EA Technique maps out expansion plans to take business higher

KUALA LUMPUR: Marine transportation provider EA Technique (M) Bhd has mapped out plans to take its business a notch higher by extending its current shipyard facilities, growing its port services by providing harbour tugboats, anchoring further in the downstream transportation of refined products and chemicals, and raising funds through private placement.

Managing director Datuk Abdul Hak Md Amin said these strategies were vital in growing EA Technique, as well as strengthening its position in the market, especially ahead of full commencement of the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor.

“EA Technique is currently drafting expansion plans to grow the company further. We aim at growing our non-marine transportation segment which involves shipbuilding and ship repairing.

“These activities are operated by our wholly owned subsidiary, Johor Shipyard and Engineering Sdn Bhd, and we are actively engaging the landlords to purchase another 8ha of land adjacent to the current plant that spread across 8.09ha,” he told Bernama.

The current capacity of Johor Shipyard is building one 10,000 deadweight tonnage (dwt) tanker or six units of 60 tonnes bollard pull harbour tugboats (Bollard pull is a conventional measure of the pulling power of a tugboat or watercraft).

The homegrown EA Technique is positioned in the top three among companies in the small size (15,000 dwt) tanker segment, the leader in the tugboat for port and offshore operation, and one of the successful floating storage and offloading vessel (FSO) and FSPO players in the country.

On the preparation to supply vessels to Rapid Pengerang, Abdul Hak said the company is looking into adding chemical vessels into EA Technique’s fleet even though it is taking a “wait-and-see” approach towards Rapid operations before making further decision.

“We are going to enter into that (chemical) market… we do have chemical tankers now but we are looking for more business opportunities in that area. We are going to tender for their projects but for now, we would wait for Petronas or other national petroleum and natural gas companies to come out with order requirement. – Bernama


Manufacturers cautious on business activities outlook for H2 2019, says FMM

KUALA LUMPUR, Aug 21 — Members of the Federation of Malaysian Manufacturers (FMM) remained cautious on the business activities outlook for the second half (H2) 2019 due to external factors such as the US-China trade tensions and Brexit. Citing the…


Matrix Concepts remains optimistic amid headwinds

PETALING JAYA: Matrix Concepts Holdings Bhd is optimistic of delivering a resilient year ahead, building upon strategic undertakings and its record performance despite the challenging property sector in the financial year ended March 31, 2019 (FY2019).

In FY2019, the group registered 27.7% higher revenue of RM1.05 billion, breaching the billion ringgit mark for the first time, while net profit improved to RM218.4 million from RM213.3 million previously, supporting a dividend payout of RM97.1 million constituting 44.6% of its net profit for the year.

Meanwhile, the group’s new property sales rose to a record RM1.3 billion in FY2019, 9.7% higher from RM1.2 billion previously.

Group chairman Datuk Mohamad Haslah Mohamad Amin said the group would continue its strategy to target the robust demand in the mass market categories, as well as enhance its businesses through strategic collaborations and diversification of its revenue base.

He said the group achieved its best-ever performance in FY2019, reinforcing its track record of consistent growth since listing, and delivering greater returns to shareholders.

“The commendable performance was driven by higher sales of our landed properties, and a launch mix of mainly affordable to mid-end offerings in Negri Sembilan and Johor,“ said Mohamad Haslah in a statement.


Japan, S.Korea agree on need for dialogue to resolve feud on wartime labour

TOKYO, Aug 21 — Japan and South Korea today agreed on the need for dialogue to resolve a feud over compensating Korean wartime workers that has spilled into trade, and put a deep chill on ties between Washington’s two biggest Asian allies….


Bursa Malaysia ends at intraday low amid global economic concerns

KUALA LUMPUR, Aug 21 — Bursa Malaysia ended at its intraday low today in mild trading due to lack of catalysts amid global economic uncertainty. The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.51 per cent or 8.16 points lower at 1,594.59,…


UK launches review into whether high-speed rail link should go ahead

LONDON, Aug 21 — Britain launched a review into whether a proposed High Speed 2 rail project connecting London to Birmingham, Manchester and Leeds should go ahead, the transport ministry said today. The project has faced criticism over its cost…


Asian markets drop as traders await Powell speech

HONG KONG, Aug 21 — Equities stuttered in Asia today as investors took a step back after recent gains, with focus now turning to a key speech by Federal Reserve boss Jerome Powell at the end of the week. Rising hopes for China-US trade talks have…


FMM members bracing for a slowdown in second half

PETALING JAYA: Members of the Federation of Malaysian Manufacturers (FMM) are bracing for a sluggish second half in 2019 due to uncertainties arising from the US-China trade tensions, Brexit and global economic slowdown.

Its President Datuk Soh Thian Lai (pix) cited the organisation’s business conditions survey conducted with Malaysian Institute of Economic Research indicated that only 29% of its respondents are projecting a pick up in business activities, while 28% are expecting a slowdown and the rest foresee their business to remain unchanged.

Meanwhile, the survey also revealed that the manufacturing sector took a downturn in the first half of the year with the business conditions index registering a score of 78 points against 107 points recorded in the second half of the previous year.

With regards to trade, only 25% of FMM members surveyed expect higher export sales in the second half of the year.


Norway’s wealth fund earned US$28.5b in Q2

OSLO, Aug 21 — Norway’s US$1.1 trillion sovereign wealth fund, the world’s largest, made a 3.0 per cent return on investment in the second quarter, earning 256 billion Norwegian crowns (US$28.5 billion), it said today. The return for the…


KL shares continue to struggle at mid-afternoon

KUALA LUMPUR, Aug 21 — Bursa Malaysia remained in the red at mid-afternoon as the market barometer struggled to break past the immediate resistance level of 1,601. As at 3.05pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.26 points lower at…