Latest news with #GlobaltecFormationBhd
The Star
3 days ago
- Automotive
- The Star
Globaltec enters commercial vehicle segment
PETALING JAYA: Globaltec Formation Bhd's wholly-owned subsidiary AutoV Corp Sdn Bhd has partnered Blue Breeze Sdn Bhd for the joint ownership and operation of a joint venture company to undertake the assembly and sales of leaf springs with the support of China-based Jiangxi Hongli Auto Parts Co Ltd. The assembly of leaf springs, a key component in the heavy vehicle suspension systems, marks Globaltec's entry into the commercial vehicle component segment. The group said the joint venture company, named GFB Hongli Sdn Bhd, will be held on a 50:50 basis with Blue Breeze. 'This joint venture marks a strategic diversification and expansion for the automotive division, enabling entry into the commercial heavy vehicle component sector and tap into the export market,' said Globaltec in a statement. Separately, Globaltec said it will be disposing of its entire stake in food and beverage firm Metta Food & Lifestyle Sdn Bhd to Oasis Harvest Corp Bhd for RM22mil.
The Star
3 days ago
- Automotive
- The Star
Globaltec inks JV to diversify into commercial vehicle component segment
KUALA LUMPUR: Globaltec Formation Bhd's wholly-owned subsidiary AutoV Corp Sdn Bhd has partnered Blue Breeze Sdn Bhd for the joint ownership and operation of a joint venture company to undertake the assembly and sales of leaf springs with the support of China-based Jiangxi Hongli Auto Parts Co Ltd (JHXL). The assembly of leaf springs, a key component in the heavy vehicle suspension systems, marks Globaltec's entry into the commercial vehicle component segment. The group said the joint venture company, named GFB Hongli Sdn Bhd, will be held on a 50:50 basis with Blue Breeze. Blue Breeze and JXHL are related parties as they are both subsidiaries of Zhang Zhouzhi "This joint venture marks a strategic diversification and expansion for the Automotive division, enabling entry into the commercial heavy vehicle component sector and tap into the export market," said Globaltec in a statement.
New Straits Times
26-05-2025
- Business
- New Straits Times
Globaltec unit begins drilling at Indonesia's first commercial coalbed methane project
KUALA LUMPUR: Globaltec Formation Bhd's Australian-listed subsidiary, NuEnergy Gas Ltd, has commenced drilling the first of four wells under its Early Gas Sales Initiative in South Sumatra, Indonesia. In a filing with Bursa Malaysia today, Globaltec said the drilling marks the start of Indonesia's first commercial coalbed methane (CBM) project. The well is located in the Tanjung Enim Production Sharing Contract's Plan of Development 1 (POD 1) area and targets initial gas sales of one million standard cubic feet per day (mmscfd). "This milestone underscores NuEnergy's commitment to cleaner energy and validates the commercial viability of its coalbed methane assets," the company said. The POD 1 area, covering 33 square kilometres, holds certified reserves of 164.89 billion standard cubic feet and has a planned production capacity of 25 mmscfd. It is also backed by a heads of agreement with Indonesia's largest gas utility, PT Perusahaan Gas Negara Tbk, a subsidiary of Pertamina. Globaltec said the successful spudding of the well lays the foundation for further development and commercial delivery from its South Sumatra CBM assets. At press time, shares of Globaltec were trading at 47 sen, up 4.44 per cent from the previous close of 45 sen, valuing the company at RM126.49 million. The stock hit a two-year low of 42.5 sen on April 9 and has been trading between 46 sen and 49 sen since the start of the year.
New Straits Times
29-04-2025
- Business
- New Straits Times
Globaltec's Australian unit gears up for early coal bed methane sales
KUALA LUMPUR: Globaltec Formation Bhd's Australia-listed unit, NuEnergy Gas Ltd, has commenced drilling site preparation activities at its Tanjung Enim production sharing contract (PSC) in South Sumatra, Indonesia. This comes as the group moves closer to first coal bed methane production under its early gas sales initiative, NuEnergy said in its quarterly activities report, which Globaltec filed with Bursa Malaysia today. The company, through its subsidiary Dart Energy (Tanjung Enim) Pte Ltd, finalised a gas sales and purchase agreement with Indonesia's national gas distributor PT Perusahaan Gas Negara (PGN) at the end of 2024. The drilling site preparation work involves building access roads, repairing bridges, clearing land and constructing foundations, mud pits and flare stacks. Featured Videos The area also includes a site designated for PGN's compressed natural gas facility. The first of four wells is expected to be spudded in May. Elsewhere, NuEnergy continues dewatering operations at its Muralim PSC, also in South Sumatra, to gather gas production data. It is also awaiting government approvals to advance environmental permitting at its Muara Enim PSC. Separately, the company is in the process of relinquishing its Muara Enim II PSC. During the March quarter, NuEnergy posted a net operating cash outflow of A$143,000 and capital expenditure of A$822,000. Its cash and cash equivalents stood at A$3.92 million at the end of the quarter, giving it an estimated funding runway of four quarters based on current expenditure levels. NuEnergy, an independent clean energy company focused on Indonesian unconventional gas, holds three coal bed methane PSCs in South Sumatra. It aims to integrate these assets into a coal bed methane production hub, targeting sustainable energy supply for Indonesia's growing market.
