Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs. Below are snippets of all the media releases that we received from June 6 till 12. Please check back throughout the week for more updates.
Yew Lee Pacific Group Berhad Debuts On ACE Market
Kuala Lumpur, June 7: Yew Lee Pacific Group Bhd, an established manufacturer principally involved in the manufacturing of industrial brushes as well as trading of industrial hardware and machinery parts, was successfully listed on the ACE Market of Bursa Malaysia Securities Berhad with an opening price of RM0.285 sen per share, compared with the initial public offering (“IPO”) price of RM0.28 sen per share.
The company is raising RM37.27 million from the IPO exercise.
From the IPO proceeds, RM10.9 million would be used for the purchase of additional machinery and equipment, RM7.3 million for the construction of a new warehouse facility and office building in Pusing, Perak, RM1.8 million for the renovation of a new office in Klang Selangor, RM8.9 million for the repayment of bank borrowings, RM4.57 million for working capital requirements and RM3.8 million for the listing expenses.
Yew Lee currently has an estimated market share of 12.4 per cent of the total size of the industrial brush industry in Malaysia of RM254.50 million in 2021, based on the Company’s revenue from the manufacturing of industrial brushes segment of RM31.60 million during the financial year ended 31 December 2021.
The Company plans to automate more of its operations to reduce dependency on labour and intends to expand market share in the trading of machinery parts in the central region of Peninsular Malaysia as well as have a bigger presence in Indonesia and Thailand through Yew Lee Indonesia and Yew Lee Thailand, both of which were established in 2019.
The company recently declared a first interim dividend of RM0.003 sen per ordinary share in respect of the financial year ending Dec 31, 2022 (“FY2022”) to be paid on July 12.
RBA Gets Hammered By CPA Australia
Sydney, June 7: Today’s interest rate decision by the Reserve Bank of Australia (RBA) highlights a major flaw in the way Australia reports inflation.
The solution, according to Australia’s leading professional accounting body, CPA Australia, is to move to monthly inflation reporting.
The Consumer Price Index (CPI) is one of the key statistics upon which the RBA bases its interest rate decisions.
Australia reports CPI quarterly, unlike most advanced economies which report CPI monthly.
“Moving from quarterly to monthly reporting may require an increase in funding for the Australian Bureau of Statistics, which collects CPI data. However, we believe the benefits far outweigh the costs. We’re asking the government to implement this proposal as part of its first budget later this year,” Senior Manager Business Policy at CPA Australia Gavan Ord said.
Kenanga Investment’s New Appointment
Kuala Lumpur, June 7: Kenanga Investment Bank Bhd has appointed Chin Siew Siew as its Independent Non-Executive Director with effect from June 1.
This appointment will enable the Board of Directors to augment its commercial, operational and industry-specific experience, in particular within the digital and technology vertical.
Chin, a digital and technology veteran with over 30 years of experience, started her career in programming and progressed to above-market leadership roles in multinational corporations.
Her last working experiences were with IBM where she served as the country’s Chief Digital Officer and as the ASEAN Services Leader for IBM Multivendor Business before retiring in 2018.
Under her leadership, IBM Malaysia successfully pursued a business expansion strategy and grew its market share with a focus on catalyzing the Small and Medium-sized Enterprises (“SMEs”) sector. In support of SMEs, Chin oversaw the establishment of a Centre of Digital Excellence at IBM Malaysia, which served as a hub for relevant linkages to start-ups, investment partners, technology partners, and government stakeholders in the country.
Chin holds a Bachelor of Science in Computer Science from the University of Arkansas.
Carsome Launches Automall In PJ
Kuala Lumpur, June 7: Southeast Asia’s largest integrated car e-commerce platform, Carsome, has elevated its hassle-free car buying experience with the launch of Carsome PJ Automall, its biggest experience centre to date in Malaysia and the first that comes with electric vehicle charging stations.
For customers, the Automall enables them to experience prospective cars – from viewing to selecting, to on-the-spot test driving – and thereon completing their purchase with on-site financial facilities that can process loan applications and approvals in one day.
Additional conveniences include car aesthetic services such as detailing and tinting for their newly-bought cars. Located along the Federal Highway in the iconic Naza Automall showroom, the Carsome PJ Automall occupies a built-up space of over 100,000 sq ft. It can accommodate more than 200 cars – from Carsome’s growing online inventory of over 1,600 cars – for customers’ viewing convenience, ranging from SUVs, MPVs, 4x4s, sedans, and hatchbacks to the luxury line segment.
Coway’s Halal Commitment
Kuala Lumpur, June 7: Coway Malaysia has made it its top priority and mission to care for its Muslim consumers’ needs by providing Halal-certified products.
With that in mind, Coway embarked on a journey to apply for Halal Certification in 2010 from the Department of Islamic Development Malaysia (JAKIM) and soon became the first-ever international water purifier brand to obtain Halal Certification.
As Coway Malaysia prides itself in continuing to serve loyal customers with only high-quality products that are trustworthy, this move to obtain Halal Certification for all parts of the product including its filters is a testament to the company’s commitment to assuring its Muslim customers have peace of mind and trust in Coway’s products.
“JAKIM’s Halal Certification is an added assurance to all our Muslim consumers that Coway produces only high quality and trustworthy products.
“The certification also shows our sincere care for their needs and is our way of showing how much we truly appreciate our loyal customers,” Kyle Choi, Managing Director of Coway Malaysia said.
Laguna Phuket Tops Residential Sales
Phuket, June 7: The sale of properties at the Laguna Phuket in Thailand has closed in at a record high of 1.35 billion baht in the first quarter of 2022, compared with 250 million baht in the preceding quarter. Highly accessible and only a 30-minute drive from the Phuket International Airport, Laguna Phuket provides excellent connectivity across the region and internationally, with resumed direct flights from Europe and the Asia-Pacific.
The enduring appeal of Laguna Phuket with its wide range of property offerings in beautiful surroundings and warm Thai hospitality makes the destination the ideal location to live and invest in.
Spanning over 1,000 acres of lush parkland along pristine Bang Tao Beach, the popular lifestyle destination is home to eight world-class hotels featuring sought-after premium facilities.
It is the largest Thai SET-listed resort developer, accounting for the sale of over 40 per cent of properties (2,600 out of 6,500 units) on the West Coast Central of the island.
Around 1,500 units were sold in the last three years to buyers looking for vacation homes and investment assets.
The property offerings range from condo units at under five million baht per unit to luxury houses and villas at 100+ million baht.
Perfect Corp’s New Partnership
Paris, June 7: Perfect Corp., the leading artificial intelligence (AI) and augmented reality (AR) beauty and fashion tech solutions provider, has partnered with the Italian beauty brand Bakel, to introduce a new and advanced AI Skin Analysis solution to their online customers.
The cutting-edge tool was presented at Cosmofarma, a popular industry event dedicated to healthcare and beauty.
With the launch of the new AI Skin Analysis solution, consumers are now guided through the product application process, which removes uncertainty and elevates product enjoyment.
The Bakel brand stands for clean beauty and the incorporation of cutting-edge innovations.
Bakel’s newly developed skincare product, the JALU 3D with technology protected by five patents, combines product excellence with leading-edge AR shopping experiences to deliver a match made in heaven.
To learn more about Perfect Corp’s AI Skin Analysis solution, go here.
New Dialysis Centre In Rawang
Kuala Lumpur, June 8: In a bid to provide their underprivileged kidney failure patients with the necessary care and support, the National Kidney Foundation of Malaysia (NKF Malaysia) has teamed up with The Temple of Fine Arts Malaysia − a sanctuary for the arts, and its sister organisation, Yayasan Shivanjali with the aspiration to help patients access dialysis treatment and also promote widespread awareness of kidney disease.
A memorandum of understanding (MOU) was signed recently between the three non-profit organisations for the establishment of a new charitable dialysis centre which will be known as Pusat Dialisis NKF – Siva Santa (NKF – Siva Santa Dialysis Centre).
The centre will be located in Sungai Bakau in Rawang and will comprise ten dialysis machines which will cater for three shifts a day, six days a week – accommodating about 60 patients at the centre. With a RM 1.2 million investment for this dialysis centre, NKF Malaysia and its partners aim to cater to the high demand for dialysis treatment of end-stage renal failure patients in Rawang.
“This is NKF’s first dialysis facility in Rawang and we are extremely thankful to be part of this joint venture with The Temple of Fine Arts Malaysia and Yayasan Shivanjali. They are the perfect partners for this collaboration as their mission is to serve the underprivileged communities, which is in line with NKF’s drive to raise the standards of care provided to patients with kidney failure and those who are suffering from various kidney-related diseases,” NFK Malaysia CEO Khor Xin Yun said.
Coles Group Ranked Number One
Sydney, June 9: Australia’s peak body for workplace inclusivity has ranked Coles Group number one out of 26 organisations for its commitment to the Recruitment and Selection of people living with disabilities in the Access and Inclusion Index 2021.
The Australian Network on Disability announced the winners of its inaugural Disability Confidence Awards last night, shining a light on organisations that have made systemic changes to their workplaces to become inclusive of employees and customers with a disability.
Coles Group was recognised for continuing to develop momentum and implement new initiatives to improve access and inclusion for people with disability, ranking in third place in the Access and Inclusion Index 2021 overall, climbing an impressive five places from the eighth position in 2019.
The result comes after Coles has embedded inclusion recruitment specialists in its Talent Acquisition team, increasing the number of people it employed with a disability this financial year by 1011, compared to an increase of 281 at the same time last year. Coles has been actively seeking applications from candidates with a disability and making adjustments to allow candidates with a disability to perform at their best.
Australian Network on Disability Chief Executive Officer Corene Strauss said the Access and Inclusion Index is Australia’s corporate benchmarking tool for the inclusion of people with disability.
“The results provide organisations with a roadmap for improvement and a national benchmark by which to measure and progress their maturity on accessibility and disability inclusion,” Strauss said.
foodpanda And DOC2US Collaborate
Kuala Lumpur, June 9: Asia’s leading on-demand delivery platform, foodpanda has entered into a partnership with Malaysia’s first e-prescription service provider, DOC2US, to provide health screening for foodpanda delivery partners.
The nationwide programme will roll out in phases, beginning this month with more than 3,000 delivery partners in Penang and Johor.
Commenting on this collaboration, Kelvin Chan, Director of Operations, foodpanda said that it was great to be partnering with DOC2US once again in its efforts to safeguard the health of its delivery partners.
“Our delivery partners are the backbone of foodpanda and as such, we want to make sure that their health and wellbeing are being taken care of.
We are constantly looking for new ways to provide the best benefits for them.
Our goal is that provide them with this initial screening, it will encourage them to prioritise their health moving forward.
We hope to be able to extend this to even more delivery partners in the upcoming months.”
Top Glove Announces Results
Shah Alam, June 9: Top Glove Corporation Bhd has announced its financial results for the third quarter ended May 31, 2022 (3QFY2022), delivering quarter-on-quarter growth in Sales Volume, despite prevalent challenging market conditions amidst the normalising trend.
For 9MFY2022, the Group posted a Sales Revenue of RM4.50 billion and a Profit After Tax of RM334 million.
Meanwhile, Sales Revenue for 3QFY2022 amounted to RM1.47 billion and Profit After Tax registered RM29 million.
Against a highly challenging backdrop, the Group achieved a six per cent improvement in Sales Volume compared with the preceding quarter, attributed mainly to the recovery in sales to the USA from Malaysia as well as other regions. The softer performance occurred amidst a convergence of headwinds, with production costs moving upward due to global inflation and as the Russia Ukraine conflict drove up crude oil prices.
Heriot-Watt University Malaysia, Green Ribbon Group Sign MOU
Putrajaya, June 9: Mental health issues are on the rise and will require early intervention.
In view of this, Heriot-Watt University Malaysia and the Green Ribbon Group (“GRG”) are joining forces to empower youth to promote positive mental health.
The two partners signed a Memorandum of Understanding (MoU) at the University’s Putrajaya campus to formalise their collaborative effort to conduct a 1.5-day training programme called The Green Ribbon Effective Agent Training (GREAT) Project which is set to kick start in October.
The MoU signatories were HWUM Provost and Chief Executive Officer Professor Mushtak Al-Atabi and GRG Founder and President Yang Amat Mulia Tengku Puteri Raja Tengku Puteri Iman Afzan Al-Sultan Abdullah. Also present as witness signatories were HWUM Chief Operating Officer and Registrar, Janice Yew and GRG Co-Founder and Vice President Puteri Nor Ariane Yasmin.
Testing Verifies New QOL tool
Adelaide, June 10: Recognising the urgent need for contemporary and comprehensive indicators of quality in aged care in Australia, a new type of ‘Quality of Life’ (QOL) assessment tool developed by Flinders University has been put to the test and passed with flying colours.
Consultancy firm PricewaterhouseCoopers tested both the Flinders tools in a six-week pilot trial which concluded in April, measuring indicators across quality-of-care domains covering Consumer Experience and Quality of Life (CEQOL), in a nationally representative sample of residential aged care services. Initial feedback indicates both tools performed strongly, with the results expected to be published in the near future.
At the same time, an analysis paper has just been published in the journal Quality of Life Research, highlighting the effectiveness of QOL-ACC in achieving its desired outcomes.
Professor in Health Economics Julie Ratcliffe says it’s clear that society expects older Australians to be properly cared for, treated with dignity, and supported to enjoy a good quality of life – and an effective tool for measuring that is vital.
‘Many of the long-established QOL tools are no longer addressing all contemporary needs. Yet, some assessments of the effectiveness of QOL tools remain focused on traditional measures and give weighting to long-established tools.
Boat Noodle Accelerates Franchise Growth Nationwide
Selangor, June 9: In 2021, Malaysian-owned Thai-style noodle chain Boat Noodle obtained the Franchise License, and from then on, the company has been welcoming Malaysian companies and corporations to join its franchise business model.
Boat Noodle is a testament to a food and beverage (F&B) business that is progressive, innovative, and disruptive. The new business model is necessary because of the changes the pandemic had brought upon them.
Now with the support of its shareholder formalized in 2016, Toridoll Holdings, Boat Noodle aims to grow its franchise business nationwide with 150 outlets in mind in the next 5 years.
The media event also witnessed the announcement of Boat Noodle’s partnership with Koperasi Pekerja FELDA Malaysia Berhad (KOGUNA) to offer its franchise opportunities to FELDA beneficiaries.
This is aligned with its business plan of equipping Malaysians, especially those living in smaller towns or FELDA settlements with business opportunities and bringing the Boat Noodle experience to a wider audience and network nationwide.
Hektar Asset Management Appoints New CEO
Kuala Lumpur, June 10: Hektar Asset Management Sdn. Bhd, the Manager of Hektar Real Estate Investment Trust has announced the appointment of Johari Shukri Jamil, 50, as the Chief Executive Officer of Hektar Asset Management effective 11 June 2022.
Johari will succeed Datuk Hisham bin Othman, 60, who has reached mandatory retirement age after helming Hektar Asset Management as CEO since May 2016.
The Board would like to extend its appreciation to Hisham for his valuable contribution & service and wish him all the best in his future endeavours.
Johari who was appointed to the Board of Directors of Hektar REIT as Non-Independent Non-Executive Director in February 2022 and who is now redesignated as the Executive Director/CEO, brings over 20 years of extensive corporate experience, holding senior leadership positions in various industries, including Real Estate & Industrial Development, Logistics & Engineering.
His expertise in asset management, corporate finance, strategy, operations & managing businesses to achieve the desired results through transformational initiatives is very relevant to the REIT and is expected to be put to good use in leading Hektar REIT to continue its post-pandemic recovery and to chart new strategic initiatives.
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