Latest news with #RM7.6mil
The Star
30-05-2025
- Business
- The Star
LSH Capital proposes RM17.4mil land acquisition for Titiwangsa serviced apartment project
KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH Capital) has proposed to acquire three parcels of land along Persiaran Titiwangsa 3 in Kuala Lumpur, for RM17.4mil cash. LSH Capital, in a filing with Bursa Malaysia, said its wholly-owned subsidiary, Lim Seong Hai Development Sdn Bhd (LSH Development), entered into a sale and purchase agreement (SPA) with Lim Seong Hai Holdings Sdn Bhd (LSH Holdings) to acquire Lot 19, a freehold parcel measuring approximately 910.51 sqm, for RM7.6mil. LSH Development also entered into a conditional SPA with LSH Holdings to acquire Lot 20009, a leasehold parcel of about 286 sqm, for RM2.6mil. Separately, it also entered into an SPA to acquire Lot 20, a freehold parcel measuring approximately 1,241.84 sqm, from the executors of the estate of the late Lim Tee Hui for RM7.2mil. The proposed acquisitions are expected to be financed fully via internally generated funds. LSH Development intends to amalgamate and submit a development order consisting of all the lands to the relevant authorities, including to Kuala Lumpur City Hall, to undertake a property development project consisting of approximately 240 units of serviced apartments. The application for approval is expected to be submitted in the second half of 2025. 'The proposed Titiwangsa Development is expected to have a gross development value (GDV) of RM130mil and, subject to obtaining all relevant approvals, the construction for the project is expected to commence in 2027 and to be fully completed by 2030,' it said. The LSH Capital Group is also expected to be appointed as the design and build contractor for the proposed Titiwangsa Development with an estimated GDV of RM103.1mil. The cost of development for the proposed Titiwangsa Development will be funded via a combination of internally generated funds, bank borrowings and/or sale proceeds from the proposed Titiwangsa Development itself after taking into consideration LSH Development's gearing level and working capital requirement. LSH Capital said the proposed acquisitions would also allow the group to expand its construction portfolio and orderbook when the proposed Titiwangsa Development commences. 'With the addition of the proposed Titiwangsa Development, the group's portfolio will also carry an additional property development project, thereby increasing the total property development GDV of the group to RM1.68bil which is expected to provide earnings visibility until 2029. 'In addition, the proposed Titiwangsa Development is also expected to contribute to LSH Capital Group enlarged secured construction orderbook amounting to RM2.09bil with an overall outstanding orderbook of RM1.54mil,' it said.
The Star
08-05-2025
- Business
- The Star
Fibromat aiming to shore up investor confidence
KUALA LUMPUR: Fibromat (M) Bhd made a lacklustre debut on Bursa Malaysia's ACE Market yesterday, following its transfer from the LEAP Market. The geotechnical services firm opened at 46 sen, 16% below its initial public offering (IPO) price of 55 sen per share. Fibromat specialises in the design, manufacturing, installation and trading of geosynthetics and erosion control products. Executive director Wallace Ng Chun Hou said the company may need to strengthen its performance further to build investor confidence. 'We grew from a small company into a more integrated geotechnical solutions provider, and today, many of our customers, including developers and government agencies, believe in us. 'But from a capital market perspective, we acknowledge there is still room for improvement. We need to continue delivering strong performance to build investor confidence over time,' he said at a press conference in conjunction with the listing. Fibromat is the latest ACE Market listing to underperform, with all eight debuts since March closing below their IPO prices on the first day. Wallace also suggested that the weak market performance may be due to limited public awareness and understanding of the value of its specialised work. 'When the public sees greenery along highways, they do not know the engineering behind it. We are proud of our contributions, but we also recognise the need to raise awareness – and we believe this will help better reflect our value in the capital market,' he said. Fibromat managing director and chief executive officer Ng Kian Boon said the IPO raised RM17.8mil in proceeds. 'With the RM17.8mil raised from the IPO, we plan to use about RM7.6mil to purchase two jute-based erosion control blanket stitching machines and four dust collectors with ducting. All the new machines will be installed at our factory located in Rasa, Selangor, to expand our production of erosion control blankets,' he said. Kian Boon added that the company plans to enhance its in-house capabilities by setting up a prefabricated vertical drain (PVD) installation team and acquiring five hydraulic excavators. PVDs are geosynthetics installed in soft ground to improve soil stability. Fibromat's notable projects include the West Coast Expressway, the Sarawak Second Trunk Road, and Phase 1A of the Sabah Pan Borneo Highway. The company is also actively bidding for contracts under Phase 1B of the Sabah Pan Borneo Highway and the Sarawak-Sabah Link Road. — Bernama
The Star
27-04-2025
- The Star
MACC nabs third cop in RM15mil false claims probe
KUALA LUMPUR: Another police officer has been detained in an ongoing investigation by graft busters into a false claim of RM15mil involving the Command & Control, Communication & Computer Integration (C4i) system procurement contract. This brings the total of those detained in the case to seven individuals. The C4i system is aimed at strengthening policing by improving the monitoring, communication and coordination within the police force with the goal to reduce crimes. Sources said the 54-year-old male suspect, who holds the rank of superintendent, was detained by the Malaysian Anti-Corruption Commission (MACC) on Friday. 'He is believed to have accepted bribes from contractors and subcontractors for the procurement of a service contract to maintain the C4i system,' a source said. The man has since been remanded for seven days. MACC officers conducted searches at his office and home in Semenyih, seizing documents that showed he received bribes from the contractors, sources said. 'So far, the MACC has frozen and seized RM7.6mil in funds and assets,' they said, adding that MACC recorded the statements of 15 witnesses and detainees. Previously, six people, including a company director, a chief financial officer and two police officers with the ranks of superintendent and inspector were detained over the same case. Sources said the suspects – five men and a woman aged between 30 and 60 – were detained in an operation codenamed Ops C4i at about 8pm on Wednesday after their statements were recorded at the MACC headquarters. 'Initial investigation indicated that all suspects were believed to have committed the offence between 2022 and 2025. 'They had conspired to make a false claim worth RM15mil, but some of the work did not meet the requirements of the contract,' they added. A source said the Home Ministry had granted the project, which has an overall worth of RM70mil, to the police force.
The Star
26-04-2025
- The Star
Another police officer remanded in MACC's C4i false claims probe
KUALA LUMPUR: A police officer with the rank of superintendent has been remanded for seven days in connection with the investigation into a false claim worth RM15mil over the Command & Control, Communication & Computer Integration (C4i) system procurement contract. He is the latest to be nabbed in the ongoing investigation over the false claims. Sources said the 54-year-old male officer was remanded for seven days from Saturday (April 26). "He was detained by the Malaysian Anti-Corruption Commission (MACC) on Friday (April 25). "He is believed to have accepted bribes from contractors and subcontractors for the procurement of a service contract to maintain the C4i system," sources said. MACC officers have also conducted searches at the officer's office and home in Semenyih to seize any relevant documents that showed he received bribes from the contractors, sources said. "So far, the MACC has frozen and seized RM7.6mil in funds and assets. "They have also recorded the statements of 15 individuals consisting of witnesses and detainees," sources said. Previously, six people, including a company director, a chief financial officer and two police officers were detained in the same case. Sources said the suspects - five men and a woman - aged from their 30s to their 50s - were detained in an operation codenamed Ops C4i at about 8pm on Wednesday (April 23) after their statements were recorded at the Malaysian Anti-Corruption Commission (MACC) headquarters. It is believed the two police officers detained were of the rank of Superintendent and Inspector. "Initial investigations revealed that all suspects were believed to have committed the offence between 2022 and 2025. "They had conspired to make a false claim worth RM15mil, where some of the work did not meet the requirements of the contract. "The Home Ministry granted the project, which has an overall value of RM70mil, to the Royal Malaysia Police (PDRM)," the source said. The case is being investigated under Section 18 of the MACC Act 2009 and Section 4(1) of Anti-Money Laundering (AMLA) Act
