Tag: Construct

SCIB Terminates Indonesian Project

KUCHING, MALAYSIA, Feb 14, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company's wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.
Group MD and CEO of SCIB, Encik Rosland bin Othman


SCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB's order book records.

SCIBILL and PTCMS have mutually agreed to terminate the contract and unconditionally release and indefinitely discharge both parties from all claims, liens and obligations of every nature arising out of or in connection with the performance of the works and all amendments thereto, provided that the parties' obligations under a settlement agreement are fulfilled.

Group Managing Director of SCIB, Encik Rosland bin Othman said, "The termination is in the best interests of the Company as there has been no progress on the project. On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL."

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Wins RM14.2 Million Project from TNB

PETALING JAYA, Malaysia, Feb 10, 2023 – (ACN Newswire) – Bintai Kinden Corporation Bhd (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company's wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project worth RM14.2 million by Tenaga Nasional Berhad (TNB) for the installation of two 132kV transformer bays air insulated switchgear complete with the relevant primary, secondary, cables and all associated civil works located in Pasir Besar, Negeri Sembilan.
Executive Director of Bintai Kinden, En. Azri Azerai


The project's scope of work also includes a 33kV building, two 300kVA 33/0.415kV local transformers, 33kV GIS single busbar (eight outgoing, two incomer, two local transformers and two bus-ties), 33kV CRP, 33kV RTU, 33kV SIP and 33kV MPE, neutral earthing system, earthing system extension, lightning protection system, associated secondary works (protection & telecontrol) and, associated underground cable works for power transformer, local transformer and bus-tie.

KBK, a specialist in M&E engineering services, was also awarded a project worth RM39.0 million by TNB for the installation of a 132kV underground cable double circuit in late November 2022.

Azri Azerai, Executive Director of Bintai Kinden said, "We are happy to work with TNB as both parties have a working relationship and track record going back some years. The award of the contract is also testament to our expertise and experience in M&E engineering services including design, installation and commissioning.

"Bintai Kinden has in recent years been growing our range of expertise through investments and acquisitions that leverage on our strengths and market network. The Company has mid-to-long-term plans to transform to a multidisciplinary M&E engineering services specialist that also include strategic partnerships like the one we recently inked with Sarawak Consolidated Industries Berhad."

Past TNB projects in which Bintai Kinden has been involved in include the 132kV Kuchai Lama switching station, 132kV MRT Bukit Serdang switching station, 132kV single-circuit underground cable from PMU Galloway to PMU KLCC2 and, 132kV bulk supply connection to KTMB Sentul feeder station. Total unbilled order book under M&E segment of Bintai Kinden is RM143.41 million.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCIB and Bintai Kinden in Strategic Alliance

KUALA LUMPUR, Feb 7, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company had on 6 February 2023 signed a Memorandum of Understanding (MoU) with Bintai Kinden Corporation Berhad to establish a strategic alliance for exploring of business opportunities, securing of new projects and sharing of profits.
Group Managing Director of SCIB, Encik Rosland bin Othman

Executive Director of SCIB, Mr. Ku Chong Hong

Executive Director of Bintai Kinden, En. Azri Azerai


The MoU is a preliminary step the parties are taking as they explore a working relationship and cooperation to combine skills, expertise, capabilities, experience and collectively bid for projects in Malaysia and to set out the principal terms of the arrangement between the parties.

The JV vehicle to be used is SCIB's wholly-owned subsidiary, SCIB Infraworks Sdn. Bhd in which SCIB will retain a 51% stake in the JV while Bintai Kinden will subscribe to the remaining 49%. Bintai Kinden is a mechanical and electrical ("M&E") engineering services specialist listed on the Main Market of Bursa Malaysia, with unique combination of extensive regional experience and local knowledge.

Group Managing Director of SCIB, Encik Rosland bin Othman said, "We welcome this strategic alliance with Bintai Kinden as both parties can leverage each other's strengths and expertise that add value to any projects we are involved in together. SCIB's manufacturing arm, the leading precast concrete and Industrialised Building System products manufacturer in East Malaysia, is already supporting our construction arm in projects throughout the country."

"Our focus on small-to-mid-sized construction healthcare, educational and utility facilities as well as rural infrastructure projects together with investment in technology such as 3D printing and automation are also strengths that we can leverage on for the future JV projects."

Executive Director of SCIB, Mr. Ku Chong Hong said, "This JV brings together two teams with core expertise and knowledge in construction and engineering that will give an edge to projects undertaken together. We expect to see more infrastructure projects in the pipeline as Malaysia's construction sector gains momentum on the back of economic growth."

Executive Director of Bintai Kinden, En. Azri Azerai said, "We look forward to a fruitful partnership with SCIB as we seek opportunities together across the country. Bintai Kinden's core expertise is M&E services, and as a multi-disciplined building and industrial service engineers and specialists, we work in all the major market sectors, from commercial buildings to industrial complexes. We design, install and commission systems that include the full range of engineering services which we believe can complement the JV."

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/
Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

WEGE Secures Project to Construct Coordinating Ministry for Maritime and Investment Affairs Office Complex at IKN

JAKARTA, Feb 2, 2023 – (ACN Newswire) – PT Wijaya Karya Bangunan Gedung Tbk (WEGE) has secured another project at the new capital city (Ibu Kota Negara, IKN) in East Kalimantan to construct the office complex for the Coordinating Ministry for Maritime and Investment Affairs (Kementerian Koordinator Kemaritiman dan Investasi, Kemenkomarves). The project was valued at Rp745 billion. WEGE has previously secured a project to construct modular buildings to house construction workers at IKN, and its progress has reached 94%.

A highlight of the eight storey Kemenkomarves office is it features integrated Smart and Green Building concept.

Another highlight is that the construction of the Kemenkomarves Office will implement Building Information Modelling (BIM) technology. The Kemenkomarves Office is located at Sepaku, Penajam Paser Utara and will not be far from the IKN Presidential Office.

WEGE's scope of work in this project is design-build construction with a completion period of 660 working days. The Kemenkomarves office complex will cover an area of 24,274 square metres.

WEGE Carries Out Groundbreaking of BMKG State College that Applies Smart and Green Building Concept

WEGE held a groundbreaking ceremony of the Lecture and Laboratory Building (Centre of Excellence) for the departments of Meteorology, Climatology, Geophysics, and Instrumentation (MKGI) of the State College of Meteorology Climatology and Geophysics (STMKG) in Tangerang.

The groundbreaking ceremony was held on Monday (24/01) and attended by the Head of Meteorological, Climatological, and Geophysical Agency (BMKG), Dwikorita Karnawati; Head of STMKG, I Nyoman Sukanta; representative of the Tangerang City Government; President Director of WEGE, Hadian Pramudita; Director of QHSE and Marketing, Yulianto; and Director of Operations I, Bagus Tri Setyana.

"We hope that through Smart and Green Building concept, BMKG is contributing to reducing and controlling CO2 emissions," said the Head of BMKG, Dwikorita Karnawati in her speech.

WEGE was trusted by BMKG to construct the MKGI Lecture and Laboratory Building (Centre of Excellence) located at Jalan Meteorologi No. 5, Tanah Tinggi, Tangerang, Banten.

This modern campus with the Smart and Green Building concept is scheduled for completion in 350 calendar days or at the end of 2023. Construction of this BMKG state college implemented level 5D of BIM technology to support the acceleration, construction accuracy, and safety and security factors.

WEGE's scope of work in this project includes planning, preparation, structural work, architectural work, mechanical, electrical & plumbing (MEP) work, and landscaping.

This STMKG facility will be 39 metres high, consisting of eight floors and one basement level with a total building area of 31,540 square metres.

In addition to constructing a lecture building, there will be an MKGI Laboratory (Centre of Excellence) which targets the Excellent category in Green Building Certification.

This is one of BMKG's mega projects in training experts to support BMKG's duty in providing information on meteorology, climatology, geophysics, and air quality to the Indonesian people.

PT Wijaya Karya Bangunan Gedung Tbk [IDX: WEGE]

Contact:
Purba Yudha Tama
Corporate Secretary
PT Wijaya Karya Bangunan Gedung Tbk.
Mobile: 0813 1792 5577
Phone: +6221 85908862 / 85909003
Email: corsec@wikagedung.co.id

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

ACROMETA Group Appoints Veteran Investor Mr. Levin Lee as Executive Chairman

SINGAPORE, Feb 1, 2023 – (ACN Newswire) – ACROMETA Group Limited [SGX: 1CH1] today announced that with effect from 30 January 2023, it has appointed Mr Levin Lee Keng Weng as Executive Chairman and Director of the Board. Mr Lee brings with him a wealth of experience in business and an enviable track record in investing.

On the appointment of Levin as Executive Chairman, ACROMETA Chief Executive Officer and Executive Director Mr Lim Say Chin said, "Levin's experience, business network and financial resources will be beneficial to ACROMETA as we advance to capture growth opportunities in our controlled environments engineering business. He has an enviable track record in helping companies strategize to be future-ready and bring about optimization of their market valuation."

Mr Levin Lee said, "SMEs in Singapore with good potential are often neglected by investors who do not understand their business. As a result, such small caps are often overlooked and thus hampered in their operations through a lack of financial resources and a good business strategy. My role is not only to help ACROMETA in its business strategy and financials, but also to let the investing public understand the company's business and potential. The controlled environments engineering business is truly a future-ready business as the R&D and production processes of many industries in the future economy such as biotechnology, semi-conductors and renewable energy take place in controlled environments."

The appointment of Mr Lee as Executive Chairman is in accordance with corporate governance best practice that the post of Chief Executive Officer should be separate from that of Chairman of the Board.

Note on ACROMETA's Controlled Environments Engineering Business

ACROMEC Engineers Pte Ltd (ACROMEC) a wholly owned subsidiary of ACOMETA is one of the few companies in Singapore established in the field of Controlled Environments Engineering (CEE) where it designs and constructs facilities for companies that require a controlled physical environment for their production and processes. The ability to control physical variables such as temperature, air purity, humidity, and pressure in the product manufacturing space is a mission-critical requirement for new economy industries such as semiconductors, biotechnology and renewable energy. Examples of CCE include Semiconductor wafer fab production, biotechnology R&D laboratories, and animal-manure-to- energy pyrolysis chamber.

About ACROMETA Group Limited (SGX Stock Code: 1CH1)

ACROMETA (Previously known as ACROMEC Limited) is an established specialist engineering services provider with more than 25 years of experience in the field of controlled environments. The Group has over the years acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.

ACROMETA's business is divided into two main business segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.

The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA counts amongst its customers, hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies. The company has been listed on the Catalist board of the Singapore Exchange since 2016. For more information, please visit www.acrometa.com.

Media and Analysts Contact:
ACROMETA Limited
Mr Jerry Tan
Chief Financial Officer
Tel: +65 6415 0574
Email: jerry.tan@acromec.com

Waterbrooks Consultants Pte Ltd
Mr Wayne Koo
Tel: +65 6958 8008 / +65 9338 8166
Email: wayne.koo@waterbrooks.com.sg
Email: query@waterbrooks.com.sg

This media release has been reviewed by the Company's sponsor Evolve Capital Advisory Private Limited. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document. The contact person for the Sponsor is Mr Chua Hiang Hwee Jerry, 138 Robinson Road, #13-02 Oxley Tower, Singapore 068906, jerrychua@evolvecapitalasia.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCIB Enforces Rights to Withdraw from Project

KUCHING, MALAYSIA, Jan 27, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company has issued a letter of withdrawal to Kencana Healthcare Sdn. Bhd. (KHSB) for the proposed engineering, procurement, construction and commissioning (EPCC) contracts involving a specialist hospital project located in Johor Bahru.
Group MD and CEO of SCIB, Encik Rosland bin Othman


SCIB had accepted a letter of award from KHSB dated 13 August 2021 for EPCC contracts involving the capital equipment procurement as well as the leasing concession for the procurement, supply, installation, testing and commissioning of medical equipment. SCIB and KHSB have mutually agreed to the Company withdrawing from the project.

As part of the withdrawal from the project, KHSB will reimburse under a settlement agreement, the commitment fee amounting to RM1.65 million that SCIB had paid out in two tranches. The withdrawal from the contracts will not have any material effect on the gearing, earnings per share and net assets of the Company for the financial year ending 30 June 2023.

Group Managing Director of SCIB, Encik Rosland bin Othman said, "The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB's interests in mitigating the risks arising from the long delay or non-movement of project progress due to the uncertainties and inability to secure the necessary operator for the project. Additionally, this decision was made due to reviewing and updating our order book records to reflect the current situation."

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Aneka Jaringan Posts Revenue of RM53 Million in 1Q FY2023

KUALA LUMPUR, Jan 19, 2023 – (ACN Newswire) – Aneka Jaringan Holdings Berhad (Bursa: ANEKA, 0226), a basement and foundation construction specialist, today announced that the Group recorded a 26.92% gain in revenue to RM52.85 million for the first quarter ended 30 November 2022 (1Q FYE2023) compared with RM41.64 million in the corresponding quarter of the previous financial year (1Q FYE2022).
Managing Director of Aneka Jaringan, Pang Tse Fui


In the quarter under review, the Group registered a narrower loss after tax (LAT) of RM4.62 million compared with LAT of RM5.41 million in 1Q FYE2022. Gross loss decreased to RM0.95 million in 1Q FYE2023 compared with gross loss of RM2.88 million in 1Q FYE2022 on a decline in material costs.

Managing Director of Aneka Jaringan, Pang Tse Fui said, "The Group continues to assess and monitor risks while selectively tendering for projects. We have secured RM52 million in contracts in FYE2023 and we are also increasing capacity in Indonesia to leverage on the country's growing infrastructure needs while monitoring developments on the new Indonesian capital of Nusantara in which we believe would present us a lot of opportunities."

"Although we have seen material prices stabilized, it remains a concern along with energy and labour costs. China's relaxation of its zero-COVID policy and the reopening of its economy may mean volatile material prices as demand grows. To lower labour costs, the Group will be replacing its outsourced workers with newly recruited foreign workers as we have been granted a government quota of 150 workers."

Aneka Jaringan has an order book of RM145.73 million as of 31 October 2022, with Malaysian operations contributing RM138.97 million and Indonesian operations contributing RM6.76 million.

As of 31 October 2022, the Group's tender book stood at RM969.45 million, with tenders in Malaysia valued at RM873.85 million and tenders in Indonesia valued at RM95.60 million.

Aneka Jaringan Holdings Berhad: 226 [BURSA: ANEKA], http://www.anekajaringan.com/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCIB Proposes Private Placement to Raise Up to RM10.98 Million

KUCHING, MALAYSIA, Jan 11, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) is proposing a private placement to raise gross proceeds of up to approximately RM10.98 million for working capital, repayment of bank borrowings and estimated expenses for the proposed private placement.
Group MD and CEO of SCIB, Encik Rosland bin Othman


While the issue price and the actual number of shares to be issued will be determined later, under the maximum scenario in which all the Company's 245.18 million outstanding warrants are exercised, the proposed private placement will entail the issuance of up to 82.72 million placement shares at an indicative price of RM0.1327 per placement share to raise gross proceeds of up to approximately RM10.98 million. Under the minimum scenario, should none of the outstanding warrants be exercised, then gross proceeds raised will be RM7.72 million.

The proposed issuance represents not more than 10% of the issued shares as at the latest practicable date (LPD) of 30 December 2022 while the indicative price per share represents a discount of approximately 9.97% to the five-day volume weighted average market price of SCIB shares up to the LPD of RM0.1474. The proposed private placement may be implemented in several tranches within six months of approval from Bursa Securities Malaysia Berhad or any extended period approved by it until the conclusion of the next AGM.

The proposed private placement is undertaken in accordance with the approval obtained from the shareholders of the Company at the 46th AGM convened on 8 December 2022.

Sarawak Consolidated Industries Bhd: 9237 [BURSA: SCIB], http://scib.com.my

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Ventures into Digital Assets

PETALING JAYA, Malaysia, Jan 10, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is venturing in digital assets through wholly-owned subsidiary Bintai Trading Sdn Bhd (BTSB) as part of the Company's treasury management while taking into consideration longer-term needs in business expansion.
Executive Director of Bintai Kinden, En. Azri Azerai


As part of this initiative and to take into consideration the longer-term needs, BTSB has an account with a digital currency exchange licensed by the Securities Commission Malaysia.

Azri Azerai, Executive Director of Bintai Kinden said, "This is an opportune time to venture into digital assets as values across the board has fallen, especially among the main ones such as Bitcoin and Ethereum. We will devote a portion of our free cashflow for digital assets and will take a dollar-cost averaging approach when buying into them."

"This is also part of our treasury management as we need to ensure cashflow to manage our daily operations while taking into consideration our longer term needs and strategies involving the M&E business. We will continue to seek opportunities in Malaysia and neighbouring countries to expand."

According to Coinbase Global Inc.'s 2023 Crypto Market Outlook published in December 2022, a flight to quality among institutional investors; creative destruction that will eventually lead to new opportunities and; foundational reforms that usher in the next cycle, are the key themes for the year.

The Coinbase report noted that the coefficients that led to the high, positive correlation between Bitcoin and Ethereum versus US stocks have trended lower since May 2022 and expects investors to select higher-quality cryptocurrencies based on factors such as sustainable tokenomics, maturity of ecosystems and relative market liquidity.

A survey sponsored by Coinbase, the "2022 Institutional Investor Digital Assets Survey", conducted between September 21 and October 27, 2022 among 140 institutional participants, revealed that 53.6% expect cryptocurrency prices to remain range-bound over the next 12 months versus 29.3% who expect prices to trend lower while 7.9% expect prices to trend higher and 9.3% expressed no opinion on where prices will move.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Ching Lee Holdings (3728.HK) Wins in Adversity, Committed to Improving Cost Efficiency

HONG KONG, Jan 9, 2023 – (ACN Newswire) – Ching Lee Holdings Limited "Ching Lee" or "The Group" (stock code 3728.HK) recorded over 20% increase in gross profit in the latest interim results ended 30 September 2022 benefiting from the total reinforcement of cost control. The Group has successfully reversed to great profits from the adverse.

Ching Lee has always taken a prudent attitude toward the Group's operations, actively strengthening project cost control and saving administrative and operating expenses. Even during the difficult epidemic period, Ching Lee strives to fight against adversity and insists on bringing benefits to shareholders. This good result was driven by the concerted efforts of all employees.

The Group has awarded several high-quality superstructure construction projects since last year covering traditional luxury residential areas, including Prince Edward Road West in Homantin, Happy Valley, Central, and Mid-Levels on Hong Kong Island, etc. The accumulated unfinished contract value exceeds HK$1.9 billion. The value-added business is expected to have a considerable profit. Two large-scale projects in Stanley and Tsim Sha Tsui were completed in 2022 and other projects will be completed continuously.

The Group Chairman Mr. Ng Choi Wah, said: "As a general contractor in Hong Kong, the Group will continue to focus on its core business and contribute to the construction industry in Hong Kong. We are optimistic about the overall market demand. In addition, Hong Kong has relaxed the epidemic prevention policy. It is expected that another new scene will appear in the market."

Media enquiries:
New Smile Limited Strategic IR & PR Consultancy
Tel: +852 2126 7076
Jenny Lai jenny.lai@newsmilehk.com
Jenny Cheung jenny.cheung@newsmilehk.com
Richard Wong richard.wong@newsmilehk.com

Ching Lee Holdings Limited "Ching Lee" or "The Group"

Ching Lee Holdings Limited, a limited liability company incorporated under the laws of the Cayman Islands, is a contractor in Hong Kong with over 23 years of experience in public and private sectors. The principal activities of Ching Lee Holdings and its subsidiaries are the provision of construction and consultancy works and project management services in Hong Kong, engaged in providing substructure building works services, superstructure building works services, and repair, maintenance, alteration and addition (RMAA) works services. Ching Lee Holdings Limited was transferred from GEM board to the main board in HKEx on September 18, 2017 with stock code 3728.hk. Company website: http://www.chingleeholdings.com


Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com