NEWS IN BRIEF: JUNE 18, 2021

TDM BHD’s izin usaha perkebunan (IUP) or plantation business licence has been revoked by the Bupati of Kabupaten Melawi for its 10,000 hectares located at Kecamatan Pinoh Utara, Kabupaten Melawi, Kalimantan Barat, Indonesia.

The company was informed by its Indonesian subsidiary PT Sawit Rezki Abadi (PTSRA) and the decision to revoke the IUP was made on the reason that the property has not been developed since 2015.

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“PTSRA is currently consulting its legal counsel and in the process of making an appeal to the Bupati of Melawi.

  “The revocation of IUP will have a financial impact of RM3.5 million at TDM Group level based on the net assets directly associated to PTSRA as at Dec 31, 2020. This amount is not material at TDM Group level and represent less than 0.5 per cent of total equity as at Dec 31, 2020,” it told Bursa Malaysia today.

-- BERNAMA

HONG SENG CONSOLIDATED BHD’s wholly-owned unit HS Bio Sdn Bhd is still working closely with Shijiazhuang Yiling Pharmaceutical Co Ltd to obtain the relevant approval from the Ministry of Health for the registration of the latter’s therapeutic product in Malaysia.

HS Bio is also exploring to bring in other Yiling Pharmaceutical’s products that may be relevant and beneficial for Malaysia, it said in a filing with Bursa Malaysia today. 

HS Bio is also assisting Yiling Pharmaceutical in its issue of a purported fake product carrying its product name in the local market.

-- BERNAMA

TAN CHONG MOTOR ASSEMBLIES SDN BHD and TC Sunergy Sdn Bhd, the indirect units of Tan Chong Motor Holdings Bhd, have signed subscription and shareholders agreement with APM Shock Absorbers Sdn Bhd and TCIM Sdn Bhd.

The agreement signed was to regulate the relationship of the parties as shareholders through equity participation by the subscription of 999,998 new ordinary shares in TC Sunergy for a total cash subscription of RM999,998 as the initial share capital of TC Sunergy.

TC Sunergy is projected to have an issued share capital of RM24 million with additional capital injection from time to time from the parties in accordance with the agreed proportion, according to a filing with Bursa Malaysia today.

The proposed subscription aims to allow the parties to collaborate for the purposes of consolidating their respective strengths in the renewable energy business venture and to explore additional areas of cooperation with the objective of enhancing values of the respective parties.

-- BERNAMA

PERTAMA DIGITAL BHD has signed a memorandum of understanding with Experian Information Services (Malaysia) Sdn Bhd on a partnership to jointly explore developing alternative credit scoring solutions that can better serve financially excluded Malaysians.

As part of the agreement, Experian will leverage its global expertise in credit scoring and beneficial supporting data solutions while Pertama Digital will feed relevant data from its cache of alternative data sources to the developing credit scoring engine.

Pertama Digital director of strategy Saify Akhtar said the company is delighted to have Experian join its list of strategic partners on the overarching journey to drive financial inclusion.

“Being able to leverage their credit reporting and data analytics expertise will be a massive boost to advancing this mission,” he said in a statement today.

-- BERNAMA

PROPERTYGURU Asia's 2021 awards season will commence with a virtual ceremony in Indonesia on Oct 14 this year, to be followed by Cambodia, Vietnam, the Philippines, Singapore, Malaysia, Thailand, China, Hong Kong and Macau.

The highly awaited 16th PropertyGuru Asia Property Awards Grand Final Virtual Gala will be held on Dec 9, by presenting the final country awards to Sri Lanka, India, Greater Niseko and Australia before crowning the best developers, developments and designs in the Asia Pacific.

In the past year, the programme has maintained the prestige of hosting the award celebrations albeit the global outbreak.

“By taking the pandemic situation and safety protocols into account, the organisers have set up a series of virtual, physical and/or hybrid events specially curated for each country,” it said in a statement today.

-- BERNAMA