Group to focus on diversifying customer base while improving manufacturing efficiency and expanding to overseas markets.
Yew Lee Pacific Group Berhad, a manufacturer of industrial brushes as well as trading of industrial hardware and machinery parts, today announced that the Group recorded revenue of RM6.10 million for the third quarter ended 30 September 2022 (3Q FY2022).
Managing Director of Yew Lee, Mr. Ang Lee Leong
There are no comparisons on a year-over-year basis as the Group was listed on the ACE Market of Bursa Malaysia Securities Berhad on 7 June 2022.
For the quarter under review, Yew Lee reported gross profit of RM2.12 million while registering profit before tax (PBT) of RM0.96 million and profit after tax of RM0.76 million. For the nine-month period ended 30 September 2022 (9M 2022), the Group registered RM24.35 million in revenue while recording a profit before tax of RM0.39 million and a loss after tax of RM0.41 million.
Manufacturing activities contributed RM3.84 million to total revenue while trading activities contributed RM2.27 million in 3Q FY2022.
Managing Director of Yew Lee, Mr. Ang Lee Leong said, “We continue to sustain and generate profit from our operations. It is worth noting that stripping the one-off listing expenses of RM2.70 million, the Group would have reported a 9M 2022 PBT of RM3.0 million.
“The Group’s immediate plans is to reduce its dependency on the rubber glove industry by seeking opportunities in the semiconductor, timber, glass and agriculture industries. We are encouraged by the political stability from the appointment of a new Prime Minister, and we hope that the new government will be supportive of the economy with sound policies and measures.”
“Besides diversifying our customer base, which will take time, the Group is also improving its manufacturing efficiency and automating manufacturing processes by acquiring additional automated machinery and equipment to support the long-term growth of the business. We are also expanding the trading of industrial hardware and machinery parts especially in the central and southern regions of Peninsular Malaysia and, expanding to more markets overseas.”
The Group’s overseas markets include Thailand, Vietnam, Indonesia and Taiwan, which contributed about a quarter to total revenue in the financial year ended 31 December 2021.
Inaugural ‘Start-up Express International’ gets international and local start-ups talking
The Hong Kong Trade Development Council (HKTDC) announces the launch of Entrepreneur Day, a three-day (30 November to 2 December) event with the theme of ‘Balance Beyond the Boom’. Packed with a hybrid mix of online and physical seminars and exhibitions, the event explores a diverse range of developments in the global entrepreneurial ecosystem. Through forums, exhibitions, workshops, and networking events in the “Start-up Arena”, industry leaders, experts, start-ups and participants learn how to achieve business success in the post-pandemic world. The first-ever “Start-up Express International” will also be held on 1 December bringing together local and international start-ups to exchange views and share experience, as well as encourage overseas expansion.
Organised by HKTDC, Entrepreneur Day began today. Margaret Fong, Executive Director of the HKTDC, delivered the welcoming remarks.
During the seminar, “T-Chat – Global VC Investment: Rise or Fall”, Eric Manlunas, Founder & Managing Partner of Wavemaker Partners, Duncan Chiu, Council Member (Technology and Innovation) of HKSAR Legislative Council, and Karena Belin, Co-founder of AngelHub & WHub, provided their outlook for the global venture capital market next year.
The “Start-up Zone” and “The Boosters” showcased over 30 start-ups and start-up supporting companies.
Welcoming participants to the event, Margaret Fong, Executive Director of the HKTDC, said: “We are delighted to host Entrepreneur Day in hybrid format for the first time. The pandemic has caused considerable disruption to market economies across the world. It has also hit entrepreneurs hard. Yet, I am encouraged by the new and emerging opportunities entrepreneurs are seizing, including in the digital economy. Indeed, entrepreneurs are the heartbeat of our global economy. Just like the pandemic, they disrupt the status quo. They challenge convention to enable progress. They accelerate innovation and economic growth across the globe.”
“Under the theme ‘Balance Beyond the Boom’, we will explore the trajectory of the global start-up ecosystem since the start-up boom and help start-ups gain a foothold in key markets, especially the Guangdong-Hong Kong-Macao Greater Bay Area and Regional Comprehensive Economic Partnership. To celebrate the Start-up Express’s 5th anniversary, we will launch its international series on Entrepreneur Day, when outstanding overseas early-stage start-ups will be invited to share the stage with Start-up Express winners.”
Charting the way forward with advice from experts Entrepreneur Day featured several seminars beginning with “T-Chat – Global VC Investment: Rise or Fall?”. According to data from Dealroom, venture capital firms invested more than $675 billion in start-ups worldwide in 2021 or double the amount from the previous year. However, global capital markets have seen heightened volatility this year despite the fading impact of the COVID-19 pandemic. Eric Manlunas, Founder & Managing Partner of Wavemaker Partners, Duncan Chiu, Council Member (Technology and Innovation) of HKSAR Legislative Council, and Karena Belin, Co-founder of AngelHub & WHub, reviewed their investments in 2022 and shared their outlook for the global venture capital market next year. They also offered advice on how entrepreneurs can better equip themselves to raise funds in a potentially difficult environment.
Eric Manlunas said: “Despite the uncertainties of the current macro environment, global venture capital is here to stay, given the social utility it provides. Venture capital is a strong catalyst for innovation and business formation, thus its purpose is more compelling than ever [before], in spite of the current macroeconomic challenges”.
Duncan Chiu said: “Keep tracking talents. Talents attract talents. Fintech is not just [about] technologies, but still has to comply with international regulations”.
In a fast-changing world, start-ups need to be able to adapt to a dynamic environment while still being cautious about funding. The “Capture Funds at Critical Times” workshop featured Mingles Tsoi, Chief eXploration Officer of ParticleX, who has guided local and international technology start-ups through the challenges of fundraising, and Brian Tsui, Co-Founder of the Chicago Booth Angels Network, who shared their personal experience and advise to start-ups on their fundraising strategies and planning.
Enhancing customer experience with NFTs to create business opportunities With non-fungible tokens (NFTs) becoming the talk of the town, Lucas Cheung, Managing Partner of leading Asian brand technology firm Gusto Collective, and Nick Lau, founder of digital luxury Web3 platform WEAR, shared their insights on the application of NFTs in the entertainment and fashion space. Cheung discussed how his company has enhanced brand value and opened doors to new opportunities through immersive customer experiences. Lau shared how WEAR has integrated physical products with digital collectibles and the company’s successful collaborations with world-renowned brands.
Propelling re-industrialization of Hong Kong – the springboard to the GBA With a mature ecosystem for start-ups to thrive in, Hong Kong is well-known for its business-friendly environment and for incubating outstanding enterprises. In the panel discussion “Entrepreneurship in HK – Scaling up through Hong Kong”, previous winners of the Start-up Express competition shared their experience of starting a business in the city. The panel discussion involved Justin Chan, CEO & Co-Founder of Gense Technologies, KK Chiu, Co-Founder & CEO of Zeek, and Mazing Lee, Co-Founder & CEO of Lify Company Limited.
The 12th World SME Summit, co-organised by the Hong Kong General Chamber of Small and Medium Businesses, celebrated the 25th anniversary of the establishment of the Hong Kong Special Administrative Region and aimed to facilitate re-industrialisation in Hong Kong. The summit had the theme of “Achieving re-industrialisation through innovation in the new era” with discussions considering ways to expedite Hong Kong’s re-industrialisation efforts. In the session, Herbert Chia, Venture Partner of Sequoia Capital China, pinpointed the benefits of applying innovative technology from an investor’s perspective.
Turning waste into gold for a circular economy With investors increasingly looking to support the recycling sector, Shrikanth Narasimha, Director of Sustainability and Supply Chain, Far East, Mainetti (HK) Limited, detailed the development of closed-loop recycling of plastic materials and the use of blockchain in the recycling process. Meanwhile, Rachel Barr, Vice President of Sustainability from the Israeli start-up UBQ Materials, shared the firm’s work to transform domestic waste into plastic products in collaboration with Mainetti (HK), while Ricci Wong, Founder and CEO of social enterprise HK Timberbank, explained how his start-up helps sort, cut, and dry damaged trees, recycling them into commercial timber and furniture.
Exhibiting innovations from emerging industries The Entrepreneur Day exhibition also gathered more than 130 start-ups showcasing innovative products and technology as well as support services for the start-up ecosystem. The exhibition helped participants find business opportunities, secure professional advice and connect with potential business partners. The “Start-up Zone” showcased start-ups from a wide array of industry verticals ranging from medical and biotechnology products, green and food technology, to fintech and edtech. “The Boosters” featured organisations and government bodies supporting start-ups with the latest market insights and consulting services.
Start-up Express International – Fostering connections between local and global start-ups To mark the 5th anniversary of “Start-up Express”, a start-up incubation programme, the HKTDC will launch “Start-up Express International” tomorrow during Entrepreneur Day 2022 where ten international start-ups from countries including Belgium, Mainland China, Germany, Italy, Japan, Singapore, South Korea, Turkey, the United Kingdom and the United States with diverse technology backgrounds like health, education, smart cities, and agriculture, to blockchain, robo-technology, and marketing, will share their experiences together with the local winners of Start-up Express.
The HKTDC selected 30 international start-ups before choosing the final ten. Among those 30 international firms, many of which have won awards in the Mainland and overseas, are InxMed, a biotech company in Mainland China working on developing innovative therapies for tumour resistance and metastasis; inConAlert, a German healthtech company offering a wearable medical sensor; Mobbi, an Italian technology start-up that introduced the world’s first portable power bank rental app; and SynCom Agritech, a Japanese agritech start-up. They all hope to contribute to solving livelihood, social and environmental problems through innovative business ideas and new technology.
The top 10 winners of the competition were: inContAlert from Germany, Contents.com from Italy, Closer Inc. from Japan, VegeSense; KnowCarbon; InxMed from Mainland China, OTECH (Otsuka Technology) from Singapore, AON from South Korea, MOBIQU from Turkey, and rThreat from the United States. The winning start-ups will gain access to marketing and technical support, as well as consulting services and concessionary rents by HKTDC, helping them set up a business presence in Hong Kong.
rThreat, one of the winning start-ups, said: “We would like to thank HKTDC for arranging Start-up Express International as it has allowed us a chance to learn from our peers from around the globe, establish business relationships and explore potential business partners.”
The judging panel for Start-up Express International this year comprised Fred Li, Executive Director at Gobi Partners, Francis Pun, Promotions and Community Development Lead at Hong Kong Science and Technology Parks Corporation, and Clara Hong, Senior Manager of Ecosystem Development at Hong Kong Cyberport Management Company Limited.
Alongside Entrepreneur Day, the Business Intellectual Property of Asia Forum will be held from tomorrow to 2 December, serving as an ideal platform for global IP experts and business leaders to investigate the latest trends in the Asian IP market and look for opportunities.
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.
Hektar REIT The Edge Malaysia ESG Awards 2022 Silver Award for Most Improved Performance over Three Years (Below RM300M Market Cap) and Silver Award Under Property & Reit Sector
Hektar REIT wins big at the inaugural The Edge Malaysia ESG Awards 2022
The awards were aimed at honouring Malaysia’s best performers in ESG
Hektar Asset Management Sdn Bhd, the Manager of Hektar Real Estate Investment Trust (Hektar REIT), Malaysia’s first retail-focused REIT, is pleased to announce that Hektar REIT is the proud recipient of two Silver awards at the inaugural of The Edge Malaysia ESG Awards 2022: Most Improved Performance Award Over Three Years (for Market Cap below RM300M) and Property & REIT Sector Award.
Muhammad Bakhtiar Ul Haq, Assistant Manager, IR, ESG & Special Projects of Hektar Asset Management; Mohd Zaharim bin Mohd Yatim, Senior Manager, Special Projects of Hektar Property Services; Syairul Irwan Rased, Assistant GM, Business Strategy, Martin Chen, GM, Legal, Zarina Halim, CCO, Johari Shukri bin Jamil, CEO and Lim Kek Siang, Senior GM, Finance of Hektar Asset Management and Sanggat Singh, Senior Manager, Group Facilities Management of Hektar Property Services [L-R]
The Edge Malaysia editor-in-chief Kathy Fong; Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift; Johari Shukri bin Jamil, Chief Executive Officer of Hektar Asset Management Sdn Bhd; Helena Fung, the head of sustainable investment for Asia-Pacific at FTSE Russell; and Datuk Ho Kay Tat, the publisher and group CEO of The Edge Media Group [L-R]
The awards seek to recognise and honour Malaysian companies for their commitment to developing and enhancing their business operations according to the Environmental, Social and Governance (ESG) principles. The award ceremony was held at a gala dinner at the Sunway Resort Hotel on 28 November 2022.
The Edge Malaysia ESG Awards 2022 comprised two categories – the Equity Awards and the Fund Awards. The Equity Awards were organised in collaboration with Bursa Malaysia and FTSE Russell and the Fund Awards were in collaboration with the Securities Commission and Morningstar. These awards were aimed at promoting ESG adoption and leadership amongst industry leaders and professionals by recognising their contributions and successes. Hektar REIT qualified under the category of Equity Awards, whereby a company must be listed on Bursa Malaysia and be a constituent of the FTSE Bursa Malaysia EMAS index as of June 2022.
En. Johari Shukri bin Jamil, Chief Executive Officer of Hektar Asset Management Sdn. Bhd. (Hektar Asset Management), the Manager of Hektar REIT said: “We are honoured to be conferred with these prestigious awards, a testament and recognition of our efforts in driving Sustainability initiatives since we embarked on the core focus on its three pillars of E, S and G across the organisation in 2017. Our commitment to ESG principles is long-term, as we recognise that all of us have a responsibility to our stakeholders. We remain committed to further advancing our efforts in managing material sustainability matters in the area of environmental conservation, including climate change mitigation and adaptation, water & waste management, and managing energy consumption, including incorporating renewable energy in our energy mix.” En Johari emphasised that the company will continue to ensure that its initiatives are in accordance with the company’s corporate social responsibility (CSR), industry best practices and investors’ expectations. Over the years, Hektar REIT has joined hands through many partnerships and collaborations with local and international organisations, providing support to NGOs’ and charity programs to support underprivileged and marginalised communities besides advancing and empowering women to improve their financial independence for the benefit of families.
“We recognise the need for responsible sourcing and are working closely with external parties, such as our tenants and vendors, to reduce our carbon footprint across the value chain. An example is the recently introduced Reverse Vending Machine (RVM) to recycle plastic bottles and cans at Subang Parade as a pilot project to play our role and reward our loyal patrons with vouchers for redemption for their continued commitment to becoming a part of a responsible society. We will also continue integrating ESG into all aspects of our business, from financial management to operations and future planning to deliver resilient and sustainable long-term value for our stakeholders.”
In June 2022 FTSE Russell evaluation, Hektar REIT was upgraded from a 3-star to a 4-star ESG rating on the FTSE4Good Bursa Malaysia Index (F4GBMI). Based on the F4GBMI evaluation of the results, Hektar REIT is inspired and encouraged to continue its efforts to improve initiatives in all three core areas of Environmental, Social & Governance and embed these core principles into its business DNA.
Consistent performance with steady growth in the EV, energy storage and hard disk drive segments
Key Financial Performance Highlights for Q2FY2023:
Strong YoY performance, reflecting double digit growth across all key indicators, higher margins
Contributions from key segments marginally impacted due to deferment of RM5 million hard disk client project but has been delivered
QoQ PBT surged to RM28.0 million, rising by 44.3% compared to preceding quarter
PAT at RM25.7 million, up by 57.7%, due to normalising cost of raw materials, continued disciplined cost management and operational efficiency
Technology leader in providing fully customised, intelligent manufacturing automation solutions, Genetec Technology Berhad announced their quarterly performance to date for their second financial quarter for the financial year ended 31 March 2023 (Q2FY2023). The Company recorded a surge in its profit after tax (PAT) of RM25.7 million representing a 57.7% jump compared to RM16.3 million registered for the corresponding quarter of the preceding year due to higher revenue and managed cost.
Genetec registered RM28.0 million in profit before tax (PBT) for the quarter under review, which is 59.1% higher than the PBT of RM17.6 million recorded for Q2FY2022 while revenue of RM70.7 million is 19.2% higher than the RM59.3 million posted in Q2FY2022. Earnings per share stood at 3.59 sen (fully diluted) in the same quarter compared to EPS of 2.33 sen in the corresponding quarter.
Genetec highlighted, “On the macro level, 2022 continues to be an exciting year. We have been building on our momentum and diversifying our portfolio in electric vehicle (EV) and energy storage segments. These efforts are yielding results which will come through in the coming quarters. All segments in our portfolio continue to grow with segment contributions remaining consistent with the preceding quarter. Genetec remains focused to build on and deepen our share-of-wallet with existing clients. Efficiency, quality and flexibility continue to be key whilst we actively participate in new bids to expand our client list. With the additional 100,000 square feet (sf) floor space, we are adding capacity to cater to our growing pipeline.”
Their recent exclusive collaboration with diversified infrastructure and energy conglomerate, Citaglobal Berhad will see Genetec supplying end-to-end battery energy storage management systems (BESS) solutions to designated project sites in different states across Malaysia over a multi-year period. The Company’s role covers research and development, design and build and on-site installation and maintenance.
“Looking ahead, the world’s efforts to halve its carbon footprint by 2030 and achieve its net zero carbon target by 2050 will drive energy convergence and investments in renewable energy (RE) technology. New energy storage capacity is expected to be added globally between 2022 and 2030 as companies and countries transition towards clean or RE. Expectations are for RE to provide 65% of the world’s total electricity supply by 2030, with a massive 90% decarbonisation of the power sector by 2050[1]. By the end of the decade, United States and China are expected to continue to be the two biggest markets, accounting for more than half of all RE storage installations worldwide[2]. On the EV sector, we will continue to expand our performance and increase our capacity to achieve new heights”, highlighted Genetec.
About Genetec Technology Berhad Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the ACE Market of Bursa Malaysia Securities Berhad (Stock code: 0104) since 2005. Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors. For more information on Genetec, please visit www.genetec.net.
(Supersedes Press Release Issued 28 November 2022 at 08.46 am; to be read in Conjunction with SGXNet Announced today)
Current board of directors remains unchanged as resolutions purported to be carried at electronic meeting on 25 November to replace 5 directors are invalid
Company did not receive by 12 noon today key information and documentation – including executed proxy forms, attendees and organisers of the purported meeting – requested from lawyers of the requisitioners
Requisitioners are denying directors the opportunity to properly assess the conduct and processes of the meeting while sowing confusion about their ‘success’ through media releases
Company has received numerous letters of protests and complaints from shareholders over the weekend; many of whom did not receive notices to attend the Purported EGM
Kitchen Culture Holdings Ltd. (Kitchen Culture or the Company) said today that 5 directors that requisitioners sought to replace through a purported Extraordinary General Meeting last Friday (Purported EGM) will remain. Instead, the Company deems the meeting and resolutions purportedly passed to be invalid, and has asked the requisitioners to put the matter before the Singapore Court.
Responding to a press release issued on 25 November 2022 on ACN Newswire by the 8 requisitioners, Kitchen Culture said it had written the same day to lawyers for the latter asking for key information. As at 12 noon today, the requisitioners’ lawyers had yet to send documentation such as executed proxy forms, list of attendees, who chaired the meeting purportedly held electronically at 9.00 am last Friday, and the breakdown of votes and questions raised or answered at the meeting.
This has prevented the directors from having “… the opportunity to make a proper assessment of the conduct and processes at the so-called meeting, and take professional advice as necessary,’ the Company said. Instead, the requisitioners were “… creating and maintaining uncertainty and confusion by claiming success of the ‘New Board” through press releases and the media.
The requisitioners appeared to have rushed to issue their 25 November press release “without bothering to inform the Company of such status.” Notwithstanding this, the Company has been trying to engage them to ensure that there is clarity of the situation and to avoid further uncertainty and confusion sown by such conduct, Kitchen Culture said.
The Company had announced that the Purported EGM – the second attempt by the requisitioners to remove 5 of 6 existing directors – was invalid as it is in non-compliance with the Companies Act 1967 and breached the Company’s Constitution. Instead of giving proper notice, the requisitioners issued a single newspaper advertisement.
Over the past weekend, the Company has received numerous letters of protest and complaints from various shareholders, objecting to the so-called holding of the Purported EGM in spite of its invalidity. “Some shareholders also complained that they did not receive any notice… and were therefore not in a position to consider attending it,” the Company said.
The Company, through its lawyers, has written again to lawyers of the requisitioners to invite them to apply to the Court to determine whatever issues from which they differ, with respect to the Company’s position.
The Directors (save for, and unlike, Mdm Hao) consider that this is “the most appropriate way to resolve any differences or contentions (and to put to rest the uncertainty and confusion)” as to the validity of the Purported EGM and the resolutions they claim to have been passed, and the eligibility of the persons they claim to have been elected to the office of Director of the Company.
Kitchen Culture said each of the 5 persons named by requisitioners to be members of the new 6-member board were ineligible to be put up for election in the first place as they had failed, neglected or refused to submit important relevant documents on time, even assuming that it was a valid general meeting of the Company.
The 5 persons proposed by the requisitioners are James Beeland Rogers, Jr., Yip Kean Mun, Lam Kwong Fai, Tan Meng Shern and Cheung Wai Mun. The Requisitioners comprise OOWAY Group Ltd. (“OOWAY”) – the Company’s largest shareholder – and 7 individuals who own an aggregate of 21.71% of the Company’s shares.
Kitchen Culture’s Board, with the exception of Madam Hao Dongting (“Mdm Hao”), has said that there are no grounds to justify the resignations of the 5 current directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Non-Independent Chairman), and 3 Independent Directors, Mr Ang Lian Kiat, Mr William Teo Choon Kow and Mr Peter Lim King Soon.
Mr Lau Kay Heng and Mr Peter Lim King Soon were named as new directors on 15 July 2022, the same day that Mr Lincoln Teo, an OOWAY representative and former Interim CEO of Kitchen Culture, ceased to be Executive Director. The Company stressed that OOWAY had in fact supported the re-appointments of Mr William Teo Choon Kow and Mr Ang Lian Kiat at the Annual General Meeting held on 18 March 2022.
“The Directors of the Company (other than Mdm Hao) urge all shareholders to be wary of and not to be unduly influenced by media statements emanating from or ascribed to OOWAY Group or any of the other 7 Relevant Shareholders or any of the 5 persons who were claimed to have been elected to the “New Board”. Shareholders are advised to refer to and compare against announcements and press releases of the Company,” Kitchen Culture said.
Kitchen Culture shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY in October 2020.
This press release has been reviewed by the Company’s sponsor, SAC Capital Private Limited (the “Sponsor”). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
BC Driving Growth with Diversification and Synergistic Approach
Boutique Corporation PCL (SET: BC) President and Group CEO, Mr. Prabsharan Singh Thakral provided an admirable interview regarding his business strategy after Covid-19, diversification and embracing digital technology is the strategic approach for Boutique Corporation to remain resilient.
1. Against a challenging business environment significantly impacted by the Covid-19 pandemic, what’s your view toward the Thai hospitality and commercial industry this year and in 2023? The COVID-19 pandemic has been one of the major challenges for Thailand’s beauty industry and our company. We must refine our strategies and business plans to cope with the ever-changing market and rapidly changing consumer behavior.
Regarding the long-term strategy, we aim to increase our top line to 3,000 million baht by 2026. Our focus remains on beauty and health products, such as skincare, makeup, hair color, and food supplements, which align with the company’s vision and mission: To be Asia’s leading beauty and health company by creating the best innovation to fulfil everyone’s demand and inspiring people across Thailand and Asia.
2. Against a challenging business environment significantly impacted by the Covid-19 pandemic, what’s your view toward the Thai hospitality and commercial industry this year and in 2023? This year, we begin to see a recovery in tourism, with approximately 10 million tourists coming into the country. We see India as a large component of tourists coming to the country, with about 1 million travellers forecast for the end of this year. We see, toward the end of next year, perhaps the normalization of tourism in this country. But, of course, we also have to wait until China opens up for tourism.
Meanwhile, we should look for other opportunities instead of focusing on China. These whole few years have taught us that we should begin to penetrate new markets. Currently, we have an excellent new market like Saudi coming in. We should focus on and harness the demand from other large markets like India so that our economy relies on something different than a single market like China. Our marketing activities for tourist companies or Thailand Tourism Authority (TAT) should bear that in mind as we come out of Covid.
3. As the property development company, how has Covid impacted your business, and how is it currently going? Yes, our main business is building property for existence. That continues during Covid. We were very successful last year in existing an asset in Sukhumvit Soi 23 at the pre-covid valuation. We have just completed Oakwood Sukhumvit Soi 36, a hotel by the Thong lor BTS station, opening on the first of October. Even before its first month of full operation, we had a buyer coming and signing a sale agreement with us, buying it at the valuation as well. This business continues.
However, the industry and, of course, Boutique Corporation were affected by the disrupted cash flow coming through the hotel. So, Covid has been a learning for many business leaders. One of the things I saw to undertake during Covid was to embrace diversification, ensuring that after Covid, we would have multiple business lines that have synergistic approaches with our current business.
4. Boutique corporation has expanded the ecosystem into logistics and healthcare. How have they turned out so far? The first business we decided to expand into was cannabis and wellness associated with cannabis. From growing our high medical-grade cannabis to the dispensary, we are ultimately the country’s first fully licensed value-chain cannabis key provider. We currently have two dispensaries, the first one at Sukhumvit Soi 16, in one of our properties. So, this is the synergistic approach. And here, at the Summer Point Mall, our second dispensary, which represents our wellness concept. We can issue a prescription for oil and cannabis medicine based on traditional Thai formulas. As a result, the cannabis-related healthcare business is one of the diversifications we undertook to ensure that we, as a company, are sustainable and more resilient.
5. What are your key strategies for the next year? For cannabis, we see solid sales in our dispensaries, high demand for premium-grade and high-quality medical-grade cannabis dry flowers, and an increase in repeat customers who enjoy the quality and comfort of our pure and toxin-free cannabis. In addition, we are confident in our products and service because they were all tasted by the ministry of health. Ultimately, we aim to accelerate our rollout and expand the business to 20 outlets within the following year.
The second diversification we recently undertook is a self-storage and the logistics of door-to-door delivery from storage. Again, the business is new and has just opened this month. And we already begin to see good demand for self-storage. So, we aim to drive growth in this unit as well.
And, of course, we do foresee that hospitality will come back, so we continue to develop assets for the existing. Next year we are looking at developing Sukhumvit Soi 5, one of our pipeline’s assets. We are preparing to establish another retail development on Charoenkrung road, in front of the Shrewsbury International School. And other projects that we have in our pipeline.
6. Amid the growing digital economy, how has it affected your company? There are two aspects of the digital economy and how it affects the company. One is how we apply digital technology at work, and two is embracing it within our businesses. For the former, the way we work, such as working from home and using online platforms for a meeting. We all have already familiar with the technology and work in a hybrid way. We ensure that our company is tech-savaged enough to embrace that.
However, what is more important is how we embrace new technology to create a synergistic effect with our business. Hence, in February this year, we launched our first NFTs linking to cannabis. They were limited and connected to every single seed plant we grew on our cannabis farm. Buyers of these NFTs effectively received a utility over our cannabis platform, either to get discounts or special access. This exemplifies how we synergize emerging technology like blockchain with our businesses. So, we also corporate those synergistic approaches with our other business units, such as hospitality, real estate, and self-storage, that we are expanding right now.
7. How do you envision your business in 5 years? How have you embraced the sustainability concept? Despite the Covid situation, building and selling assets continues to have good demand, especially in a good location. In October, we opened our first third-party-managed hotel under our brand “Jono”, which is in Karon beach, Phuket. So, we will drive and grow this business exponentially. For the sustainability part, over the next five years, we will continue to ramp up the growth of our cannabis outlet across the Thai market, mainly tourists, ex-pats, and the high entire. We will also grow our self-storage, logistics, and hospitality business. So, there are many opportunities that we can diversify our ecosystem, create synergistic approaches, and remain resilient.
About The Executive Q&A Series The Executive Q&A Series is presented by ShareInvestor, Asia’s leading financial internet media and technology company and the largest investor relations network in the region. For more information, email admin.th@shareinvestor.com, and visit our Website: www.ShareInvestorThailand.com.
Company to instal underground cable in Nusajaya, Johor
Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company’s wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project worth RM39.0 million for the installation of a 132kV underground cable double circuit from Tenaga Nasional Berhad (TNB).
En. Azri Azerai, Executive Director of Bintai Kinden
The project’s scope of work involves installing a new 132kV XLPE cable system from the PMU Financial Centre to the GDS Data Centre Substation located in Nusajaya, Johor. The new XLPE cable comprises two circuits, and three phases, with one cable of 1600mm2 copper per phase.
KBK, a specialist in M&E engineering services, has 319 days from commencement to complete the project.
En. Azri Azerai, Executive Director of Bintai Kinden said, “The Company continues to make progress in seeking more projects leveraging on its expertise and experience in M&E engineering services including design, installation and commissioning. This latest project award from TNB reflects the opportunities stemming from the growth momentum in the economy.”
“We are also committed to growing our range of expertise and are constantly looking to diversify as we transform to become a conglomerate through investing in unique and niche businesses with huge earnings accretive potential.”
Past TNB projects in which Bintai Kinden has been involved in include the 132kV Kuchai Lama switching station, 132kV MRT Bukit Serdang switching station, 132kV single-circuit underground cable from PMU Galloway to PMU KLCC2 and, 132kV bulk supply connection to KTMB Sentul feeder station.
5 new Board Directors were appointed to replace 5 incumbent Board Directors of Kitchen Culture Ltd
Over 173.6 million shares held by shareholders were cast at the EGM, and all resolutions passed with 100% of eligible votes cast at the EGM
EGM was held electronically[1], and voting was overseen by an authorized polling agent and scrutineer who verified the results
EGM as requisitioned by Shareholders met all requirements of the Company’s Constitution, the Companies Act 1967[2], and SGX-ST Catalist rules; conducted in a fair, legal and proper manner
The Relevant Shareholders[3] of Kitchen Culture Holdings Ltd.(Kitchen Culture, the Company or the Group) today announced that all Resolutions tabled at the Extraordinary General Meeting held on 25 November 2022 were approved, with 100% of eligible votes cast in favour of each Resolution and none against.
Mr Liu Yanlong, a representative for OOWAY Group Ltd, commented on the results of the EGM voting, stating, “The results of the EGM held today confirmed the lack of trust and confidence in the current Board of Directors by shareholders of Kitchen Culture and their wish to give a new Board of Directors the mandate and opportunity to steer the company forward and in a direction that will create shareholder value.
The fact that all resolutions were passed with 100% of the eligible votes cast clearly reflects this.”
The Relevant Shareholders are also confident, pursuant to legal advice received, that the Resolutions passed at the EGM to appoint 5 new Directors (See Annex A) and remove the 5 incumbent Directors (See Annex B) fulfil all statutory and constitutional requirements of the Company, the Companies Act 1967, as well as the SGX-ST Catalist Rules.
Section 177 of the Companies Act 1967 permits 2 or more members holding at least 10% of the company’s issued shares (excluding treasury shares) to call for a General Meeting.
Mr Liu Yanlong reiterated “This EGM signifies a new dawn for Kitchen Culture and we hope for the new Board of Directors to breathe new life into the Company. Despite the obstacles put in place by the previous board to obstruct the conduct of this EGM, we are delighted to announce that not only was the EGM successfully concluded, but all shareholders eligible to vote at the EGM have also voted in favour of all Resolutions.”
“We are informing Kitchen Culture’s Corporate Secretary of the EGM results and respectfully urge the previous Board of Directors and the corporate secretary to cooperate fully in the transition phase during the handover. We will not hesitate to take legal actions to compel such compliance where necessary.” Added Mr Liu Yanlong.
The new Board of Directors, with a fresh mandate obtained from shareholders of the Company, will immediately take to the task of turning the Company around and creating shareholder value, while also being mindful to engage and communicate with shareholders and to run the Company in a more transparent manner.
Mr Yip Kean Mun, as a member of the new Board of Directors, said, “On behalf of the new Board of Directors of Kitchen Culture, I wish to express our gratitude to all shareholders for their support. We value the trust and confidence you have placed in us, and we will do everything possible to meet and exceed your expectations. We intend to adopt a policy of frequent engagement and communication with all shareholders in order to provide the transparency that all investors demand.”
Commenting on the EGM and the new Board, one of Kitchen Culture’s shareholders, Mr Lin Xiao Long said, I am confident that the new Board will be able to reorganise and revive the Company such that it becomes attractive again to investors looking for stable companies with good value and growth potential”.
Note: 1. As the COVID-19 situation is still ongoing, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 are still in force. With reference to paragraph 5(1) read with the First Schedule, the Company may convene, hold, conduct, whether wholly or partly, the Annual General Meeting, by electronic means. This includes provision for production and distribution of documents by electronic means. 2. Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the “Companies Act”) of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the “EGM”) pursuant to Section 177 of the Companies Act. 3. Relevant Shareholders refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
Issued by the Relevant Shareholders of Kitchen Culture Ltd.
Annex A: New Board of Directors – Appointed at EGM on 25 November 2022 1. Mr James Beeland Rogers, Jr. appointed as a Non-Executive Director of the Company; 2. Mr Yip Kean Mun appointed as an Executive Director of the Company; 3. Mr Lam Kwong Fai appointed as an Independent Director of the Company; 4. Mr Tan Meng Shern appointed as an Independent Director of the Company; and 5. Mr Cheung Wai Man appointed as an Independent Director of the Company.
– Appointed at last annual general meeting on 18 March 2022 6. Mdm Hao Dongting re-appointed as Non-Executive Chairperson on 18 March 2022, and later re-designated as Non-Executive Non-Independent Director on 10 November 2022.
Annex B: Previous Board of Directors – Removed at EGM on 25 November 2022 1. Mr. Lau Kay Heng 2. Mr. Lim Wee Li 3. Mr. William Teo Choon Kow 4. Mr. Ang Lian Kiat and 5. Mr. Peter Lim King Soon
Company’s loss before tax continues to narrow on higher revenue contribution from civil engineering and manufacturing divisions
Civil engineering specialist and bituminous products manufacturer Minetech Resources Berhad today reported that the Company recorded a 31.9% rise in revenue to RM26.9 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM20.4 million in the corresponding quarter of the last financial year (2Q FY2022).
Matt Chin, Executive Director of Minetech
The Company registered a loss before tax (LBT) of RM1.5 million for the quarter under review compared with LBT of RM4.7 million in 2Q FY2022.
On a segmental basis, the civil engineering division recorded a 8.1% rise in revenue to RM16.1 million in 2Q FY2023 compared with RM14.9 million in 2Q FY2022. The manufacturing division, which produces bituminous products for pipe coating, waterproofing and sealing, posted a 166.7% increase in revenue to RM7.2 million compared with RM2.7 million in the same quarter of the previous financial year.
For the first-half of the financial year ended 30 September 2023 (1H FY2023), Minetech registered a 36.9% increase in revenue to RM50.9 million compared with RM37.2 million in 1H FY2022. The Company recorded LBT of RM3.1 million in the period under review compared with RM9.1 million in 1H FY2022.
Matt Chin, Executive Director of Minetech, said, “We continue to see our financial performance improve with narrower losses on higher revenue contribution from the civil engineering division’s Selinsing Gold Mine due to increase in work volume as well as from the Cheras-Kajang Highway, Wangsa Brezza Hill and GM Emerald Square.”
“We have seen a significant increase in revenue contribution from the manufacturing division mainly due to the rise in sales of coating enamel and blown asphalt products as a result of improved demand from both domestic and overseas markets.”
“While economic growth is on a stronger footing based on Malaysia’s third-quarter GDP figures, we note the increased risks of a slowdown in 2023 as global uncertainties stemming from the Russia-Ukraine conflict, China’s slowdown and inflationary pressure continue to weigh on sentiments. We continue to emphasise various cost-control measures and cash conservation and at the same time exploring opportunities that have seen us venturing into technology and innovation and penetrating into second-tier construction activities. These initiatives have helped us weather the storm and continue to create value for shareholders and other stakeholders.”
Company assessing risks and opportunities to grow as an investment conglomerate
Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, today announced that the Company registered a 136.6% increase in revenue to RM40.56 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM17.14 million in 2Q FY2022 mainly due to higher contribution from M&E projects recovering from the negative impact of the COVID-19 pandemic.
Executive Director of Bintai Kinden, Azri Azerai
For the quarter under review, the Company’s profit before tax (PBT) recorded a decline to RM193,000 compared with RM244,000 in 2Q FY2022 mainly due to higher cost. Gross profit margin for 2Q FY2023 stood at 15.35% compared with 43.06% in 2Q FY2022 after taking into account contribution by variation order of completed projects of the M&E business.
Bintai Kinden registered a 142.94% rise in revenue of RM71.44 million for the six months ended 30 September 2022 (1H FY2023) compared with RM29.41 million in the corresponding period of the previous financial year. PBT for 1H FY2023 declined to RM1.16 million compared with RM1.50 million reported in 1H FY2022.
En. Azri Azerai, Executive Director of Bintai Kinden said, “We consider the continuing growth in economic activities following two years of lockdowns as a positive sign for more opportunities in M&E engineering services in Malaysia and Southeast Asia where our focus remains. The growth in revenue in the quarter under review is proof of the continuing recovery which we do not take for granted as we assess the risks and opportunities to grow as an investment conglomerate by taking stakes in unique and niche businesses with huge potential.”
“We are actively looking for more earnings accretive acquisitions. We are diversifying into the provision of telecommunication services to healthcare centres through a strategic venture under our indirect subsidiary, Johnson Medical International Sdn Bhd (JMI) that we announced earlier in November. We are also leveraging on JMI’s healthcare solutions and medical support systems expertise to explore the Middle East, which is a growing market. Through our 51%-owned Bintai Energy Sdn. Bhd., we are in a partnership distributing flanges and other related piping products in Indonesia for oil and gas (O&G) projects.”
Bintai Kinden’s total orderbook is RM109.92 million, with RM102.43 million from M&E projects and RM7.49 million from O&G projects.
