WASHINGTON, Aug 24 ― Hours after China announced retaliatory tariffs on US goods yesterday, President Donald Trump ordered US companies to “start looking for an alternative to China, including bringing your companies HOME and making your…
PETALING JAYA: Tan Chong Motors Holdings Bhd’s wholly-owned subsidiary, TCIE Vietnam Pte Ltd has filed a claim against Nissan Vietnam Co Ltd with the People’s Court in Hanoi, Vietnam for the repayment of a US$9.4 million (RM39.38 million) loan and interest.
Nissan Vietnam is a joint venture company between Tan Chong’s wholly-owned subsidiary ETCM (V) Pte Ltd and Nissan Motor Co Ltd, with each holding a 74% and 26% stake respectively in the company.
Tan Chong said the loan was extended as working capital to Nissan Vietnam and was subsequently disbursed to the joint venture company.
“On Aug 15, 2019 Tan Chong had issued a letter of demand to Nissan Vietnam for the immediate repayment of the loan together with incurred interests,” it said.
Nissan Vietnam failed to make the payment of the loan along with the incurred interest.
PETALING JAYA: Hibiscus Petroleum Bhd’s wholly owned subsidiary SEA Hibiscus Sdn Bhd has increased its aggregate gross production by 3,200 barrels per day with the completion of St Joseph infill drilling campaign in North Sabah.
According to Hibiscus’ filing with the stock exchange, the campaign saw the completion of three infill oil producers utilising triple splitter wellheads on the St Joseph Jacket‐A platform in the 2011 North Sabah enhanced oil recovery production sharing contract (North Sabah PSC) with minimal modifications to topside facilities.
The group said the project is expected to add life of field gross reserves of 2.77 million stock tank barrels.
SEA Hibiscus CEO Dr Pascal Hos revealed that the aggregate production results of 3,200 barrels per day have exceeded the group’s pre-drill expectations of 2,600 barrels per day.
“Our investment in the seven well drilling campaign is consistent with our objective to enhance production from the North Sabah asset and demonstrates that Malaysia is an integral part of our long‐term business strategy,” he said.
He added that the additional process debottlenecking activities are currently underway to reduce the backpressure on these new infill wells.
“This activity is expected to further improve the stabilised production flowrates of the newly drilled wells,” he said.
On March 31, 2018, the group assumed operatorship of the North Sabah PSC as a 50% joint venture working interest partner with Petronas Carigali Sdn Bhd.
The North Sabah PSC consists of four oil fields, namely St Joseph, South Furious, SF30 and Barton located in offshore Sabah, which collectively produces to the Labuan Crude Oil Terminal.
PETALING JAYA: Damansara Realty Bhd (DBhd) posted a net profit of RM3.66 million for the second quarter ended June 30, 2019 after reporting a net loss of RM333,000 in the corresponding quarter of the previous year.
This was underpinned by the group’s joint venture development in Central Park, Johor Bahru.
Meanwhile, DBhd’s revenue for the quarter declined by 7.1% to RM68.93 million from RM74.23 million, due to lower contribution from its project management consultancy business as well as lower unit sales from its property project.
For the first six months of 2019, the group reported a net profit of RM5.46 million, a 287.8% jump from the RM1.41 million recorded in the same period last year, while revenue declined 3.6% to RM140.22 million from RM145.47 million.
Managing director Brian Iskandar Zulkarim said the group secured new contracts worth RM80 million for the first six months of the year.
“Currently, our tender book stands at RM313 million up to Q2 2019 with an exciting 26% success rate,” he said.
Moving forward, the group said that while its property & land development segment will remain the key profit driver in the long term, it will continue to be selective with development projects as the market recovers.
“We foresee integrated facility management segment to predominantly generate larger growth opportunities for DBhd, countering the effects of the softer property market,” it added.
PETALING JAYA: George Kent (Malaysia) Bhd has commenced arbitration proceedings on Malaysian Resources Corp Bhd (MRCB) following a difference of opinion with MRCB in the shareholders agreement dated June 8, 2015 entered into between both parties for the LRT3 project.
Under the terms of the shareholders’ agreement, George Kent and MRCB agreed to form a 50:50 joint venture (JV) company, namely MRCB George Kent Sdn Bhd to tender for, undertake and complete the LRT3 project from Bandar Utama to Johan Setia.
George Kent and MRCB have a difference of opinion in the interpretation of certain provisions of the shareholders agreement with regards to the options for securing of the financing requirements for the JV company.
George Kent does not expect any material financial impact by reason of the commencement of the arbitration proceeding other than legal cost to be incurred. No material operational impact is expected arising from the arbitration.
As at current date, the issued and paid up share capital of the JV company stood at RM10 million.
HAVANA, Aug 13 ― A European subsidiary of British beverage giant Diageo Plc signed a joint venture deal with state-run Cuba Ron SA yesteray to market Santiago de Cuba Rum, in defiance of US efforts to dissuade investment in the Communist-run…
KUALA LUMPUR: Kerjaya Prospek Group Bhd’s wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd has accepted a RM94.83 million job from BBCC Development Sdn Bhd for the Bukit Bintang City Centre (BBCC) development in Kuala Lumpur.
Under the contract, Kerjaya will undertake main building works of a nine-storey retail podium, five-storey carpark and an LRT link bridge.
The project’s construction works will take 14 months from its scheduled commencement in August 2019 and targeted for completion by October 2020.
Kerjaya executive chairman Datuk Tee Eng Ho said this latest letter of award brings the group’s total contracts secured for this financial year ending Dec 31, 2019 to RM1.2 billion, achieving its internal target of RM1.2 billion.
“We are confident that we will be able to complete the project within the stipulated requirement and timeframe to the satisfaction of BBCC Development. The contract will increase our outstanding orderbook to RM3.45 billion which will provide an earnings visibility for the next three years,” said Tee in a statement.
In addition, there will be three commercial towers on top of the nine-storey retail podium. The height of the three towers will range from 34 storeys to 45 storeys.
The tendering for works on these three commercial towers is in the pipeline. Kerjaya will also be participating for these tenders.
BBCC Development is a joint venture company set up by the Employees Provident Fund, UDA Holdings Bhd and Eco World Bhd.
KUALA LUMPUR, Aug 8 — Singapore’s Temasek Holdings has cancelled an RM1.3 billion business outsourcing project (BPO) with the Penang government, New Straits Times reported today. The daily cited an unnamed spokesman for the Singapore sovereign…