Finance Archives - Page 47 of 75

HKTDC Export Index 3Q22: Exporter confidence continues to improve

Traders more cautious on business strategies

The sentiment among Hong Kong exporters continues to improve. The HKTDC Export Index increased a further 1.9 points to 32.8 in the third quarter of 2022, indicating a sustained improvement in confidence in the short-term export performance. However, exporters are facing downward pressure on prices, with the Trade Value Index falling 11.5 points to 40.2.

HKTDC Director of Research Irina Fan and Corey To announced the HKTDC Export Index for the third quarter of 2022 at a press conference today (19 September).

HKTDC Director of Research Irina Fan told a press conference today that a deteriorating external environment was keeping the recovery slower than hoped. “Weakening demand in major markets dampened by high inflation and aggressive monetary tightening, coupled with rising Sino-US trade tensions and other fallouts from the Russia-Ukraine conflict, also cloud the export outlook,” she said.

The HKTDC conducts the Export Index survey every quarter, interviewing some 500 Hong Kong exporters from six major industries – machinery, electronics, jewellery, watches and clocks, toys and clothing – to gauge business confidence in near-term export prospects. The Index indicates an optimistic or pessimistic outlook, with 50 as the dividing line.

Shift in focus
Ms Fan said more than half of the respondents (52.0%) in the latest exporters’ survey view the shortened quarantine requirement in the Mainland China – a seven-day centralised stay plus three days of home confinement – as positive for business. She added that enabling more flexible business travel arrangements (53.8%), the gradual resumption of cross-border commerce and trade (33.0%), and a smoother production flow (31.8%) were cited as the top benefits.

While the impacts of the pandemic continue to decline, COVID-19-related issues remain among the top concerns for Hong Kong exporters over the next three months. Most respondents said COVID-19 persistence (40.2%) and border closure (22.6%) are the major impediments to export performance.

“To help them deal with this changing environment, Hong Kong businesses are tending to shift from being market-focused to more money-focused,” Ms Fan said. Developing other product categories (36.9%) and stabilising finances to ensure sufficient cash flow (35.6%) are the most popular business strategies adopted by the survey respondents. Additionally, more of them said they intend to increase unit prices (35.2%, up 18 percentage points).

Jewellery, Japan outperform
HKTDC Economist Corey To said jewellery was currently the most promising sector with the highest sub-index at 44.2, followed by toys at 37.0. The jewellery sector also showed the largest improvement, with a 9.9-point increase from the previous quarter, while the electronics sector gained 2.3 points to 32.7.

Mr To said Asia continues to provide a relatively promising outlook, adding that Japan remains the best performer at 48.4 (up 0.8 points), followed by the Association of Southeast Asian Nations (ASEAN) bloc (46.9, up 3.6 points) and Mainland China (45.8, up 2.7 points).

Recovering supply chains
He said the pandemic impact on businesses tended to be less severe in the third quarter as compared with April-June. “Fewer respondents experienced negative impacts on their business resulting from the pandemic (77.9%, down 1.2 percentage points). Among them, those whose business had been very negatively affected fell 11.8 percentage points to 23.4%.”

Mr To said rising transportation costs (64.1%) and logistics disruptions (51.8%) remained the key challenges for Hong Kong exporters, though both fell significantly – by 8.5 and 13.4 percentage points respectively – from the previous quarter, reflecting the gradual easing of supply chain issues. “But it is worth noting that more respondents reported communications issues with overseas buyers/suppliers (48.2%, up 26.6 percentage points) and order cancellations (21.2%, up 4.5 percentage points).”

References
– HKTDC Research website: http://research.hktdc.com/
– HKTDC Export Index 3Q22: Gradual Recovery Underway https://bit.ly/3BetyBI
– Photo download: https://bit.ly/3Lm8UUV

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC’s Communication and Public Affairs Department:
Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org

Filing of Society Pass (Nasdaq: SOPA) Form 8-K/A in Connection of Acquisitions of AdActive Media CA, Inc and Thoughtful Thailand Ltd; Acquired Subsidiaries Recognised 2021 Revenues of US$5.6 million

Society Pass Incorporated (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) leading data-driven loyalty and e-commerce ecosystem, today announces the filing of Form 8-K/A with the Securities and Exchange Commission (SEC) in connection of acquisitions of AdActive Media CA, Inc (the CA Sub) and Thoughtful Thailand Ltd (the Thailand Sub), (the Thailand Sub and the CA Sub comprise the Acquired Subsidiaries).

Click Here (on SEC website) to view the Form 8-K/A filing.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001817511/000160706222000581/sopa091222form8ka.htm

Summary Points:

On 07 July 2022, SoPa, through its wholly-owned subsidiary, Thoughtful Media Group Incorporated (“Thoughtful Media” or “TMG”), a Nevada corporation, a Thailand-based, a social commerce-focused, premium digital video Multi-Platform Network (“MPN”)/social media influencer advertising platform, acquired from AdActive Media Group, Inc., a Delaware corporation, (i) all of the outstanding capital stock of the CA Sub, and (ii) 99.75% of all of the outstanding capital stock of the Thailand Sub.
Integrating the Acquired Subsidiaries onto its platform, TMG is a social commerce-focused, premium digital video MPN/social media influencer advertising platform headquartered in Thailand with an operating presence in the US, Vietnam, and Philippines. TMG expects to expand to Indonesia and Singapore in 4Q 2022.
The combined 1Q 2022 revenues and loss from operations from the Acquired Subsidiaries totaled $1,312,986 and $84,582, respectively.
The combined 1Q 2021 revenues and loss from operations from the Acquired Subsidiaries totaled $1,265,053 and $114,032, respectively.
The combined 2021 revenues and loss from operations from the Acquired Subsidiaries totaled $5,655,795 and $1,173,022, respectively.
The combined 2020 revenues and loss from operations from the Acquired Subsidiaries totaled $5,928,800 and $899,933, respectively.

About Society Pass Inc
Founded in 2018 as a digitally-focused loyalty and data marketing ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan, a leading local restaurant delivery service in Philippines. For more information, please check out: http://thesocietypass.com/.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

TR Capital Positions Firm to Capture Tremendous Growth Opportunity in Southeast Asia with New Singapore Office

TR Capital, the leading Asian secondary private equity firm, today announced the opening of its fifth office in the APAC region, and the firm’s Southeast Asia Headquarters, in Singapore.

Paul Robine, Founder and CEO of TR Capital, said, “We see huge potential in the secondary private equity market in Singapore, as well as the wider Southeast Asia (“SEA”) region, making Singapore a strong new location for TR Capital, in addition to our offices in Greater China and India. This combined with favourable policies designed to cement Singapore’s position as a financial hub, make it an obvious choice from which to create value for our investors.”

The Southeast Asia region presents significant opportunities for investors, with its fast-growing consumer trends, sought-after technology companies and lively start-up culture. The private equity market in Southeast Asia reached an all-time high of US$25 billion in deal value in 2021, more than double the 2020 figure(1) . Singapore led this growth in both the number of deals and their value, recording 104 deals worth a total of US$12.1 billion. In the coming years, SEA-focused private equity firms will look for exit opportunities to meet their liquidity needs. As a secondary investor, TR Capital will be well-positioned to capitalize on these market dynamics.

“At TR Capital, our strategy is centred around making investments in innovative and established leaders from the technology, consumer, and healthcare sectors. Our focus on secondaries comes at a critical time when many private equity firms are evaluating exiting assets, while institutional investors are also looking to rebalance their portfolios amidst an environment of highly volatile market conditions,” continued Mr. Robine. “Given our active investment style, we have always placed importance on having local offices on the ground run by strong local teams. We are incredibly proud to be the only secondary private equity firm to have five offices in Asia ex-Japan. The new office in Singapore perfectly positions us to capture emerging opportunities in Southeast Asia, which will complement our investments in China and India.”

TR Capital is led by Founder and CEO Paul Robine, and by Managing Partners Colin Sau and Frederic Azemard, with flagship offices in Hong Kong and Singapore, and additional offices and local teams in Shanghai, Shenzhen and Mumbai.

About TR Capital
TR Capital is a leader in secondary private equity investments in the Asia-Pacific region.

TR Capital focuses on providing liquidity solutions to owners of private equity assets through Secondary Direct (single asset) and Fund Restructuring (portfolio) transactions. The firm targets significant positions in established leaders in the Technology, Consumer and Healthcare sectors. TR Capital is an active investor and shareholder and works with its portfolio companies to optimize their business models and capital structures.

TR Capital currently manages four funds with capital commitments of over US$1.2 billion. The firm’s sophisticated investor base includes sovereign funds, pension funds, asset management firms, entrepreneurs, and family offices. Founded in 2007, TR Capital has subsequently closed 40 secondary investments and built a solid track record closing four funds since launch.

TR Capital’s 30 professionals are based in offices in Hong Kong, Singapore, Shanghai, Shenzhen and Mumbai.

(1) 2022 annual Southeast Asia Private Equity report by Bain & Company

For more information, please contact:
Artemis Associates
Diana Footitt, CEO
M: +852 9183 0667
E: diana.footitt@artemisassociates.com

Claire Wong, Managing Director
M: +65 8266 4213
E: clairew.wong@artemisassociates.com

Bowen Chui, Director
M: +852 9783 0643
E: bowen.chui@artemisassociates.com

Sarawak Consolidated Industries Berhad Appoints Directors

Company redesignates Ku Chong Hong as Executive Director

Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) is pleased to announce the redesignation of Mr. Ku Chong Hong as Executive Director and the appointments of En. Mohd. Shakir bin Shahimi and En. Nuraiman Shaiful bin Annuar as Independent Non-Executive Directors (INED), effective today.

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

Mr. Ku, who was appointed to the board of directors on 17 March 2022 as an INED, has experience in audit and assurance, and business advisory-related fields through various local and international companies involved in a range of industries from property and construction to software.

En. Mohd. Shakir will replace Ku as chairman and member of the audit committee. A chartered accountant, he graduated with a degree in accountancy from Universiti Utara Malaysia and is a member of the Malaysian Institute of Accountants. He was an auditor with Arthur Andersen & Co and has experience auditing public-listed and privately-held companies. He is currently an audit manager with Khairuddin Hasyudeen & Razi. He is also an INED with Bintai Kinden Corporation Berhad, where he is chairman of the nomination, remuneration and risk management committees as well as member of the audit committee.

En. Nuraiman has attended the International Bachelor of Business Administration Programme from Hult International Business School, London United Kingdom in year 2017. He has experience in the oil and gas as well as construction fields. He holds directorships in Hipro Technologies Ltd and Petro Flanges and Fittings Sdn Bhd.

Group Managing Director and Chief Executive Officer of SCIB, Encik Rosland bin Othman, said, “We welcome En. Mohd Shakir and En. Nuraiman aboard and look forward to their guidance and advice. Their experience and knowledge will be a good addition to the board while enhancing our governance decision-making structure. We would also like to congratulate Mr. Ku in his redesignation as Executive Director. His insights and knowledge will be invaluable in helping us grow the Company.”

About Sarawak Consolidated Industries Berhad
Sarawak Consolidated Industries Berhad (SCIB) was founded in 1975 and has evolved from a small enterprise into a reputable Group of companies listed on the Main Market of Bursa Malaysia Securities Berhad. Currently, SCIB is operating three factories in Kuching, Sarawak, one factory in the Pending Industrial Estate and two factories in the Demak Laut industrial park.

SCIB is well known for professional management and has long history of innovative ideas and technological advances. Coupled with its wealth of experience and research acquired in more than three decades, SCIB offers its clients in-depth expertise through a combination of technology, efficiency and speed. For more information, visit scib.com.my.

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

Assetwise PCL (SET: ASW) partners with Tokyo Tatemono, Japan’s oldest developer

To develop the Atmoz Oasis Onnut project, worth over THB 2,200 million
Synergy in condo development, to lift quality of life to luxury resort style

Assetwise PCL (SET: ASW), a leading real estate developer for lifestyle with the ‘We Build Happiness’ concept, has formed an alliance with Tokyo Tatemono, the oldest real estate developer in Japan with a 126-year history, to jointly develop the Atmoz Oasis Onnut condominium project, worth THB 2,200 million. A synergistic weaving of the partners’ long-accumulated know-hows and experience in real estate development, the plan will bring value to the project, upscaling the quality of life with “luxury resort” style, while catering to the needs of both foreign and Thai customers.

Assetwise (SET: ASW) and Tokyo Tatemono (TSE: 8804) launch their Joint Venture to develop the Atmoz Oasis Onnut condominium project at a signing ceremony in Bangkok. [Image: Assetwise]

Mr. Kromchet Vipanpong, CEO of Assetwise PCL, announced the expansion plan and partneriship with Tokyo Tatemono Co. Ltd, a TSE-listed developer, at the signing ceremony. ASW holds 51% and Tokyo Tatemono holds 49% in the joint venture (JV) to develop the Atmoz Oasis Onnut condominium project, with the concept “The Oasis Within City Resort Lost in the Garden”. Residences nestled in nature reflect this concept within the Onnut community, where the project will have 1,110 units worth THB 2,200 million.

A major Japanese developer with a storied history, Tokyo Tatemono has developed many types of real estate that capture the needs of the time, with the spirit of the pioneer. The Atmoz Oasis Onnut project is comparable to a large oasis covering three rai of land to create residences in a luxury resort style. The collaboration between ASW and Tokyo Tatemono invites synergy between Tokyo Tatemono’s extensive experience and ASW’s unique design to uplift the quality of life, which adds real value for residents.

Tokyo Tatemono (TSE: 8804) is a TSE-listed real estate developer with total assets at the end of 2021 of JPY1,650 billion, or approx. THB438 billion. The company develops residential and commercial properties at many popular locations in Japan. This joint venture is a manifestation of trust between the two partners.

“This is an important step for both companies in jointly developing a real estate project in Thailand that will raise the quality of living for Thai people as well as extend a welcome mat to foreign residents,” said Mr Kromchet.

“The fact that Tokyo Tatemono collaborates with our company demonstrates our potential as a leading developer with creative products to meet the needs of the new generation’s lifestyle. We have extensive development experience of both vertical and horizontal properties in all segments. Our outstanding facility designs are created to satisfy residents’ lifestyles. ASW is confident that our new investment will bring knowhows from our partner to build a foundation in real estate development for a sustainable growth.”

Mr Fumio Tajima, Managing Officer and Head of the Overseas Business Division, Tokyo Tatemono Co., Ltd., said “The real estate business in Thailand shows immense potential and room to grow, particularly public transit development projects, due to city expansion such as electric trains and expressways. Through joint ventures with reliable partners, the company is determined to develop properties that will contribute to raising the standard of living for residents and help to make the region more attractive and valuable, as we have experienced in Japan.”

Assetwise, Mr Tajima adds, “Is a real estate company managed by a new generation of developers who have broad vision and run the business towards steady growth. The proof of this success is its more than 44 quality projects. For its part, Tokyo Tatemono will bring its business model under its corporate philosophy “Trust beyond the era” into the collaboration to synergize with ASW’s “We Build Happiness” concept to create opportunities and growth together.”

In operating its real estate business, ASW aims to develop both vertical and horizontal projects in high-potential locations under the “We Build Happiness” concept. Currently, the company has completed development of 44 condominium and housing estate projects under brands that are created to bring happiness appropriate to all lifestyles, including KAVE, ATMOZ, MODIZ, ESTA, and THE HONOR brands, with a total investment of THB46,700 million. The overall development covers 32 completed and ready-for-occupancy projects as well as 12 others under development and open for sales. Its current backlog is valued at THB9,218 million and revenues are to be recognized on a continuous basis.

Assetwise PCL [SET: ASW]
Website: https://investor.assetwise.co.th/en
Released for Assetwise PCL by MT Multimedia Co Ltd
Pipop (Top), T: +66 81 929 8864; E: pipop.k@mtmultimedia.com

Tokyo Tatemono Co Ltd [TSE: 8804]
Website: https://www.tatemono.com/english/

Bintai Kinden Shareholders Approves All Resolutions at 28th AGM

Directors up for re-election were also re-elected

Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that shareholders have approved all resolutions at the 28th Annual General Meeting (AGM) of the Company held today on a virtual platform.

Azri Azerai, Executive Director of Bintai Kinden

Shareholders passed the resolution to receive the audited financial statements for the financial year ended 31 March 2022 (FY2022) as well as to re-elect Ooi Jit Huat and Mohd Shakir Shahimi, the directors who were retiring in accordance with Clause 8 of the Company’s constitution. Directors retiring in accordance with Clause 113 of the Company’s constitution, Mohd Idzwan Izuddin Datuk Ab Rahman and Ku Chong Hong, who, being eligible, had offered themselves for re-election, were also re-elected.

The resolution to allow the board of directors the authority to allot and issue shares that does not exceed 10% of the total issued shares of the Company at the time of the issue to be in force up to the conclusion of the next AGM was also approved by shareholders. In addition, shareholders also waived statutory pre-emptive rights to be offered Bintai Kinden shares ranking equally to existing issued shares in accordance with Section 85 of the Companies Act, 2016 and with Clause 52 of the Company’s constitution.

Messrs. HLB Ler Lum Chew PLT was also appointed as the auditors of Bintai Kinden and shareholders authorised the directors to fix their remuneration. Other resolutions passed included the payment of directors’ fee amounting to RM108,000 for FY2022 and approving directors’ other benefits payable up to an amount of RM10,000 from 16 September 2022 to the next AGM of the Company.

Azri Azerai, Executive Director of Bintai Kinden said, “We would like to thank shareholders for their continued support and confidence in us. We will endeavour to ensure that their interests as well as the interest of other stakeholders are safeguarded as we work to grow the business.”

“While the global economic outlook is increasingly challenging, we will continue to leverage on our core M&E engineering expertise to seek opportunities in Malaysia and around the region. We have in recent months also explored the Middle East market, a region with a lot of potential given the growing population and expanding economic activities.”

At the AGM, shareholders also voiced their concerns over arrears totalling RM42.0 million owed by Kolej Teknologi Islam Melaka Berhad (KTIMB) to Bintai Kinden’s wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM) for the construction and operation of the student accommodation at Kolej Universiti Islam Melaka (KUIM), now known as Universiti Melaka (UNIMEL).

OPM completed the construction of the UNIMEL student accommodation in 2019. KTIMB had awarded a 25-year concession in 2016 to OPM to construct and operate the student accommodation at the then KUIM but to-date, OPM has received only a portion of the concession fees for operating the student accommodation and has been forced to use its own funds.

Bintai Kinden’s orderbook covering M&E and oil and gas (O&G) projects currently total RM120.43 million. The Company was recently granted approval for a license by Petroliam Nasional Berhad (Petronas) under the Standardised Work and Equipment Categories Code, to bid for O&G projects that come under Petronas.

About Bintai Kinden Corporation Berhad
Bintai Kinden Corporation Berhad is a multidisciplinary building and industrial service engineering outfit founded in 1973. The Company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Headquartered in Malaysia, Bintai Kinden has worked on projects in Southeast Asia, China and the Gulf region of the Middle East. For more information, visit bintai.com.my.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Shareholders of G Neptune Approved its Regularisation Plan

A key milestone for G Neptune’s proposed regularisation plan which includes amongst others, the proposed acquisition of Southern Score and a proposed private placement raising at least RM108.6 million

The non-interested shareholders of G Neptune Berhad have approved its proposed regularisation plan during the extraordinary general meeting (EGM) held today. The shareholders’ approval marks a key milestone for G Neptune’s proposed regularisation plan which is expected to address the Company’s Guidance Note 3 (GN3) status as well as return it to a stronger financial standing as well as profitability.

Peter Ling Sie Wuong, Independent Non-Executive Director; Cheah Hannon, Independent Non-Executive Director; Chai Tham Poh, Executive Director; and Dato’ Haji Mohd Amran Bin Wahid, Non Independent Non Executive Chairman from G Neptune Berhad; Tan Sri Datuk Seri Gan Yu Chai, MD; Datuk Sydney Lim Tai Chin, ED; and Gan Yee Hin, ED and CEO from Southern Score Sdn. Bhd. and Alvin Ooi, Acting Head of Corporate Finance of Kenanga Investment Bank Berhad [L-R]

Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score

An integral part of the approved regularisation plan is the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.

Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, 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.

Shareholders also approved to change the Company’s name to “Southern Score Builders Berhad”, a move undertaken by the Company to better reflect G Neptune’s new corporate identity moving forward.

Commenting on the shareholders’ approval, Gan Yee Hin said, “We would like to thank the shareholders for putting their trust and confidence in us. This is a key milestone towards the long-awaited completion of the regularisation plan. With the injection of Southern Score, we believe that G Neptune will be in a stronger financial standing and profitability, thereby benefiting all stakeholders.”

Other than the proposed acquisition and proposed change of name, shareholders also approved the following proposals which are part of the proposed regularisation plan:

proposed consolidation of every 10 existing G Neptune’s shares into one share;
proposed debt settlement amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;
proposed private placement to raise at least RM108.6 million through the issuance of 543.05 million shares to investors to be identified later and;
proposed exemption from the obligation to undertake a mandatory takeover offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.

Gan Yee Hin added, “The shareholders’ approval obtained today heralds a new beginning for Southern Score as we gain a step closer towards obtaining a listing status via GNB. We intend to leverage on our listing status to further grow our business for which our shareholders will also be able to partake in. We expect Southern Score’s growth to be fuelled from growth in the construction sector where construction activities is expected to increase in tandem with economic growth following the reopening of the economy and country borders.”

Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.

G Neptune Berhad: 0045 [BURSA: GNB], https://www.gneptune.com/
Southern Score: https://southernscore.com.my/

Trintech and SatoriFP&A Announce Strategic Partnership in APAC to Bring Finance & Accounting Processes Closer Together

Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, and Satori FP&A, a leading reseller of solutions that promote finance automation, continuous planning, reporting, modelling and data integration, today announced a strategic partnership to offer an integrated end-to-end solution for the financial and accounting process. This partnership will provide customers with a best-in-class single source of truth of their financial data, accelerating the end-to-end FP&A, consolidation, and accounting close processes in a seamless experience.

“This strategic partnership with Trintech connects financial close management to financial planning and analysis, and will help F&A teams shift their focus from manual, tedious processes to critical business priorities,” said Avron Newstadt Commercial Director of SatoriFP&A. “We’re excited to partner with Trintech as their solutions, company culture and target market is perfectly complementary to SatoriFP&A and will better position us to meet the evolving needs of the market.”

Together, the combination of SatoriFP&A and Trintech’s financial close solutions further expands Trintech’s existing partnerships with Planful and Workiva to enable these essential functions:

Financial Planning: Planning, budgeting, forecasting, including cash flow
Operational Planning: Revenue, inventory, demand planning, along with sales and operations planning
Close Management: Balance sheet reconciliation, journal entry management, high-volume transaction matching, data validation, account mapping, workflows, and accruals
Financial Consolidation: Intercompany eliminations, foreign currency, and GAAP/IFRS regulations
Reporting and Analysis: Variance analysis, performance analytics, and financial and management reporting

“We are excited to be partnering with SatoriFP&A as we continue to expand and grow the Trintech business across ANZ and APAC,” said Fintan Diviney Director, APAC at Trintech. “SatoriFP&A brings immense knowledge and experience in best practices for F&A organizations and also has existing relationships with 2 of Trintech’s strategic technology partners, Planful and Workiva. This partnership will continue to strengthen Trintech’s partner ecosystem focused on helping F&A teams to work faster, more effectively, and with more confidence with close management processes deeply connected to FP&A.”

To learn more about the partnership between SatoriFP&A and Trintech, click here ( https://satorifpa.com.au/trintech/ ). To reach the sales team directly, contact: anewstadt@satorifpa.com.au.

About SatoriFP&A
For the last 25 years, SatoriFP&A has been assisting companies and the office of CFO & finance with solutions to improve their Month-End Close and FP&A processes. From transaction matching, account reconciliation, budgeting, planning, forecasting, reporting, dashboards, financial modelling, financial data aggregation, and Financial Data ETL. Satori has assisted companies small medium and large across multiple industries including, Retail, Financial & Business Services, Utility, Mining, Travel, Industrial, Manufacturing & Distribution. Our team are all ex-Finance Professionals CAs or CPAs, so we know the pain of, and modern solutions for, your manual excel based processes.

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.

SOURCE: Trintech, Inc.

Value Research Center (VRC) publishes August White Paper: The VRC Value Model & EFRAG

ESG reporting, the EFRAG model, and the overall quality of the VRC Value Model

Companies and sustainability teams need a new model for measuring and managing stakeholder impacts, as claims of corporate greenwashing and value washing increase daily. The Value Research Center (VRC) at Doshisha University in Kyoto, Japan has announced the publication of its 2022 August White Paper, focusing on the European Financial Reporting Advisory Group (EFRAG’s) latest disclosure drafts for sustainability reporting, and how this model aligns with and deepens the overall quality of the VRC Value Model.

The Value Research Center (VRC) publishes 2022 August White Paper: The Value Model & EFRAG

According to Professor Philip Sugai, Director of the Value Research Center, “After integrating EFRAG’s 114 draft disclosure requirements into the VRC Value Model, we were impressed with the scope of EFRAG’s coverage of many of the Value Model’s stakeholders, themes and goals. Especially with their push for companies to document their impacts using ‘double materiality’, we see a shift towards greater understanding of business decisions on individual stakeholder groups.”

SAP Japan International Ambassador Paul Beddie said, “The VRC In Kyoto has been working to organize the world’s top ESG and Sustainability Reporting frameworks into a goal-based, value creation model that will help companies to create value across their key stakeholders. Companies around the world are in desperate need of a way to consolidate the alphabet soup of standards to reduce their workload on ESG reporting and focus more on the critical ESG outcomes they transformed their businesses to achieve.

“The VRC’s Value Model is a very effective tool for doing just that. The additional integration of the draft reporting standards from EFRAG should also help companies doing business in the EU to align their disclosures with the EU Taxonomy.”

With the publication of the August White Paper, the VRC will begin to collaborate with several of the world’s leading companies in adopting the VRC Value Model, applying it to their own ESG and sustainability reporting requirements, and creating forward-looking sustainability strategies rather than backwards-focused disclosures.

Professor Sugai will be hosting a session at the UNGA77 Science Summit, where he will discuss the VRC Value Model and its broader practical applications, together with a panel of experts from academia, government, and business.

The UNGA77 Science Summit session, “Valuing Value: How any Organization Can Measure Stakeholder Value and “Ethical Capitalism” (https://ssunga77.sched.com/event/1AWkD), will be held on Sept 26 from 9:00 to 11:30 AM EST. Registration for the complete UNGA77 Science Summit is free and available at https://ssunga77.sched.com/tickets.

The “2022 August White Paper: The Value Model & EFRAG” is available for download at the Value Research Center website: www.valueresearchcenter.com/publications.

For more information about the Value Research Center and its projects, please visit: www.valueresearchcenter.com, or email Professor Philip Sugai at: info@valueresearchcenter.com .

About the Value Research Center
The Value Research Center (VRC) at Doshisha University in Kyoto, Japan was established in November 2021. Its mission: to develop a practical system for organizations to measure, monitor, assess and report on the impacts that they have on various stakeholder groups.

The VRC continues to enhance its Value Model, integrating new frameworks as they’re introduced, bringing greater transparency, objectivity and measurability to value creation – in ways we didn’t see. The VRC Value Model gives government and industry eyes to see the impacts they’re actually having, to fix what’s broken, and enhance what they’re doing well. For more information, visit www.valueresearchcenter.com.

Society Pass (Nasdaq: SOPA) Founder, Chairman and CEO, Dennis Nguyen, to Speak at the Wild Digital Southeast Asia 2022 Conference on 07 September 2022

Society Pass Incorporated (Nasdaq: SOPA) (SoPa), Southeast Asia’s (SEA) leading data-driven loyalty and e-commerce ecosystem, today announced that Founder, Chairman and Chief Executive Officer, Dennis Nguyen will speak at the Wild Digital Southeast Asia 2022 Conference at 11:30 AM (GMT +8) on Wednesday, 07 September 2022 at Le Meridien Kuala Lumpur, Malaysia. He will participate in the panel discussion titled The New Roll-Up Play: Evolution of Ecommerce Aggregators in SEA. Bringing together some of the eCommerce roll-up industry’s most influential thought leaders for the panel discussion, Mr Nguyen along with the other speakers will explore the core trends and technologies shaping the future of digital eCommerce aggregators, strategies for maintaining industry dominance in SEA as well as how one can gear up to a successful exit.

Southeast Asia presents huge opportunities given the rapidly increasing mobile and internet penetration in the region, paired with very attractive young demographics. The market opportunity for e-commerce companies is expanding at an ever-increasing rate in SEA, where a surge in digital adoption is driving user and merchant uptake as well as creating new technologies and accompanying business models.

Society Pass’s success up to this point has been built through offering unique value for both consumers and merchants, along with a sophisticated software infrastructure supporting that exchange. Society Pass consumers easily search and order anything they want through the Company’s various interconnected mobile and web platforms. Society Pass’s strategic alliances, delivery arrangements, and payment processing are also done within the platform, reducing the inconvenience of checkout for consumers.

About Society Pass Inc
Founded in 2018 as a digitally-focused loyalty and data marketing ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan, a leading local restaurant delivery service in Philippines. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com