Latest news with #Labuan-based
New Straits Times
24-07-2025
- Business
- New Straits Times
MMAG's unit buys Boeing freighter for RM109.18mil from GASL Ireland
KUALA LUMPUR: MMAG Holdings Bhd's Labuan-based indirect unit MMAG SkyAssets has signed an agreement to buy a Boeing 737-800 converted freighter for US$25.9 million (about RM109.18 million). The seller is GASL Ireland Leasing A-1, a special purpose vehicle managed by Ireland-based Genesis Aircraft Services Ltd. The aircraft, currently leased for its aviation arm MMAG Aviation Consortium Sdn Bhd's airfreight operations under MJets Air, will become the third-owned freighter. Combined with four leased aircraft, this brings MMAG's total fleet to seven. Two earlier aircraft acquisitions from JPA No.161 Co Ltd were signed in December 2024 and January 2025, signalling MMAG's deliberate and phased transition toward greater asset control and internalisation of key fleet infrastructure. In a statement, MMAG Aviation chairman Woo Kam Weng said the acquisition represents the intent to evolve into a fully empowered aviation operator. "With greater control over our assets, we're strengthening our ability to respond swiftly to market needs, optimise internal fleet utilisation, and explore new revenue channels. "It's a deliberate step toward long-term resilience and sustainable growth in a competitive logistics landscape," he added. Subject to shareholders' approval, the acquisition will be completed via a structured cash payment arrangement, allowing for phased instalments over a 14-month period, followed by a final settlement upon transfer of ownership. MMAG said this staged approach ensures optimal cash flow management while securing long-term access to a valuable aviation asset. The company said the freighter, manufactured in 2005, is significantly younger compared to MMAG's two previously acquired freighters, which were over 30 years old at the time of purchase. It said the newer asset strengthens overall fleet profile, offering improved reliability, residual value and operational efficiency over the long term. It added that the growing fleet under ownership reflects a broader strategy to reduce dependency on third-party lessors, gain fleet deployment agility, and strengthen financial resilience through asset ownership.
The Star
23-07-2025
- Business
- The Star
Trading ideas: TNB, Bursa, HI Mobility, KIP REIT, UUE, Pestec, Jati Tinggit, SL Innovation, SC Estate, Majuperak, Oasis, Pavilion REIT
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Tenaga Nasional Bhd has been given the green light by the High Court to commence judicial review against the Inland Revenue Board in relation with tax assessment totalling RM291.6mn for FY18. Bursa Carbon Exchange, a subsidiary of Bursa Malaysia Bhd , will host its first bilateral energy supply contract auction this November. HI Mobility Bhd is working to resolve a strike involving drivers of its flagship bus brand Causeway Link, following a recent wage cut. Unitholders of KIP Real Estate Investment Trust have given the green light at its extraordinary general meeting for the RM118.0mn acquisition of 4 retail properties in Kuantan and Selangor as well as a RM132.0mn private placement to fund part of the purchase and subsequent enhancements. UUE Holdings Bhd have inked a memorandum of understanding with Asean Cableship Pte Ltd to provide horizontal directional drilling solutions for offshore telecommunications and infrastructure projects in the Asia Pacific region. Pestec International Bhd has been sued by its former group CEO Paul Lim Pay Chuan and his uncle, former deputy chairman Lim Ah Hock, for a total of RM17.5mn in alleged unpaid advances. Jati Tinggi Group Bhd has secured a RM19.4mn contract from Tenaga Nasional Bhd for submarine cable works in Perak via a 70:30 joint venture. SL Innovation Capital Bhd has decided to defer plans to transfer its listing from the LEAP Market to the ACE Market, citing prevailing market uncertainties. SC Estate Builder Bhd is disposing of a piece of land in Alor Setar, Kedah, measuring 5,834 sq metres to Novium Pinnacle Sdn Bhd for RM8.8mn. Majuperak Holdings Bhd 's RM18.4mn proposed disposal of Brewster Village to Ladang Lekir Sdn Bhd was terminated due to unmet conditions. Majuperak remains an affected issuer and aims to submit its revised plan by 11 October 2025. Oasis Harvest Corporation Bhd, which operates restaurants, saw the emergence of Labuan-based European Credit Investment Bank Ltd as its new substantial shareholder. Pavilion Real Estate Investment Trust 's net property income rose 8.2% YoY to RM129.8mn in 2QFY25, thanks to higher contributions from Pavilion Bukit Jalil and advertising revenue from Elite Pavilion Mall.
Focus Malaysia
22-07-2025
- Business
- Focus Malaysia
European Credit Investment Bank emerges substantial shareholder of Oasis Harvest with 5.78% stake
MAIN Board-listed food & beverage (F&B) player Oasis Harvest Corp Bhd (formerly Dolphin International Bhd) has landed the European Credit Investment Bank Ltd (ECIB) as its substantial shareholder. The Labuan Financial Services Authority (Labuan FSA)-regulated investment bank acquired a 5.78% interest – an equivalent of 1,392,800 shares – in Oasis Harvest through an open market transaction on July 18, according to a Bursa Malaysia filing yesterday (July 21). This development marks a significant vote of confidence from a reputable financial institution in Oasis Harvest's future. Established in 2008, the Labuan-based ECIB specialises in investment banking and wealth management with strong insights into the Asia-Pacific region. Under the leadership of its CEO, Ken Lim, ECIB is known for its experience in capital markets and strict regulatory compliance. 'We are delighted to welcome ECIB as a substantial shareholder. This is an important milestone for Oasis Harvest and a clear endorsement of our growth potential,' an elated Oasis Harvest executive director Ch'ng Eu Vern pointed out. 'ECIB's deep experience in finance and strategic advisory will be invaluable to us. We look forward to a close collaboration, tapping into their insights to accelerate our strategic plans and create greater value for our shareholders.' ECIB's investment is poised to provide Oasis Harvest with a stable and strategic financial partner, hence strengthening the group's foundation for future expansion. Moving forward, the association with a well-regarded investment bank is expected to boost Oasis Harvest's reputation and trust among clients, partners and the wider investment community. 'With the backing and expertise of ECIB, Oasis Harvest is in a stronger position to pursue ambitious growth opportunities and continue building on its success,' added Ch'ng. At 3.25pm, Oasis Harvest was down 2 sen or 8.33& to 22 sen with 2.05 million shares traded, thus valuing the company at RM32 mil. – July 22, 2025
The Star
07-07-2025
- Business
- The Star
Trading ideas: Edelteq, WCT, Green Packet, MAG, Capital A, Mudajaya, Mesiniage, MN, Kretam, Kim Hin, TeamStar, ISF
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Edelteq Holdings Bhd is venturing into upstream semiconductor manufacturing with a proposed 24% stake acquisition in Solid Point Precision Manufacturing Sdn Bhd for RM20.7mn via a mix of cash and shares from Singapore-based LIPO Precision Industry Pte Ltd. WCT Holdings Bhd has secured a RM365.2mn contract from Projek Lebuhraya Usahasama Bhd to expand the Sedenak–Simpang Renggam stretch of the North-South Expressway in Johor. Green Packet Bhd has welcomed European Credit Investment Bank Ltd as a new substantial shareholder after the Labuan-based investment bank acquired 141.1mn shares (5.77% stake) via open- and off-market trades on 3 July. Malaysia Aviation Group has exercised purchase rights for 20 additional A330neo aircraft from Airbus, with deliveries scheduled between 2029 and 2031. Capital A Bhd announced that AirAsia has signed an MoU with Airbus to purchase 50 A321XLR aircraft, with delivery confirmed by 2028. The deal, valued at US$12.25bn (RM51.72bn), includes rights for an additional 20 units. Mudajaya Group Bhd plans to raise up to RM26mn through a private placement of 265.7mn new shares, representing 10% of its enlarged share capital. Proceeds will be used to pare down bank borrowings, which stood at RM644.5mn as of 24 June. Mesiniaga Bhd has secured a RM148mn contract from KWAP to supply and commission a new pension system, with completion targeted by July 2028. MN Holdings Bhd has secured a RM29.3mn contract from Tenaga Nasional Bhd to extend new transformer bays at the existing transmission main intake in Tanjung Langsat Industrial Estate, Johor. Kretam Holdings Bhd has appointed Chiong Li Wei as executive director effective 5 July. Kim Hin Industry Bhd has received an unconditional takeover offer from its controlling shareholders, Kim Hin (Malaysia) Sdn Bhd and chairman Chua Seng Huat, to acquire the remaining 37.75% stake at 85 sen/share. TeamStar Bhd, a furniture fittings and hardware trader, has filed for an IPO on the ACE Market of Bursa Malaysia. ISF Group Bhd, a family-run piping system installer for industrial properties, has filed for an IPO on the ACE Market to fund its expansion plans.
Daily Express
29-06-2025
- Business
- Daily Express
MACC report over RM5.4 million demolition job
Published on: Monday, June 30, 2025 Published on: Mon, Jun 30, 2025 By: Sohan Das Text Size: The 11-storey hotel, which has remained closed since November 1997, was slated for demolition under a tender called by Labuan Corporation with an indicative value of RM5.467 million. LABUAN: The long-awaited demolition of the abandoned Hotel Labuan is expected to face delays following allegations of irregularities in the tender awarding process, prompting a complaint to the Malaysian Anti-Corruption Commission (MACC). The 11-storey hotel, which has remained closed since November 1997, was slated for demolition under a tender called by Labuan Corporation with an indicative value of RM5.467 million. The project was expected to take between 32 to 36 weeks to complete. More than 10 companies from peninsula have submitted bids for the demolition project, with the tender closing before April 30, 2025. However, the process has now come under scrutiny after a local contractor filed a complaint with MACC on June 16, 2025. The complainant, a Labuan-based company, has called for the suspension of all demolition work pending the outcome of investigations. The firm expressed frustration that despite being qualified, possessing necessary certifications and submitting a competitive bid lower than the winning company, it was ultimately sidelined in favour of an outside contractor. Among key concerns raised include lack of transparency, preference for outside contractors, limited local opportunities, pattern of exclusion and suspected political interference. The local company claims it met all requirements and was shortlisted in the final phase but was inexplicably excluded from the final selection. Questions were raised about why a qualified local company was overlooked in favour of a contractor from outside Labuan. The complaint noted that projects for CIDB G6 classification contractors in Labuan are extremely limited, with few local contractors registered under the B26 licence category. Concerns were expressed about a perceived pattern of favouring outside contractors over local firms, despite the presence of competent local companies. The most serious allegation involves potential political interference from higher authorities in the tender process. The complainant has called for a comprehensive MACC investigation to determine whether irregularities and external pressure influenced the tender awarding process. The tender was initially called on March 19, 2025, targeting registered qualified contractors for the demolition of the iconic hotel that has stood vacant for nearly three decades. The outcome of the MACC investigation will likely determine whether the project proceeds as planned or faces further delays.
