News in brief : April 26, 2022

PELABURAN MARA BHD (PMB) has launched two new PMB Investment Bhd trust funds, creating a business network with green technology companies apart from expanding its financing to small and medium enterprises to help them stabilise their financials this year.

PMB interim group executive director Datuk Zulfikri Osman said its subsidiary PMB Investment will launch the first fund in May with a focus on the regional level while the second fund, to be launched in the third quarter, will focus on shares related to the principles of environmental, social and governance (ESG).

The two funds will be the 19th and 20th funds managed by   PMB Investment.

"PMB will continue to look for opportunities so that the group can achieve a return of RM52 million this year," he said in a media statement.

-- BERNAMA

BINTAI KINDEN CORPORATION BHD subsidiary Bintai Energy Sdn Bhd has secured a series of sub-contract projects worth RM1.6 million from Petro Flanges & Fittings Sdn Bhd to supply piping materials to established oil and gas (O&G) related companies in Malaysia.

In a statement, the group said the job scope encompasses supplying pipes, valves, fittings, and flanges for onshore and offshore pipeline projects.

It said the contracts were non-renewable and estimated to be completed within four to ten weeks or more from the commencement date, subject to the terms of each contract.

-- BERNAMA

MALAYSIAN TIMBER COUNCIL (MTC), in collaboration with the various timber associations, has taken the initiative to produce a video on the best practices of workers’ accommodation in compliance with the Employees’ Minimum Standards of Housing, Accommodations and Amenities Act 1990 (Act 446) to ensure industry players provide proper accommodation and amenities to its workers.

The council said the video will highlight some of the guidelines and provisions of the minimum standards required with regard to accommodation and basic amenities that must be provided for workers.

"Act 446 is a step in the right direction as it ensures businesses and employers maintain proper and decent housing standards and amenities for their workers. This is also in line with international requirements in respecting workers’ rights," said chief executive officer Muhtar Suhaili in a statement.

-- BERNAMA

ALLIANZ LIFE INSURANCE MALAYSIA BHD has officially launched its new and improved medical plan HealthInsured, “a guaranteed renewable unit deducting hospitalisation and surgical (H&S) rider plan that provides a high overall annual limit of up to RM5 million for comprehensive medical coverage including cancer, emergency accident as well as COVID-19.”

The insurance company said the policy consists of four plans which offer different levels of benefits, namely Plan 150, Plan 200, Plan 300, and Plan 500.

"Plan 200 and above come with COVID-19 coverage with extensive cancer coverage including access to genomic testing and extended out-patient cancer treatment cover.

"Plan 150 is specially designed with essential coverages which provide affordable protection in the event of hospitalisation," it said in a statement.

-- BERNAMA

MN HOLDINGS BHD's wholly-owned subsidiaries have secured RM32.5 million worth of underground utility and substation engineering contracts in Selangor and Johor.

The group said its wholly-owned subsidiary Mutu Nusantara Sdn Bhd has received a letter of award from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd to be the sub-contractor to provide horizontal directional drilling (HDD) construction works for RM7.8 million.

Another wholly-owned subsidiary MN Power Transmission Sdn Bhd has received two letters of award from Syarikat Mohamad Salin Sdn Bhd, appointing it to be the sub-contractor for both contracts to design works and drawing submission for the extension of a main substation in Johor for a contract sum of RM16.7 million.

"The third contract worth RM8 million will see MN Power undertake asset replacement and refurbishment for primary and combined equipment at a substation in Johor," it said in a statement.

-- BERNAMA