Latest news with #RM5.6bil
The Star
29-05-2025
- Business
- The Star
Ekuinas committed direct investments up to RM5bil for FY24
KUALA LUMPUR: Ekuiti Nasional Bhd's (Ekuinas) cumulative committed direct investments rose to RM4.9bil last year (FY24) from RM4.5bil a year ago, with total economic capital deployed at RM5.6bil. In a statement yesterday, the government-linked private equity company said funds under management increased by 19% to RM5bil. Its operating expenditure-to-funds under management ratio remained steady at 1.1%. The private-equity company said the gross internal rate of return (GIRR) for the Ekuinas Direct Tranche IV Fund was 38.9%, while Tranche II Fund was 12%. 'Ekuinas Direct Tranche III Fund showed modest improvement with a GIRR of 1.6%. Meanwhile, our outsourced programme reported GIRRs of 3.8% for Tranche I and minus 6.9% for Tranche II,' Ekuinas said. The earnings before interest, tax, depreciation and amortisation (Ebitda) of portfolio companies under Ekuinas Direct Funds grew by 3.3%, rebounding from a 7% contraction in 2023. Unitar Education group recorded Ebitda of 77.2% while Medispec (M) Sdn Bhd and Exabytes Capital Group achieved 48.7% and 30.9% Ebitda growth, respectively. — Bernama
The Star
23-05-2025
- Business
- The Star
IJM Corp gets approval for RM1.4bil New Pantai Highway extension and toll restructuring
PETALING JAYA: IJM Corp Bhd has received approval from the Ministry of Works for the New Pantai Highway Extension and the toll restructuring for the existing New Pantai Highway. In a release, IJM noted the extension will have a new toll plaza and be funded by the concessionaire, New Pantai Expressway Sdn Bhd (NPESB). Construction works are expected to commence in the third quarter of 2025 and cost the group RM1.4bil to complete. The 15km highway extension is targeted to be operational by 2029. Meanwhile, the toll restructuring of the existing New Pantai Highway entails maintaining current toll rates until the expiry of the concession period. Apart from easing congestion, IJM stated the extension project is expected to generate economic spillover benefits of RM5.6bil, unlocking growth for nearby developments such as Pantai Sentral Park and Bangsar South. The existing New Pantai Highway or Expressway is a 19.6km dual carriageway developed by NPESB, a subsidiary of IJM Corp.
The Star
14-05-2025
- Business
- The Star
Sapura Energy set for regularisation plan
The company said that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. PETALING JAYA: Sapura Energy Bhd (SEB) is finalising a regularisation plan to exit the Practice Note 17 (PN17) status that includes a few corporate exercises to put the company on a stronger financial and operational standing. The company said in a statement that the plan would be finalised soon and includes a fund-raising initiative in which the Finance Ministry through Malaysia Development Holding Sdn Bhd (MDH) will subscribe up to RM1.1bil in redeemable convertible loan stocks (RCLS) to fund its repayment to vendors. 'MDH will become a major shareholder upon full conversion of the RCLS, which will result in MDH holding more than 33% of SEB's enlarged share capital,' the upstream oil and gas operator said. There would also be a proposed capital reconstruction involving a 99.99% capital reduction to offset accumulated losses; and a 20-to-1 share consolidation to enhance share trading prices and reduce price volatility. 'A comprehensive proposed debt restructuring exercise will reduce SEB's total borrowings from about RM10.8bil to RM5.6bil, yielding substantial interest savings and reduced financial burden, through several mechanisms that, among others, includes debt conversions to equity and equity-like instruments and a debt waiver,' SEB explained. The company added that under its reset plan, there would be a focus on improving bidding and project delivery capabilities. The plan has resulted in a sustained annual revenue of RM4bil since its launch in 2022. Meanwhile, the company said it would continue its efforts in repositioning itself for long-term sustainability and profitability. For its financial year ended Jan 31, 2025, the company posted a net profit of RM190mil on the back of RM4.7bil in revenue. Its order book currently stands at RM8.2bil. Group chief executive officer Muhammad Zamri Jusoh said with the strategic initiatives and the successful implementation of the proposed regularisation plan, SEB is confident in its path to operational recovery, improved financial health, and eventual upliftment from PN17 status. 'We are hopeful that this plan will not only enable SEB's recovery but also catalyse the growth of the country's energy ecosystem,' he said. Muhammad Zamri added the plan, plus the company's continued focus on its core business in engineering and construction, drilling, and operations and maintenance, represents the most viable pathway to a turnaround in its financial status. 'We are confident the successful execution of the plan will return the group to profitability and restore confidence among stakeholders,' he noted. Its share price remained unchanged at 4.5 sen yesterday, with a market capitalisation of RM661.53mil.
