Latest news with #RM10mill
The Star
18-07-2025
- Business
- The Star
New ACE Market listing Enproserve rises 8% at open
KUALA LUMPUR: Shares in mechanical and civil engineering services firm Enproserve Group Bhd jumped 8.33% in a strong start to its first day of public-listed trading on the ACE Market of Bursa Malaysia. The company, which had raised RM50.4mil via an initial public offering (IPO) to fund its expansion, was bought up to 26 sen a share in pre-opening trade, two sen higher than its float price. As at 10am, the share had risen four sen or 16.67% above its IPO price to 28 sen a share after 44.68 million shares traded, making it the second most active stock on the Malaysian market. Of the RM50.4mil raised from the public issue, Enproserve has allocated RM23.68mil or 47% towards capital expenditure including RM9.16mil for new machinery and equipment, RM9mil for lorries and a mobile crane, and RM5.5mil to set up a crane depot facility. It said this is to better serve its ongoing and upcoming contracts without denting margins, and to reduce reliance on leasing. Another RM11.65mil or 23% from the IPO proceeds has been set aside for the repayment of bank borrowings, which is expected to reduce the group's net gearing ratio from 1.07 times to 0.50 times. The group has also earmarked RM10mill or 20% of the proceeds for working capital, while the remaining RM5.03mil or 10% will be used to cover listing expenses. On Wednesday, Enproserve reported a net profit of RM4.17mil on revenue of RM46.78mil, and an earnings per share of 0.5 sen for the first quarter ended March 31, 2025. There are no comparative results from the previous year given this is the company's first interim financial report announced in compliance with Bursa Malaysia's listing requirements.
The Star
22-04-2025
- Business
- The Star
Another ‘Tan Sri' nabbed
KUALA LUMPUR: Another 'Tan Sri' and a 'Datuk Seri' are the latest arrests under Ops Northern Star, which has now seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme being seized. IGP secretariat's Anti-Money Laundering (AMLA) division head Comm Datuk Muhammad Hasbullah Ali said the 'Tan Sri' and 'Datuk Seri' were among five caught during the second round of arrests between April 18 and April 21. This brings the number of suspects arrested to 13, with eight previously caught between March 21 and April 5. 'They (the latest arrested) have been remanded for between five and six days to assist investigations,' Comm Muhammad Hasbullah told a press conference at the division's headquarters here yesterday. Among the assets seized this round were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he said. All these assets were believed to have been purchased or had links to the proceeds from the scheme's illegal gains. Investigations showed that the 'Tan Sri', a businessman, had been acting as both partner to the investment scam and a proxy to the victims. As of now, no other 'influential figures' such as politicians are on the police's radar and others who were being pursued are businessmen, said Comm Muhammad Hasbullah. Previously, the police arrested another 'Tan Sri' and further checks showed that he had no direct links to the scam, but he had actually attempted to swindle one of the suspects. Investigations showed that the 'Tan Sri' had offered to make the suspect's case 'go away' for RM25mill. 'The suspect had paid RM10mill as a deposit,' said Comm Muhammad Hasbullah, adding that the suspect told the police of the deal when he was arrested. The 'Tan Sri' was later picked up following the suspect's police report. Comm Muhammad Hasbullah explained that the MBI investment scheme scam had been investigated for around eight years, but only six police reports had been lodged in Malaysia. Several reports had been retracted by the complainants. 'From what we have received from the Interpol Red Notice, there were around 11 million victims from neighboring countries,' he said. He also said it is possible that more assets would be seized as investigations continue. 'We believe the total could go up to several more billions.' To date, the seizures in Ops Northern have totalled RM3.5bil, among which are a hotel, a developer's office and a palm oil factory. On April 11, Inspector-General of Police Tan Sri Razarudin Husain said eight suspects, including those with the title of 'Datuk', had been arrested as part of investigations into the MBI investment scam. Last year, fugitive businessman and founder of MBI, Penang-born Tedy Teow, was extradited to China from Thailand to assist in investigations there on scammed Chinese nationals. Investors claimed that some two million in China had been cheated by Teow involving a sum of 500 billion yuan (RM307bil). Some of the investors flew to Malaysia to search for Teow in 2019 in a bid to recover their investments into MBI's online pyramid scheme. Through Interpol, the Chinese police sought to arrest Teow by issuing a red notice on Nov 9, 2020. Teow operated a hotel, theme park, furniture business, property development and entertainment complexes, including a resort in Danok near the Thailand-Malaysia border. He also built a sprawling business empire from dubious online investment schemes that attracted investors from China, Thailand, Malaysia, Indonesia and Macau. Thai police arrested Teow on July 21, 2022, for allegedly operating an online casino and money laundering operation after raiding MBI's office in Songkhla.
