, net asset value per ordinary share is 23.15 RM Sen vs 22.46 RM Sen as at 31 March 2023. The Group has a total debt of RM 34.65 million and a cash balance of RM29.22 million as at 30 September 2023.

Going ForwardThe Group expects the operating environment to be challenging over the next 12 months in the light of current international trade tensions, global geopolitics, and a slowdown in global economic growth. The Group will continue to intensify its marketing and business development efforts, and exercise prudent financial policies and cost control.

The main thrust of its business strategy is the development of new products using innovative proprietary technologies as a differentiating factor for the enhancing of the Samurai brand name. This will go hand in hand with offline to online digital marketing taking advantage of its global reach, scalability, and the reaping of economies of scale.

Meanwhile, the Group will continue to expand sales to emerging markets in Asia where demographics and income growth should provide some resilience in demand for aerosol paints and coating products.

One of the new products the Group is focusing on will be Tintatek-an innovative color mixing, creation and matching product which is expected to be launched by the beginning of calendar year 2024.

The Group continues to see growing demand for its products in the emerging markets of Asia amidst favorable its macroeconomic factors of demographics, urbanization, and higher consumer disposable income. It will therefore continue to expand its business footprint in these markets.

This media release is to be read in conjunction with the Company’s results announcement for 1H2024 posted on the SGX website on 14 November 2023.

Reference:https://links.sgx.com/1.0.0/corporate-announcements/HBF3C8Y905OT1IKC/795efad7fc45d816baca2c94eda8c162de701e2b6f7d5167a40d8f626a67a8a4

Issued by Samurai 2K Aerosol Limited

This press release has been reviewed by UOB Kay Hian Private Limited (the “Sponsor”).

This press release has not been examined or approved by the Singapore Exchange Securities Trading Limited (“SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, who can be contacted at 8 Anthony Road #01-01, Singapore 229957, telephone (65) 6590 6881

About Samurai 2K Aerosol Limited(SGX: Y8E)Samurai 2K Aerosol Ltd (“SAMURAI®”) has been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since January 2017. SAMURAI® is a fully integrated aerosol specialist that focuses on the repainting business as well as aftermarket for the automotive refinishing and refurbishing industry.

SAMURAI® aims to be the world’s most respected innovative aerosol system provider and offer the most innovative aerosol systems with the best user enjoyment and to create more job opportunities for all the sprayers in the world.

SAMURAI® specializes in manufacturing 2-part aerosol paint which is a mix of resin and hardener within the same spray can. In 2000, Mr. Peter Kwasny, the German inventor of aerosol spray paint, invented the first 2K technology in aerosol spray paint, which allows two (2) separate components, namely paint and hardener into a single aerosol spray paint. In 2015, Mr. Ong Yoke En, Samurai’s inventor and CEO, established a similar 2K technology and patented the first improved version of 2K technology. In 2016, SAMURAI® further developed from the earlier dual-head system to a single-head system aerosol spray paint, which penetrates the combination of the two (2) components thoroughly before application. This provides better performance in spraying experience and high level of durability.

SAMURAI® regional office is situated in Singapore while research, product development, branding and manufacturing are conducted in Malaysia. Samurai’s products are distributed worldwide to throughout Malaysia, Indonesia, Thailand, Philippines, Vietnam, Cambodia, UK, USA, Singapore and India. Its range of products include Truck Bed Liner, Epoxy Marine Surface Primer, Marine Coating, Boat Deck Granular Textured Epoxy Primer, Automobile Body Epoxy Primer etc. For more information, please visit our official website at www.samurai2kaerosol.com.

Media and Analysts Contact:Samurai 2K Aerosol LimitedMs. Saveena PrabakaranLegal Cum Relation ExecutiveEmail: saveena@samuraipaint.jp

Waterbrooks Consultants Pte LtdMr. Wayne KooTel: +65 9338 8166Email: wayne.koo@waterbrooks.com.sgEmail: query@waterbrooks.com.sg

“Immutable Puppet – Workshop on the Preservation and Revitalization of Glove Puppetry” Successfully Held in Beijing

On November 4, 2023, the Immutable Puppet – Preservation and Revitalization of Glove Puppetry” exhibition and cultural exchange workshop, organized by Beijing ProBono Foundation’s Next Wave Project Fund, took place in Beijing.­­­

This event was conceived and initiated by Lin Cuiran, a student from Beijing No.8 High School Sino-American Program, and was graced by the presence of distinguished guests, including Lin Chengmeng, one of the sixth batch of municipal-level inheritors of intangible cultural heritage in Zhangzhou City, and Cai Wenwei, the founder of ShengYu Glove Puppetry.

The photo of Exchange activity

Embracing Cultural Roots in the New Generation – The Finest Form of “Heritage”
At the outset of the event, Lin Cuiran warmly welcomed the attendees and guests, sharing her motivation for organizing the workshop. She aimed to share her hometown Quanzhou’s unique culture with a wider audience, enabling people to experience the allure of traditional culture and continue its legacy. Safeguarding and passing down intangible cultural heritage is a complex and time-consuming task, and a long-term task of fusion of tradition and modernity. Lin’s goal was to infuse traditional culture with fresh vigor and vitality through innovative dissemination and inheritance methods. By doing so, she aimed to raise public awareness of intangible cultural heritage preservation and delve deeper into the essence, originality, and inherent charm of glove puppetry. The event was designed to expand the influence and reach of glove puppetry.

Curator – Lin Cuiran, International Department of Beijing No. 8 Middle School

The event featured Cai Wenwei, or ShuDa, the founder of ShengYu Glove Puppetry, who explained the “Origins of Taiwanese Glove Puppetry” using Taiwanese puppets. Additionally, Lin Chengmeng, one of the sixth batch municipal-level inheritors of intangible cultural heritage in Zhangzhou City and a teacher at the Zhangzhou Glove Puppetry Heritage Protection Center, elucidated the “Process of Creating Puppet Heads in Zhangzhou Glove Puppetry” for the audience. Lin’s vivid presentation transported the audience to the world of Zhangzhou Glove Puppetry, a thousand miles away from Beijing, offering them a tangible experience of the intersection between traditional glove puppetry and contemporary reality and opening new horizons for the dissemination of intangible cultural heritage.

CAI Wenwei (second from left), Lin Cheng Meng (third from right), Fengyun She-Shan Shan (second from right)

“Expressing” Tradition through Cosplay – Embracing “Integration” in the Modern Era
While reinforcing the dissemination of information about intangible cultural heritage through traditional methods, Lin Cuiran actively explored the aesthetic appeal of such heritage. Leveraging advanced media science and technology, she sought to enhance its influence and dissemination effects, aiming to win the hearts of a broader audience.

To achieve this, she invited the leader of FengYunShe, a modern society deeply passionate about glove puppetry, to participate in the event. FengYunShe seamlessly blended second-dimensional culture cosplay with glove puppetry, bringing puppets to life through dynamic real-life portrayals. This approach infused the puppets with vitality, allowing the audience to intimately experience the distinct characteristics of glove puppetry characters. Intangible cultural heritage is steeped in tradition, while animation technology and visual effects epitomize modernity. The creative fusion of these elements resulted in a traditional yet contemporary expression, merging the traditional nostalgic ambiance with the visual impact of real-life 4D performances and fostering cultural exchange between old and new traditions.

Following hours of discussion and exchange, the audience gained profound insights into the intangible cultural heritage of glove puppetry while forging lasting friendships. As the curator, Lin Cuiran expressed her hope for more young individuals to join the endeavor of preserving and innovating intangible cultural heritage. With a dedicated approach to selection and innovation, they can collectively perpetuate China’s enduring classics, ensuring that the public comprehends, accepts, and cherishes glove puppetry as a valuable intangible cultural heritage.

Nasdaq-Listed AGAPE Forges Ahead with Sustainable Energy Business

Homegrown Nasdaq listed AGAPE ATP Corporation (ATPC or the Company; stock code: ATPC) intends to finance the construction of 50 electric vehicle (“EV”) charging stations by Volt Industries Sdn. Bhd. (Volt Industries) in Pahang as part of the Company’s strategy to develop and offer sustainable energy solutions.

Datuk Tay Say Jim, Dato Sri Dr How Kok Choong, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib and Edward Ang Mou Lee [L-R]

ATPC recently signed a Memorandum of Agreement (MoA) with Volt Industries, in which the Company also intends to acquire a 51% stake in Volt Industries, a developer of EV charging stations based in Pahang. ATPC, which was recently listed on Nasdaq, specializes in sustainable global ‘wellness’ ecosystem and the development and production of advanced technology solutions for the energy sector.

The MoA was attended by founder and Chief Executive Officer (CEO) of ATPC Dato’ Sri Dr. How Kok Choong, CEO of Volt Industries Datuk Tan Say Jim, founder and CEO of Oriental Industries Enterprise Sdn. Bhd. Edward Ang Mou Lee and witnessed by Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib.

Dato’ Sri Dr. How Kok Choong, the founder of AGAPE ATP, said: “Our recent IPO on Nasdaq was just the beginning. This MoA signifies ATPC’s expansion into the sustainable energy space, reflecting our ambitions on both the local and global stages. In forging this partnership with Volt Industries, we’re not merely building charging stations, we’re powering Malaysia’s sustainable future. This partnership underscores our unyielding commitment to spearheading a green transformation on the global stage.”

He explained, “The main purpose of this transformative partnership is ATPC’s strategic venture into Volt Industries, acquiring 51% share, where this acquisition underscores ATPC’s plans to be at the forefront of Malaysia’s EV transformation. This project will be funded privately, with no government subsidies.”

Under the MoA, ATPC will explore the project’s financial viability by securing primary funding as well as seeking additional capital from other avenues. Volt Industries will initiate the project’s groundwork, including acquiring all necessary permits and licenses as well as ensure full compliance with local regulations together with construction work.

Datuk Tan Say Jim, Chief Executive Officer of Volt Industries said, “Our technical expertise spans the entire value chain from design to operations and we see our expertise and strengths complimenting ATPC’s strategies and corporate direction. We look forward to working with ATPC to roll out the 50 EV charging stations across Pahang that will reshape the state’s transportation landscape.”

On the same day, ATPC also signed a MoA with Oriental Industries Enterprise Sdn. Bhd. (“OIE”), a company focusing on cutting-edge EV battery development, with the intent to form a Special Purpose Vehicle Company (SPV) providing and promoting the development of renewable energy in Malaysia. Both ATPC and OIE will hold 50% shares in the SPV.

AGAPE ATP Corporation: [Nasdaq: ATPC], https://www.agapeatpgroup.com/

Hektar REIT Achieves Historic Success: ESG Performance Rewarded with Dual Gold Accolades at The Edge Malaysia ESG Awards 2023

  • Gold Award under the “REIT” category
  • Gold Award under the “Outstanding ESG & Dividend Return” category
  • The awards were aimed at honouring Malaysia’s best performers in ESG

Hektar Asset Management Sdn. Bhd., the Manager of Hektar Real Estate Investment Trust (Hektar REIT), is pleased to announce that Hektar REIT is the proud recipient of two Gold Awards at The Edge Malaysia ESG Awards 2023 under the Equity Awards category. These awards were for the categories of Outstanding ESG and Dividend Return Award and Real Estate Investment Trust (REIT) Award.

Senior Manager, Business Strategy Muhammad Fahmi bin Rasni; Senior Manager, Finance, Mohamad Othman bin Mail; GM, Legal, Martin Chen Kuok Yeow; GM, Business Development & Strategy, Nor Sabrina binti Halim; ED & CEO, Johari Shukri bin Jamil; Senior GM, Finance, Lim Kek Siang; Assistant Manager, Investor Relations, ESG & Special Projects, Muhammad Bakhtiar Ul Haq; and Manager, Risk & Assurance, Aida binti Zainudin of Hektar REIT[L-R]

Hektar REIT was announced as one of this event’s biggest winners in the equities category. These awards serve as a testament to Hektar REIT’s steadfast dedication to maintaining the highest levels of excellence in Environmental, Social, and Governance (ESG) practices. The distinguished award ceremony took place during a grand gala dinner at the Hilton, Kuala Lumpur, on 6 November 2023 and was officiated by Minister of Natural Resources, Environment, and Climate Change Nik Nazmi Nik Ahmad.

The Edge Malaysia ESG Awards 2023, a prestigious accolade in the industry, is divided into two distinct categories: the Equity Awards and the Fund Awards. Its primary aim is to recognize and laud the exemplary performance of Malaysia’s leaders in ESG excellence.

Under the Equity category, The Edge Malaysia collaborates closely with Bursa Malaysia and FTSE Russell. The objective is to spotlight and celebrate the best-performing PLCs, with the evaluation process grounded on the robust methodology provided by FTSE Russell. The Fund category sees The Edge Malaysia partnering with Morningstar to identify and reward the top-performing asset management firms using the latter’s recognized method. These awards were aimed at promoting ESG adoption and leadership amongst industry leaders and professionals by recognizing their contributions and successes.

Hektar REIT qualified under the category of Equity Awards, whereby a company must be listed on Bursa Malaysia and be a constituent of the FTSE Bursa Malaysia EMAS Index as of June 2023. Another key criterion for eligibility was for the companies to be assessed by FTSE Russell in December 2022 and June 2023. The Outstanding ESG and Dividend Return was a new category introduced by The Edge and companies were evaluated based on their performance for the last five years.

Johari Shukri Jamil, Executive Director & Chief Executive Officer of Hektar Asset Management Sdn. Bhd. said, “We are filled with gratitude and enthusiasm for securing these two prestigious Gold Awards, a significant milestone in Hektar REIT’s exceptional journey. It is a resounding affirmation of our unwavering dedication to weaving ESG principles into every facet of our operations and strategic vision, reinforcing our commitment to sustainability and the creation of long-lasting stakeholder value. At Hektar REIT, we firmly believe that our steadfast embrace of robust ESG practices forms the basis upon which we construct sustainable value for our esteemed unitholders, devoted shoppers, and the communities we are privileged to serve.

The significance of these two gold awards cannot be overstated; they symbolize the historical milestone we have achieved and propel us further towards continuing our sustainability mission. As we move forward, we remain deeply committed to not only maintaining but surpassing the high standards that have earned us these accolades. We understand that this success comes with a weighty responsibility, and we embrace it with enthusiasm, passion, and the utmost dedication.

Our journey is far from over; it has only just begun. With these two gold awards as our guiding stars, we are determined to explore new horizons and demonstrate that adopting a sustainable approach is not merely an option but a definitive path towards a more promising future for everyone.”

Hektar REIT remains committed to integrating ESG into all aspects of the business, from financial management to operations and future planning. This dedication is a cornerstone of our mission to deliver robust and enduring value to our stakeholders, positioning us for a prosperous future.

Hektar REIT: http://www.hektarreit.com/

Acrometa Group Signs MOU for Sand Concession, Opening New Business Opportunities in the Region

  • ACROMETA signs MOU with PT. Swadaya Buana Makmur for the supply of high-grade silica sand from West Kalimantan.
  • Up to one million tonnes of supply annually targeted with an estimated open market value of US$39 million[1]

ACROMETA Group Limited (ACROMETA, or the Company and together with its subsidiaries, the Group), today announced that the Company has signed a Memorandum of Understanding (MOU) to pursue new business opportunities in Indonesia.

A non-binding non-exclusive MOU was signed between ACROMETA and PT. Swadaya Buana Makmur (PTSBM) for the supply of high-grade silica sand from West Kalimantan, Indonesia.

Subject to relevant export approvals, a new subsidiary set-up for the proposed business will target to purchase and PTSBM will target to supply an annual offtake of up to 1,000,000 tonnes of Low Iron Silica Sand with a guaranteed quality of at least 99.5% SIO2 at prices and payment terms in line with market conditions. Both parties are set to enter into definitive Offtake/Purchase Agreements with a target for the Newco to commence its first trade by 15 January 2024.

Mr Levin Lee Keng Weng, ACROMETA’s Executive Chairman said, “The MOU with PTSBM is a synergistic opportunity given the Group’s deep expertise in specialist engineering services as we seek to broaden the Group’s revenue stream. ACROMETA will continue to capture new business opportunities to grow and create shareholder value for its investors.”

Trend for the demand for high-grade 99.5% purity silica sand is increasing and are used in the manufacture of precision glass instruments, ophthalmic lenses and LCD screens required by many industries such as the biotechnology, electronics, and pharmaceutical industries. In construction, it is the main structural component in several construction products such as flooring, mortars, cement, roofing shingles, and asphalt. The Group is currently speaking with potential international buyers before entering into formal offtake agreements with PTSBM.

[1] Market Prices fluctuate according to prevailing market conditions.

About ACROMETA Group Limited (SGX Stock Code:43F)
ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments.

The Group has, over the years, acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMETA’s business is divided into three main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical, and process works within controlled environments; (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure. (iii) Co-Working Laboratory business; currently operates 6,500 square feet of co-working laboratory space at The German Centre in Singapore, serving SMEs and startups.

The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA’s customers include hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.

The Company has been listed on the Catalist board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.

Media and Analysts Contact:
ACROMETA Group Limited
Ms. Cheah Lai Min
Chief Financial Officer
Tel: +65 6415 0574
Email: laimin.cheah@acrometa.com

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

This media release has been reviewed by the Company’s Sponsor, Evolve Capital Advisory Private Limited (the “Sponsor”). It has not been examined or approved by the Singapore Exchange

Securities Trading Limited (the “Exchange”), and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Mr. Jerry Chua, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, jerrychua@evolvecapitalasia.com

Stella Wins Shareholders’ Nod in EGM for PTM Acquisition & Strategic Changes

  • Unanimous EGM Votes Bolster Management’s Optimism for Growth & Diversification

Stella Holdings Berhad (Stella or the Company), an experienced player in the field of construction, property investment, and property development, is pleased to announce that all resolutions set forth at its Extraordinary General Meeting (EGM) have received endorsement from shareholders. Notably, a significant resolution encompassing the acquisition of Pembinaan Teguh Maju Sdn Bhd (PTM) was approved unanimously.

Datuk Benson Lau, Managing Director of Stella

The acquisition of PTM comes with considerable promise and far-reaching implications for Stella. Valued at a total purchase consideration of RM380.0 million, PTM will become a wholly-owned subsidiary of Stella. This acquisition is especially noteworthy given PTM’s RM1.16 billion worth of outstanding orders in areas such as roadworks, building construction, and mechanical and electrical projects. Furthermore, PTM has submitted quotations and is in discussions for contracts totalling approximately RM1.78 billion, amplifying the earnings potential over the next three financial years.

PTM also provides a profit guarantee of RM120.0 million for the financial years ending 30 June 2024, 2025, and 2026 on an aggregate basis to the Company.

The EGM also endorsed a significant private placement of up to 50.0 million shares, equating to around 74.63% of the current total number of issued Stella shares or 11.99% post-acquisition. This initiative aims to raise RM40.0 million for necessities like construction materials, labour costs, and subcontractors.

Complementing this acquisition, Stella Holdings Berhad will undergo a rebranding to become Varia Berhad, a change that encapsulates its wider vision and growth objectives.

After the conclusion of the EGM, Datuk Benson Lau, Managing Director of Stella, commented with enthusiasm: “Our unanimous decision to acquire PTM marks a pivotal moment for Stella. This new addition brings a vast RM1.16 billion worth of outstanding orders into our portfolio, thereby solidifying our growth prospects. PTM’s strengths in civil engineering, roadworks, and various infrastructure projects represent a perfect strategic alignment with our existing operations. We are also emboldened by our shareholders’ resolute support for our ambitious private placement and rebranding initiatives. Their unwavering confidence empowers us to aim higher and execute our strategic roadmap to fruition.”

As at 2 November 2023, 12:30 P.M., Stella Holdings Berhad’s share price is RM1.07 with a market capitalisation of RM71.7 million.

Stella Holdings Berhad: 5006 [BURSA: STELLA], https://stella-holdings.com.my/

Verofax wins GITEX Supernova Web3 & Blockchain Award 2023

Verofax, an innovator in Brand & Retail solutions, was selected among 521 startups globally as the best solution offering for Web3 & Blockchain, at the GITEX 2023 Expo,  Supernova Challenge in Dubai.

Verofax, a UAE-based startup and service provider for turning shopping & products interactive, has emerged as the winner of the 2023 Supernova Challenge at Expand North Star Dubai, the world’s largest startup event. The startup received the prize after rounds of pitching against global finalists.

Verofax’s groundbreaking solution combines interactive Product IDs with cutting-edge product recognition, enabled by advanced computer vision. This innovation has empowered consumers to:

  • Discover & Validate: Check before you buy product properties, ensuring complete transparency in terms of price, quality, and sustainability.
  • Engage Intimately: Through augmented reality, experience custom interactions that redefine brand loyalty.
  • Reap Rewards: Earn meticulously curated, personalized discounts anchored in individual purchase histories and preferences.

Verofax is on a mission to strengthen the bond between consumers and brands. This direct connection, established at the moment of purchase, accentuates trust and fosters unprecedented loyalty.

Wassim Merheby, CEO of Verofax, conveyed his gratitude, “We are profoundly honored by this recognition from the GITEX committee. It further fuels our mission – ‘Never trust, always verofax.’ As we look to the future, our resolve is only strengthened to bring forth innovations that redefine the consumer landscape.”

The Supernova Challenge is the biggest pitch competition in the Middle East, Africa and South Asia . The challenge is a key feature of Expand North Star Dubai, which hosted its biggest edition this year. It attracted over 1800+ startups from over 100 countries to explore the emerging opportunities in Dubai’s dynamic, diverse and tech-driven digital economy.

One of the judges at Supernova, Sharif El-Badawi, CEO of Dubai Future District Fund, commented, “The pitches we witnessed here at the Supernova Challenge are brimming with promise, unique innovations, and inspiring ideas.”

The Supernova Challenge Pitch Competition, a highlight of GITEX Global, in partnership with the Dubai Future District Fund, is the largest pitch competition in the Middle East, Africa, and South Asia. Startups vie for top honors in a range of categories, aspiring to become the next unicorn in the tech world.

Overall, thirteen category winners representing the USA, India, UAE, South Korea, France, UK, Nigeria, Switzerland, China and Bangladesh took home prize money:

Blockchain and Web3 Disruptor: Verofax from the UAE, a platform enabling real-time immersive shopper experiences instore and product quality validation.

Sustainability and ESG Disruptor: Zenerate from the USA, a platform providing AI-powered feasibility solutions for real estate development.

AI Disruptor: Knorish, a platform that enables hobbyists, professionals and niche experts to build, launch, market and sell online courses powered by their own knowledge and as an extension of their own brand.

Fintech and E-commerce Disruptor: Appro Technologies from the UAE, a digital platform simplifying retail banking onboarding.

Mobility and Smart Cities Disruptor: Innocel from France, a company providing clean energy solutions for a net zero future.

Healthtech and Wellness Disruptor: Skia from Korea, a digital surgery guide solution using augmented reality (AR) technology.

Martech Disruptor: Smartzer from the UK is a SaaS platform brands use to make live streams and videos interactive and shoppable to drive sales.

Female Founder Award: Matis from Switzerland, a platform empowering art market stakeholders with accessible and quantifiable tools for art authentication.

Africa Fast Award: Gifty from Nigeria, an app that helps people easily share gift lists with family and friends and avoid duplicating purchases.

Asia Fast Award: Urtopia from China, a company dedicated to revolutionizing urban transportation with its smart, sleek, and stealthy e-bikes.

India Fast Award: EyeROV from India, a marine robotics company providing underwater ROVs (remotely operated vehicles) to various industries.

Insurtech Disruptor: InsureCow from Bangladesh, a platform offering a 360° technology-powered cattle insurance and wellbeing monitoring solution.

MENA Award: Jalebi.io from the UAE is the world’s first restaurant operating system that helps restaurants save 5% on the cost of every order served.

The Supernova Challenge featured 40 finalist startups selected from the Expand North Star global roadshow, a series of international pitch competitions held by the Dubai World Trade Centre and DCDE to attract startups to Dubai and foster collaborations with digital ecosystems in various countries.

Expand North Star hosted by Dubai Chamber of Digital Economy (DCDE) is the powerhouse startup show of GITEX Global, organized by the Dubai World Trade Centre (DWTC) concluded this week marking its largest-ever edition at its new Dubai Harbour venue.

About Verofax
Verofax is a blockchain-enabled Brand and Retail solution provider with a presence across North America, Europe, Asia and MEA regions. Verofax’ solution is available across multiple cloud environments, helping Brands and retailers turn products connected for meaningful engagements with customers in store.

For technical matters, visit Verofax at https://www.verofax.com or contact info@verofax.com. 

Acrometa to Focus on Laboratory Construction and Co-Working Laboratory Space Business

  • The Board of Directors of waste-to-energy subsidiary Neo Tiew Power initiates process to place the company under Creditor’s Voluntary Liquidation
  • Group views action as prudent for optimal allocation of resources
  • The Group will continue to focus on its encouraging cash flow positive laboratory construction and co-working laboratory space businesses

ACROMETA Group Limited (ACROMETA, or the Company and together with its subsidiaries, the Group), an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors, today announced that the Board of Directors of the Company’s indirect subsidiary, Neo Tiew Power Pte. Ltd. (NTP), had on 27 October 2023 initiated the process to place NTP under Creditors’ Voluntary Liquidation ( CVL). NTP is a wholly-owned subsidiary of Acropower Pte. Ltd., which the Company has an effective interest of 56% in.

NTP was incorporated in February 2020 to produce renewable energy by converting biomass poultry waste into green electricity by the process of pyrolysis. However, due to the Covid-19 pandemic and changes to regulations for the safe handling of potentially dangerous animal waste products, NTP has not been able to commence operations.

The Group had extended significant loans to NTP and has decided it cannot continue supporting NTP. The directors of NTP had on 27 October 2023 resolved to place NTP in Provisional Liquidation, pending its eventual liquidation. Insolvency Practitioners from Alternative Advisors Pte Ltd were appointed as Provisional Liquidators. This decision arises from the inability of NTP to continue its regular business operations by reason of their liabilities.

Mr Lim Say Chin, CEO of AcroMeta Group said, “Conversion of poultry waste to green electricity is a fundamentally promising business. However, the Covid-19 pandemic’s impact on construction as well as changes in regulations for the safe handling of animal waste products meant that the project would continue to require financial support and affect the Group’s allocation of resources.”

Mr Levin Lee Keng Weng, ACROMETA’s Executive Chairman, said, “The Board’s decision for the voluntary liquidation of NTP by Acropower reflects our current focus on expanding the laboratory construction and co-working laboratory space businesses, both of which are currently cash flow positive and show a promising future with an encouraging flow of business opportunities and projects in the last twelve months.”

In August 2023, the Group’s wholly-owned subsidiary Acromec Engineers Pte Ltd (“Acromec”) was awarded a S$19 million contract for the design and construction of a 1,500 sqm high containment biosafety level research laboratory. In October 2023, the Group’s 70% owned subsidiary company Life Science Incubator Pte Ltd (“Life Science Incubator” or “LSI”) entered into a Management Agreement (the “MA”) with HB Universal Pte Ltd, a subsidiary of Mainboard-listed Ho Bee Land Limited, to operate and manage a co-working laboratory space at Elementum, One-North, a building in the heart of Singapore’s biomedical industry district.

About ACROMETA Group Limited (SGX Stock Code:43F)
ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments.

The Group has, over the years, acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMETA’s business is divided into three main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical, and process works within controlled environments; (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure. (iii) Co-Working Laboratory business; currently operates 6,500 square feet of co-working laboratory space at The German Centre in Singapore, serving SMEs and startups.

The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA’s customers include hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.

The Company has been listed on the Catalist board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.

Media and Analysts Contact:
ACROMETA Group Limited, Ms. Cheah Lai Min, Chief Financial Officer, Tel: +65 6415 0574, Email: laimin.cheah@acrometa.com 

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

This media release has been reviewed by the Company’s Sponsor, Evolve Capital Advisory Private Limited (the Sponsor). It has not been examined or approved by the Singapore Exchange Securities Trading  Limited  (the Exchange), and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.

The contact person for the Sponsor is Mr. Jerry Chua, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, jerrychua@evolvecapitalasia.com.