Palladium One and MetalCorp Enter into Definitive Agreement for a Business Combination

TORONTO, ON, Mar 6, 2023 – (ACN Newswire) – Palladium One Mining Inc. (TSXV: PDM) (FSE: 7N11) (OTCQB: NKORF) ("Palladium One" or "PDM") and MetalCorp Limited (TSXV: MTC) ("MetalCorp" or "MTC") are pleased to announce a definitive agreement (the "Arrangement Agreement") for a business combination to be completed under a plan of arrangement. Palladium One has agreed pursuant to the Arrangement Agreement to acquire all of the issued and outstanding shares of MetalCorp by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Transaction"). Pursuant to the Transaction, MetalCorp shareholders ("MTC Shareholders") will receive, in exchange for each common share in the capital of MetalCorp (a "MTC Share") held, 0.30 (the "Exchange Ratio") of a common share in the capital of Palladium One (each whole share, a "PDM Share"). The Exchange Ratio implies a purchase price of C$0.026 per MTC Share, or gross consideration of C$3.3 million. The number of PDM shares to be issued on completion of the Transaction is approximately 38,703,051. Existing shareholders of PDM will hold approximately 88% of PDM immediately following completion of the Transaction, and the former MTC Shareholders will hold approximately 12% immediately following completion of the Transaction.

Figure 1. Location map of Ontario mineral properties. Red are Critical Mineral nickel-copper projects, yellow are gold projects.

"This transaction advances our strategy of creating value by responsibly, establishing a partnership with a senior producer and growing a portfolio of critical mineral assets in Canada in support of North American critical mineral supply chains, and it also increases liquidity," commented Derrick Weyrauch, Chief Executive Officer of PDM.

"We are pleased to be combining MetalCorp's business with Palladium One," commented Donald Sheldon, Chief Executive Officer of MTC. "Like MetalCorp, Palladium One has an excellent suite of properties including gold, PGEs, copper – nickel and a strong cash position. Based on the TSXV closing prices of each company on the day the agreement was signed, this transaction reflects a 28% premium for MetalCorp shareholders."

Transaction Highlights:

– PDM will maintain the earn-in agreement in favour of Barrick Gold Inc. ("Barrick"), on MetalCorp's Hemlo East Project adjacent to Barrick's producing Hemlo Gold Mine (>21 million ounces mined to date) and located 40 kilometers southwest of PDM's Tyko Project.

– MetalCorp's assets include two critical mineral projects located in Ontario, a Tier 1 mining jurisdiction (Figure 1):

— North Rock Copper – Nickel Project
—- Road accessible, permitted, exploration stage.
—- A historical resource estimate.

— Big Lake BL-14 Copper – Zinc – Gold – Silver VMS-style Project
—- Road accessible, exploration stage.

– MetalCorp's assets also include a royalty portfolio of five exploration stage mineral projects located in Ontario, the principal royalty being:

— Hemlo Annex Property (Barrick):
—- 2% NSR royalty.
—- 176 hectares between Barrick's Hemlo gold mine and the Hemlo East Project.

– The business combination strengthens the proforma cash position to approximately C$13 million as of December 31, 2022.

Upon completion of the Transaction, Palladium One will benefit from the following:

– Three district scale, road accessible massive sulphide, magmatic nickel – copper projects located in Tier 1 mining jurisdictions:

1. Tyko Nickel – Copper – Cobalt Project (30,000 hectares), Ontario Canada
— Extremely high tenor Massive Sulphides in a new untested Nickel District

2. CanAlask Nickel – Copper Project (3,400 hectares), Yukon Canada
— Large-scale ultramafic body with multiple high-grade nickel – copper – PGE showings.

3. KS Nickel – Copper – PGE Project (16,000 hectares), Finland
— Potential for extremely high tenor sulphide: ~ 3 oz per tonne precious metals, ~10% nickel and ~13% copper (based on 100% sulphide using metal tenors of the adjacent LK Project).

– LK Platinum-Group-Element (PGE) – Copper – Nickel Project in Finland
— National Instrument 43-101 compliant Mineral Resource Estimate (April 2022)

– North Rock Copper – Nickel Project (7,000 hectares), Ontario Canada
— Covers 20 kilometers of the Grassy Portage layered mafic intrusion and hosts four known zones of copper-nickel sulphide mineralization.

– Hemlo East Earn-in agreement with Barrick Gold Inc. ("Barrick" or "ABX")
— Hemlo East Project is adjacent to Barrick's producing Hemlo Gold Mine (>21 million ounces mined to date)
— Located 40 kilometers southwest of the Tyko Project (see details above).
— Earn-in agreement signed in November 2020.
— On November 26, 2021, MetalCorp announced that Barrick provided a notice of Force Majeure due to permitting delays resulting in Barrick's inability to meet the performance obligations under the earn-in agreement. Barrick is maintaining the claims in good standing.

– C$4.4 million of assessment credits from MetalCorp resulting in no cash servicing requirements for at least ten years on the North Rock Cu-Ni, Big Lake Cu-Au VMS and the Black Bear Au Projects.

Figure 1. Location map of Ontario mineral properties. Red are Critical Mineral nickel-copper projects, yellow are gold projects.
https://images.newsfilecorp.com/files/6502/157317_b4f6d06d940e39f9_001full.jpg

Transaction Details

The Transaction will be subject to the approval of at least 66 2/3% of the votes cast by MTC Shareholders, voting as a single class at a special meeting of the MTC Shareholders to be called to consider the Transaction, which is expected to be held near the end of April 2023 (the "Meeting"). In addition to the approval of the MTC Shareholders, the Transaction is also subject to the receipt of certain regulatory and court approvals, including the approvals of the TSX Venture Exchange ("TSXV"), and other closing conditions customary in transactions of this nature.

Pursuant to the Arrangement Agreement, unless otherwise excluded, all outstanding options exercisable into MTC Shares, which remain unexercised at the effective time of the Transaction, will be exchanged for options exercisable into PDM Shares at the Exchange Ratio.

Support for the Transaction

All directors and senior officers of MTC have entered into support and voting agreements with PDM, pursuant to which they have agreed to vote their MTC Shares, representing approximately 40% of the issued and outstanding MTC Shares, in favour of the Transaction. The board of directors of MTC has unanimously approved the Transaction.

Subject to certain conditions, including obtaining the requisite regulatory approvals, the Transaction is expected to close by the end of April 2023.

Further details of the Transaction are set out in the Arrangement Agreement and will be included in a management information circular of MetalCorp to be mailed in connection with the Meeting (the "Circular"). The Arrangement Agreement and Circular will be made available on SEDAR under the issuer profile of each of PDM and MTC at www.sedar.com.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.

Advisors and Counsel
Bennett Jones LLP is acting as Palladium One's legal advisor. Dickinson Wright LLP is acting as MetalCorp's legal advisor.

Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of Palladium One and a Qualified Person as defined by National Instrument 43-101.

About Palladium One
Palladium One Mining Inc. (TSXV: PDM) is focused on discovering environmentally and socially conscious Metals for Green Transportation. A Canadian mineral exploration and development company, Palladium One is targeting district scale, platinum-group-element (PGE)-copper-nickel deposits in Canada and Finland. The Lantinen Koillismaa (LK) Project in north-central Finland, is a PGE-copper-nickel project that has existing NI43-101 Mineral Resources, while both the Tyko and Canalask high-grade nickel-copper projects are located in Ontario and the Yukon, Canada, respectively. Follow Palladium One on LinkedIn, Twitter, and at www.palladiumoneinc.com.

About MetalCorp
MetalCorp is a mineral exploration company based in Thunder Bay, Ontario, with gold and base metal projects in the Canadian Shield of Northern Ontario, Canada, one of the most prolific mineral districts in the world. To find out more about MetalCorp visit its website at www.metalcorp.ca.

For further information, for Palladium, contact:
Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

For further information, for MetalCorp, contact:
Donald Sheldon, CEO
Email: info@metalcorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Palladium One Mining Inc. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Information set forth in this press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements contained in this press release include, without limitation, statements with respect to: any information as to the future financial or operating performance of Palladium One and MetalCorp, the completion of the Transaction, the expected synergies and benefits of the Transaction, the "Transaction Highlights", the future price of nickel, copper, gold, and cobalt, the estimation of mineral resources, costs and timing of the development of projects and new deposits, success of exploration, currency fluctuations, requirements for additional capital, government regulation of mining operations, and environmental risks. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, among others, risks associated with the results of shareholder and regulatory approvals for the Transaction, the integration of MetalCorp with Palladium One, the quality of the title of MetalCorp to its assets and the extent of any known, unknown or contingent liabilities of MetalCorp, the results of the exploration at the Hemlo East or North Rock Copper-Nickel Projects, the accuracy of mineral resource estimates; project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in palladium and other commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the absence of dividends; competition; dilution; the volatility of Palladium One and MetalCorp common share prices and volume; and tax consequences to Canadian and U.S. shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and neither MetalCorp nor Palladium One undertakes any obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157317

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

Society Pass Inc. (Nasdaq: SOPA)’s NusaTrip Continues Expansion in Southeast Asia (SEA), Extending Services to Vietnam

SINGAPORE, Mar 6, 2023 – (ACN Newswire) – NusaTrip, Indonesia's first IATA-certified online travel agency (OTA) and the travel vertical of Nasdaq-listed Society Pass Incorporated (SOPA), today announces the opening of an office in Ho Chi Minh City, Vietnam, representing its third SEA regional office outside of Jakarta, following the opening of its offices in Singapore and Manila earlier this year.

Post the Covid-19 pandemic, Vietnam reopened its doors to international travelers back in March 2022, and since then domestic tourism has seen a strong recovery, receiving about 4 million international travelers last year. According to ASEANFocus, 16 million international tourists and 80 million domestic travelers are projected to spend US$34 billion total travel revenue from 2024 to 2026. In addition, Civil Aviation Authority of Vietnam also expects a full travel recovery by December 2023 with around 34 million passengers from Vietnam expected to travel internationally, tripling the travel volume from 2022.

With the aim of increasing its service portfolio across SEA as well as boosting tourism in Vietnam, NusaTrip is well-positioned to grasp the huge market potential and serve additional communities in the region. NusaTrip regional offices focus on creating more variety of marketing initiatives and managing existing business relationships with airlines, hotels and tourism promotion board as partners.

NusaTrip CEO Johanes (Joe) Chang said, "The opening of our office in Vietnam reaffirms our commitment to bring the unparalleled travel experience to more customers in one of the fastest growing regions throughout SEA. NusaTrip will continue to enhance its service portfolio and innovate to cater to changing customer behaviors and fuel growth in the region. Considering the market potential, NusaTrip also plans to open more offices across SEA to bring customers an intimate and one-stop booking experience".

Leveraging the upbeat momentum of the travel and tourism industry post-COVID-19 pandemic, NusaTrip is striving to expand its service offerings in the travel market.

"We are beyond excited to welcome domestic and international travelers onboard our NusaTrip platform. With revenge travel in full swing, this additional choice for consumers is highly timely, especially for those who intend on visiting some of the 3,000 over beautiful islands in Vietnam. SEA is a dynamic and diverse engine of growth for NusaTrip. As recovery continues, we are optimistic towards the market in Vietnam", explained Ngo Thi Cham, Society Pass Vietnam Country Manager.

Last year, Society Pass acquired NusaTrip, a Jakarta-based online travel agency to foray into the travel business in SEA. The deal also marked SoPa's entry into Indonesia as well as to its growing ecosystem of technology-enabled companies located in Vietnam, Indonesia, Philippines, Singapore and Thailand.

About NusaTrip

Founded in 2013, NusaTrip is an IATA-licensed online travel agency that serves both local and global customers and partners by optimizing cutting-edge technology and providing 24/7 customer-centric support team-as-a-service. NusaTrip is now an integral member of Society Pass (Nasdaq: SoPa) ecosystem. For more information, please visit: https://www.nusatrip.com.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa's data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus relating to the Company's initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

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

Doubleview Provides Update on HAT Project 2021 and 2022 Drill Data

Vancouver, BC, Mar 3, 2023 – (ACN Newswire) – Doubleview Gold Corp. (TSXV: DBG) (OTCQB: DBLVF) (FSE: 1D4) ("Doubleview") is pleased to provide additional information regarding outstanding analytical information from its 2021 four drill-hole program that totalled 2,476 meters. Assay results will be released in the near future. Furthermore, analytical results from Doubleview's 2022 drill program that comprised 8 holes with total length 3,433 metres, are being received from the laboratory and will be released as soon as they have been compiled and verified. To date, Doubleview has drilled 51 holes at the HAT deposit totalling more than 20,750 meters.

The Company's robust quality assurance – quality control ("QA/QC") process, which among other things, tracks the chain of custody of drill samples, after many delays, in consultation with the independent assay lab, determined that some of the 2021 samples were lost. Although the entire transfer route from the property to the lab was re-evaluated and double-checked and to ensure that the samples were not simply mislaid or misdirected, the exact cause of the loss was not identified.

When 2022 property work began, missing core intervals were re-sampled by re-sawing the remaining half-cores. The replacement samples thus were quarter cores. The Company may consider re-drilling the drill holes in question at a future date but it has been determined that is not necessary at this point.

Following this serious failure of sample custody, the Company's QA/QC procedures were thoroughly reviewed and even further strengthened and were in effect during the 2022 drill program.

Quality Assurance & Quality Control

Hat Project drill core handling procedures were developed to ensure the integrity of data. Cores are delivered securely to a central processing facility where, after being photographed, weighed, measured and logged, they are halved by sawing with one half sent for analysis and one-half retained for future reference. Individual sample lengths vary and are based on geologic characteristics as determined by the on-site geologist. The stream of samples sent to the lab includes blank, duplicate and certified reference samples. Samples are bagged individually, weighed and placed in labelled rice bags for transfer to an ISO 17025 and ISO 9001 standards compliant analytical lab. The lab is independent of Doubleview and maintains rigorous internal monitoring procedures to ensure reliability of assay and analytical results.

Samples were analysed for gold by fire assay with atomic absorption finish 48 other elements by four acid digestion with ICP-MS finish.

Doubleview's 2022 drill program comprised of 8 drill holes totalling 3,433 meters. Analytical results are currently arriving from the laboratory and will be released as soon as they have been compiled and verified.

Qualified Persons:

Erik Ostensoe, P. Geo., a consulting geologist and Doubleview's Qualified Person with respect to the Hat Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical contents of this news release. He is not independent of Doubleview as he is a shareholder of the company.

About Doubleview Gold Corp

Doubleview Gold Corp., a mineral resource exploration and development company, is based in Vancouver, British Columbia, Canada, and is publicly traded on the TSX-Venture Exchange (TSXV: DBG), (OTCQB: DBLVF), (WKN: A1W038), (FSE: 1D4). Doubleview identifies, acquires and finances precious and base metal exploration projects in North America, particularly in British Columbia. Doubleview increases shareholder value through acquisition and exploration of quality gold, copper and silver properties and the application of advanced state-of-the-art exploration methods. The Company's portfolio of strategic properties provides diversification and mitigates investment risk.

On behalf of the Board of Directors,
Farshad Shirvani, President & Chief Executive Officer

For further information please contact:
Doubleview Gold Corp
Vancouver, BC
Farshad Shirvani, President & CEO
E: corporate@doubleview.ca

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Doubleview cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Doubleview's control. Such factors include, among other things: risks and uncertainties relating to Doubleview's limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Doubleview undertakes no obligation to publicly update or revise forward-looking information.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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

Sri Trang Agro-Industry Founder Somwang Sincharoenkul Passes on at 97

BANGKOK, Mar 3, 2023 – (ACN Newswire) – Mr. Somwang Sincharoenkul, founder of Sri Trang Agro-Industry PCL (STA), the parent company of Sri Trang Gloves (Thailand) (STGT), has passed away peacefully at his home in Trang province, Thailand, on 27 February 2023. He was 97.

Sri Trang Agro-Industry Founder Somwang Sincharoenkul Passes on at 97

A luminary in the Thai rubber industry, Mr Somwang founded STA in 1987, and was instrumental in establishing the strong foundations for the Group's growth. Under his visionary leadership, STA has grown from its early days as a producer of ribbed smoked sheets in Hat Yai, to become the world's leading fully integrated natural rubber company with approximately 7,200 hectares of rubber plantations across 19 provinces in Thailand. The Group is also the world's largest producer of midstream natural rubber products, technically specified rubber (TSR), ribbed smoked sheets (RSS) and concentrated latex. STA went public on the Stock Exchange of Thailand (SET) in 1991, and successfully sought a secondary listing on the Singapore Exchange (SGX) in 2011. It currently has a market capitalization of about THB39.55 billion (SGD1.51 billion).

STA marked its expansion into the glove production business with the establishment of STGT in 1989. STGT was listed on the SET and made its debut on the SGX in 2021. The company has a market capitalisation of about THB31.80 billion (SGD1.22 billion) and ranks among the world's largest producers of latex and nitrile gloves today.

Mr Somwang retired as Chairman of STA, and was succeeded by his son Dr Viyavood, in 2010. He continued to serve as Sri Trang Group's honorary advisor until 2023. Mr Somwang is survived by four children, 11 grandchildren and three great grandchildren.

Mr Somwang's casket is currently lying at Kuanwisade Temple in Thap Thiang Sub-district, Mueang District, Trang Province. The itinerary of the Merit Making, Abhidhamma Chanting and Cremation Ceremony is as follows:

28 Feb (Tuesday) 03.00pm Bathing ceremony Abhidhamma chanting ceremony
1 March (Wednesday) 07.00pm Abhidhamma chanting ceremony
2 March (Thursday) 07.00pm Abhidhamma chanting ceremony
3 March (Friday) 07.00pm Abhidhamma chanting ceremony
4 March (Friday) 07.00pm Abhidhamma chanting ceremony
5 March (Saturday) 10.00am Buddhist sermon,
10.30am Buddha's Mantra Chanting, Offering food to the monks for lunch
12.00pm Matika Chanting and Bangsukun Chanting;
01.00pm Body to be taken around the temple's crematorium

Released by Public Relations Dept., MT Multimedia Co., Ltd. for Sri Trang Agro-Industry PCL
For additional information, please contact: Wasana 'Jeab' Wongsiri
T: +66 84 359 0659, +66 2 612 2081 ext.131; E: wasana.w@mtmultimedia.com

Sri Trang Agro-Industry PCL (STA), https://www.sritranggroup.com/en/home
[SET: STA; STA-R; STA/F] [SGX: NC2; STA] [XTR: YTAA] [OTCPK: SRGPF]

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

CATALIST-listed AOXIN Q&M reports lower revenue of RMB 140m for full year ended 31 December 2022

SINGAPORE, Mar 3, 2023 – (ACN Newswire) – Catalist listed Aoxin Q&M Dental Limited, announced on 1 March 2023, a 12.8% lower revenue of RMB139.7 million for full year ended 31 December 2022 (FY2022). The Group reported a net loss after tax excluding impairment loss on investment in our associate of RMB7.3 million for FY2022, primarily due to the number of shutdowns from China's zero-Covid policy that was in place all the way up until 8 January 2023.

Dr. Shao Yongxin, Executive Director and Group Chief Executive Officer of Aoxin Q&M said, "Companies in China have had to face head-on, the challenges brought about by the COVID-19 pandemic and Aoxin is no exception. While we have recorded net loss after tax excluding impairment loss on investment in our associate of RMB7.3 million for FY2022, we are optimistic about the company's prospects for 2023 now that China has moved from its zero-Covid stance to a "living with Covid" one. Aoxin's primary healthcare sector has been resilient and we are well-positioned and prepared to ride the wave as the economy recovers in step with the entire country opening up."

In addition, "Indeed, 2022 will go down as one of the most challenging years in recent history for companies operating in China, as cities and entire provinces were closed and sealed with little to no advance warning for days and sometimes weeks. Aoxin was certainly not spared and in fact, the number of days of shutdown for the Group's hospitals and polyclinics amounted to some 844 business days in total. This includes days when some clinics could not operate because a substantial number of dentists and nurses were down with Covid themselves. Throughout this time, we have been extremely prudent in maintaining cost discipline, reducing some of our liabilities and look forward to strongly ride on the recovery in the coming year."

Revenue

The Group's revenue was lower by RMB20.5 million or 12.8% from RMB160.2 million for the financial year ended 31 December 2021 (FY2021) to RMB139.7 million for the financial year ended 31 December 2022 (FY2022). The lower revenue was largely due to the resurgence of Covid-19 in Liaoning Province, PRC in the second and fourth quarters of 2022 which affected all business segments of the Group.

Revenue from primary healthcare segment was lower by 7.3% from RMB93.9 million in FY2021 to RMB87.0 million in FY2022. This decrease was largely due to the temporary closure of our hospitals as instructed by the local authorities, and a decrease in number of patients visiting dental polyclinics due to dental services being classified as a non-essential service.

Revenue from distribution of dental equipment and supplies segment was lower by 22.0% or RMB11.1 million from RMB50.4 million in FY2021 to RMB39.3 million in FY2022. The lower revenue was largely due to lower demand for dental equipment from government hospitals due to lesser government tenders obtained in the six months ended 30 June 2022, partially offset by a slight increase in demand as a result of contracts secured during the six months ended 31 December 2022 (2H2022). The supply of dental equipment was also impacted by supply chain disruption as a result of Covid-19.

Revenue from laboratory services segment decreased by 15.5% from RMB15.9 million in FY2021 to RMB13.4 million in FY2022 due to decrease in demand from government dental hospitals largely due to the temporary closures.

Other income and gains were lower by 8.3% or RMB0.2 million from RMB2.9 million in FY2021 to RMB2.7 million in FY2022 mainly due to lower profit guarantees from vendors of acquired subsidiaries. However, the lower income and gains were partially offset by the higher government grant and rental discount.

Net Loss (Excluding one off impairment loss on investment in associate)

The Group's net loss remained at RMB7.3 million for FY2022 and FY2021. The net loss of RMB7.3 million for FY2022 included tax credit of RMB5.1 million and partially offset by increase in operation loss which was largely attributable to (i) reduction in revenue by RMB20.5 million, (ii) higher % of staff costs to revenue due to regulatory increase of social insurance contributions resulting in an increase of the contribution rate, and (iii) higher unrealised foreign exchange loss arising from the translation of Singapore Dollars denominated balances to Renminbi.

Dr. Shao Yongxin added, "Our long-term growth trajectory remains intact and we will work hard to execute the strategic plans for the Group, as well as increase the revenue of our hospitals and clinics by maximising our cost efficiency of our operations."

Dr. Ong Siew Hwa, Chief Executive Officer & Chief Scientist of Acumen and Executive Director of Aoxin Q&M added, "Acumen Diagnostics Pte Ltd ("Acumen"), will continue to progressively roll out its pipeline of new non-Covid PCR Tests. These includes the test for sepsis, identification of bacteria pathogens and their associated antimicrobial resistance in hospitalised pneumonia, as well as colorectal cancer screening and pharmacogenomics. Our colorectal cancer screening is already offered by medical practitioners to patients.

In addition, Acumen had been awarded the tender for the operation of a Joint Testing and Vaccination Centre by the Singapore Ministry of Health. The award is for a period of 15-month and expected to contribute at least S$3.6 million to Acumen's revenue during the contract period."

Looking Forward

Aoxin's FY2022 results reflects the significant impact of the Covid lockdowns in China to the Group's overall revenue. With the opening up of the entire country, the business climate and overall economy in the PRC is expected to turn positive and we thus look forward to the Group's revenue to correspondingly improve substantially.

Building on its strong fundamentals and strength, our Group's homegrown medical associate company, Acumen will ramp up on the implementation of its portfolio of non-Covid PCR tests in 2023.

The Group will continue to focus on disciplined management of operating expenditures, costs and capital expenditures. The Group will continue to closely monitor its expenses and maximise cost efficiency for all its operations. In addition, the Group is considering a potential fund raising exercise within the next 12 months.

Barring any unforeseen circumstances in the year ahead, we expect operations to gradually improve in 2023 as China opens up and the economy recovers. We do not foresee at this point in time, any known factors or events that may adversely affect the Group in the next 12 months.

This media release is to be read in conjunction with the Group's announcement posted on SGXNET on 1 March 2023.
See https://links.sgx.com/1.0.0/corporate-announcements/SFUGJHC6YKNDTSVE/ce5b8462fc6d4eecd12bf30dac451fa755d625f08f9518e56256861b61b113f3

This announcement has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (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 Ms. Lim Hui Ling, 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, sponsorship@ppcf.com.sg

About Aoxin Q&M Dental Group Limited (Stock Code: 1D4.SI) www.aoxinqm.com.sg

Aoxin Q&M Dental Group Limited ("Aoxin Q&M" or together with its subsidiaries, the "Group") is a leading provider of private dental services in the Liaoning Province, Northern People's Republic of China ("PRC"). The Group operates 16 dental centres, comprising 10 dental polyclinics and 6 dental hospitals, located across 8 cities in Liaoning Province, namely Shenyang, Huludao, Panjin, Gaizhou, Zhuanghe, Jinzhou, Dalian and Anshan.

A majority of the dental centres are accredited as Designated Medical Institutions of Medical Insurance. Additionally, the Group is engaged in the provision of dental laboratory services, as well as the distribution and sale of dental equipment and supplies in the Liaoning, Heilongjiang and Jilin Provinces in Northern PRC.

Aoxin Q&M was listed on the Catalist board of the Singapore Exchange Securities Trading Limited on 26 April 2017.

Media and Analysts please contact the below for more information:
Waterbrooks Consultants Pte. Ltd.
+65 6958 8008, query@waterbrooks.com.sg
Wayne Koo (M): +65 9338 8166, wayne.koo@waterbrooks.com.sg
Derek Yeo (M): +65 9791 4707, derek@waterbrooks.com.sg

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

SCIB Awarded RM20.65 million Project to Rebuild School

KUCHING, MALAYSIA, Mar 2, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Group's wholly-owned subsidiary, SCIB Industrialised Building System Sdn. Bhd., has secured an engineering, procurement, construction, and commissioning (EPCC) contract from Jabatan Kerja Raya Sarawak (JKR) valued at RM20.65 million for the rebuilding of Sekolah Daif in Tebedu, Serian.

En. Rosland bin Othman, Group Managing Director and Chief Executive Officer of SCIB

The contract has a duration of 24 months and comes under the third phase of the Sarawak government's RM1 billion allocation for dilapidated schools.

Rosland bin Othman, Group MD and CEO of SCIB (Link) Group Managing Director of SCIB, Encik Rosland bin Othman said, "This project from JKR is part of the nationwide programme to rebuild or renovate dilapidated schools, especially in rural areas where children already face challenges from lack of infrastructure. The Group's construction arm has lots of experience in operating EPCC projects while our background as a specialist in small-to-mid-sized rural infrastructure works covering roads to schools and hospitals ensures that we are well-versed in projects of this nature."

"The Group will continue to seek projects where we can leverage our expertise as the leading precast concrete and IBS manufacturer in East Malaysia. There are opportunities for us under the recently re-tabled Budget 2023, in which Sarawak was allocated RM5.6 billion and Sabah allocated RM6.5 billion. We also note with interest the RM920 million set aside for dilapidated schools in both states."

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

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

Q&M reports lower full year profits due to impairments and decrease in Covid-19 related revenue

SINGAPORE, Mar 2, 2023 – (ACN Newswire) – Mainboard-listed Q&M Dental Group (Singapore) Limited today reported total revenue of S$181.2 million, and profit after tax attributable to parent (PATMI) of S$11.3 million for the twelve months ended 31 December 2022 (FY2022). The Group Earnings before interest, tax, depreciation, amortisation (EBITDA) for FY2022 was S$35.2 million.

For FY2022, Core Healthcare revenue increased 2% to S$172.1 million and Core Healthcare EBITDA increased by 6% to S$39.5 million.

For the Other Business segment, revenue contributions from the Group's medical laboratory business dropped very significantly with demand for COVID-19 testing now reduced to a very small group, following the government eliminating all tests for locals and foreign visitors to Singapore.

As at 31 December 2022, the Group's financial position remains strong with Net Assets of S$96.5 million, as well as cash and cash equivalents of S$39.7 million. Bank borrowings plus finance leases amounted to S$85.1 million.

The Group declares a second interim dividend of 0.6 Singapore cent per ordinary share for 4Q2022. Together with the 0.4 Singapore cent dividend paid out for 1Q2022, the total dividends for FY2022 work out to 1.0 Singapore cent. The 4Q2022 dividend will be paid on 24 March 2023.

Q&M Chief Executive Officer Dr Ng Chin Siau said, "We are pleased to note that our Core Healthcare Business has continued to demonstrate strong resilience and is well-positioned to grow in the coming year.

We are heartened by the fact that the Core Healthcare's Revenue and EBITDA compound annual growth rate (CAGR) for the last 5 years (FY2018 to FY2022) are 9% and 26% respectively. We believe that with the strategies that we are implementing, this will continue to be the case.

The Group had been very nimble in the Covid-19 period, treating and reacting to threats as opportunities with resulting outstanding results. As we transition to a "living with COVID-19" stance now, long term growth will be driven by improved utilisation of our professional staff, optimising the use of clinics and improving margins. The key to this approach is continuing training and upgrading of our dentists and professional assistants and use of technologies. The Group is very well placed to implement these strategies with the Q&M College of Dentistry, our investments in technologies and an experienced management team, which has led the exponential expansion of our core businesses. "

Dr Ng continued, "We see the future of dentistry lying in combining the dentist's domain expertise and valuable experience with data-centric analysis to generate objective and highly accurate dental healthcare plans that are specifically tailored to individual needs.

With the above in mind, we will continue to prioritise in investing in our people as they are the bedrock upon which our long term success lies. Whether frontline or behind the scenes, they play a vital role in ensuring that we deliver the best dental healthcare to our patients, every single day."

4Q2022 Core Business Healthcare- Financial Performance

Revenue from Core Healthcare Business continues to inch up to S$46.2 million for the three months ended 31 December 2022 (4Q2022) mainly due to the organic growth of dental clinics (See Table 1). The Group added a net 10 dental clinics in Singapore and net 6 dental clinics in Malaysia the last 12 months.

Over the last 4 consecutive quarters ie 4Q2022 vs 1Q2022, 2Q2022 and 3Q2022, Core Healthcare Business grew between 9% and 12%. (See Table 2 above)

Operational Update and Recent Developments

The Group currently operates a total of 152 dental clinics, of which 107 are located in Singapore, 44 in Malaysia and 1 in PRC China. (See Table 3 above)

1. Dental Operations (Singapore and Malaysia)

The Group is initiating a strategy of intensive organic growth of dental clinics and will expand its team of dentists to support the future growth of its operations in Singapore. We will continue to develop, invest and optimise our digital guided clinical decision support system to provide the most effective and suitable treatment plans for our patients.

With rising standards of living and higher expectations of dental healthcare in Singapore, the Group believes it is well-positioned to meet the rising demand for primary and high-value specialist dental healthcare services for its patients.

In Malaysia, the Group operates 44 clinics with 16 dental clinics in Johor, 9 in Kuala Lumpur, 12 in Selangor, 4 in Melaka and 3 in Negeri Sembilan. The eventual number of dental outlets will depend on available opportunities and pertinent market conditions. The increasingly tight labour market is a limiting factor.

2. Dental Operations (People's Republic of China (PRC))

The main thrust of the Group's proposed expansion in PRC is through organic growth to develop a new and sustainable growth pillar that can yield long term value for the Group.

The Group is also actively exploring opportunities to expand its dental business to Southeast Asian countries at this time.

Strengthening Capabilities, Fortifying Relationships, Building Futures

Q&M has firmly committed to keep the business on a steady growth path that is always forward looking, sustainable yet firmly anchored in the Company's philosophy.

1. Expansion of network of dental clinics in Singapore, Malaysia and Southeast Asia and China

The Group is continuously looking for opportunities to expand its dental business to Southeast Asian countries with an emphasis on utilisation and optimisation of existing clinics, and only opening new clinics where appropriate and meets the overall strategic objectives of the Company.

2. Medical Laboratory

The Group's medical laboratory will continue to progressively roll out its pipeline of new PCR tests for various purposes. These include the tests for sepsis, identification of bacteria pathogens and their associated antimicrobial resistance in hospitalised pneumonia, as well as colorectal cancer screening and pharmacogenomics.

Looking Forward

Barring any unforeseen circumstances, there are no known significant changes in the trends and competitive conditions of the industry in which the Group operates and no other major known factors or events that may adversely affect the Group in the next reporting period and the next 12 months. However, the Group and the industry is impacted by increased manpower and occupancy costs, as well as shortage of and competition for trained nurses.

[1] Core Healthcare Business excludes contributions from the Group's medical laboratory, share of profit from disposal of associate, Aidite, other gains, other losses and expenses incurred on the development of the Group's digital Artificial Intelligence (AI) guided clinical decision support system as well as rental rebates received from the Singapore Government.

Please see links for PDF documents from SGXNET.
Financial Results: https://links.sgx.com/FileOpen/QnM_4Q_2022_Announcement.ashx?App=Announcement&FileID=748726
Press Release: https://links.sgx.com/FileOpen/QnM_PR_FY2022.ashx?App=Announcement&FileID=748727

About Q&M Dental Group (Singapore) Limited (QC7.SI)

Q&M Dental Group (Singapore) Limited (QC7.SI) ("Q&M" or together with its subsidiaries, the "Group") is a leading private dental healthcare group in Asia.

The Group owns the largest network of private dental outlets in Singapore, operating 107 dental outlets across the country. Underpinned by about 270 experienced dentists and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.

Outside of Singapore, the Group has 44 dental clinics and a dental supplies and equipment distribution company in Malaysia, as well as a dental clinic in the People's Republic of China (PRC). Q&M is also the substantial shareholder of Aoxin Q&M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange that operates dental clinics and hospitals primarily in the north-eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within the ASEAN region.

The Q&M College of Dentistry was established in 2019 to offer postgraduate dental education as part of its commitment to continual education and professional development of dentists. It offers Singapore's first private postgraduate diploma programme in clinical dentistry.

In 2020, the Group expanded into the medical laboratories and research industry with the strategic investment into Acumen Diagnostics Pte. Ltd. (Acumen). Acumen currently focuses on the manufacture, sale and distribution of COVID-19 diagnostic test kits, as well as COVID-19 testing. It is also working to roll out a pipeline of new tests, including PCR assays for dengue, sepsis and, identification of bacterial pathogens and their associated antibiotics resistance in pneumonia and bloodstream infections.

The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 26 November 2009. For more information on the Group, please visit www.QandMDental.com.sg

For more information, please contact:
Waterbrooks Consultants Pte Ltd
Wayne Koo: wayne.koo@waterbrooks.com.sg, +65 9338-8166
Derek Yeo: derek@waterbrooks.com.sg, +65 9791-4707
General: query@waterbrooks.com.sg, +65 9690-4959

Proud Investor Relations partner: https://www.waterbrooks.com.sg/ and https://www.shareinvestorholdings.com/

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

Twin Hong Kong International Jewellery Shows Open Today as a New Round of Trade Fairs since Return to Normalcy

HONG KONG, Mar 1, 2023 – (ACN Newswire) – Social distancing measures came to an end, as the mask mandate was officially lifted today, expediting the recovery of business activities between Hong Kong, Mainland China and the rest of the world.

The 39th Hong Kong International Jewellery Show and the 9th Hong Kong International Diamond, Gem & Pearl Show, organised by the Hong Kong Trade Development Council, open today at the Hong Kong Convention and Exhibition Centre in Wan Chai.

The Hon Cheuk Wing-hing, Deputy Chief Secretary for Administration of HKSAR (front row, 5th from L) ; Dr Peter K N Lam, HKTDC Chairman (front row, 6th from L); Margaret Fong, HKTDC Executive Director (front row, 7th from L) and guests attend the opening ceremony of the 39th Hong Kong International Jewellery Show and the 9th Hong Kong International Diamond, Gem & Pearl Show.

The Hong Kong International Diamond, Gem & Pearl Show offers a wide range of raw materials for jewellery and treasures

The 39th Hong Kong International Jewellery Show and the 9th Hong Kong International Diamond, Gem & Pearl Show, organised by the Hong Kong Trade Development Council (HKTDC), are the first major trade fairs being held at the Hong Kong Convention and Exhibition Centre in Wan Chai after the territory returns to normalcy. The twin shows run from today until 5 March.

The opening ceremony of the twin jewellery shows was held this morning with Deputy Chief Secretary for Administration, The Hon CHEUK Wing-hing, GBS, JP, as the guest of honour. Speaking at the ceremony, Mr Lawrence Ma, Chairman of the Fairs' Organising Committee, said: "The twin jewellery shows are the first major international trade event since the complete lifting of anti-epidemic measures, projecting a gradual recovery of economy and trade between Hong Kong, the Mainland and the rest of the world. I hope the shows will create more business deals and collaboration opportunities for global exhibitors."

Keen participation from the Mainland and overseas exhibitors

With the global economy moving towards normalcy, both mainland and overseas exhibitors are enthusiastic to participate in this year's shows, with over 2,500 exhibitors from 36 countries and regions. The HKTDC has also organised 100 buying missions from 70 countries and regions. A total of 20 pavilions have been set up – including those from the mainland, Taiwan, Japan, Korea, Singapore, Sri Lanka, Thailand, India, Turkey, Israel, Germany, Italy, Belgium, Brazil, Colombia and the United States.

Renowned jewellery industry organisations, such as the Asia Pacific Creator Association, International Colored Gemstone Association, Tanzanite Foundation and T-GOLD+METS Pavilion – co-organised by the Hong Kong Jewellery & Jade Manufacturers Association and the Italian Exhibition Group – also return, signalling the confidence of international companies in Hong Kong as a business platform.

Seventeen themed zones gather world-class jewellers

Exhibitors value the first trade fairs after the pandemic and bring a wide range of valuable and unique jewellery items to both shows. This year's Hong Kong International Jewellery Show features 17 themed zones, including the Hall of the Extraordinary, Hall of Fame, Designer Galleria and World of Glamour, which showcases jewellery from local brands. A number of jewellers present high quality and distinct jewellery, including an exquisite jadeite bead necklace (On Tung Company, booth no: GH-C10); a classic elegant Burmese ruby ring (Fai Dee Limited, booth no: GH-C31); and a uniquely-crafted zodaria bracelet, a panther-shaped diamond bracelet in gold (Nico Juliany SL, booth no: GH-G03).

Also featured at the show is the 21st Hong Kong Jewellery Design Competition Open Group award-winning pendant in 18K gold, diamonds, rubies and sapphires (Charente Fine Jewelry, booth no: 1CON-008). Additionally, a Korean exhibitor has brought along a magnificent brooch inspired by the natural bracken plants of Jeju Island (Gina Fine Jewelry Creator, booth no: 1CON-024), highlighting the refined, beautiful wares with sophisticated craftsmanship.

The Hong Kong International Diamond, Gem & Pearl Show, held at the same time as the Jewellery Show, showcases the finest diamonds and pearls as well as quality gemstones and raw materials for jewellery from various origins in the Hall of Fine Diamond, Treasures of Nature and Treasures of Ocean. The show features natural coloured diamonds with cushion, oval pear, heart cuts and premium black opals from the Lightning Ridge in northern New South Wales, Australia; drop-shaped and hole-drilled emeralds; Canadian Ammonite and Ammolite; Mexican fire opals and various pearl products.

Various seminars and forums to facilitate business exchange

A number of seminars, forums and parades will be held during the twin jewellery shows to facilitate networking and keep participants abreast of the latest industry trends. These include a seminar titled "Hong Kong Jewellery Industry Shines over the World" and a buyer forum on "Updated Market Trend of Jewellery Market in ASEAN Markets" tomorrow (2 March). There will also be seminars on "Ammolite – A 71 Million-Year Natural Treasure only from Alberta, Canada" (3 March) and "Jewellery Industry: Go Smart and Green" (4 March) and more.

The results of the 24th Hong Kong Jewellery Design Competition – which aims to raise the standard and quality of jewellery design, and to cultivate local creative talents – have been recently announced. The winning entries are currently displayed outside Hall 1E.

Twin jewellery shows run under the EXHIBITION+ online and offline hybrid model

As the pandemic accelerated the adoption of e-commerce, jewellery retailers are increasingly using social media and e-platforms to promote their brands and expand sales channels. To help companies adapt to the new normal, the HKTDC's EXHIBITION+ hybrid model combines physical fairs, the Click2Match smart business-matching platform, online-to-offline seminars and forums (Intelligence Hub), and the hktdc.com Sourcing platform. EXHIBITION+ extends face-to-face interaction and promotion activities from physical exhibitions to online.

The Click2Match smart business-matching platform for both jewellery shows is accessible from 1 to 12 March, allowing both buyers and sellers an extended period to meet online beyond the physical fairs to facilitate further collaboration.

Websites:
– Hong Kong International Jewellery Show: https://www.hktdc.com/event/hkjewellery/en
– Hong Kong International Diamond, Gem & Pearl Show: https://www.hktdc.com/event/hkdgp/en
– Activities Schedule: https://www.hktdc.com/event/hkjewellery/en/intelligence-hub
– HKTDC Media Room: https://mediaroom.hktdc.com/en
– Photos download: https://bit.ly/3YffTnk

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC's Communications & Public Affairs Department:
Janet Chan, Tel: +852 2584 4369, Email: janet.ch.chan@hktdc.org
Frankie Leung, Tel: +852 2584 4298, Email: frankie.cy.leung@hktdc.org

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

Deloitte opens Innovation & Assets Development Center at Hong Kong Science Park and will invest over HKD200m to support Hong Kong’s I&T goals

HONG KONG, CHINA, Mar 1, 2023 – (ACN Newswire) – Deloitte China opened its Innovation & Assets Development Center (the Center) today at Hong Kong Science Park (the Park). The opening ceremony attracted more than 100 guests and was led by Deloitte China CEO Patrick Tsang, who welcomed senior officials including:

— Michael Wong Wai-lun, Deputy Financial Secretary of the Government of the Hong Kong Special Administrative Region

— President of the Legislative Council, Andrew Leung Kwan-yuen

— Chairman of New Territories Heung Yee Kuk, Kenneth Lau Ip-keung

— Under Secretary for Innovation, Technology, and Industry of the Government of the Hong Kong Special Administrative Region, Lillian Cheong Man-Lei

— Deputy Director-General of the Department of Administration and Finance of the Liaison Office of the Central People's Government, Li Xuhong

Occupying a full floor at the Park, the Innovation & Assets Development Center is a unique, digital-focused service hub that reinforces Deloitte's commitment to the HKSAR Government's Innovation & Technology (I&T) Development Blueprint to drive Hong Kong's development as an international I&T powerhouse.
( https://www.itib.gov.hk/en/publications/I&T%20Blueprint%20Book_EN_single_Digital.pdf )

The Center will provide unprecedented proximity and access to Deloitte China's multidisciplinary model professional services (MDM) and INspire HK integrated value propositions (IVPs) in Digital, M&A, Sustainability, Smart City, and ONEinsurance to more than 1,200 technology companies and over 12,000 R&D practitioners at the Park, which is operated by Hong Kong Science & Technology Parks Corporation (HKSTP).

It will enable Deloitte to provide faster, more direct access to the firm's well-established global collaboration, investor networking, and commercialization support.

"The Digital, Sustainability, and Smart City IVPs of our INspire HK program are pivotal to Hong Kong's development as a global I&T center – a goal that the HKSAR government, HKSTP, and Deloitte all share. With this in mind, we aim to invest more than HKD200 million in this Center, including I&T initiatives and talent development, and to double our Hong Kong Deloitte Digital headcount to more than 1,000 tech and digital professionals by 2025" says Deloitte China CEO Patrick Tsang.

"We are proud to establish in Hong Kong our first dedicated Innovation & Assets Development Center at the Park. This will support I&T development in Hong Kong through ecosystem collaboration and be a base for investment in assets development for Deloitte to retain undisputed leadership in professional services and make an impact that matters for I&T development in Hong Kong."

In addition, the Center will accelerate commercialization and impactful innovation by our strategic alliances and partners and help local start-ups to accelerate business growth within the Greater Bay Area (GBA) and beyond, Patrick adds.

Dr Sunny Chai, Chairman of HKSTP, says, "I am delighted to welcome Deloitte into our vibrant ecosystem at the Science Park. The addition of such a world-class firm is a sign of strength for Hong Kong's thriving innovation scene and proof of the city's allure as a magnet for global tech talent.

"Deloitte's extensive industry knowledge and international business network, together with the state-of-the-art incubation support of HKSTP, will provide a powerful collaborative platform to accelerate the digital transformation of industries. Hong Kong is ready to open its doors. We stand ready to seize golden opportunities at a time when I&T is a key engine of global economic growth."

Deloitte China is committed to enhancing Hong Kong's status as a fundraising hub and springboard to international expansion for I&T ventures. The Innovation & Assets Development Center will promote Hong Kong's reputation as a destination of choice for international I&T companies seeking to enter the GBA and other Asian markets.

Furthermore, Deloitte China's Innovation & Assets Development Center demonstrates the firm's commitment to investing in its talent by expanding its presence with a spacious digital hub at the Park, where Deloitters can network and collaborate with groundbreaking I&T companies. With the recent launch of the firm's refreshed Employee Value Proposition – Shaping future talent through impact that matters – the firm will continue to focus on and invest in the four key differentiated attributes of Development, Caring, Happiness, and Inclusion.

The Innovation & Assets Development Center will further enhance not only our Deloitters' career journeys as an inspiring hub for talent development, but also contribute to talent development in Hong Kong via internship arrangements with regional universities and the INspire HK: Future Ready Talent program.

About Deloitte China

Deloitte China provides integrated professional services, with our long-term commitment to be a leading contributor to China's reform, opening-up and economic development. We are a globally connected and deeply locally-rooted firm, owned by its partners in China. With over 20,000 professionals across 30 Chinese cities, we provide our clients with a one-stop shop offering world-leading audit & assurance, consulting, financial advisory, risk advisory, business advisory and tax services.

We serve with integrity, uphold quality and strive to innovate. With our professional excellence, insight across industries, and intelligent technology solutions, we help clients and partners from many sectors seize opportunities, tackle challenges and attain world-class, high-quality development goals.

The Deloitte brand originated in 1845, and its name in Chinese denotes integrity, diligence and excellence. Deloitte's professional network of member firms now spans more than 150 countries and territories. Through our mission to make an impact that matters, we help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients.

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region.

Please see www.deloitte.com/about to learn more.

Disclaimer

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms or their related entities (collectively, the "Deloitte organization") is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.

No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.

2023. For more information, please contact Deloitte China.

Contact: Ashley Leung
Tel: +852 2109 5261
Email: asleung@deloitte.com.hk

Contact: Lyanna Chan
Tel: +852 2238 7111
Email: lyachan@deloitte.com.hk

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

Leon Fuat Records Revenue of RM1.03 Billion for the FY2022

SHAH ALAM, Malaysia, Feb 28, 2023 – (ACN Newswire) – LEON FUAT BERHAD, a manufacturer and trader of steel products specialising in rolled long and flat steel, today announced that the Group reported a 15.6% increase in revenue to RM1.03 billion for the financial year ended 31 December 2022 (FY2022) compared with RM886.58 million recorded for the preceding financial year (FY2021).

Calvin Ooi Shang How, Executive Director of Leon Fuat

For the financial year under review, the Group reported a profit before tax (PBT) of RM36.92 million, a 78.6% decrease compared with RM172.85 million for the FY2021. For the FY2022, the Group registered profit after tax (PAT) of RM29.54 million, a 78.3% decrease compared with RM135.98 million for the FY2021.

The Group reported revenue of RM238.15 million for the fourth quarter ended 31 December 2022 (Q4FY2022), which is a 6.3% decrease compared with RM254.21 million reported for the corresponding quarter of the preceding financial year (Q4FY2021).

For the Q4FY2022, the Group recorded a loss before tax of RM7.49 million compared with PBT of RM38.61 million registered for the Q4FY2021 while a net loss of RM5.14 million was reported for the Q4FY2022 as compared with PAT of RM29.09 million recorded for the Q4FY2021.

For the quarter under review, the trading segment contributed 32.7% to revenue while the processing segment contributed 67.2%.

Calvin Ooi Shang How, Executive Director of Leon Fuat said, "While there was an increase in revenue for the FY2022 attributable to the increase in revenue for both the trading and processing segments of the Group, the gross profit margin decreased by approximately 14.8 percentage points compared to the FY2021 and that has had an impact on the Group's overall gross profit (GP), which decreased 58.8% to RM91.26 million. The overall GP was also affected by inventories written down of RM12.93 million compared with RM0.37 million for the FY2021 as certain inventories were measured at its estimated net realisable value."

"The Group will continue to expand market reach leveraging on its diversified customer base comprising small-medium enterprises (SMEs) across various industries. We remain cautious on the outlook for 2023 despite the domestic economy's growth momentum in 2022 as exports face headwinds while the operating landscape continues to be impacted by inflationary pressure and a weak ringgit, which also affect SMEs. We will continue to take the necessary proactive measures to enhance productivity and efficiency of our operations."

Leon Fuat Berhad: [BURSA: LEFU] , https://www.leonfuat.com.my/

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