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Tresorfx Copy Trading
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Company appealing to Prime Minister to seek redress on issue as payments owed totalling RM49.8 million by Melaka government jeopardises upkeep of UNIMEL campus accommodation
Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, which has been classified as an affected listed issuer pursuant to Para 2.1(f) of Practice Note 17 (PN17) of the listing requirements of the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities), is pressuring the Melaka government for not taking action to address payments owed the Company from the Universiti Melaka (UNIMEL) project resulting in the default of an RM109.0 million Islamic financing facility.
Azri Azerai, Executive Director of Bintai Kinden
The PN17 classification came after MBSB Bank Berhad (MBSB) issued a notice of termination dated 29 March 2023 to Bintai Kinden as the corporate guarantor and its wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM), as the borrower in respect of RM109.0 million in Islamic banking facilities in which the Company and/or OPM has defaulted on.
En. Azri Azerai, Executive Director of Bintai Kinden said, “We are being victimised into PN17 status because the Melaka government has not seen fit despite a series of meetings to take action to address the RM49.8 million owed to OPM by Kolej Teknologi Islam Melaka Berhad (KTIMB) for the construction of the UNIMEL student campus accommodation.”
KTIMB is the operator of UNIMEL, which had awarded a contract via a concession agreement to OPM in early 2016 valued at RM121.0 million to construct student accommodation for the campus. The 25-year concession agreement comprised three years of construction and 22 years of maintenance services in which KTIMB is obliged to pay OPM for the upkeep of the campus accommodation. OPM had taken a 17-year tenure Islamic financing facility of RM109.0 million with MBSB to part-finance the UNIMEL campus accommodation project, which was completed in 2019.
“We have also sent various reminders to KTIMB as well as Melaka Chief Minister Incorporated (CMI Melaka) on the matter. Let us be clear that despite non-payment or irregular payments by the parties, Bintai Kinden has been honouring its debt to MBSB and has paid RM18.6 million from March 2021 to December 2022 towards the financing facility despite collecting only RM3.7 million from KTIMB.”
“Bintai Kinden would like to appeal to the Prime Minister to seek redress on this issue for the sake of the UNIMEL students, as we have been trying our best to maintain the campus accommodation. CMI Melaka is obliged to top-up any shortfall in the payments as part of the financing facility agreement with MBSB but the top-ups have been inadequate while KTIMB, which was required as part of the concession agreement to pledge land or properties with a market value of not less than RM42.5 million to safeguard Bintai Kinden’s credit risk, has not done so.”
Pursuant to the PN17 classification, Bintai Kinden is required to announce within three months of today’s announcement on whether the regularisation plan will result in a significant change in its business direction or policy and, within 12 months of today’s announcement, to submit a regularisation plan to the Securities Commission (“SC”) if the plan will result in a significant change in the business direction or policy of the Company and to complete the implementation of the plan within such timeframe as prescribed by the SC or, submit a regularisation plan to Bursa Securities if the plan will not result in a significant change in the business direction or policy as well as complete the implementation of the plan within such timeframe as prescribed.
Bintai Kinden reassures stakeholders that its other businesses such as the Mechanical & Engineering and Oil & Gas are running as usual. The Company has total unbilled orderbook to RM142.95million.
Company to grow domestic market through opening more MO Foodmart(TM) outlets while strengthening access to channel partners and at the same time, increase supply to China
PT ResourcesHoldings Berhad, a processor and trader of frozen seafood products, and trader of other food products, today announced that the Company’s revenue increased 32.0% to RM115.4 million for the third quarter ended 31 January 2023 (3Q FY2023) compared with RM87.4 million in the corresponding quarter of the previous financial year (3Q FY2022).
Managing Director of PT Resources, Heng Chang Hooi
For the quarter under review, the Company’s gross profit (GP) gained 58.1% to RM15.3 million compared with RM9.6 million in 3Q FY2022 while profit before tax (PBT) decreased by 55.4% to RM2.1 million. On a segmental basis, the processing and trading of frozen seafood products business contributed revenue of RM108.8 million in 3Q FY2023 while the trading of other products business contributed revenue of RM6.6 million. By geographical market, Malaysia contributed revenue of RM57.7 million while overseas markets comprising China and Saudi Arabia contributed revenue of RM57.7 million.
For the nine months ended 31 January 2023 (9M FY2023), the Company’s revenue increased 29.3% to RM356.1 million compared with RM275.4 million in 9M FY2022. GP increased 35.6% to RM42.3 million in 9M FY2023 compared with RM31.2 million in the corresponding period of the previous financial year while PBT increased 7.5% to RM18.3 million compared with RM17.0 million. For the 9M FY2023, there was also an 84.0% increase in administrative expenses to RM23.9 million due to one-off expenses resulting from listing expenses of RM4.0 million, an unrealised loss of RM4.6 million from foreign exchange volatility in 3Q FY2023 and, increase in staff costs of RM1.3 million.
Managing Director (MD) of PT Resources, Mr. Heng Chang Hooi said, “Over the longer term, we are optimistic for growth but in the short term, there are challenges arising from cost pressures that has affected our operations directly and indirectly while foreign currency volatility has also impacted profitability. We are committed to growing our market domestically through strengthening access to channel partners and opening up more of our MO Foodmart outlets locally while in the overseas markets, we are planning to increase supply to China.”
“The Company’s financial performance for the quarter was mainly due to an increase in domestic demand with the reopening of the economy while the increase in overseas demand was due to a rise in orders from existing customers in China in anticipation of higher demand for frozen seafood following the relaxation of COVID-19 quarantine rules.”
Group leveraging on small-to-mid-sized projects niche to seek more opportunities
Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company’s wholly owned subsidiary, SCIB Industrialised Building System Sdn. Bhd. (SCIBIBS), has been awarded an engineering, procurement, construction and commissioning (EPCC) subcontract valued at RM16.8 million from Majestika Sdn. Bhd.
Group Managing Director and Chief Executive Officer of SCIB, Rosland bin Othman
Majestika, the main contractor for the project, awarded the EPCC subcontract to SCIBIBS with a duration of 14 months for the construction of a school, Sekolah Kebangsaan Tambay, in Kota Samarahan, Sarawak.
Group Managing Director of SCIB, Encik Rosland bin Othman said, “We are pleased to announce that this project comes on the heels of having been awarded a project to rebuild a school in Serian, Sarawak that was announced earlier in the month valued at RM20.65 million. Our strengths and focus on small-to-mid-sized rural infrastructure projects have enabled us to build a strong portfolio that we can leverage on when seeking such projects.”
“SCIB offers EPCC services that are supported by our manufacturing arm, which is the leading precast concrete and IBS manufacturer in East Malaysia. We are actively pursuing projects for dilapidated schools in Sarawak and Sabah, which have been allocated RM920 million. This is on top of bidding for projects in both states, which have been allocated RM5.6 billion and RM6.5 billion respectively under the re-tabled Budget 2023.”
The Company’s share price as of 28 March 2023 is 0.125 sen with a market capitalisation of RM72.8 million. SCIB has an order book of RM388 million as of March 2023.
Transfer of listing testimony to strength of business and track record of profitability and projects
Samaiden Group Berhad, a renewable energy (RE) specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants has announced the approval obtained from Bursa Malaysia Securities Berhad for the transfer of the listing of and quotation for its entire issued share capital and outstanding warrants from the ACE Market to the Main Market of Bursa Securities today.
Group Managing Director of Samaiden, Ir. Chow Pui Hee
Bursa Securities had, vide its letter dated 27 March 2023, approved the transfer under the “Industrial Products & Services” sector. The transfer of listing will take effect two market days upon the announcement to Bursa Securities on the transfer date to be announced later.
In relation to the transfer of listing, Samaiden had met the profit requirements under the SC’s Equity Guidelines where it had achieved an aggregate after-tax profit of RM32.59 million over the last four financial years and an after-tax profit of RM11.93 million for the most recent financial year.
Group Managing Director of Samaiden, Ir. Chow Pui Hee said, “The successful transfer of listing of Samaiden to the Main Market is testimony to the strength of our business and track record of EPCC projects that we have completed. We will continue to leverage on our RE expertise in PV systems and power plants to seek more projects as businesses and other organisations move towards more sustainable operations. We are also encouraged by government initiatives that serve as the catalyst for the RE industry development in Malaysia and which enable us to participate as an investor.”
“The listing on the Main Market not only reflects Samaiden’s current scale of operations but will also help to improve investor’s recognition and interest in our shares, especially from institutional investors, which in turn will enhance the attractiveness and marketability of our shares. It will also enhance our standing and credibility among customers, suppliers, sub-contractors, business associates, bankers and employees that we have worked hard to maintain ever since our listing on the ACE Market on 15 October 2020.”
PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA] booked sales of Rp21.48 trillion in 2022, a 20.6% growth year-on-year (YoY) compared with Rp17.81 trillion booked in 2021.
WIKA’s President Director, Agung Budi Waskito (Agung BW), said that the largest contributors to WIKA’s sales performance were the infrastructure and building segment, followed by the industry segment, energy and industrial plant segment, and finally realty and property segment.
“This achievement shows that WIKA’s operations has become more sustained and more efficient. This can be seen from WIKA’s project burn rate of 39% in 2022, an improvement from 30.2% in 2021. The Company also recorded a higher gross profit margin of 10.3% in 2022, higher than 9.5% in 2021,” said Agung BW.
The good operating performance was a result of WIKA’s success in completing domestic projects in 2022, such as the Sukamahi Dam in West Java. WIKA has also completed supporting projects for the G20 Summit, such as revitalisation of VVIP terminals at I Gusti Ngurah Rai International Airport in Bali and Halim Perdana Kusuma International Airport in Jakarta. WIKA has also completed installation of the 50,000 DWT single point mooring in Pengapon, Central Java to improve national energy resilience.
WIKA Sets Transformation Strategy Following the achievements in 2022, WIKA has set transformation steps to ensure more prudent project selection, adopting lean construction, stronger digitalisation through closer integration of WIKA’s BIM capabilities and ERP systems, and strengthening the Company’s financial position.
“Through its transformation strategy, WIKA will have a more effective business process to achieve better results for both project owners and the Company,” said Agung BW.
Group declares second interim single-tier dividend of 0.25 sen per share for FY2023
Information and Communications Technology (ICT) products and services industry remain resilient for both government and private sector
SNS Network Technology Berhad, an ICT products, services and solutions provider, today announced that the Group’s profit after tax (PAT) for the fourth quarter ended 31 January 2023 (4Q FY2023) increased by 40.5% to RM16.77 million compared with RM11.94 million in the immediate preceding quarter (3Q FY2023).
Managing Director of SNS, Ko Yun Hung
SNS recorded revenue that gained 46.2% to RM509.86 million in 4Q FY2023 compared with RM348.84 million in 3Q FY2023. For the quarter under review, there was a 44.6% rise in profit before tax (PBT) to RM22.09 million compared with RM15.28 million in 3Q FY2023.
For FY2023, the Group registered RM43.72 million in PAT as well as PBT of RM57.36 million on RM1.40 billion in revenue. There are no comparative figures on a year-over-year basis as SNS was listed on the ACE Market of Bursa Malaysia on 2 September 2022.
Managing Director of SNS, Ko Yun Hung, said, “The commercial channel of our business remains the mainstay as the Group continued to see commendable growth in revenue and profitability. The demand cuts across industries and is from both the government and private sectors. Just recently we won a tender from the Ministry of Education valued at RM41.33 million through our Device-as-a-Service (DaaS) offering that addresses the gap for learning through the upgrade of devices and technology for students and teachers. Our DaaS offering provides convenience for businesses and organizations, enabling us to support our customers in their digital transformation journey. Additionally, the DaaS business model allows us to retain our customers with a higher likelihood of service renewal and generate recurring revenue for up to five years.”
“As we look ahead to the market in the technology industry, we anticipate a growing demand for digital transformation projects. With our expertise in this area and a proven track record of successful implementations, we are well-positioned to secure more projects in the coming months. As businesses and organisations continue to embrace digitalisation, we remain committed to delivering innovative solutions that meet their evolving needs and help them stay ahead of the curve in an increasingly competitive landscape.”
The Group has also announced a second interim single-tier dividend of 0.25 sen per share with an ex-date of 10th of May in respect of FY2023 to be paid on 26th of May 2023.
The App Provides Enhanced Abilities to Discover and Classify IBM Products
Anglepoint, the leading Software Asset Management (SAM) services provider to the Fortune 500 and Global 2000, has launched its first app on the ServiceNow app store, IBM Licensing for Software Asset Management. This app, combined with Anglepoint’s IBM Managed Service, offers the ability to identify, measure, and track IBM’s software natively within ServiceNow. The app is available now in the ServiceNow Store as part of the ServiceNow “Utah” release and is a companion app to ServiceNow’s IBM License Compliance for Software Asset Management app.
For customers who are also under IBM’s Authorized SAM Provider program (IASP) with an Anglepoint managed service, IBM may accept this solution as a replacement to ILMT for sub-capacity reporting.
Anglepoint Vice President Mari Petersen says, “As a leader in the Gartner Magic Quadrant three years in a row, Anglepoint is the premier organization to provide solutions to our clients that best meet their needs and benefit their ITAM Programs. For organizations who have or are considering investing in the ServiceNow platform and services for IBM software asset management, this app is the obvious solution. Connecting Anglepoint’s unparalleled expertise in IBM licensing with the power of the ServiceNow solution provides customers with the opportunity to understand how to optimize their IBM software licensing spend.”
Key features and benefits of the IBM Licensing for Software Asset Management app include:
Measure IBM sub-capacity (under the IASP program only)
Access IBM licensing expertise
Simplify license management
Gain confidence and visibility of IBM assets within ServiceNow SAMP
Identify opportunities for cost reduction
The launch of the app in partnership with ServiceNow provides IBM customers a solution that leverages the full power of the ServiceNow platform.
To access the free app, customers will need to be using the newest version of ServiceNow “Utah” and engage with Anglepoint for an IBM Managed Service. To learn more about this solution, please contact Anglepoint at servicenow@anglepoint.com.
ABOUT ANGLEPOINT Anglepoint is the leading provider of Software Asset Management & Technology Asset Management services to the Fortune 500 & Global 2000. Anglepoint’s services drive cost optimization, risk mitigation & strategic planning within the cloud, SaaS, enterprise software & hardware estates of complex hybrid IT environments. Anglepoint delivers comprehensive managed services, including SAM strategy, execution, process automation, and technology selection & implementation. Connect with Anglepoint on LinkedIn, Facebook, Twitter, and Anglepoint.com.
Contact Information Alison Frederick Director of Analyst Relations and Client Experience info@anglepoint.com
Dazz Remediation Cloud platform recognized for its innovative ability to accelerate cloud-native remediation and reduce risk for security and development teams.
Dazz, the leader in cloud security remediation, has been named one of 10 finalists for the RSA Conference(TM) 2023 Innovation Sandbox contest for its work delivering the Dazz Remediation Cloud SaaS platform. Dazz will present its technology to a panel of renowned industry judges and a live in-person audience on Monday, April 24 at RSA Conference 2023 in San Francisco.
Merav Bahat, Co-Founder and CEO, Dazz (Credit: Netanel Tobias)
Since 2005, the RSAC Innovation Sandbox has served as a platform for the most promising young cybersecurity companies to showcase their groundbreaking technologies and compete for the title of “Most Innovative Startup.” The competition is widely recognized as a catapult for success and the top 10 finalists have collectively celebrated 75 acquisitions and received $12.5 billion in investments over the last 18 years. Dazz will have three minutes to pitch to the panel of judges before a question-and-answer round.
“The RSA Conference Innovation Sandbox contest is one of the most exciting highlights of the week as we get to watch 10 of the cybersecurity industry’s best and brightest up-and-coming stars shine on stage with provocative and cutting-edge ideas,” said Linda Gray Martin, Senior Vice President, RSA Conference. “The demanding challenges and threats we face are only getting more complex in both size and severity, and we need smart, determined and skilled individuals and companies to make an impact and help tackle what lies ahead.”
The Dazz Remediation Cloud is a SaaS platform that accelerates cloud-native remediation and risk reduction for security and development teams. The company’s patented Root Cause Analysis engine uniquely analyzes data collected from the entire architecture to learn which cloud resource caused the issue seen in the cloud security tool, trace the issue back to the pipeline that was used to deploy it, and discover what triggered its build. Through the Dazz platform, security teams can quickly uncover the commit and developer who applied the change, and then share root cause context for faster, more efficient developer remediation-without any changes to the architecture. As a result, teams are able to quickly uncover blind spots in the CI/CD pipeline, shrink alert backlog, and streamline fixes right in the developer’s workflow.
Dazz emerged out of stealth in December 2021, while announcing $60 million in funding. Its investors include some of the world’s most prominent venture capital firms, such as Insight Partners, Greylock, Index Ventures, and Cyberstarts. The company already counts 25 of the Fortune 500 as customers.
“We improve the lives of cloud security and development teams by taking the pain and inefficiency out of the manual remediation process,” said Merav Bahat, co-founder and CEO of Dazz. “Instead of chasing a never-ending backlog, security teams can now rapidly prioritize the issues that matter most and communicate fixes with context to developers. On average, our customers experience MTTR improvements of 90%, their security and development teams collaborate better together with less friction, and achieve zero criticals within hours.”
The RSAC Innovation Sandbox contest kicks off at 12:00 p.m. PT on April 24, and winners will be announced at 3:00 p.m. the same day. The panel of renowned expert judges includes Niloofar Howe, Sr. Operating Partner at Energy Impact Partners; Paul Kocher, Independent Researcher; Shlomo Kramer, Co-founder and CEO, Cato Networks; Barmak Meftah, Co-Founder & General Partner at Ballistic Ventures; and Christopher Young, Executive Vice President of Business Development Strategy and Ventures at Microsoft. Hugh Thompson, Program Committee Chair of RSA Conference, will return to host the contest.
For more information regarding RSA Conference 2023, taking place at the Moscone Center in San Francisco from April 24-27, please visit https://www.rsaconference.com/usa.
About Dazz Dazz accelerates cloud remediation for security and engineering teams. The Dazz Remediation Cloud maps your code-to-cloud pipelines, reduces your security alerts to their key root causes, and remediates issues right in the developer’s workflow. With Dazz, you gain full pipeline visibility, cut through alert noise, increase the value of existing tools, and shrink your risk window by reducing time to remediate. Visit us at dazz.io and follow us on Twitter at @dazz_io and LinkedIn at dazz-io.
About RSA Conference RSA Conference(TM) is the premier series of global events and year-round learning for the cybersecurity community. RSAC is where the security industry converges to discuss current and future topics and gain access to the experts, unbiased content and ideas that enable individuals and companies to advance their cybersecurity posture and build stronger and smarter teams. Both in-person and online, RSAC brings the cybersecurity industry together and empowers the collective “we” to stand against cyberthreats around the world. RSAC is the ultimate marketplace for the latest technologies and hands-on educational opportunities that help industry professionals discover how to make their companies more secure while showcasing the most enterprising, influential and thought-provoking visionaries and leaders in cybersecurity today. For the most up-to-date news pertaining to the cybersecurity industry, visit www.rsaconference.com. Where the world talks security.
K2 Partnering Solutions, a provider of unique end-to-end consultative technology solutions in the enterprise application and software space, today announced its acquisition of Openlogix, a US-based technology consulting firm specializing in digital transformation and software development.
Openlogix, based in Bloomfield Hills, Michigan, is a top Salesforce, MuleSoft and IBM business partner with over 16 years of experience in delivering digital transformation solutions such as enterprise application integration, Customer 360, and application modernization. The firm partners with customers in industries such as Utilities, Financial Services, Insurance, Technology and Telecommunications.
The acquisition allows K2 to expand within its current ecosystems and provides a unique opportunity to efficiently scale its delivery capabilities and further expand its footprint in the U.S., India and Latin America. Openlogix’s team of experienced consultants and developers will also enhance K2’s ability to deliver customized solutions to clients.
The partnership will create synergies and opportunities for Openlogix to gain market share and provide it with a global platform to accelerate expansion in North America and new markets.
The acquisition is K2’s 8th since December 2020 and supports the group’s ongoing strategy of growing its portfolio through complementary acquisitions in the consultative technology solutions space.
“We are excited to welcome Openlogix to the K2 family,” said Antonio Gulino, CEO of K2 Partnering Solutions. “Steve, Ramani and the talented Openlogix team have built a great company. Their expertise and experience in digital transformation will strengthen our ability to provide innovative solutions to our clients around the world.”
“Our goal has always been to successfully carry out digital transformations for businesses of all sizes with a core focus on enterprise application integration,” said Steve Lokam, Founder and CEO of Openlogix. “Joining forces with K2 will bring about exciting synergies that will strengthen our unwavering commitment to deliver exceptional services to our valued customers.” Ramani Lokam, Vice President, Operations of OpenLogix said: “We are excited about the potential opportunities that this will bring to our employees. With K2’s widespread presence, it will create new possibilities for our partners and employees worldwide.”
K2 Partnering Solutions continues to support leading corporate enterprises seeking highly-skilled human capital and integrated solutions to develop, implement and operate critical technology and business solutions. The business provides an integrated end-to-end offering of Talent Solutions, Managed Solutions, Education and Human-Cloud Communities.
