Tag: Engineering

Green Power Energy’s 20 MW Taungdaw Gwin Build-Own-Operate Solar Plant Commissioned in Myanmar

Mandalay, Myanmar, Dec 30, 2022 – (ACN Newswire) – Myanmar's latest solar energy plant, the 20 megawatt (MW) build-own-operate (BOO) Taungdaw Gwin project, has been officially opened, adding a new chapter to the country's sustainability and electrification efforts, its developer announced today.


The 20-megawatt Taungdaw Gwin mega-scale solar PV project will contribute to Myanmar's sustainability and electrification efforts. [Image: GPE]


The project was developed by Green Power Energy Company Limited (GPE), a subsidiary of Gold Energy Company Limited (GE), a leading renewable energy developer in Myanmar.

Taungdaw Gwin is the second mega-scale solar project to be completed by the GE group. Clean Power Energy Limited, another GE subsidiary, completed the 30 MW Thapyay Wa project in Mandalay district in December 2021.

With the official opening of the Taungdaw Gwin project, GE's solar energy capacity stands at 50 MW. GE also operates the 120 MW Thaukyegat (2) Hydropower Project (TYG), commissioned in 2013.

Located on an 80.9-hectare site southeast of Kyaukse, Myit Thar Township, the Taungdaw Gwin project utilizes a solar tracking system so as to maximize photovoltaic (PV) energy captured by 45,980 solar panels. The project is expected to generate 25.1 MW of direct current or 22.9 MW of alternating current per year.

The Taungdaw Gwin project began transmission to the National Grid on 17 November 2022. The energy output is directly linked to the Taungdaw Gwin substation and is connected to the national grid via a 69.6 km 33-kV transmission line built by GPE.

In line with its commitment to give back to the community, the GPE team conducted an in-depth Environmental and Social Impact Assessment before construction. This enabled an understanding of the impact on nearby communities and the environment and helped to facilitate construction in a responsible and sustainable manner.

Through engaging with local community leaders to understand the needs of the residents surrounding Taungdaw Gwin, the GPE team constructed and installed two overpasses measuring 20.1 metres long by 4.5 metres wide. These and other efforts have improved socio-economic benefits to the community in this otherwise harsh area which had faced challenges of accessibility during the development phase of this important project.

U Zaw Win, Managing Director of GPE, said: "We are proud of the successful completion of the Taungdaw Gwin solar facility. We look forward to a sustainable energy source for the future of Myanmar.

"As a partner in nation-building, GPE is deeply committed to infrastructure development and sustainability in Myanmar. This and other renewable energy projects we are involved in will increase the contribution of renewable energy to the national grid while advancing the country's national electrification goals."

About Green Power Energy (GPE)

Green Power Energy Company Limited (GPE), a subsidiary of Gold Energy Company Limited (GE), is a renewable energy developer. GPE completed the Taungdaw Gwin solar PV facility, which was officially opened in December 2022. Despite the challenges of the pandemic, GPE completed the project earlier than scheduled.

The solar energy is connected to the Taungdaw Gwin substation, part of the national grid, via a 69.6 km 33-kV transmission line built by GPE. As GPE continues to build upon its track record and execution capabilities, it remains committed to contributing to Myanmar's clean energy sector in the coming years. Visit https://gpenergymm.com/.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

‘Switching On the SUN’ – Samaiden Officially Turns on First Power Generation Facility at Sunway Nexis

PETALING JAYA, Malaysia, Dec 23, 2022 – (ACN Newswire) – Samaiden Group Berhad (Bursa: SAMAIDEN, 0223), a clean energy solution specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power, is pleased to announce that the Group's wholly-owned subsidiary, Samaiden Capital Management Sdn. Bhd.'s first solar investment project at Sunway Nexis has commenced operation on 23 December 2022.
Sunway Nexis Management Corporation Chairman, Mr. Teo Poh Heng[L]; Group Managing Director of Samaiden, Ir. Chow Pui Hee


Samaiden will operate and maintain the rooftop solar PV system with an installed capacity of 531 kilowatt-peak (kWp) for a duration of 20 years. Based on the generation of 12.5 million kilowatt hour (kWh) over the 20-year period, this can reduce approximately 8,400 tonnes of carbon emissions.

Group Managing Director of Samaiden, Ir. Chow Pui Hee said, "As part of the diversification plan for our Group, we are delighted to see the completion of this first investment project, in which the Power Purchase Agreement (PPA) was signed with Perbadanan Pengurusan Sunway Nexis (Sunway Nexis Management Corporation) back in December 2021."

"This is a remarkable milestone for us as this facility will contribute positively to our revenue and cash flow on a recurring basis for 20 years."

Sunway Nexis Management Corporation Chairman, Mr. Teo Poh Heng said, "We must focus on the future of our planet and emphasize sustainability of renewable energy (RE) and Sunway Nexis is happy to partner with Samaiden as the solar PV investor as this will certainly help to raise awareness of RE and its benefits to the owners and tenants of the building. I must thank Samaiden for taking this bold initiative to invest in Solar PV for Sunway Nexis as this is in line with our nation's initiative on implementing Environmental, Social and Governance (ESG) principles in the workplace. It starts with wise and timely corporate decisions that has long-term repercussions for all concerned."

"With the recent announcement made by the Minister of Natural Resources, Environment and Climate Change YB Nik Nazmi Nik Ahmad on the surcharge of 20 sen/kWh to be imposed for industry medium voltage and high-voltage users including multinational corporations, we foresee that the solar PV system will be the best alternative for them to deploy in order to reduce their electricity bills," Ir. Chow noted.

Samaiden Group Berhad: 0223 [BURSA: SAMAIDEN], https://samaiden.com.my/

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Samaiden Group Signs Agreement to Explore Cambodia Venture

PETALING JAYA, Malaysia, Dec 19, 2022 – (ACN Newswire) – Samaiden Group Berhad (Bursa: SAMAIDEN, 0223), a clean energy solution specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power, is pleased to announce that the Group's wholly-owned subsidiary, Samaiden Sdn Bhd, has signed a partnership agreement with Management Venture Asia (Cambodia) Ltd. (MVA) today, to explore the clean energy-related business opportunities in Cambodia.
Group Managing Director of Samaiden, Ir. Chow Pui Hee

Director of MVA, H.E. Salah Essa


MVA, a business consultancy and clean energy project developer based in Phnom Penh, Cambodia is primarily engaged in facilitating business ventures and taking products to market and market research throughout Asia. The company has successfully completed the development of 20MW ground mounted solar project in Bavet, in which the project was awarded power purchase agreement by the Electricite du Cambodge in August 2019.

Group Managing Director of Samaiden, Ir. Chow Pui Hee said, "We're looking forward to the collaboration with MVA given their strong presence in Cambodia. Expanding in Southeast Asia is part of our 5-years plan given the region's growing population and its geographical advantages."

"We firmly believe the partnership with MVA will ensure our expansion plans in Cambodia are focused. We are honoured to have MVA as our business partner in the development of clean energy in the country given its vast experiences and network in clean energy infrastructure.

The Director of MVA, H.E. Salah Essa quotes, "We are looking forward to this collaboration with Samaiden in the renewable and sustainable energy businesses in Cambodia and hope to draw on their industry experience and skills to make this venture successful for nation growth and aligning with country goal towards Net Zero Carbon policy 2050."

Samaiden Group Berhad: 0223 [BURSA: SAMAIDEN], https://samaiden.com.my/

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Singapore-based Semiconductor Equipment and Materials Specialist Rokko Marks 30 Years of R&D Breakthroughs, Focus on Quality & Reliable Technical Support

SINGAPORE, Dec 13, 2022 – (ACN Newswire) – Rokko Holdings Ltd ("Rokko") has marked its 30th anniversary as a proven specialist in the global semiconductor industry, having overcome successive challenges and business cycles through its commitment to innovation and R&D, with a focus on quality and strong technical support at the core of its corporate culture.
Rokko's Founder and Managing Director Mr Gary Lim


With over 89 patents granted related to its semiconductor equipment and advanced material divisions, Rokko has remained nimble while forging industry leadership in providing advanced materials support as well as high-precision equipment for the back end (assembly, testing and packaging services) of the industry.

Headquartered in Singapore, it has benefited from the country's predictable industrial policy and robust legal framework that protects Intellectual Property. Fortuitously, the Singapore domicile has also allowed Rokko to navigate recent challenges of the U.S.-China 'tech war' that have impacted the semiconductor industry in particular.

Rokko has a substantial customer base in China and Taiwan which accounts for over half of its annual revenue for the past few years. The balance is derived from the ASEAN region which has generally avoided geopolitical tensions affecting the chip sector.

Rokko's Founder and Managing Director Mr Gary Lim said, "As 2022 draws to an end, we mark a major milestone in our history as a Singapore enterprise. Our management team has remained resolute in innovating constantly to stay ahead of the curve. This spirit has helped us to overcome many downturns in industry cycles, and in riding out the recent challenges of the pandemic."

According to market research by Gartner, the global semiconductor industry is estimated to achieve global revenue of USD612 billion in 2022. With many industry experts expecting the revenue to rise to USD1.0 trillion by 2030, the sector – and Rokko's prospects – remain bright.

Rokko was established in 1992 by Mr Lim, with an initial 12 employees. It has grown to a team of 250 that includes a pool of talented engineers, operating from 2 facilities in Singapore (including the corporate headquarters) and another 2 manufacturing facilities in Johor state, Malaysia.

The company is renowned for its proprietary back-end semiconductor high-precision equipment such as dual-track Auto Sawing and Sorting systems and Auto Vision Inspection (AVI) systems – which are sought after for their high productivity, reliability and quality.

These and other breakthrough equipment and tooling designs developed by Rokko's exceptional R&D team have set new industry standards. Customers using Rokko's products and solutions have been able to halve their capital expenditure for the complex singulation process of back-end semiconductor packaging and assembly in recent years.

In its second area of semiconductor expertise – advanced materials for semiconductor packaging – Rokko has successfully developed a complex IC leadframe design with an extremely fine line etching process to meet customers' advanced packaging standards.

Rokko's major customers now include the world's top-ranking Outsourced Semiconductor Assembly and Testing (OSAT) players as well as MNCs involved in advanced packaging materials. This successful record has helped Rokko to achieve a critical competitive advantage in volume production after substantial investments in R&D and capacity expansion in recent years.

With a strong commitment to sustainability, the company's environmentally conscious investments include a certified 'Class A' wastewater management system at its facility in Malaysia.

Rokko's products are also certified for the automobile industry's quality standard – IATF16949 – and are also accredited with the ISO14000 environmental compliance standard.

About Rokko Holdings Ltd.

Established in 1992, Rokko Holdings Ltd. ("Rokko") and its subsidiaries (the "Group") provide precision engineering services to well-established customers in the semiconductor and electronics industries. The Group has operations in 4 locations in Singapore and Malaysia, with a combined staff strength of 250. Rokko has been granted 89 patents to date. Its strong emphasis on R&D, backed by a team of talented engineers, has allowed the Company to thrive despite intense competition, and economic and industry cycles.

Rokko is renowned for breakthrough technology and deep commitment to quality and customer support dedicated to the back-end Semiconductor Assembly and Testing sector. Its products include complex IC leadframe design as well as high-precision tooling and equipment under ROKKO trademarks.

Rokko Holdings Ltd.
Tel: +65 6749 5885; Fax: +65 6747 5979
Email: sales@rokko.net
Website: www.rokko.net

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Propel Global to Acquire 51% Stake in O&G Engineering Firm for RM7.82 Million

KUALA LUMPUR, Dec 8, 2022 – (ACN Newswire) – Propel Global Berhad (Bursa: MAIN, PGB, 0091), provider of oil and gas supporting services such as well services , engineering, procurement, construction and commissioning (EPCC) services, maintenance of heating, ventilation and air-conditioning (HVAC) systems as well as downstream specialty chemicals to the oil and gas (O&G) industry, today announced that the Company has entered into a conditional share sale agreement to buy a 51% stake in Best Wide Engineering (M) Sdn. Bhd. (BWE) for RM7.82 million.
Ms. Angeline Lee, Group Chief Executive Officer of Propel Global


BWE provides engineering and technical works for the O&G industry through engineering, procurement, construction and commissioning (EPCC) of new plants and plant modification works; design and supply of skidded process systems and engineered equipment for onshore plants and offshore platforms and; project management and engineering consultancy services. Its shareholders and directors are Azizi bin Alias (Azizi) with 45.8% equity interest, Jasniazrin Shah Bin Mohd Hata (Jasniazrin) with 44.2% equity interest and Tan Siew Lee (Siew Lee) with 10.0% equity interest.

Propel Global is acquiring the 51% stake from Azizi, who is selling his entire equity interest, and Siew Lee, who is selling 5.2% of his holdings. As part of the share sale agreement, Propel Global has also entered into a put and call option agreement with Jasniazrin and Siew Lee that requires the Company to purchase up to 49.0% of the remaining equity interest in BWE from them and, Jasniazrin and Siew Lee will grant Propel Global the right during the call option period that requires them to sell up to 34.0% equity interest in BWE to the Company.

BWE, which has 15 ongoing contracts with total unbilled contract value of RM21.8 million expected to be realised over the next three years, is guaranteeing a profit of RM2.4 million and RM2.6 million in profit after tax (PAT) for the financial year ended 30 November (FYE) 2022 and FYE 2023 respectively. BWE reported revenue of RM18.6 million and PAT of RM178,000 for FYE2019; RM19.0 million revenue and RM395,000 PAT for FYE2020 and; RM38.5 million revenue and RM2.3 million PAT for FYE2021. Currently, BWE has a tender book of RM41.3 million.

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, "The acquisition is in line with the Group's strategy to grow the O&G business through expanding our offerings and enhancing market presence as an O&G engineering services provider. BWE's expertise and experience in EPCC works complements the Group's existing O&G business."

"We believe that combining the core competencies of BWE with the Group would enable the latter to bundle a wider range of service offerings to its customers and provide it with a competitive edge over competitors. The Group will also be able to tap into BWE's existing customer base for cross-marketing opportunities and additional revenue stream."

Propel Global Berhad: 0091 [BURSA: PGB], https://www.propelglobal.com.my/

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCIB Concludes 46th AGM Successfully

KUCHING, MALAYSIA, Dec 8, 2022 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) held the Company's 46th AGM virtually today in which shareholders voted to reappoint NEXIA SSY PLT as the auditor and authorised the directors to fix its remuneration.
Group MD and CEO of SCIB, Encik Rosland bin Othman


Shareholders also passed a resolution authorising the issuance and allotment of shares pursuant to Sections 75 and 76 of the Companies Act 2016 while waiving their pre-emptive rights.

The resolutions to re-elect Dato' Dr. Ir. Ts. Mohd Abdul Karim bin Abdullah and Datu Haji Abdul Hadi bin Datuk Abdul Kadir to the board of directors were not tabled as they retired effective 8 December 2022. Other resolutions passed included the reappointments of eligible directors up for re-election.

Group Managing Director of SCIB, Encik Rosland bin Othman, said, "We are happy to engage with our shareholders virtually in the AGM today and answer their questions. On behalf of SCIB, I would like to thank them for having placed their trust and confidence in us at what has been a challenging period. We would also like to thank both Dato' Dr. Ir. Ts. Mohd Abdul Karim and Datu Haji Abdul Hadi for their years of leadership and dedication to SCIB."

"I can confidently say that the Company is looking forward to 2023 following the measures we have adopted focusing on our strengths and ensuring our resilience in the face of changes in the construction industry."

Among the measures the Company took is a kitchen-sinking exercise pertaining to the recent cancellation of four projects as well as the settlement agreement over six projects in Qatar and Oman. These measures were taken to safeguard the Company's interests. In respect of the cancellation of the five projects, the decision was taken after reviewing and updating the Company's order book records to reflect the current situation while, in respect of the projects in Qatar and Oman, there is no financial impact to the trade receivables.

"In regards to the outlook, as East Malaysia's leading precast concrete and Industrialised Building System (IBS) manufacturer, we expect Sarawak Economic Development Corp's successful tender of the RM448 million System Package Two contract for the Kuching Urban Transportation System project phase one to have positive impact for the state economy while the announcement of the RM50 billion MRT3 project will spur demand for civil engineering services and building materials as well as give a much needed boost to the nation's construction sector."

"We intend to leverage on our strengths as a leading precast concrete and IBS manufacturer to seek opportunities for our engineering, procurement, construction and commissioning (EPCC) business where we specialise in small-to-mid-sized projects for water, electricity, roads, health and education infrastructure. SCIB's geographical scope expanded to Peninsular Malaysia in recent years and we are also seeking EPCC opportunities in neighbouring Kalimantan in which our manufacturing business can play a pivotal role. To ensure business sustainability, we have also adopted technology such as 3D printing for construction as we transform to meet the challenges of the present and the future."

As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.

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

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

JE Cleantech (JCSE) Announces Annual General Meeting Results

SINGAPORE, Dec 7, 2022 – (ACN Newswire) – JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, today announced the results of the Company's Annual General Meeting of Shareholders (the "AGM") held on December 6, 2022, at the Company's offices located at 3 Woodlands Sector 1, Singapore 738361.

Appointment of Board of Directors

At the AGM, the shareholders of the Company approved and ratified the appointment of Hong Bee Yin, Long Jia Kwang, Joanne Khoo Su Nee, Karmjit Singh, and Tay Jingyan, Gerald as members of the Board of Directors to serve for the ensuing year.

Approval of Equity Incentive Plan

At the AGM, the Company's shareholders also approved a resolution to adopt the Company's 2022 Equity Incentive Plan.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. http://www.jecleantech.sg/

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

JE Cleantech (JCSE) Announces Strong Growth in Q3 2022

SINGAPORE, Nov 30, 2022 – (ACN Newswire) – JE Cleantech Holdings Limited (Nasdaq: JCSE), ("the Company") a Singapore-based cleantech company, today announced encouraging Q3 financial results, for the three months period ended 30 September 2022 (the "reporting period"). During the reporting period, the Company has maintained strong growth in its overall business performance with revenue that more than doubled and a strong turnaround in net income.

For the three months period ended September 30, 2022, the Company's total revenue increased by approximately S$3.5 million or 141.8% to approximately S$5.9 million from approximately S$2.4 million in the quarter ended September 30, 2021. The increase was mainly derived from the increase in revenue generated from the Company's sale of cleaning systems and other equipment business of approximately S$3.2 million and the provision of centralized dishwashing and ancillary services business of approximately S$0.3 million, attributable to the post COVID-19 recovery of business.

Net income of the Company for the reporting period amounted to approximately S$0.6 million, compared to a net loss of approximately S$0.2 million in the same period last year, indicating a significant turnaround for its business performance.

During the reporting period, the Company recorded a gross profit margin of approximately 26.0%, an increase of 63.5% year-over-year. Diluted Earnings Per Share was approximately S$0.05, compared to the basic losses per share of approximately S$0.01 during the same period in 2021.

Ms. Bee Yin Hong, CEO and Founder, JE Cleantech said, "We are excited to announce that JE Cleantech has performed well during Q3 2022. Our Q3 results reflect our strong focus on exploiting the rapid recovery of the electronic manufacturing and F&B sectors. As a leading manufacturer of precision cleaning systems and provider of centralized dishwashing and ancillary services in Singapore, we will continue to drive our long-term expansion plans".

JE Cleantech has been providing centralized dishwashing services in Singapore since 2013, for customers in various industries, including HDD manufacturing, semiconductor manufacturing, food and beverage, and public transportation. The Company's revenue contributes approximately 15 per cent market share in 2020 in terms of revenue (source: Euromonitor estimates from desk research and trade interviews with leading centralized dishwashing services providers and the relevant trade associations in Singapore). Moving forward, the Company will persistently spare no efforts in further expanding its business, widening its product offerings to more industries, growing its market share, and generating long-term and sustainable returns for its shareholders and investors.

About JE Cleantech Holdings Limited

JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. http://www.jecleantech.sg/

[1] These financial and other data for the three months and nine months periods ended September 30, 2021 and 2022 have not been audited or reviewed by the Auditors.

Disclaimer: Forward looking statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to our future contract revenues among other things involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For Media Enquiries and Investor Relations, please contact:
jcse@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

SCIB Posts 14.5% Increase in Revenue to RM30.3 Million in 1Q FY2023

KUCHING, MALAYSIA, Nov 30, 2022 – (ACN Newswire) – Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company registered a 14.5% increase in revenue to RM30.3 million for the first quarter ended 30 September 2022 (1Q FY2023) compared with RM26.5 million in the corresponding quarter of the previous financial year (1Q FY2022).
Group MD and CEO of SCIB, Encik Rosland bin Othman

Independent Non-Executive Chairman, Encik Shamsul Anuar bin Ahamad Ibrahim


For the quarter under review, SCIB's loss before tax (LBT) narrowed by 65.3% to RM942,000 compared with LBT of RM2.7 million in 1Q FY2022.

On a segmental basis, revenue contribution from manufacturing increased 26.8% to RM24.2 million in 1Q FY2023 compared with RM19.1 million in the corresponding quarter of the previous financial year while revenue contribution from the engineering, procurement, construction and commissioning (EPCC) business decreased 16.9% to RM6.2 million from RM7.4 million.

Group Managing Director of SCIB, Encik Rosland bin Othman, said, "The manufacturing business continues to be the mainstay in the quarter under review. It has also returned to profitability as there was a profit before tax of RM1.0 million compared with LBT of RM217,000 in 1Q FY2022 mainly attributable to the increase in revenue and contribution margins from the sales of concrete products and lower administrative expenses. The EPCC business saw a slight decline and while there was a loss, profitability actually improved as a result of lower administrative expenses."

"We remain cautiously optimistic as we leverage on our strengths as the largest precast concrete and Industrialised Building System (IBS) manufacturer in Sarawak and Sabah to continue seeking opportunities in Peninsular Malaysia and Indonesia focusing on small-to-mid-sized infrastructure for water, electricity, roads, health and education projects.

Chairman of SCIB, Encik Shamsul Anuar bin Ahamad Ibrahim added, "We view favourably Sarawak Economic Development Corp's successful tender of the RM448 million System Package Two contract for the Kuching Urban Transportation System project phase one as such projects have positive spillover for the state economy."

"The Company recently unveiled an IBS sample house built with 3D printer technology to showcase the important role technology has and will continue to have in the construction industry. These technology initiatives will play an increasingly important role for us as we transform to meet the challenges of the present and the future," En. Shamsul Anuar said.

The Company also announced separately on the stock exchange that SCIB and its wholly-owned subsidiaries, SCIB International (Labuan) Ltd., SCIB Properties Sdn. Bhd. and SCIB Industrialised Building System Sdn. Bhd, have issued notices of termination to four clients to mutually terminate contracts with them.

En. Rosland said, "The Company is enforcing its rights under the contracts and taking the necessary measures to protect SCIB's interests in mitigating the risks arising from the long-overdue debts owing by the clients or the slow or non-movement of progress for projects that these clients have undertaken due to uncertainties arising from the COVID-19 pandemic as well as the economic and political situations. We also made this decision after reviewing and updating the Company's order book records to reflect the current situation."

As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.

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

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Tat Hong Equipment Service Co., Ltd. Announces 2022/23 Interim Results

HONG KONG, Nov 25, 2022 – (ACN Newswire) – Tat Hong Equipment Service Co., Ltd. ("Tat Hong" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its interim results for the six months ended 30 September 2022 (the "Period").

During the Period, the Group recorded revenue of approximately RMB 387.4 million, representing a decrease of approximately 6.8% as compared with that for the six months ended 30 September 2021. Loss attributable to equity shareholders of the Company for the period amounted to approximately RMB 41.9 million, mainly due to the one-off currency exchange loss on USD borrowings and the economic downturn caused by the COVID-19 pandemic (the "Pandemic"). The overall gross profit and gross profit margin decreased to RMB75.5 million and 19.5%, respectively.

The Group's total Tonne Metres (TM) in use increased from approximately 1,479,145 for the period ended 30 September 2021 to 1,577,983 for the period ended 30 September 2022. As at 30 September 2022, the Group had 292 projects in progress with a total outstanding contract value of approximately RMB 605 million and 37 projects on hand with a total expected contract value of approximately RMB 68 million. Of these projects, the Group expects to complete contract work of approximately RMB 348 million by the end of 30 September 2023, demonstrating solid earnings visibility.

Despite the gradual recovery in major economies and the surge in vaccination and immunity rates, the Pandemic has put pressure on every component of the Group's industry value chain. To contain the spread of the Pandemic throughout the country, numerous cities have adopted anti-pandemic measures, such as persistent or intermittent lockdowns, and certain projects were temporarily suspended on account of these measures. From April to June 2022, the Group's economic activities in eastern China were affected to a certain extent. In the meantime, against the backdrop of interest hikes by the US Fed and global inflation, economies around the world have encountered significant instability and pressure in the first half of the year. As the external environment remains volatile, the Group strives to adjust its operational strategy, optimise its management structure, and make timely and appropriate decisions in a bid to mitigate the risks brought by the Pandemic.

Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, "After years of the lingering Pandemic, the market remains sluggish and real estate has been severely impacted. Fortunately, the Group has optimised its business structure by placing a greater emphasis on the other business segments, reducing the real estate to approximately 30% of total revenue, which will mitigate the negative impact of the industry's downturn. In the meantime, we will shift our focus to the energy, infrastructure and public construction segments."

"With the continuous introduction of favourable policies and the development direction of the 14th Five Year Plan, which includes initiatives centred on 'new infrastructure, new urbanisation and major projects' and the aim of carbon neutrality, we believe that there are unexpected opportunities emerging in the (energy) infrastructure market. With our strong reputation and expertise, we are confident about the Group's prospects."

Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. concluded, "Going forward, we will use the Pandemic as an opportunity to stimulate and accelerate transformation, to accelerate the adoption and improvement of the digital platform 'iSmartCon', so as to further optimise the management of various stages of the production process. Moreover, we will focus on analysing the impact of the Pandemic on each business sector and project, reviewing and modifying strategic plans, and communicating updates with all stakeholders including suppliers, clients and employees. The Group will continue its efforts in meeting the increasing customer demands for prefabricated construction using medium and large size tower cranes, and to establish a standardised post-market service eco-system for tower cranes, with the aim of providing a sustainable foundation for a green, safe and environmentally friendly tower crane service industry value chain, while adhering to the proper safety standards and PRC prevention and control policies."

About Tat Hong Equipment Service Co., Ltd. (Stock Code: 2153)
Tat Hong Equipment Service Co., Ltd. is the first foreign-owned tower crane service provider established in the PRC. Since 2007, the Group has established as a tower crane service provider for one-stop tower crane solution services from consultation, technical design, commissioning, construction to after-sales services primarily to Chinese Special-tier and Tier-1 EPC contractors. Guided by its core values, "Virtue, Safety and Excellence", the Group has successfully established its market position and maintained stable, reputable and loyal customer base in the construction industry in the PRC.


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