Latest news with #RM104
The Sun
a day ago
- Business
- The Sun
LBS Bina secures RM88.4m green financing for solar farm project
PETALING JAYA: Property developer LBS Bina Group Bhd's special purpose vehicle, Suria Hijauan Sdn Bhd, has secured a RM88.4 million green financing facility from Alliance Bank Malaysia Bhd to fund the engineering, procurement, construction and commissioning (EPCC) costs for its maiden 43 MWp solar farm project. The project, which is under the Corporate Green Power Programme, is located in Senawang, Negeri Sembilan, and is scheduled for completion by the end of this year. The solar farm is expected to deliver stable, recurring revenue, thus enhancing long-term earnings resilience and underscoring LBS's commitment to sustainable growth. The solar farm project is expected to generate approximately 53,000 MWh of clean energy annually, effectively offsetting about 35,000 tonnes of carbon emissions. Atlantic Blue Sdn Bhd, a subsidiary of Solarvest Holdings Bhd, was appointed as the EPCC contractor under a RM104 million contract, leveraging its expertise in delivering large-scale solar projects. LBS group executive chairman Tan Sri Lim Hock San said, 'This green financing marks an important milestone for LBS as we diversify into renewable energy, reinforcing our commitment to sustainability. 'Securing this credit facility from a reputable bank like Alliance Bank highlights the strong potential of our renewable energy venture and our capacity to expand our initiatives within this sector. This support reflects confidence in our strategic direction and financial strength, while also facilitating the successful execution of this project.' He added that this initiative not only resonates with their goal of creating a positive environmental impact, it also strategically complements their core property development business by integrating future product offerings with renewable energy solutions. Alliance Bank Group CEO Kellee Kam said they believe financial institutions have a critical role to play in advancing sustainable development and are honoured to partner with LBS, a company whose values and vision closely align with their own. He added, 'Today's announcement is not just the launch of a project – it marks the beginning of a journey and a cause we are proud to be part of.'
New Straits Times
a day ago
- Business
- New Straits Times
LBS Bina secures RM88.4mil financing for maiden solar farm project
KUALA LUMPUR: LBS Bina Group Bhd's special purpose vehicle, Suria Hijauan Sdn Bhd, has secured an RM88.4 million green financing facility from Alliance Bank Malaysia Bhd to cover the engineering, procurement, construction and commissioning (EPCC) costs for its maiden 43 MWp solar farm project in Negeri Sembilan. The project, part of the Corporate Green Power Programme (CGPP) and located in Senawang, is slated for completion by the end of 2025. It is expected to generate about 53,000 MWh of clean energy annually, offsetting around 35,000 tonnes of carbon emissions each year. Atlantic Blue Sdn Bhd, a subsidiary of Solarvest Holdings Berhad, was appointed as the EPCC contractor under a RM104 million contract, leveraging its expertise in delivering large-scale solar projects. Tan Sri Dr. Lim Hock San, group executive chairman of LBS, said that this green financing marks an important milestone for LBS as the group diversifies into renewable energy, reinforcing its commitment to sustainability. "Securing this credit facility from a reputable bank like Alliance Bank highlights the strong potential of our renewable energy venture and our capacity to expand our initiatives within this sector. This support reflects confidence in our strategic direction and financial strength, while also facilitating the successful execution of this project," he said. Lim said that this initiative not only resonates with the group's goal of creating a positive environmental impact, but it also strategically complements LBS' core property development business by integrating future product offerings with renewable energy solutions. "In turn, this contributes to Malaysia's national carbon reduction goals, supporting the country's transition towards a low-carbon economy," he said. The solar farm is expected to provide stable, recurring revenue, enhancing LBS' long-term earnings resilience and reinforcing its dedication to sustainable growth. Alliance Bank's group chief executive officer, Kellee Kam, said, "At Alliance Bank, we believe financial institutions have a critical role to play in advancing sustainable development. We are honoured to partner with LBS, a company whose values and vision closely align with our own."
New Straits Times
13-05-2025
- Business
- New Straits Times
CIMB cuts Berjaya Food forecasts amid weak Q3, sluggish sales recovery
KUALA LUMPUR: Berjaya Food Bhd is expected to see slower-than-expected sales recovery after its core net loss widened in the third quarter ended March 31, 2025 (Q3FY25). CIMB Securities has raised its core net loss estimates for the company to RM133 RM133million, RM74 million and RM23 million for financial year 2025 (FY25), FY26 and FY27, respectively. The estimates were revised upwards from the previous forecast of RM104 million, RM61 million and RM20 million. The firm also lowered its target price for the stock to 28 sen from 32 sen previously. Berjaya Food reported a core net loss of RM36.7 million in 3QFY25, after adjusting for one-off items of RM0.5 million. This brought the cumulative nine-month core net loss to RM101.2 million, missing CIMB Securities' expectations at 97 per cent for the FY25 previous loss estimate and 110 per cent of the Bloomberg consensus forecast. "The earnings miss is attributed to lower-than-expected revenue from Starbucks and Kenny Rogers Roasters operations, as well as higher-than-expected start-up costs for its overseas expansion efforts," it said in a note. Berjaya Food is likely to post narrow losses in Q4 Q4FY25 following the end of Ramadan fasting in March. Additionally, the company has indicated early signs of recovery at its Malaysia Starbucks outlets, as the impact of the boycott related to the Israel-Palestine conflict appears to be easing. "The group's ongoing efforts to rationalise its store network by closing underperforming outlets may also support loss mitigation." The firm maintained its 'Reduce' call on the stock.
New Straits Times
13-05-2025
- Business
- New Straits Times
Palm surges on stronger Dalian oils, weak ringgit
KUALA LUMPUR: Malaysian palm oil futures extended gains to the third straight session on Tuesday after a long weekend holiday, supported by stronger rival Dalian oils and a weak ringgit. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained RM104, or 2.73 per cent, to RM3,918 (US$905.48) a metric ton in early trade, the biggest daily gain since March 7. The market in Malaysia was closed on Monday for the Vesak holiday. FUNDAMENTALS Dalian's most-active soyoil contract rose 0.69 per cent, while its palm oil contract added 1.01 per cent. Soyoil prices on the Chicago Board of Trade (CBOT) dropped 0.28 per cent. Palm oil tracks prices of rival edible oils as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.77 per cent against the US dollar, making the commodity cheaper for buyers holding foreign currencies. Oil prices eased on Tuesday from a two-week high reached in the previous session, after the US and China agreed to temporarily slash tariffs, sparking optimism that a trade war between the world's two biggest economies would come to an end. MARKET NEWS Asian stocks joined the global rally and the US dollar held on to most of its gains on Tuesday as investors heaved a sigh of relief after a temporary halt in the trade war between the US and China eased worries of a global recession.
New Straits Times
09-05-2025
- Business
- New Straits Times
Berjaya Food faces steeper losses next three years: CIMB Securities
KUALA LUMPUR: Berjaya Food Bhd (BFood) is projected to post deeper core net losses over the next three financial years, following a weaker-than-expected quarterly performance, according to CIMB Securities Sdn Bhd. The firm said BFood's core net loss for the third quarter ended March 31, 2025 (3QFY25) widened by 17.9 per cent year-on-year to RM36.7 million, falling short of expectations. This brought the core net loss for the first nine months of the financial year ending June 30, 2025 (9M FY25) to RM116.5 million, a 112 per cent of its own FY25 previous loss estimate of RM104 million and 126 per cent of the Bloomberg consensus forecast of RM92.1 million. The earnings miss was attributed to weaker-than-expected revenue from Starbucks and KKR operations, alongside higher-than-anticipated start-up costs related to its overseas expansion efforts. "While we expect 4QFY25 net earnings to remain in the red, we expect narrower losses on a quarterly basis owing to higher sales following the end of the fasting month as well as abating impact from boycott activities linked to the Israel-Palestine war," the firm added. Concurrently, CIMB Securities widened its FY25–FY27 loss projections for BFood by 28 per cent to 15 per cent. "We have raised our core net loss estimates for FY25, FY26 and FY27 to RM133 million, RM71 million and RM23 million respectively, up from RM104 million, RM61 million and RM20 million. These revisions reflect a slower-than-expected sales recover," it added. The firm kept its "reduce" rating on the company with a lower target price of 28 sen from 32 sen previously. CIMB Securities also revised its valuation methodology for BFood, now pegging the stock to a lower target multiple of 2.2 times 2026 price-to-book value (P/BV), compared to 2.4 times previously. This adjustment reflects concerns over Starbucks' weakening brand equity in Malaysia, which has been affected by prolonged consumer boycotts, as well as intensifying competition in the domestic food and beverage (F&B) segment. The firm noted that while BFood is currently trading at 2.5 times calendar year 2026 forecast price-to-book value (P/BV), this valuation does not yet reflect the group's structural challenges, particularly its continued loss-making trajectory, albeit with narrowing losses, projected through FY25 to FY27.
