Latest news with #RM1.8mil
The Star
2 days ago
- Business
- The Star
Ecomate acquires 60% stake in ICT business for RM8.4mil
PETALING JAYA: Ecomate Holdings Bhd is venturing into the information and communications technology (ICT) solutions business through the acquisition of a 60% stake in Progressive Computer Systems Sdn Bhd (PCS) for RM8.4mil. In a filing with Bursa Malaysia, Ecomate will buy the stake in PCS from Law Seng Peng, the sole director and shareholder of PCS. Upon completion of the proposed acquisition, PCS will become a subsidiary of Ecomate and Law will remain as a director and shareholder of PCS and 'continue to be involved in the daily operations of PCS.' PCS is principally involved in marketing and servicing of computers, computer-related accessories, and peripherals. It is also engaged in the sale of computer software, software development, programming services, and training on software applications. According to the exchange filing, Law has given a 'unconditionally and irrevocably, guarantees and covenants' that PCS will earn at least RM3mil in audited profit after tax for the financial year ending Feb 28, 2026 (FY26), as well as for each of the following two financial years. 'In the event that PCS shall incur loss after taxation of any amount in any financial year within the profit guarantee period, a payment of RM1.8mil representing 60% of the profit guarantee for each financial year, shall be made in full,' it noted. The purchase consideration of RM8.4mil, which implies a price-to-earnings (PE) multiple of 2.8 times based on the guaranteed profits, is at a 13.6%-19.1% discount to the indicative fair market value of PCS, and deemed the price 'fair'. Ecomate, a ready-to-assemble furniture manufacturer, said the acquisition represents 'a diversification of the existing business operations to include information and communications technology ('ICT') solutions.' Currently, Ecomate is primarily involved in the production of ready-to-assemble (RTA) furniture products including living room and bedroom furniture. With PCS projected to contribute more than 25% of the group's future net profit, Ecomate expects the acquisition to broaden its earnings base. Meanwhile, to reward shareholders, Ecomate also proposed a bonus issue of up to 358.03 million new Ecomate shares on a 1-for-1 basis, and a free warrant issue of the same amount, also on a 1-for-1 basis. Upon completion of both proposals, Ecomate's issued share capital will increase from 358.03 million shares currently to 716.05 million shares, and to 1.07 billion shares assuming full exercise of the warrants. These proceeds raised from the exercise of the warrants will be used for working capital.
The Star
3 days ago
- The Star
Penang Customs thwarts RM5mil vape smuggling bid
BUTTERWORTH: The Penang Customs Department has thwarted an attempt to smuggle in over 80,000 vape pods and nearly 1,000 litres of vape liquid, worth a staggering RM5.1mil including taxes, into the country via Penang and Selangor. Its director Rohaizad Ali said the first raid revealed that the illicit consignment had been declared as plastic materials and hidden among other imported goods in a bid to evade detection. The first raid saw Customs officers inspecting a container at the North Butterworth Container Terminal at around 1.15pm on April 3. 'Our officers seized 14,200 unit of vape pods and 220 litres of vape liquid worth about RM1.5mil, including taxes,' he told a press conference yesterday. Rohaizad added that during the raid, two men – a port agent and a Chinese national in their 30s – were detained. In the second raid at Port Klang on April 10, Customs officers confiscated 71,886 vape pods and 786 litres of vape liquid and electronic gels worth about RM3.64mil. A port agent was arrested to assist in investigations, said Rohaizad. Meanwhile, the department also seized more than 18kg of ganja buds worth some RM1.8mil in separate operations in the state. Rohaizad said on April 16, a team from the Customs narcotics unit conducted checks on parcels at Pos Malaysia's mail courier centre in Batu Kawan and discovered four packages containing dried plant material believed to be ganja buds. He said the seized drugs weighed slightly over 2.2kg and were valued at RM219,128. To avoid detection, the parcels were declared as containing nine units of 'comic books' and exported to the United Kingdom before being returned with the status of 'returned parcel'.
The Star
4 days ago
- The Star
RM1.8mil in ganja buds seized in Penang
BUTTERWORTH: The Customs Department seized more than 18kg of ganja buds worth some RM1.8mil in separate operations in Penang. Its state director Rohaizad Ali said in an operation on April 16, a team from the Customs Narcotic Unit conducted checks on parcels at the Mail Courier Centre of Pos Malaysia in Batu Kawan around 1pm. "An inspection, with the assistance of a narcotics detection dog, led to the discovery of four packages containing dried plant material believed to be ganja buds," he told a press conference at the Bagan Jermal Enforcement Storage Facility on Thursday. He said the seized drugs weighed slightly over 2.2kg and were valued at RM219,128. The parcels had been declared as containing nine units of "comic book" and were exported to the United Kingdom before being returned with the status of a "returned parcel", he added. He said investigations are ongoing to identify the owner of the parcels. In another operation at Penang International Airport around 11.35am on March 4, a team of officers discovered a piece of suspicious baggage at the baggage carousel. Rohaizad said checks found that the unclaimed baggage contained 29 transparent packs of dried plant believed to be ganja buds. The drugs weighing about 16.2kg and worth some RM1.5mil, he said. He said further investigations found the baggage had arrived from China. He said Customs believe the drugs were smuggled through a private baggage that had been checked in before departure. He said both cases are being investigated under Section 39B(1)(a) of the Dangerous Drugs Act, which carries the death penalty or life imprisonment with not less than 12 strokes of the cane upon conviction. He urged members of the public with information on smuggling activities involving cigarettes, liquor, firecrackers, drugs or vehicles to contact the Customs Toll Free Line at 1-800-88-8855 or reach out to any nearby customs office.
The Star
07-05-2025
- Business
- The Star
Channel donations for buying back of waqf land into proper account, says Perak MB
IPOH: Those wanting to support the effort of the state government to buy back part of the waqf land sold to a non-Muslim owner where a mosque stands in Alor Pongsu must ensure donations are channelled into a proper account, says Datuk Seri Saarani Mohamad. The Perak Mentri Besar said those making donations via QR codes must be cautious. 'The Perak Islamic Religious Department has sent official letters addressed to mosque chairpersons in the state on this. 'Donors can trace where their QR donations go before confirming the transaction. So, please don't donate blindly. Always check,' he told a press conference after a symbolic presentation of SPM additional reference books to five students at his office here Wednesday (May 7). He said this when asked about concerns about possible exploitation by irresponsible parties. Saarani said that with other charity efforts, for example Gaza or other causes, there would always be those who seek to exploit. 'For instance, with QR code donations, people must verify where their money is going. 'There is always the risk of donors being misled and their donations not reaching the intended mosque or purpose. 'I urge everyone to be cautious and verify before making any transfers,' he said. On Monday (May 5), Saarani had said that the state government plans to use Friday prayer donation collections from across Perak to buy back the land, which is estimated to be worth RM1.8mil. "The Ar-Ridzuan Jamek Mosque was built on waqf land, but the donor's grandchild sold part of it to another party. The land was then registered under the buyer's name, and a claim has now been made on it,' he said. Saarani had also said that land endowed for the benefit of Muslims, particularly for the construction of mosques, surau, and religious schools in the state, must be registered under the Perak Islamic Religious and Malay Customs Council. He had said that this is an important step to prevent future ownership disputes involving the heirs of the original donor or other interested parties.
BusinessToday
06-05-2025
- Business
- BusinessToday
Full AMLA Power Must Be Activated To Combat Billion Ringgit Scams
Former Chief Commissioner of the Malaysian Anti- Corruption Commission (MACC), Tan Sri Dzulkifli Ahmad, has stressed that enforcement agencies such as the Royal Malaysia Police (PDRM) must utilise their investigative powers under the Anti-Money Laundering Act (AMLA) more effectively and aggressively to address the growing threat of online fraud. He made this statement in response to the report in an English Daily dated 4 May 2025, titled 'Business owner duped in RM1.8mil online investment scam', which revealed how an entrepreneur fell victim to an online investment scam, resulting in a loss of RM1.8 million. According to Dzulkifli, such cases are becoming increasingly frequent, causing millions in losses to Malaysians. Therefore, he stressed that enforcement effort must also be strengthened. 'It is time for enforcement agencies such as the PDRM to utilise their powers under AMLA more efficiently and aggressively. The main focus should not just be on arresting the perpetrators, assuming proper investigations are even carried out, but also on tracing the flow of illicit funds and recovering the stolen money,' he said. He further added that taking action against the perpetrators alone is no longer sufficient, especially in cases involving international syndicates or mule accounts that are difficult to trace. Dzulkifli emphasised that efforts to trace and recover victims' funds must be prioritised in investigative approaches, in line with AMLA's objectives, which also emphasise freezing, seizure, and forfeiture of proceeds from unlawful activities. Actively involved in educating the public on financial crimes, Tan Sri Dzulkifli Ahmad is also the founder and President of Amlac Academy, an institution that offers a Professional Diploma in Corporate Anti-Corruption Management. Through the academy, he continues to advocate for greater knowledge and deep understanding among professionals to strengthen efforts in combating financial crime and enhancing integrity in corporate governance. Related
