PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA] successfully booked an operating income of Rp865.5 billion or 29.7% higher on a year-on-year basis (YoY) as recorded in the financial statement for the period ended on 30 September 2022. This figure reflected WIKA’s success in recording sales of Rp12.8 trillion or 9.8% higher YoY.
WIKA’s President Director, Agung Budi Waskito (Agung BW), said that the largest contributors to WIKA’s sales performance were the infrastructure and building sector, industry sector, energy and industrial plant sector, and the realty and property sector.
“This achievement shows that the strategy implemented to strengthen the core business has proven successful to improve WIKA’s profitability,” said Agung BW.
One of WIKA’s achievements in strengthening its core business was proven by WIKA’s ability to complete the G20 supporting projects, such as the revitalisation of the VVIP Terminal of Halim Perdanakusuma Airport in Jakarta and the VVIP Terminal of I Gusti Ngurah Rai International Airport in Bali. The quality of these projects has received a lot of praise from the ministers.
The success in carrying out the two projects helped the Company to secure the contract for the development of Hang Nadim International Airport, Batam.
Going forward, Agung BW believes that WIKA will be able to sustainably strengthen its core business by improving governance, risk management, marketing, and operations while being consistent in preserving the quality of the projects entrusted to the Company.
As at October 2022, WIKA has secured new contracts worth Rp25.5 trillion, which include several projects for the new capital city (Ibu Kota Negara, “IKN”). WIKA has secured projects to construct the KKT Kariangau – Simpang Tempadung toll road segment. Under the WIKA Gedung Joint Operation (Kerjasama Operasional, “KSO”), the Company secured the project to construct modular buildings to house workers. In addition, WIKA together with PTPP KSO managed to secure contracts for the construction of the Presidential Palace and Presidential Office. In total, new contracts from IKN projects was worth Rp2.3 trillion.
“WIKA has experience in carrying out various projects in Kalimantan, such as water infrastructures, bridges, toll roads, buildings, and the supply chain supporting these projects. WIKA’s capacity to work on these projects is without doubt,” Agung BW explained.
In addition to the IKN projects, WIKA has secured contracts for the Vertical Hospital in East Java, duplication of Kapuas Bridge in Central Kalimantan, and construction of the Juwana River Rubber Dam in Central Java.
PT WIJAYA KARYA (Persero) Tbk. [IDX: WIKA]
Contact:
Mahendra Vijaya
Sekretaris Perusahaan
Email: mahendra.v@wikamail.id
Website: https://www.wika.co.id/
Category: Finance
Southern Score Builders Berhad Completes Regularisation Plan
Company to focus on expanding construction services business and IBS manufacturing
Southern Score Builders Berhad (Bursa: SSB8, 0045), a former Guidance Note 3 (GN3) company, has completed its regularisation plan which involves, amongst others, the acquisition of Southern Score Sdn Bhd (SSSB), a G7 contractor. Following the acquisition, Southern Score Builders will be involved the provision of construction management services mainly for high-rise residential buildings. Shares of the Company also resumed trading after being suspended since December 2020.
Led by an experienced and technically strong management team, SSSB adopts construction practices that support the efficiency optimisation of its construction projects. It adopts industrialised building system (IBS) in most of its development and construction projects which is aimed at increasing productivity and improving quality of its projects. Besides that, by leveraging on its asset-light and flexible delivery model, SSSB is able to offer a standardised and cost-efficient building process which enables scalability and flexibility with lower exposure to cyclicality and house prices.
SSSB recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial years ended 31 December 2019, 2020 and 2021 respectively, and realised net profit margin of 9.7%, 12.9% and 12.3% in the 3 years.
The regularisation plan involved, amongst others, the acquisition of the entire equity interest in SSSB from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million satisfied via the issuance of 1.68 billion consideration shares. Super Advantage, being the vendor of SSSB, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024.
Other than the acquisition, the completed regularisation plan also entailed the following:
– consolidation of every ten existing shares in Southern Score Builders into one consolidated share;
– settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of Southern Score Builders, via the issuance of 20.67 million of settlement shares;
– private placement of 543.05 million shares at an issue price of RM0.20 per share to identified investors; and
– exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining Southern Score Builders shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin (“Exemption”).
The completion of the Regularisation Plan will allow the Company to return to a better and stronger financial standing and profitability. Further, the acquisition of SSSB will allow the Company to diversify its business into construction management services whereby the Company is expected to benefit from expected recovery in the construction sector.
The shareholders of Super Advantage are Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score Builders, a veteran in the construction and property development industries with more than 30 years’ experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score Builders.
Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin, said, “We would like to thank Bursa Securities for their guidance and support throughout the progression of regularisation plan. Our thanks also go to Kenanga Investment Bank Berhad, the principal adviser, sponsor and placement agent in relation to the regularisation plan and to Malacca Securities Sdn Bhd, the independent adviser for the Exemption. We would also like to acknowledge the work of the other professionals who worked diligently to ensure the successful completion of the regularisation plan.”
“As a listed entity, Southern Score Builders will be able to further expand our construction services while leveraging on our expertise and business network. We are also intensifying our venture in IBS production through the construction of a manufacturing plant as we see demand growing from the construction sector.”
About Southern Score Builders Berhad (formerly known as G Neptune Berhad)
Southern Score Builders is principally involved in the provision of construction management services mainly in Kuala Lumpur. The scope of Southern Score Builders’ construction services involves the provision of professional project management services from project initiation until the completion of construction works. These services encompass project initiation, planning and design, appointment of subcontractors, procurement; construction project management as well as inspection and completion handover. To-date, via SSSB, Southern Score Builders has completed several projects including, amongst others, the PR1MA Jalan Jubilee project. SSSB is a CIDB Grade 7 contractor. https://southernscore.com.my/
Image Caption for Picture 1
https://www.acnnewswire.com/topimg/Low_SouthernScore202211109.jpg
From L-R:
Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad
Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad
Mr. Chai Tham Poh, Executive Director of G Neptune Berhad
Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad
Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad
Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad
Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad
Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad
Image Caption for Picture 2
https://www.acnnewswire.com/topimg/Low_SouthernScore2022111092.jpg
From L-R:
Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad
Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad
Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad
Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad
Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad
Mr. Chai Tham Poh, Executive Director of G Neptune Berhad
Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad
Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad
Handover of National Centre for Pandemic and Infection Diseases in Myanmar; Advanced Facility Built with Donation from AW Foundation
- The modern medical centre at Wai Bar Gi Hospital in Yangon will provide specialist treatment of pandemic and infectious diseases for all Myanmar citizens.
AW Foundation, the philanthropic arm of Asia World Group of Companies, handed over to the Ministry of Health the newly completed Wai Bar Gi New Wing – National Centre for Infectious Diseases on 3rd Nov, 2022. Dedicated to the treatment of infectious diseases and pandemics such as COVID-19 which exerted heavy patient load on the public healthcare sector, it is the most advanced medical centre to date in Myanmar.
Lieutenant General Aung Lin Dwe, the secretary of the State Administration Council, unveiled a plaque commemorating the handover of the three-story, 110-bed medical Centre, which was completed with a donation of 6 billion kyats and USD 3.1 million from the Foundation.
The Wai Bar Gi New Wing was mooted in November 2020 by the AW Foundation team based on the personal experience of colleagues during the COVID-19 pandemic. The lack of quarantine hospitals, beds, and oxygen supply, and critically, the exposure of the devoted medical frontliners taking care of patients in general hospitals were gaps in the healthcare system evidenced during the critical period.
The 51,055 square feet (4,745sqm) Centre is equipped with airflow control (negative-positive pressure), integrated oxygen access, isolation rooms, and water treatment and features that combine to make it one of the most technologically-advanced public healthcare facilities in the country. AW Foundation believes the new Centre will support the public healthcare system for the treatment of COVID-19 and any future pandemic.
Construction of Centre
A ground-breaking ceremony was held on-site on 5 January 2021. Construction was delayed due to a nationwide lockdown arising from the pandemic.
The Centre is equipped with:
- Donning and Doffing for medical staff
- Staff corridors and lifts for use by Patients and Staff
- Air-Conditioning and Mechanical Ventilation (ACMV) for full-time automatic disinfection of the air-flow system in the hospital building
- Room communication systems and other electrical communication facilities (PABX, PA & Intercom)
- Sound-Proof Generator for emergency use
- Emergency response alarm systems that can automatically respond to fire and various natural disasters (fully equipped as required for an infectious disease treatment hospital)
Sustainable Garden Hospital
The Centre was conceptualized and constructed with deep consideration of the environment. Sustainable solar energy and the creation of new greenery at the Centre also create an environment to enhance the recovery process of patients and the well-being of the healthcare community.
About AW Foundation (AWF) – Together, we can make change happen
AW Foundation is a non-profit organization and the philanthropic arm of the Asia World Group of Companies. AWF supports projects that develop the well-being of the people of Myanmar, focusing on healthcare, education, disaster relief, and community development. It was established in 2014, building on a strong tradition of philanthropy of the Asia World Group of companies since 1992.
AW Foundation aims to develop and advance the livelihoods of people throughout Myanmar and is passionate about exploring new projects that benefit all.
Through our commitment to quality and continued efforts to help those in need, AWF strives to deliver exceptional value and improve the lives of Myanmar’s citizens. https://aw-foundation.org/
For media queries, please contact the AW Media Office at media@aw-foundation.org
The Executive Talk by ShareInvestor: Rojukiss International PCL (SET: KISS)
KISS speeds up to be Asia’s leading beauty and health company
Rojukiss International PCL (SET: KISS) Chief Executive Officer, Ms. Worrawan Chaikamnerd provided an admirable interview regarding her business strategy under the tough timing caused by the Covid-19 pandemic and the company’s core vision reflecting future growth.
1. Amid the Covid-19 pandemic, what challenges have your business faced? And what is your key strategy?
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. How is your product development and business expansion plan?
The priority is to grow and strengthen our core brand – the Rojukiss brand by enhancing the product innovation. At the same time, we continue searching for opportunities to reach consumers by adjusting marketing strategies called “Beauty Convenience.” Since Q1/2022, we have been trying to communicate with consumers through digital channels and leveraging data to create effective communication. All supports from our market research team provides in-depth market insights, ensuring that we proceed with the best fit consumer-based strategy.
One tactical approach we used during the pandemic was increasing product volume but maintaining the price. With this promotion, we not only added value and increased customers’ access to the product but also captured profitability at a reasonable level. As a result, Rojukiss has continued to grow despite the challenging business environment amid the slow trending of Covid-19 pandemic. with a sales target of 1,000 million baht by 2024 as Rojukiss remains our powerhouse brand.
In addition, we have also attempted to push other potential brands, especially “Best Korea” brand, in which we have upgraded into new formulas and imported ingredients from abroad. The brand highlights its ‘convenience to carry and use anywhere’ concept because we distribute it as a sachet, which also comes up with an affordable price for everyone. Furthermore, we also launched a new product under the Best Korea umbrella, “Best Korea SSUK,” targeting to teen shoppers. The company is committed to build Best Korea the Second Pillar.
Strengthen the company with health innovations
Our core vision and mission is to become Asia’s leading beauty and health company by creating the best health-related innovation. Recently, we invested in Hibiocy Co., Ltd. (HIB) to expand our business into health innovations. Consequently, we were able to roll out the first product called “Vaill CoviTRAP Anti-CoV Nasal Spray”, designed to suppress the COVID-19 virus physically. We received a very positive support from the market.
Expanding markets and opportunities to become Asia’s leading beauty and health company
Regarding the company’s long-term plan, we also search for new growth opportunities abroad. Currently, we have entered into four major countries: Indonesia and Vietnam – through the foreign distributor model, Laos and Cambodia – through the cross-broader sale model. In these markets, we found high demand for beauty and health products and similar customer behavior to that of Thai consumers. Particularly in Indonesia, after the product kicked-off, we received an impressive receptivity that exceeded our expectations.
Overall, our key strategy is to focus on developing new products, bringing out the best of Rojukiss and adjusting the products to fill the gap in consumption trends. Therefore, we must understand the consumer first, build innovative product, and find a suitable partner whose expertise could bring us into the market.
3. At the end of Q3/2022, KISS launched a new product concerning COVID-19 virus prevention. Please tell us about its specialty.
For this project, we collaborated with Faculty of Medicine at Chulalongkorn University, the Institute of Health Systems Research (HSRI), Silpakorn University, and the Government Pharmaceutical Organization (GPO) to form up the Thai medical working team to fight against COVID-19. Consequently, we successfully invented Thailand and the world’s first innovation in developing a nasal spray with Monoclonal Human Antibody Cocktail technology from research on human immunity to combat and inhibit the COVID-19 virus. It is considered an advanced biological technology developed from decoding antibodies obtained from volunteers who have recovered from COVID-19 infection and have excellent immunity, which helps inhibit and prevent COVID-19 physically. Impressively, it could hinder the infection covering up to 98% of all species and last up to 6 hours.
This nasal spray works in two functions; (1) trapping the virus with the HPMC that covers the surface of the nasal cavity, which reduces the virus’s ability to embed itself in the nasal cavity, and (2) excellent immunity, adopted from recovered patients (Human Monoclonal Antibodies), will inhibit and block COVID-19 entering the nasal cavity physically.
For me, this product is the pride of Thais whose breakthrough innovation could transform society. It shows our indubitable potential, which is second to none in the world.
4. What core value have you and your company employees adhered to?
As a beauty and health company, we have always committed to integrity, especially to our customers, partners, shareholders, and other stakeholders.
Honesty and integrity mean providing valuable products that serve consumers’ demands at an accessible price, as well as maintaining consistent Rojukiss grade quality.
On behalf of Rojukiss International Pcl, we will continue to develop products through innovations and with latest technologies under ethical business practices and good corporate governance. All aim to orchestrate the organization to grow sustainably.
Watch Executive Talk by ShareInvestor on YouTube ShareInvestor Thailand https://www.youtube.com/c/ShareInvestorThailand
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.
Kitchen Culture Seeking Legal Advice on Validity of New Purported Notice to Remove 5 Directors; Urges Shareholders Not to Accept Notices or Proxy Forms Unquestioningly
Kitchen Culture Holdings Ltd. (Kitchen Culture or the Company) said today it will seek fresh legal advice on the validity of a letter from a law firm and fresh notice received by a group of 8 shareholders (requisitioners) seeking to remove 5 of 6 directors via an Extraordinary General Meeting (Second Intended EGM) proposed for 25 November 2022.
The directors of SGX Catalist-listed provider of solutions and products for kitchens and wardrobes received the new notice (Second Concatenation Purported Notice) as well as a lawyer’s letter yesterday. The requisitioners also published an advertisement for the Second Concatenation Purported Notice in The Business Times today.
OOWAY Group Ltd. (OOWAY) – the Company’s largest shareholder – and 7 individuals who own an aggregate of 21.71% of the Company’s shares had issued Purported Notices under Section 177 of the Companies Act 1967 – on 30 September 2022 and 14 October 2022 – to remove the 5 directors. Kitchen Culture responded that the Purported Notices were defective and that any resolution passed on 1 November 2022 would be invalid.
Kitchen Culture’s Board, with the exception of Madam Hao Dongting, has said that there are no grounds to justify the resignations of the 5 directors – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Director and Vice-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 to 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.
Addressing the letter and notices received yesterday from a law firm, which did not confirm for whom they were acting, Kitchen Culture said:
- The undated Second Concatenation Purported Notice contained resolutions for the proposed for Second Intended EGM scheduled for 25 November 2022 that were substantially similar to those proposed for the 1 November 2022 EGM that was ‘postponed’. Yet it made no mention nor explained the so-called ‘postponement’ advertised by requisitioners on 29 October 2022 in The Business Times despite having issued a press release on 24 October 2022 urging shareholders to attend;
- As the above documents gave notice of the “Second Intended EGM” “to be convened and held only be electronic means” on 25 November 2022, it remains unclear if requisitioners have detracted from the “postponed” 1 November 2022 EGM which they had earlier urged shareholders to attend;
- The letter received from the law firm failed to explain how 2 earlier notices filed by requisitioners ahead of the earlier EGM (1 November 2022) can be “reissued” as a “composite” in the form of the Second Concatenation Purported Notice to call for the Second Intended EGM; and
- The requisitioners did not confirm whether the requisitioners regard the Second Intended EGM to be in anyway connected with the 1 November 2022 EGM that was called off.
The Company will seek to communicate with the requisitioners to minimise, if not to clear up, the confusion among shareholders which might have been caused by the requisitioners’ actions or by the documents or omissions contained in the documents received yesterday.
Kitchen Culture urged shareholders in the meantime “NOT to accept unquestioningly the Second Concatenation Purported Notice of EGM or its related Proxy Form, or the validity the Second Intended EGM. Instead, they should await further announcements of the Company to give updates on this subject.”
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.
Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776
Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net
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.
Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg
Trintech Expands Partner Program with the Launch of Adra Partner Accreditation
- Partners to Advance Product Knowledge with New NASBA-Certified CPE Learning Courses
Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced the expansion of its partner offerings with the launch of its Adra Partner Accreditation Program. This new program builds upon the already extensive training offerings within the Trintech Partner Success Center, a training and accreditation platform designed to empower Trintech partners to advance their knowledge of its portfolio of financial solutions, including Cadency (for large enterprises) and Adra (for mid-market organizations).
“The demand for reconciliation and financial close automation solutions continue to rise as organizations around the world look to reduce costs, drive efficiencies and mitigate risk across their financial close processes,” said Mekaela Davis, VP, Partner Ecosystem Success & Global Advisory at Trintech. “As the Office of Finance has evolved in recent years, so too has the partner ecosystem that works together to provide a holistic business vision and strategy. Together, Trintech and our Partners share a common goal in helping Finance & Accounting teams solve these challenges which is why we are committed to providing our partners with the necessary resources to deepen their product knowledge to better meet the needs of our customers.”
Over the past year, Trintech has seen a 315% increase in Partner Training consumption within the Trintech Partner Success Center by Global Advisory & Consulting firms, Global System Integrators, and in-region specific consulting partners. The Trintech Partner Success Center offers comprehensive online, NASBA-certified courses that provide training for all partner skill levels and roles including sales, pre-sales, and implementation. The eLearning curriculum is just one way Trintech Partners can effectively build knowledge while adopting best practices with its’ solutions. Trintech’s Partner Enablement team also provides “Office Hours” twice a week, which encourages regular dialogue to build upon Trintech’s training and certification programs and allows Partners to collaborate 1:1 with Trintech team members. Monthly training webinars also provide opportunities to dive deep into product features so partners can continually adopt additional functionality and drive toward optimization.
Over 3,500 clients across industries such as, retail, food and beverage, financial services, insurance, manufacturing, and software rely on Trintech’s solutions to increase their efficiency and effectiveness, reduce costs, and improve governance and transparency across their finance and accounting processes. When you partner with Trintech, you are not getting a ‘one-size-fits-all’ approach. You are getting a complete solution, designed for the customers’ unique needs, and a team of experienced professionals who will work hands-on to achieve fruitful partnerships underscored by successful client outcomes. Interested in becoming a Trintech Partner? Learn more here. https://www.trintech.com/about/partners/become-a-partner/
Trintech, Inc., is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org.
About Trintech
Trintech Inc., a pioneer of financial corporate performance management software, combines technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Trintech’s excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently “Easiest to Do Business With” and “Fastest Implementation” in G2’s Fall 2022 Report. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordic countries, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com
SOURCE: Trintech, Inc.
Xiamen Xiangyu Co., Ltd.: A Giant of Commodity Supply Chain Service, Reaching Record High Results in the Last Three Quarters
On the evening of Oct. 26, Xiamen Xiangyu Co., Ltd. (600057. SH) released the Q3 financial results. In the first three quarters of 2022, the Company achieved operating revenue of RMB 391.8 billion, with a year-on-year growth of 13.74%; achieved the net profit attributable to the shareholders of the parent company amounted to RMB 2.17 billion, with a year-on-year growth of 31.23%; achieved the return on equity of 15.26%, up 1.91 percentage points YoY. The Company’s operating revenue and net profit attributable to the shareholders of the parent company both hit a record high in the same period, and the operating efficiency continued to improve.
Xiamen Xiangyu is the leading commodity supply chain service company in China, with manufacturing enterprises in China as the main target group, and is committed to providing tailored supply chain solutions and one-stop services, including commodity procurement distribution, logistics, supply chain finance, information consulting, etc., to reduce circulation costs, improve circulation efficiency, assist manufacturing enterprises in cost-saving and profit-increasing, and earn service revenue. Xiamen Xiangyu has been operating commodities covering metals and minerals, agricultural products, energy and chemicals, new energy products, etc., and the key categories are ranked among the top in the industry. At present, the Company has taken the lead in the industry to build up a network for logistics service systems with “road transportation, rail transportation, water transportation and warehousing” as the core, covering the whole country and connecting with overseas, constructing a differentiated competitive edge.
In the first three quarters of 2022, the recurrence of the COVID-19 epidemic, geopolitical tensions, and commodity price shocks put higher requirements on the management and risk control capabilities of commodity supply chain companies. Xiamen Xiangyu said, in the face of multiple challenges, the Company maintained strategic stability, continuously optimized customer structure, enriched the commodity portfolio, consolidated logistics support, improved the risk control system, moreover, effectively responded to industry cycle fluctuations and external risk issues; on this basis, we seized the opportunity to expand market share and explore business opportunities to ensure that the overall operation remains sound.
According to the third quarter financial report, the service volume for manufacturing enterprises in Xiamen Xiangyu accounted for more than 50%, and the bulk commodity business segment in the cargo volume reached 141 million tons. The supply chain operating results in categories such as aluminum, new energy products, and soybeans achieved significant growth, among which the revenue of the new energy products supply chain reached RMB 14.7 billion, up 151% YoY; achieved the gross profit RMB 385 million, up 245% YoY.
In recent years, Xiamen Xiangyu has been favored by more and more investment institutions with its complete business system, steady pace of development, and promising prospects. In the first half of 2022, Xiamen Xiangyu was held by five mainland social security funds at the same time, making it one of the most popular listed companies favored by social security funds in the A-share market.
Looking ahead, Xiamen Xiangyu will anchor the strategic vision of “Becoming A World-class Supply Chain Service Company”, continue to optimize the customer structure, commodity portfolio, business model, and profit model, enhance the risk control system, improve the level of comprehensive income, and strive to exceed the 2022 annual operating target.
Click here for the full report: Xiamen Xiangyu Co., Ltd. Report for Third Quarter of 2022
http://www.sse.com.cn/disclosure/listedinfo/announcement/c/new/2022-10-27/600057_20221027_3_QazgirXb.pdf
Serco Named a Finalist in 15th Annual Ventana Research Digital Leadership Awards
- Recognized for increasing efficiencies and reducing enterprise risk by automating financial processes with Trintech’s Cadency Platform
Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, announced today that its customer, Serco, a leading provider of professional, technology, engineering and management services, has been named a finalist in the “Office of Finance” category of the 15th annual Ventana Research Digital Leadership Awards. Serco was recognized for its innovative use of Trintech’s Cadency Platform to standardize and automate its reconciliation and financial close processes.
“Automation is an integral part of our ongoing Finance strategy and vision to become a world-class finance function,” said Paul Adams, Head of New Business & R2R at Serco. “By automating our controls, it enables us to prevent errors, gives us confidence over our reporting and that our processes are operating as efficiently as possible.”
Following the successful roll-out of Cadency, Serco has achieved a single, standardized approach to balance sheet management on a global scale. Reconciliations now require less manual effort thanks to increased automation and the application of a risk-based strategy. Serco has seen significant benefits since implementing automation including:
- Reduction in financial risk as it improves reporting accuracy
- Reduction in error rate
- Reduction in manual data entry tasks and related human error
- Increased speed in processing financial data
- Improved decision making due to reports being accurate, up-to-date, and delivered in real-time
- Improved compliance procedures
- Increased employee productivity and job satisfaction
- Improved auditable records
- Increased scalability
“We are proud that our Cadency Platform has been instrumental in Serco’s efforts to become a world-class finance function and achieve a single, standardized approach to balance sheet management on a global scale,” said Teresa Mackintosh, CEO at Trintech. “As a leading provider of financial solutions for large enterprises, we understand the unique complexities and requirements that come with an organization of Serco’s size. The transformation efforts they have been able to achieve and implement with Cadency is truly remarkable and I look forward to continuing our partnership for years to come.”
This year’s winners will be announced the week of November 2nd.
More information on the Ventana Research Digital Leadership Awards can be found here. https://www.ventanaresearch.com/resources/awards/leadership
About Trintech
Trintech Inc., a pioneer of financial corporate performance management software, combines technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordic countries, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com
SOURCE: Trintech, Inc.
Yew Lee Proposes Bonus Warrants and ESOS
Proposed bonus warrants to reward existing shareholders while ESOS recognises contribution of eligible employees
Yew Lee Pacific Group Berhad (Bursa: YEWLEE, 0248), an established manufacturer principally involved in the manufacturing of industrial brushes as well as trading of industrial hardware and machinery parts, today proposed to undertake a bonus issue of warrants and the establishment of an employees’ share option scheme (ESOS) to reward existing shareholders as well as recognise contribution of eligible employees.
The proposed bonus issue of warrants will involve 1 warrant for every 2 existing ordinary shares in Yew Lee held by the entitled shareholders or the issuance of 266,217,800 warrants based on the total issued share capital of Yew Lee of RM67,530,363 comprising 532,435,600 ordinary shares as at the latest practicable date (LPD) of 3 October 2022.
The proposed ESOS to be issued will not exceed 30.0% of the total number of issued shares for eligible employees and directors of Yew Lee and its subsidiaries.
Mr. Ang Lee Leong, Managing Director of Yew Lee, said, “We want to reward existing shareholders for their support by enabling them to participate in warrants that come at no cost to them, and which are tradeable on the ACE Market of Bursa Securities Malaysia Berhad. It also allows them to increase their equity participation in the Company’s shares at a pre-determined exercise price over the tenure of the warrants and, benefit from any potential capital appreciation of the warrants.”
“The proposed ESOS is to recognise the contribution of eligible employees and at the same time, is part of the Company’s plan to develop and expand our human capital. The ESOS will allow us to align the long-term interests of eligible employees with those of shareholders to help achieve Yew Lee’s business objectives.”
M&A Securities and Eco Asia Capital Advisory Sdn Bhd have been appointed as the principal adviser and financial adviser, respectively to the Company in relation to the proposals, which are expected to be completed by the first quarter of 2023.
Yew Lee Pacific Group Bhd: 0248 [BURSA: YEWLEE], https://yewlee.com.my/
Southeast Asia-focused Vitamin Brand YOUVIT Raises US$ 6 Million in a Series B Funding Led by Unilever Ventures
YOUVIT, a Southeast Asia-based new generation vitamin brand is proud to announce that it has raised US$ 6 million in a growth funding round. The amount raised will be utilized to fuel the expansion plans as YOUVIT aims to become the leading vitamin brand for urban millennials across the region. With Unilever Ventures as the lead investor of its latest Series B funding round, round, along with participation from existing investor DSG Consumer Partners and several other new investors, YOUVIT is well positioned to achieve its goals.
YOUVIT is on a mission to revolutionize the vitamin category by making quality vitamin products in innovative formats accessible to urban millennials. Their first line of vitamin gummies took the Indonesian market by storm, propelling YOUVIT to become the country’s #1 gummy vitamin brand.
With the fresh funding, YOUVIT now plans to expand its product offering and launch new formats, while investing in team expansion. The company plans to double-down on its unique omnichannel distribution model with a presence in more than 20,000 modern retail stores and strong traction through online channels and its DTC platform at www.youvit.co.id. The expansion plan includes the launch of the full product range in Malaysia and ramping up across Southeast Asia.
“With its modern and innovative product formats and an omnichannel approach to distribution, YOUVIT is poised to disrupt the large vitamins and supplements market in Southeast Asia. We look forward to partnering with Wouter and Maarten as they build out the wellness category in this exciting market,” said Pawan Chaturvedi, Partner at Unilever Ventures, adding that “YOUVIT also marks our first investment in the vibrant start-up ecosystem of Southeast Asia, a market which offers us immense opportunities to partner with visionary founders”.
Preventative health and vitamins are top of mind across emerging markets. The ASEAN supplements market size is expected to touch US$ 10.6 billion by 2026, fueled by increasing health consciousness among the urban population. The pandemic accelerated a lifestyle change towards preventative health and millennials are often at the forefront of this shift. According to a report by Inventure Knowledge, 52% of Indonesians are consuming more vitamins since the pandemic. Furthermore, lockdowns and movement control measures have triggered a rapid shift towards online and direct-to-consumer (DTC) sales channels.
The vision behind YOUVIT is that the vitamin category is rusty and old-fashioned, while there is a large market for quality products that specifically target millennials from the emerging middle classes in growth markets such as Indonesia. “Customers deserve a better experience. We aim to improve the health and well-being of hundreds of millions of customers and as a result grow into the number one vitamin brand for urban millennials in Southeast Asia,” says Wouter van der Kolk, Co-Founder and CEO at YOUVIT.
YOUVIT is uniquely positioned to leverage the changes happening in the market. After launching its first products in 2017, it quickly became the product of choice for millions of urban millennials, 70% of which are female. Headed by co-founders Wouter van der Kolk and Maarten Vrouenraets, YOUVIT has breathed new life into the supplement category with its innovative line of one-a-day gummy vitamins. The products are formulated with health-conscious millennials in mind and tailored to local tastes and needs such as Halal certification in Indonesia and Malaysia, vitamin dosages based on the local recommended intake values and local ingredients like curcuma. The gummy vitamins come packed with nutrients and minerals to boost immune function, brain development, energy, beauty and overall health of adults and children. It is tasty and healthy and loaded with natural fruit flavors giving it a new twist. From its interesting marketing to convenient packaging, YOUVIT offers a welcome alternative to more traditional, medicinal vitamin pill brands.
About YOUVIT
YOUVIT was started out of a passion for building consumer health ventures that serve consumers across emerging Asia. After observing the severe lack of affordable, high-quality supplements and the significant deficiencies in the average diet, the founders of YOUVIT spent 18 months working with the U.S.-based product experts and labs to formulate a deliciously tasting functional vitamin supplement in gummy format, specifically tailored towards the dietary requirements and habits of the Southeast Asian consumer. The brand launched its first vitamin products in 2017 under the YOUVIT brand. Its products are currently available at over 20,000 points of sale, through the brands official online stores on all major e-commerce platforms as well as its own DTC platform at www.youvit.co.id.
Since its inception, the company has been providing frontline workers, hospital staff and underprivileged people in society with vitamins to boost their immune system. An example of such a cooperation is its close teamwork with the Peduli Anak Foundation in Indonesia, which is committed to improving the lives of former street children. YOUVIT has donated tens of thousands of doses of YOUVIT vitamins in order to supports the Foundation’s cause.