News In Brief

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 we received from Dec 4 till the end of the week. This article updates throughout the week.

SCIB Enhances Governance Commitment

Kuching, Dec 4: Sarawak Consolidated Industries Berhad (SCIB), a specialist in industrialized building systems, is navigating recent corporate governance concerns with a renewed commitment to enhanced oversight and professionalism. In response to a public reprimand by Bursa Malaysia Securities, SCIB clarifies that former board members implicated in breaches have exited the company.
This departure paved the way for the appointment of new board members, intensifying the focus on governance and compliance.
Acknowledging delays in its Annual Report 2021 due to auditing complexities and the untimely resignation of external auditors, SCIB has implemented measures to prevent such challenges.
The FY2023 Annual Report was published on October 31, 2023, reflecting a commitment to transparent financial disclosures.
Ku Chong Hong, Group Managing Director of SCIB, underscores the company’s serious approach to corporate compliance and governance, citing recent challenges as valuable learning opportunities.
The new board members have played a pivotal role in strengthening internal controls and audit processes. SCIB is now in a new era of corporate governance, aiming to build on recent successes, including profitability in FY2024 Q1, with a dedicated board and management team upholding high standards of professionalism and integrity.
Simultaneously, SCIB announced that its subsidiary, SCIB Industrialised Building System Sdn. Bhd. (“SIBS”), has secured a notable RM16.8 million contract from S & I Urban Designers Sdn. Bhd.
The project involves supplying precast components for the apron and taxiway of Projek Pembinaan Pangkalan Pasukan Gerakan Udara PDRM Sarawak, scheduled from December 5, 2023, to October 4, 2024.
Ku Chong Hong expresses excitement about the contract, highlighting SCIB’s capabilities and commitment to delivering high-quality building solutions.
This contract marks a significant expansion in SCIB’s portfolio in the construction and EPCC sectors, contributing to the company’s industry reputation.
With the new contract, SCIB’s order book balance reaches RM273.99 million.
As of December 4, 2023, the share price stands at RM0.78, and the market capitalization is RM499.4 million, solidifying SCIB’s position as a key player in the industry.

KJTS IPO with HLIB

Kuala Lumpur, Dec 4: KJTS Group Berhad, a prominent building support services provider in Malaysia, Thailand, and Singapore, has officially entered into an underwriting agreement with Hong Leong Investment Bank Berhad for its forthcoming initial public offering (IPO) on Bursa Malaysia Securities Berhad’s ACE Market.
The IPO involves issuing approximately 218.03 million new ordinary shares, constituting 31.69 per cent of the enlarged number of issued shares.
The retail offering comprises 49.40 million new ordinary shares (7.18 per cent of the enlarged issued shares), while the institutional offering involves 168.63 million new ordinary shares (24.51 per cent of the enlarged issued shares).
Hong Leong Investment Bank Berhad, serving as the Principal Adviser, Sponsor, Sole Underwriter, and Sole Bookrunner, will underwrite the entire retail offering.
KJTS’s Managing Director, Lee Kok Choon, and Executive Director, Sheldon Wee, express the IPO as a pivotal moment for the company, facilitating strategic growth.
The funds raised will primarily support expanding the cooling energy segment in Malaysia, aligning with environmental principles. Additionally, the funds will be utilized to expand offices in Malaysia, Thailand, and Singapore.
HLIB’s Group Managing Director/Chief Executive Officer, Lee Jim Leng, expresses pleasure in playing a key role in KJTS Group Berhad’s IPO journey, anticipating the listing to be a significant step forward for the company.
The IPO is expected to provide a robust platform for KJTS to embark on its next phase of growth and strengthen its position as a leader in the building support services sector.

Asia Pacific Lags: Emission Plans Missing

Kuala Lumpur, Dec 4: A recent report from ACCA, IFAC, and PwC reveals that 47 per cent of Asia Pacific businesses lack emission plans despite the climate crisis.
With COP 28 underway, the study emphasizes the urgent need for strategies to combat climate change. Notably, 69 per cent of respondents without plans show no intention of developing one.
The report highlights the crucial role of CFOs in accelerating emission reduction progress and calls for finance teams to enhance their skills for a successful climate transition.
The accountancy and finance sector is urged to contribute to net-zero goals and support a just transition to a low-carbon economy.

Siemens, Intel Drive Innovation

Santa Carla, Dec 4: Siemens AG and Intel Corporation have signed a memorandum of understanding (MoU) to collaborate on advancing digitalization and sustainability in microelectronics manufacturing. The partnership aims to enhance semiconductor production, evolve factory operations, and bolster cybersecurity.
Siemens will contribute its IoT-enabled hardware and software, along with electrical equipment, to drive efficiency and sustainability.
Key areas of collaboration include optimizing energy management, reducing carbon footprints, and utilizing “digital twins” for standardized solutions in manufacturing facilities.
The companies will also explore minimizing energy use and addressing environmental footprints across the value chain.
The goal is to create a globally balanced, sustainable, and resilient semiconductor supply chain. The collaboration aligns with industry efforts to achieve net-zero greenhouse gas emissions by leveraging automation and digitalization.
Siemens and Intel aim to lead positive change in the semiconductor industry by combining their strengths and expertise.

Setia Alam Anniversary Highlights

Shah Alam, Dec 5: Inaugural festivities kicked off with a heartfelt address by Hotel Manager Desmond Loke, acknowledging the remarkable rise in occupancy rates since the hotel’s December 1, 2022 opening.
Loke expressed gratitude for the unwavering support from Hotel Owner Tan Sri Dr. Lim Wee Chai, the dedicated hotel team, and esteemed guests.
Following Loke’s speech, George Varughese, Marriott International Multi Property VP for Putrajaya and Greater Kuala Lumpur, provided insights into Marriott International’s 2023 openings, regional priorities, and 2024 travel trends.
Visionary Hotel Owner Tan Sri Dr. Lim Wee Chai then took the stage, reflecting on the journey leading to the hotel’s establishment. He highlighted the strategic decision to address Setia Alam’s growing needs by adding a 4 or 5-star international hotel, resulting in the birth of Courtyard by Marriott Setia Alam.
The first-anniversary celebration concluded with the enchanting lighting of the Christmas tree and a cake-cutting ceremony, marking the onset of the joyous holiday season. Guests revelled in a festive atmosphere adorned with seasonal decorations, music, and delightful refreshments.
Courtyard by Marriott Setia Alam eagerly anticipates another year of delivering exceptional hospitality, aiming to solidify its status as a preferred destination for both business and leisure travellers.

Easy Crypto Dominates!

Auckland, Dec 6: New Zealand’s Easy Crypto, the largest non-custodial cryptocurrency exchange, secured top honours in three categories at the inaugural BlockchainNZ awards.
Recognized as the ‘Web3 Business of the Year,’ founder Janine Grainger also received accolades as the ‘Stand-Out Individual of the Year’ and ‘Entrepreneur of the Year.’
The awards highlight Easy Crypto’s commitment to innovation and excellence.
The company recently launched two products aimed at easing crypto adoption barriers: a stablecoin named NZDD and the Easy Crypto Wallet.
With a focus on inclusivity, Easy Crypto serves a diverse client base. Founded in 2018, the platform has facilitated over NZD$2.5 billion in total sales.

Influencers and Reviews: ACCC’s Action

Sydney, Dec 7: The Australian Competition and Consumer Commission (ACCC) is updating its actions against misleading online reviews and influencer endorsements, revealing findings from recent internet sweeps.
The ACCC found that 81 per cent of the 118 social media influencers reviewed were making posts that raised concerns under the Australian Consumer Law.
Issues included inadequate disclosure of brand relationships, the use of vague language, and formatting posts to hide advertising disclosures.
Additionally, in a sweep of 137 businesses to identify fake or misleading online reviews, 37 per cent were found to have engaged in concerning conduct, such as manipulating reviews to present a more favourable impression.
The ACCC plans to develop guidelines for online operators and focus on enforcement.
It will also release guidance for influencers and businesses in early 2024 to remind them of their obligations under the Australian Consumer Law.

CGS-CIMB Excels in 2023 Asiamoney Awards

Singapore, Dec 7: In a remarkable feat, CGS-CIMB Securities has clinched 68 awards, including 45 first-place accolades, in the 2023 Asiamoney Brokers Poll.
Emerging as one of the top five brokerages for Asian equities, the firm dominated regional categories, securing first place for Best Regional Brokerages for Sales Trading and Execution and ranking third for Best Brokerage Transformation.
This recognition highlights CGS-CIMB Securities’ excellence in sales service, execution capabilities, and ongoing efforts in business transformation.
Despite global market challenges, the firm has maintained exceptional service levels, solidifying its position as a leading financial services provider in Asia.
The firm’s strength in sales and execution garnered top positions in Singapore, Malaysia, and Thailand, along with a second-place ranking in Indonesia within the Sales Trading and Execution categories.
CGS-CIMB Securities also earned acclaim for its robust research capabilities, receiving 44 awards.
The research team secured top positions in Singapore and second place in Malaysia, Thailand, and Indonesia. Notably, the firm’s leading ESG research claimed the top spot for Best Brokerages for ESG Research in Singapore and Thailand, second in Malaysia, and third in Indonesia.
Expressing gratitude for the recognition, CEO Carol Fong highlighted the firm’s commitment to delivering high-quality service during its business transformation.
These accolades reinforce CGS-CIMB Securities’ position as an industry leader, particularly in pioneering ESG research with embedded metrics in research reports.

Spritzer’s Ongoing Success

Kuala Lumpur, Dec 8: SPRITZER Bhd achieves a remarkable milestone with its ninth consecutive win in the national beverage division, water category, at the World Branding Awards – Brand of the Year 2023. The prestigious accolade, presented at Kensington Palace, London, highlights Spritzer’s unwavering commitment to excellence, quality, and sustainability.
Selected among 3,500 brands from 45 countries, Spritzer emerges as one of the 250 winners recognized at global, regional, and national levels.
The assessment process, encompassing brand valuation, public online voting, and consumer market research, solidifies Spritzer’s position as a top choice.
Originating from a pristine site in Taiping, Malaysia, Spritzer’s silica-rich natural mineral water reflects the company’s dedication to quality and community initiatives.