terengganu

 
 

Selangor Dredging’s Fortress Minerals receives approval for listing in Singapore

PETALING JAYA: Selangor Dredging Bhd’s (SDB) unit Fortress Minerals Ltd (FML) has been given the green light to list on the Catalist Board of the Singapore Stock Exchange.

The listing date is March 27, according to the group’s filing with Bursa Malaysia.

FML is a 37%-owned associated company of SDB Mining Sdn Bhd, which in turn is a wholly owned subsidiary of SDB.

FML is principally involved in the business of exploration, mining, production and sale of iron ore concentrate. It produces iron ore concentrate with TFe grade of 65.0% and above from iron ore mined from the East, Valley and West Deposits of its Bukit Besi Mine, situated in Terengganu, Malaysia, through its subsidiary Fortress Mining Sdn Bhd.

The mining right for Bukit Besi Mine covers a total area of about 526.2 hectares, and will expire in early 2033. It sells its iron ore concentrate primarily to steel mills and trading companies in China and Malaysia.

SDB said proceeds from the initial public offering (IPO) will be used to further develop the Bukit Besi Mine, including continuing and future exploration and geology work, as well as expansion of iron ore processing capacities.

“On top of using the proceeds for general working capital purposes, the group will also look at acquisition, joint venture and/or development of new mines, whether in Malaysia or elsewhere.”

FML’s IPO is sponsored by PrimePartners Corporate Finance Pte Ltd.

At the noon break, SDB’s share price gained 1 sen or 1.6% to 65 sen on 76,800 shares done.


Selangor Dredging’s associate Fortress Minerals receives approval for listing in Singapore

PETALING JAYA: Selangor Dredging Bhd’s (SDB) unit Fortress Minerals Ltd (FML) has been given the green light to list on the Catalist Board of the Singapore Stock Exchange.

The listing date is March 27, according to the group’s filing with Bursa Malaysia.

FML is a 37%-owned associated company of SDB Mining Sdn Bhd, which in turn is a wholly owned subsidiary of SDB.

FML is principally involved in the business of exploration, mining, production and sale of iron ore concentrate. It produces iron ore concentrate with TFe grade of 65.0% and above from iron ore mined from the East, Valley and West Deposits of its Bukit Besi Mine, situated in Terengganu, Malaysia, through its subsidiary Fortress Mining Sdn Bhd.

The mining right for Bukit Besi Mine covers a total area of about 526.2 hectares, and will expire in early 2033. It sells its iron ore concentrate primarily to steel mills and trading companies in China and Malaysia.

SDB said proceeds from the initial public offering (IPO) will be used to further develop the Bukit Besi Mine, including continuing and future exploration and geology work, as well as expansion of iron ore processing capacities.

“On top of using the proceeds for general working capital purposes, the group will also look at acquisition, joint venture and/or development of new mines, whether in Malaysia or elsewhere.”

FML’s IPO is sponsored by PrimePartners Corporate Finance Pte Ltd.

At the noon break, SDB’s share price gained 1 sen or 1.6% to 65 sen on 76,800 shares done.


More Malaysians starting to shop online, says Shopee

KUALA LUMPUR, March 15 — Shopee Malaysia has made it into the top 10 most visited sites in Malaysia, making it the number one e-commerce site in the country, Comscore, the trusted currency for planning, transacting and evaluating media across…


Ahmad Zaki bags RM150.5m construction job

PETALING JAYA: Ahmad Zaki Resources Bhd’s wholly-owned subsidiary Ahmad Zaki Sdn Bhd has bagged a RM150.5 million contract from Rantau Properties Sdn Bhd for a project in Kemaman, Terengganu.

The project includes the proposed refurbishment and upgrading works to the existing Petronas office complex (Block A) and Kompleks Operasi Petronas 1 (Block B), proposed construction and completion of new annex building (Block C), infrastructure and landscaping works.

The contract works will be completed within 26 months from the date for possession of site on March 1, 2019.

“The contract works is expected to contribute positively to the group’s future earnings,“ the group said.

At the noon break, Ahmad Zaki’s share price was unchanged at 41.5 sen on 3,373,200 shares done.


Govt’s efforts will spur home ownership, help clear overhang: Rehda

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) Fund for Affordable Homes, which was launched today, will help boost first-time home ownership, said the Real Estate and Housing Developers’ Association (Rehda).

Rehda president Datuk Soam Heng Choon said the RM1 billion fund, aimed at first-time home buyers among the lower income group, will definitely help due to the low interest rate which has been capped at 3.5% per annum.

“This new fund definitely will be useful in helping first-time home buyers and especially for properties below RM150,000. Of course the question being raised is, are there properties below RM150,000? Definitely there are, even in Selangor there is Rumah Selangorku, where there is a category below RM150,000. Rumah Mampu Milik Johor also has (homes priced RM150,000 and below),” he told reporters at the sidelines of the launch.

“Kedah, Perlis, Pahang, Kelantan and Terengganu; these are the states that have different categories of affordable housing. Even in Penang as well. Whether they qualify or not, for the loan, will depend on their ability to repay. That’s why AKPK has also been roped in to ensure financial literacy,” he added, referring to the Credit Counselling and Debt Management Agency.

Soam said the new fund, combined with the upcoming Home Ownership Campaign (HOC) in March, will spur buying for first-time buyers and clear some of the overhang. He said additional incentives in conjunction with the HOC will be announced this Thursday but declined to elaborate further.

Finance Minister Lim Guan Eng who officiated at the launch, said that the fund has attracted 16 applications even before the launch, of which five have been approved and 11 are being processed.

“If the take-up is good, it can be extended to three years,” he told reporters at a press conference.

The fund is available for two years starting Jan 2, 2019 or until the RM1 billion is fully utilised. The participating financial institutions are AmBank, Bank Simpanan Nasional, CIMB Bank, Maybank and RHB Bank.

It is available for Malaysian citizens with a maximum monthly household income of RM2,300. Borrowers must be salaried workers or self-employed and must not have any record of impaired financing for the past 12 months.

Eligible borrowers can only buy residential properties (landed, flats or apartments) from the primary market that are priced RM150,000 and below, and these homes cannot be sold within the first five years from the date of the last disbursement or else a penalty of 20% on the outstanding financing will be imposed.

The maximum financing rate is at 3.5% per annum with a financing tenure of up to 40 years or 70 years of the applicant’s age, whichever is shorter. Financing under the fund can be given to single or joint borrowers.

Housing and Local Government Minister Zuraida Kamaruddin, who was present at the launch, said the fund is a short-term measure and hopes to work with BNM on longer-term measures such as a five-year plan for the Rent-to-Own scheme.


Senai Airport to manage Kertih Airport operations

PETALING JAYA: Senai Airport Terminal Services Sdn Bhd (SATSSB) has entered into a contract with Petroliam Nasional Bhd’s (Petronas) subsidiary Sanzbury Stead Sdn Bhd to manage the operations and maintenance services of Kertih Airport for three years, effective Jan 1, 2019.

SATSSB, the operator of the Johor-based Senai International Airport, is a member of MMC Group, while Kertih Airport is the main air base for oil and gas operations in Terengganu, caters primarily to helicopter flights to offshore oil platforms at the state’s coast.

Kertih Airport is also connected by scheduled commercial flights operated by Malindo Air to Subang, to serve the demand from Petronas’ petrochemicals production and crude oil refinery in Paka, Terengganu.

Under the strategic partnership, SATSSB said it is providing professional management services and undertaking the role of airport operator of Kertih Airport, whilst Sanzbury Stead maintains its position as the asset owner.

On its part, SATSSB said it will strategise and drive the airport operations to ensure safe, efficient and uninterrupted services in accordance with regulatory requirements enforced by Civil Aviation Authority of Malaysia, Malaysian Aviation Commission and other related government agencies.

With its extensive experience in managing one of the fastest growing airports in Malaysia, SATSSB pledges operational excellence in operating Kertih Airport through an efficient and effective asset maintenance programme, that aims at optimising the cost of operations.

SATSSB added that the contract will also cover areas on aerodrome certifications, airport health, safety, security and environment and emergency response operations.

MMC Corp Bhd managing director Datuk Sri Che Khalib Mohamad Noh, who is also the chairman of SATSSB, said he is confident that with its experience and capability, the group can offer value by maintaining the operations in an efficient and safe manner according to the aviation regulatory standard and customers’ requirement.

He also noted that Senai International Airport is the only privately managed commercial airport in Malaysia with expertise in airport management and operations for over 15 years.

Senai International Airport is currently connected to 18 destinations, including 11 domestic and seven international links.


Senai Airport to manage Kertih Airport

PETALING JAYA: Senai Airport Terminal Services Sdn Bhd (SATSSB) has entered into a contract with Petroliam Nasional Bhd’s (Petronas) subsidiary Sanzbury Stead Sdn Bhd to manage the operations and maintenance services of Kertih Airport for three years, effective Jan 1, 2019.

SATSSB, the operator of the Johor-based Senai International Airport, is a member of MMC Group, while Kertih Airport is the main air base for oil and gas operations in Terengganu, involved primarily in helicopter flights to offshore oil platforms.

Kertih Airport is also connected by commercial flights operated by Malindo Air to Subang, to serve the demand from Petronas’s petrochemicals production and crude oil refinery in Paka, Terengganu.

Under the strategic partnership, SATSSB said it is providing professional management services and undertaking the role of airport operator of Kertih Airport, while Sanzbury Stead maintains its position as the asset owner.

On its part, SATSSB said it will strategise and drive airport operations to ensure safe, efficient and uninterrupted services in accordance with regulatory requirements enforced by Civil Aviation Authority of Malaysia, Malaysian Aviation Commission and other related government agencies.

The contract will also cover aerodrome certifications, airport health, safety, security and environment and emergency response operations.


Terengganu still waiting for rest of oil royalty payment

KUALA TERENGGANU: The Terengganu state government is still waiting for the remaining RM250 million in oil royalty payment which has yet to be settled by the federal government for this year.

Mentri Besar Dr Ahmad Samsuri Mokhtar said it was the responsibility of the federal government to review the comprehensive amount which should be paid to the state based on the distribution agreement signed between the two parties in 1974.

He said after the 14th general election in May, the federal government made three payments for a total sum of RM450 million which were channelled directly to the state government.

“We are not sure of the actual amount, but based on rough estimates at least RM250 million is still owing to the state government.

“With two days left before the year ends, it remains the responsibility of the Treasury or the Finance Ministry to ensure that the balance is paid to the people of Terengganu,“ he told reporters after the Eastern Pacific Industrial Corp (EPIC) Media Appreciation Night here.

Also present was EPIC Bhd acting chief executive officer Mohd Shamsol Bahrin Mohd Kamil.

Ahmad Samsuri said that if the state government failed to claim the oil royalty balance, the state’s expenditure for the first quarter of next year will still be maintained according to the budget tabled in the state assembly sitting in November.

“We will consider reviewing the budget after the first quarter.”

In another development, Ahmad Samsuri said investors’ confidence in the state-owned EPIC had not been affected although several of its senior officials were being investigated.


Co-opbank Pertama targets RM1b share capital by 2020

BUKIT MERTAJAM, Dec 23 — Co-opbank Pertama (CBP) aims to increase its share capital to RM1 billion from the current RM800 million by 2020. Its Chairman, Kamari Zaman Juhari said the current total paid-up share capital of the co-op bank was raised…


E.A. Technique bags contracts worth RM94.5m

PETALING JAYA: E.A. Technique (M) Bhd has clinched two contracts worth a total of RM94.5 million to supply and operate several assets.

The first contract, valued at RM66.3 million, was awarded by Petroliam Nasional Bhd, involving two units of 40 tonnes bollard pull harbour tugs for Kertih Port Sdn Bhd and one unit of harbour tug cum support vessel for Petronas Penapisan (Terengganu) Sdn Bhd.

The contract has a primary period of five years with option to extend for two years, on annual basis (5+1+1 years).

The second contract, valued at RM28.2 million, was awarded by Sungai Udang Port Sdn Bhd for the provision and operation of one unit of 40 tonnes bollard pull harbour tug, one unit of multipurpose mooring boat and two units of 60 tonnes bollard pull harbour tug for Sungai Udang Port’s regasification terminal.

In a filing with Bursa Malaysia, the group said the 40 tonnes bollard pull harbour tug and multipurpose mooring boat will be the group’s own assets while the two units of 60 tonnes bollard pull harbour tug will be charter-in-vessels.

The contract duration for the 40 tonnes bollard pull harbour tug, multipurpose mooring boat and one unit of the 60 tonnes bollard pull harbour tug is two years with an option to extend for one year while the other unit of the 60 tonnes bollard pull harbour tug has a contract duration of six months with an option to extend for another six months.

Both contracts are expected to contribute positively to the earnings and net tangible assets of the group for the financial year ending Dec 31, 2019 and beyond.

E.A. Technique’s share price fell 4.54% or 1.5 sen to close at 31.5 sen today with 332,800 shares traded.