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

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

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

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

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

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

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

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

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

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

Wintermar Offshore (WINS:JK) Fully Repays USD 45 Million Loan to IFC

JAKARTA, Dec 6, 2022 – (ACN Newswire) – On 5th December 2022, Wintermar Group (WINS) fully repaid the US$45 million loan facility by IFC signed in December 2011. The IFC loan enabled Wintermar to transform the fleet into higher valued vessels through the purchase of 8 OSVs. Although the loan maturity had been extended to 2025, through better cash management the Company has been able to fully repay the loan early on December 2022.

Sugiman Layanto, Managing Director of WINS said, "Wintermar values IFC as a partner that has played an important role in the growth of Wintermar. Our relationship with IFC facilitated the Company's growth to become a recognised international shipowner and operator in the Offshore industry. With IFC's support, Wintermar has continued to develop and reaffirm its best practices in Environmental, Social as well as Corporate Governance standards. We are thankful that we have been able to complete this early repayment of the loan ahead of the repayment schedule. We look forward to continuing our relationship."

Azam Khan, IFC Country Manager for Indonesia and Timor-Leste said, "We are very pleased with IFC's long term partnership with Wintermar. It demonstrates IFC's commitment and continuous support to local clients even during challenging times. We look forward to continuing this relationship and supporting the company's new initiatives such as offshore wind and other renewable energy endeavors."

Wintermar has in recent months embarked on a fleet expansion program, with total acquisition of 2 PSVs in 2021 and 1 PSV and 5 AHTS in 2022 through internally generated cash and term loans of US$14 million. Net gearing after this repayment is still low at 8.9%, providing room for further growth in the coming years.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

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

Fast Offshore Supply Pte Ltd, Singapore signs a Memorandum of Understanding to jointly develop an Energy Storage System (ESS) with Terasaki Electric Co., Shift Clean Solutions Ltd. and RINA

SINGAPORE, Dec 6, 2022 – (ACN Newswire) – Fast Offshore Supply Pte Ltd , Asia's largest offshore crew boat operator, has signed an MOU to jointly develop an Energy Storage System (ESS) with Terasaki Electric Co., Shift Clean Solutions Ltd. and RINA for the FOS Fleet as part of FOS "Green Initiative and Sustainability Program" to cut vessel carbon emission. The ESS system will be a containerised version where it will have a "Plug and Play" connection to connect with the vessel's Electrical System. Terasaki Electric Co. will be providing the in-depth know-how to upgrade the existing vessel MSB and PMS for the vessel electrical system while SHIFT will provide their latest State-of-the-Art Marine Approved Batteries and operational software (OnWatch) for the FOS's ESS system. RINA will be reviewing the ESS systems and will provide the "Approval-in-principle".

"FOS's "Go Green Attitude" is absolutely amazing! The way they talk about decarbonisation and how to help the environment really thrilled us. With this project, and many to follow, we are determined to show our commitment to working towards a better, healthier, and sustainable environment. We are happy to work once again side by side with Shift Clean Energy and RINA to support FOSs "Green Initiative and Sustainability Program". Together, let us contribute to cleaner seas." – Mr Ryo Katsuki of Terasaki Electric Co. (F.E) Pte Ltd, https://www.terasaki.com.sg/

"We are thrilled to work with Terasaki, RINA and Fast Offshore Supply to electrify these advanced crew transfer vessels. It is a privilege to join forces with forward-thinking organizations and we know that this is only the beginning of an impactful and exciting project and wider mission to decarbonize the marine industry as a whole." – Mr Brent Perry, CEO and founder of Shift Clean Solution.

"The shipping industry faces unprecedented challenges as environmental regulations tighten. RINA is honoured to work with like-minded partners, FOS, Terasaki and Shift Clean Solution in providing a solution to comply with the regulations and contribute to reduction of carbon emission in shipping We are excited to be part of the MOU to create a sustainable future for the benefit of all maritime stakeholders and the environment." – Mr Simone Manca, Regional Senior Director, Asia, of RINA.

About Fast Offshore Supply Pte Ltd

Fast Offshore Supply (FOS) is a Singapore-based company that designs and manufactures, as well as owns and operates one of Asia's most advanced fleets of Fast Multi-purpose Supply Vessels (FMSV). Fast Offshore Supply provides the marine industry with fast, efficient and comfortable transportation of passengers (both seated and in-cabin) with its 'Master of the Sea' vessels in Fast Cargo Transfer, Fast Passenger Transfer, Towing, Emergency Rescue and Response, Fire Fighting, and Oil Pollution Control. Jointly designed by Naval Architects from Norway and Singapore, FOS vessels support both exploration and production activities in the oil field for clients such as Exxon Mobil, Shell, Chevron, CNOOC, Premier, Stat Oil, ENI, Conoco Philips, Lundin and more. Fast Offshore vessels have operated throughout Malaysia, Indonesia, Thailand, Brunei, Philippines, Myanmar, UAE, Nigeria, and Australia. www.fastoffshore.com.sg / marketing@fastoffshore.com.sg

About Terasaki Electric Co.

Terasaki Electric is one of the leading international electrical switchboards and control systems manufacturer in Asia. Terasaki design and manufacture power distribution control systems for factories, railways station and all kind of vessels. Terasaki's business and technology spans five core fields: marine systems, industrial systems, circuit breakers, engineering, elector-fitting and servicing. Terasaki Electric also support all kind of GREEN project as system integrator role. Terasaki emphasize on the after sales service, therefore, Terasaki group also got a well establish global services network all around the world.

About Shift Clean Energy

Shift Clean Energy provides energy storage solutions to decarbonize the marine transport industry and other hard-to-abate sectors. Shift enables customers to meet their climate action and ESG goals with clean energy solutions based on leading-edge energy storage systems. Understood to be the safest and most reliable energy storage solutions on the market today, and the first commercial marine solutions company to offer pay-as-you-go PwrSwap subscription energy systems. Customers save money from day one through electrification, integrating ESS and renewable energy for both commercial and maritime applications. Shift now has offices in the US, UK, and the Netherlands, with a new office under construction in Singapore. Join us on our mission to zero emissions.

About RINA

RINA provides classification and technical services to the maritime industry and consists of the parent company RINA S.p.A., the holding which controls the main sub-holdings RINA Services S.p.A. and RINA Consulting S.p.A. In order to ensure compliance with the applicable recognition, authorization, notification and accreditation rules, including those relevant to the management of impartiality, RINA has adopted a governance and organizational model. According to this model, the sub-holdings are subject to direction and co-ordination by the holding in the finance, administration, strategic, organizational, managerial and business continuity fields, while technical and operational decisions remain under the exclusive responsibility of the sub-holdings and their controlled companies. The strict separation of duties in the governing bodies and the impartiality risk assessment, which identifies and manages the impartiality and conflict of interest threats coming from the company relations, ensure compliance with the applicable impartiality rules. www.rina.org

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

Wintermar Offshore (WINS:JK) Acquires 2 Additional AHTS and Celebrates the 12th Anniversary of Listing on IDX

JAKARTA, Nov 30, 2022 – (ACN Newswire) – PT Wintermar Offshore Marine Tbk (WINS:JK), has acquired 2 units of 7000BHP Anchor Handling Tug Supply (AHTS), to be named SMS Sonnet and SMS Stanza. The two AHTS will be delivered by December 2022, are ABS classed and have DP1 and FiFi1 capability, and expected to be utilized from 1Q2023.

Including these two vessels, Wintermar has added 8 vessels to the fleet for the year 2022, comprising 1 unit Platform Supply Vessel (PSV), 2 units 5000BHP AHTS, 1 unit 6000BHP AHTS and this latest addition of two units of 7000BHP AHTS, for a total capex of US$ 12 million.

With this latest purchase, Wintermar's fleet will be increased the fleet to 41 Vessels by end December 2022. The Company is positioning for strong growth in the current environment of higher global OSV demand and is optimistic that charter rates will continue to rise in 2023.

Wintermar's 12th IPO anniversary

Today also marks the Company's 12th IPO anniversary, as Wintermar's shares were first listed on the IDX on November 29, 2010. Upon listing, the Company's fleet comprised 59 vessels of which 40 were low tier comprising of small tugs and barges, landing crafts and crew boats, while only 2 units were high tier vessels comprising Platform Supply Vessels (PSVs).

In the following years since IPO, Wintermar has grown and transformed into an international operator of Offshore Supply Vessels with high quality DP2 vessels and a strong international client base. Of the 41 vessels in the fleet by end 2022, only 1 unit is in the low tier vessel category and 11 units are high tier vessels.

As at the end of October 2022, the total remaining contracts on hand amount to US$69.4 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

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

Bintai Kinden Awarded RM39 Million Project from TNB

PETALING JAYA, Malaysia, Nov 25, 2022 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company's wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd (KBK), has been awarded a project worth RM39.0 million for the installation of a 132kV underground cable double circuit from Tenaga Nasional Berhad (TNB).

En. Azri Azerai, Executive Director of Bintai Kinden

The project's scope of work involves installing a new 132kV XLPE cable system from the PMU Financial Centre to the GDS Data Centre Substation located in Nusajaya, Johor. The new XLPE cable comprises two circuits, and three phases, with one cable of 1600mm2 copper per phase.

KBK, a specialist in M&E engineering services, has 319 days from commencement to complete the project.

En. Azri Azerai, Executive Director of Bintai Kinden said, "The Company continues to make progress in seeking more projects leveraging on its expertise and experience in M&E engineering services including design, installation and commissioning. This latest project award from TNB reflects the opportunities stemming from the growth momentum in the economy."

"We are also committed to growing our range of expertise and are constantly looking to diversify as we transform to become a conglomerate through investing in unique and niche businesses with huge earnings accretive potential."

Past TNB projects in which Bintai Kinden has been involved in include the 132kV Kuchai Lama switching station, 132kV MRT Bukit Serdang switching station, 132kV single-circuit underground cable from PMU Galloway to PMU KLCC2 and, 132kV bulk supply connection to KTMB Sentul feeder station.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

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

Bintai Kinden Revenue Increased 136% in 2Q FY2023

PETALING JAYA, Malaysia, Nov 24, 2022 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, today announced that the Company registered a 136.6% increase in revenue to RM40.56 million for the second quarter ended 30 September 2022 (2Q FY2023) compared with RM17.14 million in 2Q FY2022 mainly due to higher contribution from M&E projects recovering from the negative impact of the COVID-19 pandemic.

Executive Director of Bintai Kinden, Azri Azerai

For the quarter under review, the Company's profit before tax (PBT) recorded a decline to RM193,000 compared with RM244,000 in 2Q FY2022 mainly due to higher cost. Gross profit margin for 2Q FY2023 stood at 15.35% compared with 43.06% in 2Q FY2022 after taking into account contribution by variation order of completed projects of the M&E business.

Bintai Kinden registered a 142.94% rise in revenue of RM71.44 million for the six months ended 30 September 2022 (1H FY2023) compared with RM29.41 million in the corresponding period of the previous financial year. PBT for 1H FY2023 declined to RM1.16 million compared with RM1.50 million reported in 1H FY2022.

En. Azri Azerai, Executive Director of Bintai Kinden said, "We consider the continuing growth in economic activities following two years of lockdowns as a positive sign for more opportunities in M&E engineering services in Malaysia and Southeast Asia where our focus remains. The growth in revenue in the quarter under review is proof of the continuing recovery which we do not take for granted as we assess the risks and opportunities to grow as an investment conglomerate by taking stakes in unique and niche businesses with huge potential."

"We are actively looking for more earnings accretive acquisitions. We are diversifying into the provision of telecommunication services to healthcare centres through a strategic venture under our indirect subsidiary, Johnson Medical International Sdn Bhd (JMI) that we announced earlier in November. We are also leveraging on JMI's healthcare solutions and medical support systems expertise to explore the Middle East, which is a growing market. Through our 51%-owned Bintai Energy Sdn. Bhd., we are in a partnership distributing flanges and other related piping products in Indonesia for oil and gas (O&G) projects."

Bintai Kinden's total orderbook is RM109.92 million, with RM102.43 million from M&E projects and RM7.49 million from O&G projects.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

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

Wintermar Offshore (WINS:JK) Reports 9M2022 Results

JAKARTA, Oct 28, 2022 – (ACN Newswire) – Wintermar Offshore Marine (WINS:JK) has announced results for 9M2022. Total revenue for 9M2022 jumps by 38%YOY to US$41.6 million, while gross profit grew 29%YOY to US$5.3 million. Improvement in Owned Vessel revenues and strong contribution from our Chartering Division produced a stronger performance in 3Q2022.

Owned Vessel Division

During 3Q2022, several mid and high tier vessels commenced operations for projects in Indonesia and Brunei. This contributed to a rise in fleet utilization in 3Q2022 to 76% compared to 70% for 2Q2022 and only 61% in 1Q2022. Owned vessel revenue for 3Q2022 grew by 24.3%QOQ, while direct expenses only rose by 13.3%QOQ, leading to a higher gross margin of 18.1% in 3Q2022 compared to 10.1% in 2Q2022. This division recorded gross profit of US$1.77 million for 3Q2022 which was 122.4% higher QOQ as compared to 2Q2022.

For 9M2022, total Owned Vessel Direct expenses rise by 3% against a 1% fall in revenue, leading to a 29%YOY decline in gross profit to US$2 million compared to 9M2021, mainly from the poor conditions in 1Q2022 and higher fuel costs arising from the demobilization of a vessel returning from work in Africa.

Chartering and Other Services

The Chartering Division continued to provide a strong contribution to gross profit of US$1.5 million for 9M2022, which more than doubled, rising 129%YOY as compared to US$0.66 million in 9M2021. As business activity picked up, revenues from Other Services also jumped to US$4.4 million for 9M2022, +176%YOY from US$1.6 million in 9M2021, contributing US$1.8 million to gross profit for 9M2022.

The increase in fee-based incomes from Chartering and Other Services reflects the management strategy to leverage on the ship management strength of the Company and reduce reliance on capital intensive sources of income.

Total Gross Profit for 9M2022 was US$5.3 million, a 29%YOY increase from 9M2021.

Indirect Expenses and Operating Profit

Indirect Expenses for 9M2022 were 19%YOY higher at US$4.7 million. This was primarily due to higher salary expenses from the lifting of a hiring freeze over the past two years during the pandemic and the reinstatement of salaries for directors and senior management who had voluntary salary cuts from the past two years.

Operating Profit for 9M2022 was 290%YOY higher at US$0.6 million, reflecting the recovery of the underlying business.

Other Income, Expenses and Net Attributable profit

As total loans continued to be paid down, interest expenses fell by 36%YOY to US$1.1 million, while equity in net earnings of associates doubled to US$0.5 million for the 9M2022 period.

At the attributable level, the Company recorded a net loss attributable to shareholders of US$2.1 million for 9M2022 compared to a loss of US$0.1 million in 9M2021. This resulted from the sale of vessel during the quarter resulting in a loss on sale of fixed asset of US$2.6 million.

EBITDA for 9M2022 was US$9.8million, -4%YOY as compared to 9M2021.

Outlook for Oil and Gas Exploration

The third quarter has seen a marked increase in oil and gas activity globally. The rising tensions between Ukraine and Russia have heightened the risks of disruption to energy supply, and energy security has risen in priority as a topic of concern for most countries.

In Indonesia, several projects commenced in Sumatra, the Natuna sea, Makassar Straits and Papua. SKK Migas revealed that out of their plan for 42 exploration wells and 790 development wells to be drilled in 2022, only 43% was realized by June 2022. The higher oil price seems to be creating some urgency to catch up with the plan. Globally, the Middle East and Africa have been the most active in contracting for offshore rigs. There has been an increase in demand for larger numbers of high tier OSVs like PSVs and AHTS, as larger drilling campaigns are being planned. In the Middle East, there seems to be a structural shift from onshore to offshore production as new reserves are sought.

Business Outlook

As demand for Offshore Support Vessels (OSVs) has risen steadily while operationally ready OSVs worldwide are not easily available, the management is optimistic that charter rates will continue to rise through 2023. In 3Q2022 contracts on hand have risen as a result of new contracts secured in Indonesia, Brunei and Thailand. By 4Q2022, two more of the recently purchased vessels are expected to be ready for work, while the remaining two PSVs are still undergoing refitting and reactivation until early 2023. As the net gearing is now below 11%, management will seek funding to continue purchasing assets to ride the upturn in the cycle.

Contracts on hand as at end September 2022 totaled US$65.9 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

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

Apeiron Bioenergy secures equity investment from Proterra Investment Partners Asia to solidify upstream capabilities

Singapore, Oct 6, 2022 – (ACN Newswire) – Apeiron Bioenergy has entered into an equity investment agreement with Proterra Investment Partners Asia. The proceeds will be used to increase the number of collection points and upgrade existing processing plants to produce feedstocks of higher specifications.

"Considering the extremely tough macro environment now, it is a testament for Apeiron Bioenergy to weather such conditions and successfully fundraise," said Chris Chen, Co-founder at Apeiron Bioenergy. "Investors believe in our business fundamentals and our vision for decarbonization. We look forward to increasing collection of used cooking oil to make an even stronger environmental and social impact."

Apeiron Bioenergy has recently closed a separate equity financing round from Mitsui Chemicals. Both investments are set to position Apeiron Bioenergy for exponential growth amidst growing demand for renewable feedstock for advanced biofuels.

Exponential Growth Ahead

The global biofuel industry is projected to significantly increase by 2025 — compared to 2020, it is expected to triple in Asia, grow six-fold in the U.S. and three-fold in Europe, according to a January 2021 assessment by Greenea (https://bit.ly/3SHtYYM), a broker and consultant specializing in waste-based feedstock and biodiesel.

A leading integrated player and solutions provider in the bioenergy space, Apeiron Bioenergy, collects and processes a range of renewable feedstocks including used cooking oil (UCO), palm oil mill effluent (POME) and acts as a critical exporter across an ever-expanding Asian market. Over the past 15 years, Apeiron Bioenergy has built its presence in over 10 countries and collected more than 500 million litres of UCO between 2017-2021, offsetting an estimated 1.5 million tonnes of carbon emissions.

"Together with Apeiron, we can help organize and upcycle food waste streams across Asia and in the process support advanced biofuel development globally," said Tai Lin, Managing Partner of Proterra Investment Partners Asia. "This investment will open up collaboration opportunities for our food and farming portfolio and create some of the positive impacts that everyone is talking about."

In addition, further avenues for strategic collaboration will be made possible with Proterra Investment Partners Asia, whose food and agricultural investment management expertise and upstream connections will fast-track growth.

Industry Support

Apeiron Bioenergy has had a busy year. In May, the company received a green loan from HSBC as part of the Enterprise Financing Scheme – Green under Enterprise Singapore. This is the bank's first EFS green loan processed under a Streamlined Certification Process to provide enterprises with simpler access to sustainable financing.

"We are grateful for the industry support which will allow us to build a collaborative community to resolve supply chain inefficiencies with Apeiron Bioenergy's multicultural and muti-jurisdictional strategy," said Richard Huang, Co-founder at Apeiron Bioenergy. "At Apeiron Bioenergy, our vision is to reduce carbon emissions across the land, sea and air transportation spaces with an efficient supply of biofuels."

For all media queries, please contact:
Chi-an Chang
Financial PR
T: 6438-2990
E: chi-an@financialpr.com.sg

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

Bintai Kinden Shareholders Approves All Resolutions at 28th AGM

PETALING JAYA, Malaysia, Sep 15, 2022 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that shareholders have approved all resolutions at the 28th Annual General Meeting (AGM) of the Company held today on a virtual platform.

Azri Azerai, Executive Director of Bintai Kinden

Shareholders passed the resolution to receive the audited financial statements for the financial year ended 31 March 2022 (FY2022) as well as to re-elect Ooi Jit Huat and Mohd Shakir Shahimi, the directors who were retiring in accordance with Clause 8 of the Company's constitution. Directors retiring in accordance with Clause 113 of the Company's constitution, Mohd Idzwan Izuddin Datuk Ab Rahman and Ku Chong Hong, who, being eligible, had offered themselves for re-election, were also re-elected.

The resolution to allow the board of directors the authority to allot and issue shares that does not exceed 10% of the total issued shares of the Company at the time of the issue to be in force up to the conclusion of the next AGM was also approved by shareholders. In addition, shareholders also waived statutory pre-emptive rights to be offered Bintai Kinden shares ranking equally to existing issued shares in accordance with Section 85 of the Companies Act, 2016 and with Clause 52 of the Company's constitution.

Messrs. HLB Ler Lum Chew PLT was also appointed as the auditors of Bintai Kinden and shareholders authorised the directors to fix their remuneration. Other resolutions passed included the payment of directors' fee amounting to RM108,000 for FY2022 and approving directors' other benefits payable up to an amount of RM10,000 from 16 September 2022 to the next AGM of the Company.

Azri Azerai, Executive Director of Bintai Kinden said, "We would like to thank shareholders for their continued support and confidence in us. We will endeavour to ensure that their interests as well as the interest of other stakeholders are safeguarded as we work to grow the business."

"While the global economic outlook is increasingly challenging, we will continue to leverage on our core M&E engineering expertise to seek opportunities in Malaysia and around the region. We have in recent months also explored the Middle East market, a region with a lot of potential given the growing population and expanding economic activities."

At the AGM, shareholders also voiced their concerns over arrears totalling RM42.0 million owed by Kolej Teknologi Islam Melaka Berhad (KTIMB) to Bintai Kinden's wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM) for the construction and operation of the student accommodation at Kolej Universiti Islam Melaka (KUIM), now known as Universiti Melaka (UNIMEL).

OPM completed the construction of the UNIMEL student accommodation in 2019. KTIMB had awarded a 25-year concession in 2016 to OPM to construct and operate the student accommodation at the then KUIM but to-date, OPM has received only a portion of the concession fees for operating the student accommodation and has been forced to use its own funds.

Bintai Kinden's orderbook covering M&E and oil and gas (O&G) projects currently total RM120.43 million. The Company was recently granted approval for a license by Petroliam Nasional Berhad (Petronas) under the Standardised Work and Equipment Categories Code, to bid for O&G projects that come under Petronas.

About Bintai Kinden Corporation Berhad

Bintai Kinden Corporation Berhad is a multidisciplinary building and industrial service engineering outfit founded in 1973. The Company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Headquartered in Malaysia, Bintai Kinden has worked on projects in Southeast Asia, China and the Gulf region of the Middle East. For more information, visit bintai.com.my.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

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

Aggresive in Global Market Expansion, PIS Meets BP, Shell, and Exxon in Singapore

SINGAPORE, Sep 4, 2022 – (ACN Newswire) – Pertamina International Shipping (PIS) is increasingly targeting consumers in the international market. In addition to this expansion, PIS strives to continuously improve the quality and standard of service by exchanging knowledge and experiences with world energy companies.

PT Pertamina International Shipping (PIS), in cooperation with PIS Pte Ltd (PIS PL), hosted a sharing session with BP Singapore Pte. Limited, Shell International Eastern Trading Co (SIETCO), and ExxonMobil Asia Pacific Pte Ltd. The meeting was held at the offices of each energy company on August 24-25, 2022, in Singapore.

PIS, in cooperation with PIS Pte Ltd (PIS PL), hosted a sharing session with BP Singapore Pte. Limited, Shell International Eastern Trading Co (SIETCO), and ExxonMobil Asia Pacific Pte Ltd. The meeting was held at the offices of each energy company on August 24-25, 2022, in Singapore.

During the sharing session, PIS discussed vetting, inspection, and vessel acceptance or vessel examination and inspection. The event was attended by PIS Director of Operations Arief Kurnia Risdianto, PIS PL Managing Director Brilian Perdana, Crude and Gas Operation (CGO) Vice President Harris Abdi Sembiring, and PIS Loss Prevention Safety Quality (LPSQ) Manager Soleh Komaruddin.

BP Singapore Pte Ltd Vetting and Clearance Senior Manager, ExxonMobil Asia Pacific Pte Ltd Asia Pacific Supply Coordinator, ExxonMobil Asia Pacific Pte Ltd Mogas Lead, ExxonMobil Asia Pacific Pte Ltd Global Senior Marine Operations, SIETCO Mogas Operation Team Lead, SIETCO Head of Marine, SIETCO Senior Originator, and more were also in attendance at this meeting.

The meeting was also a PIS endeavor to escalate acceptance of its ships at the terminals of world energy participants such as BP, Shell, and Exxon to showcase the existence and quality of PIS in international settings. In the maritime and energy sectors, these companies are significant participants that dominate the tanker chartering market called the Seven Sisters.

PIS Director of Operations, Arief Kurnia Risdianto, explained PIS performance which has now explored 12 international routes. PIS ships have met international shipping standards, including the Paris MOU for sailing requirements on the European continent and a Certificate of Compliance from the United States Coast Guard (USCG).

"PIS is the largest tanker operator in Southeast Asia, currently operating around 439 vessels with extensive experience serving the domestic and regional market," he said.

Experience of PIS in serving the regional market is recorded by many international customers, including Vitol, Petronas, Trafigura, BP, Badak LNG, ExxonMobil, Petrobras, Chevron, Saudi Aramco, Shell, and many more.

As the Integrated Marine Logistics Sub Holding of PT Pertamina (Persero), PIS business includes shipping, marine services, port services, port and jetty management (port ownership), storage tanks, and other related services.

PIS owns two VLCCs, namely, Pertamina Pride and Pertamina Prime, with a capacity of 2 million barrels and incurs the Eco-Green Vessel concept. The two VLCCs are tangible manifestations of PIS endeavor to lead the marine and logistics business in both domestic and international markets.

Besides oil and gas, PIS expands its business potential to various segments and cargo types, including petrochemicals with medium-range chemical-specific vessel assets called PIS Precious.

In the meantime, to comply with regional trading and improve its role in the global market, Tanjung Uban offers an integrated terminal managed by the PIS subsidiary.

PIS CEO Erry Widiastono said that the company has prepared a roadmap to support energy transition programs. "PIS will anticipate the future of vessels business, specifically the greener vessels. For example, vessels responsible for gas shipping such as LPG, LNG, and many others. In the future, we will anticipate the progress of the renewable energy sector," said Erry.

About Pertamina International Shipping (PIS)

As the Integrated Marine Logistics Sub Holding, PT Pertamina International Shipping (PIS) consistently stimulates Indonesia's economic growth through safe and sustainable operation, becomes a trusted and reliable maritime partner, and promotes value for the stakeholders in running their business.

Media Contact:
M Aryomekka Firdaus
Corporate Secretary
M: 0811-872-272
E: aryomekka@pertamina.com

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