Latest news with #RM5.64
New Straits Times
20 hours ago
- Business
- New Straits Times
Jentayu to buy solar stake, raise RM49mil for Sabah hydro project
KUALA LUMPUR: Jentayu Sustainables Bhd plans to acquire a 51 per cent stake in Jentayu Solar Sdn Bhd for RM5.87 million and raise up to RM48.84 million via a private placement to support its renewable energy project in Sabah. In a filing with Bursa Malaysia, the group said the stake in Jentayu Solar will be acquired from Jentayu Capital Sdn Bhd through a set-off arrangement involving part of a refundable deposit previously paid by the company. Jentayu Solar operates a 5.99 megawatt (MW) solar plant in Pokok Sena, Kedah, under a 21-year power purchase agreement (PPA) with Tenaga Nasional Bhd that began in 2019. Jentayu has also been granted a call option to acquire the remaining 49 per cent in Jentayu Solar from Seri Panglima Holdings Sdn Bhd for RM5.64 million within 12 months. As Jentayu's managing director Datuk Beroz Nikmal Mirdin and his spouse Datin Nurhaida Abu Sahid are shareholders of Jentayu Capital, the acquisition is deemed a related party transaction and will require shareholder approval. To help fund its 162MW hydropower project in Sipitang, Sabah, known as Project Oriole, Jentayu plans to issue up to 119.4 million new shares, potentially raising RM48.84 million. Proceeds will be used primarily for the project's next phase, including expenses tied to the PPA with Sabah Electricity Sdn Bhd and securing project financing. Around RM15 million is earmarked for working capital. Jentayu also proposed a variation in the use of RM16 million raised from a 2022 rights issue. Initially intended for a separate hydro asset acquisition that was later aborted, RM5.87 million will now go towards funding the Jentayu Solar stake, while the balance of RM10.13 million will be channelled into future renewable energy investments. The group said it is already in early talks to acquire a company involved in operating and maintaining a hydropower plant in East Malaysia, which could enhance internal capabilities and reduce long-term costs. "The board believes these proposals will support the group's expansion in renewable energy and strengthen its long-term growth," it said. Independent adviser QuantePhi Sdn Bhd has been appointed to advise non-interested shareholders on the related party aspects of the deal.
Borneo Post
a day ago
- Business
- Borneo Post
Unique Fire transfers to Main Market after strong growth since 2022 listing
Liew (fifth from left) at the company's transfer listing ceremony to the Main Market of Bursa Malaysia Securities Berhad on Thursday. KUALA LUMPUR (June 26): Unique Fire Holdings Berhad has made its debut on the Main Market of Bursa Malaysia Securities Berhad, just three years after being listed on the ACE Market. The company, a leading provider of fire protection systems and safety equipment, was first listed on the ACE Market in August 2022. Since then, it has recorded significant growth in both operations and financial performance, according to the company in a statement yesterday. Executive director Datuk Marcus Liew noted that the company's revenue rose from RM75.74 million in the financial year ended 2022 to RM104.68 million in 2024. Profit after tax also increased from RM5.64 million to RM8.13 million over the same period. 'We've expanded our production capacity by more than 200 per cent, increased storage space by nearly 68 per cent, and integrated a Warehouse Management System. 'Geographically, we've opened two new offices in Johor Bahru and Penang to enhance the Company's market presence in both the northern and southern region. 'Sustainability remains key, with rooftop solar PV reducing utility costs, while our workforce and product range continue to grow. These milestones reflect our readiness for the Main Market,' he said. Liew described the transfer as a new chapter for the company and that the company will continue expanding its product range to meet evolving market needs. 'We are excited for what lies ahead. With years of experience in the industry, we are confident in our ability to build a solid foundation that supports continued growth,' he added. Unique Fire began as a distributor of fire protection systems and accessories, and has since expanded into the assembly, manufacture and distribution of active fire protection systems. Its product range includes fire suppression systems, extinguishers, hose reels, hoses, alarms, detection devices and custom-designed extinguishers. ace market corporate news Unique Fire Holdings Berhad
New Straits Times
3 days ago
- Business
- New Straits Times
Gamuda drives further with New Zealand highway shortlisting
KUALA LUMPUR: The shortlisting of Gamuda Bhd's consortium for a New Zealand highway project is expected to boost the group's overseas construction portfolio, said RHB Investment Bank Bhd (RHB Research). Gamuda, via the Together North consortium comprising four other members, has been shortlisted for New Zealand's Northland Corridor Highway (NCH), covering the Warkworth to Te Hana section, the NZ Transport Agency. "Should the consortium succeed as the preferred bidder, the project would be a good addition to Gamuda Bhd's overseas construction exposure. "It currently covers Australia, Taiwan, and Singapore, and accounts for about 50 to 60 per cent of its total order book," RHB Research said in a note. The firm noted that two other consortia — Northway and Go>North — have also been shortlisted for the Warkworth to Te Hana section of the NCH. The first stage of the project includes a 26km four-lane expressway from Warkworth to Te Hana, which connects to the new Pūhoi to Warkworth expressway. The indicative design for Warkworth to Te Hana includes an 850m-long twin-bore tunnel in the Dome Valley and three interchanges located at Warkworth, Wellsford, and Te Hana. The NZ Transport Agency had estimated the capital cost for the Warkworth to Te Hana section of the NCH at between NZ$2.9 billion and NZ$3.8 billion in 2023. The preferred bidder for the project, which will be carried out under a public-private partnership model, is expected to be confirmed in early 2026. If contract talks go well, the award is scheduled for mid-2026, with detailed design and early construction expected to begin later that year. According to RHB Research, Gamuda now has four shortlisted jobs overseas — one in New Zealand and three in Australia — with a cumulative value of approximately RM30 billion. This figure does not yet account for Gamuda's effective share in the respective consortiums it is part of. RHB Research added that Gamuda also holds early contractor involvement packages for various renewable energy projects in Australia. These packages typically have higher conversion rates into full-fledged contracts, with at least A$3 billion in total value across three projects. Overall, RHB Research has maintained a "buy" call on Gamuda with a target price of RM5.64. The firm also believes that Gamuda deserves to trade at a premium to the Bursa Malaysia Construction Index, not only for its data centre construction capabilities but also for its involvement in renewable energy projects in Australia.
Malaysian Reserve
24-04-2025
- Business
- Malaysian Reserve
MGB finalises RM7.2m settlement for Cameron Highlands development
MGB Bhd, via its indirect wholly-owned subsidiary Sinaran Kencana Sdn Bhd (SKSB), has entered into a settlement agreement with Aset AZG Sdn Bhd (AASB) to resolve outstanding land cost payments related to a stalled joint development project in Cameron Highlands. In an announcement to Bursa Malaysia today, the company said the full and final settlement amount totals RM7.23 million, comprising a cash payment of RM5.64 million and a contra payment of RM1.59 million through agreed-upon properties. The settlement resolves the balance cost and agreed interest related to the land acquired under a joint venture agreement (JVA) signed on August 5, 2019. The property in question is a 99-year leasehold land in Tanah Rata, Cameron Highlands measuring 7,626 sq m. AASB paid RM11.45 million for the land on March 4, 2019 and was registered as the owner on May 8, 2019. Under the original JVA, both parties had agreed to a 50:50 profit-sharing model from the development. However, AASB has since opted out, citing that the profit-sharing arrangement is no longer feasible due to current market sentiment, and proposed instead to receive its entitlement upfront through the settlement. SKSB had previously made a partial payment of RM5.5 million toward the land cost. The agreed interest of RM1.28 million was mutually determined based on an annual rate of 4% over 70 months – the duration the remaining RM5.5 million was unpaid, from August 2019 to June 2025. The settlement agreement was executed on April 22 2025, and the cash portion is to be paid in two equal tranches: one on or before June 30 2025, and the second on or before July 31, 2025. The contra portion will be deemed settled upon execution of the relevant sale and purchase agreement (SPA), regardless of whether the properties are completed. SKSB has obtained Kebenaran Merancang (KM) approval from the Majlis Daerah Cameron Highlands on March 26, 2025. The approval is valid for one year, expiring on March 25, 2026. MGB stated that the total project cost is estimated at RM87 million. While the JVA remains formally in place, AASB will be deemed to have discharged its obligations as landowner partner upon full settlement. The company also clarified that the contra properties do not comprise service apartments on the Cameron Highlands development land. — TMR
