Category: Finance

Aldrich Resources Berhad’s Strategic Collaboration with 20% Stake in Octowill Trustee Berhad

  • Enhancing Stakeholder Confidence and Driving Progress in the Financial Services Landscape

Aldrich Resources Berhad, a listed company on Bursa Malaysia primarily engaged in providing corporate secretarial, share registration service, computerised maintenance management systems and business solutions, is pleased to inform that its’ wholly owned subsidiary, Aldrich Capital Sdn Bhd had undertaken a 20% stake in Octowill Trustees Berhad. This strategic collaboration aims to strengthen Octowill’s shareholding structure and infuse confidence among stakeholders.

Executive Director of Aldrich Resources Berhad, Mr. James Chan; Managing Director of Octowill Trustees Berhad, Mr. Jack Leong; CEO of Octowill, Dato’ Sharif Bin Mohamed [L-R]

Octowill, a leading name in the financial services industry, is widely recognised for its expertise, professionalism, and commitment to surpass client expectations. Boasting over 30 years of experience in estate administration and wealth management, Octowill is well-positioned to redefine trust management in the financial landscape.

The five-pillar associate framework of Octowill – encompassing Venture Capital Management Company, Experienced Industry Experts, Chartered Financial Analysts (CFA), Legal Professionals, and Associates of Public Listed Companies – significantly boosts Octowill’s profile and consolidates its strong market position.

Managing Director of Octowill Trustees Berhad, Mr. Jack Leong said “In the realm of finance and estate management, trust is paramount. Octowill’s commitment goes beyond delivering on promises, ensuring that our clients’ best interests are diligently served.

“Our newly introduced comprehensive trust solution symbolises this unwavering commitment and testifies to our team’s collective dedication, efforts, and expertise.”

Octowill’s trust solution offers clients an array of benefits, serving as an essential tool for estate planning, providing a flexible, personalised approach to wealth distribution planning, assuring privacy and confidentiality, and offering robust asset protection.

CEO of Octowill, Dato’ Sharif Bin Mohamed said, “Our vision is to be the first choice for individuals, families, and organisations seeking comprehensive trust solutions. Beyond providing unparalleled expertise in trust and wealth management, we are committed to supporting our clients’ philanthropic endeavours. For us, success is holistic, comprising not only financial gains but also the transformative impact we catalyse in societies.”

Executive Director of Aldrich Resources Berhad, Mr. James Chan said, “We are excited to embark into this new venture, as it marks a significant milestone for Aldrich Resources Berhad. The strategic stake in Octowill not only amplifies our investment portfolio but also extends our reach into the ever-evolving financial services landscape. We believe in Octowill’s mission and the exceptional value it offers to its clients. With the experience of Octowill’s professional team, this strategic collaboration is a testament to our confidence in Octowill’s innovative solutions and its future growth trajectory.”

This landmark announcement underscores Aldrich’s strategic vision and commitment to drive growth and value for its shareholders, reinforcing its belief in Octowill’s future potential as a leading provider of trust and wealth management services.

Aldrich Resources Berhad: http://aldrich.my/

RHTLaw Asia Appoints Sim Sze Kuan as Of Counsel

Singapore-headquartered regional law firm RHTLaw Asia welcomes Mr Sim Sze Kuan as Of Counsel, effective 6 July 2023 to strengthen the firm’s private wealth practice.

Sze Kuan brings with him extensive legal experience spanning over three decades. His professional qualifications include being called to the Bar in England & Wales as a Barrister in 1989, being admitted as an Advocate & Solicitor in Singapore in 1990, obtaining solicitor status in Hong Kong in 1996, and joining the New York Bar in 2004.

With his extensive background in family office, investments, and asset management, Sze Kuan brings a wealth of knowledge and expertise that will enable him to contribute effectively to RHTLaw Asia’s private wealth practice. His deep understanding of these areas will allow him to provide strategic advice and guidance to clients seeking to establish family offices in Asia.

Sze Kuan said, “The firm’s core multidisciplinary capabilities and client-centric approach provide an ideal platform for me to leverage my deep understanding of the complexities in private wealth management to provide strategic guidance and help clients achieve their goals. I look forward to collaborating with my colleagues to drive the success of RHTLaw Asia across the region.”

As an Of Counsel, his addition will strengthen the firm’s capabilities in serving high-net-worth individuals and families, enabling the delivery of tailored legal solutions to meet their unique needs.

RHTLaw Asia Managing Partner, Mr Azman Jaafar said, “As we witness the growing trend of Asian capital migrating into Asian financial centres, Sze Kuan is well-positioned to leverage his experience for the benefit of our clients.”

About RHTLaw Asia LLP
RHTLaw Asia LLP is a leading regional law firm headquartered in Singapore with a network of offices in over 88 cities across Asia, Oceania, Middle East and Africa through the ASEAN Plus Group (APG) comprising over 2,000 lawyers. We help clients understand the local challenges, navigate regional complexities to deliver the competitive advantage for their businesses in Asia. RHTLaw Asia is a member of the Interlex Group, a global network of leading law firms, and HLB, a global network of independent advisory and accounting firms.

RHTLaw Asia is a member of ONERHT, an integrated network of multidisciplinary professional and specialist services which empowers stakeholders to achieve purposeful growth. For more details, please visit www.rhtlawasia.com

GBA Business Confidence Index eases to the 50 neutral mark

  • Survey reveals recovery momentum intact

Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the second quarter of this year. The current performance of “business confidence” eased to the 50 neutral mark while the expectations index remained in the expansionary territory (58.7), the second-highest reading in two years. The headline expectations index for credit also remained expansionary at 51.6, reflecting sanguine underlying growth expectations among companies in the region. Both expectations and credit indices point to further recovery in the third quarter.

Resilient investment appetite
The softer Q2 GBAI readings were expected considering the strong first-quarter GBAI performance brought by Mainland China’s swift post-COVID sentiment rebound. The performance of underlying sub-indices was more diverse this quarter after a more uniform increase in Q1. Fixed Asset Investment had the highest score of 52.9 among components, suggesting that respondents remained optimistic towards the longer-term GBA business outlook, by acknowledging the need to invest in capacity expansion in anticipation of further demand normalisation.

Industry sub-indices vary
The current performance index for Professional Services rose 4.0 points to an industry-best 56.1. The sector’s expectations index also outperformed by being the lone print above 60 (61.9). The current performance and expectations index of Financial Services and Innovation and Technology saw the largest quarter-to-quarter drops among sectors. Financial respondents’ sentiment was driven by margin pressures and credit worries amid an easing recovery momentum while the tech sector continues to face many headwinds, led by the ongoing global semiconductor downcycle.

China on modest recovery path
“The dip in the index in Q2 reflects the normalisation of base effects, softening of nationwide macro data quarter-to-date, and the novelty of reopening was bound to wear off. However, the index did not fall back into contractionary territory, suggesting only a softening of the recovery momentum. Given that GBA is a microcosm of Mainland China’s diverse economic drivers making it a bellwether for overall growth, we see the mainland managing to stay on a modest recovery path,” said Mr Kelvin Lau, Senior Economist, Greater China, Standard Chartered.

More diverse performance among GBA cities
There was a more diverse city performance among the current performance sub-indices. Most notably, Shenzhen (from 51.5 to 51.9) and Dongguan (from 53.5 to 56.4) showed their second consecutive improvement while other city sub-indices fell. Shenzhen weathered weaker responses from its tech respondents by posting the highest manufacturing and trading score among all city sub-indices. Guangzhou and Hong Kong, the other two GBA core cities, outperformed Shenzhen across the other four industry sub-indices.

Sustained recovery momentum in the coming quarters
Ms Irina Fan, Director of Research at the HKTDC, said: “We continue to take comfort from the fact that all city expectations indices stood comfortably in the 50+ expansionary territory, consistent with our view of a sustained recovery momentum in the coming quarters. That includes Hong Kong, which, despite returning to the lowest score of the pack, still managed to record a solid 54.7 expectations print (led by retail and professional services), making it two straight quarters of expansion.”

Overseas global supply chain migration yet to happen
Although there has been a lot of discussion about global supply chain shifts in the market, 91% of survey respondents said they have not moved any capacity overseas, and 87% reported no plans to do so for now. The survey found the biggest hurdles and concerns for relocating production capacity overseas are “cost of production higher than expected” topped the list at 34.6%, followed by “poor labour quality and productivity” at 29.9%, and “lack of good suppliers / proximity to suppliers” at 22.8%.

Related materials
– Standard Chartered GBA Business Confidence Index Report: https://www.sc.com/hk/gba/gba-index-report/
– HKTDC Research: https://research.hktdc.com/en/article/MTQxNzI2NzQ2MA

About Standard Chartered
We are a leading international banking group, with a presence in 57 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Corporate Affairs Department
Standard Chartered Bank (Hong Kong) Limited
Sharon Cheung, Tel: +852 3843 0144, Email: Sharonps.cheung@sc.com

Communications & Public Affairs Dept
Hong Kong Trade Development Council
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

KGW to Raise RM16.73 Million from ACE Market IPO

  • To issue 79.66 million new shares
  • 18 years of track record in serving US shipments
  • Served 1,357 customers in 2022
  • Cash and cash equivalents stood at RM29.5 mil as at 31 March 2023

KGW Group Berhad, a provider of logistics services including ocean freight services, air freight services and freight forwarding services as well as warehousing and distribution of healthcare-related products and devices, today launched the Group’s prospectus for the upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad.

The IPO will raise RM16.73 million via the issuance of 79.66 million new shares at the IPO price of RM0.21 per share to fund KGW’s future expansion as well as for working capital and repayment of bank borrowings. The proceeds will be used in the following manner:

– RM2.00 million to renovate the Group’s three-storey office building and adjacent two-storey warehouse
– RM0.73 million for working capital purposes
– RM10.00 million to repay bank borrowings
– RM4.00 million allocated for estimated listing expenses

Managing Director of KGW, Dato’ Roger Wong said, “We are an asset-light logistics provider that specialises in managing and coordinating the movement of goods within the supply chain. Instead of owning physical transportation assets such as ships, trains, or aircraft, we focus on providing more valuable services to our customers to facilitate their whole shipment process for better efficiency by leveraging partnerships and collaborations with existing transportation operators.”

Head of Corporate Finance of TA Securities Holdings Berhad, Mr. Ku Mun Fong said, “The Group has developed a solid network with other logistics services providers in various parts of the world throughout the years of operation. This has enabled the Group to arrange for shipping of goods from Malaysia to various locations including those in Asia, Africa, Europe, North and South America. This gives the Group an edge in competing and growing the business.”

Managing Director of Eco Asia Capital Advisory Sdn. Bhd., Mr. Kelvin Khoo said, “KGW Group will implement several strategies such as actively expand its pool of customers exporting to non-USA destinations, expand its headcount to scale up operations, expand its warehousing services for healthcare related products and develop new business opportunities for their logistics services through providing e-commerce solutions. Under the stewardship of Dato’ Roger and his Management team, we are very confident that KGW will be able to successfully implement their future business plan after its Listing, and will be able to further strengthen their presence in the logistics industry.”

KGW recorded revenue of RM43.38 million, RM63.52 million, RM195.42 million and RM229.70 million for the financial year ended 31 December 2019 (“FYE 2019”), FYE 2020, FYE 2021 and FYE 2022 respectively. The Group registered profit before tax of RM0.60 million, RM2.86 million, RM20.75 million and RM21.87 million for FYE 2019, FYE 2020, FYE 2021 and FYE 2022 respectively.

TA Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO while Eco Asia is the Financial Adviser.

KGW Group Berhad: https://www.kgwlogistics.com/

Image
1. Ms. Kelly Neng, Director, Eco Asia Capital Advisory Sdn Bhd
2. Mr. Kelvin Khoo, Managing Director, Eco Asia Capital Advisory Sdn Bhd
3. Mr. Ku Mun Fong, Head of Corporate Finance, TA Securities Holdings Berhad
4. Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairman, KGW Group Berhad
5. Dato’ Roger Wong, Managing Director, KGW Group Berhad
6. Ms. Cheok Hui Yen, Executive Director/ Chief Operating Officer, KGW Group Berhad
7. Mr. Tah Heong Beng, Executive Director, Operations, TA Securities Holdings Berhad [L-R]
( https://photos.acnnewswire.com/20230630.KGW.jpg )

FREED GROUP Expands Global Reach with Key Stakeholder Investment in Gabi Partners

Strategic Partnership Positions FREED GROUP as a Dominant Force in South Korean Digital Commerce

FREED GROUP (FREED), an award-winning digital and smart merchandising solutions company founded and headquartered in Hong Kong, has announced the integration of Gabi Partners, South Korea’s leading provider of membership commerce services and supply chain management. This strategic move further solidifies FREED’s dominance in the dynamic South Korean market and paves the way for expanded global opportunities.

Mr. Abel Zhao, Co-founder & CEO of FREED GROUP (right) and Mr. Siyoon Song, Co-founder & CEO of Gabi Partners (left), unite in South Korea, symbolizing the beginning of a promising collaboration.
(From left to right) Mr. Kenneth Lee, Co-founder & CPO of FREED GROUP; Mr. Siyoon Song, Co-founder & CEO of Gabi Partners; Ms. Yoonjeong Park, Co-founder & COO of Gabi Partners; and Mr. Abel Zhao, Co-founder & CEO of FREED GROUP, join forces as Gabi Partners becomes a part of the FREED family, ushering in a transformative alliance to reshape the membership commerce landscape in South Korea and beyond.

Gabi Partners is a leading player in the B2B2C commerce and B2B mobile gift-giving solution sectors. Their impressive track record includes a 370% annual growth rate and contracts valued at 34 billion won. With a focus on delivering tailored online shopping experiences, Gabi Partners has been working with FREED since 2020 to provide comprehensive services to serve prominent clients such as BMW Korea, Hyundai Card, LG Electronics, and Nonghyup Card. Gabi Partners has since then become the go-to platform in South Korea for businesses seeking to maximize online traffic and revenue. Even during the COVID period, the collaborative effort of FREED and Gabi Partners was able to achieve 300% year-over-year revenue growth in 2021.

“This strategic alliance marks a pivotal moment for FREED GROUP and Gabi Partners, bringing together two powerhouses in the digital commerce sector,” said Mr. Kenneth Lee, Co-founder & CPO of FREED GROUP. “Together, we are poised to unleash unparalleled growth and innovation in the digital landscape. As a one stop service provider, we will be supporting our customers from upstream to downstream. The synergies from this partnership will enable online traffic monetisation, create consumer values, brand stickiness and increase user satisfaction for our enterprise brands. By bringing Gabi Partners into the FREED family, it demonstrates our commitment to driving digital transformation and opening doors for further opportunities as a Hong Kong start-up with a global vision.”

With a history of successful acquisitions, including Awakening Journey China and Connexus Travel Limited, the investment in Gabi Partners reinforces FREED’s position as a Hong Kong-based company committed to continue in spearheading innovation in the e-commerce sector, empowering partners and businesses across APAC region and beyond.

About FREED GROUP
FREED GROUP is a technology innovator specializing in building proprietary Enterprise Application solutions. It pioneers the future of digital commerce by bringing the capability of multi-merchant, multi-platform networks onto one single backend system and database. With its end-to-end digital transformation and commerce empowerment solutions, FREED GROUP helps clients and partners from Fortune 500 corporations and brands to SMEs across regions to create new revenue streams, increase customer engagement and enhance servicing level.

Headquartered in Hong Kong and Singapore, FREED GROUP operates in more than 10 offices globally with over 200 staff. FREED GROUP supports clients and partners worldwide, including major names such as Samsung, China Mobile, China Life Insurance, BMW and LG. It is the winner of the 2022 World Economic Forum Technology Pioneers, 2021 Deloitte Technology Rising Star Award and 2021 United Nations UNWTO Global Start-up Competition, among many others. In 2023, FREED GROUP is named one of the top-10 high-growth companies in the Asia-Pacific region by Financial Times.

About Gabi Partners
Gabi Partners is a leading provider of B2B2C commerce and B2B mobile gift-giving solutions and supply chain management system, that revolutionizes the digital landscape with its innovative services. Since conception, Gabi Partners has quickly emerged as a key player in the industry, achieving remarkable success and rapid growth. With a focus on delivering tailored online shopping experiences, its cutting-edge SaaS model has garnered high-value contracts and annual sales growth rate of over 300%.

SCIB Announces Restructuring at Board Level

Company to appoint Abang Abdillah as Executive Chairman and Marcus Chin Choon Wei as Executive Director with immediate effect at its EGM

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB, Bursa: SCIB, 9237) today announced the appointments of Abang Abdillah Izzarim bin Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Zohari as Executive Chairman and Marcus Chin Choon Wei as Executive Director.

Abang Abdillah Izzarim Bin Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Zohari, Executive Chairman of SCIB
Marcus Chin Choon Wei, Executive Director of SCIB
Ku Chong Hong, Managing Director of SCIB

Abang Abdillah Izzarim is the Chairman of the PP Telecom and a director for Cempaka Helicopter Corporation Sdn Bhd. Marcus Chin Choon Wei is the Chief Financial Officer of Artroniq Berhad, as well as an Executive Director at APB Resources Berhad.

At the same time, the Company is also announcing the appointments of Mr. Kang Wei Luen, Dr. Dang Nguk Ling, and Mr. Liaw Way Gian as Independent Non-Executive Directors, with immediate effect.

Mr. Liaw is an Executive Director and Chief Executive Officer (CEO) of Artroniq Berhad, while Mr. Kang is an Independent Non-Executive Director of Artroniq and APB Resources Berhad. Dr. Dang Nguk Ling is an Independent Non-Executive Directors of APB Resources Berhad where Mr. Liaw also serves as an Executive Director.

SCIB also announced the resignation of Group Chief Executive Officer and Managing Director, Encik Rosland Bin Othman today as well as three Independent Non-Executive Directors, namely En. Noor Azri bin Azerai, En. Mohd Shakir bin Shahimi, and En. Nuraiman bin Shaiful Annuar on Monday, 26 June.

Mr. Ku Chong Hong has since been redesignated to Managing Director, while En. Shamsul Anuar Bin Ahamad Ibrahim has been redesignated to Independent Non-Executive Director effective immediately.

Mr. Ku Chong Hong, the new Managing Director of SCIB, said, “I would like to thank the Board of Directors of SCIB for this appointment, and I would like to extend a warm welcome to Abang Abdillah as our newly appointed executive chairman. I would also like to welcome Mr. Marcus to the Board of Directors (BoD) along with Mr. Kang, Dr. Dang and Mr. Liaw. Together with our recently appointed Independent Non-Executive Director Ms. Toh Beng Suan, their contributions and advice will help bring the Company to new levels of success. I look forward to working closely with them as SCIB will certainly be able to leverage on their experience and expertise.”

“We would also like to wish En. Rosland bin Othman for his many years of dedication towards SCIB, and to En. Noor Azri bin Noor Azerai, En. Mohd Shakir bin Shahimi and En. Nuraiman bin Shaiful Annuar well and thank them for their guidance and advice in their time as directors of SCIB.”

SCIB has been leveraging on its expertise as an engineering, procurement, construction and commissioning (EPCC) to seek opportunities in small-to-mid-sized projects in rural areas across Malaysia. The Company’s wholly-owned subsidiary, SCIB Industrialised Building System Sdn Bhd (SCIBIBS), was earlier this year awarded two school projects, an EPCC subcontract valued at RM16.8 million for the construction of Sekolah Kebangsaan Tambay, in Kota Samarahan and the rebuilding of a Daif school in Serian valued at RM20.65 million, both in Sarawak.

As at the end of 3QFY2023, SCIB’s order book stood at a cumulative contract value of RM495.3 million.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Start-up Express finalists make their pitches

  • Entrepreneurs represent diverse tech sectors from ConTech to Web

Start-up Express, the annual entrepreneurship development programme organised by the Hong Kong Trade Development Council (HKTDC), has returned for its sixth edition. Hong Kong is rapidly growing following COVID-19 and the HKTDC will continue to incubate and support local start-ups and help them develop their businesses. This year’s programme continues to help them build connections, explore markets, seek partners and enhance brand awareness.

In 2022, 10 winning teams were selected for the Start-Up Express Pitching Final
DimOrder provides a cloud-based ecosystem to over 1,700 restaurants
Meat The Next launched tiger nut vegan ice cream and tiger nut oat milk, which are dairy-free and with no added sugar, to the market

Start-up Express cohorts show tremendous traction
Stephen Liang, Assistant Executive Director of HKTDC, said the HKTDC would continue its commitment to supporting entrepreneurs in expanding their businesses into overseas markets, in addition to promoting the city’s capabilities in innovation and technology.

“Since the first edition of Start-up Express in 2018, the programme has already nurtured 50 start-ups, some of which have scaled up substantially. Start-up Express has given great support to start-ups over the past five years, helping them tap into new markets and win global recognition. Through the HKTDC network, numerous start-ups successfully obtained substantial business orders and secured partners as well as investment rounds. We will continue our quest to spread the spirit of entrepreneurship in Hong Kong, helping start-ups grow their businesses to the next level and helping them gain a foothold in the global arena. The HKTDC remains committed to building a sustainable and international entrepreneurial ecosystem that promotes local economic growth and business development,” Mr Liang said.

Applications stream in
Start-up Express is aimed at Hong Kong tech start-ups which plan to expand into international markets. The competition drew a record number of applications this year, with finalists from diverse sectors such as ed tech, con (construction) tech & prop tech, fintech, health tech, as well as metaverse, Web 3.0, smart city, HR tech and food tech. This year’s judging panel comprises five renowned industry experts: Jason Chiu, Chairman of Hong Kong Startup Council; Anthony Chan, Chief Executive Officer of Isola Capital; Gordon Yen, Chairman of Hong Kong Business Angel Network; Ben Cheng, President and Chief Executive Officer of C Capital and Danny Yeung, Co-founder and Chief Executive Officer of Prenetics.

Live polling on physical Pitching Day
The Final Pitching Day of Start-up Express 2023 will be held in-person on 4 July at the Hong Kong Convention and Exhibition Centre. Apart from the 10 winners, one laureate will receive the ESG Award, rewarding the most sustainable and socially impactful start-up, while the My Favourite Start-up Award victor will be decided by a live audience vote. The 10 winning start-ups will have access to capability-building workshops, mentoring sessions, exploratory missions to the Guangdong-Hong Kong-Macao Greater Bay Area, marketing sessions, extensive publicity and investor-pitching opportunities. These activities will help the laureates hone business skills, gain access to the latest market insights and acquire business know-how from experienced industry leaders. The winners will also be able to interact with buyers and investors at HKTDC-organised local and overseas events. The HKTDC will arrange business-matching meetings, helping entrepreneurs connect with potential partners, increase media exposure and enhance brand awareness.

Taking the market pulse and building a global network
Mr Liang added: “Last year’s winning teams stood out because of their innovative and forward-looking ideas. Through Start-up Express they were able to gain more insights into their industries, overseas market trends and investor preferences by participating in different HKTDC-organised events, including the Asia Summit on Global Health, Asian Financial Forum, exhibitions in Mainland China and overseas, and investor meetings in Hong Kong and the mainland. They have also been able to strengthen their business networks and expand their markets and businesses through the exposure they have gained. To help fuel the growth of these start-ups, the HKTDC also leveraged its network of 50 overseas offices worldwide to endorse them in international competitions and connect them to overseas investors through pitching events.”

20 finalists with unique products/solutions
Start-ups selected for the shortlisted top 20 in the Final Pitching Day have all presented innovative business solutions that help address social and environmental issues. Among them:

– DimOrder provides a cloud-based ecosystem to more than 1,700 restaurants. It builds operating systems, processes transaction and offers a procurement platform.
– Meat The Next launched tiger nut vegan ice cream and tiger nut oat milk, which are dairy-free and have no added sugar.
– Moongate is a one-stop shop for brands and businesses to use utility NFTs to drive customer engagement and revenue, enabling businesses to create powerful NFT tickets and memberships to maximise customer lifetime value.
– Neuropix has invented a bilateral wireless neurostimulation system to treat major brain diseases, a non-invasive innovative wearable neurotechnology.

Start-up Express 2023 Pitching Final
Date: 4 July 2023 (Tuesday)
Time: 1:15pm Media registration; 1:30pm-6pm Start-up Express Pitching Final
Venue: S221, HKCEC 1 Expo Drive, Wan Chai
Judging panel:
– Anthony Chan, Chief Executive Officer of Isola Capital
– Ben Cheng, President and Chief Executive Officer of C Capital
– Jason Chiu, Chairman of Hong Kong Startup Council
– Danny Yeung, Co-founder and Chief Executive Officer of Prenetics
– Gordon Yen, Chairman of Hong Kong Business Angel Network
Shortlisted start-ups: Click here to view the profiles of the shortlisted start-ups. https://tinyurl.com/yy9k28ve
Start-up Express website: https://portal.hktdc.com/startupexpress/
Photo download: https://bit.ly/3PikEf6

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC’s Communications & Public Affairs Department:
Jane Cheung, Tel: +852 2584 4137, Email: jane.mh.cheung@hktdc.org

Initial Results Confirm Widespread Mineralization at Appia’s Ionic Clay Project in Goias State, Brazil

Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (the Company or Appia) is pleased to provide an update on its newly acquired Cachoeirinha rare earths project (“PCH Project”) located near Ipora in the state of Goias, Brazil. This update results from a due diligence field visit and project review by Appia personnel, including Mr. Don Hains, an expert in industrial minerals.

The PCH project hosts rare earth element (REE) mineralization in both ionic clays developed from the weathering of alkaline granites, and in-situ rare earth mineralization associated with the underlying granite and a carbonatite intrusion to depths >100 m.

“Mineralization is widespread across the property with the most advanced target being a 2 km wide zone in the SW corner of the tenements known as Target 4,” stated Mr. Don Hains, senior consulting geologist and QP. “The exploration work by the vendor showed REE enrichment in the soils to depths of 8 to 26 m with the majority in the upper 8-10 m. Total REE grades in numerous auger holes drilled at Target 4 ranged from 274 ppm to 16,648 ppm (1.66%), with an average of 1,291 ppm total REE and, importantly, the valuable rare earths used in magnet applications (Pr, Nd, Tb and Dy) + Y accounted for approximately 14% of total rare earths, with a maximum of 28.4%.”

Appia completed 110 duplicate samples from twin auger holes distributed across Target 4 as part of its due diligence program and found comparable results to the original assays. Due diligence samples were also collected from trenches (17 samples) and diamond drill holes (76). Assay data for these samples also showed comparable results to the original sample data.

Due diligence samples were assayed at the same laboratory (SGS Geosol in Vespasiano, Brazil) using the same methods as the original samples (IMS95R and ICM40B). SGS Geosol is an ISO 17025 registered laboratory. Certified standards from OREAS were used to measure laboratory accuracy and precision. Supervision of the due dilignece assays was under the control of Mr. Hains.

He continued, “The average Heavy REE value is 145 ppm, or 13.93% of the total rare earths. In contrast, the Serra Verde project currently under construction in northern Goais State has total average REE values of 2,138 ppm (0.2138%)[1] but HREE values of only 155 ppm, or 7.26% of total rare earths. Thus, the PCH project has a relatively higher content of HREE in the deposit than Serra Verde.”

“The overall assay values of samples obtained to date are considered comparable to other ionic clay type rare earth deposits in Brazil such as Serra Verde and Araxa,” stated Stephen Burega, President of Appia.

“Such deposits generally have relatively low rare earth values compared to hard rock deposits but typically present more easily processed material with good recoveries and can thus be highly cost competitive against high-grade, hard rock rare earth projects. The relatively high assay values for Pr, Nd, Tb and Dy, the most valuable magnetic rare earth elements, are positive for development of the project,” he concluded.

Next Steps for 2023
The proposed 2023 exploration program will include high resolution topographic surveying across the Eastern claim blocks followed by a reverse circulation (RC) drill program including approximately 300 holes at 100m x 100m spacing totalling 4,500 metres on Target #4. Additional auger drilling will further delineate the extension of the rare earths potential to the West of Target #4. The RC drill program is planned to reach an average depth of 15 meters per hole, and will be sampled at 1/2 meters intervals.

The available data indicates that there is considerable exploration potential throughout this large property. Significant areas in both the western and eastern portions of the property show high relative radiometric values indicative of potential rare earth mineralization but these areas remain untested by drilling. It is reasonable to expect that the overall potential of the project can be increased significantly with further work in these areas.

“Preliminary metallurgical test work has involved mineralogy studies at Actlabs and SGS Mineral Services in Canada and geometallurgical and flotation test work at the Federal University of Goias (“UFG”). La, Nd and Nb were successfully floated in these tests, with recoveries of La and Nd typically averaging about 50% for the best collector conditions even without any up-front processing”, according to Hains. “Importantly, the flotation concentrates averaged 127 ppm Th and 38 ppm U, indicating radioactivity issues associated with mineral processing should be very manageable.”

Very preliminary leaching tests undertaken at SGS Mineral Services in Canada indicate the potential to successfully leach rare earths using ammonium sulphate, thus demonstrating the ionic clay nature of the mineralization. The Company advises that substantial additional metallurgical test work will be required as the project advances; however these very preliminary results do indicate that either flotation and/or leaching may be viable recovery schemes. It is likely that a combination of the two recovery processes may be required to maximise the recovery and produce a suitable concentrate as feed for further processing.

Appia’s local partner has been active on the PCH project for the past 2 years, and the team has compiled a significant dataset including geophysics and geochemical results as well as auger, drill and trenching samples across 9 delineated targets on the Western limb of the project area. There remains more that 50% of the project area still to be explored and assessed for its potential.

Location
The PCH project is located approximately 30 km from Ipora, a medium size city in the state of Goias, with a population of approximately 31,500 and well-developed infrastructure. The region around Ipora has significant ongoing mineral exploration and mining activity including active mines operated by Dundee Precious Metals and Yamana Gold. The property is well connected by a series of roads and is mainly used for farming. Local and community relations with mining and exploration companies including Appia’s predecessors at PCH are excellent.

Background on the PCH Project
The Cachoeirinha Project (PCH Project) is located within the Tocantins Structural Province in the Brasilia Fold Belt, more specifically, the Arenopolis Magmatic Arc. The PCH Project is 17,551.07 ha. in size and located within the Goias State of Brazil. It is classified as an alkaline intrusive rock occurrence with highly anomalous REE and niobium mineralization. This mineralization is related to alkaline lithologies of the Fazenda Buriti Plutonic Complex and the hydrothermal and surface alteration products of this complex by supergene enrichment in a tropical climate. The positive results of the recent geochemical exploration work carried out to date indicates the potential for REEs and Niobium within lateritic ionic adsorption clays.

The technical content in this news release was reviewed and approved by Mr. Don Hains, P.Geo, Consulting Geologist, and a Qualified Person as defined by National Instrument 43-101.

About Appia Rare Earths & Uranium Corp
Appia is a publicly traded Canadian company in the rare earth element and uranium sectors. The Company is currently focusing on delineating high-grade critical rare earth elements and gallium on the Alces Lake property, as well as exploring for high-grade uranium in the prolific Athabasca Basin on its Otherside, Loranger, North Wollaston, and Eastside properties. The Company holds the surface rights to exploration for 113,837.15 hectares (281,297.72 acres) in Saskatchewan. The Company also has a 100% interest in 12,545 hectares (31,000 acres), with rare earth element and uranium deposits over five mineralized zones in the Elliot Lake Camp, Ontario.

Appia has 130.5 million common shares outstanding, 143.5 million shares fully diluted.
Cautionary Note Regarding Forward-Looking Statements: This News Release contains forward-looking statements which are typically preceded by, followed by or including the words “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. Forward-looking statements are not a guarantee of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

For more information, visit www.appiareu.com

As part of our ongoing effort to keep investors, interested parties and stakeholders updated, we have several communication portals. If you have any questions online (Twitter, Facebook, LinkedIn) please feel free to send direct messages.

To book a one-on-one 30-minute Zoom video call, please click here. sburega@appiareu.com

For further information, please contact:
Tom Drivas, CEO and Director: (cell) 416-876-3957 or (email) tdrivas@appiareu.com
Stephen Burega, President: (cell) 647-515-3734 or (email) sburega@appiareu.com

[1] Source: company website, www.serraverde.com.

Grand Ming Group Holdings Limited Announces Annual Results for the Year Ended 31 March 2023, Reporting a Record-High Revenue and Net Profit

  • Revenue Increased by 5.1 Times to HK$5,004.6 Million
  • Net Profit for the Year up 71.7 Times HK$1,275.5 Million
  • Proposed Final Dividend of 5.0 HK Cents per share
  • Proposed Special Dividend of 15.0 HK Cents per share in Celebration of the Group’s 10th Anniversary of Listing

Grand Ming Group Holdings Limited (the Company and together with its subsidiaries, the Group, HKG: 1271) today announces its annual results for the year ended 31 March 2023 (FY 2022/23).

Highlights
— Revenue amounted to HK$5.0046 billion, an increase of 5.1 times from the previous financial year.
— Net profit for the year was HK$1.2755 billion, representing an increase of 71.7 times.
— Proposed payment of final dividend of 5.0 HK cents per share and special dividend of 15.0 HK cents per share.
— Stay positive toward lucrative business of owning and operating data centres via upgrading and expanding portfolio of developing two new centres in near future.
— Seize opportunity to increase land reserve for property development in Hong Kong.
— Execute the plan for property development in Nanning, Guangxi Province, China targeting for luxurious senior residential market.

In FY 2022/23, the Group’s consolidated revenue amounted to $5,004.6 million (FY 2021/22: $817.9 million), representing an increase of 5.1 times as compared to FY 2021/22. The consolidated gross profit also increased 31.2 times to $1,987.8 million (FY 2021/22: $61.7 million). These are primarily attributable to recognition of revenue and profits from The Grand Marine upon completion of its sales and handover of the residential units to the customers during the year under review. Net profit for FY 2022/23 grew by 71.7 times to $1,275.5 million (FY 2021/22: $17.5 million). Earnings per share was 89.85 HK cents (FY 2021/22: 1.24 HK cents). Excluding the change in fair value of investment properties, the Group recorded an underlying profit of HK$1,299.3 million in FY 2022/23, as compared to an underlying loss of $75.2 million in FY 2021/22. Underlying earnings per share was 91.53 HK cents (FY 2021/22: underlying loss per share of 5.30 HK cents).

The Group believes a long-term high dividend policy is the best reward for our loyal shareholders. With the solid performance, the Board now recommends to pay a final dividend for FY 2022/23 of 5.0 HK cents per share. To celebrate the Group’s 10th anniversary of listing on the Hong Kong Stock Exchange and express the gratitude to the Company’s shareholders for their continued support, the Board also recommends a special dividend of 15.0 HK cents per share. Together with the interim dividend of 6.0 HK cents per share and special interim dividend of 20.0 cents per share already paid, the total dividends for FY 2022/23 amounted to 46 HK cents per share.

The Group have demonstrated a proficiency in property development project initiation and execution through the successful launch of its first signature property project “Cristallo” which is a luxury residential project sitting at No. 279 Prince’s Road West, Kowloon. As at 31 March 2023, 15 units out of the total 18 units had been sold.

The residential development “The Grand Marine” is located at No. 18 Sai Shan Road, Tsing Yi, the New Territories. It offers 776 units with a saleable area of approximately 345,000 square feet. Pre-sales commenced since November 2019 and were well received by the market with over 92% of the units being sold as of 31 March 2023. Handover of the pre-sold units to buyers commenced in April 2022 following the issuance of the certificate of compliance in March 2022. Sales revenue of HK$4.85 billion was recognised in FY 2022/23.

The Group’s another project “The Grands” is located at No. 41, 43 and 45 Pau Chung Street in To Kwa Wan, Kowloon in close proximity to MTR To Kwa Wan station with a gross floor area of approximately 31,000 square feet. It is being developed into a 22-storey residential-cum-commercial tower with 76 residential units and a resident clubhouse over two levels of shops. Interior fitting-out works of the residential units are substantially completed. Preparation works for the pre-sale of the project are also commenced.

The Group is also developing a site, situated at No.1 Luen Fat Street, Fanling, the New Territories, into a residential-cum-commercial complex with a total gross floor area of approximately 36,000 square feet. The foundation works is underway and the development is scheduled to be completed in mid-2025.

In February 2023, the Group acquired two properties at No.66 Fort Street and No.57 Kin Wah Street, North Point, which cover a site area of approximately 3,240 square feet with a developable gross floor area of approximately 30,000 square feet. Currently, No.57 Kin Wah Street is a vacant land, while No.66 Fort Street has a 5-storey building, which is scheduled to be demolished in the third quarter of 2023. The site is planned to be redeveloped into a residential-cum-commercial project.

The balanced portfolio development initiative also includes geographical footprint expansion. The Group has started to development a site locating at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province with a site area of approximately 574,000 square feet. It is planned to be developed into a luxury residential project under the theme of leisure and healthy lifestyle, comprising high-rise apartment units, villas, retail shops and a wellness centre. Target customers will be the elderly and retirees and their families. The estimated gross floor area of the proposed development is approximately 1,100,000 square feet. The Group is in the process of obtaining all necessary document approvals from the relevant government authorities and plans to start construction works later this year.

The data centres operation is a major initiative of balanced development. The Group currently owns two data centres, namely iTech Tower 1 and iTech Tower 2. Revenue from its leasing business maintained a favourable growth, and recorded an increase of 20.5% year-on-year to HK$235.0 million. This was mainly driven by increasing utilisation of data centre spaces by the existing and new customers and increasing rental-related income due to uprise of electricity tariff.

The development of the two new high-tier data centres in the pipleline located in Fanling are well underway. Upon completion of these two new data centres, the Group will increase its portfolio gross floor area by 186,000 square feet.

Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “The year 2023 remains a challenging year for businesses. In tandem with the gradual recovery of the economy at this post-pandemic period, coupled with potential final push of interest rate hike ahead, we consider a cautious vision on our outlook this year is a key for navigating any tough environment. The Group has stayed steadfast to drive the corporate priorities of creating a balanced portfolio for its business structure and segments as well as to broaden the recurring income stream to drive resilience in all-weather economic landscape. Leverage on the strength of our people and leadership bench, we achieve remarkable results in FY 2022/23 with a record-high revenue and net profit, attributed from the completion of sales of The Grand Marine. We will continue the sale of the remaining units of The Grand Marine and Cristallo. We also plan to launch the pre-sales of The Grands in the second half of 2023. The development of the two new high-tier data centres in Fanling are progressing on schedule, and are targeted to be delivered in mid-2025 and mid-2026 to meet strong market demand. Meanwhile, we continue to commit to improving and upgrading the infrastructure of the existing data centres with a view to providing reliable services to our existing customers. With proven track record and a resilient financial position, we continue to identify for suitable development projects on a prudent manner so as to create long-term sustainable value and impactful outcomes for our stakeholder.”

About Grand Ming Group Holdings Limited (Stock code: 1271.HK)
The Group is principally engaged in the business of property development and property leasing, as well as building construction. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group operates two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres. Furthermore, the Group has completed sale of its luxury residential project, Cristallo. At present, the respective property development projects sale and ready to pre-sale in the pipeline include “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi and “The Grands”, which is located at No. 41, 43 and 45 Pau Chung Street, To Kwa Wan. Besides, property development in progress includes a site located at No.1 Luen Fat Street, Fanling and a site located at No.66 Fort Street and No.57 Kin Wah Street, North Point. In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project comprising high-rise apartments, villas, retail shops and wellness centre with an estimated gross floor area of approximately 1,100,000 square feet.

Media Contacts:
Angel Yeung
Jovian Communications Ltd
Email: news@joviancomm.com

Sri Trang Agro-Industry (SET:STA) Expands Business in Ivory Coast

  • Opening its first raw material Procurement Center this year, expanding to five next year

Sri Trang Agro-Industry PCL (SET: STA), the world’s leading fully integrated green rubber company and Thailand’s largest producer of rubber gloves, has opened the Company’s first raw material procurement center in Ivory Coast, aiming to expand its sources of raw material as well as providing agricultural knowledge to local rubber plantation farmers. The plan is to establish a total of five procurement centers in the country within next year. Ivory Coast is projected to have a production capacity of over 1.3 million metric tons of rubber this year, surpassing Vietnam and becoming the world’s 3rd largest rubber exporter.

Sri Trang Agro-Industry PCL runs the business with expertise and sustainability from upstream to downstream. The World‘s Leading Fully Integrated Green Rubber Company specializing in rubber plantation management and natural rubber products, it is the only Thai rubber company dually listed on the Stock Exchange of Thailand (SET: STA) and the Singapore Exchange (SGX: NC2).

Mr. Veerasith Sinchareonkul, Managing Director and Executive Director of Sri Trang Agro-Industry PCL revealed that it had established a subsidiary last year in Ivory Coast, or Cote d’Ivoire, to support business expansion through procurement of raw materials from new sources, most recently on June 1. The Company commissioned the first center to assess raw material sources with high growth potential, while planning to open five procurement centers by 2024, expanding its capability and coverage in sourcing raw materials.

The primary driver behind the subsidiary and procurement centers in Ivory Coast is the suitable climate and environment or cultivating rubber trees, resulting in continuous increases in production. Therefore, the country holds significant potential for rubber production and export. The International Rubber Study Group (IRSG) estimated that by 2023 Ivory Coast is projected to have a total rubber production capacity of 1.31 million tons, an increase of 23 percent from 2021, with projections of 1.37 million metric tons and 1.42 million metric tons in 2024 and 2025, respectively.

At present, Ivory Coast is the world’s 4th largest exporter of rubber, following Thailand, Indonesia, and Vietnam. However, IRSG forecasts that Ivory Coast’s rubber production will surpass Vietnam’s and become the world’s 3rd largest rubber exporter within this year.

“We recognize that accessing new supplies in Ivory Coast will greatly support the Company’s business in terms of expanding the sources of raw materials. In addition, our on-ground team is also providing agricultural knowledge on rubber cultivation to rubber plantation farmers in Ivory Coast, further enhancing the country’s capability as one of the world’s top producers of high-quality raw materials,” Mr. Veerasith added.

Released by Public Relations Dept., MT Multimedia Co., Ltd. for Sri Trang Agro-Industry PCL
For additional information, please contact: Wasana “Jeab” Wongsiri
Tel: +66 84 359 0659, +66 2 612 2081 ext.131; E: wasana.w@mtmultimedia.com

Sri Trang Agro-Industry PCL, www.sritranggroup.com/en/home
[SET: STA] [SGX: NC2] [FRA: YTAA] [OTCPK: SLJUY]