EPB Group Berhad Signs on Malacca Securities as Underwriter

KUALA LUMPUR, June 20, 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 it has entered into an underwriting agreement with Malacca Securities Sdn. Bhd. (“Malacca Securities”), for the upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad; Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd.; Mr. Liew Meng Hooi, Deputy Managing Director of EPB Group Berhad [L-R]

The Group’s IPO exercise shall involve a 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.

For information, the IPO shares shall be allocated in the following manner: –

A. Public Issue of 71,570,000 new ordinary shares (“Issue Shares”)

Malaysian public

19,570,000 Issue 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 Issue Shares shall be made available to Bumiputera public investors.

Eligible persons

21,196,000 Issue 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) (“Pink Form Allocations”).

Private placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry (“MITI”)

30,804,000 Issue Shares, or 8.28% of the enlarged issued share capital upon listing will be made available for application by Bumiputera Investors approved by MITI by way of private placement.

B. Offer for Sale of 40,000,000 ordinary shares (“Offer Shares”)

Private placement to Bumiputera investors approved by MITI

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.

Private placement to selected investors

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

Pursuant to the Underwriting Agreement, Malacca Securities will underwrite the 19,570,000 Issue Shares made available for application by the Malaysian public, and 21,196,000 Issue Shares made available for application under the Pink Form Allocations.

Mr. Yeoh Chee Min, Managing Director of EPB Group Berhad commented, “Our vision is to broaden our market reach and enhance our offerings in the food processing and packaging machinery sector. This IPO is a strategic step towards achieving that goal. We are honoured to partner with Malacca Securities to facilitate our listing on the ACE Market of Bursa Securities. Looking ahead, our Group plans to expand its product lines, particularly in robotics automation for the food manufacturing industry.”

Ms. Lim Chia Wei, Managing Director of Malacca Securities Sdn. Bhd. added, “We are delighted to assist EPB Group with its upcoming IPO. The Group’s comprehensive approach to delivering food processing and packaging machinery solutions, combined with a relentless drive for innovation and a strong focus on customer needs, sets a solid foundation for future growth. With a commendable track record since 1992 and a team rich in experience, EPB Group Berhad is well-equipped to navigate the dynamic landscape of the food industry.”

According to the Independent Market Research report, the food processing and packaging machinery industry is growing steadily, including technological advancements, and a shift towards more efficient and automated food processing methods. Furthermore, the industry is projected to expand at a CAGR of 9.7% from the forecast period of RM1.80 billion in 2023 to RM2.66 billion in 2027. Leveraging on the Group’s industry expertise and innovative capabilities, the Group is aiming to expand its product offerings in robotics automation to meet the growing global demand for innovative food manufacturing automation methods.

ICDX and Shanghai Metals Market Host Asean Tin Industry Conference 2024

JAKARTA, June 14, 2024 – (ACN Newswire) – Indonesia Commodity & Derivatives Exchange (ICDX) along with the Shanghai Metal Market (SMM) hosted the Asean Tin Industry Conference. This event took place concurrently with the Indonesia Critical Mineral held for 3 days, from June 11 to 13, 2024.

ICDX dan Shanghai Metal Market gelar Asean Tin Industry Conference 2024. (ANTARA/Aji Cakti)

The Asean Tin Industry Conference 2024 was attended by hundreds of participants from various countries. Various topics were discussed during the event, ranging from government policies, industry development, supply chains, to the future trading prospects of tin.

Nursalam, President Director of ICDX, said, “The collaboration with SMM is certainly an effort by ICDX to expand its market, especially in the tin exchange. As we know, tin is a global commodity with buyers spread all over the world. With this joint event with SMM, the hope is that ICDX can develop direct markets to various countries that use or consume tin.”

Logan Lu, Senior Vice President, remarked, “We see Indonesia, as one of the largest tin producers in the world, playing a significant role in global tin trade. The collaboration with ICDX to host the Asean Tin Industry Conference aims to connect global tin market players, both sellers and buyers. We recognize ICDX’s strong commitment to enhancing global trade quality, especially in the tin commodity sector.”

Regarding tin trading, ICDX has been facilitating physical tin market trading through the exchange since 2013. With this exchange, ICDX has become one of Indonesia’s icons on the world stage. Indonesia plays a strategic role in the global tin arena. In terms of production capacity, according to the United States Geological Survey (USGS) report in 2023, Indonesia ranks third as the world’s largest tin producer with a production capacity of 52,000 metric tons. Myanmar holds the second position with a capacity of 54,000 metric tons, while China leads as the world’s largest tin producer with 68,000 metric tons.

For further information, please contact:
Allen Wu
Marketing Director of Nickel & Stainless steel Industry
Shanghai Metals Market
9th FL, south Section, Building 9
Lujiazui Software Park, No.20, Lane 91,
E’Shan Road, Pudong New Area, Shanghai, 200127, China
E: wuchenyu@smm.can

P Giri Hatmoko
Head of Corporate Communication
Indonesia Commodity & Derivatives Exchange Group
Midpoint Place, Floors 22-23
Jl. H. Fachrudin No.26, Central Jakarta
E: podogiri.hatmoko@icdx.co.id

Flexidynamic Announces Strategic Investment in Gammatech for Gamma Radiation Sterilisation Technology

KUALA LUMPUR, June 13, 2024 – (ACN Newswire) – Flexidynamic Holdings Berhad (“Flexidynamic” or the “Company”), an established solutions provider for the rubber glove manufacturing industry, is pleased to announce that the Company has entered into a binding letter of intent (“LOI”) with Gammatech Sdn Bhd (“Gammatech”) for the subscription of 51% of the enlarged issued share capital in Gammatech, at a total subscription price of RM1,040,816 or RM1.00 per new ordinary share. Upon the completion of the Subscription, Gammatech will become a 51%-owned subsidiary of Flexidynamic.

Gammatech, a private limited company incorporated in Malaysia which intends to undertake the provision of sterilisation services using gamma radiation.

Gamma radiation sterilisation is a highly effective method used to eliminate microorganisms in various products to ensure sterility. This technology involves exposing products to gamma rays, which penetrate deeply and uniformly to destroy bacteria, viruses, fungi, and other pathogens.

It is widely used in the medical and pharmaceutical industries for sterilising medical devices, surgical instruments, and pharmaceutical products. Gamma radiation is also used in the food industry to extend shelf life and ensure food is well-stored as well as in the packaging industry to sterilise materials and containers.

This new offering may serve not just the existing customers in the glove industry, but can also include industries such as pharmaceuticals, food processing, and packaging. By offering gamma radiation sterilisation services, Flexidynamic aims to meet the growing demand for sterile products, leveraging its existing customer base and expanding into these broader markets.

Mr. Tan Kong Leong, Managing Director of Flexidynamic, commented, “This strategic investment in Gammatech marks a significant milestone for Flexidynamic as we venture into the gamma radiation sterilisation sector. We see substantial potential in this field and are confident that this move will complement our existing operations while opening new avenues for growth in the recovering medical glove industry. Our commitment to innovation and expansion continues to drive our business forward, ensuring long-term value for our shareholders.”

A Representative from Gammatech added, “We are excited about the partnership with Flexidynamic Holdings Berhad and believe that their expertise and vision will significantly contribute to the successful launch and growth of Gammatech. We look forward to working closely with Flexidynamic to realise the full potential of this new venture.”

As at 5:00 P.M., 12 June 2024, the share price of Flexidynamic closed at RM0.21, representing a market capitalisation of RM62.9 million.

Flexidynamic Holdings Berhad: https://flexidynamic.com/

Go Hub Sets to Raise RM37.51 Million from Ace Market IPO

KUALA LUMPUR, June 12, 2024 – (ACN Newswire) – Go Hub Capital Berhad (“Go Hub” or the “Company”), a key transportation information technology (IT) solutions provider, is pleased to announce the Company’s launch of the prospectus for its upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). Go Hub prides itself as a key transportation IT solutions provider in Malaysia, focusing on providing tailored IT solutions (encompassing customised software development systems and integration of hardware and software system) with an established track record in the bus and rail segments. Go Hub also extends its offerings to include maintenance and support services as well as terminal management services for the IT solutions that Go Hub delivers to its customers.

Mr. Tan Meng Kim, Managing Director of Capital Markets, UOB Kay Hian Securities (M) Sdn Bhd; Mr. Tan Cherng Thong, Executive Director / CEO, Go Hub Capital Berhad [L-R]

The IPO aims to raise RM37.51 million through the issuance of 107.18 million new shares. The proceeds from the IPO will be primarily allocated to the following:

Expansion of business operations and enhance operational capabilities, enabling Go Hub to scale up to cater for current projects and to enter new markets.
Continuous development of innovative solution offerings, focusing on technological applications and solutions that optimise and streamlines operations process flows efficiently.
Marketing efforts to increase brand visibility and customer engagement through targeted campaigns and industry events.
General corporate purposes to improve operational efficiencies.

Applications for the IPO have opened starting at 10.00 a.m. today following the Prospectus launch and will close on 20 June 2024.The targeted IPO listing date of the Company on the ACE Market is on 3 July 2024. At the IPO price of RM0.35 per share, Go Hub will have a market capitalisation of RM140.0 million ahead of its debut.

Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub stated, “We are elated to have reached a new milestone with the Prospectus launch today, bringing us a step closer towards becoming a listed entity on the ACE Market of Bursa Securities. Having been in the transportation industry since 2011, our listing is in line with our growth plans and strategies to scale up our operations, expand our solutions offerings and expand our reach overseas. We are optimistic about the future and the opportunities this IPO opens for our company.”

Managing Director of Capital Markets of UOB Kay Hian Securities (M) Sdn Bhd, Mr. Tan Meng Kim expressed support, stating, “As we move into an era where digital transformation is crucial, Go Hub is well-positioned to meet these challenges head-on. Go Hub’s strategic vision, combined with their technological prowess, ensures their continued growth and leadership in the public transportation IT solutions sector.”

Go Hub has demonstrated consistent growth, underpinned by the Group’s expertise in developing and implementing comprehensive IT solutions for public transportation, including TOS, BOS, and Automated Fare Collection (AFC) systems. The Company’s commitment to quality, efficiency, and innovation has established it as a trusted provider in Malaysia.

UOB Kay Hian Securities (M) Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Go Hub.

[L-R]
Mr. Chew Boon Keat, Chief Financial Officer, Go Hub Capital Berhad
Mr. Eng Chee Seng, Chief Business Development Officer, Go Hub Capital Berhad
Mr. Hong Boon Huon, Chief Technology Officer, Go Hub Capital Berhad
Mr. Goh Yao Yen, Director, Co-Head of Corporate Finance UOB Kay Hian Securities (M) Sdn. Bhd.
Mr. Tan Meng Kim, Managing Director of Capital Markets, UOB Kay Hian Securities (M) Sdn Bhd
En. Zulkifly Bin Zakaria, Independent Non-Executive Chairman, Go Hub Capital Berhad
Mr. Tan Cherng Thong, Executive Director / CEO, Go Hub Capital Berhad
Ms. Lee Li Yee, Executive Director / Finance Director, Go Hub Capital Berhad
Cik Alwizah Al-Yafii Binti Ahmad Kamal, Independent Non-Executive Director, Go Hub Capital Berhad
Ms. Poh Zuan Yin, Independent Non-Executive Director, Go Hub Capital Berhad
Mr. Lee Yew Weng, Independent Non-Executive Director, Go Hub Capital Berhad
En. Mohd Aidy Hisyam Bin Abdullah, Head of Operation (Terminal), Go Hub Capital Berhad
En. Noor Rashid Bin Omar, Head of Operation (BOS), Go Hub Capital Berhad

DC Healthcare’s Approve All Resolutions in AGM

KUALA LUMPUR, June 12, 2024 – (ACN Newswire) – DC Healthcare Holdings Berhad (“DC Healthcare” or the “Group”), an aesthetic medical services provider specialising in the provision of non-invasive and minimally invasive procedures, is pleased to announce the successful completion of its Second Annual General Meeting (“AGM”) held virtually on June 11, 2024. The AGM was conducted through Remote Participation and Voting facilities, allowing shareholders to actively participate and cast their votes on key resolutions.

During the AGM, shareholders approved all the resolutions including the adoption of the Audited Financial Statements for the year ended December 31, 2023. Key resolutions passed also involved the re-election of directors, ratification of directors’ fees, and the re-appointment of Messrs. Moore Stephens Associates PLT as the Company’s auditors.

Dr. Chong Tze Sheng, Managing Director of DC Healthcare expressed his gratitude to the shareholders, said, “We are incredibly thankful for the continued support and trust our shareholders place in us. This AGM not only reflects our commitment to transparency and robust corporate governance but also sets the path for our strategic initiatives aimed at enhancing service excellence and expanding our market presence. As we move forward, we remain dedicated to leveraging our strengths to drive sustainable growth and deliver value to all our stakeholders.”

Looking ahead, DC Healthcare is dedicated to strengthening its position in the medical aesthetics sector by implementing focused business strategies. These include expanding our clinics across Southern and Northern Malaysia, recruiting highly skilled and experienced staff, and continuously upgrading medical equipment with the latest technology to support growth and improve service quality. The Group remains optimistic about its future, bolstered by competitive advantages that are well-suited to drive sustainable growth in a dynamic market.

DC Healthcare Holdings Berhad https://dchealthcareholdings.com/

Go Hub Capital Berhad Inks Underwriting Agreement with UOB Kay Hian Securities

KUALA LUMPUR, June 7, 2024 – (ACN Newswire) – Go Hub Capital Berhad (“Go Hub” or the “Company”), a key transportation information technology (IT) solutions provider, is pleased to announce that it has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH”) in preparation for its Initial Public Offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

From left: Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub, Mr. David Lim, Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd

Go Hub’s listing exercise involves the public issue of 107,180,000 new ordinary shares. The IPO shares will be allocated in the following manner:

Malaysian public

20,000,000 IPO shares made available for application by the Malaysian public.

Eligible persons

12,000,000 IPO shares reserved for application by eligible directors and employees as well as persons who have contributed to the success of the Group.

Private placement to selected investors

75,180,000 IPO shares made available by way of private placement to identified institutional and/or selected investors.

UOBKH will underwrite 32,000,000 IPO shares made available to the Malaysian public and eligible persons as part of the underwriting agreement. This IPO does not involve an offer for sale and placement to Bumiputera investors approved by the Ministry of Investment, Trade and Industry as the operating company, NSS has MSC Malaysia Status (now known as Malaysia Digital Status).

Mr. Tan Cherng Thong, Executive Director and CEO of Go Hub said, “We are gearing up to expand our technological footprint and solution offerings within the transportation sector, and this IPO is a strategic step in that direction. We are excited to collaborate with UOB Kay Hian to facilitate our listing on the ACE Market. The IPO proceeds raised will be primarily fuel our business expansion plans, which includes the expansion of our technical capabilities and workforce. Our aim is to expand our IT solutions for transportation industry, enhancing customer engagement through digital transformation, and exploring new opportunities in adjacent markets.”

Chief Executive Officer of UOB Kay Hian Securities (M) Sdn Bhd, Mr. David Lim commented, “We are enthusiastic to collaborate with Go Hub on its listing exercise. Go Hub’s strong performance, driven by its innovative and comprehensive IT solutions in transportation industry, presents a compelling investment opportunity. We look forward to supporting Go Hub’s journey as it transitions into a publicly listed company.”

As an established provider of specialised IT services in the transportation industry, Go Hub has consistently demonstrated strong commitment towards innovation and excellence. The Group’s strategic initiatives and technological advancements have solidified its position as a key player in transforming Malaysia’s transportation landscape.

Go Hub Capital Berhad http://gohubcapital.com.my

Kucingko Inks Underwriting Agreement with Kenanga Investment Bank

KUALA LUMPUR, June 5, 2024 – (ACN Newswire) – Kucingko Berhad (“Kucingko” or the “Company”), an established 2D animation production services provider, is pleased to announce the signing of an underwriting agreement with Kenanga Investment Bank Berhad (“Kenanga Investment Bank”) for its upcoming IPO on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Executive Director of Kucingko Berhad, Mr. See Chin Joo; Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga IB, Datuk Roslan Hj Tik; Executive Director of Kucingko Berhad, Mr. Ooi Kok Hong [L-R]

Kucingko’s IPO exercise, according to the draft prospectus available on Bursa Securities’ website, involves a public issue of 100.0 million new ordinary shares and an offer for sale of 100.0 million existing ordinary shares, which represents an aggregate of 40.0% of the enlarged number of ordinary shares of the Company.

The IPO involves the following:

Public Issue (“Issue Shares”)

Malaysian public
25.0 million Issue Shares, representing 5.0% of the enlarged number of ordinary shares, are allocated for application by the Malaysian public, with half of this allocation reserved for Bumiputera investors.

Eligible persons
10.0 million Issue Shares, representing 2.0% of the enlarged number of ordinary shares, are allocated for application by eligible directors, key senior management, employees, and associates who have contributed to the Kucingko group’s success (“Pink Form Allocations”).

Private placement to selected investors
65.0 million Issue Shares, representing 13.0% of the enlarged number of ordinary shares are allocated by way of private placement to selected investors.

Offer for Sale (“Offer Shares”)

Private placement to selected investors
100.0 million Offer Shares representing 20.0% of the enlarged number of ordinary shares are allocated by way of private placement to selected investors.

Kenanga Investment Bank, as Principal Adviser, Sponsor, Underwriter and Placement Agent, will underwrite the 35.0 million Issue Shares made available for application by the Malaysian Public and Pink Form Allocations.

Mr. See Chin Joo, Executive Director of Kucingko Berhad said, “This IPO aligns very well with Kucingko’s ambition to grow in the 2D animation sector. The funds raised from the IPO will be instrumental in scaling our business through setting up a sales office in the United States of America, our largest market, and increasing our production capacity by setting up branch offices in Sabah and Sarawak to tap into the talent pools in these two cities. We are also very excited to be the first animation production studio to be listed on Bursa and, we are delighted to have Kenanga Investment Bank to advise us on this significant corporate milestone.”

Mr. Ooi Kok Hong, Executive Director of Kucingko Berhad, expressed his gratitude towards Kenanga Investment Bank for their support in the IPO process. He added, “Their expertise and guidance have been instrumental in helping Kucingko navigate the complexities of going public. We believe that Kucingko’s position as the first 2D animation company to be listed on Bursa Malaysia will have a positive impact on the market and industry, setting a benchmark for excellence in the creative sector.”

Datuk Roslan Hj Tik, Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank, stated, “Kucingko Berhad offers an excellent diversity for investors as the Malaysian market has historically lacked publicly traded animation production companies. We are proud to support Kucingko through its IPO, bringing one of the industry’s most successful and reputable 2D animation production companies to Bursa Malaysia. The IPO of Kucingko marks a momentous occasion, potentially inspiring other creative ventures to pursue such similar paths as well.”

Kucingko Berhad https://www.kucingko.com/

Varia Reports Strong Q4 FY2024 with RM65.78 Million in Revenue with PBT of RM1.99 Million

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Varia Berhad (“Varia” or the “Group”), an experienced player in the field of construction and property development, is pleased to announce its financial results for the fourth quarter of the financial year 2024 (“Q4 FY2024”), demonstrating substantial growth and continued momentum from previous quarters. Varia’s revenue for Q4 FY2024 surged to RM65.78 million, showcasing a 1,654% increase compared to a negative revenue of RM4.23 million in corresponding year’s quarter (“Q4 FY2023”), primarily driven by the successful integration of Pembinaan Teguh Maju Sdn Bhd (“PTM”) and strategic leadership initiatives, highlights the new management’s effectiveness in steering the Group towards sustainable growth.

Datuk Benson Lau, Managing Director of Varia

The Group reported a Profit Before Tax (“PBT”) of RM1.99 million in Q4 FY2024, a 33% increase from a PBT of RM1.49 million in the same period last year. This robust performance was primarily driven by the construction segment, which continues to benefit from the full integration of PTM.

The construction segment generated RM58.62 million in revenue and RM5.90 million in PBT, with key contributions from projects such as Perkeso, Pulau Indah, and Kuarters Hospital Pulau Pinang (“KHPP”). For property segment, Taman Arowana Phase 1, 106 units of single-storey development project generated revenue of RM0.35 million and a gross profit of RM0.05 million.

For the twelve months ended 31 March 2024 (“12M FY2024”), Varia’s revenue stood at RM148.31 million, a remarkable 404% increase from RM29.41 million in the corresponding period of the previous year (“12M FY2023”). The Group achieved a PBT of RM8.39 million for 12M FY2024, a substantial turnaround from a Loss Before Tax (“LBT”) of RM10.81 million in 12M FY2023.

Datuk Benson Lau, Managing Director of Varia, remarked, “The strategic acquisition of PTM and the successful execution of significant projects have been pivotal to Varia’s outstanding financial performance in Q4 FY2024. Our revenue growth and improved profitability highlight our capability to deliver on our strategic goals. We are optimistic about sustaining this momentum as we continue to explore new opportunities within the construction and property development sectors.”

Looking forward, Varia is poised for continued growth, bolstered by PTM’s diversified order book valued at RM1.10 billion, which includes a mix of building construction and mechanical and electrical (M&E) projects. On 29 January 2024, Mewah Kota Sdn Bhd, a wholly-owned subsidiary of Varia, was awarded a Letter of Award from Kator Construction Sdn Bhd for the “Rancangan Tebatan Banjir Sungai Klang di Seksyen 25 Shah Alam, Daerah Klang, Selangor” project. This project, valued at RM94.86 million, will span 60 months, commencing on 1 February 2024.

Varia Berhad https://stella-holdings.com.my/

Minetech Records RM128.14 Million Revenue in 12M FY2024 amidst Challenging Market Conditions

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Minetech Resources Berhad (“Minetech” or the “Company”), is pleased to report a solid set of financial performance for the fourth quarter ended 31 March 2024 (“Q4 FY2024”). Despite a challenging market environment, Minetech achieved a revenue of RM33.47 million for the quarter, reflecting the Company’s resilience and operational strength. The Company recorded a gross profit of RM3.62 million in Q4 FY2024, an improvement from RM3.40 million in the corresponding quarter of the previous year (“Q4 FY2023”).

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech

For Q4 FY2024, both Civil Engineering division and Bituminous Products see a slight decrease of revenue to RM23.01 million and RM7.6 million respectively. However, the Energy segment, representing Minetech’s venture into renewable energy, contributed RM1.78 million in revenue for Q4 FY2024, marking a successful entry into the renewable energy sector.

For the financial year ended 31 March 2024 (“FY2024”), Minetech reported a revenue of RM128.14 million, an increase from RM123.77 million in the previous year. The gross profit for the year was RM14.97 million, up from RM13.42 million in the previous year. The Company recorded a loss before tax of RM6.85 million, an improvement from the RM7.92 million loss in the previous financial year. The net loss for the financial year was RM8.82 million, a notable improvement from the net loss of RM11.87 million in the previous year. This improvement is primarily attributed to enhanced operational efficiencies, stringent cost management practices, and strategic project completions that reduced overall expenditure. The Company also benefited from increased contributions from the Energy segment, which helped offset declines in other areas.

A significant highlight for Minetech Construction Sdn. Bhd. (“MCSB”), a wholly-owned subsidiary, is the renewal of a substantial contract with Able Return Sdn. Bhd. and Damar Consolidated Exploration Sdn. Bhd. for the Selinsing Gold Mine Project, valued at approximately RM230.0 million. This renewal, effective from 1 January 2024 to 31 December 2026, signifies an increase in production volume and contract value, reflecting the expanded mining area and operational scope. This contract sets a positive trajectory for Minetech’s future projects and reinforces the Company’s capability and commitment to growth.

Encik Abang Abdillah Izzarim, the Executive Chairman of Minetech, expressed his perspective on the Company’s performance, stating, “While the quarter presented several challenges, our strategic direction and adaptability have proven effective. The contract renewal for the Selinsing Gold Mine Project is a testament to our capabilities and commitment to growth. We remain focused on driving sustainable value for our stakeholders as we navigate the evolving market landscape.”

Adding to this, he highlighted the Company’s goal of turning profitable: “Our primary objective moving forward is to steer Minetech towards profitability. Through strategic initiatives, cost management, and operational efficiency, we are dedicated to transforming our financial performance and delivering long-term value to our shareholders.”

As at 5:00 P.M. 30 May 2024, the share price of Minetech closed at RM0.135, reflecting a market capitalisation of RM241 million.

Minetech Resources Berhad https://minetech.com.my/

Amazfit Elevates Smartwatch Technology with Updated AI-Powered Zepp OS 3.5

KUALA LUMPUR, May 30, 2024 – (ACN Newswire) – Zepp Health (NYSE: ZEPP), a global health technology provider of smart wearables, announced the update of the Zepp OS 3.5 featuring AI-powered Zepp Flow(TM) for the Amazfit Balance models. The groundbreaking advancement is the first operating system to integrate Natural-Language User Interface (LUI) driven by LLM (large language model) AI.

The LUI allows users to interact with the wearable device in natural or normal way via speech. Zepp Flow(TM) fosters a progression towards AI usage by amalgamating AI with all aspects of Zepp OS 3.5, enabling the device to recognise and execute based on the user’s voice. The progression continues with expanded capabilities offering users an even more personalised experience, taking control of their well-being through AI utilisation. Features of the updated OS include scheduling, reply to notifications, check weather, and much more.

Ms. Chow Kar Mun, Marketing Manager-Malaysia said, “Zepp Flow(TM) will revolutionise health technology. The Natural-Language User Interface, powered by LLM AI, offers a seamless, user-friendly way to monitor and maintain a healthier lifestyle. Users simply describe their needs, and Zepp Flow(TM) will recognise and provide the most appropriate response.”

Additional updated features include:

Marathon Training: Support for half and full marathon training via the Zepp Coach(TM), with new Confidence Index and Plan Completion Rate for training insights.

HRV Recording: Sleep Heart Rate Variability (HRV) tracks heartbeat variations, provides information on user’s recovery state, stress levels and post-exercise recovery. Complete records of the previous night’s HRV data is displayed for better awareness of your holistic well-being.

WhatsApp Integration: View Whatsapp image messages directly on the Amazfit Balance smartwatch when received via WhatsApp for an Android device.

Offline Maps: Enhanced navigation with intuitive road names for better running, hiking, or even finding a new place to eat easier.

New Sports Modes: Includes latest activities in the sports modes list – bouldering and indoor rock climbing.

Running Power tracking: for power performance insights during a run.

Winter Sports: Enhanced experience for snowboarding and skiing, with trail navigation and resort maps.

Malaysia will see the launch of more AI technology, in July 2024, in the form of the Zepp Aura personal wellness assistant. Zepp Aura will feature sleep and stress management, health reporting, soothing soundscapes and sleep analysis. Combined with Zepp Flow(TM), Zepp Aura will be an impressive piece of technology.

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