Reneuco, EVD, Chin Hin, Tex Cycle, MNRB, Zecon and Tuju Setia

TheEdge Fri, Feb 09, 2024 10:58pm - 2 months View Original

KUALA LUMPUR (Feb 9): Here is a brief recap of some corporate announcements that made the news on Friday: Reneuco Bhd, EVD Bhd, Chin Hin Group Bhd, Tex Cycle Technology (M) Bhd, MNRB Holdings Bhd, Zecon Bhd and Tuju Setia Bhd.

Reneuco Bhd, whose latest annual report saw a disclaimer of opinion by its external auditor, said its special independent review (SIR) found that the sales transactions and costs with identified customers and suppliers “were sufficiently supported” by relevant documentation. The SIR, conducted by Messrs UHY FLVS Sdn Bhd, also “received confirmation from the respective parties” for the sales transactions and cost of sales transactions. The SIR was conducted upon the request of its external auditor Messrs Al Jafree Salihin Kuzaimi PLT, which flagged trade receivables balances of RM321.26 million from July 1, 2019 to June 30, 2023. Al Jafree Salihin Kuzaimi PLT also flagged RM196.31 million in trade payables balances. The two items were included in the communicated scope of the SIR. Reneuco: Independent review finds transactions are supported by relevant documentation, confirmed by respective parties 

EVD Bhd’s suspended executive director of operations and largest shareholder Mah Seong Huak has filed a RM25 million lawsuit against the transport system solutions company, claiming it had made a defamatory statement against him in a filing with Bursa Malaysia last month. The Jan 11 filing referred to the board's decision to temporarily relieve Mah’s operational duties in his capacity as an employee of the company overseeing the day-to-day executive management functions with immediate effect, and was not accompanied by any reason for the suspension. Meanwhile, on Jan 24, Mah sought an extraordinary general meeting to remove four of the company’s directors — chairman Datuk Dr Syed Muhamad Syed Abdul Kadir, EVD's co-founder cum executive director of corporate Gan Wee Peng, and directors Hon Hin See and Lee Chi Hoe — and replace them with three others — Kvin Lim Chun Keat, Ibrahim Maidin and Tee Chun Yeh. EVD's suspended director Mah Seong Huak files defamation suit against company

Chin Hin Group Bhd made its second issuance of perpetual medium-term notes (MTN) of RM10 million, under its RM500 million perpetual MTN programme. Proceeds from the issuance will be allocated for Chin Hin’s capital expenditure, refinancing existing and future financing, working capital needs, and covering costs and expenses associated with the programme. AmInvestment Bank Bhd is the principal adviser, lead arranger, lead manager and facility agent for the perpetual MTN programme. The RM10 million in nominal value of perpetual MTNs issued by Chin Hin were subscribed by Tex Cycle Technology (M) Bhd, which said the perpetual MTNs are offering a higher return of 7.5% per annum and provide a steady and predictable income stream for the group, as they pay regular interest payments until the redemption of the MTNs. Tex Cycle subscribes to Chin Hin's RM10 mil perpetual medium-term notes

MNRB Holdings Bhd has increased its sukuk programme from RM320 million to RM420 million in nominal value, after obtaining approval from the Securities Commission Malaysia. The upsized sukuk programme is intended to support the growth of the financial services group’s shariah-compliant general re/takaful and family re/takaful business. AmInvestment Bank is the principal adviser, lead arranger and lead manager for the sukuk programme, while AmBank Islamic Bhd is the shariah adviser. MNRB upsizes sukuk programme to RM420 mil

Zecon Bhd, which provides civil engineering and building construction services, has secured Tawarruq Asset Financing Facilities totalling RM851.94 million from Bank Pembangunan Malaysia Bhd. Zecon Medicare Sdn Bhd (ZMSB) accepted a banking facility of RM616.94 million, with RM482 million designated for settling an existing structured Islamic term financing facility provided by MBSB Bank Bhd to ZMSB. The remaining RM134.94 million will be allocated for payment to contractors for escalation costs incurred in the children’s specialist hospital project, and also as working capital. Meanwhile, ServeCo Sdn Bhd received a banking facility of RM235 million, earmarked for full settlement of the group’s existing facilities with respective financial institutions and working capital. Zecon secures RM852 mil banking facilities from Bank Pembangunan

Construction group Tuju Setia Bhd has appointed Tee Huei Tsyr as its new chief executive officer (CEO) and Seon Yen Kong as its new chief operating officer (COO). Tee has been with Tuju Setia since 2011, backed by more than 22 years of experience in project and construction management. Tee was previously the group’s COO and currently assists the group’s managing director in overseeing the construction division and pursuing business development opportunities. Meanwhile, Seon also has extensive experience — 29 years — in project and construction management involving civil and infrastructure works. He has held multiple senior positions, including CEO of a construction company, and has led teams, coordinated construction activities, developed strategies and managed tenders. Tuju Setia names new CEO and COO to spearhead construction division

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