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News In Brief : July 22, 2021

22/07/2021 09:21 PM

KOBAY TECHNOLOGY BHD has received approval from shareholders for a proposed 70 per cent stake in Avelon Group for a total cash consideration of up to RM47.7 million.

In a statement today, Kobay chief executive officer and managing director Datuk Seri Koay Hean Eng said: ”The approval is also for granting a call option to Kobay and a put option for the remaining 30 per cent stake of Avelon.”

Kobay is mainly involved in the manufacturing of precision metal components, precision tooling and equipment, and metal fabrication.

Avelon Group comprises Avelon Healthcare Sdn Bhd, Galaxis Healthcare Sdn Bhd, Avelon Arise Sdn Bhd, Galaxis Pharma Sdn Bhd and Arise Healthcare Sdn. Bhd.



YB VENTURES BHD has formed a new wholly-owned subsidiary, YB Renewable Energy Sdn Bhd (YBRESB), to undertake activities related to renewable energy (RE) in Malaysia.

In a statement today, executive director Au Yee Boon said the incorporation of YBRESB opens up a new range of possibilities to continue to diversify its business and would be a key business segment to the group.

“The management is in discussions that would potentially transform YB Ventures into a key player in the RE sector.

“The acquisition of earnings-accretive assets is expected to provide strong recurring income to the group,” he said.



CAPITALAND MALAYSIA MALL TRUST (CMMT) has announced a net property income (NPI) of RM51.3 million for the first half of 2021 (1H 2021) ended on June 30, 2021, 12.6 per cent lower than the NPI of RM58.7 million for the corresponding period last year.

In a filing with Bursa Malaysia today, CMMT, a shopping mall-focussed real estate investment trust, said the lower income recorded was mainly attributed to reduced gross rental income which was affected by negative rental reversions.

“We remain focussed on strengthening operational efficiency and supporting our tenants in a targeted manner so that CMMT’s retail ecosystem can emerge stronger from COVID-19 pandemic,” said CapitaLand Malaysia REIT Management Sdn Bhd chief executive officer Low Peck Chen.

She said CMMT would proactively look for acquisition opportunities in existing and new asset classes to create value for unitholders.







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