Siab Holdings Berhad Sees Financial Performance Turning Positive in Q1 FY2024

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

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

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

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

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

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

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

Propel Global Posts 166.1% Increase In Revenue For Q3 FY2024

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

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

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

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

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

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

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

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

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

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

EPB Group Berhad Receives Bursa Securities’ Approval For ACE Market Listing

KUALA LUMPUR, May 27, 2024 – (ACN Newswire) – EPB Group Berhad (“EPB”) and its group of companies (the “Group”), an established one-stop food processing and packaging machinery solutions provider, is pleased to announce that EPB has received the approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) to list on the ACE Market of Bursa Securities. The listing exercise, is set to offer a total of 111,570,000 IPO shares, representing approximately 29.99% of the enlarged issued share capital upon listing of 372,000,002 ordinary shares, in the upcoming initial public offering (“IPO”) of the Group.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad

The Group, having initiated its operations since 1992, offers a comprehensive solution in the design, customisation, fabrication, integration, and automation of production lines, alongside the trading and manufacturing of flexible packaging materials as well as trading of cellulose casings, catering to the diverse needs of the food industry.

According to EPB’s prospectus exposure for the IPO, the listing exercise involves the public issue of 71,570,000 new ordinary shares, or 19.24% of the enlarged issued share capital upon listing with an offer for sale of 40,000,000 ordinary shares, or 10.75% of the enlarged issued share capital upon listing.

The IPO shares will be offered in the following manner:

1. Public Issue of 71,570,000 new ordinary shares, representing 19.24% of the enlarged issued share capital upon listing:

a. 19,570,000 new ordinary shares, or 5.26% of the enlarged issued share capital upon listing will be made available for application by the Malaysian public via balloting, of which 50% of this allocation representing 9,785,000 new ordinary shares shall be made available to Bumiputera public investors;

b. 21,196,000 new ordinary shares, or 5.70% of the enlarged issued share capital upon listing will be reserved for application by the eligible directors, eligible key senior management, eligible employees and business associates (including any other persons who have contributed to the success of the Group); and

c, 30,804,000 new ordinary shares, or 8.28% of the enlarged issued share capital upon listing will be made available for application by Bumiputera Investors approved by the Ministry of Investment, Trade and Industry (“MITI”) by way of private placement.

2. Offer for Sale of 40,000,000 ordinary shares (“Offer Shares”), representing 10.75% of the enlarged issued share capital upon listing:

a. 15,696,000 Offer Shares, or 4.22% of the enlarged issued share capital upon listing shall be made available to Bumiputera investors approved by MITI; and

b. 24,304,000 Offer Shares, or 6.53% of the enlarged issued share capital upon listing, shall be made available to selected investors.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad said, “We are deeply appreciative of the endorsement from Bursa Securities for our IPO on the ACE Market. This significant occasion marks a milestone for our Group’s journey which will enhance our visibility and allow us to expand our footprint in Penang. The IPO serves as a gateway to the capital markets, providing us with the necessary resources to fuel our next phase of growth and innovation, particularly in the realm of robotics integration in the food processing and packaging machinery solutions currently provided to our customers.”

Mr. Yeoh further elaborated on the Group’s growth strategy, “The capital raised through this IPO will be instrumental in realising our expansion plans, including the expansion of our existing factory. This expansion is not just about scaling our operations; it’s about strategically positioning our Group to capture emerging opportunities in the market, thereby reducing our gearing and bolstering our working capital. Our aim is to cement our Group’s status as a frontrunner in providing comprehensive food processing and packaging solutions, driving forward our commitment to excellence and innovation in the industry.”

Malacca Securities Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent, and WYNCORP Advisory Sdn. Bhd. is the Corporate Finance Adviser of EPB Group Berhad.

The 9th Quam IR Awards was Successfully Held

HONG KONG, May 24, 2024 – (ACN Newswire) – The award presentation ceremony of Quam IR Awards 2023 (‘QIRA’ or ‘The Awards’) successfully took place on 24 May, 2024 at Four Seasons Hotel Hong Kong, recognizing investor relations teams that keep pace with the times in a rapidly changing environment, as well as outstanding enterprises with excellent sustainable development management.

Management of Quam Plus Financial Group, including Ms. May Mak, Chief Financial Officer (third from the left), Dr. Army Yan, Chief Investment Officer (sixth from the left), and Mr. Christopher Tang, Chief Executive Officer of Quam Asset Management Limited (third from the right) took picture together with award presenters and representatives of awarded companies.

Transparent and Fair Corporate Disclosure Drives Healthy Financial Markets

Fairness and transparency in information disclosure to the public are very crucial factors that the public considers when making investment decisions. Beyond just enhancing public understanding of the company, this also helps drive the healthy development of the financial markets. Quam IR Awards is proud to recognize and reward the very best listed company in investor relations industry. The winners of the QIRA have opened the door of communication through diversified channels, representing the tact and professionalism of investor relations. The keen enthusiasm for the 9th Quam IR Awards can be seen from the entries. A total of 13 companies have differentiated themselves from their competitors to won the Awards.

Special Awards Recognizing Sustainable Development Achievements

To recognize the performance and contributions of organizations in implementing sustainable development goals, Quam IR has partnered again this year with Hong Kong Sustainability Strategic Advisory Limited (HKSSA), an advisory firm focusing on enterprises’ abilities of their sustainable development, to professionally select the winning companies in the “Sustainable Development Category” awards to commend enterprises that have demonstrated outstanding overall performance in ESG aspects.

In addition, three special awards have been featured, including “Sustainable Development Category – The Best Report of the Year”, “Sustainable Development Category – Carbon Management”, and “Sustainable Development Category- The Best Approach of Carbon Management of the Year”. These awards aim to shine a spotlight on companies that have demonstrated exemplary performance in environmental protection, particularly in energy conservation, and carbon reduction initiatives.

Investor Relations Prominence Accentuated in Volatile Macroeconomic Climate

Ms. May Mak, Chief Financial Officer of Quam Plus Financial Group, said at the opening remark “Our investors are more than financiers; they are our partners who share our vision and support our growth. We value their trust and understand the significance of transparent and considerate relationships. This is why investor relations plays a crucial role in fostering transparency, trust, and effective communication between our company and its investors.”

Dr. Army Yan, Chief Investment Officer of Quam Plus Financial Group, said “2023 was another turmoil year for the Hong Kong market amidst continuing geo-political conflict. PRC policy changes and high interest rate. While all other major markets recorded increases in 2023, HSI was down 13.8%. In the times of market uncertainty, the role of IR becomes even more vital.” He then commended all the award winners, saying “Relaxation of southbound stock connect and increasing interest from the west have seen our market rebounded. The share price of all of our winners have performed well. Together, let us forge ahead, embracing the challenges and opportunities that lie ahead.”

Steadfast Support from Industry Peers and Media Allies

Quam IR was pleased to invite Mr. Robert Lee, Member of the Legislative Council – Functional Constituency (Financial Services), Dr Alvin Ho, CFA. President of CFA Society Hong Kong, Dr. Gordon Tsui Luen-on Permanent Honorary President, Hong Kong Securities Association and Prof. Yan Xu, Associate Director of Center for Business Strategy and Innovation, The Hong Kong University of Science and Technology as our guests of honour to witness such grand occasion.

The 9th Quam IR Awards came to a successful conclusion, thanks to our supporters in the business community, media friends and sponsors in Hong Kong and mainland China. Our supporting media partners include The Chamber of Hong Kong Listed Companies, The Hong Kong Independent Non-Executive Director Association, CFA Society Hong Kong, Ming Pao, Caiguu, FX168 and FX678. Quam IR is grateful for their support, which make Quam IR Awards 2023 a success.

The list of awardees for Quam IR Awards 2023 (In alphabetical order of company name):

Stock Code	Company Name
Hong Kong Index Constituents (Hang Seng Index) Category
0992	Lenovo Group Limited
0006	Power Assets Holdings Limited
2382	Sunny Optical Technology (Group) Company Limited

Main Board Category
0081	China Overseas Grand Oceans Group Limited
2276	Shanghai Conant Optical Co., Ltd.
0242	Shun Tak Holdings Limited
6811	Tai Hing Group Holdings Limited

Sustainable Development Category
Platinum
2020	ANTA Sports Products Limited
Gold
3613	Beijing Tong Ren Tang Chinese Medicine Company Limited
Silver
1229	Nan Nan Resources Enterprise Ltd
Bronze
2266	Lai Si Enterprise Holding Limited
Carbon Management – Gold
8391	Cornerstone Technologies Holdings Limited
The Best Report of the Year
3311	China State Construction International Holdings Limited
The Best Approach of Carbon Management of the Year
3311	China State Construction International Holdings Limited

Website of Quam IR Awards 2023: https://eventedm.tonghaiir.com/QIRA2023-24/

For enquiries,
Quam IR
Marketing & PR contactï¼š
Ms. Mandy Lo, T: 2217-2753, Email: mandy.lo@quamgroup.com
Ms. Charlie Chan, T: 2217-2504, Email: charlie.chan@quamgroup.com

Black Spade shares investment insights at Global Investment Panel of BEYOND Wealth Summit for Family Offices

HONG KONG, May 23, 2024 – (ACN Newswire) – Black Spade Capital Limited (“Black Spade”), the family office of Mr. Lawrence Ho, joined the prestigious BEYOND Wealth Summit which convened in Macau with great success as one of the summit panellists. This exclusive, invite-only event brings together over 150 family offices from around the world with an aim of forging deeper ties between influential families to promote sustainable growth, heritage preservation and philanthropy with social responsibility in mind.

(From left) Ms. Enna Weng, Managing Director of Freedom Capital Markets, Mr. Oliver Weisberg, Chief Executive Officer of Blue Pool Capital, Mr. Dennis Tam, President and CEO of Black Spade and Mr. Mario Moraes of Votorantim Group

Mr. Dennis Tam, President and CEO of Black Spade and fellow panellists at BEYOND Wealth Summit

Mr. Dennis Tam, President and CEO of Black Spade was invited as one of the key panellists at the Global Investment Panel. Mr. Tam, along with his fellow guest speakers including representatives from notable family offices and family-run investment institutions such as Blue Pool Capital (Family Office of Mr. Joe Tsai) and Votorantim Group (owned by the Ermirio de Moraes family in Brasil), shared their views on various topics such as the latest investment themes, weathering market volatility and dissecting business cycles.

Mr. Dennis Tam, President and CEO of Black Spade, said, “Black Spade is honoured to be part of this megaevent for family offices. There is a conventional stereotype that equates family offices to pure wealth management. In fact, over the years, this function has long transformed from a treasury unit of high net worth individuals into a force that drives changes for the better. It is encouraging to see a growing interest for family offices and we are delighted to see Jason Ho, co-founder of BEYOND Expo bring this inspiring event to Macau. A platform like this is exactly what we need where people connect and confluence of great minds happens. This Summit is an occasion for us to celebrate new friendship and embrace new ideas. I am sure that my fellow panellists and participants all have benefited greatly like I have. I look forward to seeing this initiative grow in the future.”

About Black Spade Capital Limited

Black Spade Capital Limited is an established family office that manages the private investments of Mr. Lawrence Ho. Headquartered in Hong Kong, its global portfolio consists of a wide spectrum of cross-border investments as it consistently seeks to add new projects and opportunities to its investment mix. Black Spade’s investment strategy maximizes coverage of geographic regions and sectors whilst maintaining a portfolio of diversified asset classes, ranging from equity, fixed income, medical technology, leisure and culture, green energy, real estate to Pre-IPO investments. In August 2023, Black Spade Acquisition Co, a blank check company (SPAC) sponsored by Black Spade, completed a US$23 billion business combination with VinFast Auto Ltd.

Perfios Technology Solutions Titled Indonesia Winner of Zurich Innovation Championship for Health Claims Analytics Solution

JAKARTA, May 23, 2024 – (ACN Newswire) – Perfios was honored for its innovative solution, Perfios Acclaim, at a ceremony hosted by Zurich Asuransi Indonesia in Jakarta on April 30, 2024. Distinguished attendees included Benny Jioe (Head of Digital Transformation, Zurich), Daniel Susanto (Digital Project Manager, Zurich), Amitabh Singh (Chief Business Officer, APAC & EMEA), and Mahendra Ramaiyyah (Director, Insurance Business Acquisition, APAC).

The Zurich Innovation Championship

The Zurich Innovation Championship is a global competition conducted by Zurich Insurance, one of the world’s largest insurers with a significant presence in over 215 countries. This annual event seeks startups that not only aim for profitability but also strive to make a substantial social impact. The championship emphasizes creating new value propositions and delivering innovative services beyond mere product distribution. By winning this prestigious competition, Perfios has established itself as a key player in shaping the insurance industry through impactful solutions.

Criteria and Qualifications for the Award

The selection process for the Zurich Innovation Championship is rigorous and globally oriented, focusing on companies that demonstrate a dual purpose: profitability and social betterment. Participants are evaluated on their ability to address significant industry issues with innovative solutions that have the potential to revolutionize market practices.

Significance of the Award

**Benny Jio, Head of Digital Transformation, Zurich Asuransi Indonesia presents the award to Amitabh Singh, Chief Business Officer, EMEA & APAC Insurance, Perfios**

The significance of winning the Zurich Innovation Championship cannot be understated. It underscores Perfios’ role as a transformative force in the insurance sector, particularly in combating claims fraud, which is a major contributor to the inflation of insurance premiums globally.

What Sets Perfios Apart

Founded in 2019, Perfios Technology Solutions Sdn Bhd has rapidly expanded throughout the Southeast Asia region. Supported by top-tier investors like Bessemer Venture Partners, Warburg Pincus, Kedaara Capital, and Ontario Teacher’s Venture Growth, Perfios recently raised $80 million in its latest funding round. Their clientele includes leading global banks and insurers who rely on Perfios for seamless digital transformations.

Supporting Quote

Amitabh, Chief Business Officer, Perfios Insurance International stated: “We are honored to receive this recognition from Zurich Asuransi Indonesia. Perfios Acclaim embodies our vision to provide insurers with cutting-edge technology that simplifies their operations and protects against fraud.”

Future Goals

Winning the Zurich Innovation Championship aligns perfectly with Perfios’ mission to empower insurers with innovative, reliable technology. Perfios Acclaim aims to expand its impact across Asia and further solidify its presence as a leader in the insurance technology space.

About Perfios Acclaim

Perfios Acclaim tackles the pressing challenge of claims leakages in health insurance, which cost the industry up to $28 billion annually due to fraudulent or ineligible claims. Traditional methods fall short, as human assessors struggle to correlate data across extensive documents to detect fraud. Perfios Acclaim integrates claims digitization and fraud detection into a unified solution, enabling Straight Through Processing (STP) and automatic adjudication. This reduces processing times from over a week to just 30 minutes and has saved up to 5% in claims payouts in regions like Vietnam, Malaysia, and Indonesia. For more information, visit https://perfios.ai/acclaim/.

This press release can also be viewed at Marketing in Asia (https://shorturl.at/eGWLs).

Media contact:
Komaldeep Kaur Dhir
Marketing in Asia
komal@mianext.com

Spritzer’s ‘Plastic Reimagined’ inspires exciting ideas whilst giving new life and uses to recycled plastic

KUALA LUMPUR, May 21, 2024 – (ACN Newswire) – Spritzer, Malaysia’s leading mineral water brand, is excited to present “Plastic Reimagined,” an interactive and educational experience to inspire Malaysians to see plastic waste in a new light and raise awareness about recycling. Visitors to the 5-day event will have the opportunity to get up-close and personal with upcycled items and participate in a variety of exciting activities.

Second life of Recycled Plastic Bottles Process

This immersive event will be happening from May 22nd to 26th, 2024, at IOI City Mall in Putrajaya. Event highlights include the Spritzer upcycling art exhibition and a series of engaging activities designed to inform the public about the importance of recycling and the potential second life of recycled plastics.

Spritzer’s ‘Plastic Reimagined’ event represents a bold step towards a future rooted in sustainability and circularity, particularly in encouraging individuals to view plastic waste as a resource rather than refuse. By showcasing creative recycling methods and the potential of plastic, the event aims to transform the perception of waste, especially plastic waste, and demonstrate how every piece of plastic can be given a second life by turning it into something beautiful or functional. The ultimate goal of the campaign is to foster sustainable mindsets among Malaysians.

Spritzer’s goal is to become a fully circular brand by 2030 and the company has been actively seeking new ways to integrate sustainable practices into their business and lifestyle. They are also leading innovation in packaging by using recycled materials (rPET), with the packaging being 100% recyclable. ‘Plastic Reimagined’ is part of Spritzer’s ongoing efforts to change perceptions and aims to facilitate a shift towards more eco-friendly mindsets, where every piece of plastic has a purpose and a second life.

To that end, visitors to the ‘Plastic Reimagined’ event can look forward to a diverse range of activities and exhibits, including:

Plastic Bottles Recycling: Bring any 3 used plastic items, such as Spritzer bottles, to recycle and receive a complimentary Spritzer tote bag.
Exploring the Second Life of Recycled Plastic & Interactive Showcase: Learn how recycled plastics are processed and upcycled through engaging displays, providing a first-hand look at how plastics are transformed.
Succulent Planting Workshops: Learn sustainable practices through succulent planting workshops using recycled materials to incorporate eco-friendly techniques at home and in the garden.
Upcycling Art Exhibition: Experience stunning art installations made from recycled Spritzer plastic bottles by homegrown artists, showcasing the endless creative possibilities of upcycling. The featured artists include:
- CO2_karbondioksida by Celine Tan & Oscar Lee: Husband-and-wife duo from Muar, Johor. Celine Tan and her husband, Oscar Lee, created the Co2 art collective in response to the urgent need to raise awareness about the significance of producing less waste for the welfare of the earth. They are renowned for constructing colossal recycled marvels.
- Artsy Daphy: Celebrated for her vibrant works fusing traditional and contemporary styles, Artsy Daphy explores local heritage while promoting environmental awareness.
- Mereka by Biji-Biji Group: Mereka designs and implements training programs to inspire and equip future leaders in various industries. At the core of Mereka is a commitment to sustainability, incorporating eco-friendly practices and technologies that support innovative projects and environmental sustainability.

The ’Plastic Reimagined’ campaign is part of Spritzer’s ongoing efforts to drive positive change and contribute to a more sustainable future for Malaysia. By engaging the community through interactive experiences and thought-provoking art, the brand aims to shift mindsets and behaviours towards a more conscious and responsible approach to plastic waste management.

Plastic Reimagined is open to the public from 22nd to 26th May between 10AM and 10PM at the Ground Floor, West Court of IOI City Mall in Putrajaya

For more information and updates on “Plastic Reimagined,” visit Spritzer Mineral Water Malaysia.

Please download the high-res images from this link.

About Spritzer:

Established in 1989, Spritzer Group has been a pioneer in providing Malaysians with natural mineral water sourced from a 440-acre green rainforest. Committed to innovation, Spritzer Group leads the Malaysian bottled water industry through manufacturing, distribution, marketing, and sales of its diverse product line. From renowned natural mineral water to refreshing non-carbonated fruit-flavoured drinks, each product is carefully crafted to meet consumer needs.

Comprising eight business subsidiaries, Spritzer Group specializes in the production and distribution of silica-rich natural mineral water, sparkling natural mineral water, distilled drinking water, carbonated fruit-flavoured drinks, and non-carbonated fruit-flavoured drinks.

With over 30 years of experience, Spritzer Group is Malaysia’s largest and only listed bottled water producer. For more information, please visit www.spritzer.com.my.

For media enquiries please contact:

Hema Rengasamy
Senior Executive
Narro Communications
T: +6019-718 0410
E: hema@narrocomms.com

Winnie Chin
Head of Public Relations
Spritzer Berhad
T: +6019 553 2663
E: winniecgl@spritzer.com.my

Alta Partners with TRIREC to Unlock Opportunities in Impact Investing for Third Climate-Focused Fund

Alta’s strategic partnership with TRIREC will provide access to the TRIREC Venture II (TVII) fund on its platform to Southeast Asian investors seeking meaningful opportunities to invest in impact investments.
The TVII invests globally in companies focusing on breakthrough areas of growth and innovation in climate tech looking to accelerate the rate of decarbonisation, providing investors the opportunity to participate in the growth of these companies in their nascent stages.

SINGAPORE, May 21, 2024 – (ACN Newswire) – Alta Alternative Investments Pte. Ltd. (Alta), Asia’s leading digital securities exchange for alternative assets, announces its strategic partnership with Singapore-headquartered investment firm focused on decarbonisation as its mandate, TRIREC. The partnership will enable Alta to provide its global community of investors access to the TRIREC Venture II (TVII) fund via its platform and unlock opportunities in impact investing.

The TVII fund aims to invest in portfolio companies that will play a significant role in positively impacting climate change. With a global investment mandate and a focus on APAC, the fund looks to invest in 15 to 18 early-stage portfolio companies. Through TVII, investors can access decarbonisation investments in energy, industries, mobility, building, and food & agriculture verticals, capitalising on the growing demand and substantial global government policy support.

“In recent years, the investment landscape has witnessed a significant shift towards impact investing with the global impact investment market estimated to hit US$4.5 trillion by the end of 2030. At Alta, we endeavour to bring such unique opportunities in alternative investments and private companies that deliver both potentially stellar investment returns, as well as tangible environmental impact. The partnership with TRIREC, the leading global decarbonisation fund, and the introduction of TVII on our platform will look to help investors deploy capital conscientiously while ensuring that their investments can truly create meaningful and lasting change for future generations,” said Benjamin Twoon, Co-founder & Chief Commercial Officer, Alta.

As the world grapples with ever-pressing issues of climate change, impact investing has only become more urgent, picking up momentum in recent years. In Singapore, the Monetary Authority of Singapore launched the Finance for Net Zero Action Plan in 2023 to set out strategies to mobilise financing to catalyse Asia’s net zero transition and decarbonization activities in Singapore and the region.

Melvyn Yeo, Managing Partner of TRIREC added, “We are extremely pleased to partner with Alta in our third decarbonisation-focused fund, TVII. Since 2015, TRIREC has seen over 3,000 deals from both inbound and outbound channels, and we have been extremely selective with the firms we invest in. We are witnessing investor interest in emerging areas of growth and innovation in climate tech and are looking forward to tapping into Alta’s extensive network of global investors. This will enable us to extend the opportunities to invest in high-growth companies that are redefining how humanity tackles decarbonisation.”

TRIREC has successfully managed two funds and invested in over 20 decarbonisation companies, three of which have reached unicorn status. Importantly, TRIREC has also achieved successful exits for 3 of its portfolio companies previously. TVII is TRIREC’s third fund, further solidifying its position as one of the most established decarbonisation investment platforms globally.

TVII was launched in late 2023 and has made its first three investments in the following companies:

Immaterial – UK-based company focused on developing novel nanoporous materials and systems for carbon capture and hydrogen storage at ultra-low cost and highest efficiencies.
Fiutur – US-based start-up spun out of Xpansiv, a marketplace for environmental commodities, focused on developing an end-to-end financial data platform that enables a universal tracking system for all environmental commodities and a centralised tracking platform across the ESG asset lifecycle.
Type-1 Energy – US-based start-up harnessing advanced manufacturing methods, modern computational physics and innovations in high-temperature superconductors to develop stellarator systems.

In an era marked by evolving investor demands for liquidity and portfolio diversification, Alta provides diverse investment opportunities in private capital markets, including a wide range of alternative assets. Earlier in January, Alta announced a unique liquidity program for shareholders of Income Insurance Limited, a leading Singaporean insurer.

About Alta

We’re Building the Future of Capital Markets
As Asia’s leading licensed digital securities exchange for alternative investments, we believe that access to capital markets are pivotal in all economies and recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Empowering Private Markets
Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets.

Innovative Financial Ecosystem
Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities (ABS) (representing Real World Assets (“RWA”) like whiskies and wines) to include fund management and digital custody services.

Established in 2016 and headquartered in Singapore, Alta operates offices globally and is the only integrated securities exchange, brokerage, and fund management group in Southeast Asia. Visit us on https://alta.exchange/

About TRIREC

Founded in 2015, TRIREC is a Singapore-headquartered SFDR Article 8 certified global venture capital investment firm. The mission is to drive decarbonisation focused investments for a more sustainable future. Having been pioneers and experienced managers in decarbonization, we have witnessed the progression of climate technology from its infancy to its current state of advancement.

TRIREC benefits from its robust ecosystem, fostering substantial deal flow by collaborating with global stakeholders. We invest in companies focused on decarbonisation solutions that actively contribute to the reduction and removal of greenhouse gas emissions. Our portfolio companies span across five decarbonisation verticals: Food and Agriculture, Mobility, Buildings, Industries and Energy. TRIREC will continue to capitalise on its deep and wide roots in Asia, to serve as a natural bridge between the East and West. Find out more about TRIREC’s portfolio and purpose: https://www.trirec.co/

For media inquiries, please contact:
PRecious Communications for Alta
alta@preciouscomms.com

H World Group Limited Reports Q1 2024 Financial Results with 17.8% Revenue Growth, Surpassing Expectation

HONG KONG, May 17, 2024 – (ACN Newswire) – H World Group Limited (“H World” or the “Group”, NASDAQ: HTHT.US, HKEX: 1179.HK) announced its unaudited financial results for the first quarter ended March 31, 2024 (Q1).

Revenue, Income from operations, and EBITDA All Increased

Leveraging an efficient regional structure to rapidly expand its hotel network and gradually penetrate resilient lower-tier cities, H World Group continues to secure its leading position in the limited-service market with high-quality products and services. The Group persistently improves the structure of its mid-to-high-end brands and increases market share. In Q1 2024, the Group’s revenue reached RMB 5.3 billion (equivalent to USD 731 million), representing a year-on-year growth of 17.8%. Revenue from the Legacy-Huazhu segment in the first quarter of 2024 was RMB 4.2 billion, which increased 18.1% year-over-year, while Revenue from the Legacy-DH segment in the first quarter of 2024 was RMB 1.0 billion, which increased 16.6% year-over-year. Both the Legacy-Huazhu segment outperformed the previously announced revenue guidance. The Group’s hotel turnover increased by 21.1% YoY to RMB 19.7 billion.

Income from operations in the first quarter of 2024 was RMB 1.0 billion (US$ 139 million), compared to RMB664 million in the first quarter of 2023 and RMB 757 million in the previous quarter. Income from operations from the Legacy-Huazhu segment in the first quarter of 2024 was RMB 1.1 billion, compared to RMB 822 million in the first quarter of 2023 and RMB 821 million in the previous quarter.

To better reflect the profitability of the Group’s core businesses, it announced that the adjusted EBITDA (non-GAAP) for the first quarter of 2024 was RMB 1.4 billion (approximately USD 197 million), compared to RMB 1 million in the first quarter of 2023 and RMB 1.1 billion in the previous quarter.

Key Performance Indicators (RevPAR, ADR, OCC) Increase Year-on-Year

In the first quarter of 2024, Legacy-Huazhu and Legacy-DH both saw significant improvements in their three core business metrics. Legacy-Huazhu’s average revenue per available room (RevPAR) increased by 3.1% year-on-year, reaching RMB 216. Second, the average daily rate (ADR) rose from RMB 277 in the first quarter of 2023 to RMB 280. The occupancy rate (OCC) for all operating hotels also increased by 1.6% Year-on-Year. In addition, Legacy-DH also performed well. On an international stage, RevPAR increased by 4.5% year-on-year, ADR improved by 0.2% year-on-year, and OCC increased by 2.3 percentage points year-on-year, demonstrating the Group’s growth potential and market competitiveness on a global scale.

These figures not only showcase the Group’s effective pricing strategy but also reflect the market’s strong trust and recognition of the H World brand. H World Group has effectively increased overall revenue, further solidifying its leading position in the market.

A Focus on Economy and Midscale Brands Drives Continuous Market Expansion

As of March 31, 2024, H World’s worldwide hotel network operated 9,817 hotels with 955,657 rooms, including 133 DH hotels. Legacy-Huazhu continued its rapid pace of opening new hotels, with 569 new openings in Q1. H World had a total of 3,172 unopened hotels in the pipeline, including 3,138 hotels from the Legacy-Huazhu business and 34 hotels from the Legacy-DH business.

H World is actively focusing on a lean growth strategy centered on excellent service, intensifying efforts to build a high-quality hotel network. On one hand, Legacy-Huazhu continues to upgrade its “iron triangle” brands— HanTing Hotel, JI Hotel, and Orange Hotel— to better serve the general market’s essential needs. At the same time, the Group is also prioritizing mid-to-high-end brands to meet the diverse consumption demands of different customer groups.

The CEO Jin Hui stated, “The first quarter’s performance was strong, with revenue exceeding our expectations. The total number of hotel openings and hotels in the pipeline for the first quarter reached an all-time high, and our efforts continue to be well-received by the market. Looking ahead, our confidence in the long-term growth of China’s lodging market remains unchanged. We believe that our ‘lean growth strategy on excellent service will help us achieve high-quality store expansion and improve customer satisfaction, thereby gaining a stronger competitive edge. For our international business, we will continue to focus on reducing costs and improving efficiency to achieve better profitability. We will also strive to transform our business into a more asset-light model, strengthen direct sales through the Huazhu Global Loyalty Program, and seek growth opportunities in new regions outside Europe.”

For the second quarter of 2024, Huazhu expects revenue to increase by 7% to 11% compared to the second quarter of 2023, or by 7% to 11% (excluding Legacy-DH).

About H World Group Limited:

Originated in China, H World Group Limited is a key player in the global hotel industry. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels.

For more information, please visit H World’s website: https://ir.hworld.com.

For inquiry, please contact Intelligent Joy Limited:
Cathy Pan & Chow Tsz Lung & Sylvia Peng
Tel: (852) 3618-8460
Email: cathy.pan@intelligentjoy.com / tszlung_chow@intelligentjoy.com / sylvia.peng@intelligentjoy.com

SMEIC Proposes to Acquire Shanghai Prime, a Good Catalyst for Building a Development Pattern Featuring Dual-wheel Driver

HONG KONG, May 14, 2024 – (ACN Newswire) – On the evening of 13 May 2024, Shanghai Mechanical & Electrical Industry Co., Ltd. (“SMEIC” or the “Company”, stock code: 600835.SH) announced that in order to enhance the sustainable development capability of the Company and to increase the return to shareholders, SMEIC proposed to acquire the 100% equity interests held by Shanghai Electric Group Company Limited (“Shanghai Electric”), Shanghai Electric Hong Kong Co., Ltd. (“SEHK”) and Shanghai Electric Group Hongkong Company Limited (“SEG HK”) jointly in Shanghai Prime Mingyu Machinery Technology Co., Ltd. (hereinafter referred to as “Shanghai Prime”, the “Target Company”), the appraised value of the relevant equity interests was RMB5,318 million, and the final transaction price will be subject to the confirmation by the competent state-owned assets administration department. Upon completion of the transaction, Shanghai Prime will become a wholly-owned subsidiary of SMEIC.

It is understood that Shanghai Prime is a large-scale industrial group specialising in the manufacturing of industrial basic parts and key components and parts and related services, and is a subsidiary of Shanghai Electric, a Chinese equipment manufacturing group, which integrates multiple advantages such as R&D, production and trade and is dedicated to provision of mechanical components and parts and overall solutions for various industrial markets and areas, boasting business segments such as bearings, fasteners, blades and metal cutting tools. Shanghai Prime subdivides its business segments into various sub-segments and cultivates them strenuously, and its main subsidiaries/branches at home have been recognised as “professional, refined, featured and innovative” enterprises at national, provincial and municipal levels, while its blade and industrial fastener segments have been awarded the title of “Championship in Single’s in National Manufacturing Industry” for consecutive times. Through years of development, Shanghai Prime’s business footprint has expanded to over 10 countries, with its products being exported to more than 70 countries and regions around the world, and it has accumulated a rich and high-quality customer base in energy, industrial application and service, automotive, aerospace, rail transit, railway and other industries.

With the accelerating reshaping of global industrial chain, adhering to innovation-driven development and consolidating the independent and controllable capability of the key and core technologies of industrial chain has become increasingly important for the security and stability of manufacturing industry. Furthermore, the rapid development of the digital economy and the promotion of the “dual-carbon” goal have also brought forward new requirement for the development of China’s manufacturing industry. Against such backdrop, the traditional manufacturing industry is accelerating its transformation towards being independent, high-end, intelligent and green, and new development opportunities have been created. SMEIC’s acquisition of Shanghai Prime will significantly enhance SMEIC’s overall business scale and core competitiveness in industrial basic parts business, enabling it to actively grasp the opportunities for transformation and development in the manufacturing industry.

This transaction will boost the strategic upgrade of SMEIC, clarify the positioning of the Company as a “professional, refined, featured and innovative” industrial platform, further broaden its industrial basic parts, key components and parts, sub-system and mechatronics products, build a diversified product portfolio, and give full play to the attribute of SMEIC as a listed company capital platform as well as the advantageous position of Shanghai Prime in the field of industrial basic parts and key components and parts, to help the Company to rapidly realise the product extension for its “professional, refined, featured and innovative” businesses along the current industrial chain, reinforce the industrial basic parts business portfolio, push the “professional, refined, featured and innovative” industrial segment of the Company’s industrial basic parts business to develop towards being high-end, serialised and integrated, and accelerate the upgrade of the domestic industrial basic parts industry, serving the manufacturing power strategy of our country.

Besides, this transaction will help SMEIC to gradually expand its business scope from lift industry with stable development to basic parts aerospace, new energy automobile, robotics, medical equipment and other industries with more promising growth prospects. After the resource integration, SMEIC will strive to achieve the “three new” development, namely new technology, new products and new markets, through continuous technological innovation, the extension of upstream “professional, refined, featured and innovative” business line, and the development of domestic strategic application and overseas “new” markets of the Belt and Road Initiatives, helping SMEIC to build the “second growth curve” based on the “professional, refined, featured and innovative” with the synergy through the diversification of the products and markets while maintaining the healthy and steady development of the primary industry, forming a new development pattern featuring dual-wheel driver.

Furthermore, this transaction will also be conducive to the adjustment and optimisation of the Company’s industrial structure. After the completion of this transaction, SMEIC will become one of the world’s largest comprehensive industrial basic parts conglomerates by virtue of a relatively wide range of products offerings and a relatively large scale of operation, continuously improving its assets quality and profitability, creating further room for its future development as a listed company, further enhancing its value in the capital market and creating more returns to shareholders.

According to the data, Shanghai Prime has sound main business and operating condition. In 2022 and 2023, the revenue of Shanghai Prime amounted to RMB8,980 million and RMB9,585 million, respectively, and its net profit attributable to parent company amounted to RMB349 million and RMB237 million, respectively. As at 31 December 2023, the total assets of Shanghai Prime amounted to RMB11,263 million.

If Shanghai Prime is merged into SMEIC, the earnings per share of SMEIC for 2022 and 2023 will represent an increase of 35.42% and 23.47% respectively over that before the merger. In terms of revenue sources, in 2022 and 2023, the proportion of revenue of SMEIC from its “professional, refined, featured and innovative” related businesses will significantly increase from 1.94% and 2.61% before the merger to 29.00% and 31.87% after the merger, resulting in obvious optimisation of its business structure.

SMEIC said that in the future, the Company will fully leverage the integration and synergy effect with Shanghai Prime, to achieve seamless business connection and consolidate its leading position in the industry. In terms of market development collaboration, it will focus on the common downstream market for the two sides, through joint development, improve the overall performance of products, while expand common customers and services, forming a package of comprehensive solutions, to enhance customer stickiness and improve the value of services. In terms of scientific and technological innovation collaboration, it will strengthen the research on common technologies and processes of the two sides, to deepen the scientific and technological research and development reserves, and enhance the digital and intelligent synergy. In terms of resource allocation, it will actively promote the sharing of high-quality resources between the two sides, and leverage the listing platform to select upstream and downstream strategic investment opportunities for capital operation, etc., to continuously enhance the global competitiveness of the Company’s industrial basic parts business.