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Malaysian Reserve
22-04-2025
- Business
- Malaysian Reserve
Ho Wah plans private placement to raise up to RM4m for debt repayment and working capital
HO WAH Genting Bhd (HWGB) has proposed a private placement of up to 20.55 million new shares, representing 10% of its issued share capital, to raise an estimated RM4.01 million in proceeds. The placement price will be determined later, based on a discount not exceeding 10% to the five-day volume-weighted average market price prior to price fixing. According to HWGB, the bulk of the proceeds, around RM3.15 million, will be used to partially repay its borrowings, specifically a bridging loan from Advance Opportunity Funds and Advance Opportunity Funds 1, which the group expects will yield gross interest savings of approximately RM130,000 per month. The remainder will go toward payment to creditors, working capital, and placement-related expenses. The board said the private placement is the most cost-effective and expedient way to raise funds compared to other options like a rights issue, especially given the uncertain economic climate. It also noted that the placement would strengthen HWGB's capital base without adding new interest-bearing debt. The group acknowledged the challenges facing its power cord division due to high operating costs, intense market competition, and global uncertainties, but it plans to focus on process efficiency and quality improvements to remain competitive. Additionally, HWGB sees growth potential in its healthcare segment, as consumers increasingly prioritise health, wellness, and personal care products. The private placement is subject to approval from Bursa Malaysia Securities and is expected to be completed in the second half of 2025. — TMR
The Sun
22-04-2025
- Business
- The Sun
JTKSM: 637 compounds worth RM4.01 million issued to errant employers last year
MELAKA: The Department of Labour Peninsular Malaysia (JTKSM) issued 637 compound notices amounting to approximately RM4.01 million last year to employers who failed to safeguard the welfare and basic needs of their workers. Its director-general Kamal Pardi said the compounds were issued to 341 employers for various offences under the Employment Act 1955, the Employees' Minimum Standards of Housing, Accommodations dan Amenities Act 1990 (Act 446), and the Minimum Wages Order. 'Throughout last year, a total of 1,277 investigation papers were opened, resulting in 352 prosecutions against employers who either failed to comply with or deliberately evaded the provisions of these acts,' he said. 'Based on our records, the most common offences committed by employers were violations under the Employment Act 1955 and Act 446,' he told reporters after the Minimum Wages operation conducted at a shopping mall in Banda Hilir, here, today. The operation, held simultaneously nationwide, involved inspections of 35 security service companies and was carried out by a team of 100 officers and personnel from JTKSM and the Social Security Organisation (Perkeso). He added that throughout last year, JTKSM handled a total of 9,991 complaints involving various worker-related issues, including employee welfare. Of that number, 97.35 per cent, or 9,726 complaints, were successfully resolved. Earlier during the operation, a Kuala Lumpur-based security services company was issued a compound of RM50,000 for failing to obtain a worker accommodation certificate from JTKSM. He said the worker accommodation provided by the security services company was located in a shophouse unit at Plaza Mahkota, which housed 11 Nepalese nationals employed as security guards at the shopping centre. 'Other offences committed by the employer included failure to comply with the minimum wage requirement and not providing basic facilities such as proper beds and mattresses, as stipulated by law. Each of these offences is also liable to a compound,' he said. In the meantime, he said the department's enforcement operations throughout April were focused on ensuring compliance with the Minimum Wages Order, particularly within the security services sector. This move comes in response to a surge in complaints from workers in the industry who claimed they had not been paid the minimum wage, which has been in effect since Feb 1. 'Since the implementation of the Minimum Wages Order, until yesterday, JTKSM has received 22 complaints related to minimum wage violations in the security sector, all of which have been successfully resolved,' he said.
The Sun
22-04-2025
- Business
- The Sun
JTKSM: 637 compounds worth RM4 mil issued to employers in 2023
MELAKA: The Department of Labour Peninsular Malaysia (JTKSM) issued 637 compound notices amounting to approximately RM4.01 million last year to employers who failed to safeguard the welfare and basic needs of their workers. Its director-general Kamal Pardi said the compounds were issued to 341 employers for various offences under the Employment Act 1955, the Employees' Minimum Standards of Housing, Accommodations dan Amenities Act 1990 (Act 446), and the Minimum Wages Order. 'Throughout last year, a total of 1,277 investigation papers were opened, resulting in 352 prosecutions against employers who either failed to comply with or deliberately evaded the provisions of these acts,' he said. 'Based on our records, the most common offences committed by employers were violations under the Employment Act 1955 and Act 446,' he told reporters after the Minimum Wages operation conducted at a shopping mall in Banda Hilir, here, today. The operation, held simultaneously nationwide, involved inspections of 35 security service companies and was carried out by a team of 100 officers and personnel from JTKSM and the Social Security Organisation (Perkeso). He added that throughout last year, JTKSM handled a total of 9,991 complaints involving various worker-related issues, including employee welfare. Of that number, 97.35 per cent, or 9,726 complaints, were successfully resolved. Earlier during the operation, a Kuala Lumpur-based security services company was issued a compound of RM50,000 for failing to obtain a worker accommodation certificate from JTKSM. He said the worker accommodation provided by the security services company was located in a shophouse unit at Plaza Mahkota, which housed 11 Nepalese nationals employed as security guards at the shopping centre. 'Other offences committed by the employer included failure to comply with the minimum wage requirement and not providing basic facilities such as proper beds and mattresses, as stipulated by law. Each of these offences is also liable to a compound,' he said. In the meantime, he said the department's enforcement operations throughout April were focused on ensuring compliance with the Minimum Wages Order, particularly within the security services sector. This move comes in response to a surge in complaints from workers in the industry who claimed they had not been paid the minimum wage, which has been in effect since Feb 1. 'Since the implementation of the Minimum Wages Order, until yesterday, JTKSM has received 22 complaints related to minimum wage violations in the security sector, all of which have been successfully resolved,' he said.
