Elridge Energy welcomes its first GLIC-linked substantial shareholder in Urusharta Jamaah
This came about after the Minister of Finance Inc wholly owned investment holding and asset management company acquired 7.19 million shares in Elridge on July 9 via Citigroup Nominees (Tempatan) Sdn Bhd, according to the company's Bursa Malaysia filing today (July 15).
The group which is principally involved in the manufacturing and trading of biomass fuel products, particularly PKS (palm kernel shells) and wood pellets, was listed on the ACE Market of Bursa Malaysia on Aug 22 last year.
Other major institutional investors in Elridge include Mikro MSC Bhd (20.62% stake/412.5 million shares); Kayavest Sdn Bhd (16.37%/327.32 million shares); Bio Eneco Holding Sdn Bhd (9.32%/186.5 million shares) and Norges Bank Investment Management (2.95%/59 million shares).
Elridge kickstarted its 1Q FY2025 ended March 31, 2025 on a positive note with a net profit of RM13.58 mil on the back of RM109.67 mil in revenue that were mainly contributed by customers based in Japan, Indonesia and Malaysia.
PKS remain the cornerstone of the group's operations by contributing RM95.81 mil or 87.36% of total revenue while the remaining RM13.87 mil was derived from the trading and manufacturing of wood pellets.
According to Coherent Market Insights, the PKS industry in Asia-Pacific is expected to grow at a CAGR (compound annual growth rate) of 8.9% from US$308.6 mil (RM1.4 bil) in 2024 to US$366.1 mil (RM1.7 bil) by 2026.
The wood pellet market in the region is also forecast to expand at a CAGR of 8.6% to reach USD$12.5 bil (RM57.1 bil) in 2026 from US$10.6 bil (RM48.4 bil) in 2024.
'To support this growing market, we're executing our expansion plan with the development of new manufacturing sites in Pasir Gudang (Johor), Kuantan (Pahang) and Lahad Datu (Sabah),' revealed the group's executive director and CEO Oliver Yeo.
'These facilities will each house two PKS production lines with a combined annual output of 240,000 metric tonnes per site. The capacity expansion will enhance our ability to secure long-term export contracts and reinforce our position in the regional biomass supply chain.'
At the close of today's (July 15) market trading, Elridge was up 0.5 sen or 0.79% to 64 sen with 17.48 million shares traded, thus valuing the company at RM1.28 bil. – July 15, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
41 minutes ago
- The Star
Recovery in sight for Klang Valley office market
KUALA LUMPUR: After more than a decade of oversupply and subdued demand, the Klang Valley office market may finally be turning a corner, according to Hong Leong Investment Bank Research (HLIB Research). In a recent sector note, the research house said the prolonged mismatch between supply and demand, exacerbated by large completions during the pandemic, had led to persistently high vacancy rates of 20% to 30% and stagnant rental growth. However, the imbalance is now beginning to ease. 'We believe that the Klang Valley office market has likely hit an inflection point and is poised for sustained recovery ahead,' HLIB Research said. The research house identified several structural tailwinds supporting its view. First, it noted anecdotal evidence of improved take-up rates in newer, higher-quality office developments, suggesting that the prolonged supply glut is starting to clear. Second, it said Malaysia's pivot towards a high-value, high-tech and high-growth economy – in line with national frameworks – is fuelling demand for office-based operations. 'New drivers of growth such as semiconductors, digital services, green technology, electric vehicles (EVs) and artificial intelligence (AI) are increasingly reliant on knowledge, innovation and service-based functions, which typically require office-based environments for research and development, engineering, design and management,' it noted. Third, HLIB Research said foreign direct investment (FDI) that initially focused on manufacturing was now expanding into regional headquarters and support offices. The research house said since US-China trade tensions emerged in 2018, Malaysia has benefited from supply chain shifts, attracting manufacturers building a presence. HLIB Research noted that recent investments from global tech giants like Microsoft, Google, Amazon Web Services, Oracle and ByteDance, which often begin with data centres, are typically the first step up to anchoring their long-term presence in a new market. It cited the example of ByteDance, which has become an anchor tenant at Sunway V Tower in Kuala Lumpur, housing functions such as customer service, administration, human resources and payroll, and business development. HLIB Research said investor confidence is also gradually being restored by clearer national agendas and political stability following the last general election in 2022. 'Amid this renewed policy clarity and stability, Malaysia is regaining its appeal as a cost-competitive alternative to regional peers, particularly for shared services, regional operations and investments in the digital economy,' it said. The research house expects the recovery to first take hold in Selangor and the fringe areas of Kuala Lumpur, where the supply overhang is less severe, before gradually extending into central Kuala Lumpur. Within this cycle, it believes the strong performers will be newer Grade A offices, certified green buildings with energy-saving features, offices integrated with public transport and retail amenities, and those managed by experienced property teams. As top picks for exposure to the office market, it named IGB Commercial Real Estate Investment Trust (REIT), with 3.5 million sq ft of net lettable area in the Klang Valley; IOI Properties Group Bhd , with 2.26 million sq ft in Putrajaya and Puchong; and Sunway Bhd together with Sunway-REIT, which have a combined 2.37 million sq ft in the Klang Valley.
Borneo Post
4 hours ago
- Borneo Post
Xinjiang's bold push empowers rural women at scale
Women work at a new energy technology company in Shule County of Kashgar Prefecture, northwest China's Xinjiang Uygur Autonomous Region on June 24, 2025. – Xinhua photo URUMQI (July 20): There was a time in the southern part of Xinjiang Uygur Autonomous Region when many rural women lived out of public view, economically dependent on their spouses and bound by traditional household gender roles. Today in Xinjiang's Kashgar Prefecture, Aysham Abdureyimu's beauty salon buzzes with laughter and transformation. It has become a place where women come not just for stylish hairdos, but for a sense of community. In Kashgar's Shache County, the steady hum of sewing machines fills Adilmu Abdulla's bustling tailor shop, where she now employs dozens of local women, most of them Uygur. 'When I got divorced, it felt like my whole world fell apart,' Abdulla recalled. 'But these days, I have a steady monthly income and help others earn too. Being a single mom doesn't faze me anymore.' This profound transformation from social constraints to financial independence lies at the heart of Xinjiang's efforts to empower rural women. While women were once confined to seclusion by extremist ideologies, today they stroll the streets proudly clad in modern fashion. Speaking about this change, Abdureyimu said rural women now care more about looking their best. They're eager to learn new skills, start their own businesses, and achieve financial independence. Dressed in the latest styles and fluent in Mandarin, her salon apprentices have become living symbols of this very transformation. The shift extends from household kitchens to socio-economic structures. According to Aynur Mamat, chairperson of Kashgar's women's federation, empowered mothers build more prosperous families, marked by fuller wallets, brighter smiles, happier homes and, above all, unshakable confidence. Behind the change is a coordinated, multi-pronged effort led by the Xinjiang regional women's federation and aimed at dismantling long-standing barriers to women's empowerment. Skills training forms the foundation. According to Li Linghui, Party chief of the Xinjiang regional women's federation, the federation now organises more than 1,000 sessions annually, equipping over 40,000 rural women with skills such as hairdressing and tailoring. These skills have opened doors to entrepreneurship and factory employment. 'Women across rural Xinjiang, especially the south, are eager to work and start businesses,' Li said. 'We're helping make it happen through practical training programmes.' The 'beauty hair salon' programme stands as a striking example. Since 2017, 3,679 salons with a total investment of 63.9 million yuan (about US$8.9 million) have been established across Xinjiang, providing employment for over 10,000 women and serving as community hubs for them. Abdureyimu teaches makeup techniques at her beauty salon in Kashgar Prefecture, northwest China's Xinjiang Uygur Autonomous Region on Nov 13, 2023. – Xinhua photo Across southern Xinjiang's villages, the beauty hair salons are more than just businesses. They have become engines advancing women's independence and cultural change, said Aynur Mahsat, chairperson of the Xinjiang regional women's federation. Through a programme that focuses on online and offline Mandarin classes, some 60,000 women mainly in southern Xinjiang have gained access to new opportunities. Financial assistance has also proven key to the successes of women entrepreneurs. Partnering with banks and rural credit cooperatives, the regional women's federation has provided 17.86 billion yuan in loans to more than 46,000 women, enabling business launches and expansions. The impact has reached far beyond personal income growth. Comprehensive policy support has empowered women to embrace modern lifestyles and economic independence, according to local officials. Rising incomes have also brought them greater influence, both at home and within their communities. Sustaining this momentum requires continuous, targeted effort. 'Enhanced training and guidance mechanisms measurably boost women's aspirations and abilities to pursue business and career opportunities,' Li said, underscoring the need to establish long-term training frameworks with strong policy backing. To further empower rural women in Xinjiang, experts have highlighted the importance of better policy coordination, flexible employment models and enhanced financial support. According to Aygul Imin, a researcher at the Xinjiang Academy of Social Sciences, strengthening rural social security, providing targeted support, and closely monitoring employment and family dynamics are essential to removing barriers faced by rural women in southern Xinjiang while ensuring that progress benefits both the women and their communities. – Xinhua China rural women Xinhua xinjiang
The Star
11 hours ago
- The Star
Myanmar to offer low-interest loans to drive growth in agriculture, livestock sectors
YANGON (Xinhua): The Myanmar government will disburse low-interest loans from the State Economic Promotion Fund, aiming to promote the country's agriculture and livestock sectors, state-owned daily The Mirror has reported. At a Union Price Stability Committee meeting held in Nay Pyi Taw on Thursday, Union Minister for Planning and Finance U Win Shein said the government plans to disburse 688 billion kyats (US$327.61 million) in agricultural loans for over 5 million acres of land in the 2025-2026 fiscal year, the report said. The minister called for high production of foodstuffs to ensure proper prices, promoting agriculture and livestock-based manufacturing, and expanding the cultivation of edible oil crops, it said. The Union Price Stability Committee, formed on August 18, 2023, is working on basic food price stability, balancing between local needs and production, ensuring the proper flow of goods in and out and supervising matters that disrupt commodity price stability in accordance with the law, the report said. - Xinhua
