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 Jan 29 till the end of the week. This article updates throughout the week.

Varia Secures RM94.86M Project

Kuala Lumpur, Jan 29: Varia Berhad, a renowned entity in construction and property development, has recently marked a significant achievement in its portfolio by securing a RM94.86 million contract through its fully owned subsidiary, Mewah Kota Sdn. Bhd.
The contract, granted by Kator Construction Sdn. Bhd., is for the Klang River Flood Mitigation Project located in Seksyen 25 Shah Alam, highlighting Varia’s prominent role in Malaysia’s infrastructure progression.
Set to commence on the 1st of February 2024, the project is scheduled for completion by the 31st of January 2029.
This five-year initiative not only emphasizes Varia’s capacity to handle large-scale infrastructure ventures but also its dedication to fulfilling community necessities and contributing to the nation’s developmental framework.
Datuk Benson Lau, the Managing Director of Varia, expressed the significance of this project, stating, “The Klang River Flood Mitigation Project awarded to Mewah Kota represents a crucial step in our sustainable development journey. It’s not just about technical prowess; this project embodies our commitment to Environmental, Social, and Governance (ESG) principles. We are addressing severe flood risks in Shah Alam, enhancing local infrastructure, protecting communities, and promoting environmental stewardship. This endeavor is a testament to Varia’s principle of intertwining our growth with societal and planetary well-being.”
This Letter of Award (LOA) is a testament to Varia’s ongoing commitment to excellence and establishes the Group’s integral position in Malaysia’s developmental narrative. With a vision rooted in sustainable growth and societal welfare, Varia is continually exploring opportunities that resonate with its strategic goals and core values.
As of 5:00 P.M. on January 29, 2024, Varia’s shares were trading at RM0.93, reflecting a market capitalisation of RM387.8 million, indicating robust investor confidence and market valuation.

Bintai Kinden Secures Stability

Kuala Lumpur, Jan 29: Bintai Kinden Corporation Berhad (BKCB), a prominent player in the mechanical and electrical (M&E) engineering sector, alongside its roles in medical device manufacturing and facilities operation, has announced two pivotal developments, marking a significant stride in its journey towards financial strength and operational efficiency.
The company’s subsidiary, Optimal Property Management Sdn Bhd (OPM), has reached a crucial agreement after extensive negotiations, accepting an Interim Settlement Proposal (ISP) with Kolej Teknologi Islam Melaka Berhad (KTIMB).
This agreement addresses the RM 58.6 million in outstanding debts as of December 2023. As per the ISP, OPM will receive an immediate payment of RM1.5 million by 30 January 2024, followed by six monthly installments of RM 250,000, cumulating an additional RM1.5 million from January to June 2024.
Furthermore, by 31 May 2024, KTIMB is committed to finalizing the settlement, contemplating options such as terminating the current concessionaire agreement, a potential takeover of OPM, or a restructuring of the outstanding debts and charges.
Simultaneously, Bintai Kinden is elated to announce the shareholders’ endorsement during the Extraordinary General Meeting (EGM) for a significant private placement, issuing up to 281.5 million new ordinary shares, which constitutes 30 per cent of the total issued shares. This approval underscores the shareholders’ trust in the company’s strategic vision and the management’s capability to navigate BKCB towards a path of growth and sustainability.
Datuk Tay Chor Han, the Managing Director cum CEO of BKCB, expressed his optimism about these developments, emphasizing their significance in affirming the legitimacy of OPM’s concessionaire agreement and showcasing the shareholders’ confidence in the company’s future.
He stated, “These steps are instrumental in establishing a robust foundation for BKCB’s financial stability and future prosperity.”
BKCB reaffirms its dedication to collaborating with all stakeholders to bolster the company’s position and to consistently deliver long-term value to its shareholders and stakeholders.

Spritzer EcoPark is excited to announce its grand celebration ushering in the Spring season with a spectacular showcase of vibrant decorations, skillfully crafted from thousands of recycled Spritzer bottles. This innovative endeavor has transformed EcoPark into a delightful, traditional festive town, inviting guests to fully immerse themselves in the essence of celebration, sustainability, and cultural richness.

Spring Celebration Extravaganza

Kuala Lumpur, Feb 3: As the Lunar New Year draws near, Spritzer EcoPark is adorned with meticulously crafted ornaments inspired by traditional symbols of prosperity and good fortune.
The backdrop is further enhanced by the gentle melodies of Chinese New Year music, creating an enchanting atmosphere.
Additionally, a specially designed motif for Valentine’s Day adds a touch of romance and charm to the surroundings.
From intricate ingots to radiant lanterns, every nook and cranny of EcoPark provides a captivating setting for capturing Instagram-worthy moments that will remain cherished forever. The illuminated pathways and vibrant displays together create a magical ambiance, offering visitors countless opportunities for capturing unforgettable photos. This enchanting spectacle will be on display from January 27th to February 25th, 2024, with complimentary admission for all.
At the core of Spritzer EcoPark lies a steadfast commitment to environmental awareness and sustainable practices. By embracing the principles of recycling and repurposing, the park embodies Spritzer’s unwavering dedication to integrating sustainability into every aspect of its operations, from bottle production to community engagement initiatives.
Spritzer EcoPark eagerly awaits the arrival of visitors, inviting them to embark on a remarkable and captivating journey into the Year of the Dragon. Plan your visit today, immerse yourself in the enchanting world of Spritzer EcoPark, and share your magical moments on Facebook or Instagram using #SEPCNY2024, where nature and celebration blend seamlessly in perfect harmony.

KJTS, CENTARA Seal Deal

Kuala Lumpur, Feb 2: KJTS Group Berhad, a prominent building support services provider in Malaysia, Thailand, and Singapore, has announced a significant 15-year contract through its subsidiary, KJTN Engineering Co., Ltd., with CENTARA, a key player in Thailand’s hospitality industry. The agreement involves comprehensive retrofit works and cooling energy management services at the prestigious Centara Grand Hotel at Central World, Bangkok. This collaboration with CENTARA, part of the renowned Central Group, solidifies KJTS’s commitment to innovative and sustainable solutions in the building support sector. The deal, valued at approximately RM16,767,927 over 15 years, also marks a strategic expansion of KJTS’s footprint in the region, enhancing its market position and establishing a long-term business relationship with the Central Group.