Latest news with #RM88mil
The Star
4 days ago
- Business
- The Star
RM88mil to upgrade 121 overcrowded schools
SHAH ALAM: The Works Ministry will upgrade 121 overcrowded schools, involving 127 classrooms in six states, with an allocation of RM88mil. Deputy Works Minister Datuk Seri Ahmad Maslan (pic) said 127 letters of acceptance were handed over to the successful contractors yesterday to implement the project in Selangor, Langkawi, Perak, Pahang, Negri Sembilan, Terengganu and Penang. 'Selangor has the highest number of letters, namely 111 works, followed by seven in Perak, four in Pahang, three in Negri Sembilan, and one each in Terengganu and Penang. 'The scope of the project involves 117 construction works for premier classrooms and 10 classrooms for the Inte-grated Special Education Programme using the industrialised building system (IBS) concept,' he told reporters at the Selangor Public Works Department headquarters here yesterday, Bernama reported. Ahmad said the IBS concept not only helps to speed up the construction process but also ensures better and sustainable construction quality, with all projects targeted to be completed by October. 'These projects are a proactive step by the Education Ministry to achieve the target of implementing a single-session school system by 2030. 'In addition, the ministry also wants to provide more modern and comfortable facilities while creating a conducive teaching and learning ecosystem for students and teachers as well as school staff,' he said. Earlier, Ahmad handed over the letters to 127 contractors for the project. They were selected through an open tender that was implemented from April 24 to May 16. A total of 14 district engineers from the Public Works Department were also appointed to monitor the construction work of the projects.
The Star
5 days ago
- Business
- The Star
Works Ministry allocates RM88mil to upgrade 121 overcrowded schools
SHAH ALAM: The Works Ministry will upgrade 121 overcrowded schools in six states to address the issue of overcrowded schools, involving an allocation of RM88mil. Deputy Works Minister Datuk Seri Ahmad Maslan said a total of 127 letters of acceptance were handed over to the successful contractors to implement the project in Selangor, Langkawi, Perak, Pahang, Negri Sembilan, Terengganu and Penang. ALSO READ: Over RM2bil for repairing and maintaining schools "Selangor has the highest number with 111, followed by Perak (seven), Pahang (four), Negri Sembilan (three), and one each in Terengganu and Penang. "The project involves 117 premier classrooms and 10 classrooms for the Integrated Special Education Program (PPKI) using the industrialised building system (IBS) concept," he told reporters at the Selangor Public Works Department (JKR) Headquarters here on Thursday (June 5). Ahmad said the IBS concept speeds up the construction process and also ensures better and sustainable construction quality, with all projects targeted for completion by October. "These projects are a step towards achieving the Education Ministry's goal of a single-session school system by 2030," he said. Earlier, Ahmad handed over the appointment letters to 127 contractors for the project. They were selected through an open tender process from April 24 to May 16. A total of 14 district engineers from the Public Works Department were also appointed to monitor the construction work of the projects concerned. – Bernama
The Star
5 days ago
- Business
- The Star
Signature Alliance shares rise 13.71% on ACE Market debut
From left: SAG group chief financial officer Saw Gee Kai, independent director Datuk Boey Chin Gan, independent director Tan Poh Cheok, independent director Lim Sook Yee, promoter and CEO for central region Melvin Ng, executive director and CEO of northern region Mario Foo, executive director and group CEO Darren Chang, promoter Chiau Haw Choon, chairman Datuk Wan Ahmad Satria Wan Hussein, M&A Equity Holdings Bhd Datuk Bill Tan, promoter Datuk Seri Chiau Beng Teik, Chin Hin Group chief financial officer Michael Lim, SAG director Lau Kock Sang and M&A Securities Sdn Bhd head of corporate finance Gary Ting KUALA LUMPUR: Investors gave Signature Alliance Group Bhd (SAG) a warm welcome on its debut on the ACE Market of Bursa Malaysia, ramping up the newly-listed share to a 13.71% premium over its initial public offering (IPO) price. At the time of writing, the interior fit-out solutions provider, which raised RM161.2mil via an IPO fundraising, was trading at an intra-morning high of 70.5 sen a share, an 8.5 sen increase over its public issue price of 62 sen a share. It was the most active stock on the domestic market, with 63.9 million shares changing hands. Executive director and group CEO Darren Chang said post-listing ceremony the company is confident of securing between 15% and 20% of its RM1bil tender book by end-2025. He said the tenders primarily comprise commercial and industrial property projects valued at RM1.1bil as at April 15, 2025. "Based on our historical average tender success rate of around 15% to 20%, we are optimistic about meeting our target,' he added. Chang said the company's earnings visibility for the financial year ended Dec 31, 2025 (FY25) and FY26 will be supported by an unbilled order book of RM388.6mil as at April 16, 2025, in addition to anticipated contract wins. As at 16 April 2025, SAG has 69 ongoing projects with a total contract value of RM902.4mil. 'Our current ongoing projects of RM902.4mil, of which RM388.6mil are unbilled, clearly reflects market demand for our interior fitting-out services and provides earnings visibility for the next one to two financial years,' Chang added. SAG is on an expansion drive, allocating more than half of its IPO proceed to the development of a new corporate headquarters and production facility in Selangor. A sum of RM88mil or 54.6% of the total proceeds will go towards the new corporate and production facility, while an additional RM12mil will be used for establishing and expanding brand offices in Penang and Johor. SAG would also allocate RM30.1mil for working capital requirements and RM4mil for the acquisition of new machinery and equipment. The remaining proceeds would be used for the repayment of bank borrowings at RM20mil and to cover listing-related expenses at RM7.1mil. Pre-IPO, SAG was 50.7%-owned by Signature International Bhd , which is indirectly controlled by construction outfit Chin Hin Group Bhd . Following the IPO, Signature International's stake was diluted to 37.5%
The Star
14-05-2025
- Business
- The Star
Signature Alliance targets RM161mil from IPO
From left: Affin Hwang IB head of equity capital markets Arvin Chia, Signature Alliance Group shareholder Melvin Ng, executive director Mario Foo, group CEO Darren Chang, shareholder Datuk Seri Chiau Beng Teik, shareholder Chiau Haw Choon, M&A Securities managing director Datuk Bill Tan, head of corporate finance Gary Ting, Chin Hin Group group chief financial officer Michael Lim and Signature Alliance Group director Lau Kock Sang. PETALING JAYA: Interior fit-out solutions provider Signature Alliance Group Bhd (SAG) aims to raise RM161.2mil in proceeds via an initial public offering (IPO) on the ACE Market of Bursa Malaysia on June 5, 2025. The IPO entails the issuance of 260 million new ordinary shares at an issue price of 62 sen each, valuing the company at an estimated market capitalisation of RM620mil upon listing. Executive director and group chief executive officer (CEO) Darren Chang said over half of the proceeds would be allocated to developing a new corporate headquarters and production facility in Selangor. He said this move was necessary considering the existing offices and facilities have been fully utilised. 'One of our key goals is to centralise our office operations, as we currently do not have enough space. 'The funds raised will allow us to bring everyone together under one roof, expand our production facilities and purchase new machinery to increase our production,' he said at a press conference after the launch of SAG's prospectus here yesterday. The company has earmarked RM88mil, or 54.6% of the total proceeds, for the new corporate and production facility. An additional RM12mil would be used to establish and expand brand offices in Penang and Johor. According to Chang, the regional expansion was for capturing business opportunities for interior fitting-out services in the two states as well as strengthening the company's market presence in the northern and southern regions of Peninsular Malaysia. SAG would also allocate RM30.1mil for working capital requirements and RM4mil for the acquisition of new machinery and equipment. The remaining proceeds would be used for the repayment of bank borrowings at RM20mil and to cover listing-related expenses at RM7.1mil. Addressing concerns about the subdued performance of recent ACE Market listings, Chang expressed confidence in SAG's fundamentals and business outlook. 'For the past four financial years ended Dec 31, 2021 (FY21) to FY24 and up to April 16, 2025, SAG has completed 624 interior fitting-out projects with a combined value of RM391.6mil. 'As at April 16, 2025, the company had 69 ongoing projects with a total contract value of RM902.4mil and an unbilled contract value of RM388.6mil or 43.1% of the total value,' he said. In FY24, SAG posted a net profit of RM40.56mil, an increase from RM10.42mil recorded in FY23. Revenue also more than doubled in FY24, rising to RM386.02mil from RM173.38mil in the previous year. On external market pressures, particularly tariffs imposed by the United States, Chang noted minimal impact on operations. He attributed this to SAG's reliance on locally sourced raw materials instead of imported. 'And unlike other construction companies, we use different types of materials for our interior fitting-out services,' he added. SAG specialises in interior fitting-out services and building construction, with Signature International Bhd holding a 50.7% stake and indirectly controlled by construction outfit Chin Hin Group Bhd . Following the IPO, Signature International's stake would be diluted to 37.5%, while the combined shareholdings of Chang, northern region CEO Foo Khai Shin, and central region CEO Ng Mun Moh would be reduced to 36.5% from 49.3%. Applications for the shares are open and will close on May 21, 2025 at 5pm.
