malacca

 
 

Encorp’s JV with Sinmah Capital for Bukit Katil project falls through

PETALING JAYA: Encorp Bhd’s plans to develop its Bukit Katil land in Malacca has hit another setback as plans to jointly develop the land with Sinmah Capital Bhd fell through.

In a filing with Bursa Malaysia, Encorp said the conditions precedent (CP) of the joint venture and shareholders agreement (JVSA) dated June 8, 2017 for the proposed joint venture were not fulfilled as of Dec 6, 2018.

The JVSA was entered into between Encorp Bukit Katil Sdn Bhd (EBKSB), Sinmah Development Sdn Bhd (SDSB) and Sinmah Development JV Sdn Bhd (SDJSB) in June last year.

“The CP period for the JVSA has lapsed and has not been extended by EBKSB and SDSB. As such, the JVSA has been rescinded and the parties shall revert to its original position prior to the JVSA,” said Encorp.

The expiry of the JVSA is not expected to have any financial effect on the earnings per share and net assets per share of Encorp.

Under the JVSA, the parties were to jointly develop 77.9 acres of the land into a mixed development comprising a medical college, hospital and residential properties with a gross development value of RM865 million.

SDSB is a wholly-owned unit of Sinmah Capital while SDJSB is a JV company set up to carry out the development project. EBKSB and SDSB held 70% and 30% stake respectively in SDJSB.

To recap, EBKSB had in October 2016 signed three memorandums of understanding (MoUs) with Kean Leng Construction Sdn Bhd, Tiong Nam Logistics Holdings Bhd’s unit Tiong Nam Properties Sdn Bhd and SDSB, to develop 640.9 acres of leasehold land in Bukit Katil.

However, in July last year, the MoU with Kean Leng Construction lapsed and the parties had mutually and amicably agreed not to further extend the validity period of the MoU. A month later, the MoU with Tiong Nam Properties lapsed, with no conclusion reached on the negotiations between the parties.

The MoU with Kean Leng Construction was to develop 49 acres while the MoU with Tiong Nam Properties was to develop 100 acres.

EBKSB is the master developer of the land, which belongs to Federal Land Development Authority (Felda). Felda holds about 67% stake in Encorp via Felda Investment Corp.

Encorp’s share price fell 2.22% or 1 sen to close at 44 sen today with 31,000 shares traded.


Thailand’s Chana can reduce Penang Port’s cargo shipment: Trade council

BUTTERWORTH: Cargo shipment from Thailand to Penang Port is expected to drop by 15% once Chana in southern Thailand transformed into a deep-sea port.

Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) joint business council chairperson Datuk Faudzi Naim Noh said Southeast Asia’s reliance on Penang Port would be considerably reduced.

It is easier to export goods to China from Chana instead of Penang Port as the ships need not circumnavigate the Straits of Malacca, he said.

The shops would just need to sail the South China Sea to reach China as Chana is located at the tip of the Gulf of Siam.

Chana, in the Songkhla province, has boomed after the decision of the Joint Malaysia-Thailand Development Authority to build the natural gas pipeline there.

“Penang Port may need to seek alternative markets for the transhipment of cargo to counter the losses,” Faudzi said at the digitalisation of the intermodal logistics conference at the Light Hotel here today.

He said stakeholders in the logistic sector from prime movers to freight forwarders, Penang Port and KTM Rail need to improve their competitive standard in the age of globalisation.

Faudzi said despite the emergence of Chana as an alternative port to Penang Port, the state could remain a hub for the logistic movement in the IMT-GT region.

Penang has excellent airport, KTM rail, roads and seafaring connectivity, coupled with its increased of affluence from the growth of manufacturing and services sector, he added.

IMT–GT has grown since its inception in 1993 to a membership of 32 states as well as provinces in Malaysia, southern Thai and Sumatra.


Penang Port may lose 20pc of cargo traffic volume

BUTTERWORTH, Dec 6 — The Penang Port may be at risk of losing 20 per cent of its cargo traffic volume unless its logistics’ efficiency improves, said Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Joint Business Council (JBC) Malaysia…


ReGen Rehabilitation targets at least one hospital in each major state in Malaysia

PETALING JAYA: ReGen Rehabilitation International Sdn Bhd, which recently launched its ReGen Rehabilitation Hospital in Petaling Jaya, Selangor, aims to open at least one hospital in each major state in Malaysia.

“Here in Petaling Jaya, we want to make it a centre of excellence and we target to open at least one hospital each in the main states like Johor, Malacca, Sabah and Sarawak, and the northern region,“ its CEO Sue Lee (pix) told SunBiz.

The hospital, which is the first private rehabilitation hospital in Malaysia, is a 60:40 joint venture between Khazanah Nasional Bhd and US-based rehabilitation provider, Select Medical Holdings Corp.

“Our vision is to be the premier rehab provider of medicine in this country, in Asean, in the development of specialised world class rehab hospital, outpatient facilities and staffed by the best trained health professionals in the country,“ Lee said.

According to her, the importance of rehabilitation is currently very low in Malaysia and, more often than not, doctors and therapists do not communicate, and they work independently of one another.

She said ReGen practises an integrated patient care model whereby rehab specialists work together with a team of rehab nurses, physiotherapists, speech therapists, occupational therapists, a rehab case manager or care coordinator to care for its patients, based on programmes designed for each patient’s specific needs.

“Our mission is to provide world class rehab care to patients who suffer from debilitating injury or illness, so that they can regain as much physical and cognitive function, and have the best chance to return home and lead an independent and high quality life,“ she added.

In Malaysia, Lee said, most hospitals do provide acute rehab. However, rehabilitation programmes in private acute hospitals are frequently managed by a physician and the programmes are fragmented as each individual caregiver has his or her own goals while communication between the caregivers is not in sync as there are many other tasks to focus on within the hospital.

In terms of cost, she said it is much lower as overhead for the hospital is also lower, by some 20%, as the hospital is purely focused on rehabilitation while acute hospitals have higher overhead due to the many services provided and equipment required.

Lee said Khazanah approached Select Medical after a “beauty pageant” globally and the company was formed in October 2015. The company spent about two years to plan and design the 96-bedded hospital.

At the same time, it began offering its rehabilitation services at Beacon Hospital in Petaling Jaya in February last year, where it rented a 10-bedded ward, in order to train its team of nurses and caregivers before the opening of ReGen Rehabilitation Hospital.

“We hope to expand throughout Malaysia, throughout Asean and throughout Asia. We do have patients from overseas, they Googled and found us. We have patients from the Middle East, Pakistan and Indonesia,“ Lee said.

“The potential is large for this service. There are so many people living longer, there are chronic illnesses and a lot of people living independently; their children don’t live with them. In Malaysia, the third highest cause of death is stroke. So there is an untapped market, untapped needs in this country, unmet needs,“ she added.


QSR teams up with KIP for drive-thru KFC outlets

KUALA LUMPUR: QSR Brands (M) Holdings Bhd, which has inked two agreements with Kepong Industrial Park (KIP) Group to develop new KFC drive-thru restaurants, plans to open a minimum of 67 new KFC outlets and another 60 Pizza Hut outlets nationwide over the next three years.

Speaking at the memorandum of understandings (MoUs) signing ceremony yesterday, QSR Brands managing director Datuk Seri Mohamed Azahari Mohamed Kamil said the group also planned to upgrade close to 20% of its stores for a fresh new look.

The group has over 810 KFC and 460 Pizza Hut outlets across Malaysia, Singapore, Cambodia and Brunei.

Moving forward, Mohamed Azahari said the group intends to continue collaborating with the renowned developer to keep the momentum of its restaurant growth across its retail centres going, adding it is now in talks with seven property developers.

Under the MoUs, the parties will jointly develop two new KFC drive-thru restaurants at KIP Group’s retail outlets, namely KIP Mall Desa Coalfields in Sungai Buloh and KIP Mart Lavendar in Senawang.

KIP Group’s CEO Valerie Ong said the partnership is expected to boost KIP Real Estate Investment Trust’s (KIP Reit) occupancy rate and footfall to 1,500 visitors per day once it opens its doors to the public in December next year.

She said with the extension of the new KFC drive-thru restaurant, the group’s KIP Mart Lavendar is expected to increase its occupancy rate by 4% to about 85%.

“The addition of KFC restaurants to the present tenant mix will increase our array of food and beverage outlets that will inevitably take both QSR Brands as well as KIP Group to the next level. We look forward to more successful collaborations in the near future,” Ong added.

To recap, QSR Brands and KIP Reit formed its first strategic collaboration last month via a tenancy agreement to establish a KFC restaurant at KIP Mart in Kota Tinggi, Johor.

KIP Reit, which has total assets under management of RM614.9 million as at Sep 30, 2018, is expected to surpass the RM1 billion mark by 2019.

KIP Reit’s portfolio consists of five KIP Marts properties located at Masai, Tampoi, Kota Tinggi, Senawang and Malacca as well as a retail mall in Bangi known as KIP Mall.

Asked to update on the group’s RM2 billion initial public offering (IPO) plans slated by this month, Mohamed Azahari said “work is in progress”.

According to a draft prospectus submitted to the Securities Commission Malaysia, QSR Brands is offering a total of 1.465 billion shares for sale in its IPO, which includes a public issue of 70 million new shares.

Proceeds from the IPO will mainly be used for the expansion of KFC and Pizza Hut businesses across the country within 12 months.


QSR inks deals with KIP for KFC drive-thru outlets

KUALA LUMPUR: QSR Brands (M) Holdings Bhd, which has inked two agreements with Kepong Industrial Park (KIP) Group to develop new KFC drive-thru restaurants, plans to open a minimum of 67 new KFC outlets and another 60 Pizza Hut outlets nationwide over the next three years.

Speaking at the memorandum of understandings (MoUs) signing ceremony yesterday, QSR Brands managing director Datuk Seri Mohamed Azahari Mohamed Kamil said the group also planned to upgrade close to 20% of its stores for a fresh new look.

The group has over 810 KFC and 460 Pizza Hut outlets across Malaysia, Singapore, Cambodia and Brunei.

Moving forward, Mohamed Azahari said the group intends to continue collaborating with the renowned developer to keep the momentum of its restaurant growth across its retail centres going, adding it is now in talks with seven property developers.

Under the MoUs, the parties will jointly develop two new KFC drive-thru restaurants at KIP Group’s retail outlets, namely KIP Mall Desa Coalfields in Sungai Buloh and KIP Mart Lavendar in Senawang.

KIP Group’s CEO Valerie Ong said the partnership is expected to boost KIP Real Estate Investment Trust’s (KIP Reit) occupancy rate and footfall to 1,500 visitors per day once it opens its doors to the public in December next year.

She said with the extension of the new KFC drive-thru restaurant, the group’s KIP Mart Lavendar is expected to increase its occupancy rate by 4% to about 85%.

“The addition of KFC restaurants to the present tenant mix will increase our array of food and beverage outlets that will inevitably take both QSR Brands as well as KIP Group to the next level. We look forward to more successful collaborations in the near future,” Ong added.

To recap, QSR Brands and KIP Reit formed its first strategic collaboration last month via a tenancy agreement to establish a KFC restaurant at KIP Mart in Kota Tinggi, Johor.

KIP Reit, which has total assets under management of RM614.9 million as at Sep 30, 2018, is expected to surpass the RM1 billion mark by 2019.

KIP Reit’s portfolio consists of five KIP Marts properties located at Masai, Tampoi, Kota Tinggi, Senawang and Malacca as well as a retail mall in Bangi known as KIP Mall.

Asked to update on the group’s RM2 billion initial public offering (IPO) plans slated by this month, Mohamed Azahari said “work is in progress”.

According to a draft prospectus submitted to the Securities Commission Malaysia, QSR Brands is offering a total of 1.465 billion shares for sale in its IPO, which includes a public issue of 70 million new shares.

Proceeds from the IPO will mainly be used for the expansion of KFC and Pizza Hut businesses across the country within 12 months.


Scientex aims to build, deliver 50,000 affordable homes in Peninsular Malaysia by 2028

PETALING JAYA: Packaging manufacturer cum developer Scientex Bhd is targeting to build and deliver 50,000 affordable homes in Peninsular Malaysia by 2028, more than double the 17,500 units completed at present.

To date, it has developed affordable homes in four states, namely Johor, Malacca, Selangor and Perak, with 75% of these units were priced below RM300,000 and the remaining between RM300,000 and RM500,000.

Scientex has about 3,300 acres of landbank across the four states.

“We ventured beyond building affordable homes in Johor and Melaka to include Selangor and Perak over the past two years. We are confident of replicating our successful business model for the next 32,500 units to be built, and are actively exploring landbank throughout Peninsular Malaysia for this purpose,” said managing director Lim Peng Jin in conjunction with the the launch of the group's coffee table book chronicling its 50-year growth journey.


Petronas completes first commercial gassing up & cooling down services in Bintulu

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), through its subsidiary Petronas LNG Ltd (PLL), completed its first commercial gassing up and cooling down (GUCD) services at the Bintulu liquefied natural gas (LNG) terminal recently.

The GUCD is a specialised service to bring the storage tanks on LNG carriers, after dry-docking, to a natural environment and cool it down to cryogenic temperature (minus 160 degrees Celcius) before loading its next cargo.

The vessel, Singapore Energy, berthed at the Bintulu LNG terminal, after arriving from Linggi, off the Straits of Malacca, completed the cool-down operation smoothly in 11 hours.

The success of the GUCD services positions Bintulu as one of the premier LNG hubs, as only few terminals in the world offer this facility. These services are offered at attractive rates by Bintulu Port to LNG vessel operators and owners. The LNG for gassing up services is supplied from the Petronas LNG Complex in Bintulu.

Petronas vice president of LNG marketing & trading Ahmad Adly Alias said the partnership with Bintulu Port Sdn Bhd (BPSB), a subsidiary of Bintulu Port Holdings Bhd (BPHB) and Bintulu Port Authority (BPA) will enhance Petronas’ portfolio of services in the integrated LNG value chain.

“Following an agreement signed last year between BPSB and PLL, we augmented efforts to garner vessel operators and owners’ interests to utilise this service in Bintulu. With the attractive rate offered by BPSB, we are confident that the GUCD services will draw more LNG vessel operators and owners to call at Bintulu LNG terminal,” Adly added.

Petronas, an integrated global LNG player with over 35 years of experience, has a strong reputation as a reliable LNG supplier and solutions provider.


MITI’s trade, investment mission to seoul generates rm1 bln potential sales

KUALA LUMPUR, Oct 20 —The Ministry of International Trade and Industry’s (MITI) trade and investment mission to Seoul, South Korea from Oct 18-20, 2018 has garnered RM1 billion in potential sales. The ministry said the mission, led by its…


Malaysian seniors earn over RM5.6m on Airbnb

KUALA LUMPUR: Over 800 seniors in Malaysia aged 60 and above have earned over RM5.6 million through hosting on Airbnb, a community-driven hospitality platform that welcomed over 26,700 guests from around the world in the past year.

Airbnb said in a statement that the additional income that comes with hosting guests on Airbnb can help many seniors cope with the increasing cost of living and health care, as well as letting them stay in their homes by covering housing costs or paying for needed renovations.

“A global survey of Airbnb hosts found that close to half of the senior age group said that hosting has helped them afford to stay in their homes, and 41% say they rely on their Airbnb income to make ends meet.”

The senior host cohort is a fast growing group in Malaysia, with a year-on-year growth of 51.37% from 584 senior hosts in September 2017 to 884 senior hosts in September 2018. In addition, senior hosts are also the best-rated hosts in Malaysia with more than 76.30% of reviews of senior hosts receiving five stars.

Globally, senior hosts are the fastest-growing of any age group of hosts on Airbnb, and there are now over 400,000 senior hosts on Airbnb worldwide. In 2017, seniors hosts around the world earned over US$2 billion, hosted over 13.5 million guest arrivals at their listings, and welcomed travellers from over 150 countries.

Senior guests are also the fastest-growing of any age group on Airbnb globally, with the number of seniors who have booked on the platform growing 66% in the past year.

Aside from just being hosts, there has also been an increased growth in senior Malaysian travelers. Across Malaysia, the number of seniors who have booked on Airbnb grew more than 86.84% in the past year from September 2017 to 2018, making them the fastest growing guest age group in the country.

Countries that have seen the highest proportion of over 60s Malaysian guests travelling on Airbnb are Australia, UK, Japan, New Zealand, US, Thailand, Italy, Taiwan, Korea and Indonesia. Some of the trending destinations in Malaysia include Johor Baru, Ipoh, Malacca, Kota Kinabalu and Kuala Lumpur.