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More changes at the top at MSM — sources

KUALA LUMPUR: MSM Malaysia Holdings Bhd, the country’s largest refined sugar producer, will likely see more changes to its management structure, according to sources. A source familiar with the matter said MSM is to see the departure of its current president and group chief executive officer (CEO) Mohamad Amri [email protected], who has tendered his resignation after disagreeing with the group’s major shareholder Felda Global Ventures Holdings Bhd (FGV) over the recent appointment of an executive director (ED) to MSM’s board. MSM is a 51%-owned unit of publicly traded FGV, which inRead More


French saxophone maker Selmer sells stake to face up to Chinese pressure

NEW YORK, Jan 18 — Its saxophones are played by the most famous jazzmen around the world and have even been sent into space, but growing competition from China pushed the French family company Henri Selmer Paris to sell a majority stake to an…


Dow takes renewed aim at 26,000 as Wall Street opens higher

NEW YORK, Jan 17 — Wall Street opened higher today, with the Dow again poised to cross the 26,000-point threshold amid a fresh wave of earnings reports from major financial firms. Along with the mixed performance among major banks before the…


GM sees flat 2018 earnings, with pickups picking up in 2019 (VIDEO)

DETROIT, Jan 17 — General Motors Co shares rose yesterday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the US market….


China GDP powers past debt purge, leaving trail of dead projects

BEIJING, Jan 16 — A pile of rusty pipes and materials are all that remain of Lanzhou New Area’s tram project. Only a year ago it was a flagship public-private partnership for the planned city in Central China, before it fell victim to…


Lamborghini races to new sales record

MILAN: Italian sports carmaker Lamborghini said Monday it set another sales record in 2017, delivering 3,815 cars to customers around the world, up 10.3 percent over the previous year. Lamborghini — owned by the owned by German giant Volkswagen — said in a statement that it was the seventh consecutive year of sales growth and […]


Artisanal allure of Lamborghini marvels of modernity

SANT’AGATA BOLOGNESE, ITALY: The Lamborghini factory in Sant’Agata Bolognese feels like an Aladdin’s Cave of luxury Italian cars — a winning mix of modernity and craftsmanship which saw the company celebrate record production levels last year. The supercar manufacturer, founded in 1963, delivered 3,815 vehicles in 2017, boosting its year-on-year sales by 10 percent. But […]


T7 Global to complete aerospace parts plant by end of the year

KUALA LUMPUR: Diversified group T7 Global Bhd, is looking to complete the construction of its aerospace parts manufacturing plant by the end of this year.

“We've identified a site and we hope to do groundbreaking soon.We have appointed contractors and consultants to look at factory development and are also sending people for training,” said the group's chairman Datuk Seri Dr. Nik Norzul Thani Nik Hassan Thani at a media briefing held after T7 Global's EGM today.

In May, the group inked a strategic partnership with KOV Limited and formed a joint venture (JV) company, T7 Kilgour Sdn Bhd to venture into the aerospace segment.

Once operational and at full capacity, the plant is expected to contribute an annual revenue of RM180 million.

The group which returned to the black in the third quarter ended September 30, is banking on the aerospace segment as an “impetus” to remain profitable.

At the EGM, T7 Global received shareholders approval for the sale of its entire equity interest in 7 New Market Street Holdings Ltd for £5.75million (RM31.45million)

The proceeds will be used to fund its projects and undertakings, primarily the aerospace plant.

For the time being, Nik Norzul said the group's focus will be on its oil and gas, aerospace and infrastructure development segments.


T7 Global banks on oil & gas, aerospace for growth

KUALA LUMPUR: Diversified group T7 Global Bhd which is looking to complete the construction of its aerospace manufacturing plant next year, will be banking on contracts won under its oil and gas segment as a main income stream for this year.

Shareholders approved the sale of its entire equity interest in 7 New Market Street Holdings Ltd for £5.75million (RM31.45 million) at an EGM today, proceeds of which will be used to fund its projects and undertakings, primarily the aerospace plant.

For the financial year 2016, the products and services segment contributed about 74% of the group’s revenue while the engineering equipment services contributed 26%.

The group which is currently in the oil and gas, property and construction businesses is looking to secure at least one or two projects from its RM3 billion oil and gas tender book.

Earlier this year, the group announced that its subsidiaries Wenmax Sdn Bhd and Tanjung Offshore Services Sdn Bhd have collectively bagged six contracts from Petronas Technical Services Sdn Bhd, Sabah Shell Petroleum Company Ltd and Repsol Oil & Gas Malaysia Ltd for a combined contract value of RM260 million.

T7 Global recently returned to the black in the third quarter ended Sept 30 after recording a net profit of RM2.97 million mainly driven by one-year extension to its construction work request contract from Petronas Carigali Sdn Bhd.

The group’s chairman Datuk Seri Dr Nik Norzul Thani Nik Hassan Thani said T7 Global is anticipating a good year on the back of the projects secured and potential contract wins as well as joint venture partnerships, to maintain its profitability.

The aerospace segment represents the group’s efforts to diversify its revenue stream away from the oil and gas segment.

The plant to manufacture hard metal components of planes is the culmination of its unit T7 Aero Sdn Bhd’s joint venture partnership with UK based KOV Ltd to incorporate T7 Kilgour Sdn Bhd last May.

“We’ve identified a site and we hope to do groundbreaking soon. We have appointed contractors and consultants to look at factory development and are also sending people for training,” Nik Norzul said at a media briefing after the group’s EGM today.

The segment is expected to be the “real impetus” for the group to remain profitable in the future, projected to churn a revenue of RM180 million a year once operating at full capacity.

The plant is expected to run at a capacity of 20-30% in the first year of operation and orders are expected to come in early next year. A capital expenditure of RM50 million is expected to be rolled out over the course of three years for the project.

Nik Norzul noted that one of the constraints is in terms of a skilled workforce as training and expertise is scarce in Malaysia. Hence, T7 Global is investing in technical expertise and its human capital which includes sending staff to the United Kingdom for training.

Its construction unit T7 Kemuncak Sdn Bhd recently formed a joint venture (JV) with China Construction Third Engineering (M) Sdn Bhd (CCTE Malaysia) to tender for mega infrastructure projects, including the Terengganu portion of the East Coast Rail Link (ECRL), Mass Rapid Transit (MRT), Light Rail Transit (LRT) projects and construction business in Malaysia.

The JV entity has also signed a memorandum of understanding with Terengganu state government-linked company Eastern Pacific Industrial Corporation Bhd and CMC Engineering Sdn Bhd to form a consortium to bid for the ECRL project.


Crude Palm Oil Weekly Report – January 13, 2018

Malaysian palm oil futures pulled back from a seven-week top and declined sharply, as it tracked weaknesses in related edible oils and strengthening ringgit, the tropical oil currency. The benchmark crude palm oil futures (FCPO) contract fell 1.74 per cent to RM2,545 on Friday, which is RM45 lower than RM2,590 during the previous week. The […]