PETALING JAYA: The receiver and manager (R&M) of Perwaja Steel Sdn Bhd, Lim Tian Huat of insolvency firm Messrs Rodgers Reidy & Co, is in the midst of conducting valuation for the building and assets of the company which went into receivership in January this year.
On Jan 24, 2018, RHB Bank Bhd, one of the chargees, appointed Lim, who is Rodgers Reidy director of Malaysia and Singapore offices, as R&M of the properties of Perwaja Steel.
“R&M to sell assets of Perwaja. Still conducting valuation of the land and building and all assets of the company,” Lim told SunBiz in an email reply.
According to its filing with the Companies Commission of Malaysia, Perwaja Steel has 22 unsatisfied charges out of 40 charges. A charge is an interest or right which a lender or creditor obtains in a property of a company by way of security that the company will pay back the debt.
The company has current and non-current assets of about RM931.73 million and current liabilities of RM2.53 billion.
Perwaja Steel was incorporated on Oct 11, 1989. It ceased business operations in the manufacturing and trading of direct reduction iron, steel billets, beam blanks and blooms in 2013.
Its parent Perwaja Holdings was delisted from Bursa Malaysia Securities on May 30, 2017 after four years of being a Practice Note 17 (PN 17) company. In February 2017, a planned RM1.8 billion injection to revive the group’s plant in Kemaman, Terengganu, by Chinese conglomerate Tianjin Zhiyuan Investment Group Co Ltd lapsed.
For the nine-month period ended March 31, 2017, Perwaja’s net loss stood at RM181.33 million versus RM294.95 million in the same period a year ago. Revenue fell 40.6% from RM498,000 to RM296,000.
Directors Tan Sri Pheng Yin Huah and Datuk Henry Pheng Chin Guan declined to comment while substantial shareholder Tan Sri Abu Sahid Mohamed did not reply to queries from SunBiz.
Yin Huah and Chin Guan are also directors of Kinsteel Bhd, which owns some 28% of Perwaja Holdings, which in turn wholly owns Perwaja Steel.
Last Friday, the court postponed the decision to stay the winding-up order against Kinsteel and its wholly owned subsidiary Kin Kee Marketing Sdn Bhd to March 16, 2018.
Duar Tuan Kiat of Messrs Ernst & Young has been appointed as the liquidator of Kinsteel, and is empowered to take into custody or under his control all the properties to which Kinsteel is or appears to be entitled.
Trading in Kinsteel shares has been suspended since Jan 5, after the regulator rejected its application for a further extension of time to submit its regularisation plan. The decision to delist the company has been deferred pending its appeal along with the submission of a new restructuring plan.
KUALA LUMPUR, March 9 ― DRB-Hicom Bhd has proposed to swap its non-industrial property assets and its entire hospitality portfolio for industrial land in Tebrau, Johor, in a deal worth RM1.9 billion. According to English daily The Star, the…
KUALA LUMPUR: DRB-Hicom Bhd intends to swap its real estate, including land and a golf resort in the Klang Valley, with its controlling shareholder Tan…
PETALING JAYA: DRB-Hicom Bhd is disposing of a large portion of its non-industrial property assets and its entire hospitality portfolio to Tan Sri Syed Mokhtar Al-Bukhary’s privately held company, in a deal estimated to be worth RM1.9 billion.
In a filing with Bursa Malaysia today, the group said it will dispose of several subsidiaries owning some 2,200 acres of land as well as its entire equity in Horsedale Development Bhd and Rebak Island Marina Bhd to Prisma Dimensi Sdn Bhd.
The transaction will be satisfied via a cache of landbank in Johor totalling 1,243.45 acres belonging to Prisma Dimensi and Kelana Ventures Sdn Bhd, and a cash payment of RM289 million.
The sale of the companies and the land, which is subject to regulatory and governmental approvals, is expected to net DRB-Hicom a one-time gain of RM849 million.
Upon completion of the deal, the group’s industrial landbank will increase to 1,800 acres. It currently has 600 acres of industrial landbank in Kedah, Perak and Malacca, some of it already under development as industrial parks. This includes the recently launched National Automotive Cluster @ Proton City in Tanjung Malim, Perak.
The group said in a statement yesterday the disposal is part of its strategy to take advantage of its 30-year experience in the development of industrial properties.
“With the incoming landbank in Johor, the group is in an advantageous position to tap into the high demand of industrial parks, especially from Singapore, and DRB-Hicom intends to develop this into a high-tech and modern industrial park once the property market recovers from its current slumber,” said group managing director Datuk Seri Syed Faisal Albar.
In its exit from the hospitality industry, the group will sell Rebak Island Marina, the owners of Vivanta Rebak Island Resort by Taj located on Rebak Island, Langkawi, Holiday Inn Glenmarie Kuala Lumpur and Glenmarie Golf & Country Club, both located in Shah Alam. The Lake Kenyir Resort Taman Negara in Terengganu, which was closed in 2016, is also part of the asset disposal.
“Having a core focus for each of our main sectors is important. While there is potential of course in the hospitality industry, we feel that DRB-Hicom’s strengths lie in different areas. This exit will allow us to have a leaner and more focused properties portfolio, making it easier to harness these strengths and push towards excellence in industrial property development,” said Syed Faisal.
The group expects the transaction to be completed within the first quarter of 2019, subject to obtaining all regulatory approvals.
On Bursa Malaysia today, DRB-Hicom rose 0.43% or 1 sen to RM2.33 with 8.43 million shares traded.
KUALA NERUS, March 3 — Prime Minister Datuk Seri Najib Razak and Mentri Besar Datuk Seri Ahmad Razif Abdul Rahman today witnessed the exchanges of a number of memoranda of understanding (MoUs) of firms involved in development projects in the…
PETALING JAYA: Serba Dinamik Holdings Bhd which has been slapped with an additional tax of RM45 million by the Inland Revenue Board, saw a 16.64% fall in net profit for the fourth quarter ended December 31, 2017, to RM80.50 million from RM96.58 million in the preceding year’s corresponding quarter.
The group’s board of directors said in a stock exchange, the tax assessment is for the years 2010 to 2015.
Serba Dinamik will settle an initial payment of RM11.25 million followed by monthly installments amounting to RM1.85 million payable over a course of 18 months.
Revenue grew 8.96% to RM797.37 million from RM731.76 million a year ago on the back of strong activities from its engineering, procurement, construction and commissioning (EPCC) Segment.
It declared an interim dividend of 1.6 sen per share for the financial year ended December 31, 2017.
Serba Dinamik displayed optimism on the future prospects of the company and is also of the view that the group will continue to generate positive result in future.
“The group recent announcement to participate in the development of a small hydro-power plant in Perak marks our commitment to increase our participation in the power generation industry. Currently the group is involved in development of cumulative 90 MW power plant, which the group intends to expand the portfolio further,” the board said on prospects.
By leveraging on its core competencies, the group has also penetrated into water and utilities industry.
It is currently involved in developing water treatment plant in Terengganu, two sewerage treatment plant in Kuala Lumpur as well as developing a ChlorAlkali plant in Tanzania, which produce chemicals used in the water treatment facilities.
On top of that, Serba Dinamik is also looking to expand to various international markets for its integrated engineering services, in addition to its operations in South East Asia, Central Asia, Middle East, Europe and Africa.
It sees the QuickParking mobile payment application which provides parking solutions to customers, as well as app-based online management system for clinics named “Malaysia Third-Party Administrator (MyTPA), as part of the its strategy to strengthen its IT division capabilities.
Full year net profit grew 102.39% to 306.51 million from RM151.44 million. Revenue for the period grew to RM2.71 billion from RM1.40 billion in the previous year.
The stock gained 3.2% to close at RM3.55 with 7.29 million shares done.
KUALA LUMPUR (Feb 13): Tile manufacturer and property and construction group Seacera Group Bhd is buying a 70% controlling stake in builder Teras Sari Resources Sdn Bhd, which is undertaking a RM338.14 million project to upgrade the public road from Bandar Pekan to Kampung Sungai Miang in Pekan, Pahang. “This proposed acquisition is a major leap for our internal target of securing a RM1 billion order book, which will keep us busy for the next three to five years, while we are getting the best value for our 500 acresRead More
PETALING JAYA: EITA Resources Bhd's unit has bagged six contracts worth RM24.77 million from Tenaga Nasional Bhd (TNB), which are mainly for the replacement of primary and ancillary equipment for power management units (PMU) in Terengganu, Kelantan, Negeri Sembilan and Selangor.
The group told the stock exchange today, its 60%-owned subsidiary Transsystem Continental Sdn Bhd has received letters of acceptance (LOAs) from TNB as the contractor for the contracts.
EITA said the contracts are expected to commence anytime from the date of the official receipt of the LOAs and is expected to complete within a range of 490 days to 730 days from the date of commencement of the respective contract.
It is expected to contribute positively to the group's earnings over the duration of the contracts.
The stock slipped one sen or 0.62% today to close at RM1.61 with 34,000 shares traded.
PETALING JAYA: EITA Resources Bhd's unit has bagged six contracts worth RM24.77 million from Tenaga Nasional Bhd (TNB), which are mainly for the replacement of primary and ancillary equipment for power management units in Terengganu, Kelantan, Negri Sembilan and Selangor.
The group told the stock exchange today its 60%-owned subsidiary Transsystem Continental Sdn Bhd has received letters of acceptance (LoAs) from TNB as the contractor for the contracts.
EITA said the contracts are expected to commence anytime from the date of the official receipt of the LoAs and is expected to complete within a range of 490 days to 730 days from the date of commencement of the respective contract.
They are expected to contribute positively to the group's earnings over their duration.
On Bursa Malaysia today, EITA slipped one sen or 0.62% to close at RM1.61 with 34,000 shares traded.
SINGAPORE: Malaysia’s Petroliam Nasional Bhd (Petronas) has offered 350,000 barrels of new condensate grade Bergading for loading in March, a tender document reviewed by Reuters showed yesterday. The launch of the new grade could help ease tight condensate supplies in Asia. The sell tender is for a cargo loading March 21 to 31 from the […]