Latest news with #RM620
New Straits Times
14-05-2025
- Business
- New Straits Times
Signature Alliance looks to raise RM161.2mil from IPO
KUALA LUMPUR: Signature Alliance Group Bhd aims to raise RM161.2 million from its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia. Its IPO entails the issuance of 260 million new shares priced at 62 sen a piece, representing 26 per cent of its enlarged share capital. At 62 sen, Signature Alliance's market capitalisation is projected to be RM620 million. Of the total proceeds, the company plans to use RM88 million for a new corporate office and production facility in Selangor to increase automation and enhance project delivery. A total of RM30.1 million will be used for working capital for its interior fitting-out projects, RM20 million is allocated for expansion of branch offices in Penang and Johor, RM4 million will be utilised for the purchase of additional machinery and the remaining RM7.1 million is for listing expenses. "With the ongoing growth and expansion of our business, we intend to centralise our offices and production activities for the customisation of carpentry/ joinery parts and integral fixtures as well as manufacturing of wooden furniture to improve the overall efficiency of our production process," said its executive director and group chief executive officer Darren Chang. For the financial year ended Dec 31, 2024 (FY24), the company's net profit more than tripled to RM40.6 million from RM10.4 million. This was on higher gross profit and net gain on impairment of financial and contract assets. Its revenue more than doubled to RM386 million from RM173.4 million in FY23. Signature Alliance is scheduled to be listed on June 5.
Malay Mail
23-04-2025
- Business
- Malay Mail
Saudi Arabia's ‘city of roses' battles climate shifts to keep desert blooms alive
TAIF, April 23 — After decades spent pruning thorny bushes and working arduous harvests, Khalaf Allah al-Talhi has perfected the art of capturing the fragrant aroma of the desert rose in a bottle. 'I love roses and take care of them more than I care for my own children,' the 80-year-old told AFP from his flower farm in western Saudi Arabia's Taif. Known as 'the city of roses', the hills of Taif produce around 300 million of the area's signature pink roses annually at 800 flower farms. By his own estimates, Talhi grows around five to six million of those. The arrival of spring's mild climate is met with the blooming of roses that carpet the vast, rolling desert landscapes with vibrant shades of pink. The blooms are then hand-picked from daybreak to late in the evening by an army of labourers. The petals are soaked and boiled for hours in vats, where the rose's scent is extracted through an intricate process capturing the steam that is then distilled into aromatic oil. The flowers have long been used to make rose water to wash the walls of the Kaaba at the Grand Mosque in Mecca, and perfumes made from Taif roses are popular with pilgrims visiting the kingdom. 'Many rose lovers' 'The quantity of Taif roses is small, so only limited amounts are exported because it's not enough to meet local demand. Here in Saudi Arabia, we have many rose lovers who only prefer rose perfume,' Talhi said. A modest quantity of oil is exported to craft perfumes or to be added to cosmetic products such as moisturisers and soaps. According to the economic database TrendEconomy, Saudi Arabia in 2023 exported just US$141 million (RM620 million) worth of perfume products, which includes rosewater. At harvest time, workers on Talhi's farm pick tens of thousands of flowers daily. 'We were born on farms and have always worked in agriculture,' said Talhi, wearing a white robe and a red checkered headscarf. But now the greater frequency of erratic weather — including searing summer heat, frigid winters and unexpected flooding — presents a potent threat to Taif's famed roses. 'My soul' Climate scientists have issued regular warnings that every fraction of a degree of global warming increases the intensity and frequency of extreme weather events such as heatwaves, heavy rainfall and droughts. Saudi Arabia, with its arid climate and vast deserts, is particularly vulnerable. 'Climate change accelerates soil degradation in processes such as salinisation, erosion, and desertification, which diminishes the quality and productivity of arable land in Saudi Arabia,' read a report published by the Atlantic Council. The think tank estimated that wheat yields were expected to decline by 20 to 30 per cent by 2050 in Saudi Arabia because of heat stress and not enough irrigation water, while reductions are also expected for date palms and other staple crops. The weather in the deserts around Taif has been no exception, according to Talhi. 'Last year and the year before, it was extremely cold. Some farmers didn't harvest a single flower from their fields.' Thankfully, this season has been more forgiving. 'There are weather changes, but this year the conditions have been very mild,' he said. While the weather may now be less reliable, Talhi himself has proven to be a source of stability. Despite his advancing years, the octogenarian rises every day before sunrise to work the fields alongside his staff, and he often labours away until late into the night. 'This farm is my soul and beating heart,' he told AFP. 'God willing, nothing will separate me from it, except death.' — AFP
