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News in brief : May 26, 2022

26/05/2022 07:58 PM

 HAI-O ENTERPRISE BHD and Asia Pacific Wenjing Financial Group Ltd from China intended to cooperate closely to promote Chinese tea digital ecosystem in Malaysia.

In a joint statement today, Hai-O chairman Tan Keng Kang said Chinese tea, especially Pu’er, is the main business segment of the company and Hai-O has established the Pu’er tea storage in Malaysia for many years.

“If Chinese tea is digitised, its potential will be limitless. Hai-O has always been looking for a digital partner with a statutory security status and equipped with mature technology,” he said.

Asia Pacific Wenjing Financial Group was established in Malaysia by Nanjing Zijin Investment Group from China and is an enterprise that develops international financial services for countries in the Belt and Road Initiative.



COASTAL CONTRACTS BHD’s net profit rose to RM44.32 million in the third quarter ended March 31, 2022 from RM23.12 million in the same period last year.

Revenue jumped 213 per cent to RM114.44 million from RM36.62 million previously due to an increase in revenue contributed by the gas processing division, it said in a filing with Bursa Malaysia today.

“While waiting for the recovery of offshore supply vessel (OSV) market, Coastal group has embarked into liftboat chartering with a long term plan to tap into the wind farm renewable energy sector which is currently the fastest-growing energy sources in the world.

“Coastal group shall still continue to pursue new business that suits its growth strategies such as floating production storage and offloading (FPSO), floating production unit (FPU), floating storage and offloading (FSO), floating storage and regasification unit (FSRU) and other oil and gas related projects,” it said. 



HONG SENG CONSOLIDATED BHD’s net profit surged to RM42.3 million in the second quarter ended March 31, 2022 from RM6.02 million in the same period last year. 

Revenue increased by RM61.2 million to RM117.6 million from RM56.4 million previously mainly derived from the healthcare, financial services and gloves segments, it said in a filing with Bursa Malaysia today. 

“Our management believes that despite the challenging economic environment amid the COVID-19 pandemic, the impact of COVID-19 on the outlook of the economy is likely to be significant in the short term.

“Our group is expected to remain resilient while entering this period with liquidity buffers and will seize every opportunity premised on the above to improve our group’s operations and financial performances in the future,” it added.



WCT HOLDINGS BHD recorded a lower net profit of RM30.56 million in the first quarter ended March 31, 2022 compared with RM65.40 million in the same period last year. 

Revenue, however, soared to RM604.7 million from RM444.3 million previously attributed by the engineering and construction segment, property development segment and property investment and management segment, it said in a filing with Bursa Malaysia today.

“The Group is cautiously optimistic of its prospects for the remaining period of the year 2022,” it added.



GENETEC TECHNOLOGY BHD has entered into a conditional sale and purchase agreement to acquire a piece of land together with buildings for a total cash consideration of RM53 million.

In a filing with Bursa Malaysia today, it said through the proposed acquisition, Genetec would have access to additional factory space, which is in line with its business expansion plan for its manufacturing facilities, particularly for the automated industrial systems and equipment/value-added services for customers in the electric vehicle (EV) and energy storage (ES) industries.

“Furthermore, with the proximity of the property to the head office and existing manufacturing facilities of the group in Bandar Baru Bangi, the group intends to relocate its existing manufacturing operations in Sungai Long to this new property,” it said. 

It added that the board is optimistic about the future prospects of the group upon completion of the proposed acquisition.



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