SINGAPORE, Nov 25, 2022 – (ACN Newswire) – The Relevant Shareholders[3] of Kitchen Culture Holdings Ltd. ("Kitchen Culture", "the Company" or "the Group") today announced that all Resolutions tabled at the Extraordinary General Meeting held on 25 November 2022 were approved, with 100% of eligible votes cast in favour of each Resolution and none against.
Mr Liu Yanlong, a representative for OOWAY Group Ltd, commented on the results of the EGM voting, stating, "The results of the EGM held today confirmed the lack of trust and confidence in the current Board of Directors by shareholders of Kitchen Culture and their wish to give a new Board of Directors the mandate and opportunity to steer the company forward and in a direction that will create shareholder value.
The fact that all resolutions were passed with 100% of the eligible votes cast clearly reflects this."
The Relevant Shareholders are also confident, pursuant to legal advice received, that the Resolutions passed at the EGM to appoint 5 new Directors (See Annex A) and remove the 5 incumbent Directors (See Annex B) fulfil all statutory and constitutional requirements of the Company, the Companies Act 1967, as well as the SGX-ST Catalist Rules.
Section 177 of the Companies Act 1967 permits 2 or more members holding at least 10% of the company's issued shares (excluding treasury shares) to call for a General Meeting.
Mr Liu Yanlong reiterated "This EGM signifies a new dawn for Kitchen Culture and we hope for the new Board of Directors to breathe new life into the Company. Despite the obstacles put in place by the previous board to obstruct the conduct of this EGM, we are delighted to announce that not only was the EGM successfully concluded, but all shareholders eligible to vote at the EGM have also voted in favour of all Resolutions."
"We are informing Kitchen Culture's Corporate Secretary of the EGM results and respectfully urge the previous Board of Directors and the corporate secretary to cooperate fully in the transition phase during the handover. We will not hesitate to take legal actions to compel such compliance where necessary." Added Mr Liu Yanlong.
The new Board of Directors, with a fresh mandate obtained from shareholders of the Company, will immediately take to the task of turning the Company around and creating shareholder value, while also being mindful to engage and communicate with shareholders and to run the Company in a more transparent manner.
Mr Yip Kean Mun, as a member of the new Board of Directors, said, "On behalf of the new Board of Directors of Kitchen Culture, I wish to express our gratitude to all shareholders for their support. We value the trust and confidence you have placed in us, and we will do everything possible to meet and exceed your expectations. We intend to adopt a policy of frequent engagement and communication with all shareholders in order to provide the transparency that all investors demand."
Commenting on the EGM and the new Board, one of Kitchen Culture's shareholders, Mr Lin Xiao Long said, I am confident that the new Board will be able to reorganise and revive the Company such that it becomes attractive again to investors looking for stable companies with good value and growth potential".
Note:
1. As the COVID-19 situation is still ongoing, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 are still in force. With reference to paragraph 5(1) read with the First Schedule, the Company may convene, hold, conduct, whether wholly or partly, the Annual General Meeting, by electronic means. This includes provision for production and distribution of documents by electronic means.
2. Section 177 Notice constituting a special notice under Section 152(2) read with Section 185 of the Companies Act 1967 of Singapore (the "Companies Act") of the intention of the Relevant Shareholders to convene an extraordinary general meeting of the Company (the "EGM") pursuant to Section 177 of the Companies Act.
3. Relevant Shareholders refers to OOWAY Group Ltd., Koh Cher Chow, Lin Xiao Long, Ling Chui Chui, Koh Ngin Joo, Lim Cheng Huat, Chew Yu Sheng and Soh Koon Eng.
Issued by the Relevant Shareholders of Kitchen Culture Ltd.
Media and Investors Contact:
Email: query@oowayasia.com
Annex A: New Board of Directors
– Appointed at EGM on 25 November 2022
1. Mr James Beeland Rogers, Jr. appointed as a Non-Executive Director of the Company;
2. Mr Yip Kean Mun appointed as an Executive Director of the Company;
3. Mr Lam Kwong Fai appointed as an Independent Director of the Company;
4. Mr Tan Meng Shern appointed as an Independent Director of the Company; and
5. Mr Cheung Wai Man appointed as an Independent Director of the Company.
– Appointed at last annual general meeting on 18 March 2022
6. Mdm Hao Dongting re-appointed as Non-Executive Chairperson on 18 March 2022, and later re-designated as Non-Executive Non-Independent Director on 10 November 2022.
Annex B: Previous Board of Directors
– Removed at EGM on 25 November 2022
1. Mr. Lau Kay Heng
2. Mr. Lim Wee Li
3. Mr. William Teo Choon Kow
4. Mr. Ang Lian Kiat and
5. Mr. Peter Lim King Soon
Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Tag: Daily Finance
The Hong Kong Institute of Directors Holds Silver Jubilee Dinner and Presentation Ceremony for Directors Of The Year Awards 2022
HONG KONG, Nov 25, 2022 – (ACN Newswire) – The Hong Kong Institute of Directors ("HKIoD") has announced the winners of the Directors Of The Year Awards ("DYA") 2022. As the flagship project of HKIoD, DYA is one of the most prestigious business accolades in Hong Kong and the first of its kind in Asia. It seeks to recognise outstanding boards and directors, publicise the significance of good corporate governance and promote good corporate governance and director professionalism. The Awards were presented during the Silver Jubilee Dinner that celebrates the 25th Anniversary of both HKSAR and HKIoD, both having operated since 1 July 1997.
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This year's theme of work by HKIoD, notably in the Awards, is 'From Resilience to Sustainability', reflective of what directors have learnt over the years as resilience is the most important quality a company needs to survive in the ever-changing world and sustainability is the ultimate goal of every company.
The winners have been recognised for their ability to cultivate resilience in their businesses to the degree that they are able to anticipate, prepare for and respond to incremental change in an age of great disruption, whilst setting the pace for excellent sustainability-focused leadership now and into the future.
The winners of DYA 2022 in the various award categories are listed below:
Listed Companies Categories
Executive Directors
— Mr TAI Chun Kit
Four Seas Group
— Ms TANG Mei Wah
Town Ray Holdings Limited
Boards
— Baguio Green Group Limited
— China Resources Beer (Holdings) Company Limited
— Tai Hing Holdings Group Ltd
Non-listed Companies Categories
Executive Directors
— Ms LINShun Heung, Ophelia
Meiriki Japan Company Limited
Boards
— Hong Yip Holdings Ltd
Statutory/Non-Profit Distributing Organisations Categories
Executive Directors
— Ms LI Sum, Helen
The Institute of Internal Auditors Hong Kong Limited
Non-Executive Directors
— Ms Cordelia CHUNG
Hong Kong Science and Technology Parks Corporation
— Mr Dennis HOChiu Ping
Hong Kong Science and Technology Parks Corporation
— Mr Andrew JONES
Kely Support Group
Boards
— Competition Commission
— Board of Consumer Council
— General Committee of Federation of Hong Kong Industries
— Hong Kong Science and Technology Parks Corporation
About Directors Of The Year Awards
The Hong Kong Institute of Directors ("HKIoD") is Hong Kong's premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. HKIoD is a member institute of the Global Network of Director Institutes, a worldwide alliance of leading director institutes.
About The Hong Kong Institute of Directors
The Hong Kong Institute of Directors is Hong Kong's premier body representing directors to foster the long-term success of companies through advocacy and standards-setting in corporate governance and professional development for directors. A non-profit-distributing organisation with membership consisting of directors from listed and non-listed companies, HKIoD is committed to providing directors with educational programmes and information service and establishing an influential voice in representing directors. With international perspectives and a multi-cultural environment, HKIoD conducts business in biliteracy and trilingualism. Website: http://www.hkiod.com.
Media Enquiries:
Strategic Public Relations Group Limited
Brenda Chan +852 2114 4396/ brenda.chan@sprg.com.hk
Chak Yau +852 2114 4395/ chak.yau@sprg.com.hk
Directors Of The Year Awards:
The Hong Kong Institute of Directors
Odessa So +852 2889 4988 / odessa.so@hkiod.com
Joanne Yam +852 2889 1414/ joanne.yam@hkiod.com
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Austral Gold to Sell Pinguino to E2 Metals for US$~10M
SYDNEY, AU, Nov 25, 2022 – (ACN Newswire) – Austral Gold Limited ("Austral") (ASX: AGD) (TSXV: AGLD) is pleased to announce that it has entered into a Share Sale Agreement (the "Agreement") with E2 Metals Limited ("E2") (ASX: E2M) and Austral Gold Canada Limited ("Austral Canada"), a Canadian subsidiary of Austral, pursuant to which Austral Canada has agreed to sell 100% of the common shares of SCRN Properties Limited ("SCRN") to E2 (the "Transaction") for total consideration of US$~10 million.
SCRN's main asset is the polymetallic Pinguino Project, located in the Deseado Massif in the Santa Cruz Province of Argentina (please refer to About Pinguino).
SCRN is a wholly owned Canadian subsidiary of Austral Canada. Under the terms of the Agreement, E2 is to acquire SCRN for a combination of cash, shares and options and, upon completion, Austral Canada will become the largest individual shareholder of E2.
Austral Gold's Chief Executive Officer Stabro Kasaneva said: "We firmly believe in the Pinguino project. This transaction with E2 Metals will enable us to share in the project's potential upside and use the proceeds from the sale to fund our exploration activities in Argentina and Chile. In addition, E2 Metals' flagship Conserrat project is close to Pinguino and upon completion, we will become the largest shareholder in an ASX-listed Company with a sound shareholder base and strong position in the mining friendly Argentine province of Santa Cruz. We will also retain our 51% interest and option to acquire an additional 49% interest in the Sierra Blanca project, which is adjacent to the Pinguino project."
HIGHLIGHTS OF CONSIDERATION:
– CASH: US$5 million of which US$2.5 million is to be paid at Closing and the remaining 50% in three annual instalments of:
— US$0.75 million on the first anniversary of the Closing date;
— US$0.75 million on the second anniversary of the Closing date; and
— US$1 million on the third anniversary of the Closing date.
– SHARES: Issuance from treasury of such number of E2 shares as is equivalent to 19.99% shareholding in E2 on a non-diluted basis, all of which are to be held in escrow with 50% released on the first anniversary of the Closing date and 50% released on the second anniversary of the Closing date. The E2 share closing price on the day prior to this announcement was A$0.13 valuing 19.99% of Austral's pro-forma investment in E2 at A$6.5 million (US$4.4 million). The final valuation may change as it is dependent on the share price of E2 at Completion.
– OPTIONS: Grant of 15 million options, each exercisable for one ordinary share of E2 at an exercise price of 26 cents until the third anniversary of the Closing date. The options can only be exercised to the extent Austral will not exceed voting power in E2 of 19.99%. The value of the options was calculated at US$0.6 million using the Black Scholes model. The final valuation may change as it is dependent on E2's share closing share prices for three years prior to Closing.
– BOARD REPRESENTATION: Austral will have the right to appoint one person to the E2 Board for as long as it holds at least nine percent (9%) of E2's outstanding shares.
– ROYALTIES: Austral Canada will also retain its option to purchase either all or half of the existing 2% net smelter return royalty on the Pinguino project.
Completion of the Transaction remains subject to the satisfaction (or waiver) of a number of conditions precedent, including, but not limited to the following:
– approval by E2's shareholders at a Shareholder Meeting;
– obtaining all applicable regulatory approvals; and
– the absence of material adverse changes to E2 or SCRN
If all conditions precedent for completion of the Transaction are satisfied or waived, the Transaction is expected to close during February 2023 or, in some circumstances due to regulatory delay, 31 March 2023, (or such later date agreed by the parties).
E2 plans to fund the costs of the Transaction from its treasury and from future financings, if required. The three annual deferred cash payments will be secured by a share mortgage over 51% of SCRN's common shares until the second cash installment is paid, at which time the amount of SCRN shares covered by the share mortgage will be reduced to 19%.
About the Pinguino Project
The Silver-Gold-Zinc-Lead-Indium Pinguino Project is an advanced stage development project located in the south-central part of Argentina; 300km southwest of the city of Comodoro Rivadavia and 220km northwest of Puerto San Julian. It is 30km from E2's Conserrat project. In the last years, six mines were constructed in the Santa Cruz Province, making it one of the most prominent precious metal regions in the world, including world class deposits such as Cerro Vanguardia and Cerro Negro. The Pinguino Project is embedded in a vein field similar, but smaller to Cerro Vanguardia, some 30km north-west along the same controlling structure as the Pinguino deposit (225km strike length of veins vs 115 km strike length of veins). The project has year-round access and is close to major infrastructure.
About Austral Gold Limited
Austral Gold Limited is a gold and silver explorer and mining producer whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo-Manantiales mine complex in Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through exploration and via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya mines in Chile and the Casposo-Manantiales mine complex (currently on care and maintenance) in Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a non-controlling interest in Ensign Gold which holds the Mercur project in Utah, USA.
In addition, Austral owns an attractive portfolio of exploration projects in the Paleocene Belt in Chile (including those acquired in the 2021 acquisition of Revelo Resources Corp), a noncontrolling interest in Pampa Metals and a 51% interest in the Sierra Blanca project in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture Exchange (TSXV: AGLD) and the Australian Securities Exchange. (ASX: AGD). For more information, please consult Austral's website at www.australgold.com.
About E2 Metals Limited
E2 Metals Limited is an Australian exploration company focused on making new discoveries in the world class Santa Cruz gold and silver province, southern Argentina. It explores for gold, silver, and copper deposits. E2 Metals' key focus is the Santa Cruz portfolio located in southern Argentina. Santa Cruz is one of the preeminent mining provinces in South America and is host to numerous intermediate and large producers such as Newmont, AngloGold Ashanti and Pan American Silver. The portfolio comprises 90,000 hectares of titles, owned 80% through the Company's ownership in the local entity Minera Los Domos SA. The titles are within the Deseado Massif geological province and are prospective for epithermal gold and silver deposits such as the world-class Cerro Negro and Cerro Vanguardia mines.
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.
Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.
For additional information please contact:
Jose Bordogna
Chief Financial Officer
Austral Gold Limited
Jose.bordogna@australgold.com
+61 466 892 307
Ben Jarvis
Director
Austral Gold Limited
info@australgold.com
+61 413 150 448
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections – statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include Austral Gold to sell the Pinguino project and become the largest shareholder in E2 Metals for ~US$10M, final valuation of the Transaction, conditions precedent including but not limited to the following: approval by E2's shareholders at a Shareholder Meeting, obtaining all applicable regulatory approvals, the absence of material adverse changes to E2 or SCRN, the expected timeline to close the Transaction, E2's plans to fund the costs of the Transaction from its treasury and from future financings, if required, the security to be provided for the deferred cash payments, the Transaction will enable us to share in the potential upside of Pinguino, and the proceeds from the sale will be used to fund the Company's exploration activities in Argentina and Chile.
All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, business integration risks; uncertainty of production, uncertainty of exploration programs, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets especially in light of the effects of the novel coronavirus,, uncertainty in the measurement of mineral reserves and resource estimates, Austral's ability to attract and retain qualified personnel and management, potential labour unrest, reclamation and closure requirements for mineral properties; unpredictable risks and hazards related to the development and operation of a mine or mineral property that are beyond the Company's control, the availability of capital to fund all of the Company's projects, and other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on the ASX and on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. Austral's forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Minetech Records 32% Increase in Revenue for 2Q
KUALA LUMPUR, Nov 24, 2022 – (ACN Newswire) – Civil engineering specialist and bituminous products manufacturer Minetech Resources Berhad today reported that the Company recorded a 31.9% rise in revenue to RM26.9 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM20.4 million in the corresponding quarter of the last financial year (2Q FY2022).
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The Company registered a loss before tax (LBT) of RM1.5 million for the quarter under review compared with LBT of RM4.7 million in 2Q FY2022.
On a segmental basis, the civil engineering division recorded a 8.1% rise in revenue to RM16.1 million in 2Q FY2023 compared with RM14.9 million in 2Q FY2022. The manufacturing division, which produces bituminous products for pipe coating, waterproofing and sealing, posted a 166.7% increase in revenue to RM7.2 million compared with RM2.7 million in the same quarter of the previous financial year.
For the first-half of the financial year ended 30 September 2023 (1H FY2023), Minetech registered a 36.9% increase in revenue to RM50.9 million compared with RM37.2 million in 1H FY2022. The Company recorded LBT of RM3.1 million in the period under review compared with RM9.1 million in 1H FY2022.
Matt Chin, Executive Director of Minetech, said, "We continue to see our financial performance improve with narrower losses on higher revenue contribution from the civil engineering division's Selinsing Gold Mine due to increase in work volume as well as from the Cheras-Kajang Highway, Wangsa Brezza Hill and GM Emerald Square."
"We have seen a significant increase in revenue contribution from the manufacturing division mainly due to the rise in sales of coating enamel and blown asphalt products as a result of improved demand from both domestic and overseas markets."
"While economic growth is on a stronger footing based on Malaysia's third-quarter GDP figures, we note the increased risks of a slowdown in 2023 as global uncertainties stemming from the Russia-Ukraine conflict, China's slowdown and inflationary pressure continue to weigh on sentiments. We continue to emphasise various cost-control measures and cash conservation and at the same time exploring opportunities that have seen us venturing into technology and innovation and penetrating into second-tier construction activities. These initiatives have helped us weather the storm and continue to create value for shareholders and other stakeholders."
Minetech Resources Berhad: 7219 [BURSA: MINE], https://minetech.com.my/
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Bintai Kinden Revenue Increased 136% in 2Q FY2023
PETALING JAYA, Malaysia, Nov 24, 2022 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, today announced that the Company registered a 136.6% increase in revenue to RM40.56 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM17.14 million in 2Q FY2022 mainly due to higher contribution from M&E projects recovering from the negative impact of the COVID-19 pandemic.
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For the quarter under review, the Company's profit before tax (PBT) recorded a decline to RM193,000 compared with RM244,000 in 2Q FY2022 mainly due to higher cost. Gross profit margin for 2Q FY2023 stood at 15.35% compared with 43.06% in 2Q FY2022 after taking into account contribution by variation order of completed projects of the M&E business.
Bintai Kinden registered a 142.94% rise in revenue of RM71.44 million for the six months ended 30 September 2022 (1H FY2023) compared with RM29.41 million in the corresponding period of the previous financial year. PBT for 1H FY2023 declined to RM1.16 million compared with RM1.50 million reported in 1H FY2022.
En. Azri Azerai, Executive Director of Bintai Kinden said, "We consider the continuing growth in economic activities following two years of lockdowns as a positive sign for more opportunities in M&E engineering services in Malaysia and Southeast Asia where our focus remains. The growth in revenue in the quarter under review is proof of the continuing recovery which we do not take for granted as we assess the risks and opportunities to grow as an investment conglomerate by taking stakes in unique and niche businesses with huge potential."
"We are actively looking for more earnings accretive acquisitions. We are diversifying into the provision of telecommunication services to healthcare centres through a strategic venture under our indirect subsidiary, Johnson Medical International Sdn Bhd (JMI) that we announced earlier in November. We are also leveraging on JMI's healthcare solutions and medical support systems expertise to explore the Middle East, which is a growing market. Through our 51%-owned Bintai Energy Sdn. Bhd., we are in a partnership distributing flanges and other related piping products in Indonesia for oil and gas (O&G) projects."
Bintai Kinden's total orderbook is RM109.92 million, with RM102.43 million from M&E projects and RM7.49 million from O&G projects.
Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
anb and JCB sign acquiring agreement for local acceptance in the Kingdom of Saudi Arabia
RIYADH // TOKYO, Nov 24, 2022 – (ACN Newswire) – anb and JCB International Co., Ltd., the international operations subsidiary of JCB Co. Ltd., have partnered to launch JCB Card acceptance at all its POS and ATM locations deployed in the Kingdom of Saudi Arabia.
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JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan, and JCB Cards are used by more than 140 million cardholders and accepted at about 39 million locations globally.
As part of supporting the cashless society and financial inclusion that is related to Vision 2030, anb and JCB have partnered to enable the acceptance of JCB Cards. The partnership is a continuation of JCB's plan for entering the Saudi market, a destination of ever-increasing importance for its cardholders around the world for both business and tourism.
Mr. Yuichiro Kadowaki, Regional Head – Middle East & Africa CEO, JCB Middle East LLC, said: "Saudi Arabia has always been a very important destination for many of JCB cardholders, from both business and religious perspectives. With the strategic plan for Vision 2030, the country is now increasingly an important destination for tourism as well. anb's extensive reach in the market will ensure that JCB cardholders will be able to use JCB Cards at their convenience. The partnership will also enhance the already close fraternal ties between Saudi Arabia and Japan."
Mr. Nizar Altwaijri, Deputy Managing Director of anb, said: "anb's engagement with JCB will enable our payment systems to accept JCB Cards in the kingdom over ATM, POS and eCommerce channels. As Kingdom's economy opens up to welcoming tourists like never before, this strategic agreement will go a long way in supporting the tourism sector, which is one of the pillars of Saudi Vision 2030. This agreement is also in line with the Kingdom's plan to grow the number of options available for digital payments in the economy and will position KSA as one of the leading countries to accept a wide range of international scheme cards as part of its payment eco-system."
About JCB
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 39 million merchants around the world. JCB Cards are issued mainly in Asian countries and territories, with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/
About anb
Amongst the largest banks in the Middle East, anb headquarters is based in Riyadh, Saudi Arabia with regional offices in Jeddah, Khobar and a network of branches throughout the kingdom, in addition to an international branch in London, United Kingdom.
To service a large and varied customer base which exceeds 2 million, the Bank has an extensive distribution network, with 237 premises spanning over the Kingdom.
Recognizing the need to serve customers in a convenient and timely manner, the Bank also has around 1,160 ATMs, 290 Corporate Cash Deposit Machines and 36,670 point-of-sale terminals, in addition to advanced mobile banking application and a state-of-the-art, award-winning phone center. For more information, please visit: www.anb.com.sa/
Contacts
JCB
Ayaka Nakajima
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@jcb.co.jp
anb
Bassel Al Zirki
Corporate Communications
Tel: +966-11-4029-9000
Email: balzirki@anb.com.sa
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Job Platform Monster Transforms to an End-to-end Talent Management Platform; Reinvents Itself as foundit
SINGAPORE, Nov 23, 2022 – (ACN Newswire) – Monster.com, leading global job search portal, today announced a significant milestone in its journey as it transforms to a full-fledged talent platform. Starting today, Monster will be known as 'foundit' with a new logo and vision, ushering in a new revolution in the job market.
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Synonymous with recruitment, Monster has been serving more than 70 million job seekers and 10,000 customers spread across 18 countries. As the Company now transforms itself to an end-to-end talent platform, it will offer comprehensive solutions to recruiters and highly personalised and contextual services to job seekers across Asia Pacific and the Middle East. The transition is in line with the company's mission towards connecting the right talent with the right opportunities.
Speaking at the new brand unveiling event, Sekhar Garisa, CEO, foundit (previously Monster) said, "Technology is leading disruption across sectors and Talent Acquisition is no exception. The pandemic has fundamentally changed the way we work and the way we hire. We have been privileged to witness the talent acquisition landscape evolve over the last three decades, giving us an unparalleled depth of insights into recruitment. The platform of the future needs to cater to a highly dynamic job market, skill-based hiring & changing expectations from career. We are excited to unveil a new direction for Monster from simply facilitating job and candidate discovery to enabling significantly better talent management outcomes."
Commenting on foundit's role in realising its parent Quess Corp's future-forward strategy, Mr. Ajit Isaac, Founder and Non-Executive Chairman of Quess Corp and foundit, added, "Over the last 15 years, Quess has always been known for its service led offerings that have won the confidence of its associates and customers alike. As an institution, steadfast on our commitment to formalise jobs, we have been focusing on building a product-led portfolio that can help democratise access to formal employment across White, Blue and Grey collar workers. We acquired Monster APAC & ME with a vision to transform white-collar talent acquisition. Over the last couple of years, organisations experienced everything from the Great Resignation and the Great Regret leading to mass hiring at an unprecedented pace. But now as the market settles, hiring is going to be a lot sharper, focused and skill based. Such precision can only be achieved through the combination of human ingenuity and technology, and this is what we have to offer our recruiters and job seekers through foundit."
In 2018, Quess Corp acquired Monster Worldwide's APAC & ME businesses as a strategic investment to strengthen its HR services portfolio, and has been operating in Singapore, Malaysia, Philippines, Hong Kong, Vietnam, Thailand, Indonesia, India, UAE and Saudi Arabia.
In 2021 Monster raised USD 18 Million in a funding round led by investors Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments to fuel its product led offerings and market expansion.
As part of its brand evolution, foundit is placing renewed focus on the users of the platform to bring forward the perfect career experience. By leveraging disruptive technology such as AI and ML for precision hiring to superior UI, the company aims to offer recruitment solutions unrivalled by any other player in the market. One of the key features that job seekers can look forward to is personalised job discovery. With foundit's customised search results feature, candidates will receive results and recommendations that are curated to their educational background, employment experience & validated skills. Other features include community lead mentorship marketplace, skills validation through assessments, mobile first UI, personalised recommendations, and self enhancement tools like upskilling courses.
As the market leader in offering recruitment solutions to the best in business, foundit is transforming into a platform that reflects and adapts to the diversity of the SEA job market. For recruiters, it will offer the richest data set for each candidate along with insights & analytics that will make the process efficient as well as customized for each role requirements. The new interface and features allow for seamless and smart interaction between recruiters and candidates.
About foundit in APAC & the Middle East
foundit, formerly Monster, is a leading talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. Since its inception, the company has been assisting over 70 million registered users to find jobs, upskill, and connect with the right opportunities across 18 countries. Over the last two decades, the company has been a catalyst in the world of recruitment solutions with advanced technology, seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep-tech to sharpen hyper-personalised job searches, and precision hiring. foundit strongly believes that a job title doesn't define one's potential and leverages technology to dig deeper to curate opportunities central to the needs, aspirations, and dreams of each user.
To learn more, about foundit in APAC & Gulf, visit: www.foundit.sg | www.foundit.my
| www.foundit.id | www.foundit.hk | www.foundit.com.ph | www.founditgulf.com | www.foundit.in
Contact:
Neha Nayyar: neha.nayyar@monsterindia.com
Namrata Sharma: namrata.sharma@adfactorspr.com
+65- 81383034
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Malaysian Genomics Sees Rise in Profit Margins for 1Q
PETALING JAYA, Malaysia, Nov 23, 2022 – (ACN Newswire) – Malaysian Genomics Resource Centre Berhad, a leading genomics and biopharmaceutical specialist, today reported a revenue of RM3.81 million for the first quarter ended 30 September 2022 (1Q 2023) versus a revenue of RM9.32 million in 1Q 2022, as the Group refocuses on immunotherapy and cell therapies under the biopharmaceutical business and pushes for organic growth of its genetic screening business.
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The Group recorded a 254.16% increase in profit before tax (PBT) to RM0.85 million for 1Q 2023, compared with RM0.24 million in the corresponding quarter of the previous financial year, on higher profit margins and revenue contributions from the new biopharmaceutical business.
Earnings per share for 1Q 2023 stood at 0.68 sen compared with 0.20 sen in 1Q 2022.
Dato' Seri Dr Chen Chaw Min, Independent Non-Executive Chairman of Malaysian Genomics said, "The Group's pivot to immunotherapy and cell therapies from vaccine distribution continues to pay off as PBT improves on higher profit margins. We expect more improvements to the biopharmaceutical business as the Group's expansion of its distribution network and footprint overseas in the Middle East and Southeast Asia takes shape."
"We are pushing the genetic screening business as the Group continues to reach out through business-to-consumer channels for a wider market reach. We believe better awareness and education is prompting more people to take action on how they can enhance their health, and the Group will leverage on this through catering to the different needs and groups from our suite of healthcare-related solutions. We are also seeking to acquire assets or invest in businesses that will support the expanded market reach of our products and services."
"The Group is well positioned to be a leading provider of genetic screening, genome analysis, and biopharmaceutical products in Southeast Asia, as we are equipped with a high-throughput sequencing lab, an advanced microarray facility, and a new state-of-the-art cGMP cell processing lab for cell therapies, including immunotherapy for various types of cancers. We are confident that we are in a position to provide patients with better access to the latest precision and personalised healthcare solutions."
Malaysian Genomics Resource Centre Berhad: 0155 [BURSA: MGRC] [RIC: MGRC:KL] [BBG: MGRC:MK], http://www.mgrc.com.my/
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Lead ID of Kitchen Culture Writes to Shareholders Expressing Concerns About Major Shareholder OOWAY Group Which is Leading Second Attempt to Call for EGM To Remove 5 Directors
SINGAPORE, Nov 23, 2022 – (ACN Newswire) – The Lead Independent Director ("Lead ID") of Kitchen Culture Holdings Ltd. ("Kitchen Culture" or the "Company"), in a letter to shareholders today, has expressed concerns about promises made to the Company by its largest shareholder, OOWAY Group Ltd. ("OOWAY"), which is leading a second attempt to remove 5 of 6 directors via an extraordinary general meeting ("Second Intended EGM").
While Kitchen Culture's Board, acting on legal advice, has announced that the Second Intended EGM scheduled for this Friday is defective and invalid for non-compliance with the Companies Act 1967 and the Company's Constitution, Lead ID William Teo Choon Kow ("Mr Teo") said shareholders have raised concerns about OOWAY and have continued to seek answers about its promises to the Company.
OOWAY and 7 individuals (the "Requisitioners") who own an aggregate of 21.71% of the Company's shares have made 2 attempts in recent weeks to remove Mr Teo and 4 others – Mr Lim Wee Li (Executive Director), Mr Lau Kay Heng (Non-Executive Non-Independent Chairman), and IDs, Mr Ang Lian Kiat and Mr Peter Lim King Soon. The Requisitioners want to replace them with 5 others.
The Experience of OOWAY's Involvement with Kitchen Culture
Recounting the inception of OOWAY to SGX-Catalist listed Kitchen Culture since October 2020, Mr Teo said the business of providing solutions and products for kitchens and wardrobes had not been profitable for years. As such, the Board was excited when it was presented with the prospect of a new business being injected via a deal to acquire shares in OOWAY Technology Pte. Ltd ("OOWAY Technology").
A team from the OOWAY Group presented its Asian Accounts Receivable Exchange ("AREX") as "a world's first online platform for trading accounts receivable assets". The platform, running on a digital currency, Lantana, was said to be able to assess and transact up to US$30 billion worth of assets by 2023, its key adviser Mr Liu Yanlong ("Mr Liu") told Kitchen Culture's Board and other investors.
After AREX was launched online on 23 February 2021, Kitchen Culture viewed OOWAY as a 'white knight' that could transform the Company's business fortunes. Madam Hao Dongting ("Mdm Hao") – indirectly a 47% shareholder of OOWAY – and Mr Lincoln Teo Choong Han ("Lincoln") joined the Company's Board of Directors in April 2021. Lincoln was named Interim CEO of Kitchen Culture 3 months later.
"What came next was a bolt from the blue," Mr Teo said. Shortly after his appointment as Interim CEO, Lincoln suddenly stated at a Board meeting in July 2021 that AREX had "nothing to do" with OOWAY and was a 'separate exchange altogether'. In spite of this the Board remained hopeful that Lincoln and OOWAY would be able to bring in other businesses. "As events have shown, this hope was misplaced," Mr Teo said.
As confirmed by OOWAY Technology Group, its main revenue for the financial year ended 2021 and the 6-months ended 30 June 2022 was generated from selling parallel imported cars in the People's Republic of China (a business with extremely narrow margins); it incurred substantial losses which have reduced its net assets significantly. Mr Teo noted that this was despite that OOWAY Group listing on its website big names such as Bank of China, ICBC Bank, DBS Bank and Amazon as collaborative partners.
"These discoveries are extremely concerning. I recently carried out a Google search on AREX and, to my surprise, I could only find two English-language reports on AREX. The AREX website referred to in the press release (www.sgarex.com) is also no longer active," Mr Teo said.
Further concerns over the OOWAY Group's actions
Mr Teo also stated several other concerns about the actions of OOWAY Group, Mdm Hao and Lincoln:
1) OOWAY has not been able to bring in any significant business to the Company, and the only 2 significant ventures it proposed 'have been tainted with irregularities".
i) the first involved a transfer of US$480,010 to a Hong Kong company to provide technology support for e-commerce. However, one of the agreements was not dated and the funds transfer was executed without obtaining appropriate due diligence, documentation or prior Board approval. Fortunately, as announced on 14 October 2021, the Company was able to recover a net amount of US$492,259.97 from the Hong Kong company after terminating the transactions.
ii) the second, the Company – acting on OOWAY's recommendation through Lincoln amid health concerns during the COVID-19 pandemic – purchased S$600,000 worth of face masks in April 2021 from Anhui Health Box Technology Co. Ltd for resale. Responding to directors' concerns, Lincoln claimed OOWAY had ready buyers offering good margins among its B2B channels, and named the U.S. Government as a transacting party. Instead, Lincoln assigned staff to carry out B2C sales and hired a "Regional Marketing Director" for this purpose at a monthly salary of S$6,000. This was later increased to S$10,000 and resulted in the Company paying S$121,760 in total remuneration to this staff between September 2021 and September 202.
To date, total sales achieved for the masks is S$41,624 while the total costs incurred in this business amounted to S$797,046. The shelf life of the masks will expire in January 2023.
2) Between July 2021 and July 2022 during which Lincoln was Interim CEO, more than S$4 million of the Company's funds were depleted. Apart from the 2 ventures listed above,
i) Lincoln recruited 4 employees between July to September 2021 from another company where he is a shareholder and director to launch a digital trade business for the Company, some of whom occupied positions which did not match their job experience. This business did not get off the ground and the Company paid an aggregate of S$408,240 to these 4 employees in salaries, allowances and CPF until their employments were terminated by the new Board in July 2022.
ii) Instead of leaving the Special Auditor to complete its investigations on irregularities that happened during the past management term to decide on the most appropriate course of action, Lincoln spent more than S$1.1 million in legal fees in suits against the former CEO and Executive Director Lim Wee Li and 2 Chinese employees of the Company.
3) The OOWAY Group had made various promises about injecting funds into the Company but these were either never followed through on its promises or contained terms or conditions which the Directors deemed to be unacceptable.
Mr Teo said, "… There are serious question marks around why the Relevant Shareholders, led by the OOWAY Group, are now mounting their attempt to remove the current Board (save for Mdm Hao, its own representative) and are going about their efforts in such an antagonistic manner. In view of all of the circumstances above, the Board considers that there may be a need for further investigation into the representations made by the OOWAY Group…"
Kitchen Culture has also responded to a press release issued on ACN Newswire by the requisitioners on 18 November 2022. The Company announced that the press release had urged shareholders not to be "discouraged" by the Company's statement about the validity of the Second Intended EGM.
Acting on the advice of 2 lawyers, Kitchen Culture has told shareholders not to attend the Second Intended EGM as notices sent by requisitioners were defective and invalid.
However, to give 'appropriate room' for the wishes of the requisitioners, the latter could "(i) bring before a Court for determination those legal issues they do not agree with, or (ii) to issue a proper and fully compliant set of documents and take all steps to facilitate a proper general meeting of the Company", the Board (with the exception of Mdm Hao) said.
Kitchen Culture shares have been suspended from trading since July 2021. Its Board has seen several changes since the involvement of OOWAY.
Issued by:
Kitchen Culture Holdings Ltd.
9 Raffles Place, #52-02, Republic Plaza
Singapore 048619
Tel: +65 6471 6776, Fax: +65 6472 6776
Media & Investor Contact
Whatsapp (Text): +65 9748 0688
kitchenculture@wer1.net
This press release has been reviewed by the Company's sponsor, SAC Capital Private Limited (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this press release, including the correctness of any of the statements or opinions made or reports contained in this press release.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Tel +65 6232 3210), at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
Kitchen Culture Holdings Ltd. [SGX: 5TI] [BBG: KCH:SP] [RIC: KCHL.SI] https://kcholdings.com.sg
Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com
Sri Trang introduces an alternative job “Super Driver” to traditional natural rubber planter
BANGKOK, Nov 23, 2022 – (ACN Newswire) – Sri Trang Agro-Industry PCL (SET: STA) opens Aappplications for whom is interested to become "Super Drivers", creatipng a secondary career and extra income for rubber planter and building rubber delivery network from plantations to factories of the Sri Trang Group. In order to connect all stakeholders in the rubber industry ecosystem and for STA to play a part in the drive towards the digital age.
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Mr. Veerasith Sinchareonkul, Managing Director & Executive Director of Sri Trang Agro-Industry PCL (SET: STA), one of the world's biggest leaders in the integrated natural rubber business, revealed that following the Company's launch of the "Sri Trang Friends" Application, which was the first and the main Application that integrated various services to support plantation owners and trading partners, as well as other related services through the digital system, until recently when the new "Sri Trang Friends Station" was launched as the rubber trading program to allow interested natural rubber planters across the country to apply to join, to facilitate a more transparent and professional rubber trading business. This is a major development that will propel the Thai rubber industry towards the digital age, connecting all the people involved in Thailand's natural rubber industry ecosystem.
Most recently, the Sri Trang Group initiated the new "Super Driver" model, acting as "heroes" of the rubber planters to provide rubber delivery services to Sri Trang rubber factories for fellow rubber planters who may be constrained by distance. The "Super Drivers" will pick up the rubber from plantation owners who require this service and then deliver the products to Sri Trang factories, thus alleviating the problems associated with approaching the factories and the delivery of rubber. Initially, the program is being launched as pilot projects in Loei and Ubon Ratchathani provinces and will soon be introduced throughout the country.
The major differences that makes the "Super Driver" model special are the approach and the application process. The main target groups are the rubber planters or those with families in the rubber plantation or rubber delivery businesses with their own delivery trucks and who like to earn extra income while being ready to be the representatives for delivery, and collect various types of natural rubber, such as fresh latex, cup lump rubber, raw rubber sheets and ribbed smoked rubber sheets from plantations in nearby vicinity to be delivered to factories in the Sri Trang Group. The main objective of the "Super Driver" recruitment is to create an additional income stream for rubber planters and related people, along with to help the rubber planters to have direct access to the factories as if having the factories located right on the gates of their plantations. This is also in line with the Company's policy to conduct its businesses sustainably by caring for the stakeholders in all sectors.
There are no application fees for the applicants. Moreover, they will receive the following benefits : 1) the ready-for-use POS with downloaded Application; 2) a floor-stand weighing scale; 3) A gift set for Super Driver, etc. The income from the delivery of rubber to the factory plus the diligence bonus for each "Super Driver" is expected to approximately amount to18,500 baht per month.
"Our big mission is to create additional income stream for people in and around rubber plantations by they becoming 'Super Drivers' so they can elevate the quality of life. In addition, the model will provide easy access and opportunities for plantations that are located far away to be able to access the factories more readily while connecting all the people involved in the rubber industry ecosystem through the Application that has been developed by the Company. In the near future, the 'Sri Trang Friends' and 'Sri Trang Friends Station' Applications that support the two groups of users – rubber traders and the 'Super Driver' applicants – will have some connected functions that are aimed to be a positive and sustainable development towards the 'Sri Trang Friends Ecosystem'", Mr. Veerasith concluded.
Visit Sri Trang Gloves PCL (SET: STGT) (SGX: STGT) at https://www.sritranggloves.com/en.
Released for Sri Trang Gloves PCL by MT Multimedia Co Ltd
Wasana "Jeab" Wongsiri, T: +66 (0) 84 359 0659, +66 (0) 2 612 2081 ext. 131; E: wasana.w@mtmultimedia.com
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