Latest news with #RM46.47
Focus Malaysia
4 days ago
- Business
- Focus Malaysia
JAG not deterred by plunging into the red, views its 1Q FY2025 setback as 'temporary, one-off impact'
A SLOWDOWN in demand from international clients following uncertainty surrounding the US tariff policy announced in early April has taken a toll on JAG Bhd's financial performance for its 1Q FY2025 ended March 31, 2025. For the quarter under review, the ACE Market-listed total waste management company incurred a net loss of -RM6.43 mil from a net profit of RM3.01 mil in the same period last year. Its revenue dwindled 12% year-on-year (yoy) to RM46.47 mil (1Q FY2024: RM52.75 mil). Amid the lack of clarity, customers took a more cautious approach to procurement which resulted in delayed orders during the period, according to JAG's executive director Datuk Ng Meow Giak. Nevertheless, the group views this as a temporary, one-off impact given market sentiment is already showing signs of stabilisation with semiconductor clients resuming typical procurement patterns. 'While 1Q FY2025 was impacted by external headwinds, we remain confident in our ability to deliver a strong rebound,' opined Ng. 'Management guidance for FY2025 remains strong and intact, and we expect the remaining quarters of the year to return to profitability. 'The long-term outlook for the industries we serve, particularly semiconductors and electronics, remain robust. We are focused on building the operational resilience and business agility needed to fully capitalise on these opportunities.' As it is, JAG's Total Waste Management (TWM) segment has continued to show strength and agility. 'We are broadening our revenue streams within TWM, including entry into the oil & gas (O&G) space and tapping into specialised services such as the disposal of scheduled waste, an area that requires licensed handling and technical expertise,' projected Ng. The TWM segment remains the group's primary growth engine. In addition to streamlining operations and refocusing on high-value activities, JAG is enhancing productivity through processing efficiencies, expansion of service scope and diversification into industries with long-term potential. 'As we enter this next phase of growth, we are also taking steps to enhance shareholder value,' envisages Ng. 'Given the strong fundamentals of our core business and the growth trajectory ahead, we are in the process of formalising a dividend policy. This reflects our confidence in the group's performance outlook and our commitment to delivering long-term value to our shareholders.' At the close of today's (June 4) market trading, JAG was up 1 sen or 4.44% to 23.5 sen with 3.17 million shares traded, thus valuing the company at RM 177 mil. – June 4, 2025
New Straits Times
16-05-2025
- New Straits Times
Arrest warrant issued for ex-managing director in RM39 million CBT case
SHAH ALAM: The Sessions Court today issued an arrest warrant against Mak Siew Wei, a 50-year-old former executive director of a manufacturing company, after he failed to appear to face criminal breach of trust (CBT) charges of over RM39 million. Judge Datuk Mohd Nasir Nordin granted the application of deputy public prosecutor Law Chin How, who sought the warrant of arrest to be issued against Mak as he had also failed to report to the Malaysian Anti-Corruption Commission (MACC) for questioning since March. Mak was the executive director of AT Systematization Berhad (Erdasan Group). The judge said, "I have studied the application, and the arrest warrant is issued." Law, in his application, said on March 5, Mak was arrested by the MACC to be investigated for alleged criminal breach of trust (CBT) and was released on bail the same day. The prosecutor said Mak was to report back to the MACC on April 7 but failed to show up. "We believe Mak has fled to avoid charges. The MACC had tried to locate Mak at his residence in Damansara Perdana, Petaling Jaya, but was informed by his wife that he had not been home since early March. "The wife claimed she does not know his whereabouts, and up to today, no missing persons police report has been lodged," he said in his submission. Law said the MACC had put up notices in the media to locate Mak, but to no avail. He added that the Shah Alam magistrate's court had endorsed their April 29 application for a summons against Mak, which compelled him to appear before the Sessions Court today to face the charges. On April 13, MACC investigating officer Khairul Ariffin Ghazali returned to Mak's house, and since he was not there, the summons was served on Mak's wife, who had signed an acknowledgement on the document. However, up until the case was called today, Mak was nowhere to be seen in court. "With the summons handed over to Mak's next of kin, we have fulfilled Section 35(4) of the Criminal Procedure Code (CPC). "If the court allows, I ask for a warrant of arrest to be issued against Mak under Section 38 of the CPC," he said. It is understood that the MACC will level 14 criminal breach of trust charges involving more than RM39 million against Mak. He had allegedly committed the offences between June 2020 and November 2021. On March 24, trading of Erdasan Group shares was suspended for an hour after news that Mak was being sought by authorities. Mak was officially suspended following a March 11 special meeting, prompted by Erdasan's officers who had voluntarily provided relevant information to the company board. The company was probing potentially questionable transactions that occurred in 2020 and 2021. The company had filed a civil suit against Mak, alleging that he misappropriated RM46.47 million of company funds by diverting them to various third parties without valid justification. The company also sought a court declaration that Mak is a constructive trustee of the funds, with his assets potentially being traced to recover the misappropriated amount.
