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 25 till the end of the week. This article updates throughout the week.

MR D.I.Y Group Wins Fourth Frost & Sullivan Award

Kuala Lumpur, Dec 26: Malaysia’s home improvement retail leader, MR D.I.Y Group, has earned its fourth consecutive Frost & Sullivan award.
This year, it bagged the prestigious ‘Best Practices 2023 Malaysia Home Improvement Retail Industry Company of the Year’ title.
Previously honored with the Market Leadership Award in 2020, this marks the company’s third consecutive win in the Company of the Year category.
Frost & Sullivan’s rigorous selection criteria focus on visionary innovation, performance, and customer impact. MR D.I.Y. Group’s Head of Marketing, Alex Goh, attributed their success to the company’s strategy of providing a wide range of everyday essentials at low prices, operational efficiency, and the commitment of their over 16,500-strong workforce.
Narciso Podda, Frost & Sullivan’s Director, lauded MR D.I.Y.’s aggressive expansion and affordability, which positions them strongly against competition and newcomers in the market.
Additionally, MR D.I.Y. Group has received several accolades in 2022 and 2023, including the Putra Enterprising Brand of the Year at the Putra Brand Awards and the Company of the Year [Home Improvement Retailer] at the Sustainability & CSR Malaysia Awards. The company was also recognized as Universiti Malaya’s Excellent Corporate Partner in 2022.

Mercury Securities’ Robust Q4

Kuala Lumpur, Dec 27: Mercury Securities Group Berhad announced its Q4FY2023 financial results, showing a robust performance with a 19.93 per cent revenue increase to RM8.71 million, despite tough market conditions.
The revenue growth was driven by its stockbroking and corporate finance segments.
The company reported a gross profit margin of 57.93 per cent and a Profit Before Tax of RM12.46 million, including one-off listing expenses.
A maiden interim dividend of 0.5 sen per share has been declared.
The management highlighted their effective business strategies and commitment to growth, including plans to expand their online trading platform, increase market share, and introduce new products and services.
This performance comes after Mercury Securities’ recent listing on the ACE Market of Bursa Malaysia in September 2023.

BKCB Secures Key Relief

Kuala Lumpur, Dec 29: Bintai Kinden Corporation Berhad (BKCB), a specialist in mechanical and electrical engineering services, has announced a pivotal financial arrangement with MBSB Bank Berhad. This Conditional Relief Indulgence (CRI) agreement is for Optimal Property Management Sdn. Bhd. (OPMSB), BKCB’s fully-owned subsidiary.
The CRI involves a RM3.0 million repayment to MBSB and grants OPMSB a six-month relief period with monthly loan repayments of RM 500,000.
A crucial aspect of the agreement is the mutual withdrawal of legal suits, offering a clean slate post-10 January 2024, and eliminating existing legal disputes with BKCB’s banking partners.
Datuk Tay Chor Han, Managing Director and CEO of BKCB, expressed optimism about the agreement, highlighting its role in resolving financial challenges and legal uncertainties.
The agreement is seen as a vital step in BKCB’s journey to overcome the Practice Note 17 (PN17) classification and revitalize its business. The 6-month period will be used to strengthen BKCB’s relationship with MBSB and address the issue with Kolej Teknologi Islam Melaka Berhad (KTIMB), a major debtor responsible for financial strains on BKCB.