Novaliches-Balara Aqueduct 4 Project in The Philippines Successfully Completed Tunnel Breakthrough

HONG KONG, Aug 25, 2021 – (ACN Newswire) – Chun Wo Construction Holdings Company Limited ("Chun Wo"), a subsidiary of Asia Allied Infrastructure Holdings Limited (stock code: 00711), is pleased to announce that the contract of Novaliches-Balara Aqueduct 4 ("NBAQ4") project in the Philippines has completed breakthrough on 14 August and the online Breakthrough Ceremony was held in the morning. This marks an important milestone for Chun Wo as it is the first project for the company in the Philippines and is part of the strategy of tapping into the Southeast Asia market. The PhP 5.3 billion NBAQ4 project is one of the largest water supply infrastructure projects ever undertaken by Manila Water Company, Inc. ("Manila Water") and is the first in the Metro Manila Area to employ a tunnel boring machine ("TBM"). Upon completion, the new aqueduct is expected to improve the reliability and security of the raw water transmission system in the eastern portion of Metro Manila. Chun Wo has participated as part of the Novabala JV Corp. (NBJVC) which also includes First Balfour, Inc. (Philippines) and CMC di Ravenna (Italy). In August 2017, it signed the design-and-build contract for the aqueduct project – a collaboration among Manila Water, Metropolitan Waterworks and Sewerage System (MWSS), NBJVC, and Arup.

Tunnel Boring Machine "Dalisay"

Mr. Boyd Merrett, Acting Chief Executive Officer of Chun Wo, said, "We are proud to contribute to the construction of the Water Conveyance Network in Manila through leveraging our experience in tunnelling and complex engineering projects. In view of local constraints, which include traffic congestion and relatively limited construction techniques available, we explored different construction methods from the commencement of the NBAQ4 design and build contract with Manila Water back in 2017. We subsequently developed innovative solutions with use of a specially designed Earth Pressure Balance (EPB) TBM that features a double articulated shield to navigate 80m radius curves, and development of a special pre-cast ring design. We look forward to the completion of the NBAQ4 project which shall improve the reliability and long-term water supply to the most densely populated areas of Metro Manila."

The NBAQ4 project is part of Manila Water's improvement and expansion initiatives. It encompasses the East Concession Area and is in coordination with the MWSS. The project involves the construction of a new intake facility at the La Mesa reservoir – a 7.3-kilometer underground aqueduct passing under Commonwealth Avenue, and an outlet facility at the Balara Water Treatment Plant. Upon completion in 2022, the new aqueduct will be capable of delivering an additional 1,000 MLD (Million liters per day) to the existing water treatment plants, ensuring the reliability and security of the raw water transmission system in Metro Manila.

Chun Wo Construction Holdings Company Limited
Chun Wo Construction Holdings Company Limited ("Chun Wo") was founded in 1968 and is a key subsidiary of Asia Allied Infrastructure. The Company is principally engaged in the construction and property development businesses and possesses the professional capabilities to undertake large-scale integrated construction projects. Recent examples of large-scale infrastructure projects that it has undertaken in Hong Kong include the Central-Wan Chai Bypass, Liantang/Heung Yuen Wai Boundary Infrastructure, Hong Kong-Zhuhai-Macao Bridge Passenger Clearance Building, Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section) and MTR Shatin to Central Link. With deep roots in Hong Kong and an operation history stretching over 50 years, Chun Wo has accumulated extensive experience and a strong position in the construction sector, enabling it to expand its business to countries along the "Belt & Road" route in Southeast Asia. Examples of such expansion include the acquisition of a construction and engineering consultancy in Singapore, and the undertaking of waterway bridge design and construction projects in the Philippines in recent years.

Asia Allied Infrastructure Holdings Limited (stock code: 00711.HK)
Asia Allied Infrastructure Holdings Limited ("Asia Allied Infrastructure") is listed on the Main Board of the Hong Kong Stock Exchange under stock code 00711. The Group operates businesses such as construction engineering and management, property development and assets leasing, security and facility management, tunnel management, as well as non-franchised bus services. Its subsidiary "Chun Wo" is a renowned construction contractor and property developer in Hong Kong. Chun Wo's solid construction experience and professional capabilities have enabled the Group to seize suitable development opportunities, allowing the Group to enhance its overall profitability and investment value.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Central Global Bhd Signs MoU with Smart Sabah for Construction of State Ministry of Finance’s Dashboard

KUALA LUMPUR, Aug 25, 2021 – (ACN Newswire) – Central Global Berhad's ("Central Global" or "Company") wholly-owned subsidiary, Central Global Technology Sdn. Bhd. ("CGTSB") has signed a memorandum of understanding ("MoU") with Smart Sabah Corporation Sdn. Bhd. ("Smart Sabah") to discuss the set-up of a joint venture ("JV") for the construction of a dashboard for Sabah's Ministry of Finance.

Central Global executive chairman Dato' Faisal Zelman

The MoU, which is valid for six months from the signing, will be the framework from which CGTSB and Smart Sabah explore collaboration leading to a JV for the dashboard's planning, design, development, implementation and maintenance.

Central Global is a producer of industrial masking tapes and label stocks as well as general building contractor while Smart Sabah is a state-owned company offering information, communication and technology services as well as other related management and security consultancy services.

Executive Chairman of Central Global, Dato' Faisal Zelman said: "We welcome the discussions on the feasibility of working with Smart Sabah for the construction of the dashboard for the state's Ministry of Finance. We look forward to having fruitful discussions on this project and will announce accordingly if there are any updates or progress".

"We continue to explore business opportunities for the Company's construction arm while finalising the purchase of machinery that will increase our masking tapes production capacity by 250%. These initiatives and discussions are ongoing and will ensure the sustainability of our business despite the challenges of the past year-and-a-half."

Contact:
Hakim Juraimi
Email: h.juraimi@swanconsultancy.biz

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Central Global Berhad Increases Production Capacity by 250% to Meet Fresh Demand

KUALA LUMPUR, Aug 16, 2021 – (ACN Newswire) – Central Global Berhad ("Central Global" or "Group"), a producer of industrial masking tapes and label stocks as well as general building contractor, is in the midst of finalizing the purchase of machinery that will triple the Group's manufacturing arm's capacity to produce industrial masking tapes.

Central Global executive chairman Dato' Faisal Zelman

With the purchase of the new machinery, the Group's factory in Kuala Muda, Kedah, will have a capacity to produce up to 70 million square metres ("sqm") per year of tapes from 20 million sqm of tapes per year from the old machinery.

Central Global executive chairman Dato' Faisal Zelman said, "This is perfect timing for us as we currently have new potential orders of up to 30 million sqm of masking tape orders from existing customers. The new machinery will make us even more productive and efficient while allowing us the capacity to grow the business."

"We are also able to fulfil backlog orders worth RM10.0 million from July and August that had been delayed due to the enhanced movement control order that was extended by two weeks in parts of Kuala Muda to the end of July. We were only able to restart operations from 2 August 2021 and only at 60% capacity for employees, but we are pleased to announce that all our employees will be fully vaccinated by 23 August 2021."

The purchase of new machinery for the Group's factory in Kuala Muda will be partly financed through a private placement exercise of 18 million new shares which is expected to raise approximately RM26.0 million, which included financing for a construction project in Penang.

The production expansion of the Group's manufacturing arm is in conjunction with Central Global's growth initiatives for its construction segment. The Group signed an MoU in early June with Multi Scopes Engineering Sdn Bhd to form a joint venture to bid for building a RM250.0 million sewage treatment plant in Kwasa Damansara, Selangor and was awarded an RM101.0 million construction project in April 2021 to upgrade the water supply system in Lahad Datu, Sabah.

Contact:
Hakim Juraimi
Email: h.juraimi@swanconsultancy.biz

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Sunpower’s GI business performed well in 1H 2021 with GI PATMI up 37.0% YoY to RMB91.8 million

SINGAPORE, Aug 12, 2021 – (ACN Newswire) – Mainboard-listed Sunpower Group Ltd. ("Sunpower" or the "Group"), a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term, cash-generating Green Investments ("GI") projects that uses innovative integrated environmental protection technologies to facilitate the development of the circular economy and help China attain carbon peak and carbon neutrality, today announced its financial results for the six months to 30 June 2021 ("1H 2021").

Results Highlights

Completed disposal of M&S business to unlock value and improved return for shareholders
– Paid substantial Special Dividend of S$0.2412 per share
– Recognised gain on disposal of RMB934.0 million
– Green Investments (GI) is now the principal business of the Group
– GI performance remains strong, driven by continued ramp-up of GI plants
– Total steam sales volume for 1H2021 grew by 73.2% YoY to 3.93 million tons
– GI revenue rose 77.3% YoY to record RMB906.6 million
– GI EBITDA rose 50.0% YoY to RMB 281.3 million
– GI PATMI grew 37.0% YoY to RMB91.8 million in 1H 2021
– GI operating cashflow rose to RMB156.0 million
Group results boosted by gain on M&S disposal and excellent GI performance
– PATMI rose 247.2% YoY to RMB602.5 million due to gain on disposal and strong GI results
– Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million

Group Financial Highlights (Without Financial Effects of Convertible Bonds and Warrants)
Please see http://sunpower.listedcompany.com/newsroom/20210812_001821_5GD_X3CN815RIZBAT10L.2.PDF

Key Investment Highlights

Leading provider of industrial steam with development strategy aligned with national policies
Within 3 years from the first CB issue in 2017, Sunpower has scaled up to 9 projects in operation and 2 in construction with a proven track record, leading market position and strong brand equity. Its long-term growth strategy is aligned with national policies on CO2 reduction, energy conservation and smog control. Multiple pollution sources can be eliminated with just one centralised GI plant within a circular economy industrial park that helps the park attain zero emissions and allows Sunpower to increase revenue and reduce cost.

Superior GI business model that generates 100%-recurring, long-term income and cash flows
GI's superior business model is based on exclusive concessions of typically 30 years with first right to renew that confer a strong market position to supply steam, a non-discretionary input product, to a large base of customers that provides resilient counter-cyclical demand, bolstered by technologies that act as entry barriers against competition. Direct B2B arrangements with customers enable GI plants to require either pre-payment or immediate post-payment, and a contractual fuel cost passthrough mechanism that allows reliable long-term profitability across cycles.

Excellent financial performance with high margins and strong cash generation
Sunpower has proven its ability to sustain excellent financial performance with high profitability and strong cash generation.

Well-positioned to gain long-term growth potential
Sunpower is well-positioned to benefit from customers' natural organic growth as the mandatory closures of small dirty boilers redirect steam demand to its clean centralised GI plants and as more factories relocate to industrial parks served by GI plants. Long-term sustainable growth will come from the large addressable market and strong project pipeline.

Practises ESG and sustainability values in every aspect
Sunpower is committed to better sustainability in its business by incorporating environmental, social and governance (ESG) values it does. In this way, it supports the ecologically sustainable development of China's economy, and aims to help China achieve its national CO2 emission peak and carbon neutrality targets.

Professional & disciplined management with strong execution and entrepreneurship
The key management are professional and disciplined executives with extensive experience, strong execution capabilities, entrepreneurship and a refined and standardised management approach.

DCP and CDH are strategic institutional investors that support the group
They are among the largest and most experienced private equity investors in China with a strong track record of investing and nurturing many leading companies in China.

Financials

As the GI business went from strength to strength, the strong 1H 2021 performance proved the recurring, high-quality nature of Sunpower's GI development strategy that is creating sustainable value for the Group in the long-term.

Total steam sales volume grew 73.2% to 3.93 million tons in 1H 2021, boosted by (a) robust rampingup of new plants such as Shantou Phase 1; (b) connections to new customers; and (c) organic expansion of existing customers' already-resilient businesses.

As a result, GI revenue grew 77.3% YoY to RMB906.6 million. GI EBITDA and GI PATMI grew 50.0% YoY and 37.0% YoY to RMB281.3 million and RMB91.8 million respectively due to Sunpower's sophisticated management and strong operational capabilities. GI operating cashflow in 1H2021 increased to RMB156.0 million, demonstrating GI's excellent capabilities of generating recurring cashflows.

Following the disposal, the M&S business was deconsolidated on 30 April 2021. A substantial gain on disposal of RMB934.0 million was recorded, boosting group PATMI to RMB602.5 million in 1H 2021, up 247.2% YoY. Group underlying operating cash flow rose 64.7% YoY to RMB265.5 million.

Business Update

Sunpower supplies industrial steam to a diverse range of industries, such as chemical, printing & dyeing, paper making, F&B, building materials, pharmacy, paint, wood processing, chemical fertilisers, supported by structural demand. It also provides pollution-free civil heating to a large base of households and electricity to the State Grid.

Update on Shantou Project:
– Rapid ramp up of Phase 1 since the beginning of 2021 and will continue to ramp up with connections to additional customers in the Park
– New revenue sources are being added, e.g. compressed air, sludge incineration, sales of waste products, etc
– Phase 2 is expected to commence production in 2021 to meet customers' robust demand

Shantou Project is Sunpower's 51%-owned steam and electricity cogeneration plant in the Shantou Textile Circular Economy Industrial Park in Chaonan District of Shantou City, Guangdong Province (the "Park") with a 38.5 year concession. The combined current designed capacity of Phase 1 (which started commercial operations in 4Q 2020) and Phase 2 (under construction) is 970 tons/hour of steam and 100 MW of electricity, making it the largest project in Sunpower's GI portfolio.

Shantou Project is one of the key water pollution control and alleviation measures put in place to clean up heavily-polluted Lianjiang River, specially built to supply 128 printing & dyeing companies that qualified to be relocated from their previous sites along Lianjiang River into the Park on an accelerated basis. In addition to controlling air and water pollution along the river, Shantou Project promotes the built-up of circular economy activities in the Park and ensures long-term employment amidst the sustainable development of the area's dyed textile and garment industry, a pillar industry in Shantou City that has helped make China a major producer of garments such as jeans and women's wear.

Shantou has large potential as it is the exclusive steam supplier in the park, and the accelerated relocation of local printing & dyeing companies into the park is boosting its ramp-up.

Updates on other GI projects:
– Changrun Project: Steam supply to new large customer Sanli started in May 2021 following the completion of the pipeline connection.
– Yongxing Plant: Commencement of blended sludge combustion in 1Q 2021 improved efficiency and increased revenue.
– Xintai Zhengda Project: The remaining part is under construction and is expected to be completed by the end of 2021.
– Xinyuan Plant: The construction of the city heating network system for the newly-added 2 million m2 concession area in Jimo International Trade Park is expected to be completed in 3Q 2021.
– Projects under construction: Tongshan and Shanxi Xinjiang Projects are progressing as planned, and are expected to start operations in 2021 and 2022 respectively.

Outlook

With a stronger balance sheet following the disposal of the M&S business, Sunpower is well positioned to take the GI business to even greater heights. GI is expected to continue to generate 100%-recurring, long-term, high-quality income and cashflows for the Group.

China's GDP grew 12.7% YoY in 1H 2021 to RMB53.2 trillion. Overall, the economy of China improved in a stable way, and the recovery of the global economy has also led to greater external demand. However, due to the global economic recovery and the impact of easing monetary policy, commodity prices have been continuously increasing this year which pushes up the cost of raw materials and adds pressure to the production and operation of some downstream enterprises. The Chinese government has rolled out a series of measures to secure supply and stabilise the prices of commodities.

The recently-issued "14th Five-Year Plan for Circular Economy Development" by the National Development and Reform Commission (NDRC) promotes the circular economy and centralized steam facilities as part of China's efforts to achieve its carbon peak and carbon neutral goals. Sunpower is well positioned to benefit as it is already a pioneer in circular economy and centralized steam facilities through its GI plants.

For 2021, Sunpower intends to continue to execute the following two-pronged strategy with emphasis on the quality of development that amplifies its strengths:

(1) By solidifying its market position as an environmentally-clean centralised provider of industrial steam, heating and electricity through (a) the continuous ramp-up of its existing GI portfolio, supported by further expansion of the coverage areas and customer base of the projects but with less intense capital expenditure; (b) proceeding with the planned construction of the expansion phases of certain existing projects; (c) continuous closure of small "dirty" boilers; and (d) the continuous cultivation of the earnings quality and asset returns of existing projects, and

(2) By tapping into its proven ability to identify and invest in additional promising GI projects that meet the investment hurdles of the Company.

Barring unforeseen circumstances, the Group expects the business trends summarized below to benefit its business in FY2021. Please note that Sunpower's financial results12 should be viewed on a 12-month basis to arrive at a balanced perspective.

Anticipated additional contributions from new plants, namely:
– Shantou Project, where Phase 1 is in commercial operation and will continue to ramp up rapidly, while Phase 2 construction is expected to be completed in 2021.
– Xintai Zhengda Project, where part of the new facility is in commercial operation, and construction of the remaining part is expected to be completed in 2021.
– Tongshan Project, where construction of Phase 1 is expected to be completed in 2021.

Continued ramp-up and enhancement of all existing GI plants, namely:
– Continuous connection of new customers, following mandatory closures of small dirty boilers, mandatory location and/or relocation of new factories into industrial parks, expansion of coverage area, and/or organic growth of customers and industrial parks served by the Group's GI plants
– Anticipated increase in demand for steam when Xinyuan Plant starts to supply clean heating to its new 2 million m2 concession area in Jimo International Trade Park.
– Changrun Project has recently started to supply Sanli under its 25-year exclusive supply contract in May 2021 following the completion of the connecting pipeline.

Mr. Ma Ming, Executive Director of Sunpower, commented:

"It has been a busy but satisfying time in 1H 2021. We successfully completed the disposal of the M&S business and was able to return a substantial amount of capital to shareholders and bondholders. I thank them for their investment and belief in Sunpower. Due to our leading market position and effective cost management measures, we were also able to capture the strong growth potential of the GI business in 1H 2021 with a robust double-digit jump in GI revenue.

Going forward, we will leverage on all of our resources to steer the development of the GI business. Meanwhile, the Group will intensify efforts to cultivate and enhance the quality of its existing GI projects, greenfield and acquired projects alike, to achieve even stronger, better quality growth which will further boost the investment returns and value of its assets in the long term, and will also seek suitable opportunities to expand the portfolio, either by procuring new GI projects with exclusive longterm concessions or to embark on further phases of expansion for certain existing projects."

Forward-looking Statement

This press release includes forward-looking statements and financial information provided with respect to the anticipated future performance and involve assumptions and uncertainties based on the Group's view of future events. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. The actual results may vary from the anticipated results and such variations may be material. Accordingly, there can be no assurance that such projections and forward-looking statements can be realized. No representations or warranties are made as to the accuracy or reasonableness of such assumptions of the forward-looking statements and financial information based thereon. The Group undertakes no obligation to update forwardlooking statements and financial information to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. The past performance of the Group is not necessarily indicative of the future performance of the Group.

About Sunpower Group Ltd.

Sunpower Group Ltd. (SGX: 5GD.SI) is a leading provider of industrial steam with a sizeable portfolio of 100%-recurring, long-term cash-generating Green Investments ("GI") projects that use innovative integrated environmental-protection technology to facilitate the development of the circular economy and help China to attain its carbon peak and carbon neutrality goals. It was founded in China in 1997 and listed on the Singapore Exchange (SGX) in 2005.

In 2020, Sunpower disposed its Manufacturing and Services ("M&S") business for an attractive consideration that unlocked value and improved investment returns for investors. To reward shareholders and bondholders, a substantial Special Dividend of S$0.2412 a share was declared and paid in 2021. Following the monetisation of M&S, the sole principal business of the Group is the "Green Investments" ("GI") business where it has a sizeable portfolio of GI projects that generate 100% recurring, long-term, high-quality income and cashflow.

Sunpower is successfully expanding the GI business by leveraging on its robust and replicable business model with unique competitive edge to unlock the long-term growth potential. With the application of innovative technology packages that raise high entry barriers, a proven effective management team to provide leadership and execution capabilities in operations and risk management, and the strong support of strategic investors DCP and CDH, Sunpower is continuously shaping a green future for itself as it takes its green, low-carbon, circular economy GI business to greater heights.

For more information, please refer to Sunpower's investor relations website, http://sunpower.listedcompany.com/.

August Consulting (Singapore)
Silvia Heng
Email: silviaheng@august.com.sg
Phone: +65 6733 8873

Jeremy Sing
Email: jeremysing@august.com.sg
Phone: +65 6733 8873

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Techtronic Industries Delivers Exceptional First Half Sales Growth

HONG KONG, Aug 11, 2021 – (ACN Newswire) – Hong Kong-based global power equipment and floorcare company Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) announced its results for the six months ended June 30, 2021. The Group delivered extraordinary results for the first half of 2021, growing sales by 52.0% to US$6.4 billion. Gross margin improved for the 13th consecutive first half to 38.6%, and the growth in EBIT, net profit, and earnings per share all outpaced sales growth. EBIT increased 57.4% to US$572 million, net profit rose 57.9% to US$524 million, and earnings per share increased 57.8% to approximately US28.62 cents per share.

— Exceptional sales growth of 52.0%
— Sales growth of 71.5% over two years, compared to the first half of 2019
— Strong sales growth across all businesses and geographies
— Gross margin improved for the 13th consecutive first half to 38.6%, up 58 basis points
— Net profit growth of 57.9% to US$524 million

Working capital as a percent of sales finished at 18.3%, below TTI's goal of 20.0% or less. The Group continues to strategically build inventory to support its exceptional above market growth, to serve its customers with consistently high service levels, and to insulate the company from potential critical component shortages.

The TTI Power Equipment segment delivered sales growth of 55.3% to US$5.8 billion. All geographies and business units contributed to this stellar performance in the first half of 2021. The flagship Milwaukee business delivered an astounding 64.1% growth globally. RYOBI performed exceptionally well across all brands with solid double-digit growth in all categories and geographies. In addition, the Floorcare & Cleaning business accounted for 9.0% of total TTI sales, with sales increasing 25.3% to US$574 million.

Mr. Horst Pudwill, Chairman of TTI, said, "At TTI, we have built an exceptional world-class team and we would like to recognize our outstanding global organization for delivering strong results. We are proud of the bold, strategic decisions we have made over the past 18 months to position ourselves for a strong second half of 2021."

Mr. Joseph Galli, CEO of TTI, commented, "TTI's first half results clearly demonstrate our leadership position, our momentum, and our future potential. Our high-speed new product machine allows us to expand the market and capture market share, while we continue to improve gross margin to record levels."

About TTI
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare Cleaning Products and Solutions for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL floorcare cleaning products and solutions.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI(TM) All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

For enquiries:
Techtronic Industries Co. Ltd.
Isabella Chan
Tel: +(852) 2402 6495
Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com

Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk
Adrianna Lau +(852) 2114 4987 adrianna.lau@sprg.com.hk
Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk
Email: sprg_tti@sprg.com.hk
Website: www.sprg.com.hk

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

See Change Education Joins “Go Hong Kong Team” Campaign

HONG KONG, Jul 30, 2021 – (ACN Newswire) – See Change Education, a wholly owned subsidiary of Asia Allied Infrastructure Holdings Limited, took part in the "Go Hong Kong Team" Campaign, organised by the Hong Kong Olympic Fans Club and co-organised by Key Connect last weekend. On that day, See Change Education staged live debate and public speaking performances on topics related to sports and the Olympic spirit, showcasing winners from See Change's International Parliamentary Debate Competition (IPDC) and International Public Speaking Competition, bringing joy and energy to the event.

Ying Wa College faced off PLK Tung Yuk Tien College, both consisting of winners of Top Speaker Award at See Change's Debate Competition in 2020

Through the event, See Change Education hopes to provide students with a stage to perform and apply their skills while celebrating sportsmanship and the Olympic spirit. Ms Rita Pang, Founder of See Change Education, said, "By discussing current affairs, I believe that children can apply critical thinking and communication skills to their daily lives. See Change Education runs global classrooms for students aged 5 – 18. We provide trainings in "communications" through courses in Debate & Public Speaking (verbal Skills), Critical Reading & Writing (writing skills) and Media Communications. Our topics cover various important areas such as history, culture, technology, so that students can thrive academically and beyond the classroom. Apart from realizing that public speaking courses are 'tremendous fun', children can also consider and analyse issues quickly as well as acquire a high level of organizational competence."

The winners of International Debate and Public Speaking Competition, which include students from the Diocesan Girls' Junior School, Diocesan Boys' School, The Independent Schools Foundation Academy, St. Paul's Co-Educational College Primary School, German Swiss International School, Harrow International School Hong Kong, Hong Kong International School, ESF Kowloon Junior School, Ying Wa College, Good Hope School, Aldrich Bay Government Primary School, Discovery Bay International School, Quarry Bay School, Po Leung Kuk Tang Yuk Tien College, Po Leung Kuk Yuen Yuen Primary School, Singapore International School, etc. spoke eloquently on stage and attracted a large audience.

See Change Education booths include an Olympic theme "check-in booth" for photo taking and booths for balloon twisting and souvenir distribution. Many parents are attracted to the West Kowloon Art Park as it provides them with the opportunity to bring their children to experience the Olympic atmosphere.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Central Global Continues with Proactive Business Sustainability Measures Despite Lockdown

KUALA LUMPUR, Jul 23, 2021 – (ACN Newswire) – Central Global Berhad ("Central Global" or "Group"), a producer of industrial masking tapes and label stocks as well as general building contractor, will continue to keep a tight rein on cashflow in order to ensure business sustainability following the government's decision to lengthen the extended movement control order ("EMCO") in certain areas of Kuala Muda, Kedah where the Group's factory is located by a further two weeks to 1 August 2021.

Central Global executive chairman Dato' Faisal Zelman

Central Global's factory, which produces masking tapes and label stocks, has been closed since 5th July 2021 given its location in Kuala Muda which is currently under the EMCO. The factory employs almost entirely locals, with several among the 170 employees having been with the Group for more than four decades.

Central Global executive chairman Dato' Faisal Zelman said: "We have always been cautious about the outlook for this year given the uncertainties of further COVID-19 outbreaks and while we will continue to tap into opportunities arising from a more fragmented regional competition landscape and the sporadic local supply-chain disruption, we are also mindful of the risks."

"We have backlog orders to fulfil which will keep factory busy until year end, but operations have been affected due to the EMCO. We are consistently in discussion with the authorities despite of the lock down measures which has been imposed in the EMCO zones. We managed to obtain permission to operate on a partial basis being categorised as an Essential Industry (Packaging) during the period of the MCO 1.0 and we hope that the government will consider applying the similar regulations for the current EMCO as well. At the same time, we want to reassure all stakeholders that the management will do all it can to ensure that business sustains and maintain operational efficiency and quality."

Central Global has two scheduled meetings annually to review the Group's manufacturing operations' internal controls and risk management under a risk management framework to mitigate business and operational risks. The Group's lean manufacturing process ensures that costs are kept under scrutiny while driving productivity and quality through employee suggestion programmes and reward schemes.

"We will monitor the situation and continue to adhere to all standard operating procedures as laid out by the National Security Council and Ministry of Health guidelines to ensure the safety and health of employees and vendors. In the meantime, we have to manage our customers' expectation in fulfilling their orders," Faisal concluded.

For more information, please contact Hakim J. Munif at +60 12-318 5410 or h.juraimi@swanconsultancy.biz.

Copyright 2021 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Haily Group Berhad debuts at 11 sen premium, 16.18% above IPO price

KUALA LUMPUR, Jul 21, 2021 – (ACN Newswire) – Haily Group Berhad ("Haily" or the "Group") has debuted on the ACE Market of Bursa Malaysia Securities today with a sterling performance. At 9.00a.m., the Group's shares opened at 79 sen, which was a 11 sen premium or 16.18% higher than its initial public offering ("IPO") price of 68 sen per share, with the first traded volume recorded at 7,191,600 shares.

Haily is principally a main contractor involved in building construction of residential and non-residential buildings in the Southern Region of Peninsular Malaysia, particularly Johor, and is also involved in the provision of rental of construction machinery.

The Group's IPO involved a public issue of 30.00 million shares at 68 sen each and raised gross proceeds of RM20.40 million. Of the 30.00 million shares, it was offering 8.92 million shares to the Malaysian public, 10.00 million to its eligible directors, employees and persons who have contributed to the success of the Group, and 11.08 million to selected investors by way of a private placement.

In addition, there was an offer for sale by its promoters that involved 18.00 million existing ordinary shares in Haily by way of a private placement to selected investors. Its promoters are Haily Holdings Sdn Bhd, See Tin Hai and Kik Siew Lee.

The offering of 8.92 million shares to the Malaysian public was oversubscribed by 38.81 times. TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent in relation to the IPO.

Commenting on the listing ceremony, Haily Independent Non-Executive Chairman Tuan Haji Mohd Jaffar Bin Awang (Ismail) said: "The listing marks an important milestone for Haily as it successfully brings the Group to greater heights, and everything began from the humble beginnings of our founders Mr. See Tin Hai and Madam Kik Siew Lee back in 2007. I believe that the listing exercise will help to unlock the potential of the Group by enhancing our reputation as we market our construction services and expand our customer base in Malaysia."

At the virtual listing ceremony, he said that the Group plans to continue focusing on its core competency in building construction in Johor while leveraging on its experience to extend its reach to the other districts. "Our Group will be able to leverage on our capabilities as a Grade G7 contractor which allows us to bid and carry out any size of building construction projects irrespective of the contract value."

He explained that Haily had completed a total of 65 building construction projects with a total contract value of RM1.29 billion since 2008.

"We have on-going projects that can sustain us at least until 2023. Currently, Haily has 18 building construction projects as well as 2 civil engineering related construction projects. The total secured contract value and unbilled contract value as at 10 June 2021 stood at RM460.04 million and RM249.58 million respectively," he elaborated.

Tuan Haji Mohd Jaffar Bin Awang (Ismail) said that the Group also plans to expand into industrial building construction to address opportunities provided by economic developments in Johor, adding that the Group had completed 6 industrial building construction projects with a total of 68 units of factories located in the districts of Johor Bahru and Kulai.

"We will also use part of the proceeds raised from our IPO exercise to purchase additional construction machinery and equipment mainly to facilitate better scheduling of our construction work when the projects require concurrent usage and in anticipation of future growth," he said, adding that improving the overall operational capabilities is also a priority of the Group besides expanding its foothold in other districts in Johor.

On its dividend policy, the Group has an intention to distribute dividends of at least 30% of its annual profits attributable to its shareholders upon completion of the listing. However, it is not a legally binding obligation/guaranteed commitment to the shareholders. Dividends declared and distributed by the Group for the financial year ended 31 December ("FYE") 2017, FYE 2018, FYE 2019 and FYE 2020 were RM10.01 million, RM5.25 million, RM6.00 million and RM2.50 million, respectively.

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Haily IPO oversubscribed by 38.81 times

KUALA LUMPUR, Jul 12, 2021 – (ACN Newswire) – Haily Group Berhad's ("Haily") IPO exercise comprises:

(from left) Haily Group Berhad Executive Director Ms See Swee Ling, Haily Group Berhad Founder & Executive Director Mr See Tin Hai, and Haily Group Berhad CEO & Executive Director Mr Yoong Woei Yeh at the Balloting Ceremony of the Company in conjunction with its listing on the ACE Market of Bursa Malaysia Securities

(A) Public issue of 30,000,000 new ordinary shares in HAILY ("Public Issue Shares") in the following manner:
i. 8,920,000 new Public Issue Shares for application by the Malaysian public:
ii. 10,000,000 new Public Issue Shares for application by the eligible directors and employees of HAILY and its subsidiaries ("Group") and persons who have contributed to the success of the Group;
iii. 11,080,000 new Public Issue Shares by way of private placement to selected investors in the following manner; and
– 5,100,000 Public Issue Shares to selected Bumiputera investors approved by Ministry of International Trade and Industry ("MITI"); and
– 5,980,000 Public Issue Shares to selected investors.

(B). Offer for sale of 18,000,000 existing ordinary Shares in HAILY ("Offer Shares") by way of private placement to selected investors in the following manner:
– 12,700,000 Offer Shares to selected Bumiputera investors approved by MITI; and
– 5,300,000 Offer Shares to selected investors.

Tricor Investor & Issuing House Services Sdn Bhd ("TIIH") wishes to announce that the Public Issue of 8,920,000 new Public Issue Shares of HAILY available for application by the Malaysian public has been oversubscribed.

A total of 13,367 applications for 355,099,900 new Public Issue Shares with a value of RM241,467,932 were received from the Malaysian public, which represents an overall oversubscription rate of 38.81 times. For the Bumiputera portion, a total of 6,185 applications for 138,110,700 new Shares were received, which represents an oversubscription rate of 29.69 times. For the public portion, a total of 7,182 applications for 216,989,200 new Shares were received, which represents an oversubscription rate of 48.09 times.

Meanwhile, a total of 10,000,000 new Public Issue Shares available for application by the eligible directors and employees of the Group and persons who have contributed to the success of the Group have also been fully subscribed.

In addition, the Placement Agent has confirmed that the 5,980,000 Public Issue Shares and 5,300,000 Offer Shares made available for application by way of private placement to selected investors have been fully placed out.

In relation to the 5,100,000 Public Issue Shares and 12,700,000 Offer Shares made available for application by Bumiputera investors approved by MITI, a total of 2,159,300 shares were not taken up. Pursuant to the terms set out in the Prospectus, the said remaining unsubscribed shares which were initially reserved for Bumiputera investors approved by MITI were clawed-back and reallocated to the Bumiputera public via the balloting process.

Commenting on the balloting result, HAILY's Executive Director Mr. See Tin Hai said: "We are delighted to see the strong support from investors for HAILY's shares. This is an encouraging sign as we embark on our next stage of growth as a public-listed company. We believe that the construction industry will show positive signs of recovery towards the second half of 2021, bolstered by the country's on-going national immunisation programme. Thus, we look forward to more developments being revived by property companies which provide the construction sector with more project bidding opportunities especially in the Johor region where HAILY is operating. However, before that, let us anticipate another key milestone in the pipeline, which is the official listing of HAILY on the ACE Market of Bursa Securities on 21 July 2021."

The notices of allotment will be posted to all successful applicants on or before 19 July 2021.

TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for this IPO exercise.

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APOLLO FUTURE MOBILITY GROUP announces its urban delivery vehicle UME was awarded the “Best of Best” in the “Commercial” category in the Automotive Brand Contest 2021 in Germany

HONG KONG, Jun 30, 2021 – (ACN Newswire) – Apollo Future Mobility Group Limited ("AFMG", the "Company", HKEx stock code: 860) announces today that its urban delivery vehicle – the UME, developed by its German team, was awarded the title of "Best of Best" in the "Commercial" category in the Automotive Brand Contest 2021 ("abc2021") organized by German Design Council.

Highlighting the appreciation of the abc2021 judging panel members to the UME design, the panel's official verdict reads: "UME's Urban Delivery Vehicle with its holistic sustainable concept approach is an attractive solution for electric last mile transport of goods. The idea of sending the vehicle as an assembly kit to local micro-factories is truly remarkable. The modular superstructures also allow for a variety of deployment scenarios. A well thought-out, coherent commercial vehicle concept that is also convincing in its form with its modern, friendly product language."

Unveiled for the first time at the Third China International Import Expo 2020 hosted in November 2020, the UME, meaning "Utility Meets Electric", is designed to be a cost and time effective tool to fulfill the last mile in the supply chain, constituting a green solutions package aiming at reducing carbon emissions of the transportation sector that is still prevalent in conventional fossil-fuel-powered light urban delivery trucks commonly used in developing countries. The UME is a L7e-CU vehicle (EU regulation) adapting a one-size-fits-all approach yet can be open to numerous use-cases depending on the customer's individual requirements. Delivering an approachable look with a minimalist design, the UME consists of symmetric parts, essentially reducing the number of parts required to increase manufacturing cost-effectiveness by allowing the same tooling for multiple uses. Key features of the UME include its Trolley Battery System that allows a Quick-Change-Charging scenario that keeps the vehicle on the road without any delivery downtime; modular cargo units that can be used as closed box or open pick-up to enable multiple usages ranging from courier to food delivery; and keyless access that is ideal for fleet and sharing usage. To achieve low-cost manufacturing, the UME can be shipped in knock-down kits that will be assembled in local micro factories in the target markets where it will also create job opportunities in the mobility industry.

As the leading mobility award, the Automotive Brand Contest awards uniquely honour forward-thinking and future-oriented designs: public and individual transport innovations, top performances in communication and groundbreaking technical developments – the expert jury distinguishes projects that are clearly in the fast lane in the world of mobility.

Mr. Ho King Fung, Eric, Chairman of Apollo Future Mobility Group Limited, comments, "With the UME our goal is to create a mobility tool for a shift towards green solutions. By creating an ecosystem around electric urban delivery vehicle that includes micro-factories and battery-swap stations, offering a high level of digitisation and connectivity, we not only present a vehicle, but a holistic approach for the future of urban commercial vehicles."

About the Automotive Brand Contest

The Automotive Brand Contest was established in 2011. The German Design Council (Rat fur Formgebung), established by the German parliament Bundestag in 1953, honours outstanding product and communication design and draws attention to the fundamental importance of brand and brand design in the automotive industry. The interdisciplinary panel consists of members working in media, design, industrial companies, higher education institutions and architecture. The official awards ceremony is scheduled to take place in Frankfurt am Main in autumn.

For more details, please visit https://www.abc-award.com/

About Apollo Future Mobility Group Limited

Apollo Future Mobility Group Limited (HKEx stock code: 860) is a leading integrated mobility technology solution provider with proprietary and disruptive mobility technologies. It is determined to build a world-leading one-stop service platform for "future mobility" through the integration of global advanced mobility technologies.

The Group focuses its business developments on three pillars, namely Engineering Services Outsourcing (ESO), Technology Development and Automobile Manufacturing through Apollo Automobil and Apollo Advanced Technologies (AAT). In addition to the development and sales of hypercars and luxury electric sports cars under the "Apollo" brand, the Group provides one-stop turnkey mobility technology solutions by integrating the Group's existing electric vehicle technologies, from ideation, design, modeling, engineering, simulation, prototype production, actual testing, to the delivery of pre-production prototypes to clients, striving to provide the global mobility market with a seamless and comprehensive solution platform. The Group also endeavors significant efforts in mobility technology development in electric vehicle technologies, like development of a new 800V SiC dual inverter and vehicle control units.

The Group's subsidiaries include Apollo Automobil, Ideenion Automobil AG and GLM Co. Ltd which is a leading electric vehicle developer in Japan. In addition, the Group has also expanded its mobility technology offerings by investing in Divergent Technologies, Inc., the world's first 3D printing automotive manufacturing platform, and EV Power, a leading electric vehicle charging solutions provider.

For more details, please visit https://apollofmg.com/

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