Singapore’s First On-Demand Gig Work Platform, Jod, Reveals 80% of Blue-Collar Gig Workers Lack Benefits, Unveils Rewards Programme Benefitting 60,000 Workers

With eight in ten users seeking access to critical basic employment benefits, JodRewards bridges the income gap and incentivising users with benefits such as Sponsored Personal Accident Insurance Coverage, Paid Break Time Cover and Transport & Meal Vouchers

In a local survey conducted by Jod among 1000 members, 800 surveyed respondents are benefits-starved and seek traditional employment benefits akin to full-time salaried employees
The launch of JodRewards will better support and protect Singapore’s gig workforce through enhanced access to insurance coverage and redeemable benefits tailored for the informal workers, that are often associated with regular full-time employment
JodRewards, boasting around 60,000 members, witnessed over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$12,755 worth of rewards) since its soft launch in April
Jod will further expand JodRewards’ offerings to include benefits such as Prolonged Medical Leave Coverage and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia by H2 2024
Since its launch in 2015, Jod aims to pioneer support for gig workers, providing them with the same benefits as traditional salaried employees to foster their success both personally and professionally

SINGAPORE, May 29, 2024 – (ACN Newswire) – Jobs on Demand (Jod), Singapore’s first multi-industry flexible on-demand gig work platform, launches JodRewards, an initiative to incentivise its users to complete jobs on the Jod platform while providing worker benefits to the gig economy. This comes in the wake of a local survey conducted among 1000 Jod Members, where eight out of ten surveyed members expressed a lack of access to traditional employment benefits as gig workers.

Calls for implementing changes in work-life balance and mental health recognition surged amidst the COVID-19 pandemic, leading to an increase in employees transitioning to gig work despite sacrificing the stability and security of full-time jobs. According to a 2023 annual survey by DBS, gig workers, often dipping into their savings to cover expenses, are considered the “most financially stretched” group due to the escalating cost of living.

The JodRewards Benefits Program represents a pivotal step forward in ensuring the well-being of gig workers across various industries. Comprising a comprehensive suite of benefits tailored specifically to the needs of gig workers, this program aims to redefine the standards of support and protection within the gig economy by providing the same employment benefits akin to traditional full-time employees. Through a range of sponsored and redeemable rewards on the platform, it fosters an ecosystem that empowers the gig economy to thrive and improve the quality of life.

Speaking about the launch of this program, Sebastian San, Singapore Country Manager of Jod shared, “We are excited to launch JodRewards and play a leading role in empowering Singapore’s gig workforce – an important backbone for today’s economy. Beyond just a conventional hiring platform, Jod caters to flexible on-demand gig work across various sectors. Eight in ten of our members are seeking greater protection and employment benefits. In response to this growing demand, we’re committed to safeguarding the benefits of these gig workers. Since the launch of JodRewards, we’ve sponsored over S$400,000 worth of Group Personal Accident and Group Public Liability coverage for over 300 jobs. We are honoured by the trust and support that our brand partners have placed in us, and will continue to work towards enhancing social protection for our gig workforce.”

JodRewards, which currently has an estimate of 60,000 Jod Members, saw over 1,000 active engagements and a redemption of 65,000 points (equivalent to S$$12,755 worth of rewards) since its soft launch in April, accumulated based on the user’s tiering and the total number of hours completed per job.

The program also saw strong participation in challenges, with close to 800 members participating in challenges throughout April. The points earned could be redeemed for transport, meal, and grocery vouchers worth up to $20 each. It was particularly notable that over 600 vouchers, worth more than S$7,000 in total, were redeemed during the month. The highest number of vouchers redeemed by one Jod member was S$380 worth of grocery vouchers, which is more than the monthly average of S$211 spent by Singaporeans per month.

The JodRewards Benefits Program comprises three tiers: Bronze, Silver and Gold. Jod Members progress through these tiers by accumulating points through the user’s activity level on the platform. The program offers a comprehensive suite of sponsored benefits that members typically pay out-of-pocket. Underwritten by Etiqa Insurance Singapore, this includes personal accident coverage with up to S$3,000 in medical expenses and up to S$100,000 in permanent disability and accidental death coverage. Additionally, members also enjoy public liability coverage of up to S$100,000 per accident, safeguarding gig workers from the financial impact of workplace accidents.

Beyond the insurance-based benefits, the program also provides redeemable rewards. Members can redeem benefits such as paid break time, allowing them to receive payment for up to one hour of break time, and paid annual leave, which provides a S$80 payout for a rest day. Through these tiered benefits, the program aims to provide its members with a comprehensive suite of support, incentives and resources, both personally and professionally.

Ms Pally, a 38-year-old PMET currently undergoing a career shift, recently joined Jod. Reflecting on her membership, she adds, “Discovering the Jod app was a game-changer. As someone seeking flexible and part-time opportunities, it aligned perfectly with my needs. Jod’s prompt payout system significantly bolstered my financial stability, and the introduction of JodRewards served as a strong incentive for me to consistently perform my best, especially with redeemable rewards such as grocery vouchers. I would highly recommend it to anyone seeking reliable part-time job opportunities.”

In the coming months, JodRewards will continue to expand their offerings to include benefits such as Prolonged Medical Leave, and a first-of-its-kind Worker and Hiring Manager Cancellation Coverage in Southeast Asia. This initiative aims to address the uncertainties inherent in gig work arrangements, fostering a more equitable and sustainable future in the dynamic world of gig work.

Jod remains committed to its mission of empowering the next billion workers by creating an ecosystem that allows them to connect with communities and businesses – unlocking unlimited opportunities through technology and innovation.

How Jod Works

Jod is a re-imagination of the ultimate gig worker hiring platform, built for speed and efficiency with mobile-first innovations such as Attendance Tracker and Daily Earnings Payout. This helps Employers save time and resources to hire fast.

Employers have access to a web-based dashboard to manage candidates and job applications, as well as analytics to hire more effectively.

Jod Members simply need to download the Jod App, register and they can start applying for available jobs. With Jod’s easy-to-use features, it is a quick and simple process for Gig workers to apply for jobs.

The Jod mobile app is now available for download in Singapore, Vietnam and Indonesia at the Android Play store and Apple App store.

About Jod

Jod is a mobile-first digital platform that easily enables employers to find and manage their workforce more effectively & efficiently. Jod deploys technology to make our products simple, flexible, easy to use and accessible.

Started in 2015, Jod launched Southeast Asia’s first gig work platform – JodGig and has since evolved to empower the new workforce as one of the fastest growing HR tech services platform in Southeast Asia.

Jod is a subsidiary of Janakuasa since 2020, a Singaporean energy MNC as part of its newly launched New Ventures division.

The company’s vision is, “To be the pioneering force in shaping a brighter future for the world’s next billion workers”. As Jod expands across Southeast Asia, the company utilises key data insights to support better job matching; promoting greater personal economic growth and improving people’s lives.

For media enquiries, please contact:
PRecious Communications for Jod
jod@preciouscomms.com

Legend Capital Portfolio Company Qunabox Group Lists on the Main Board of the HKEX Successfully

HONG KONG, May 29, 2024 – (ACN Newswire) – On May 27, Legend Capital’s portfolio company, Qunabox Group (0917.HK), was successfully listed on the main board of the Hong Kong Stock Exchange with an opening price of HKD33 per share, a 32% increase from the issue price of HKD25 per share.

Founded in 2013, Qunabox Group is an AIoT marketing service provider focusing on fast-moving consumer goods (“FMCG”). Through utilizing its broad network of vending machines with interactive marketing functions, Qunabox Group provides target consumers with convenient and interesting experience in testing and accessing FMCG that it served, while successfully soliciting and completing necessary interaction and feedback.

As of December 31, 2023, Qunabox Group operated 7,543 vending machines in 22 cities in China including all the tier one cities and many new tier one cities. Substantially all of Qunabox Group’s vending machines are located in commercial properties with an aim to cover the major consumer groups of FMCGs, and by attracting consumers for interaction and converting them into users of their online platform “Quna” with a combination of online and offline channels, Qunabox Group had approximately 15.9 million AAUs in 2023. According to CIC, it provided marketing service to 472 brand customers for approximately 1,400 SKUs of FMCG products, including products from 74 emerging brands among the top 100 emerging brands in the industries of beverages, food and daily necessities in China.

Legend Capital invested in Qunabox Group in 2016 and has accompanied the company in its development from a vending machine-style outdoor marketer to a comprehensive marketing service provider integrating AI technology, IoT technology, and interactive sensing technology. After the investment, Legend Capital actively helped the company improve its strategic management and organizational management capabilities, and provided the company with value-added services in multiple dimensions such as business connection, finance, legal compliance and talent recruitment.

Legend Capital said: “Qunabox Group represents an upgrade of consumer services driven by technological innovation. By utilizing various AIoT technologies, it has transformed traditional low-efficiency free trial marketing services into a new generation of service model that is interesting for consumers, data-driven for brands, and significantly improves efficiency for the industry. With the advancement of large-scale AI models, Qunabox Group will become the best platform for AI applications in digital marketing. At the same time, Qunabox Group will continuously expand into overseas markets and enhance its global presence. The team has achieved remarkable achievements under the leadership of the company’s chairwoman, Ms. Yin Juehui, one of the rare Chinese entrepreneurs who possess both global vision and strong execution capabilities. Congratulations to Qunabox Group on its successful listing in Hong Kong.”

About Legend Capital

Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

Genetec’s Consistent Performance Delivers Higher Overall Margins in Q4FY2024

Key Financial Performance Highlights for Q4FY2024:

Year-on-year (“YoY”) revenue increase of 7.5% to RM70.5 million, with significant flow through to deliver high double digits in bottom line numbers;
Profit before tax (“PBT”) for the quarter rose by 40.4% to RM19.1 million, with an improved YoY margin of 27.1% versus 20.7%;
Profit after tax (“PAT”) for the quarter rose by 59.5% to RM17.7 million, with an improved YoY margin of 25.1% versus 16.9%.

BANGI, Malaysia, May 28, 2024 – (ACN Newswire) – Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD (“Genetec” or the “Company”) recorded another consistent and solid quarter performance, maintaining a healthy momentum with a 7.5% year-on-year YoY increase in revenue for the quarter to RM70.5 million from RM65.6 million in Q4FY2023. Genetec’s PBT and PAT rose to RM19.1 million and RM17.7 million or by 40.4% and 59.5% respectively, for the quarter under review versus RM13.6 million and RM11.1 million a year ago.

On the overall, the Company’s solid performance for the quarter saw an improvement across all key financial indicators due to continued costs and operational efficiency that allowed the flow through of its top line to boost bottom-line numbers. Performance highlights for the quarter include, a 33.0% gross profit (“GP”) margin versus 29.0% in the preceding year reflecting a 4.0% YoY increase, a 27.1% PBT margin versus a 20.7% margin in Q4FY2023, and a PAT margin of 25.1% versus 16.9% in the preceding year.

Chin Kem Weng, Co-founder and Managing Director of Genetec, commented, “Despite ongoing market volatility, uncertainties and concerns especially in the automotive, Electric Vehicle (“EV”), and renewable energy (“RE”) sectors, Genetec has been consistent in our performance. This is due to the Group’s ability to convert our opportunities to orders, especially in securing recurring orders from existing clients. Our high client retention rate is also a key factor to our success and in building our pipeline. Our teams have been and will continue to work closely with our clients to improve on current solutions, as well as to collaborate on new opportunities with other divisions within our client groups to grow our revenue over the long-term.

The EV and Energy Storage (“ES”) segments remain Genetec’s primary revenue contributors and are expected to anchor our earnings prospects in the coming quarters. We are however, actively looking to diversify our revenue sources within these segments to cater to different areas within automotive manufacturing. As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

The Group remains confident in its position as a key solutions provider for manufacturing automation for its key clients in the automotive industry that serve the EV and plug-in hybrids (“PHEV”) platforms. To remain competitive, Genetec is constantly enhancing its capabilities and solutions to cater to either platform. At the same time, the Group is engaging closely with its clients and the industries to remain at the forefront of development and planning.

In closing, Chin highlighted his optimism on the prospects for the RE industry. He added, “Growth for RE storage solutions are expected to rise in tandem with the need for clean energy sources as the world continues to replace fossil-based energy with RE sources for industrial, commercial and residential purposes. The most immediate shift is in the transport system where we see efforts to improve the local and international charging infrastructure for EVs especially. From the manufacturing automation perspective, autonomous robotics and software-defined automation are poised to revolutionise industry operations. As a result, Genetec anticipates an increase in demand for our key solutions in automation and energy storage as clients continue to execute their production plans.”

At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.21 sen (basic) compared to 1.50 sen (basic) in Q4FY2023.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104). Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors.

For more information please visit: https://genetec.net/.

Fourth Paradigm Announces Business Performance For The First Quarter Ended March 31 2024

Financial Highlights:

For the three months ended March 31, 2024, the total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%
- The revenue of the 4Paradigm Sage AI Platform (hereinafter referred to as “Sage AI Platform”) business grew by 84.8% year on year to RMB502 million, accounting for 60.6% of the total revenue
- The SHIFT Intelligent Solutions business recorded revenue of RMB249 million, accounting for 30.1% of the total revenue
- The revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue
The gross profit amounted to RMB341 million, representing a year-on-year increase of 21.1% and a gross profit margin of 41.2%
The total R&D expenses was RMB348 million, representing a R&D expense ratio of 42.0%

Operation Highlights:

During the three months ended March 31, 2024, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, the Company has provided services for a total of 1,058 users
4ParadigmSage: In March 2024, the “4Paradigm Sage AI Platform 5.0” was released, a new platform that can build industry-specific large models. Based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm built a number of typical industry-specific large model cases with lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more
4Paradigm SHIFT: During the three months ended March 31, 2024, Fourth Paradigm released dozens of solution products for industries such as finance, retail, manufacturing, energy, construction, telecom operators, and healthcare, accelerating the expansion of the company’s business territory
4Paradigm AIGS: During the three months ended March 31, Fourth Paradigm continued to iterate and optimize its AIGS Code X product, a generative AI-based auxiliary programming tool. The Company has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development

HONG KONG, May 28, 2024 – (ACN Newswire) – A leading enterprise AI software company-Beijing Fourth Paradigm Technology Co., Ltd. (“Fourth Paradigm” or the “Company”, Stock Code: 6682.HK) today announces business performance for the three months ended March 31 2024 (the “Period”).

During the period, amidst the seasonal impact of the industry and market volatility, Fourth Paradigm’s core business performed well and achieved solid growth. During the Period, Fourth Paradigm’s total revenue amounted to RMB828 million, representing a year-on-year growth of 28.5%. Gross profit was RMB341 million, representing a year-on-year increase of 21.1% and a gross profit of 41.2%. The Company continued to diversify its customer base by actively acquiring new customers while improving digital transformation experience and increasing product stickiness for existing customers. During the Period, Fourth Paradigm had 124 total users and 54 lighthouse users, and the average revenue contribution from the lighthouse user group was RMB8.9 million, representing a year-on-year increase of 64.0%. From January 1, 2020 to March 31, 2024, Fourth Paradigm has provided services for a total of 1,058 users. The Company insisted on innovation-driven development. During the Period, its R&D expenditure was RMB348 million, representing a R&D expense rate of 42.0%.

Revenue of Core Business Surged by 84.8% YoY, Industry-specific Large Models Have Significant Scale Effect

During the Period, the revenue of the 4Paradigm Sage AI Platform business amounted to RMB502 million, representing a year-on-year increase of 84.8%. Revenue from the 4Paradigm Sage AI Platform business accounted for 60.6% of the total revenue.

At the end of March 2024, the “4Paradigm Sage AI Platform 5.0” was released. At present, most of the language-based large models can solve the problem of generating the next text/picture/video. However, for enterprises, their core demands (i.e., strategic upgrading, performance growth, competitiveness enhancement, etc.) urgently need to be addressed. There are more demands to fortify enterprise core efficiency through advancing digital and intelligent transformation. Based on the technical principle of predicting the next arbitrary modality, the “4Paradigm Sage AI Platform 5.0” can construct industry-specific large models with different modalities of data for various industry scenes, greatly expanding the application field of industry-specific large models and providing enterprises with sufficient supply of large models.

This is the fifth iteration of the product in 10 years. Over the past 10 years, Fourth Paradigm has been committed to solving the core pain points of AI applications in different stages.

The 4Paradigm Sage AI Platform Version 1.0 dramatically scales up model parameters through a high-dimensional, real-time, self-learning framework, replacing the enterprise’s traditional expert-rule-based decision engine.
The 4Paradigm Sage AI Platform Version 2.0 launched the HyperCycle low-threshold development tool based on automated machine learning, dramatically reducing the model development threshold and enabling customers to construct industry-specific large models on their own.
The 4Paradigm Sage AI Platform Version 3.0 defines the full-process standard for accelerating AI application scenarios, reducing 95% of the time for data governance in enterprises, significantly improving the efficiency of AI application, and realizing efficient application of industry-specific large models.
The 4Paradigm Sage AI Platform Version 4.0 sets up the “North Star Metric” 1to identify high-value business scenarios of the enterprise, so that the industry-specific large models can serve the core competitiveness of enterprises.

1. The North Star Metric, a business indicator highly related to a company’s core values, helps companies focus on the most important growth drivers, such as revenue growth, profit enhancement, market share expansion, etc., and guides their decision-making and resource allocation.

During the period, with the large-scale development of the core business, Fourth Paradigm’s other two businesses, SHIFT intelligent solutions and 4Paradigm SageGPT AIGS services segment, have steadily expanded, and the company’s business territory and technology development efficiency have been effectively improved.

During the Period, the SHIFT Intelligent Solutions business recorded revenue of RMB249 million, representing 30.1% of the total revenue. During the Period, Fourth Paradigm released dozens of solution products for key industries such as finance, energy, construction, telecom operators and transportation, accelerating the expansion of the company’s business territory.

During the Period, the revenue of the 4Paradigm SageGPT AIGS Services segment amounted to RMB77 million, accounting for 9.3% of the total revenue. During the Period, Fourth Paradigm iterated and optimized its AIGS Code X product, a generative AI-based auxiliary programming tool. The product is oriented to the whole process of enterprise R&D, providing one-stop services including code rewriting, annotation generation, code correction, code reconstruction, and generation of unit testing, etc. It constructs a standardized “application production line”, and thus comprehensively improves organizational efficiency. As of March 31, 2024, Fourth Paradigm has been conducting in-depth exploration with a number of leading players in industries, such as finance companies, operators, and new energy vehicle enterprises, in areas including programming development.

Large Model Business Application Progress: Industry-specific Large Models Effectively Enhance the Production and Operation Efficiency of Multiple Industries

During the Period, based on the “4Paradigm Sage AI Platform 5.0”, Fourth Paradigm has built a number of typical industry-specific large model cases with its lighthouse users and partners in fields including vehicle manufacturing, healthcare, disaster prevention and more. The Company continued to promote the commercialization of generative AI technology and large model products, which can not only greatly improve the efficiency of the core business of the Company, but also contribute to the sustainable development of the social economy.

During the period, Fourth Paradigm partnered with a domestic smart manufacturing enterprise to realize full integration of factory operation data through artificial intelligence. With this intelligent platform, the factory’s production efficiency has increased by 11.4%. In the healthcare industry, Fourth Paradigm improves the quality and efficiency of healthcare services and reduces the burden of disease through artificial intelligence technology and industry-specific large model capabilities, thereby enhancing the health of consumers. In collaboration with a standardized metabolic disease management center, Fourth Paradigm has developed a large model for chronic disease management, which is capable of assessing the risk of five common and highly prevalent chronic diseases, including cardiovascular, cardiovascular system, stroke, diabetes, and hypertension, over a three-year period, with a three-fold increase in accuracy.

Flood control large model can deploy flood control work in advance to cope with the summer flood season: During the period, Fourth Paradigm united with a water conservancy unit to build a large model of intelligent flood control to cope with the summer flood season. This flood control large model can optimize emergency response and resource deployment through real-time monitoring and prediction of flood risks, provide early warning and reduce disaster losses, thereby protecting residents’ lives and properties and enhancing the overall disaster-resistant capability of the society.

Dr. Dai Wenyuan, Chairman of the Board, Executive Director, Chief Executive Officer and General Manager of Beijing Fourth Paradigm Technology Co., Ltd. said, “In the era of artificial intelligence, we are committed to using artificial intelligence to improve the core business of enterprises and help them enhance their core competitiveness. As of March 31, 2024, we unveiled the ‘4Paradigm Sage AI Platform 5.0’, using the ability of generative AI to build customer-specific fundamental large models, further reducing the barriers to entry for enterprises to develop large models. We are pleased to witness that the application of industry-specific large models is playing a role in the core business of more and more industries.”

BioMed X Institute and Boehringer Ingelheim Successfully Complete Schizophrenia Research Project

HEIDELBERG, Germany, May 28, 2024 – (ACN Newswire) – German independent research institute BioMed X announces the successful completion of its second neuroscience project in partnership with Boehringer Ingelheim in the field of psychiatric disorders. The data resulting from this project have been acquired by Boehringer Ingelheim, where this research will be continued, potentially paving the way for novel therapies.

This research project was launched in 2020 at the BioMed X Institute in Heidelberg and led by Dr. Ebru Ercan Herbst, now a professor at Reutlingen University, Germany. Her team has created both in vivo and in vitro platforms to study myelination of neurons and the development of oligodendrocytes – a subtype of glial cells – in the context of schizophrenia. Their novel in vitro platform for studying myelination was published last year in Cell Press – STAR Protocols (PMID: 36933222). Dr. Ercan Herbst’s team has also identified a relevant mouse model exhibiting the hypomyelination pathology associated with schizophrenia to be used for future research. In addition to the cell and mouse models, the BioMed X neuroscientists have analyzed the RNA expression of different human brain regions in post-mortem samples from schizophrenia patients and controls. Their soon-to-be-published findings reveal that there are differentially expressed genes and pathways in schizophrenia brains, particularly in oligodendrocytes, when compared to control brains, which could have significant implications for designing new therapies, not only for schizophrenia but also for other neurological disorders like major depressive disorder or bipolar disorder, which share a common hypomyelination pathology.

Dr. Christian Tidona, Managing Director & Founder of the BioMed X Institute: “This is already our second successfully completed project with Boehringer Ingelheim in the field of psychiatry. We are looking forward to continuing our successful collaboration with our ongoing research projects in brain sensor development in Heidelberg and in the field of wound healing and fibrosis at our new joint XSeed Labs on the U.S. campus of Boehringer Ingelheim in Ridgefield, CT.”

“Together with partners from across the global neuroscience community, we are constantly exploring new scientific avenues to address the huge unmet need of those living with mental health conditions,” Hugh Marston, Global Head CNS Discovery Research at Boehringer Ingelheim, stated. “The partnership with BioMed X and the fruitful collaboration with Dr. Ercan Herbst’s team has yielded exciting insights that will help us initiate projects to further progress our precision psychiatry approach to transform patients’ lives.”

About BioMed X

BioMed X is an independent research institute with sites in Heidelberg, Germany, New Haven, Connecticut, XSeed Labs in Ridgefield, Connecticut, and a worldwide network of partner locations. Together with our partners, we identify big biomedical research challenges and provide creative solutions by combining global crowdsourcing with local incubation of the world’s brightest early-career research talents. Each of the highly diverse research teams at BioMed X has access to state-of-the-art research infrastructure and is continuously guided by experienced mentors from academia and industry. At BioMed X, we combine the best of two worlds – academia and industry – and enable breakthrough innovation by making biomedical research more efficient, more agile, and more fun.

Contact Information

Flavia-Bianca Cristian
Recruiting & Communications Manager
fbc@bio.mx
+49 6221 426 11 706

Swathi Lingam
Scientific Communication & Editorial Associate
lingam@bio.mx
+49 6221 426 11 27

SOURCE: BioMed X Institute

MUFG Pension & Market Services Inaugurates Hong Kong Office, Sets the Stage for Expansion into the Region’s Pension Market

HONG KONG, May 28, 2024 – (ACN Newswire) – MUFG Pension & Market Services, a leading global leader in retirement solutions, took a significant step forward on the 24 May as its MUFG Retirement Solutions division unveiled the grand opening of its Hong Kong office, located in Tower 1 HSBC Centre near the MTR Olympic Station. To celebrate this momentous occasion, MUFG Retirement Solutions hosted an inauguration ceremony graced by the presence of esteemed guests including its CEO, Dee McGrath who officiated the proceedings.

(From the left) Dee McGrath, CEO, MUFG Retirement Solutions and Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, kick started the lion dance performance by eye dotting ceremony and took a photo as a memento.

(From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions' Hong Kong office. — (From the left) Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions; Shannon Powell, Senior Trade and Investment Commissioner Hong Kong and Macau, The Australian Trade and Investment Commission; Gareth Williams, Australian Consul-General to Hong Kong and Macau; and Dee McGrath, CEO, MUFG Retirement Solutions, officiated the inauguration of MUFG Retirement Solutions’ Hong Kong office.

The inauguration of MUFG Retirement Solutions’ Hong Kong office exemplifies its unwavering determination and commitment to further grow and reshape the Hong Kong pension market and expand its global footprint. With a physical presence in Hong Kong, MUFG Retirement Solutions enjoys the vibrant business ecosystems with a network of industry stakeholders and customers, fostering collaborations, partnerships, and knowledge exchange that can accelerate business growth in the city.

By leveraging Hong Kong’s role as a premier business hub in Asia, MUFG Retirement Solutions can tap into the multitude of opportunities, setting the stage to greatly enhance its business growth and strategic development in various sectors in Hong Kong and across Asia.

Dee McGrath, CEO, MUFG Retirement Solutions, said “MUFG Retirement Solutions remains more committed than ever to growing partnerships with clients and expanding its presence in the Asian market. Hong Kong is strategically located at the heart of Asia, making it an ideal gateway to the vast opportunity across Asia with access to a diverse and rapidly growing consumer base. The opening of our Hong Kong office marks a significant milestone in MUFG Retirement Solutions’ strategic expansion into the region and is a key part of our overall strategy to cement our presence in Asia. Through our deep specialist expertise, provision of integrated, end-to-end solutions and scalable infrastructure, we are confident that we will make a positive impact and become a catalyst for progress in the industry.”

Rebel Jones, General Manager, Client Partnerships Asia, MUFG Retirement Solutions, said, “The unveiling of our Hong Kong office fills us with immense excitement. We have witnessed the ongoing digital transformation of the pension market in Hong Kong, and we will leverage our new office to contribute to its development. With our continued investment in cutting-edge technology platforms and digital services, we are well positioned to deliver global best practice solutions to meet the evolving needs of the Hong Kong pension market and to maintain our position as a market leader.”’

Located in Tower 1 HSBC Centre, the new office’s prime location not only provides convenience, but also fosters a close collaborative environment with its strategic partner, HSBC, fostering a powerful synergy between the two entities.

MUFG Retirement Solutions is committed to investing in local talent, establishing a graduate program to encourage young people to explore career opportunities in the exciting and dynamic pension industry. To date, the business has onboarded 20 interns from universities across Hong Kong and is continuing to grow the program as we continue to establish our presence in the region.

With more than 36 years of success and over a decade of operations in the region, MUFG Retirement Solutions has established a strong foothold in the market, thanks to its proprietary technology platforms that provide clients with unparalleled scale, end-to-end solutions and specialist services that empower clients to effectively engage with their stakeholders for better retirement outcomes.

Media contact:
Strategic Financial Relations Limited (On behalf of MUFG Retirement Solutions)
Heidi So, (t) +852 2864 4826, (e) heidi.so@sprg.com.hk
Yoko Li, (t) +852 2864 4813, (e) yoko.li@sprg.com.hk

About MUFG Pension & Market Services

On 16 May 2024, the acquisition of Link Group by Mitsubishi UFJ Trust & Banking Corporation (the Trust Bank), a consolidated subsidiary of Mitsubishi UFJ Financial Group, Inc. (MUFG), by way of scheme of arrangement (Scheme) was successfully implemented, marking a significant milestone in Link Group’s history. Under its new ownership, Link Group is now MUFG Pension & Market Services.

MUFG Pension & Market Services is a global, digitally enabled business that empowers a brighter future by connecting millions of people with their assets – safely, securely and responsibly.

Through our two market leading businesses MUFG Retirement Solutions and MUFG Corporate Markets, we partner with a diversified portfolio of global clients to provide robust, efficient and scalable services, purpose-built solutions and modern technology platforms that deliver world class outcomes and experiences.

A member of MUFG, a global financial group, we help manage regulatory complexity, improve data management and connect people with their assets, through exceptional user experience that leverages the expertise of our people combined with scalable technology, digital connectivity and data insights.

Fosun Sells German Private Bank HAL and Retains HAFS Asset Servicing Business, Aligns with its Asset-Light Strategy

HONG KONG, May 28, 2024 – (ACN Newswire) – Fosun International (HKEX: 0656) issued an announcement on 28 May 2024, announcing the sale of 99.743% of its subsidiary’s shares in the German private bank, Hauck Aufhäuser Lampe Privatbank AG (HAL), to ABN AMRO Bank A.V. for a total consideration of approximately EUR670.3 million. Upon the completion of this transaction, Fosun International will no longer hold shares in HAL, but will fully retain the shares of Hauck & Aufhäuser Fund Services S.A. (HAFS) held by HAL, i.e. retain HAL’s asset servicing business. HAFS is one of the ten major asset servicing companies in German-speaking regions. It has consistently ranked among the top 3 independent third-party fund establishment and asset servicing providers in the Luxembourg market, which is a hub for the fund industry in Europe, giving it strong market influence and recognition. Retaining the shares of HAFS aligns with Fosun’s asset-light operating model. Currently, the transaction parties have signed the agreement, and the transaction will be officially closed upon receiving regulatory approval. The announcement indicates that the sale is part of Fosun’s ongoing efforts to optimize its asset portfolio and focus on asset-light operations.

It is worth noting that based on the transaction consideration of EUR670.3 million, the project is expected to yield double-digit IRR for Fosun. Fosun International acquired HAL (formerly known as H&A) in 2016, and it is not commonly seen for a European financial firm to yield such a rate of return over an 8-year time span. Moreover, this transaction only involves a portion of HAL. Fosun International will continue to hold the asset servicing business, which is an asset-light “cash cow” operation. The retained business is expected to consistently generate tens of millions of euros in annual profits and maintain approximately EUR150 billion in assets under administration. Overall, this transaction demonstrates the Group’s determination to continuously improve its financial performance and maximize shareholder value.

Focusing on core industries, executing prudent investment and divestment strategy to unlock value

Amid the complex global macroeconomic environment and the adverse backdrop of the U.S. Federal Reserve’s consecutive interest rate hikes last year, it is crucial to maintain financial strength and asset liquidity. What’s more commendable is that, in such marco environment, Fosun has been able to continuously improve the efficiency of capital utilization through a flexible exit mechanism.

Guo Guangchang, Chairman of Fosun International said, “Fosun will continue to develop the industries where it boasts clear competitive advantages, enhancing certainty and making stable profit growth as the core objective of Fosun’s future operations.”

This objective is also reflected in Fosun’s emphasis in recent years on maintaining strategic focus and strictly pursuing disciplined asset investment and divestment. On one hand, it has been orderly divesting from certain non-core, non-strategy assets. On the other hand, it has continued to focus on core industries, optimizing its asset portfolio and deeply cultivating high-quality assets to unlock value.

The annual results data shows that Fosun’s strategic focus on “core businesses in the household consumption sector” has yielded remarkable results. Fosun has been focusing on industries where it has established competitive advantages and continuously enhancing its business presence, creating happier lives centered around Health, Happiness, and Wealth for families worldwide. In 2023, Fosun’s four core subsidiaries, namely Yuyuan, Fosun Pharma, Fosun Insurance Portugal and Fosun Tourism Group (FTG) realized a total revenue of RMB142.69 billion, accounting for 72% of the total revenue. The solid development of these four core business segments has formed a robust business support system.

Fosun’s orderly investment and divestment decisions have contributed to the Group’s healthier financial condition. For future development, Fosun will continue to maintain its strategic focus, actively invest and expand in industries where it boasts clear competitive advantages, and make forward-looking plans, deeply exploring the capabilities and value of its ecosystem.

Leveraging asset-light strategy to enhance operational capabilities

After more than 30 years of development, Fosun has accumulated profound operational capabilities. Through asset securitization and exit of bulk assets, as well as promoting industry funds to help industry achieve “multiplier growth”, asset-light operations achieved remarkable results.

Taking FTG as an example, in 2023, FTG leveraged its operational strengths and achieved full recovery in global business performance. Its business volume reached RMB17.15 billion for the year, representing a year-on-year increase of 24.5%; profit attributable to equity holders amounted to RMB310 million. The revenue structure was optimized in 2023, and over 93% of the revenue came from its tourism operations. With the steadily improving asset-light operational capabilities, FTG’s continuous launch of new product lines, such as Club Med Urban Oasis, is expected to help the company seize opportunities in the new track of urban vacations in the Chinese market.

Fosun’s sale of HAL’s banking business, while retaining HAL’s asset servicing business, is another manifestation of the company’s focus on the asset-light operating model. Since the official acquisition of HAL (formerly known as H&A) in 2016, through in-depth operational management and by supporting HAL’s continuous mergers and acquisitions, Fosun has assisted HAL to develop into a leading private bank in Germany. Fosun has also reaped considerable dividend income from HAL. This transaction on the one hand releases the value of HAL, and on the other hand, the retention of the asset servicing business HAFS preserves the tremendous potential for long-term stable profits through asset-light operation, economies of scale, and ecosystem synergies, which can also form good business synergies and complementarity with Fosun’s insurance, asset management, and other financial businesses in Europe. In the future, Fosun will continue to invest in and maintain a close watch on the market opportunities for this business segment.

At this year’s results presentation, Guo Guangchang pointed out that Fosun will focus more on enhancing asset-light operational capabilities. With the asset-light strategy and cooperation with key partners, Fosun will seize the opportunities presented by asset-light operations.

The market expects Fosun’s more flexible and efficient asset-light operating capabilities will allow Fosun to continuously expand its growth horizons, laying a solid foundation for the company to withstand longer business cycles and realize growth in multiple fronts.

Strategically focusing on the two core growth drivers of “Globalization” and “Innovation”

In 2023, Fosun continued to strengthen its global operations and had established a profound business presence in over 35 countries and regions. In 2023, Fosun’s overseas revenue accounted for 45% of its total revenue with a 10-year compound annual growth rate of 55%. For Fosun, globalization means more than just “two-way engagement” between the global and Chinese markets. It extends to the endogenous development of its ecosystem enterprises both domestically and internationally, encouraging them to actively expand their businesses beyond their domestic markets.

Shanghai Henlius, the biomedical platform of Fosun Pharma, its self-developed and manufactured HANQUYOU (trastuzumab for injection) has been approved for sale and marketing in more than 40 countries and regions, making it the domestically-produced biosimilar drug with the highest number of market approvals. Shanghai Henlius’ first innovative drug HANSIZHUANG (serplulimab injection) was approved for marketing in Indonesia, becoming the first domestically-produced anti-PD-1 monoclonal antibody successfully approved for marketing in a Southeast Asian country. FTG’s Club Med has had sales and marketing operations in more than 40 countries and regions across six continents, and operated 68 resorts. The Yuyuan Garden Lantern Festival, a national intangible cultural heritage event that has been held for 29 consecutive years, successfully made its overseas debut in Paris, France, attracting nearly 200,000 local visitors. Fosun Insurance Portugal has continued to expand its presence in overseas markets such as South America and Africa. Its international business reported a premium revenue of EUR1.70 billion, representing a year-on-year increase of 10.6%.

As of 2024, Fosun has continued to focus on its core businesses and enhance its innovation capabilities, thus gaining greater recognition. On 12 April, the Shenzhen Municipal People’s Government and Fosun signed a framework agreement on strategic cooperation, with both parties gathering high-quality resources for innovation and further strengthening their cooperation in areas such as biomedicine, cultural and sports tourism, and fashionable consumption. In March this year, Fosun Pharma, together with Shenzhen Guidance Funds and seven other investors, planned to jointly establish a biomedical industry fund, with all proceeds to be invested in biomedical, cells, genes, etc. Shanghai Fujian Equity Investment Fund Management, a subsidiary of Fosun Pharma, was selected through public selection process in Shenzhen to exclusively manage this fund.

Sound financials with strong support from major banks

In the face of a complex and volatile global economic situation, Fosun has taken proactive measures to continuously optimize its capital and asset structure, expand financing channels, and reduce debt, providing a solid foundation for the execution of the company’s core strategies, which eventually its efforts have borne fruit.

In May this year, Fosun once again successfully obtained a syndicate loan of USD597 million. This syndicated loan, the largest of its kind in the market thus far this year for a Chinese privately-owned enterprise, reflects the recognition of Fosun’s strong liquidity by domestic and foreign banks, further boosting the confidence of the market, partnering banks and creditors.

Following the release of Fosun’s annual results in March this year, several domestic and international institutions, including Citibank, UBS, Nomura, and Founder Securities, have published research reports expressing their bullish view on Fosun International’s steadfast execution of its strategy to focus on core businesses and strike a balance between investment and divestment. These institutions have assigned Fosun International a “Buy” or “Overweight” rating. In May 2023, the international credit agency S&P raised Fosun’s rating outlook to “stable”, recognizing Fosun’s financial strategy and the sustainability of future development.

The investment market generally expects that the successful sale of HAL’s banking business will further strengthen Fosun’s cash flow, allowing Fosun to focus more on its core businesses, promote its asset-light operations, and better navigate uncertainties to achieve counter-cyclical growth.

Alta Partners with Davidson Kempner to Enhance Investor Access to Multi-Strategy and Asset-Based Lending Strategies

Global investment management firm Davidson Kempner Capital Management selects Alta, Asia’s leading digital securities exchange, as a partner in the region
Alta’s partnership with Davidson Kempner provides access for investors seeking diversification through alternative investments

SINGAPORE, May 28, 2024 – (ACN Newswire) – Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, has partnered with global investment management firm Davidson Kempner Capital Management LP (Davidson Kempner) to enhance access to the firm’s strategies.

“Alta is proud to partner with Davidson Kempner to bring industry-leading opportunities to our investor community. There’s a growing demand for stable, income-producing portfolios and low-volatility strategies, especially amid persisting uncertainties in the markets, and we are addressing precisely that with this partnership. Alta is pioneering accessible avenues for alternative investments and this collaboration presents a distinctive investment opportunity aimed at breaking down barriers to enter private markets, enabling easy access to alternative assets typically reserved for high-net-worth individuals and institutional investors,” said Muzahir Degani, Head of Private Capital Markets, Alta.

In the past decade, private credit has skyrocketed, jumping from $320 billion in 2010 to $875 billion in 2020 in Assets Under Management (AUM). Now, major firms predict even more growth in Asia-Pacific lending for 2024, with a focus on top-tier borrowers over distressed cases. A Bloomberg survey anticipates a market expansion of over 10% this year.

In response to this surge, Alta has teamed up with global investment firms with unique access to opportunities. First, with Hamilton Lane to offer access to a senior private credit fund across the region. Second, collaborating with Scenic to introduce the Scenic Private Access Fund, providing direct venture secondaries.

Melanie Levine, Partner and Global Head of Sales & Client Service at Davidson Kempner, added, “At Davidson Kempner, we’re committed to partnering with investors through innovative solutions tailored to their unique needs with an emphasis on strong downside protection and capital preservation. Our partnership with Alta marks an important step forward in catering to the growing investor demand in Asia for multi-strategy and asset-based lending strategies.”

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Most recently, Alta announced the inaugural trade for the first tranche of shares from shareholders of Income Insurance Limited. This marked the listing of Singapore’s top general insurance provider on a private securities exchange, enabling institutional and accredited investors to trade shares of a non-publicly listed company.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody. Visit us on https://alta.exchange/

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has over $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

For media inquiries, please contact:

For Alta Alternative Investments
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

For Davidson Kempner
Rob White and Teresa Berezowski
Greenbrook
davidsonkempner@greenbrookadvisory.com

Siab Holdings Berhad Sees Financial Performance Turning Positive in Q1 FY2024

KUALA LUMPUR, May 28, 2024 – (ACN Newswire) – Siab Holdings Berhad (“Siab” or the “Company”), an established player in Malaysia’s construction industry, is pleased to announce its financial results for the first quarter ended 31 March 2024 (“Q1 FY2024”) with 104.7% improvement in Profit After Tax (“PAT”) of RM0.11 million as compared to the Loss After Tax (“LAT”) of RM2.33 million from the previous year’s corresponding quarter (“Q1 FY2023”).

Siab reported a Profit Before Tax (“PBT”) and PAT of RM0.11 million for Q1 FY2024, reversing the Loss Before Tax (LBT) and LAT of RM2.31 million and RM2.33 million respectively, from Q1 FY2023. The loss recorded in Q1 FY2023 was mainly attributable to lower profitability from ongoing projects due to elevated cost of construction materials and higher defect rectification cost incurred for completed projects.

For Q1 FY2024, Siab recorded a revenue of RM26.26 million, compared to RM36.84 million in Q1 FY2023. The decline in revenue is primarily due to lower levels of construction activities in ongoing projects. However, the Company achieved a gross profit of RM2.17 million, a significant improvement from the gross loss of RM0.20 million in the first quarter of 2023.

Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad said, ” We are positively looking forward to achieving more improved results in the coming quarters. Our focus on cost control and operational efficiency has significantly improved our financial performance. We remain committed to delivering better value to our stakeholders and supporting the growth of Malaysia’s construction industry.”

To recap, Siab has recently signed an Underwriting Agreement with M & A Securities Sdn. Bhd. and NewParadigm Securities Sdn. Bhd. This supports the acquisition of Taghill Projects Sdn. Bhd. (“Taghill”), a construction project and contract management consultancy company. Taghill boasts a robust order book valued at RM1.31 billion and has committed to a profit guarantee of at least RM24.00 million for the financial years 2024 and 2025.

The Company managed to turnaround its financial performance before the acquisition exercise is complete. With Taghill, Siab is in a strong position in tendering projects, enhancing the success rate and catering for a more diverse range of projects.

Looking forward, Siab is optimistic about the prospects of the Malaysian construction industry, which is projected to grow by 6.8% to RM60.49 billion in 2024, driven by resilient domestic expenditure and improvement in external demand. The 2024 Budget, with a record allocation of RM99.00 billion for development expenditure, highlights the government’s focus on home ownership with RM2.47 billion allocated for housing projects. Siab’s orderbook stood at RM314.48 million as of 31 March 2024 and Taghill’s orderbook valued at RM1.31 billion, the Company is well-positioned to capitalise on these opportunities.

Propel Global Posts 166.1% Increase In Revenue For Q3 FY2024

KUALA LUMPUR, May 28, 2024 – (ACN Newswire) – PROPEL GLOBAL BERHAD (“Propel Global” or the “Group”), a provider of oil and gas (“O&G”) services, today announced its financial results for the third quarter of fiscal year 2024 (“Q3 FY2024”). The Group recorded an impressive revenue of RM65.8 million, marking a significant increase of 166.1% from RM24.7 million in the corresponding quarter of the previous year (“Q3 FY2023”).

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global

The Group reported a loss before tax (“LBT”) of RM2.1 million for Q3 FY2024 compared to a profit before tax (“PBT”) of RM0.9 million in Q3 FY2023. This decline is primarily attributed to higher corporate administrative expenses such as professional charges and staff costs. The expenses in Q3 FY2024 included the charge for the share-based payment/share grant, and the incentive bonus payment. These expenses are essential for retaining and investing in human capital as the Group is mostly service-driven, hence, people are the key assets.

In the O&G segment, revenue reached RM30.1 million and PBT stood at RM3.3 million, reflecting an increase from RM12.1 million and RM2.7 million respectively in Q3 FY2023. This growth is driven by ongoing projects such as the Engineering, Procurement, Construction & Commissioning (“EPCC”) projects and the Marine Heating Ventilation and Air-conditioning (“HVAC”) projects.

The Technical Services segment also reported strong performance with revenue of RM33.5 million and PBT of RM0.6 million in Q3 FY2024, compared to RM12.6 million and RM1.1 million respectively in Q3 FY2023. The increase in revenue is mainly contributed by a construction project of an electronics factory in Chuping, Perlis, although the profit margin from existing projects was lower than the short-term projects in the previous year.

The newly introduced Information and Communications Technology (“ICT”) segment contributed RM2.2 million in revenue and RM0.8 million in PBT, showcasing the Group’s strategic diversification and adaptability.

Additionally, Propel Global maintained a healthy cash position with cash and cash equivalents at the end of the period at RM20.3 million for the nine months ended 31 March 2024, well positioning the Group to undertake internal funding for future projects.

Ms. Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global commented, “Our Q3 FY2024 results reflect our commitment to strategic growth and adaptability in a dynamic market environment. The significant increase in revenue and our healthy cash flow position demonstrate our ability to capitalise on new opportunities and execute our projects effectively. As a new management team, we are focused on leveraging our strengths and pursuing sustainable growth initiatives to enhance value for our stakeholders.”

She added, “A healthy cash position ensures that we can meet our financial obligations on a timely basis, seize opportunities, and invest in people and technologies. With our healthy cash flow, we are capable of continuing to drive further growth for Propel Global.”

Moving forward, Propel Global will focus on completing existing projects while consistently bidding for new ones to drive sustained growth. The new management team is committed to strategic realignment and operational efficiency, setting a clear distinction from previous management approaches.