Category: Finance

HKTDC takes Building for the Future campaign to Indonesia

Hong Kong infrastructure sectors explore opportunities

To help Hong Kong’s infrastructure and real estate-related services (IRES) sectors seize arising opportunities, the Hong Kong Trade Development Council (HKTDC) is promoting its Building for the Future campaign in Indonesia for the first time, bringing a delegation to Jakarta from 27 February to 2 March.

Ir Dr Hon Lo Wai-kwok, GBS, MH, JP, Member of the Legislative Council of HKSAR (4th from L, front row), and Mr Stephen Liang, HKTDC Assistant Executive Director (2nd from R), co-led a delegation to Indonesia, and called on the local officials and industry associations, including Dr. Achmad Jaka Santos Adiwijaya, S.H., LL.M., Secretary General, Nusantara Capital City Authority (3rd from L), to explore collaboration opportunities in infrastructure construction between Hong Kong and Indonesia.
The “Building for the Future” promotion was held in Indonesia for the first time, with the highlighted “Hong Kong Forum on Urban Development” attracting more than 300 representatives from Indonesian government departments and businesses.
Dr Ir Herry Trisa Putra Zuna, Directorate General of Ministry of Public Works and Housing, Republic of Indonesia, gave remarks at the Forum.

Through events, including the Hong Kong Forum on Urban Development, business matching sessions and meetings with government and business leaders, the wide-ranging promotion gives Indonesia and Hong Kong companies an opportunity to explore partnerships.

In recent years, Indonesia has accelerated infrastructure construction in order to boost economic growth. The government allocated an infrastructure development budget of Rp392 trillion (US$26 billion) in 2023 to improve the provision of basic services, and productivity through connectivity and mobility infrastructure.

The delegation, co-led by Ir Dr Hon Lo Wai-kwok, GBS, MH, JP, Member (Functional Constituency – Engineering) of the Legislative Council of the Hong Kong Special Administrative Region, and HKTDC Assistant Executive Director Mr Stephen Liang, comprises 17 delegates from a wide range of professional sectors, including architecture, engineering, property development, construction and urban planning.

A highlight of the mission, the Hong Kong Forum on Urban Development focused on smart city, modern city development and urban planning, and architecture design. It introduced the strengths and value-added services of Hong Kong IRES and explored collaboration opportunities between Indonesia and Hong Kong in infrastructure development projects. Dr Ir Herry Trisa Putra Zuna, Directorate General of Ministry of Public Works and Housing, Republic of Indonesia, gave remarks at the Forum, with more than 300 Indonesian government and businesses leaders attended.

“As the world’s largest archipelagic state, Indonesia places much emphasis on infrastructure. With its rapid infrastructure development and capital relocation, there are many arising opportunities,” Mr Stephen Liang said in his welcome remarks at the forum. “The post-pandemic new normal has set in, the Hong Kong-Mainland China border has reopened, and Hong Kong has removed international travel restrictions. In this period of revitalisation, there is no better time than the present to capture new opportunities that will benefit Indonesian and Hong Kong businesses communities and strengthen economic growth in both places.”

He added, “Hong Kong has long been a leader in infrastructure and real estate-related services, from building and construction to architecture, engineering and surveying. Equipped with decades of experience in large-scale building projects, Hong Kong businesses are ideally placed to provide quality services in infrastructure and real estate-related services.”

The plenary session featured internationally renowned Hong Kong IRES companies – namely Arup, hpa, MVA, and Sino Group – which discussed smart city development, the infrastructure outlook as well as urban construction.

Two thematic sessions were followed, with Hong Kong delegates sharing success cases on environmental engineering and sustainable urban architecture.

The forum also featured business matching sessions for Indonesian enterprises to have one-on-one meetings with Hong Kong delegates to explore opportunities and exchange ideas about Indonesia’s infrastructure and urban construction projects.

Hong Kong is known as a leading financial centre around the world. With an extensive global network, a full range of financial products and a large talent pool, Hong Kong is an ideal place for Indonesian companies to engage in IRES projects.

Over the course of the next two days, the delegation will meet with Indonesian government and business leaders during visits to prominent infrastructure and urban development to capture business opportunities between Indonesia and Hong Kong.

Since the launch of the Building for the Future campaign in 2015, the HKTDC has led Hong Kong urban development services missions to eight cities in Mainland China and Kuala Lumpur, Malaysia. The HKTDC will continue to organise promotions to highlight Hong Kong’s strengths in infrastructure and urban construction.

Photo download: https://bit.ly/41vWbXi

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 Communication and Public Affairs Department:
Kate Chan, Tel: +852 2584 4239, Email: kate.hy.chan@hktdc.org

SCIB Posts Higher Revenue of RM66 Million in 1H FY2023

  • Manufacturing of precast concrete and IBS building materials continue to be profitable

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Group’s revenue increased by 2.6% to RM66.3 million for the six months ended 31 December 2022 (1H FY2023) compared with RM64.6 million registered in the corresponding period of the previous financial year (1H FY2022).

En. Rosland bin Othman, Group Managing Director and Chief Executive Officer of SCIB

The Company recorded a narrower loss before tax (LBT) of RM3.7 million in 1H FY2023 compared with LBT of RM4.0 million in 1H FY2022.

For the second quarter ended 31 December 2022 (2Q FY2023), the Company’s revenue decreased 5.6% to RM36.0 million compared with RM38.1 million in 2Q FY2022, while LBT widened to RM2.8 million compared with RM1.3 million reported in 2Q of the previous financial year.

Revenue contribution from the manufacturing business increased 6.9% to RM45.7 million in 1H FY2023 compared with RM42.8 million in 1H FY2022, while revenue contribution from the engineering, procurement, construction, and commissioning (EPCC) business decreased marginally to RM20.2 million compared with RM21.4 million. For 2Q FY2023, the manufacturing business contribution to revenue decreased to RM21.6 million compared with RM23.7 million in 2Q FY2022, while EPCC business revenue contribution remained stable at RM14.0 million.

Group Managing Director of SCIB, Encik Rosland bin Othman said, “Our key manufacturing arm, the leading precast concrete and Industrialised Building System (IBS) producer in Sarawak and Sabah, continues to be the mainstay in terms of revenue contribution. Manufacturing saw an increase in profit before tax (PBT) to RM2.0 million in 1H FY2023 compared with RM0.3 million in 1H FY2022 while manufacturing PBT for the current quarter under review doubled to RM1.0 million compared with RM0.5 million in the corresponding quarter last year.”

“The Malaysian economy began 2023 with good momentum, as the economic outlook gradually improves following strong growth in 2022. The construction sector grew 8.8% for the whole of 2022 supported by all subsectors, with the civil engineering subsector turning around to positive growth of 2.7%. Based on these latest developments, we are cautiously optimistic and will continue to leverage on our strength as the leading precast and IBS manufacturer in Sarawak and Sabah complemented with our track record in EPCC projects to bid for jobs.”

As of January 2023, the Company has an order book of RM387.96 million with earnings visibility until 2026.

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

PT Resources Signs MoU for an International Supply Chain Intelligent Park that Integrates Digital Technology

  • Company teams up with Ocean Exchange to develop Malaysia East Coast International Supply Chain Intelligent Park and Digital Financial Comprehensive Platform Project

PT Resources Holdings Berhad, a processor and trader of frozen seafood products, and trader of other food products, is pleased to announce that the Company has signed a memorandum of understanding (MoU) with Ocean Exchange (Fujian) Foreign Trade Services Co. Ltd to establish cooperation between the two parties for the joint development of the Malaysia East Coast International Supply Chain Intelligent Park, which is inspired by the Marche International Cold Logistics and Cross-border E-commerce Project (Fuzhou Park) located in Fujian province, China.

MoU Signing Ceremony
YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib

The project, which facilitates bilateral trade between Malaysia and China through Fuzhou, China is estimated to be worth RMB1.562 billion (or approximately RM1 billion). The project involves the establishment of an International Supply Chain Intelligent Park in Kuantan, Pahang, which is intended to drive the development of food and light industries supply-chain between Malaysia and Fuzhou with the aim of rapidly achieving currency internationalisation between the two countries.

The International Supply Chain Intelligent Park will encompass amongst others, integrated cold chain facilities to facilitate cross-border supply of consumer food as well as establish a digital financial platform utilising the UnionPay network to streamline and facilitate effortless cross-border payments and settlements between the International Supply Chain Intelligent Park and Fuzhou Park. In addition, the project also aims to boost the trade between the Malaysian seafood wholesale market and China through digital transformation, whilst collaborations with cold chain logistics companies will be initiated to facilitate an integrated logistics supply chain.

The Managing Director of PT Resources, Mr. Heng Chang Hooi said, “This is an excellent opportunity for both countries to develop a logistics hub to support international trade between Malaysia and China. We expect the project to strengthen the supply chain between Malaysia and China as well as be beneficial to the end consumers.”

“In addition, we expect a growth in our overseas sales in view of the growing affluence in China which will contribute to an increase in demand for frozen seafood in China.”

Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib said, “We commend the governments of Malaysia and China for their foresight in ensuring that businesses in both countries run their operations seamlessly through the project. We believe these initiatives could attract both domestic and international investors and businesses. China remains as one of Malaysia’s top trading partners and it is vital to have a hub to facilitate international trades between both countries.”

The MoU was signed by PT Resources’ MD, Mr. Heng Chang Hooi and Ocean Exchange representative, Mr. Richard Gan Woei Jer. Witnessing the MoU signing were Fujian province’s Member of the Standing Committee, Fuzhou secretary Lin Baojin; Deputy Speaker of the Dewan Rakyat, YB Alice Lau Kiong Yien; Member of the Pahang State Executive Council, YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib; Chinese Embassy Minister-Counselor, Lin Shiguang; and Fuzhou Deputy Mayor, Huang Jianxiong.

Image 1: MoU Signing Ceremony
[L-R]
Host:
1. Wu Yongzhong, Fuqing Mayor
Standing:
1. Huang Jianxiong, Fuzhou Deputy Mayor
2. Lin Baojin, Fujian province’s Member of the Standing Committee, Fuzhou secretary
3. YB Alice Lau Kiong Yien, Deputy Speaker of the Dewan Rakyat
4. Lin Shiguang, Chinese Embassy Minister-Counselor
5. YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib, Member of the Pahang State Executive Council
Seated:
1. Liangyong, Representative of Minqing County Government
2. Temenggong Datuk Vincent Lau Lee Ming, Representative of KTS Group
3. Heng Chang Hooi, Managing Director of PT Resources Holdings Berhad
4. Richard Gan Woei Jer, Representative of Ocean Exchange (Fujian) Foreign Trade Services Co. Ltd
( https://www.acnnewswire.com/topimg/Low_PTResources202302271.jpg )

Image 2: YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib
1. YB Dato’ Mohamad Nizar bin Dato’ Sri Mohamad Najib, Member of the Pahang State Executive Council
( https://www.acnnewswire.com/topimg/Low_PTResources202302272.jpg )

PT Resources Holdings Bhd: 0260 [BURSA: PTRB], https://www.ptresourcesgroup.com.my/

Olympus to Acquire Korean Gastrointestinal Stent Company Taewoong Medical Co., Ltd

  • Strengthening Gastrointestinal Endotherapy Offerings Through Bringing Together Talent and Technology

Olympus Corporation (Olympus), a global medtech company committed to making people’s lives healthier, safer and more fulfilling, has agreed to acquire Taewoong Medical Co., Ltd, (Taewoong Medical), a Korea-based manufacturer of medical devices such as gastrointestinal (GI) metallic stents[1] to strengthen its GI endotheraphy product portfolio capabilities, and in turn, contributing to improving patient outcome through comprehensive solutions.

Taewoong Medical
Niti-S Hot SPAXUS(TM) Stent & Electrocautery Stent Delivery System

Taewoong will receive approximately $370 million in cash, of which $255.5 million will be paid at the closing and up to $114.5 million will be paid if future milestones is achieved. The company expects to complete the transaction on June 30, 2023, subject to customary closing conditions.

Incidences of biliary cancers, where metallic stents are frequently used as one of the treatments, have been increasing in recent years[2] due to the aging population[3]. Metallic stents are often used to treat jaundice, one of the symptoms of an obstructed or narrowed biliary tract caused by biliary cancer. The stent allows for minimally invasive treatment[4], which supports faster patient recovery.

Different types of stents are needed depending on the condition of the lesion and the patient’s anatomy. Taewoong Medical, a leading manufacturer of GI stents, offers a variety of medical devices including metallic stents designed for biliary tract, esophagus, colon, and duodenum treatments[5]. GI stents are used to help clear occlusions or strictures by cancer or other diseases. Moreover, Taewoong Medical’s metallic stents combine strong radial force with high flexibility[6], which are both crucial requirements. This allows the stents to conform to the shape of anatomies such as biliary tracts and the esophagus, and even if curved, it is less likely for the stent to buckle, which reduces the risk of restenosis. Taewoong Medical has a wide range of high-quality stents realized through its unique design and technology capabilities, allowing healthcare professionals to use minimally invasive treatment with the most appropriate equipment for each patient.

Olympus is targeting GI as one of its key disease states, as outlined in its medical business strategy announced in December 2021. The addition of Taewoong Medical’s medical devices to its product portfolio will enable Olympus to become a comprehensive solutions provider in the GI market with varied solutions in GI, contributing to improved patient outcomes and elevating the standard of care.

“Olympus’ Endotherapy Division is committed to providing a full portfolio of clinically differentiated technologies aimed at treating patients who suffer from GI disease, and with the acquisition of Taewoong Medical, this further demonstrates our commitment to this critical segment of our business,” said Gabriela Kaynor, Global Division Head of Therapeutic Solutions Division at Olympus. “Taewoong Medical has developed a full portfolio of GI metal stents that will immediately enhance our already robust offering of GI devices. I’m proud to welcome Taewoong Medical’s employees, and their commitment to the field of GI endoscopy to the Olympus’ Therapeutic Solutions Division.”

Kyong-min Shin, President and CEO of Taewoong Medical stated, “For over three decades, Taewoong Medical has been a leading manufacturer of GI stents, renowned for its innovative technology and diverse product range. Our company has a robust market presence in Korea, Japan, and Europe, and exports to 86 countries worldwide. Moving forward together with Olympus, Taewoong Medical will focus its capabilities to provide medical professionals and patients with superior products and services through continuous investment in R&D and manufacturing technology.”

Moving forward, Olympus will continue to find and execute investments as well as expand its product and technology strengths through synergies with the products and technologies of acquired companies, ensuring that they capture maximum value through these integrations.

Overview of Taewoong Medical (as of Dec. 2022)
– Company name: Taewoong Medical Co., Ltd,
– Address: Gimpo-si, South Korea
– Established: 1992
– President and CEO: Kyong-min Shin
– Revenue: 6,790 million JPY[7] (as of Dec. 2021)
– Operating income: 1,347 million JPY[7] (as of Dec. 2021)
– Business: R&D and manufacturing of non-vascular metallic stents.
– Number of employees: 273
– Manufacturing: Gimpo-si, South Korea
– International footprint: Taewoong Medical currently sells in more than 80 geographies.

[1] A medical device made of a metallic mesh tube that is placed for dilating a stenosis within a tract such as biliary, esophagus, colon and duodenum.
[2] Guoqing Ouyang MM et al., “The global, regional, and national burden of gallbladder and biliary tract cancer and its attributable risk factors in 195 countries and territories, 1990 to 2017: A systematic analysis for the Global Burden of Disease Study 2017”
[3] https://ourworldindata.org/grapher/historic-and-un-pop-projections-by-age
[4] Jin-Seok Park, Seok Jeon, Don Haeng Lee “Recent Advances in Gastrointestinal Stent Development”
[5] Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions.
[6] Isayama H, Nakai Y, Hamada T, et al.: Understanding the Mechanical forces of Self-Expandable Metal Stents in the Biliary Ducts. Curr Gastroenterol Rep 18 : 64, 2016.
[7] Calculated at the exchange rate of JPY 10.61 per 100 KRW (exchange rate as of the end of January 2023).

About Taewoong Medical
For over thirty years, Taewoong Medical has been dedicated to advancing medical technology and improving patient quality of life through the production and delivery of high-quality and innovative minimally invasive medical devices. Our flagship product, the Niti-S(TM) gastrointestinal stent, has been widely recognized as a pioneering and innovative solution, fulfilling the diverse needs of healthcare professionals globally. As our business continues to grow, we are expanding into new areas such as endoscopic instruments, interventional radiology and neurology devices, and pulmonary valves, with the aim of further improving patient outcomes. For more information, visit www.taewoongmedical.com.

About Olympus
As a leading medical technology company, our medical business uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients. Olympus’ medical portfolio includes endoscopes, laparoscopes, and video imaging systems, as well as surgical energy devices, customer solutions, medical services, and a wide range of endotherapy instruments for endoscopic and therapeutic applications. For more information, visit www.olympus-global.com and follow our global Twitter account: @Olympus_Corp.

Media contact:
Global-Public_Relations@olympus.com

Olympus Corp [TYO: 7733] [ADR: OCPNY] [GDR: OLYS] https://www.olympus-global.com

Hektar REIT Realised Net Income higher by 187% for FY2022

  • Revenue is substantially higher by 21.6%
  • Significantly improved Net Property Income by 24.8%
  • High dividend yield of 11.4% and impressive Annual Return of 60.8%
  • Increase in Hektar REIT Portfolio Valuation by RM41.6 million

Hektar Asset Management Sdn. Bhd., the Manager of Hektar Real Estate Investment Trust (Hektar REIT), today announced its annual year results for the financial year ended 31 December 2022 (FY2022) with revenue of RM117.5 million, a substantial increase of 21.6% compared with the RM96.6 million for FY2021. The higher revenue is attributed to the increased rental income, including high turnover rent, increased car park income and higher hotel occupancy with an increase in the average room rates. Hektar REIT registered a Net Property Income (NPI) of RM58.7 million, a significant increase of 24.8% compared to RM47 million in the preceding year. Realised Net Income was RM36.4 million, a notable increase of 187% compared to the previous year. The dividend yield for FY2022 was 11.4% which was higher than the pre-Covid period (FY2019), with an impressive annual return of 60.8% based on the share price performance. The Net Asset Value (NAV) per unit for FY2022 was at RM1.27, an increase of 9% compared to RM1.16 in the previous

En. Johari Shukri Bin Jamil, Chief Executive Officer of Hektar Asset Management Sdn. Bhd

Portfolio Performance for FY2022:
FY2022 was the year of recovery for the retail sector after the Covid-19 pandemic and the various restrictions & closures it brought. Hektar REIT’s portfolio occupancy showed resilience at 82% as the majority of its assets maintained more than 80% occupancy rate. Our mall, Kulim Central, located in Kedah, continues to grow post refurbishment as its occupancy exceeds 96% with a double-digit valuation increase year-on-year. The Management successfully managed to attract 178 new & existing tenants, covering 22.8% of the total Net Lettable Area (NLA), equivalent to 466,357 sq. ft.

Despite the challenging retail environment, the Management remains steadfast in boosting occupancies by focusing on retaining key tenants, reviewing its current mall strategies, and working with innovative and creative retailers who are expected to bring the desired impact to the mall. According to the Manager, good brands are still expanding and in 2022, new & refreshed retailers were introduced in the malls, such as 4Fingers Crispy Chicken, Machines, Sushi Go, Oppo, Switch, Samsung, Myeong Dong Topokki, Siam Restaurant, Gigi Coffee, Yole Yoghurt, Rollney, Felancy, Pierre Cardin, Vivo and Madam Croffle to name a few.

All malls under the portfolio experienced an uptrend in visitor traffic following Malaysia’s transition to endemicity after the COVID-19 pandemic, showing positive signs of a return in shoppers’ confidence at Hektar malls. Overall visitor footfall count increased to 21.1 million in 2022, a massive jump of 60% compared to last year. It was primarily due to the intensified marketing initiatives, including sales-driven promotional campaigns, various events & activities that were implemented to cater to our loyal shoppers & patrons and Corporate Social Responsibility related events to serve the communities in which our shopping centres operate. All these initiatives have assisted our tenants’ sales to inch closer to pre-pandemic levels of 2019 and helped them improve their cash flow by enjoying reduced occupancy costs.

En. Johari Shukri bin Jamil, Chief Executive Officer of Hektar Asset Management Sdn. Bhd. said: “Hektar REIT has shown tremendous persistence & resilience in FY2022 and has worked closely with our tenants, shoppers & other key stakeholders. Malls are evolving into lifestyle-centric places for people to meet, socialise, interact and learn. We are confident and believe they will remain the preferred destinations for entertainment, social activities and shopping amongst Malaysians as long as our malls stay relevant.”

“Our focus is on initiatives that will benefit our malls and retailers in the long run through implementing focused strategies that will bring improvements in visitor footfall and encourage higher customer spending, resulting in a continuous positive upward cycle and sustainable growth. Our results for FY2022 have shown that our strategies are yielding the desired results. However, we remain cautiously optimistic about the 2023 outlook given the volatile economic landscape driven by hawkish monetary policy in response to inflationary pressure. We will continue to work harder to provide a fulfilling shopping experience to our loyal patrons and sustainable returns to our Unitholders.”

Sustainability & ESG Awards for FY2022:
Hektar REIT embarked on energy efficiency & optimisation initiatives in 2017, in line with our commitment and goal to reduce our carbon footprint. The Management Team has been clear on its sense of responsibility, commitment and sincerity towards implementing initiatives and strategies that mitigate climate change associated risks, provide a positive impact on the community, uphold the best governance practices which are also aligned with United Nations Sustainable Development Goals (UNSDGs).

Hektar REIT is a constituent of the FTSE4Good Bursa Malaysia Index and the rating was upgraded from a 3-star to a 4-star in its latest evaluation by FTSE Russell in June 2022. The Management team remains committed to continuously looking at and adopting sustainability-linked initiatives as part of the core strategy & decision-making process. We will continue to enhance our efforts in managing material sustainability matters, including climate change adaptation, pollution prevention, water and waste management, and managing energy consumption, including incorporating renewable energy in our energy mix moving forward. Hektar REIT’s Assets Under Management (AUM) comprise five neighbourhood malls and one regional mall. Since acquiring these properties, our focus has always been on serving our community.

For FY2022, Hektar REIT’s efforts have been recognised and rewarded with three awards for Sustainability & ESG Initiatives:

  • Hektar REIT has been awarded “Company of the Year” under the “Stakeholder and Community Sustainability Engagement Initiatives” category of the Sustainability & CSR Malaysia Awards 2022.
  • Hektar REIT was awarded two Silver awards at The Edge Malaysia ESG Awards 2022:
  • Most Improved Performance Award Over Three Years (for Market Cap below RM300M); and
  • Property & REIT Sector Award.

The awards recognise and honour Malaysian companies’ commitment to developing and enhancing their business operations according to the Environmental, Social and Governance (ESG) principles.

4Q 2022 Financial Results:
For the fourth quarter ended 31 December 2022 (4Q 2022), Hektar REIT recorded revenue of RM27.9 million, which is 11.7% higher than RM25 million for 4Q 2021. Net Property Income was RM10 million for the quarter under review, which was lower by 18.9% compared to the RM12.4 million in the corresponding quarter of the previous year due to the higher upkeep, repair & maintenance expenses that were incurred to cater for improving domestic demand & normalisation of economic activities.

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

Minetech Posts 58% Gain in 3Q Revenue to RM36 Million

  • Company’s losses narrow significantly, and recorded its highest improvement of 166% EBITDA

Minetech Resources Berhad, a civil engineering specialist and bituminous products manufacturer, today announced that the Company registered a 58.6% gain in revenue to RM36.3 million for the third quarter ended 31 December 2022 (3Q FY2023) compared with revenue of RM22.9 million in 3Q FY2022.

Matt Chin, Executive Director of Minetech

For the quarter under review, the Company recorded profit before tax (PBT) of RM0.2 million compared with loss before tax (LBT) of RM3.1 million while EBITDA has recorded its highest improvement of 166% compared to 3Q FY2022.

By segment, the civil engineering division registered a 41% rise in revenue to RM22.0 million in 3Q FY2023 compared with RM15.6 million in the corresponding quarter of the previous financial year. The bituminous products division’s revenue grew by a significant 150% to RM10.0 million compared with RM4.0 million while the services division recorded a 60% increase in revenue to RM3.2 million compared with RM2.0 million.

For the nine months ended 31 December 2022 (9M FY2023), the Company registered a 45.3% increase in revenue to RM87.3 million compared with RM60.1 million in the corresponding period of the previous financial year. LBT narrowed significantly by 76.2% in 9M FY2023 to RM2.9 million compared with RM12.2 million in 9M FY2022.

Matt Chin, Executive Director of Minetech, said, “The Company is on the right growth path as we continue to see our losses narrow on significantly higher revenue contributions from the civil engineering and bituminous products divisions. We are also seeing a recovery in the services division and the food and beverage division is starting to contribute too.”

“Following our two-pronged strategic focus in 2020, the Company diversified into areas that can support financial performance while at the same time, transforming and rationalising the business. Our ventures now include financial technology and renewable energy, areas that have long-term growth and that can provide recurring income.”

“The Company is cautiously optimistic for the coming quarters given that the Malaysian construction sector expanded 8.8% in 2022, with all subsectors registering growth according to data from the Statistics Department. Notably, there was 20.8% growth in the civil engineering subsector in 4Q while the non-residential buildings subsector expanded 19.0% and special trade activities subsector grew 12.7%.”

Minetech Resources Bhd: 7219 [BURSA: MINE], https://minetech.com.my/

Propel Global Posts 2Q Revenue of RM24.5 Million

  • Group’s two consecutive quarters of profitability to help uplift its PN17 status

Propel Global Berhad, a provider of oil and gas (O&G) services as well as downstream specialty chemicals to the O&G industry, today announced that the Group recorded a 3.81% gain in revenue to RM24.5 million for the second quarter ended 31 December 2022 (2Q FY2023) compared with RM23.6 million for the corresponding quarter in 2Q FY2022 from continuing operations.

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

For the quarter under review, the Group registered RM2.59 million in profit before tax (PBT) compared with PBT of RM0.6 million from continuing operations. For the first-half period ended 31 December 2022 (1H FY2023), the Group registered 15.45% increase in revenue to RM42.6 million compared with RM36.9 million in 1H FY2022 while PBT increased to RM5.9 million compared with RM0.7 million.

On a segmental basis, the Group’s O&G operations recorded a 35.29% increase in revenue to RM11.5 million in 2Q FY2023 compared with RM8.5 million in the corresponding quarter of the previous financial year while PBT increased to RM2.3 million from RM0.1 million. Under technical services, the Group registered 13.91% decrease in revenue to RM13.0 million from RM15.1 million while PBT for the quarter increased to RM2.8 million compared with RM0.7 million.

The increased sales for the O&G segment are mainly attributable to higher offtake of production chemicals and fulfilment of work orders for well services. The segment’s increase in PBT is mainly due to higher margin contributed from radial cutting torch services. For the technical services segment, the lower revenue reported is mainly due to project completions of higher contract sum in preceding year corresponding quarter while PBT improved due to reversal of liquidated ascertained damages on a construction project of commercial buildings and margin contributed from access road construction project.

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, “The latest quarter’s financial performance is good news for the Group as this is the second quarter of profitability and enables us to exit PN17 status soon. The focus on our strategies seeking opportunities to achieve better financial performance has paid off. The Group will continue to implement initiatives that will enhance our financial performance further.”

“The outlook for the O&G industry is expected to be stable supported by crude oil price’s decent recovery as this directly benefits businesses involved in exploration with positive spillover effect for others involved in O&G services.”

Propel Global Berhad: 0091 [BURSA: PGB], https://www.propelglobal.com.my/

Malaysian Genomics to Offer World’s First DNA-Driven Fertility Test

  • Group in strategic collaboration with Divine Genes to offer genetic tests related to reproductive health in Malaysia and overseas

Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, today announced that the Group has signed a strategic collaboration agreement with Divine Genes Sdn Bhd to collaborate on business opportunities in relation to the improvement and international distribution of genetic tests for reproductive health.

Sasha Nordin, Chief Executive Officer of Malaysian Genomics Resource Centre Berhad

Divine Genes is an investment holding company with businesses in pharmaceutical product distribution, financial consultancy services as well as general merchandise and trading.

Under the strategic collaboration, Divine Genes’ genetic test for reproductive health will be added to Malaysian Genomics’ genetic test portfolio, which will market and distribute these tests in Malaysia and overseas. Both parties will also cooperate in improving the product.

En. Sasha Nordin, Chief Executive Officer of Malaysian Genomics said, “Decreasing fertility and birth rates are common across the world, and demand for reproductive medicine is growing in many countries. This new, pioneering DNA-driven fertility test can help reproductive health specialists and their patients make important decisions in support of improving the outcome of fertility treatments. This test will form a critical part of Malaysian Genomics’ genetic screening portfolio of over 550 tests available across Southeast Asia and the Middle East where we have a presence.”

Dr. Pawel Suwinski, Director of Divine Genes said, “This is a good opportunity for us to work with an organisation with the market reach, track record and platform to distribute our test. This collaboration is a good platform for both parties to leverage on each other’s strengths in improving the product and expanding the market for the test.”

Malaysian Genomics Resource Centre Berhad: 0155 [BURSA: MGRC] [RIC: MGRC:KL] [BBG: MGRC:MK], http://www.mgrc.com.my/

Trintech Announces New Chief Revenue Officer

Piotr Marczewski to Oversee Sales and Revenue Growth across Global Markets

Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced the appointment of Piotr Marczewski as Chief Revenue Officer (CRO) of Trintech. Marczewski will be responsible for driving integration and alignment between revenue-related functions across all global distribution channels for Trintech.

“I am thrilled to welcome Piotr as Trintech’s new CRO who has a proven track record of scaling and overseeing successful sales organizations and ensuring a best-in-class customer experience,” said Darren Heffernan, President & Chief Operating Officer of Trintech. “As we continue to grow the business and drive our core strategy of helping organizations of all sizes simplify and transform their reconciliation and financial close processes, Piotr will have an integral part in leading our ongoing success.”

Marczewski brings over two decades of experience in driving customer impact, transformation, and revenue acceleration in Software as a Service (SaaS), Information and News businesses, serving professional markets in the US and internationally. Prior to joining Trintech, Marczewski served as SVP Americas at Cision Inc, and as Chief Operating Officer at Underline Science Inc. Before that, he worked at Thomson Reuters in various senior roles, including President Corporates Customer Market. Piotr worked closely with customers, delivering commercial outcomes, developing new markets, and expanding company’s customer bases, content, and platforms. Marczewski received a Master of Science Degree in International Economics from SGH Warsaw School of Economics. He also studied at Bocconi University in Milan (Italy) and holds a Community of European Management Schools (CEMS) Master’s Degree in International Management.

“I am excited to be joining the team as Trintech’s new CRO and I’m looking forward to accelerating our global growth and customer success,” said Piotr Marczewski, Chief Revenue Officer of Trintech. “Trintech’s solutions, and its collaborative, customer-centric approach, sets it apart from others in this space who employ a “one-size-fits-all” strategy to tackle the complex challenges of financial close automation. This is evident by the marquee brands (majority of the Fortune 100 companies) who have already partnered with Trintech to transform their processes. As Trintech embarks on its next phase of growth, I am excited to help Trintech further its reputation as a trusted partner for the Office of Finance globally.”

About Trintech
Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including its Cadency(R) Platform (for large enterprises) and Adra(R) Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on Trintech’s solutions to enable their F&A operation to become a strategic partner to the business by controlling risk, driving efficiencies, and providing strategic insights.

Headquartered in Plano, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordics, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook, Twitter and Instagram.

Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Origen Resources Creates Advisory Board, Announces Financing

Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the Company or Origen), a rapidly emerging lithium exploration and project generating company, is pleased to announce it has created an Lithium Advisory Board to assist in the further development of the Company. Origen welcomes Gabriel Pindar, Dr. David Shaw, Neil Stuart and George Cumplido as the founding members of this Advisory Board.

Mr. Gabriel Pindar was co-founder and COO of Neo Lithium, which was acquired by Zijin Mining for $960 Million. Neo Lithium’s sole asset was the 3Q lithium carbonate project in Argentina, which is forecasted to start production at the end of this year. Previously he served as GM and Head of Projects for ArcelorMittal Group, Deputy Project Director for BHP’s Olympic Dam Expansion, as well as senior Project Management roles for Fluor and Hatch.

Dr. David Shaw is a well-respected structural geologist and mining entrepreneur, with significant global lithium experience over the last 14 years, from exploration to production. Dr. Shaw served as Senior Mining Analyst for the Corporate Finance Group at Yorkton Securities from 1990 to 1996. During his tenure at Yorkton, he was involved in over $2 billion of capital market activity. Dr. Shaw was instrumental in the selection, acquisition and exploration of Talison Inc’s lithium brine assets; Talison was acquired by Chinese lithium producer Tianqi in 2013 for $850 million. Dr. Shaw was also involved with First Majestic Silver from start-up in 2004 through to eight operational mines, he resigned as of 2019.

Mr. Neil Stuart is a highly-experienced geologist and founding director and Executive Chairman of Orocobre Limited (now Allkem Limited, current market capitalisation $8 billion) and was key to the acquisition and development of the Salar Olaroz Lithium mine in Argentina. Mr. Stuart was also the Founding Chairman of Oroplata Limited, whose Cerro Negro Project was taken over by Goldcorp for $3.5 billion. He has held numerous senior executive positions on Australian- and Canadian-listed companies.

Mr. George Cumplido was recently non-Executive director of Power Minerals, specifically focused on its Salta Lithium Brine Project in Argentina. Formerly Senior Commercial Manager for Rio Tinto and Chief Commercial Officer with ASX-listed Xanadu Mines Ltd, Mr. Cumplido has extensive experience managing resource projects from inception to production. Fluent in Spanish, Mr. Cumplido has also held senior positions with Vale, Mitsubishi and CSIRO, Australia’s national science agency.

Gary Schellenberg, CEO of Origen, noted: “Origen now has a Tier 1 team to execute on its Los Sapitos Lithium Project in Argentina. As noted in our January 19 news, the Company is focusing all its exploration efforts on lithium, given forecasts of a massive shortage of lithium by 2030. I am pleased that our new Advisory Board members share my belief in the significant potential of Los Sapitos. The Advisory Board will be of immediate assistance to Dr. Thomas Hawkins, recently announced as Origen’s Managing Director, and our technical teams of Coast Mountain Geological, Petra Gold Servicios SRL and Servicios Logisticos SRL.”

Gary continued: “This advisory board will also add incredible value to Origen’s on-going global search for lithium brine, clay and pegmatite opportunities in addition to Los Sapitos and our Newfoundland pegmatite belt. Our combined team has been investigating lithium for the last 13 years, including the Mariana Lithium Brine Project now operated by Ganfeng Lithium. I look forward to accelerating our progress with these distinguished advisors.”

Los Sapitos Project Status
Origen’s Los Sapitos Lithium Project is located in the northern part of the San Juan Province in Argentina. Discovered by Origen during a global search for lithium occurrences, the most prospective part of Los Sapitos consists of 26,962 hectares of contiguous exploration licences in San Juan Province, covering a Clayton Valley-style lithium occurrence. Clayton Valley brines are contained at depth in dipping aquifers controlled by faults and which have never formed a conspicuously visible salt lake like their Andean cousins. Notably, Abermarle’s Silver Peak deposit only covers 2,000 hectares. Preliminary water sampling in Los Sapitos indicated lithium levels similar to some established lithium salars – as high as 390 mg/l (see news release dated October 13, 2021). This indicates that the inflow water and conditions of Los Sapitos are capable of developing lithium brines of potential interest. Ulexite (a boron evaporite mineral) has also been identified at Los Sapitos and indicates that concentrated boron-bearing brines have been present – an important indicator for lithium prospectivity. In 2023, Origen is planning gravity surveys, multiple geochemical programmes and airborne/satellite work, in order to identify drill targets for testing in Q4 of this year.

Financing
Origen is pleased to announce that that it has arranged for a non-brokered private placement (the “Private Placement”) of up to 8 million units of securities of the Company (“Units”) at a purchase price of $0.25 per Unit for aggregate gross proceeds of $2,000,000. Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one-half Common Share purchase Warrant. Each whole warrant will entitle the holder to purchase one additional Common Share (a “Warrant Share”) at an exercise price of $0.40 at any time up to 18 months following issuance.

Proceeds will be used for the next phase of detailed exploration at the Company’s Los Sapitos Lithium Project, and for general working capital. Insiders will likely participate in the placement and, as such, their participation in the Private Placement is a related-party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.

John Harrop, P. Geo., a Qualified Person as that term is defined in NI 43-101, has supervised the preparation, or approved the scientific and technical disclosure in the news release. Mr. Harrop is employed by Coast Mountain Geological Ltd. He is not independent of the Company as defined in NI 43-101.

About Origen
Origen is an exploration company engaged in generating, acquiring and advancing base, precious metal, and lithium properties. The Company is fully focused on its 100% interest in the Los Sapitos Lithium project in Argentina, and also holds a property portfolio of four 100% owned precious and base metal projects in southern British Columbia, a 100% interest in the 26,771 ha LGM project property in the mineral rich Golden Triangle of British Columbia, and a portfolio of investments from prior property joint ventures and sales.

On behalf of Origen,
Gary Schellenberg
CEO

For further information, please contact Gary Schellenberg, CEO at 604-681-0221.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.