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News in brief: Sept 9, 2022

09/09/2022 08:36 PM

SAPURA ENERGY BHD has appointed Lim San Peen as the interim liquidator for Sapura Project Services Sdn Bhd (SPSSB).

In a statement today, Sapura Energy said the appointment does not bear an immediate material financial and operational impact on the company, and will not affect its progress of restructuring plan.

“Lim was appointed under the Order of the High Court of Malaya inShah Alam, following a Winding Up Petition against SPSSB by Danamin (M) Sdn Bhd,” it said.

SPSSB, a non-core business for Sapura Energy, specialises in telecommunication services which include turnkey telecommunications, network and security solutions for front-end engineering design engineering, procurement, and construction projects in the oil & gas and utilities markets.



CAGAMAS BHD has announced the successful pricing of its 1-year S$150 million Fixed Rate Euro Medium Term Notes (EMTN), with the proceeds to be used to fund the purchase of housing loans from the financial system.

In a statement today, president/chief executive officer Datuk Chung Chee Leong said despite continued volatility in the local and global fixed income market, the company continued to perform its financial intermediation role by providing competitive funding costs to onshore financial institutions via the issuance of foreign currency denominated bonds.

“Demand for Cagamas’ foreign currency bonds remains resilient across diverse investor profiles as the issuance was fully subscribed by foreign investors which include asset managers, financial institutions and insurance companies.

“The S$ issuance also marks the company’s second foreign currency issuance exercise for the year and brings the cumulative SGD denominated issuance to S$1.97 billion,” he added.



MALAYSIA AVIATION GROUP (MAG) and the Singapore Tourism Board (STB) have established an inaugural, multi-faceted partnership to promote Singapore to travellers, building on the strong momentum of travel reopening in both Singapore and Malaysia.

In a joint statement today, both parties said the partnership would promote Singapore as a destination of choice for travellers with varied interests and give them exclusive access to MAG’s extensive portfolio of travel and lifestyle-related services, which includes both Malaysia Airlines and Firefly.

“This partnership will also leverage Malaysia Airlines’ tour operating arm, MHholidays, providing curated travel packages for single to group travel, including flights, hotel stays, attractions and new experiences in Singapore,” they said.



MESTRON HOLDINGS BHD said the RM13 million worth of orders secured by its wholly-owned subsidiary, Mestron Engineering Sdn Bhd (MESB) are coming from various network facilities providers (NFP).

In a filing with Bursa Malaysia today, Mestron said the contracts comprised 38 purchase orders from 15 customers in the telecommunication segment accumulated from January 2022 up to Sept 7, 2022.

Managing director Por Teong Eng said the orders were not coming from Digital Nasional Bhd (DNB).

“We would like to clarify that we have no contractual relationship with DNB and Mestron has been actively engaging with various different parties to ensure the resilience of our business,” it added.



LIM SEONG HAI CAPITAL BHD’s wholly-owned subsidiary LSH BEST Builders Sdn Bhd (LSHBB) has signed a collaboration agreement with Gamuda Industrial Building System Sdn Bhd (Gamuda IBS) to boost construction efficiency by promoting the use of digital Industrial Building System (digital IBS).

In a filing with Bursa Malaysia, Lim Seong Hai said through the collaboration, LSHBB and Gamuda IBS aim to support the industry’s transition towards the Fourth Industrial Revolution (IR4.0) via the digitalisation of work processes and automation of construction works.

“This can be achieved by identifying and transforming projects from conventional delivery models to robotic automation and seamless integration with Building Information Modelling (BIM).

“Using digital IBS, high-level digitalisation and automation are adopted from the design stage to the production stage,” it added.



MALAYAN FLOUR MILLS BHD (MFM) said that the Malaysia Competition Commission (MyCC) has extended the deadline for Dindings Poultry Development Centre Sdn Bhd (DPDC) to file its written representations from Sept 20, 2022 to Oct 21, 2022.

In a filing with Bursa Malaysia today, MFM said the notice of the proposed decision was issued by the MyCC pursuant to Section 36 of the Competition Act 2010 to DPDC, a joint venture of MFM.

In the previous company’s filing on Aug 10, 2022, MyCC proposed to impose a financial penalty of RM70.02 million in the event that DPDC is found to have infringed the Competition Act 2010.

MFM said DPDC strongly denies the allegation of any infringement of the provisions of the Act as mentioned in the proposed decision.






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