Latest news with #2030Mission
The Star
05-08-2025
- Business
- The Star
Trading ideas: Bumi Armada, Zetrix, Kelington, Kim Hin, Hibisucs, Johor Plantations, Ajiya, Tex Cycle, Pekat, Kimlun, Jiankun, Rimbunan Sawit, Ramssol
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Bumi Armada Bhd and Petronas-linked MISC Bhd have mutually called off their proposed merger, ahead of the lapse of their memorandum of understanding on Aug 14. Zetrix AI Bhd said it will provide front-end solutions in future IT project collaborations with its 19.2%-owned Heitech Padu Bhd . Kelington Group Bhd is in talks with an unnamed client for a semiconductor hook-up project at a wafer fabrication plant in Dresden, Germany, potentially worth up to EUR50mn. The independent adviser for Kim Hin Industry Bhd , New Paradigm Securities Bhd, has advised minority shareholders against accepting the offer from chairman Chua Seng Huat to take the company private for 85 sen a share, calling it not fair and not reasonable. Hibiscus Petroleum Bhd , under its 2030 Mission strategy, wants to increase its net production rate to 70,000 barrels of oil equivalent per day by 2030 from 27,000 currently and raise its proven and probable reserves to 150mn mmboe from 84.9 mmboe as at end-January 2025. Johor Plantations Group Bhd has signed an MOU with YPJ Plantations Sdn Bhd and PIJ Holdings Sdn Bhd to improve and modernise the palm oil sector in Johor. Ajiya Bhd is disposing of two industrial land parcels in Nilai, Negeri Sembilan, for a total of RM51.9mn as part of its strategy to monetise non-core assets and strengthen its financial position. Tex Cycle Technology (M) Bhd has acquired Meridian World Sdn Bhd for RM42.8mn to the vendors, while an additional RM6.7mn retention sum was also paid to its solicitors. Pekat Group Bhd 's 60%-owned subsidiary company EPE Switchgear (M) Sdn Bhd has bagged a RM31.3mn contract from Tenaga Nasional Bhd to undertake switchgear equipment maintenance and repair works. Kimlun Corp Bhd has proposed a private placement to raise up to RM40.6mn to raise funds to meet the company's working capital needs. Jiankun International Bhd plans to issue shares to settle RM8.2mn in outstanding debt, which will result in subcontractor Crimson Power Sdn Bhd emerging as its new largest shareholder with a 30.1% stake. Rimbunan Sawit Berhad has announced the appointment of Datuk Tiong Thai King, 80, as its new Non-Executive Chairman. Ramssol Group Bhd 's 2Q25 net profit surged 42.5% YoY to RM6.2mn with revenue climbing 44% YoY to RM24.9mn, driven by robust demand for its human capital management and artificial intelligence cloud solutions.
The Star
04-08-2025
- Business
- The Star
Hibiscus Petroleum sets 2030 output target at 70,000 boe/day
Hibiscus Petroleum managing director Dr Kenneth Gerard Pereira. KUALA LUMPUR: Hibiscus Petroleum Bhd is targeting production of 70,000 barrels of oil equivalent per day (boe/day) and 2P reserves of 150 million barrels of oil equivalent (MMboe) by 2030. In a filing with Bursa Malaysia, the company said the "2030 Mission' marks a new phase in its evolution, dubbed 'Hibiscus 3.0', which includes plans to diversify into energy transition projects as part of its strategy to be a responsible energy company. Managing director Datuk Dr Kenneth Pereira said Hibiscus Petroleum is entering its next phase of growth under the new mission. "The board and founding management team, who collectively hold 13.07 per cent of Hibiscus shares, are fully aligned with shareholders' objectives to enhance the group's value,' he said. The group exceeded its 2021 Mission production goal of 20,000 boe/day. As at Jan 1, 2025, Hibiscus held net 2P reserves of 84.9 MMboe and net 2C resources of 132.9 MMboe, with current net production of about 27,000 boe/day. The company said that in addition to its core cash-generating operations, it plans to invest in energy transition projects involving power generation. These projects aim to help address a potential 5GW power generation shortfall in Malaysia by 2030 and support the Government's 13th Malaysia Plan for a sustainable future. Hibiscus Petroleum also said it would pursue several new value-enhancement initiatives in the energy transition space. It added that recent key achievements would lay the foundation for delivering the 2030 Mission. Among them is the completion of its acquisition of the Block B Maharajalela Jamalulalam gas asset in Brunei from TotalEnergies in October 2024, offering a potential pathway to further investments in the country. - Bernama
