Company to form partnership using existing subsidiary to explore opportunities, new projects and profit-sharing
Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company had on 6 February 2023 signed a Memorandum of Understanding (MoU) with Bintai Kinden Corporation Berhad to establish a strategic alliance for exploring of business opportunities, securing of new projects and sharing of profits.
Group Managing Director of SCIB, Encik Rosland bin Othman
Executive Director of SCIB, Mr. Ku Chong Hong
Executive Director of Bintai Kinden, En. Azri Azerai
The MoU is a preliminary step the parties are taking as they explore a working relationship and cooperation to combine skills, expertise, capabilities, experience and collectively bid for projects in Malaysia and to set out the principal terms of the arrangement between the parties.
The JV vehicle to be used is SCIB’s wholly-owned subsidiary, SCIB Infraworks Sdn. Bhd in which SCIB will retain a 51% stake in the JV while Bintai Kinden will subscribe to the remaining 49%. Bintai Kinden is a mechanical and electrical (“M&E”) engineering services specialist listed on the Main Market of Bursa Malaysia, with unique combination of extensive regional experience and local knowledge.
Group Managing Director of SCIB, Encik Rosland bin Othman said, “We welcome this strategic alliance with Bintai Kinden as both parties can leverage each other’s strengths and expertise that add value to any projects we are involved in together. SCIB’s manufacturing arm, the leading precast concrete and Industrialised Building System products manufacturer in East Malaysia, is already supporting our construction arm in projects throughout the country.”
“Our focus on small-to-mid-sized construction healthcare, educational and utility facilities as well as rural infrastructure projects together with investment in technology such as 3D printing and automation are also strengths that we can leverage on for the future JV projects.”
Executive Director of SCIB, Mr. Ku Chong Hong said, “This JV brings together two teams with core expertise and knowledge in construction and engineering that will give an edge to projects undertaken together. We expect to see more infrastructure projects in the pipeline as Malaysia’s construction sector gains momentum on the back of economic growth.”
Executive Director of Bintai Kinden, En. Azri Azerai said, “We look forward to a fruitful partnership with SCIB as we seek opportunities together across the country. Bintai Kinden’s core expertise is M&E services, and as a multi-disciplined building and industrial service engineers and specialists, we work in all the major market sectors, from commercial buildings to industrial complexes. We design, install and commission systems that include the full range of engineering services which we believe can complement the JV.”
30-strong Delegation to explore opportunities with govt. and business community of Saudi Arabia
HK’s strengths in finance, technology, sustainability to facilitate Kingdom’s strategic development
Six MoU signed at Investment Forum officiated by Saudi Investment Minister H.E. Khalid A Alfalih
A delegation of business leaders from the Hong Kong Special Administrative Region (HKSAR), led by the city’s Chief Executive Mr John Lee and principal government officials, has arrived in Riyadh to explore collaboration opportunities with the business community of Saudi Arabia.
Several Memoranda of Understanding (MoU) were signed at the Investment Forum yesterday. These include Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group Holding Company.
The delegation paid a visit to THE LINE Experience exhibition to learn about the innovative urban designs of the futuristic city NEOM.
Over the past two days, the delegation discussed with Saudi government and industry leaders how Hong Kong can facilitate the Kingdom’s strategic development via its role as a global financial hub and China’s international gateway. The 30-strong delegation includes senior executives from Hong Kong’s financial institutions and regulator as well as major players in innovation and technology (I&T), sustainability and smart city solutions. Riyadh is the first of three stops on this week-long mission to the Middle East, organised by the Hong Kong Trade Development Council.
At a press conference followed by an Investment Forum and dinner officiated by the Saudi Minister of Investment H.E. Khalid Al-Falih and attended by some 300 Saudi Arabian guests yesterday, Chief Executive Mr John Lee, said, “Saudi Arabia is a strong economy of the Gulf region and a growing source of foreign direct investment. Driven by Vision 2030, the dynamic blueprint for the future, Saudi Arabia is destined to take its place as an economic powerhouse built on diversity, sustainability, and innovation and technology. Hong Kong has long been the Asia-Pacific region’s multi-level bridge for foreign and Mainland Chinese businesses and investors. As integration with the Mainland continues to deepen, so too do opportunities for Hong Kong, and the economies and companies that work with Hong Kong.”
Mr Lee was joined by Deputy Secretary of Justice Mr Horace Cheung, Secretary for Financial Services and Treasury Mr Christopher Hui, and Secretary for Commerce and Economic Development Mr Algernon Yau. Other business leaders from Hong Kong and Saudi Arabia also exchanged views at the investment forum yesterday.
At the forum, H.E. Khalid A Alfalih said: “This visit comes on the heels of numerous historic visits between our two countries starting with the visit of President Xi in 2016 following which the ties between the two countries deepened. Through this collaboration we aim at further developing various sectors whether it be asset management, private equity, wealth management – or in fintech, which saw an exponential growth of 79 per cent between 2021 and 2022.”
He added:” Saudi Arabia has the largest regulated capital markets in the region, with the largest stock exchange in the MENA region. Due to evolving trends we are also making efforts to strengthen global supply chains and have launched a dedicated global supply chain resilience initiative. This will be a great opportunity for China and Hong Kong-based companies to use the KSA as a platform for adding value to products customised for the Middle East region and beyond.”
Several Memoranda of Understanding (MoU) were signed at the Investment Forum. These include: – Hong Kong Exchanges and Clearing Limited (HKEX) and Saudi Tadawul Group Holding Company – SenseTime and King Abdullah Financial District (KAFD) (Letter of Intent) – Hong Kong General Chamber of Commerce (HKGCC) and Riyadh Chamber – Templewater Ltd, Bravo Transport Services Ltd and Wisdom Motors (Hong Kong) Ltd and Nesma Holding Ltd – SenseTime and Sela Company (Letter of Intent) – Hutchison and King Salman Energy Park (SPARK)
HKTDC Chairman Dr Peter K N Lam said, “Saudi Arabia has an important role to play in the global economy, similar to China. And as a global financial hub, China’s international gateway and a commercial hub for the Belt and Road Initiative, Hong Kong can facilitate opportunities to help drive development initiatives around the world. We are pleased to organise this delegation to come and discuss collaboration opportunities, not only in our traditional sectors of finance and trade, but also in new areas in tech and innovation, smart city and sustainability solutions. Creating opportunities has been the work of the HKTDC for over 55 years, and I am hopeful that we can continue to help Hong Kong businesses play a part in the exciting growth of Saudi Arabia and the regional overall.”
The delegation has met with key enterprises in Riyadh to exchange ideas and learn more about Saudi Arabia’s Vision 2030. They visited major institutions, such as the Saudi Stock Exchange and the NEOM exhibition. This evening, the delegation will travel to Abu Dhabi and then onwards to Dubai, to meet with senior government and business leaders of the United Arab Emirates.
As a two-way platform between China and the world and as one of the world’s top financial centres, Hong Kong has been supporting businesses and investors worldwide to tap into the vast China and Asia market and has been playing a major role in the global financial system with its unique connectivity to China’s market. As part of China, but operating under an international system, Hong Kong provides special access to and from the mainland in the flow of capital, goods, technology and people, as defined in the country’s national 14th Five-Year plan.
Hong Kong is also a commercial hub for the Belt and Road Initiative, a global development plan initiated by China, and part of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) – an area in Southern China earmarked by the Chinese government to become a powerhouse of capital, I&T and cultural exchange driving the country’s development. With its common law system, low tax regime, advanced infrastructure and connectivity and as a its world-renowned global trade and business hub, Hong Kong is well-placed to support businesses from all over the world to invest and grow.
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, small and medium-sized enterprises (SMEs), in the mainland and international markets. Please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn
Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (the Company) is pleased to announce that it has filed its Q4 2022 Quarterly Activity Report. The complete Report is available under the Company’s profile at www.asx.com, www.sedar.com and on the Company’s website at www.australgold.com/.
About Austral Gold Austral Gold Limited is a gold and silver explorer and mining producer whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo-Manantiales mine complex in Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through exploration and via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya mines in Chile and the Casposo-Manantiales mine complex (currently on care and maintenance) in Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a non-controlling interest in Ensign Gold which holds the Mercur project in Utah, USA.
In addition, Austral owns and has options on an attractive portfolio of exploration projects in the Paleocene Belt in Chile (including the Jaguelito project in San Juan, Argentina, projects acquired in the 2021 acquisition of Revelo Resources Corp), a noncontrolling interest in Pampa Metals and a 51% interest in the Sierra Blanca project in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture Exchange (TSXV: AGLD) and the Australian Securities Exchange (ASX: AGD). For more information, please consult Austral’s website at www.australgold.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.
For additional information please contact: Jose Bordogna Chief Financial Officer Austral Gold Limited jose.bordogna@australgold.com +61 466 892 307
Company to be reimbursed commitment fee paid out for the project following mutual agreement
Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company has issued a letter of withdrawal to Kencana Healthcare Sdn. Bhd. (KHSB) for the proposed engineering, procurement, construction and commissioning (EPCC) contracts involving a specialist hospital project located in Johor Bahru.
Group MD and CEO of SCIB, Encik Rosland bin Othman
SCIB had accepted a letter of award from KHSB dated 13 August 2021 for EPCC contracts involving the capital equipment procurement as well as the leasing concession for the procurement, supply, installation, testing and commissioning of medical equipment. SCIB and KHSB have mutually agreed to the Company withdrawing from the project.
As part of the withdrawal from the project, KHSB will reimburse under a settlement agreement, the commitment fee amounting to RM1.65 million that SCIB had paid out in two tranches. The withdrawal from the contracts will not have any material effect on the gearing, earnings per share and net assets of the Company for the financial year ending 30 June 2023.
Group Managing Director of SCIB, Encik Rosland bin Othman said, “The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB’s interests in mitigating the risks arising from the long delay or non-movement of project progress due to the uncertainties and inability to secure the necessary operator for the project. Additionally, this decision was made due to reviewing and updating our order book records to reflect the current situation.”
On 20 January 2023, Fosun International Limited (Fosun International or Fosun, HKG: 0656) issued a profit warning announcement on the Hong Kong Stock Exchange, mentioning that based on the information available to the Board and the latest unaudited consolidated management accounts of the Group for the year ended 31 December 2022, Fosun International’s revenue in 2022 is expected to increase by approximately 10% compared to that of 2021. However, due to the recurrent outbreak of COVID-19 pandemic in 2022 and the turmoil and downturn of the international capital markets, which resulted to an increase in business costs and an increase in floating losses in secondary capital market investment, Fosun International’s overall industry operations and industrial investment have been affected to varying degrees, thus the profit attributable to owners of the parent in 2022 is expected to be not more than approximately RMB2 billion.
The announcement also pointed out that with the gradual return to normalization of international trade and commerce in 2023, the Company’s management expects to see recovery of its businesses. Looking ahead, the Company will further focus on the family-oriented consumer industry and continue to strengthen its global operations to provide quality products and services to families worldwide.
Market analyst believes that as the “one-off” negative impact of the external environment clears, Fosun’s continuous focus on the family-oriented consumer sector will usher in an important period of opportunity for business rebound in 2023. Since the beginning of the year, Fosun’s main businesses centering on household consumption, such as Health, Happiness, and Wealth, have shown signs of strong recovery. It is worth noting that Fosun’s forward-looking efforts in the anti-epidemic field have gradually borne fruit.
The two flagships of Fosun’s Happiness segment, Fosun Tourism Group and Yuyuan, and other businesses have shown strong signs of recovery. According to public information, when the domestic tourism industry suffered a huge setback in 2022, Fosun Tourism Group still stood firm to build global presence and opened seven new Club Med resorts throughout the year. According to market sources, Club Med’s global bookings in the first half of 2023 have greatly exceeded the same period in 2019 before the pandemic. During the 2023 New Year holiday period, Atlantis Sanya, FOLIDAY Town Lijiang and other businesses in China all performed better than their respective pre-pandemic levels, and many Club Med resorts in China recorded close to 100% occupancy. During the 2023 New Year holiday period, the 2023 Yuyuan Garden Lantern Festival in the Grand Yuyuan attracted a large number of tourists. It is expected that the Spring Festival will further unleash consumption vitality.
Taking the Health segment as another example, Fosun’s anti-epidemic “vaccine and drug” products have attracted great attention from the market. On 19 December 2022, COMIRNATY(R), including the monovalent COVID-19 mRNA vaccine (BNT162b2) and the bivalent vaccine which can protect against the Omicron variant, was officially registered as a drug/product (biological product) in Hong Kong SAR. The self-paid vaccination service of COMIRNATY(R) bivalent vaccine was launched in Hong Kong SAR and vaccination is open to people including Mainland Chinese residents starting from 6 January 2023. After the self-paid vaccination service of COMIRNATY(R) monovalent COVID-19 mRNA vaccine has opened for non-local residents in Macau SAR last year, the COMIRNATY(R) bivalent vaccine was approved by Macao SAR as a regular imported vaccine on 20 January 2023, and people in need may receive a booster dose with prescription. As regards Azvudine, the oral medication for COVID-19, it is now included in the medical insurance scheme in 31 provinces, autonomous regions, and direct-administered municipalities across the country. In addition to tertiary hospitals and secondary hospitals, Azvudine has gradually covered grassroots medical institutions in many provinces. The accessibility of Azvudine has been greatly enhanced, helping the vast areas build a barrier against severe cases.
As Guo Guangchang, Chairman of Fosun International, mentioned in his 2023 New Year’s message, despite the headwinds of anti-globalization in 2022, Fosun is still a firm practitioner of globalization. In 2022, COMIRNATY(R) COVID-19 mRNA vaccine continued to provide an anti-epidemic barrier for Hong Kong SAR, Macao SAR and the Taiwan region; Club Med opened new resorts; Lanvin Group was successfully listed on the New York Stock Exchange. In the face of uncertainties, Fosun remained committed to technology and innovation in order to weather market cycles. HANQUYOU, independently developed by Henlius, was successfully launched in Australia after entering the European Union market; the registration application in the Chinese Mainland for the new indication of Yi Kai Da, China’s first CAR-T cell therapy was officially accepted. Fosun attaches great importance to its development. No matter how policies and markets change, Fosun will always devote its best efforts.
Fosun’s solid fundamentals and recovery potential have been widely recognized by financial institutions and investors. On 16 January 2023, Shanghai Fosun High Technology (Group) Co., Ltd. (“Fosun High Technology”), the domestic operating entity of Fosun International, received a RMB12 billion syndicated loan from eight domestic banks. This is the largest private enterprise loan led by five major state-owned banks in cooperation with policy banks and joint-stock banks since the Central Economic Work Conference explicitly proposed in December 2022 to encourage and support the development of the private economy and private enterprises. Moreover, Fosun High Technology successfully completed bookbuilding for the RMB1 billion super & short-term commercial paper on 13 January 2023.
Fosun’s financing channels have been further expanded, and the financing costs have been further reduced, consolidating liquidity support for its business recovery. Recently, international rating agency S&P Global Ratings, and investment banks including Morgan Stanley and Daiwa Capital Markets have published research reports, expressing their optimism on Fosun.
On 17 January 2023, S&P Global Ratings pointed out in a report that Fosun International’s newly signed syndicate loan will largely cover onshore bonds due within a year. Fosun International’s total debt at the holding company level could drop by 15%-25% in 2023 as the company continues to dispose assets and pay down matured bonds, thereby further improving its liquidity. S&P Global Ratings also noted that Fosun High Technology’s successful issuance of the super & short-term commercial paper was Fosun’s first issuance in the onshore market after a nine-month hiatus, marking a first baby step and indicating a recovery of the public bond market access. According to incomplete statistics, Fosun’s return of capital from its asset reduction in 2022 has reached tens of billions of yuan, further consolidating its capital.
On the same day, Morgan Stanley also issued a report commenting that Fosun’s syndicated loan can further improve its liquidity, significantly helping lift market confidence in Fosun’s stability. The firm believes that after several months of active deleveraging efforts, Fosun’s liquidity risk has been greatly reduced. Looking ahead, the reopening of China will help boost fundamentals, especially in businesses such as tourism, retail, and investment.
Previously, Nomura Orient International Securities, China Industrial Securities, and China International Capital Corporation (CICC) have published research reports, expressing their optimism about Fosun’s strategy of streamlining the organization and focusing on its core businesses. Nomura Orient International Securities pointed out that Fosun has firmly promoted and focused on its core businesses in the family-oriented sector at the operational level. With the continuous optimization of China’s epidemic prevention and control measures, the firm expects Fosun to achieve better performance. CICC believes that in the medium and long term, the valuation method of Fosun International is expected to gradually shift from using the NAV of the group to using the PE of the large consumer company. As a result, Fosun is expected to usher in a rise in the central level of long-term valuation.
Based on Fosun’s solid financial performance and strong potential for rebound, Morgan Stanley and Daiwa Capital Markets reiterated their “Overweight”/”Buy” rating on Fosun International. Nomura Orient International Securities, China Industrial Securities, and CICC have assigned Fosun International an “Overweight”/”Outperform” rating.
S.A.F. Special Steel PCL(SET: SAF), one of Thailand’s leaders in high-grade steel supplies and vacuum hardening services, today made a trading debut on the Stock Exchange of Thailand (SET) Market for Alternative Investment (MAI). SAF’s entry in the industrial products segment came on the heels of a successful initial public offering (IPO) of 80 million shares at 1.93 baht per share.
SAF’s leadership in special grade steel, and potential to grow with target industries, and the management team’s experience and vision will make SAF a quality stock for the Thai capital market. [Image: SAF]
Mr Pisit Ariyadejwanich, Chief Executive Officer of SAF hailed the SET Market for Alternative Investment (MAI) debut as a crucial milestone in the firm’s 30-year-plus history, marking a new chapter in business expansion. “This is an important step and the pride of the management, team members, and all stakeholders who have contributed to this remarkable success,” he said.
With the MAI listing, SAF is targeting growth in the country’s three main industries, namely automotive parts, construction materials, and food. It is prepared to expand by building the new warehouse and setting up the nitriding furnace system, as well as seek growth opportunities in the CLMV countries which includes Cambodia, Laos, Myanmar, and Vietnam.
SAF is ready to capitalize on its experience and expertise of more than three decades in the sales of special-grade steel and providing vacuum heat treatment services. SAF has been entrusted as the distributor of high-quality special steel from leading German brands such as DORRENBERG EDELSTAHL GmbH and WILHELM OBERSTE-BEULMANN GmbH.
The company is committed to delivering innovative products and high-quality services, improving the efficiency of human resources and completing operational processes, as well as following good Environmental, Social, and Governance (ESG) guidelines.
The three key industrial sectors that SAF will focus on, with potentially significant growth are: – Automotive parts industry using special grade steel to make molds and dies to produce parts for automobiles, motorcycles, as well as agricultural machinery vehicles – Construction materials industry using special grade steel to make dies to produce aluminium profiles for window and door frames, machinery parts in the production of cement and steel for construction works – Food industry using special grade steel to make molds and dies to produce pans, pots, LPG cylinders, cans, and packaging bottles, and machinery parts in the sugar cane production process, and so on
The company will focus on expanding its customer base by offering hardening services together with mold steel selling, launching new products, and participating in bidding for various public and private projects.
Concurrently, SAF is also looking for opportunities to expand into ‘New S-curve’ industries such as electric vehicles (EV), as well as expanding its business to CLMV countries.
Furthermore, SAF will seek authorization from German partners to be the exclusive distributor of special grade steel products in those countries.
In addition, the company has targeted on achieving an annual growth rate of 23-28% during 2023 to 2024 in line with the increased inventory capacity and the addition of nitriding hardening services, of which, enable SAF to respond to customers better and more comprehensively.
Miss Veeraya Sriwattana, Head of Investment Banking CGS-CIMB Securities (Thailand) Co., Ltd., lead underwriter of the SAF new share issue, said the firm’s MAI listing would boost its business potential and enhance capital strength to support the business expansion plan. According to the company’s goals, this consists of increasing its warehousing capacity to 4,000 tonnes, with the expansion of the SAF3 warehouse, and investing in a nitriding furnace system to provide a one-stop hardening service for industrial customers.
She also said that with SAF’s leadership in the business of special grade steel, the potential to grow continuously along with the targeted industries, and the management team’s vision and experience will make SAF a quality stock for investors in the Thai capital market.
Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, today announced that the Group recorded a 26.92% gain in revenue to RM52.85 million for the first quarter ended 30 November 2022 (1Q FYE2023) compared with RM41.64 million in the corresponding quarter of the previous financial year (1Q FYE2022).
Managing Director of Aneka Jaringan, Pang Tse Fui
In the quarter under review, the Group registered a narrower loss after tax (LAT) of RM4.62 million compared with LAT of RM5.41 million in 1Q FYE2022. Gross loss decreased to RM0.95 million in 1Q FYE2023 compared with gross loss of RM2.88 million in 1Q FYE2022 on a decline in material costs.
Managing Director of Aneka Jaringan, Pang Tse Fui said, “The Group continues to assess and monitor risks while selectively tendering for projects. We have secured RM52 million in contracts in FYE2023 and we are also increasing capacity in Indonesia to leverage on the country’s growing infrastructure needs while monitoring developments on the new Indonesian capital of Nusantara in which we believe would present us a lot of opportunities.”
“Although we have seen material prices stabilized, it remains a concern along with energy and labour costs. China’s relaxation of its zero-COVID policy and the reopening of its economy may mean volatile material prices as demand grows. To lower labour costs, the Group will be replacing its outsourced workers with newly recruited foreign workers as we have been granted a government quota of 150 workers.”
Aneka Jaringan has an order book of RM145.73 million as of 31 October 2022, with Malaysian operations contributing RM138.97 million and Indonesian operations contributing RM6.76 million.
As of 31 October 2022, the Group’s tender book stood at RM969.45 million, with tenders in Malaysia valued at RM873.85 million and tenders in Indonesia valued at RM95.60 million.
Company puts ex-Grant Thornton auditor to helm business
Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is redesignating Mr. Ku Chong Hong to Group Managing Director from Executive Director effective 18 January 2023.
Executive Director of Bintai Kinden, En. Azri Azerai
Group Managing Director of Bintai Kinden, Mr. Ku Chong Hong
Mr. Ku was appointed to the Board of Directors as an Executive Director on 24 February 2022. He joined Bintai Kinden as Group Accountant in June 2019 and was subsequently redesignated Head of Finance and Accounts on 17 September 2019 and then Chief Financial Officer on 12 October 2020. He is a member of the Executive Management Committee of the Company. Besides Bintai Kinden, he is also an Executive Director at Sarawak Consolidated Industries Berhad and an Independent Non-Executive Director of Malaysian Genomics Resources Berhad.
Mr. Ku worked for several audit firms before joining Grant Thornton Malaysia as an audit senior manager in 2017. He has over eight years as an auditor with exposure to audit and assurance as well as business advisory in a broad spectrum of industries such as property development, construction, manufacturing, trading, poultry, agriculture, aquaculture, service provider, trading of software and real estate. He is also a member of the Malaysian Institute of Accountants.
“I would like to thank the Board for this appointment. I am excited for Bintai and will do my best to bring the Company to the next level. The Company will continue to focus on our core business in mechanical & electrical engineering segment and endeavour to secure more opportunities and recurring projects in Malaysia which are able to contribute positively to the future earnings of the Group,” said Ku.
En. Azri Azerai, Executive Director of Bintai Kinden said, “The Board of Directors and I congratulate him and are looking forward to working even closer with him. His redesignation reflects a changing of the guard and a younger generation helming the business operations. On a more personal note, having a young and dynamic team enables the Company to adapt to trends in the corporate world and technology while coming out with solutions that are outside of the box.”
“As an ex-Grant Thornton auditor, we have every confidence that with his industry knowledge and experience, he will be able to guide Bintai Kinden to greater success. His familiarity with the business operations will also be of great help as the Company leverages on its strengths as a M&E engineering services specialist to expand in Malaysia and the region.”
Atlas Lithium Corporation (NASDAQ: ATLX) (Atlas Lithium or the Company), a mineral exploration company focused on lithium and other battery metals critical to powering the green energy revolution, is pleased to announce that it has signed a Memorandum of Understanding (the MOU) with Mitsui & Co., Ltd. (Mitsui) with respect to Mitsui’s potential interest in acquiring the right to purchase Atlas Lithium’s future lithium concentrate production. Mitsui is a global enterprise headquartered in Tokyo, Japan, with $122.3 billion in assets, $96.4 billion in annual revenues, and 44,336 employees in 63 countries, as of its last reported results.
In general terms, the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to $65 million (the “Offtake Funding”), in tranches and subject to the achievement of specific milestones acceptable to Mitsui, that would give Mitsui the right to buy up to 100% of Atlas Lithium’s production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year (the “Plant”). The Offtake Funding would be primarily used by Atlas Lithium for the construction of the Plant. Lithium concentrate produced by the Plant would then be available for purchase by Mitsui at a price generally based on the then-prevailing market price.
Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium, commented, “Our lithium assets are world-class and therefore we are enthusiastic about the prospects of a long-lasting and mutually rewarding partnership with such a well-known and global-reaching company as Mitsui.”
The MOU is non-exclusive for both companies. As part of the MOU, Atlas Lithium and Mitsui will also seek to collaborate in other strategic areas.
About Atlas Lithium Corporation Atlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project which consists of 52 mineral rights spread over 56,078 acres (227 km2) and is located primarily in the municipality of Aracuai in the Lithium Valley of the state of Minas Gerais in Brazil. Atlas Lithium also has a separate second lithium project located in Brazil’s Northeast region. In total, Atlas Lithium has 100% ownership of mineral rights for almost all battery metals including lithium (293 km2), nickel (222 km2), rare earths (122 km2), titanium (89 km2), and graphite (56 km2), in addition to mining concessions for gold, diamonds, and sand. The Company also owns approximately 45% of Apollo Resources Corp. (private company; iron) and approximately 28% of Jupiter Gold Corp. (OTCQB: JUPGF; gold and quartzite).
Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium Corporation and its subsidiaries (collectively, “Atlas Lithium” or “Company”) and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events and regulatory changes; availability of capital; Atlas Lithium’s ability to maintain its competitive position; and dependence on key management.
Atlas Lithium advises U.S. investors that its properties and projects, and those of its subsidiaries, as of now, are exploratory and do not have measured “reserves” as such term is defined by the Securities and Exchange Commission (“SEC”). Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on March 29, 2022, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company’s views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.
One-stop showcase for latest study and employment trends with 700 organisations participating
Organised by the Hong Kong Trade Development Council (HKTDC), the 32nd HKTDC Education & Careers Expo will be held from 2 to 5 February (Thursday to Sunday) at the Hong Kong Convention and Exhibition Centre (HKCEC). The expo presents designated zones under two themes, namely Education and Careers. The four-day event is open to the public free of charge, providing a one-stop platform with the latest information on education, training and career development and more than 2,800 job openings on offer. A number of companies and organisations will provide on-site interviews to jobseekers.
Speaking at a press conference to introduce this year’s Education & Careers Expo, Jenny Koo, HKTDC Assistant Executive Director, said: “I hope the diverse content and strong lineup of exhibitors in this year’s Education and Careers Expo will inspire students and jobseekers to gain the motivation to hone new skills, expand their horizons and explore new possibilities”
Yvonne Wong, Vice Chairman, The Y.Elites Association & GM, Qianhai International Liaison Services; Natalie Chew, Director, Communications and Public Relations Office, Vocational Training Council; Jenny Koo, HKTDC Asst. Executive Director; Rebecca Choi, Asst. Director – Student & Curriculum Development, Hong Kong Institute of Construction; and Veon Tsang, Founder, HotelsHR [L-R]
The 32nd edition of the HKTDC Education & Careers Expo runs from 2 to 5 February at the Hong Kong Convention and Exhibition Centre. The photo shows scenes from last year’s event.
Speaking at today’s press conference to announce details of the expo, Jenny Koo, HKTDC Assistant Executive Director, said: “This year’s expo, themed ‘Ride the Wave to Success’, will host 700 organisations including educational institutions, professional associations, government departments, public organisations and private companies to feature information on studies in 20 countries and regions as well as employment opportunities. I hope this year’s diverse content and strong lineup of exhibitors will inspire students, employed individuals and jobseekers to gain the motivation to hone new skills, expand their horizons and explore new possibilities.”
Four Careers Theme Days introduce latest career trends and prospects Four Careers Theme Days over the course of the expo will highlight the latest career trends and introduce visitors to the prospects in different industries. Co-organised by the Vocational Training Council (VTC), the VPET – Skilling Talent for the Future theme day on 2 February will introduce various sought-after professional and vocational skills in this new era that can help people develop more diverse and exciting careers. On 3 February, the GBA Opportunities theme day will invite representatives from the Greater Bay Area Youth Development Association to discuss the potential for the younger generation to land job offers and start a business in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Representatives from The Y.Elites Association will share information and recount their experiences in relation to employment and entrepreneurship in Qianhai, Shenzhen, while the Greater Bay Area Homeland Youth Community Foundation will offer tips on studying in the GBA.
On 4 February, the Exploring Construction Industry theme day, co-organised by the Hong Kong Institute of Construction (HKIC) and the HKTDC, will invite professionals to give insights into how the construction industry is leveraging the latest technologies as it enters a new era of “Construction 2.0”, as well as sharing on current prospects. And on 5 February, the Slasher Generation theme day will introduce the new kind of workforce members who engage in multiple jobs at the same time, with speakers from the barista profession and influencer marketing sector sharing both the fun aspects and the challenges they face in their career paths.
More than 2,800 job openings on offer, some with on-site interviews The Career-themed Zones will offer more than 2,800 job openings from a variety of professional institutions, recruitment platforms, local government bodies and corporations. At the Recruitment Square, recruitment platforms and employers including Hong Kong East Cluster of the Hospital Authority, Citybus and Asia Airfreight Terminal, among others, will recruit and interview candidates on the spot. Visitors can bring their resumes to the expo and apply for the posts that interest them.
Four Education-themed Zones highlight local, mainland and overseas opportunities This year’s expo features four education zones, including the Local Studies Zone featuring universities and post-secondary institutions such as Hong Kong Shue Yan University and the Hang Seng University of Hong Kong that provide information on further studies.
The Overseas & Mainland China Education Zone brings together consulate general offices, officially approved organisations, overseas universities and study centres to provide information and consulting services regarding educational opportunities in 19 different countries and regions, including Europe, the United States, Asia and Mainland China. And the Lifelong Learning Zone will showcase numerous self-betterment programmes and on-the-job training courses for visitors, covering areas such as technology, lifestyle, language, beauty and cosmetics.
At the Youth Zone, visitors can get information on continuing education and career planning, and find out more about summer jobs, internship opportunities and full-time jobs. Exhibitors include The Hong Kong Federation of Youth Groups, Hong Kong Youth Exchange Promotion United Association, the Hong Kong Playground Association and more.
In addition, the expo will offer four Education Theme Days, providing an in-depth introduction to the European Union (2 February), the United Kingdom (3 February), France (4 February) and Germany (5 February), covering key topics such as admission requirements, the preparation process prior to studying abroad, and insights into campus life and the support facilities offered in different locations.
80+ inspiring events, distinguished speakers share their insights and success stories Visitors interested in joining a variety of sectors such as the innovation and technology industry and the government sector, or embarking on a working holiday, can take advantage of more than 80+ inspiring events that will be held during the expo, with celebrities and experts joining to share their experiences and strategies for success:
– Henry Lee, Account Director (Talent and Learning Solutions), LinkedIn, will share the latest trends in Hong Kong’s labour market and offer job-hunting tips for the digital age. – Sunny Chan, famed director and screenwriter of Hong Kong films Table for Six and Men on the Dragon, will share his inspiring journey from screenwriter to director. – “fataunt”, registered nurse and YouTuber, will talk about how he became a key opinion leader (KOL) while studying at university. – Christina Ho, civil aviation pilot, who successfully transitioned from a fashion designer to become a pilot in local airline industry, will share her inspirational journey. – Siu Yan-ho, doctoral lecturer, will share his experience of transforming from an under-achiever, with a score of 6 in the HKCEE public exam, to become a doctoral lecturer.
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.
