Kitchen Culture: Business Update on Outstanding Legacy Issues and Strategy to Move Forward

SINGAPORE, Aug 7, 2023 – (ACN Newswire) – The Board of Directors (the "Board") of Kitchen Culture Holdings Ltd. (the "Company" or "Kitchen Culture") hereby provides an interim update to lay out the legacy issues facing the Company that the Board has addressed or is currently addressing, as well as to provide shareholders with full transparency on how the Board intends to navigate the path forward.

The list of legacy issues that fell to the new Board upon handover from the previous Board on 26 June 2023 include the following:

a. the Company's cash balances were so low that that meeting its daily operating expenses has posed significant challenges;

b. the previous Board had informed the new Board that outstanding liabilities as at 26 June 2023 was approximately S$3.1 million. These liabilities are currently being verified by the new Board;

c. no external auditor had been appointed since the previous auditor, Nexia TS Public Accounting Corporation (now known as CLA Global Public Accounting Corporation), did not seek reappointment at the last Annual General Meeting ("AGM") held on 18 March 2022;

d. arising from (c), there is a delay in issuing the Company's annual report for the 18-month period ended 31 December 2022 ("FY2022") containing the audited financial statements for FY2022 and sustainability report for FY2022. Consequently, the Company failed to comply with the disclosure requirements under the Listing Manual Section B: Rules of Catalist ("Catalist Rules") of the Singapore Exchange Securities Trading Limited ("SGX-ST") to issue its unaudited financial statements for the quarter ended 31 March 2023 as well as the unaudited financial statements for the half year ended 30 June 2023 by the timeframe required under the Catalist Rules. On 30 April 2023, the Company has obtained no objection from the SGX-ST to hold its AGM for FY2022 by 16 October 2023 and to issue sustainability report for FY2022 by 30 September 2023;

e. in conjunction with (d), failure to comply with certain provisions of the Companies Act 1967 (the "Companies Act") – No AGM has been held in respect of FY2022 and the Company's application to the Accounting and Corporate Regulatory Authority ("ACRA") for an extension of time to hold the AGM has been rejected on 28 April 2023, which means the Company has breached and is in contravention of Section 175(2) of the Companies Act 1967 in relation to the deadline to hold its AGM in respect of FY2022. The Company has also not filed its annual return with ACRA within the timelines required under the Companies Act;

f. a previous internal audit conducted by Baker Tilly Consultancy (Singapore) Pte. Ltd. in 2021 had identified certain weaknesses in the Company's internal controls that are still outstanding and yet to be rectified; and

g. the report on the special audit conducted by Deloitte & Touche Financial Advisory Services Pte. Ltd. ("Special Auditor") as directed by the Notices of Compliance ("NOC") issued by the SGX-ST on 14 July 2021 and 19 August 2021 had not been issued at the time of change of the Board.

The Board's immediate priority has been to resolve the outstanding legacy issues, including (a) negotiating with creditors to resolve all long overdue liabilities, (b) engaging an external auditor to audit the FY2022 financial statements, (c) working with the Special Auditor to complete the special audit, and (d) strengthening the Company's internal controls, so as to elevate the Company to be in the position of pursuing new business directions. To this end, the Board is pleased to announce the following:

a. on 24 July 2023, the Company announced the full settlement with CDL Properties Ltd. ("CDL") of S$430,662.13 being payment for rental arrears from December 2022 to March 2023, reinstatement cost, the holding rent for the period from April 2023 to 31 May 2023, interest and legal costs. This settlement mitigates the risk of the Company facing penalties by CDL as a result of it occupying the office space with no reinstatement since its eviction in March 2023;

b. on 28 July 2023, the Company completed the first tranche of S$3 million draw-down from the S$4 million loan from Asian Accounts Receivable Exchange Pte. Ltd.. This provides some urgently required cashflow to sustain operations, enabling the new Board room to concurrently negotiate settlement with other creditors;

c. the Company has commenced the process of identifying a new external auditor, with a view to convene an extraordinary general meeting ("EGM") to formally appoint the new external auditor by the 3rd quarter of 2023. In addition, the Company is targeting to convene the FY2022 AGM, as well as releasing the financial results for each of the 1st, 2nd, 3rd and 4th quarters of FY2023 by the 1st quarter of 2024. To make good the previous lapses and eventually bring the Company's financial reporting up to speed to adhere to the timelines under the Catalist Rules, the Company is looking to hold the FY2023 AGM and release the 1st quarter financial results of FY2024 by the 2nd quarter of 2024. The Company will be making the necessary applications to SGX-ST for the respective extensions of time for the release of the financial results and make the necessary announcements in due course.

In addition, the Board would like to inform shareholders that it is actively pursuing the following:

a. negotiating with creditors to settle all outstanding liabilities on terms in the best interests of the Company;

b. reviewing and seeking legal advice where necessary on the terms of the S$1.5 million loan agreement entered into by the Company during the tenure of the previous Board and exploring the best way to repay the loan when due;

c. actively engaging with the Special Auditor to complete phase 2 of the special audit by the 4th quarter of 2023;

d. engaging with the internal auditors to review if previously identified internal control weaknesses have been addressed, and to examine ways to strengthen these internal controls. This will concurrently address the 2 NOCs previously issued;

e. actively sourcing and/or developing new and sustainable businesses to be injected into the Company so as to inject a new lease of life into the Company and to raise additional funding for the continued operations and the development of new businesses for the Company; and

f. upon resolving all outstanding legacy issues with the gradual readiness of the Company to continuing to function as a going concern the Company will, through its continuing sponsor, consult the SGX-ST on the resumption of trading of its securities.

"The Company is committed to addressing the significant challenges and legacy issues inherited from the previous Board in a positive and transparent manner, with full accountability to our shareholders. The multitude of legacy issues, most of them unresolved in the last 2 years, will need time and effort to resolve and we ask for shareholders' patience to allow us to work on getting the Company back on the path of restoration and growth." said Mdm Hao Dongting, Chairperson of the Board. "We have already made some headway in tackling some of the most urgent issues as detailed above and are confident that with the right strategies and execution by the new Board, Kitchen Culture will be able to create sustainable growth and long-term shareholder value."

"On behalf of the Board, we would like to express our deepest gratitude to the Company's employees, customers and partners for their continued support during this period of transition. We look forward to working closely with all stakeholders to ensure a successful future for the Company", added Mdm Hao.

For media queries, please reach out to:
Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

Proud Investor Relations partner:
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This media release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). This media release has not been examined or approved by the Singapore Exchange Securities Trading Limited ("SGX-ST") and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release. The contact person for the Sponsor is Ms Lee Khai Yinn (Telephone: +65 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.

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

B.Duck Semk Signs MoU, Receives US$250 million Strategic Financing from Public Investment Fund of Saudi Arabia Asia Division, Join Forces to Enter the Oversees Markets

HONG KONG, Aug 4, 2023 – (ACN Newswire) – B.Duck Semk Holdings International Limited ("B.Duck Semk", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company in China engaged in the provision of licensing services, design consultation services and retailing of licensed brand products of its original B.Duck family characters, has entered into a Memorandum of Understanding ("MoU") with the Public Investment Fund of Saudi Arabia ("PIF") on 28 July 2023. According to the MoU, the Group will collaborate with PIF Asia Division in the form of investment, project and brand development. The total investment amount, which will be wholly funded by PIF, is estimated to be US$250 million (equivalent to approximately HK$1.96 billion).

Mr. Hui Ha Lam, Chairman and Chief Executive Officer of B.Duck Semk, said: "We are honored to have entered into the MoU with PIF Asia Division, one of the largest and most influential sovereign wealth funds in the world, and we are grateful for the recognition from PIF Asia Division. As the largest domestic character IP in China, we are experienced in the character licensing business and IP management. With PIF's financial support and its extensive network and resource advantages in around the world, we believe the cooperation will create synergies leveraging the respective strengths of both parties, allowing us to seize the immense opportunities in the Southeast Asia and Middle East IP market and achieve mutual success."

PIF is the sovereign wealth fund of the Kingdom of Saudi Arabia, with asset under management amounting to US$620 billion at present. Driven by Saudi Arabia's 'Vision 2030' national transformation program, the share of PIF's overseas investment has been increasing and is expected to reach 50% by 2030. In recent years, PIF has been actively investing in China, selecting projects that are leaders in the respective industries and innovation, and have growth potential in their industries, assisting the invested companies in achieving industry consolidation. PIF's global investment remit is wide, including but not limited to communication technology, real estate, financial services, gaming, e-sports and leisure consumption. Such corporate network and resources are crucial for B.Duck Semk to enter global markets. Through the cooperation with PIF Asia Division, the Group can also benefit from the strategic advantages to accelerate its new market development.

According to the MoU, PIF Asia Division plans to invest in the Group in three aspects: firstly, it intends to provide US$50 million in financing to the Group, by way of project financing, subscription of convertible securities , and other means with a period of five years; secondly, it plans to invest in the Group's expansion in overseas entertainment and tourism projects, including the joint development of B.Duck entertainment parks and hotels, with an investment amount of US$200 million; and thirdly, it plans to serve as the brand agent of B.Duck IP in the Middle East region.

With the global pandemic abating and economic activities recovering, physical entertainment activities and the IP cultural and tourism have become the key development focuses of the Group. PIF Asia Division plans to invest US$200 million in the Group's overseas entertainment and tourism projects. In addition to the Middle East, the parties plan to jointly develop the B.Duck theme entertainment parks and hotels in Thailand and Southeast Asia, further enhancing B.Duck's brand influence and IP market penetration in these markets. In fact, the Group has already established a solid business foundation in Southeast Asia, especially in Thailand. It has recently established a subsidiary in Thailand, which focuses on operating an e-commerce and licensing business there.

According to a market survey, Thailand's e-commerce market will expand at a compound annual growth rate of 23% over the next three years, reflecting accelerated growth speed as well as significant business opportunities. At present, Thailand is B.Duck Semk's largest overseas licensing region. The Group plans to export its own e-commerce business and domestic products developed by licensing customers to Thailand first, and strives to replicate its successful domestic business model in the Southeast Asia market. On this basis, the Group plans to invest more resources in location-based entertainment licensing projects, such as theme entertainment parks and hotels in Thailand and Southeast Asia. The cooperation with PIF allows the Group to increase the coverage of B.Duck IP, and achieve the strategic development goals of quickly expanding fan base and accelerating monetization momentum.

In addition, a market survey had shown that the total retail sales of character licensing products worldwide in 2022 amounted to approximately HK$2,663.5 billion, of which more than 60% were licensed products in North America, and only 1% in the Middle East and Africa, demonstrating strong growth potential in the Middle East market. As the largest domestic character IP licensing company in China, B.Duck Semk has high brand awareness, with more than 20 million subscribers or followers worldwide, and over 1 billion views of all kinds of content related to the B.Duck family characters. The Group also has strong capability in character design and a mature character licensing business model. So far, it has launched more than 1,200 style guides and more than 36,000 SKUs. Through expansion into the Middle East IP market, the management strongly believes that the Group can give full play to its leading advantages and become the "leading force" in exporting Chinese IPs overseas. PIF Asia Division 's significant investment in the Group has provided impetus to the Group's long-term vision of demonstrating the soft power of Chinese culture to the world.

Mr. Hui concluded, "We will strive to explore this new market and create new opportunities, and PIF will be an important strategic partner for B.Duck Semk to enter the Middle East market for the first time. Going forward, the Group's development blueprint for the next three years will center on 'refining our workmanship, strengthening our position'. Through 'horizontal' and 'vertical' initiatives, we will strive to achieve resource integration and synergies with upstream and downstream players and industry peers. Vertically, the Group will actively develop cross-border e-commerce, fully integrate online – offline businesses, and increase market channels. Horizontally, the Group will expand its high-quality IP matrix via its own development and incubation efforts, acquisitions, engagement with licensing agents, etc. Overall, the group will expand the channels and scenes related to IP operations and actively deploy funds from this financing to establish a strong presence in various fields such as theme parks, pop toys, gaming, and cultural tourism. We believe the cooperation with PIF Asia Division will be an extremely important milestone to press toward the strategic goal of becoming 'a high-quality integrated IP company'."

About B.Duck Semk Holdings International Limited
B.Duck Semk Holdings International Limited (stock code: 2250.HK) is the largest domestic character IP company in China engaged in the provision of licensing services, design consultation services and retail of brand products of its self-created B.Duck family characters. With strong in-house artistic design capabilities, B.Duck Semk has developed and nurtured a proprietary portfolio of approximately 25 self-created characters created under the motto of "Be Playful". B.Duck family characters had recorded in aggregate more than 20 million subscriptions or follows by B.Duck fans on various e-commerce platforms and social networking platforms, and over 1 billion views of all kinds of content related to the B.Duck family characters.

According to the "Top Brand Licensing Agents 2023" report published by License Global, B.Duck Semk has achieved approximately US$500 million in retail sales for its original and the licensed brands represented by B.Duck Semk, ranking 21st globally. B.Duck Semk has received the "Asian Property of the Year" awards by Licensing International from 2016, 2018, 2019, and 2020, as well as the "China Property of the Year" award in 2021.

Media Enquiries:
Strategic Financial Relations Limited
Heidi So Tel: (852) 2864 4826 Email: heidi.so@sprg.com.hk
Rachel Ko Tel: (852) 2114 2370 Email: rachel.ko@sprg.com.hk
Maggie Ko Tel: (852) 2864 4890 Email: maggie.ko@sprg.com.hk
Website: www.sprg.com.hk

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

The Institute of Chartered Accountants of India (ICAI) organises RESOLVE-2023, an Exclusive International Convention on Insolvency Resolution

SINGAPORE, Aug 2, 2023 – (ACN Newswire) – For the first time in its 75-years history, The Institute of Chartered Accountants of India (ICAI) will hold a mega convention overseas in Singapore. This unique international convention — RESOLVE-2023 is a highly anticipated conference that will revolve around the overall "Insolvency Resolution" ecosystem. The Convention will be held at Singapore's Grand Copthorne Waterfront Hotel on 4th & 5th August, 2023 and will explore into numerous aspects of the insolvency resolution including innovative and best practices, and models to review and redesign the legal framework of the proceedings.

The grand event will bring under one roof about 300 industry leaders, financial experts and distinguished guests for two days of knowledge enrichment and networking while offering them insights into the world of insolvency from across the globe. The Guest of Honour for the programme is Mr. Vikram Nair, Hon'ble Member of Parliament for Sembawang GRC, Republic of Singapore and some of the special guests and thought leaders who are participating are H.E Dr. Shilpak Ambule, High Commissioner of India to Singapore, Hon'ble Justice Ashok Bhushan, Chairperson, National Company Law Appellate Tribunal, Mr. Justice (Retd.) Arjan Kumar Sikri, Ex Judge, Supreme Court of India, Mr. Francis Ng SC, Official Assignee & Public Trustee, Ministry of Law, Singapore, Mr. Sudhaker Shukla, Whole Time Member, Insolvency and Bankruptcy Board of India, besides the top dignitaries and leadership of the Indian accounting profession, CA. Aniket Sunil Talati, President, ICAI and CA. Ranjeet Kumar Agarwal, Vice President, ICAI.

The discussions will encompass topics of significance like Alternative Dispute Resolution, Trend Analysis in Global Debt Resolution, Group Insolvency, Opportunity for International Funds, Essence of Insolvency Timelines, Innovative Approaches to Resolution, Role of Regulators & Policy Makers for an Effective Ecosystem, Role of Creditors, Market Dynamics for Stressed Assets, Valuation, Transaction Review etc.

Adding more insights on the RESOLVE-2023 CA. Aniket Sunil Talati, President, ICAI said, "A comprehensive and coherent Insolvency Resolution Framework is one of the core pillars of economic growth of any nation and a strong resolution framework is indispensable for laying down the foundation for future sustainable development. RESOLVE-2023 will provide a unique learning opportunity for professionals across the world to learn and share the best practices and developments in the space of insolvency resolution. Let us all professionals fully gear up and wholeheartedly Involve to Resolve."

Speaking for the occasion CA. Ranjeet Kumar Agarwal, Vice-President, ICAI said, "Economic stability and prosperity require an effective insolvency resolution framework. The need for strengthening the insolvency resolution framework has assumed great importance recently. This Convention will facilitate networking and indulge in deep insight and cross-jurisdiction experience sharing with globally diverse practitioners through interactive discussions."

CA. Gyan Chandra Misra, Chairman, Committee on Insolvency & Bankruptcy Code, ICAI added that, "RESOLVE-2023 Convention has been carefully crafted to facilitate the sharing of unparalleled knowledge and insights regarding best practices and emerging global developments in the field. It offers extensive networking opportunities for professionals in this domain and serves as a platform for professional enrichment in contemporary and emerging areas on a global scale."

For this momentous convention, CA. Somnath Adak, Chairman of the ICAI Singapore Chapter shared, "The Convention has been designed in a way as to enable sharing of knowledge with unsurpassed depth and breadth about the best practices and emerging global developments in this sphere. ICAI Singapore Chapter, being the Ambassador of ICAI in Singapore is proud to host this event."

About ICAI

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament viz The Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountants in India. The ICAI functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India, with more than 830,000 students & over 390,000 members, ICAI is the largest professional accounting body in the world, with a strong tradition of service to the nation. Today ICAI has a wide network of 5 Regional Councils and 168 Branches in India. It has 46 Overseas Chapters and 34 Representative Offices and a presence in 80 cities of 47 countries of the world.

Singapore Chapter of ICAI is a well-regarded professional body in Singapore. It plays a pivotal role in the professional development of Chartered Accountants in Singapore by curating & hosting professional events, webinars, and knowledge series events.

For media prc@icai.in
Jyoti Singh
9999926198

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

Go Bigger, Go Smarter with Amazfit Bip 5

KUALA LUMPUR, Aug 2, 2023 – (ACN Newswire) – Zepp Health Corporation (Zepp, NYSE: ZEPP), a leading specialist in smart wearables and health technology, proudly announces the global debut of its latest innovation, the Amazfit Bip 5. Boasting the most substantial screen among global offerings, the Amazfit Bip 5 is the first in the Bip series to integrate the versatile Zepp OS. This feature-rich smartwatch sets a new benchmark in user experience, far exceeding expectations for entry-level devices.

Student of Oneworld Hanxin College, Ms. Michelle Yoong, praises the Amazfit Bip 5's affordability and customization features. "The cream white of the Amazfit Bip 5 is simply stunning. For a budget-conscious student like me, it offers excellent value. The large screen perfectly displays all critical information, from my personal data to direct messages and more. Moreover, with over 70 stylish watch faces, it offers impressive customisation options, even allowing me to upload personal photos to the watch. It's fantastic!"

Ms. Cassandra, an executive at The Interview Media Group, lauds the Amazfit Bip 5's practicality. She shares, "The built-in microphone and speaker enable Bluetooth phone calls directly from the watch, streamlining my life significantly. It also monitors my health, gives reminders and tracks menstrual cycle, which is invaluable during my fast-paced work week."

The Amazfit Bip 5 sports a 1.91" ultra-large high-resolution touchscreen and the cutting-edge Zepp OS 2.0, supporting 70+ apps, including 30+ mini games. Other smart features like Amazon Alexa, Morning updates, and a slightly curved glass screen, for a more natural view, enhance the user experience. It even supports a Portrait Watch Face option, allowing users to switch to up to three uploaded pictures.

As the most advanced smartwatch in the Bip series, the Amazfit Bip 5 leverages the health-focused Zepp OS 2.0 and the BioTracker(TM) PPG sensor, enabling 24-hour blood oxygen saturation monitoring, along with heart rate and stress levels. Users can set alerts for these three metrics and are notified if abnormal readings are detected.

The Amazfit Bip 5 doesn't hold back when it comes to fitness, featuring over 120 workout modes. Users can auto-detect seven sports, or access real-time sports data read-outs via the built-in speaker for a smarter workout experience.

Even after the workout, the Amazfit Bip 5 continues to impress. The incorporation of Amazfit's PeakBeats(TM) algorithm offers a detailed analysis of exercise data like VO2 Max. Users can then share this information with fitness apps like adidas Running and Strava, through the Zepp App.

From 5-8 August, the Amazfit Bip 5 is exclusively available on Shopee at a special launch price of RM319 for the first 200 Bip 5, with the price set at RM329 thereafter.

Availability

All featured Amazfit products are available for purchase at Amazfit's e-commerce partner platform https://bit.ly/Amazfit-Shopee-BIP5 and https://bit.ly/Amazfit-Lazada-BIP5.

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

KGW Group Berhad Debuts on ACE Market

KUALA LUMPUR, MALAYSIA, Aug 1, 2023 – (ACN Newswire) – KGW Group Berhad, a logistics services provider offering ocean freight services, air freight services and freight forwarding services as well as warehousing and distribution of healthcare-related products and devices, debuted today on the ACE Market of Bursa Malaysia Securities Berhad, opening at RM0.23 per share which represents a premium of 9.5% over the initial public offering (IPO) price of RM0.21 per share.

KGW is listed under the stock name of "KGW" with stock code of "0282".

KGW is an award-winning and asset-light logistics services provider specialising in managing and coordinating the movement of goods within the supply chain. KGW is supported by three subsidiaries, namely KGW Logistics (M) Sdn Bhd ("KGW Logistics"), Mattroy Logistics (Malaysia) Sdn Bhd ("Mattroy Logistics"), and KGW Medica Sdn Bhd ("KGW Medica"). KGW Logistics focuses on shipping cargo to and from the United States, which is KGW's largest market whereas Mattroy Logistics handles shipments to and from other regions of the world. Meanwhile, KGW Medica specialises in warehousing and distribution of healthcare-related products and devices.

The Group raised a total of RM16.73 million through the IPO, from which RM10.00 million of the proceeds is allocated to repay bank borrowings in relation to the purchase of a freehold three-storey office building with an annexed two-storey warehouse located at Glenmarie, Shah Alam ("Target Property"). RM2.00 million is allocated for the renovation of the Target Property. RM0.73 million of the proceeds will be used for working capital purposes while the remaining RM4.00 million is allocated for listing expenses.

Independent Non-Executive Chairwoman of KGW, Yang Mulia Tengku Faizwa Binti Tengku Razif said, "I would like to thank the entire KGW team and the IPO DDWG team for their hard work and diligence in bringing the Group to today's listing. On behalf of KGW, we would also like to extend our appreciation to customers, business partners and suppliers who have supported us over the years."

Managing Director of KGW, Dato' Roger Wong said, "This is a significant milestone for the Group and evidence of how far we have come as a business to be a leading provider of logistics services in Malaysia. Through this listing, we have not only cemented our success, but we will continue to build on what we have to bring more value to our stakeholders."

According to the independent market research report in the KGW's prospectus, the Group generated revenue of RM228.0 million from its involvement in the Malaysian logistics industry, equivalent to 0.37% share of the total market size (GDP) of the logistics industry in Malaysia of RM62.20 billion in 2022.

The report noted that the Malaysian logistics industry is projected to reach RM66.25 billion in 2023 and grow to RM87.57 billion in 2027, expanding at a CAGR of 7.1% for the forecast period. In particular, the warehouse and storage market in Malaysia is forecast to reach RM2.58 billion in 2023 and expand at a CAGR of 8.2% to RM3.59 billion in 2027.

TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser for the IPO.

KGW Group Bhd: https://www.kgwlogistics.com/

Images
Caption (L-R):
Ms. Kelly Neng, Director of Eco Asia Capital Advisory Sdn Bhd
Mr. Kelvin Khoo, Managing Director of Eco Asia Capital Advisory Sdn Bhd
Datuk Hamzah Bin Mohd Tahir, Executive Director of Dealing of TA Securities Holdings Berhad
Mr. Lean Sze Yau, Independent Non-Executive Director of KGW Group Berhad
Dato' Roger Wong, Managing Director of KGW Group Berhad
Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairwoman of KGW Group Berhad
Ms. Lim Joo Seng, Independent Non-Executive Director of KGW Group Berhad
Ms. Lee Li Choon, Independent Non-Executive Director of KGW Group Berhad
Ms. Cheok Hui Yen, Executive Director/ Chief Operating Officer of KGW Group BerhadMr. Ku Mun Fung, Head of Corporate Finance of TA Securities Holdings Berhad
( https://photos.acnnewswire.com/tr:n-650/20230801.KGW1.jpg )

Caption (L-R):
Dato' Roger Wong, Managing Director of KGW Group Berhad
Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairwoman of KGW Group Berhad
Ms. Lim Joo Seng, Independent Non-Executive Director of KGW Group Berhad
Ms. Cheok Hui Yen, Executive Director/ Chief Operating Officer of KGW Group BerhadMs. Lee Li Choon, Independent Non-Executive Director of KGW Group Berhad
Mr. Lean Sze Yau, Independent Non-Executive Director of KGW Group Berhad
( https://photos.acnnewswire.com/tr:n-650/20230801.KGW2.jpg )

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

Global Energy Storage Solution Provider Dyness Completed Rounds of B and C Financing

Xi'an, CHINA, Aug 1, 2023 – (ACN Newswire) – Recently, Dyness Digital Energy Technology Co., Ltd, a global energy storage technology company, announced that it has completed rounds of B and C financing successively. Youshan Capital and a fund affiliated with CICC Capital are the lead investors, and several other well-known investment funds also participated, such as L Catterton. Founded in 2017, Dyness is committed to becoming a global leading energy storage technology company.

Dyness is one of the leading enterprises to develop global energy storage market, with a core team consisting of talents from leading companies in the industry, and over 90 international patents. Currently, it has successively launched energy storage products for all scenarios and gradually established a global sales, R&D, and production operation system. The company's management team focuses on creating value for channels and partners in areas such as products, brand, operations, and services. Mr. Yang Liu, CEO of Dyness, stated that the company will continuously reduce the marginal cost of new energy, enrich its application scenarios, and ensure its safety and reliability through ongoing technological innovation and industrial optimization. The company will make unremitting efforts to contribute to achieving the dual carbon target, reducing global temperatures, and making a difference.

With its outstanding product definition capabilities and robust and efficient R&D system, Dyness has created a differentiated product matrix renowned for its stability in the residential and C&I energy storage fields. Under the guidance of the company's global strategy and after years of unremitting efforts, the product matrix of Dyness has maintained steady growth in its core markets and has fully entered major regions worldwide. Through resolute and efficient execution, the company has established multiple milestones and achieved excellent results, earning high recognition from global markets and customers for the brand and products of Dyness.

Under the influence of multiple factors, the global energy structure has entered a transition period, and the unstable supply of the energy market has brought about drastic changes on the demand side. The renewable energy demand, especially solar energy storage, has seen a large-scale blowout. According to GGII, a renewable-energy research institute in China, the global residential storage installations will reach 100GWh in 2025, with a 5-year CAGR of over 90%. With years of in-depth layout, Dyness has been providing high-quality products and services for customers in many regions. Facing the changes in global energy production, scheduling and application, Dyness will also actively improve its product R&D capabilities and customer service capabilities to embrace the wave of digitalization and intelligence in the industry.

"With the financing completed in this stage, Dyness will further increase its investment in the R&D of new energy storage technologies and solutions, accelerate the expansion of its C&I energy storage product lines, ecological product lines, as well as the pace of the company's global expansion and the deployment of all-scenario applications," said Mr. Yang Liu, CEO of Dyness. "At the same time, the two rounds of financing will provide sufficient and solid financial support for the company's organizational iteration and brand upgrading."

Contact Information:
Xiao Han, Dyness
Mail: xiao.han@dyness-tech.com
Tel: +86 400 666 0655
Website: www.dyness-tech.com

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

Signing Contracts for US$49.3M, PIS (Pertamina) Now Sails across 26 International Routes

DUBAI, Jul 31, 2023 – (ACN Newswire) – PT Pertamina International Shipping (PIS), through its branch office in Dubai, PIS Middle East (PIS ME), has achieved another success by simultaneously signing four business cooperation agreements with global players.

PIS Pte Ltd (DMCC Branch) – PIS Middle East has signed business cooperation agreements with global players, namely with Gas Walio, Gas Widuri, Gas Arjuna and Gas Ambalat, for 4 vessels owned by PIS.

Erwin Paulian Sihombing, Commercial, PIS Pte Ltd (DMCC Branch) – PIS ME; Ugo Romano, Managing Director, Scorpio MENA DMCC (Neptune Pool); Andra Otmansyah Pelawi, Country Manager & Middle East Representative, PIS Pte Ltd (DMCC Branch) – PIS ME [L-R]

PIS ME signed the deals for 4 vessels owned by PIS – namely the Gas Walio vessel, Gas Widuri vessel, Gas Arjuna and Gas Ambalat vessels. The Gas Arjuna and Ambalat vessels are chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel is chartered by Geogas Trading S.A, and the Gas Widuri vessel is chartered by Vitol S.A.

"The signing of this cooperation signifies the success of PIS ME's aggressiveness in increasing revenue in the international market, as well as proving the reliability of PIS's fleet which is qualified to sail in global scale waters," said PIS CEO Yoki Firnandi at the signing ceremony on Tuesday, July 25.

The total transaction value for the four ship deal reached US$49.34 million, or the equivalent to Rp740.15 billion (dollar exchange rate of Rp15,000) with different contract durations ranging from 6 months to 3 years. The contracts also provided for new international routes and countries for the PIS fleet, including Chile (South America), Puerto Rico (USA), Dominican Republic (Caribbean), Tanzania, Poland, and Portugal.

Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialization of the four vessels, PIS ME has broken new business ground which will add to the company's revenue potential. "Pertamina has, through PIS ME, entered Tankers International Pool, and a TC Syndication scheme with Scorpio for a Neptune VLGC vessel in the pool. PIS will have the potential for vessel rental at international market rates," he said.

Through this breakthrough scheme by PIS, carried out initially during the second quarter of 2023 (since the VLGC vessel entered the pool in early May, through to the end of the quarter), PIS ME managed to realize a profit of around US$865 thousand, or the equivalent to Rp12.97 billion (dollar exchange rate of Rp15,000).

About PT Pertamina International Shipping (PIS) Pte Ltd

PT Pertamina International Shipping (PIS) as an Integrated Marine Logistics Subholding, has a total of 750 ships. Besides the owned ships, PIS also manages time charter and spot charter that can be rented through e-chartering. PIS ME is the second representative branch office of PIS located abroad, being established December 23, 2022. See https://pertamina-pis.com/.

Media Contact:
Muh. Aryomekka Firdaus
Corporate Secretary
M: +62 0811-872-272
E: aryomekka@pertamina.com

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

VinFast’s Registration Statement on Form F-4 in Connection with Its Proposed Business Combination with Black Spade Declared Effective by The U.S. Securities and Exchange Commission

HONG KONG, Jul 29, 2023 – (ACN Newswire) – VinFast Auto Pte. Ltd. ("VinFast" or "the Company") and Black Spade Acquisition Co (NYSE: BSAQ) ("Black Spade") announced that the U.S. Securities and Exchange Commission ("the SEC") has declared effective the registration statement on Form F-4 of VinFast in connection with its proposed business combination with Black Spade.

Black Spade has scheduled the Extraordinary General Meeting of Shareholders ("EGM") to approve the proposed business combination with VinFast to be held on August 10, 2023.

The business combination values VinFast at an enterprise value of US$27 billion and an equity value of US$23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.

Madame Thuy Le, Global CEO of VinFast Auto Pte. Ltd., said: "Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions."

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition Co, shared, "The declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast. We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success. We anticipate that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena. We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape."

VinFast, a member of Vingroup Jsc, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The Company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and an annual production capacity (i.e. maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units per year in phase 1.

VinFast is committed to its mission of creating a sustainable future for everyone. The Company became a fully EV manufacturer in 2022, and has since delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date. VinFast crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade's Current Report on Form 8-K, filed on May 12, 2023 with the Securities and Exchange Commission ("SEC") at www.sec.gov.

More information about the proposed transaction is available in VinFast registration statement on Form F-4 that include BSAQ's proxy statement and VinFast's prospectus in relation to the business combination, which was first filed with the SEC on June 15, 2023.

About VinFast
VinFast – a member of Vingroup Jsc – is a leading Vietnamese automotive manufacturer committed to its mission of creating a green future for everyone. VinFast manufacturers and exports a portfolio of electric SUVs, e-scooters and e-buses across Vietnam, the United States, and, soon, Europe. Learn more at www.vinfastauto.us.

About Black Spade Acquisition Co
Black Spade Acquisition Co ("BSAQ") is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company). BSAQ was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Learn more at: https://www.blackspadeacquisition.com.

Forward-Looking Statements

This document contains certain forward-looking statements within the meaning of U.S. federal securities laws with respect to the proposed transaction between VinFast Auto Ltd. (the "Company") and Black Spade Acquisition Co ("Black Spade"), including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, the Company or Black Spade's expectations concerning the outlook for the Company's business, productivity, plans and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of the Company. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are their managements' current predictions, projections and other statements about future events that are based on current expectations and assumptions available to the Company and Black Spade, and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the proposed transaction may not be completed within the prescribed time frame, which may adversely affect the price of Black Spade's securities, (ii) the risk that investors of the Company may not receive the same benefits as an investor in an underwritten public offering, (iii) the risk that the Black Spade securities may experience a material price decline after the proposed transaction, (iv) the adverse impact of any shareholder litigation and regulatory inquiries and investigations on the Company's business, (v) a reduction of trust account proceeds and the per share redemption amount received by shareholders as a result of third-party claims, (vi) the risk that the transaction may not be completed by Black Spade's business combination deadline and an extension period, (vii) the risk that distributions from trust account may be subject to claw back if Black Spade is deemed to be insolvent, (viii) the ability of the Company to get approval for listing of its ordinary shares and warrants and comply with the continued listing standards of the Nasdaq, (ix) the failure to satisfy the conditions to the consummation of the transaction, certain of which are outside of Black Spade or the Company's control, (x) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (xi) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (xii) risks associated with being a new entrant in the EV industry, (xiii) the risks that the Company's brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (xiv) the Company's ability to successfully introduce and market new products and services, (xv) competition in the automotive industry, (xvi) the Company's ability to adequately control the costs associated with its operations, (xvii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xviii) the Company's ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xix) the Company's ability to establish manufacturing facilities outside of Vietnam and expand capacity within Vietnam timely and within budget, (xx) the risk that the Company's actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xxi) the demand for, and consumers' willingness to adopt EVs, (xxii) the availability and accessibility of EV charging stations or related infrastructure, (xxiii) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xxiv) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company's financial condition, results of operations or cash flows, (xxv) battery packs failures in the Company or its competitor's EVs, (xxvi) failure of the Company's business partners to deliver their services, (xxvii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company's EVs or operations, (xxviii) the risk that the Company's research and development efforts may not yield expected results, (xxix) risks associated with autonomous driving technologies, (xxx) product recalls that the Company may be required to make, (xxxi) the ability of the Company's controlling shareholder to control and exert significant influence on the Company, (xxxii) the Company's reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates and (xxxiii) conflicts of interests with or any events impacting the reputations of Vingroup affiliates or unfavorable market conditions or adverse business operation of Vingroup and Vingroup affiliates. The foregoing list of factors is not exhaustive. Forward-looking statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's registration statement on Form F-4 filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, Black Spade's Quarterly Report on Form 10-Q for the three-months ended March 31, 2023, which was filed with the SEC on May 15, 2023, and other documents filed by the Company and/or Black Spade from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this document are qualified by these cautionary statements. The Company and Black Spade assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither the Company nor Black Spade gives any assurance that either the Company or Black Spade will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by the Company or Black Spade or any other person that the events or circumstances described in such statement are material.

Additional Information and Where to Find It
This document relates to a proposed transaction between the Company and Black Spade. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. In connection with the Business Combination, the Company filed a registration statement on Form F-4 with the SEC (as may be amended from time to time, the "Registration Statement") on June 15, 2023, which included a proxy statement of Black Spade and a prospectus of the Company. The SEC declared the Registration Statement effective on July 28, 2023.

The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of Black Spade's shareholders to be held to approve the Business Combination (and related matters). Black Spade also file other documents regarding the proposed transaction with the SEC. This document does not contain all the information that should be considered concerning the proposed transactions and is not intended to form the basis of any investment decision or any other decision in respect of the transactions. Before making any voting decision, investors and shareholders of Black Spade are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the Company, Black Spade and the Business Combination.

Investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Black Spade through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Black Spade may be obtained free of charge from Black Spade's website at https://www.blackspadeacquisition.com/ or by written request to Black Spade at Black Spade Acquisition Co, Suite 2902, 29/F, The Centrium, 60 Wyndham Street, Central Hong Kong.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in Solicitation
Black Spade and the Company and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Black Spade's shareholders in connection with the proposed transaction. Information about Black Spade's directors and executive officers and their ownership of Black Spade's securities is set forth in Black Spade's filings with the SEC, including Black Spade's Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 10, 2023, and the Registration Statement. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation
This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

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

Hong Kong delegation to ASEAN pushes collaboration into top gear

KUALA LUMPUR, Jul 28, 2023 – (ACN Newswire) – The Hong Kong Trade Development Council (HKTDC)-organised delegation, led by Hong Kong Special Administrative Region (HKSAR) Chief Executive Mr John Lee and accompanied by Principal Officials, today concluded a week-long visit to Singapore, Indonesia and Malaysia. Delegates and representatives of the three Association of Southeast Asian Nations markets signed more than 30 memorandums of understanding signalling closer cooperation based on a shared vision of prosperity and development in Asia.

Dr Peter K N Lam, HKTDC Chairman addresses Malaysia-Hong Kong: Partnering for Success. The event,
hosted by the HKTDC today, drew significant pledges to foster deeper economic and cultural links
between Hong Kong and Malaysia

During the visit to Singapore, the Hong Kong delegation visited Meinhardt Group to learn about their
latest developments in technology application, sustainable development, and green finance

Dr Peter K N Lam (4th L), HKTDC Chairman, concluded the ASEAN trip of the Hong Kong delegation
in Kuala Lumpur, expressing that the visit had been highly fruitful.

More than 30 senior executives from Hong Kong's leading chambers, organisations, enterprises and conglomerates joined the delegation to strengthen ties, expand networks and discuss collaboration opportunities riding on new policies in Hong Kong to attract investment and talent, as well as the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Belt and Road Initiative and new cooperation agreements such as the Regional Comprehensive Economic Partnership (RCEP).

Dr Peter K N Lam, Chairman of the HKTDC, said: "The objective of our mission is to introduce Hong Kong's latest developments and new policies to attract businesses and talent, as well as the opportunities arising from the GBA, the Belt and Road Initiative, which celebrates the 10th anniversary this year, and cooperation agreements such as RCEP. We aim to help Hong Kong businesses expand into markets, as well as attract more ASEAN companies to set up offices in Hong Kong, and to collaborate with Hong Kong and Mainland Chinese companies based in Hong Kong to expand into the GBA, Mainland China and other overseas markets. At the same time, enterprises from ASEAN markets can expand and find new opportunities by leveraging the Hong Kong platform."

Dr Lam said the more than 30 MoUs signed between enterprises and organisations of Hong Kong and Singapore, Indonesia and Malaysia paved the way for deeper and broader collaboration in the future.

"During our visits, we had the opportunity to exchange ideas with leading enterprises and the Chinese ambassadors, gaining a deeper understanding of future developments and local government policies. I hope our delegates can share their insights with the Hong Kong business community to help to open up new opportunities for businesses large and small," he added.

Since 1966, the HKTDC has created business opportunities between Hong Kong and the world, promoting Hong Kong as an international business and financial hub and gateway to China through outreach such as organising delegations, international trade fairs and industry conferences, as well as enabling small and medium-sized enterprises and start-ups.

7 MOUs were signed at the business dinner in Singapore: (https://bit.ly/43Ta02c)
– HKTDC and Singapore Business Federation (SBF)
– InvestHK and Blockchain Association Singapore (BAS)
– Hong Kong Science & Technology Group (HKSTP) and Global Entrepreneurship Network (GEN)
– CCB International (Holdings) Ltd and Mirxes Holding Company Limited
– HSBC and Keppel
– City University of Hong Kong and National University of Singapore (NUS)
– Xgate and Singapore Retailers Association (SRA)

15 MOUs and SPA (share purchase agreements) were signed at the business luncheon in Jakarta: (https://bit.ly/4557err)
– HKTDC and Indonesian Ministry of Trade
– HKTDC and Indonesian Ministry of Industry
– HKTDC and KADIN
– InvestHK and KADIN
– Hong Kong Observatory and The Agency for Meteorology, Climatology, and
– Geophysics of the Republic of Indonesia (BMKG)
– HKEX and Indonesia Stock Exchange (IDX)
– [SPA] Value Partners Group and STAR Asset Management
– BOC International Holding Ltd, BOC HK Jakarta Branch and Tsingshan Industry
– BOC International Holding Ltd, BOC HK Jakarta Branch and J&T Jitu Express
– Chinese Asset Management Association of Hong Kong (HKCAMA) and Indonesia Asset
– Management Association
– CCB International (Holdings) Ltd and J&T Jitu Express
– Hong Kong Aerospace Technology Group and Bakrie & Brothers
– HSBC and Hutchison Ports Indonesia
– Media Asia Group Holdings Limited and MNC Media & Entertainment
– Templewater Limited and China International Marine Containers (Group) Ltd. (CIMC)
– and Eternal Tsingshan Group Ltd

11 MOUs were signed at the business luncheon in Kuala Lumpur: (https://bit.ly/3DyZfaw)
– HKTDC and MATRADE
– HKTDC and NCCIM
– MTR Corporation Limited and Mass Rapid Transit Corporation Sdn. Bhd. (MRT)
– Federation of Hong Kong Industries and Federation of Malaysian Manufacturers
– FWD Group Holdings Limited (FWD Group) and FWD Insurance Berhad (FWD Insurance)
– HSBC and Gobi Partners
– WeLab Group and HSBC
– City University of Hong Kong and Malaysia Digital Economy Corporation
– A&A (Digital business consulting) Limited and MyTOWN Shopping Centre
– Shangri-La International Hotel Management Pte Ltd and Far East Group
– CCB International (Holdings) Ltd x AFFIN

Photo Download: http://bit.ly/3O4lf1y

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
Strategic Public Relations Sdn Bhd
Mandy Tan, Tel: +60 16-477 2256, Email: mandy.tan@sprg.com.my
Kevin Tan, Tel: +60 12-700 1666, Email: Kevin.tan@sprg.com.my

HKTDC's Communication & Public Affairs Department:
Snowy Chan, Tel: +852 2584 4525, Email: snowy.sn.chan@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

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

Sarawak Consolidated Commences Legal Action against Dynamic Prestige Consultancy

KUCHING, MALAYSIA, Jul 27, 2023 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that it has initiated legal proceedings against Dynamic Prestige Consultancy Sdn. Bhd from an unfulfilled refund of RM14,000,000.00.

Ku Chong Hong, Managing Director of SCIB

The sum was an initial payment in anticipation of a strategic business partnership in the Engineering, Procurement, Construction and Commissioning (EPCC) sector. As part of the agreement, Dynamic Prestige Consultancy Sdn. Bhd. was to propose a Redeemable Convertible Preference Shares (RCPS) scheme in their company. SCIB, having decided not to proceed with the RCPS, has sought the agreed refund. However, to date, Dynamic Prestige Consultancy Sdn. Bhd. ("Dynamic Prestige") has failed to honour this agreement.

In response to the ongoing litigation, Mr. Ku Chong Hong, Group Managing Director of SCIB, stated, "The initiation of this legal action is a necessary step to protect our company's interests and uphold our financial integrity. We have always operated with full adherence to our contractual obligations and expect the same level of commitment from our partners. We remain confident in our legal position and are committed to ensuring the best outcome for our shareholders and stakeholders."

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

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