News in brief: Sept 15, 2022

GLOBAL ORIENTAL BHD has entered into three sales and purchase agreements with Jelita Orientasi Sdn Bhd for the proposed acquisition of three units of stratified retail lot located within a mixed commercial cum residential development known as Pavilion Ceylon Hill for RM30 million.

In a filing with Bursa Malaysia today, the company said the proposed acquisition would be funded via internally generated funds and bank borrowings, in a proportion of 20 per cent and 80 per cent respectively, and the exercise is expected to be completed by mid-2023.

It said the properties are strategically located within Kuala Lumpur’s prime financial and commercial precinct and a thriving neighbourhood which provided a ready catchment for the businesses, particularly high-end retail businesses, to enjoy good spending power from the ready population of the affluent residents of Pavilion Ceylon Hill.

Accordingly, it said the proposed acquisition might allow Global Oriental to benefit from potential capital appreciation and recurring rental income in the event that the company decided to rent out the properties.

-- BERNAMA

SARAWAK CONSOLIDATED INDUSTRIES BHD had redesignated Ku Chong Hong as executive director and appointed Mohd Shakir Shahimi and Nuraiman Shaiful  Annuar as independent non-executive directors effective today.

In a filing with Bursa Malaysia today, the company said Ku, who was appointed to the board of directors on March 17, 2022, 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.

Group managing director and chief executive officer Rosland Othman said both Mohd Shakir and Nuraiman had the experience and knowledge that would be a good addition to the board while enhancing the governance decision-making structure.

“Ku’s insights and knowledge will be invaluable in helping us grow the company,” he added.

-- BERNAMA

PERDANA PETROLEUM BHD’s wholly-owned subsidiary, Perdana Nautika Sdn Bhd (PNSB), has received a work order award from Petronas Carigali Sdn Bhd (PCSB) for the provision of one unit of anchor handling tug and supply (AHTS) vessel contract on July 4, 2022.

In a filing with Bursa Malaysia today, the company said the contract had commenced on July 15, 2022 for a duration of up to 90 days from the commencement date and is valued at approximately RM6 million.

Meanwhile, it said PNSB also received another work order extension award for the provision of another one-unit ATHS vessel for PCSB valued at approximately RM5.6 million.

It added that the contracts are expected to contribute positively to the earnings and net assets of the company for the financial year ending Dec 31, 2022 and would not affect the company’s share capital and shareholding structure.

-- BERNAMA