Genetec’s Consistent Performance Delivers Higher Overall Margins in Q4FY2024

Key Financial Performance Highlights for Q4FY2024:

Year-on-year (“YoY”) revenue increase of 7.5% to RM70.5 million, with significant flow through to deliver high double digits in bottom line numbers;
Profit before tax (“PBT”) for the quarter rose by 40.4% to RM19.1 million, with an improved YoY margin of 27.1% versus 20.7%;
Profit after tax (“PAT”) for the quarter rose by 59.5% to RM17.7 million, with an improved YoY margin of 25.1% versus 16.9%.

BANGI, Malaysia, May 28, 2024 – (ACN Newswire) – Technology leader in providing fully customised, intelligent manufacturing automation solutions, GENETEC TECHNOLOGY BERHAD (“Genetec” or the “Company”) recorded another consistent and solid quarter performance, maintaining a healthy momentum with a 7.5% year-on-year YoY increase in revenue for the quarter to RM70.5 million from RM65.6 million in Q4FY2023. Genetec’s PBT and PAT rose to RM19.1 million and RM17.7 million or by 40.4% and 59.5% respectively, for the quarter under review versus RM13.6 million and RM11.1 million a year ago.

On the overall, the Company’s solid performance for the quarter saw an improvement across all key financial indicators due to continued costs and operational efficiency that allowed the flow through of its top line to boost bottom-line numbers. Performance highlights for the quarter include, a 33.0% gross profit (“GP”) margin versus 29.0% in the preceding year reflecting a 4.0% YoY increase, a 27.1% PBT margin versus a 20.7% margin in Q4FY2023, and a PAT margin of 25.1% versus 16.9% in the preceding year.

Chin Kem Weng, Co-founder and Managing Director of Genetec, commented, “Despite ongoing market volatility, uncertainties and concerns especially in the automotive, Electric Vehicle (“EV”), and renewable energy (“RE”) sectors, Genetec has been consistent in our performance. This is due to the Group’s ability to convert our opportunities to orders, especially in securing recurring orders from existing clients. Our high client retention rate is also a key factor to our success and in building our pipeline. Our teams have been and will continue to work closely with our clients to improve on current solutions, as well as to collaborate on new opportunities with other divisions within our client groups to grow our revenue over the long-term.

The EV and Energy Storage (“ES”) segments remain Genetec’s primary revenue contributors and are expected to anchor our earnings prospects in the coming quarters. We are however, actively looking to diversify our revenue sources within these segments to cater to different areas within automotive manufacturing. As our revenues normalise over time, we are focused on increasing cost efficiencies from recurring orders, whilst ensuring quality delivery across all our projects.”

The Group remains confident in its position as a key solutions provider for manufacturing automation for its key clients in the automotive industry that serve the EV and plug-in hybrids (“PHEV”) platforms. To remain competitive, Genetec is constantly enhancing its capabilities and solutions to cater to either platform. At the same time, the Group is engaging closely with its clients and the industries to remain at the forefront of development and planning.

In closing, Chin highlighted his optimism on the prospects for the RE industry. He added, “Growth for RE storage solutions are expected to rise in tandem with the need for clean energy sources as the world continues to replace fossil-based energy with RE sources for industrial, commercial and residential purposes. The most immediate shift is in the transport system where we see efforts to improve the local and international charging infrastructure for EVs especially. From the manufacturing automation perspective, autonomous robotics and software-defined automation are poised to revolutionise industry operations. As a result, Genetec anticipates an increase in demand for our key solutions in automation and energy storage as clients continue to execute their production plans.”

At the end of the quarter, Genetec’s earnings per share (“EPS”) stood at 2.21 sen (basic) compared to 1.50 sen (basic) in Q4FY2023.

About Genetec Technology Berhad

Genetec Technology Berhad is a technology leader in providing customised full turnkey smart factory automation manufacturing lines. It is a public company listed on the Main Market of Bursa Malaysia Securities Berhad (Stock code: 0104). Its principal business focus is in the provision of high-quality, responsive and cost-effective designs, as well as the manufacturing of automated industrial systems, equipment and value-added services for our global customers in the Electric Vehicle (EV), Automotive, Hard Disk Drive (HDD), Consumer Goods and Healthcare sectors.

For more information please visit: https://genetec.net/.

Siab Holdings Berhad Sees Financial Performance Turning Positive in Q1 FY2024

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

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

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

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

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

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

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

Propel Global Posts 166.1% Increase In Revenue For Q3 FY2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The IPO shares will be offered in the following manner:

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

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

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

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

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

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

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

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

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

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

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

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

The Zurich Innovation Championship

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

Criteria and Qualifications for the Award

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

Significance of the Award

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

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

What Sets Perfios Apart

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

Supporting Quote

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

Future Goals

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

About Perfios Acclaim

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

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

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

Spritzer EcoPark Taiping Brightens up the Sky with an Enchanting Aurora Light Show at Food, Arts and Music Carnival

KUALA LUMPUR & TAIPING, May 8, 2024 – (ACN Newswire) – Spritzer EcoPark enchants visitors by bringing home the northern lights through an Aurora light show that illuminates the night sky in Taiping over the last weekend, 27th April to 1st May 2024. This breathtaking show is a standout feature of Spritzer’s Foods, Art & Music (“F.A.M.”) Carnival, an event generously supported by Perak Tourism.

The F.A.M. Carnival delivers a whirlwind of activities from 27th April to 1st May 2024, running daily from 1:00pm to 12:00am. Attendees enjoy the vibrant atmosphere, which commenced with an opening ceremony on 27th April. At the heart of this extravaganza lies the breathtaking Aurora Light Show, illuminating the skies of Taiping each night with dazzling moving streams, ripples, to arcs of colours, leaving attendees mesmerized.

For food lovers, the F.A.M. Carnival offers enticing local food stalls for visitors to choose from. Foodies can also take part in the Big Eater Challenge, challenging the influencer, Amoi Saka, on day two of the carnival to eat the most satay within 8 minutes. Once again, Amoi Saka emerged victorious by consuming 80 pieces of satay within the time limit.

In addition to the Aurora Light Show, art enthusiasts immersed themselves in colourful installations and exhibitions showcasing the works of local and regional artists. These creative expressions will ignite the imagination.

As the sun sets, the F.A.M. Carnival will come alive with the rhythms of local music acts. Visitors will be entertained by the performances of Shidi Data, Azzaraband, Han Budak Cina, Amoi Saka, Ukays, and Bueh, among others, as they take the stage and command the audience with their infectious melodies and captivating stage presence. Throughout the carnival, visitors can add a splash of fun to their carnival day at the daily foam party experience.

On Tuesday, April 30th, YB Loh Sze Yee, State Tourism, Industry, Investment, and Corridor Development Committee chairman, paid a surprise visit to grace the event, highlighting the significance of this celebration. YB Mr Loh Sze Yee expressed, “It is truly heartwarming to see such a dynamic fusion of food, arts, and music bringing vibrant energy to Taiping. Events like the F.A.M. Carnival not only showcase the cultural richness and creative spirit of our community but also play a crucial role in boosting local tourism and economic development. This Aurora Light Show, mimicking the magical northern lights, is not just a feast for the eyes but a symbol of how innovation and tradition can blend to create something truly spectacular. As we celebrate 150 years of Taiping, it is our commitment to continue supporting such initiatives that enrich our community and enhance Taiping’s appeal as a must-visit destination in Malaysia.

Winnie Chin, Spritzer’s Head of Public Relations, shared, “Taiping, the Home of Spritzer, holds a special place in our hearts. As Taiping celebrates its 150 years, our company is dedicated to revitalizing this enchanting town by organizing a diverse range of events and enriching Taiping’s tourism. We aim to provide local residents with plentiful opportunities to savour and indulge in unforgettable experiences.”

The event offered a fusion of food, arts and music for an unforgettable experience for all. Nestled in the lush greenery of Taiping, Spritzer EcoPark invites visitors to explore its breathtaking natural surroundings, from leisurely walking trails to the ancient 214-million-year-old Cactus Rock and an 18-hole Mini-Golf course. Visitors can also purchase souvenirs and Spritzer products or unwind at the STG café, soaking in the serene ambience.

Spritzer EcoPark is open daily from 10:00 AM to 9:30 PM. During special event, the park extends its operating hours to coincide with the event schedule. We are located at Lot 898, Jalan Reservoir, Off Jalan Air Kuning, 34000 Taiping, Perak.

For more details, please visit our website at Spritzer Mineral Water Malaysia.

About Spritzer:

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

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

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

M&A Securities and NewParadigm Underwrites Rights Issue with Warrants for Siab Holdings Berhad’s Acquisition of Taghill

KUALA LUMPUR, May 7, 2024 – (ACN Newswire) – Siab Holdings Berhad (“Siab” or the “Company”), an established player in Malaysia’s construction industry, is pleased to announce its plans to raise approximately RM103.98 million through private placement, of which RM12.00 million has been completed on 28 December 2023, and rights issue with warrants. These funds will be used to finance the acquisition of Taghill Projects Sdn. Bhd. (“Taghill”). The rights issue with warrants, valued at RM91.98 million, will be underwritten by M & A Securities Sdn. Bhd. (“M & A Securities”), the Principal Adviser, Managing Underwriter and Joint Underwriter to the Company, as well as NewParadigm Securities Sdn. Bhd. (“NewParadigm”), the Joint Underwriter to Siab.

Vincent YH Chu, Deputy Managing Director of Taghill Group; Mr. Yap Kek Siung, Executive Director of Taghill Group; Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad; Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities; Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm Securities; Mr. Wong Yih Ming, Founder and Managing Director of Taghill Group[L-R]

These efforts support the acquisition of Taghill, a move designed to bolster the Company’s growth trajectory, where the purchase price for Taghill is set at RM122.00 million, to be settled with RM96.00 million in cash and the issuance of 200.00 million new Siab shares at RM0.12 per share as detailed in the circular issued by the Company dated 16 November 2023.

Taghill is a construction project and contract management consultancy company, which has completed 12 major construction projects worth RM1.58 billion, including notable developments like Expressionz Suites and Ceylonz Suites in Kuala Lumpur. Currently, Taghill boasts a robust order book valued at RM1.31 billion and has committed to a profit guarantee of at least RM24.00 million for the financial years 2024 and 2025. Nonetheless, Taghill has a strong orderbook of RM1.31 billion.

Mr. Ng Wai Hoe, Group Managing Director of Siab Holdings Berhad, expressed his excitement by saying, “The integration of Taghill into our operations allows us to leverage on each other’s specialty which will significantly enhances our Company’s overall value and create synergy for us to work together closely over a longer horizon. We appreciate the continuous support and expertise provided by M & A Securities, NewParadigm Securities and our Financial Advisor, Eco Asia Advisory Sdn. Bhd. (“Eco Asia”), in facilitating these transformative initiatives.”

Datuk Bill Tan, Managing Director of Corporate Finance from M & A Securities added, “We are thrilled to assist Siab in these pivotal financial manoeuvres. With the funds raised, Siab is well-positioned to enhance its market presence and seize more opportunities in the dynamic Malaysian construction and property market.”

Mr. Charanjeev Singh, Executive Director/ Group CEO from NewParadigm commented, “The fund-raising exercise and acquisition of Taghill would allow Siab continues its path on becoming the market leading in construction sector in Malaysia. We are truly delighted to be a part of this significant tipping point of Siab.”

The construction industry in Malaysia is expected to expand by 6.8% to RM60.49 billion as supported by broad-based growth across all subsectors. In Budget 2024, the allocation for Development Expenditure (“DE”) stands at RM99.0 billion – which is the largest DE ever to support the significant growth in the local construction industry. One of the most notably initiative includes the Malaysian Government’s focus on home ownership with an allocation of RM2.47 billion, allocated to implement housing projects for the rakyat in 2024. Siab, together with the acquisition of Taghill, is more than ready to support the Malaysian Government ambitious DE in 2024.

Singapore’s top general insurer debuts trading on Asia’s leading digital exchange, AltaX

The inaugural trades are part of the Income Insurance Share Liquidity Program launched in January 2024 by Alta and PhillipCapital for Income Insurance shareholders
The listing of shares for Income Insurance on AltaX, whose Net Asset Value is S$3.2 billion[1](US$2.35 billion), marks the largest listing of a non-listed company on a private market digital securities exchange

SINGAPORE, May 3, 2024 – (ACN Newswire) – Alta, a leading private markets digital securities exchange in Asia and Phillip Securities Pte. Ltd (PSPL), the largest retail broker in Singapore, today announced the inaugural trade for the first tranche of shares from Income Insurance Limited (Income Insurance) shareholders.

The trade was part of the Income Insurance Share Liquidity Program launched by Alta, through Alta’s exchange arm AltaX, and PSPL in January this year. The program provides a liquidity solution to almost 16,000 shareholders holding shares valued as much as S$840 million (US$619 million).

Additional windows for Income Insurance shareholders to sell their shares to PSPL will follow this first window, later this year.

This liquidity program enables all shareholders of Income Insurance to reach out to PSPL to sell their shares. PSPL would then sell these shares on AltaX where they then become available to investors for trading.

Investors will be able to trade these shares seamlessly on AltaX, taking advantage of the digital exchange’s market participants, which includes an active global community of traders and market makers.

Kelvin Lee, Chief Executive Officer, Alta said, “Today’s inaugural trade for Income Insurance, marks a significant milestone in the evolution of private market liquidity. Shareholders, who have predominantly held Income Insurance shares for decades, now have a means to monetize their investments—a possibility that simply did not exist prior to the launch of this liquidity program.”

“Platforms such as Alta are reshaping the trajectory of private companies, providing them with the means to prolong their private status while accessing a diverse array of capital sources. Since the program’s inception in January, we’ve witnessed an overwhelming influx of inquiries from major unlisted entities worldwide. This surge underscores the profound impact of our technology-driven exchange, not only in fostering value creation but also in promoting financial inclusivity across the global economy,” added Kelvin.

Luke Lim, Managing Director, Phillip Securities added, “We are proud to pioneer the Income Insurance Share Liquidity Program in partnership with Alta. This collaboration not only underscores our dedication to delivering value to our clients but also reinforces our position as a leader in driving positive change in the industry. Through this partnership, Phillip Securities has enabled Income Insurance shareholders to seamlessly monetise their investments while AltaX provides institutional and accredited investors with unprecedented access to Income Insurance shares, along with a host of other alternative assets. Together with Alta, we’re shaping the future of trading alternative investments.”

Since inception, Alta has aimed to solve the issue of private market illiquidity by providing a secure exchange for buyers and sellers to trade in private shares. Besides Income Insurance, shares or funds of companies like SpaceX, Open AI, Epic Games, Discord, Bytedance, Hamilton Lane etc. have listed and traded on AltaX.

To date, Alta completed transactions worth US$700 million and enabled investments into over 100 unique companies. Trading volumes on Alta have shown a significant year on year growth, with an increase of over 300 per cent in order volume, from US$32 billion in 2022 to US$141 billion in 2023.

[1] Net Asset Value as of 2022

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines, to include fund management and digital custody.

Visit us on https://alta.exchange/

About PhillipCapital

Since inception in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence, offering a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.

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

SDAI Limited: Positive Outcomes Since New Board took over in June 2023

S$4.0 million of interest-free loan secured when new directors took over in June 2023
Foo Kon Tan LLP appointed as the statutory auditor in November 2023
A second interest-free loan of S$4.0 million was obtained in March 2024
Completed audit for 18-month financial period from 1 July 2021 to 31 December 2022
Annual General Meeting for FP2022 scheduled to be held on 10 May 2024
Preparation for quarterly and full year results announcements as well as audit for financial year ended 31 December 2023 initiated
Significant progress made to rectify, restore and rejuvenate the Company
Company is well placed to work towards resumption of trading of the Company’s shares

SINGAPORE, May 2, 2024 – (ACN Newswire) – The board of directors (the “Board”) of SDAI Limited (the “Company” or “SDAI”, and together with its subsidiaries, the “Group”) today announced that its statutory auditor, Foo Kon Tan LLP (“FKT”), had in April 2024 completed the Group’s audit for the 18-month financial period from 1 July 2021 to 31 December 2022 (“FP2022”). The notice of annual general meeting of the Company (“AGM”) and the Company’s annual report for FP2022 were despatched to shareholders of the Company (“Shareholders”) on 25 April 2024 and the AGM for FP2022 will be held on 10 May 2024 at the Grand Copthorne Waterfront Hotel. The preparation for quarterly and full- year results announcements as well as the audit work for the 12-month financial year ended 31 December 2023 (“FY2023”) is currently underway, and the Board will announce the Group’s quarterly and full-year results for FY2023 and hold the next AGM for FY2023 as soon as possible. This is a significant step in working towards the Company’s compliance with reporting requirements for 2024 onwards.

(Seated L-R) Mdm Hao Dongting (Executive Chairperson), Mr James Beeland Rogers, Jr. (Non-Independent, Non-Executive Director), Mr Yip Kean Mun (Executive Director) (Standing L-R) Mr Lam Kwong Fai (Lead Independent Director), Mr Cheung Wai Man (Independent Director), Mr Tan Meng Shern (Independent Director)

(Seated L-R) Mdm Hao Dongting (Executive Chairperson), Mr James Beeland Rogers, Jr. (Non-Independent, Non-Executive Director), Mr Yip Kean Mun (Executive Director)(Standing L-R) Mr Lam Kwong Fai (Lead Independent Director), Mr Cheung Wai Man (Independent Director), Mr Tan Meng Shern (Independent Director)

Madam Hao Dongting, Executive Chairperson of the Board, said, “Through the effective stewardship of the new Board, we have now completed the FP2022 audit, a significant step in fulfilling our statutory and reporting responsibilities. While non-compliance issues still need to be rectified, we will continue to work on addressing these to the best of our ability to fulfil all statutory and reporting requirements.”

“I have recently extended an interest-free loan of S$4.0 million to the Company for 18 months starting March 2024 and obtained an extension on the repayment of the first interest-free loan of S$4.0 million, which had originally been due this year, to September 2025. This will address ongoing concerns and ensure adequate working capital for the Group.

We want to reassure Shareholders that the new management and Board are making significant headway in rectifying the missteps and lapses of the past, restoring processes and structures that either did not exist or were broken down and working on rejuvenating the Company by exploring new strategies and businesses to create long-term value. We thank Shareholders for their unwavering and continued trust in our efforts thus far, and the Board is firmly committed to the rebuilding process to right the ship and work towards the resumption of trading and a brighter future for the Company.” added Madam Hao.

Progress since June 2023

Since taking over the reins of the Company on 26 June 2023, the new Board, consisting of qualified and motivated individuals, has left no stone unturned in addressing the multitude of issues that the Company has been beset with over recent years that resulted in numerous non-compliance issues and systemic shortcomings, which finally led to its share suspension in July 2021.

The commitment to rectify and restore in this initial stage repays the trust and confidence of Shareholders placed in the new Board and the firm belief that a new dawn is coming for the Company following severe challenges and shortcomings.

Appointment of Statutory Auditor and FP2022 Audit

SDAI was without a statutory auditor as the last auditor did not seek re-appointment at the AGM held in March 2022 for the financial year ended on 30 June 2021. The Company was thus unable to complete its annual statutory audit for the subsequent periods. The new Board engaged FKT when it assumed office in June 2023 to fulfil the role of a statutory auditor. Due to a multitude of issues arising, amongst others, lapses in financial record keeping, outstanding legal and regulatory issues, non-compliance, risks of economic mismanagement, internal control failure and concerns on the special audits by Deloitte & Touche Financial Advisory Services Pte. Ltd. (“Deloitte”), FKT agreed in late July 2023 to commence the onboarding process.

This onboarding process took 4 months, much longer than anticipated, because of the issues that needed addressing. The Board eventually convened an extraordinary general meeting on 17 November 2023 to obtain Shareholders’ approval to appoint FKT as the statutory auditors of the Company to kick-start the audit for FP2022.

During the recently completed FP2022 audit, FKT uncovered numerous issues at risk and material differences between audited and unaudited financial statements, including, amongst other things, incomplete and inconsistent financial records and other lapses. While the Board and management have sought to address a significant portion of these issues, some of these legacy issues remain substantive. As a result, the auditor has raised various disclaimers on financial statements disclosed in the Independent Auditor’s Report for FP2022, which was announced by the Company on 25 April 2024 under the title, “Disclaimer of Opinion by Independent Auditor on the Audited Financial Statements for the Financial Period Ended 31 December 2022”.

With the issuance of the FP2022 audited financial statements, a line has now been drawn underneath the past, and the Board looks to rejuvenate the Company in the days ahead.

Special Audit Phase 2 by Deloitte

The Company had announced in July 2023 the receipt of the executive summary of the Special Audit Report (Phase 1) detailing issues with certain payroll matters and unauthorised transactions. The closure of Phase 1 is a significant step towards finalising the special audit since the appointment of Deloitte as special auditor in September 2021. The Board is now focused on finalising Phase 2 of the independent special audit with Deloitte, which relates primarily to the deviation of usage of around S$19.3 million previously raised by the Company that were fully disbursed for purposes other than the intended usage for new businesses to turn the Company around.

Loans of S$8.0 million Secured

On 27 March 2024, SDAI announced that it had obtained a second interest-free loan of S$4.0 million from Madam Hao, its Executive Chairperson, for 18 months. For the first S$4.0 million interest-free loan secured in June 2023 from Asian Accounts Receivable Exchange Pte. Ltd., SDAI has obtained an 18-month extension to 26 September 2025. The new loan of S$4.0 million and the extension of the previous S$4.0 million loan will preserve the Company’s going concern status and pave the way for the Company towards a turnaround.

The Future

The Company has also been working assiduously to accelerate the process of completing Phase 2 of the independent special audit conducted by Deloitte in compliance with statutory requirements, which will be another key factor in the resumption of trading of the Company’s shares.

In addition, the Board is working on securing new businesses and collaborations to give the Company a new lease of life. With the above positive developments, the Company is well-placed to work towards trade resumption of the Company’s shares.

Reference:
https://links.sgx.com/1.0.0/corporate-announcements/24YECQDTI3MV9XZL/10de220d34c06e821dac1c0ba01cbbdc233ed42accf83c5c8766d8851b3dc29d

About SDAI Limited

SDAI Limited (formerly known as Kitchen Culture Holdings Ltd.) was listed on the Catalist board of the SGX-ST on 22 July 2011. The Company has been suspended from trading since July 2021 after responding to the SGX- ST’s queries.

On 26 June 2023, SDAI announced changes to the Board composition, resulting in the constitution of a new Board. The immediate tasks for the Board are to resolve all the outstanding legacy issues, including settling long overdue liabilities, completing the special audit, and strengthening the internal controls so as to elevate the Company to the position of pursuing new businesses.

The Group’s principal business of distributing high-end kitchen systems, kitchen appliances, wardrobe systems, bathroom furniture, household furniture and kitchen accessories from Europe reduced significantly after its principal wholly-owned subsidiary, KHL Marketing Asia-Pacific Pte. Ltd., entered into a compulsory liquidation on 5 April 2022 from the winding up application filed by Kim Hup Lee & Co. (Private) Limited.

ISSUED BY SDAI LIMITED:

This media release has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This media release has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this media release, including the correctness of any of the statements or opinions made or reports contained in this media release.

The contact person for the Sponsor is Ms Goh Mei Xian, Director, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, telephone (65) 6636 4201.

For media queries, please reach out to: Waterbrooks Consultants
Wayne Koo – wayne.koo@waterbrooks.com.sg +65 9338-8166
Derek Yeo – derek@waterbrooks.com.sg +65 9791-4707

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Legacy Credit Emerges as a Substantial Shareholder in VCI Global

KUALA LUMPUR, Apr 24, 2024 – (ACN Newswire) – Legacy Credit Sdn Bhd (“Legacy Credit” or the “Company”), a recognised entity in the financial services sector, is pleased to announce a substantial investment exceeding 5% stake through a private placement in VCI Global Limited (NASDAQ: VCIG) (“VCI Global”). Under this shares placement agreement, Legacy Credit will invest $2.5 million in VCI Global. This positions Legacy Credit as a substantial shareholder, reflecting its strategic commitment to enhancing financial solutions and expanding its influence across the ASEAN region.

L-R: Nelson Goh, Director and CEO of Legacy Credit and Dato' Victor Hoo, Group Executive Chairman and CEO of VCI Global — L-R: Nelson Goh, Director and CEO of Legacy Credit and Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global

VCI Global, known for its expertise in Corporate Finance, has a proven track record of facilitating SMEs in achieving Nasdaq listings, which is critical for companies aiming to tap into international markets. This partnership is expected to leverage Legacy Credit’s robust financial network and VCI Global’s technical prowess to foster substantial economic growth and innovation.

Mr. Nelson Goh, Director and Chief Executive Officer (CEO) of Legacy Credit commented, “Our significant investment in VCI Global is more than a financial venture; it’s a strategic alliance. With this move, we aim to blend VCI’s esteemed capabilities with our innovative approaches to open up new pathways for ASEAN SMEs on global platforms such as Nasdaq.”

Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global stated, ” We are delighted to welcome Legacy Credit as a valued investor. Their confidence in VCIG underscores our reliability and investment potential. Legacy Credit’s investment will boost our business, accelerate our growth trajectory, and drive long-term value for our stakeholders, demonstrating our commitment for further company growth.”

This strategic investment marks a milestone for Legacy Credit, highlighting its commitment to facilitating broader economic opportunities and enhancing its portfolio of financial services. Through this collaboration, Legacy Credit aims to further its vision of delivering innovative solutions that meet the evolving needs of businesses in ASEAN and beyond.