Kuala Lumpur News

In the latest installment of Kuala Lumpur news, we bring you updates on two significant corporate moves shaping the region’s business landscape.
Accrelist Ltd. has expanded its footprint into China with a strategic acquisition, while Go Hub Capital Berhad made a strong debut on the ACE Market of Bursa Malaysia Securities Berhad.
These developments highlight the dynamic nature of the regional economy and the ongoing efforts of these companies to capitalize on growth opportunities.
Read more below.

Accrelist Expands into China

Accrelist Ltd. (“Accrelist”), led by Dr. Terence Tea Yeok Kian, has announced the acquisition of a 60 per cent equity stake in Accrelist (Nanjing) Health Management Co. Ltd. (“Accrelist Nanjing”), securing a majority share in the health management company with a registered capital of up to RMB 10,000,000. The remaining 40 per cent is held by the company’s founder, Dong Qi Lin.
Accrelist Nanjing specializes in a range of services, including import/export, investment, consulting, enterprise management, health and wellness services, and traditional Chinese medicine.
This acquisition strengthens Accrelist’s position in China’s growing health management sector. With four aesthetics outlets in Nanjing, Accrelist aims to capitalize on China’s expanding medical aesthetics market, which saw a revenue of 200 billion yuan (US$27.6 billion) in 2023 and is expected to grow at a compound annual rate of 15 per cent over the next four years.
“We are excited about this strategic investment in Accrelist Nanjing,” stated Dr. Terence Tea.
“Our combined expertise will enable us to achieve significant milestones and create long-term value for our shareholders.”
Dong Qi Lin added, “We are delighted to welcome Accrelist as a controlling shareholder. Their extensive experience will significantly enhance our service offerings and market reach.”
Wins2win Co. Ltd, a third-party service provider instrumental to the acquisition, will receive a 5 per cent share of the new capital, adjusting the holdings of Dong Qi Lin and Accrelist Hainan.
As of 2 July 2024, Accrelist Ltd.’s share price closed at SGD0.039 per share, with a total market capitalization of SGD12.18 million.

Go Hub Capital Debuts

Go Hub Capital Berhad (“Go Hub”), a key transportation IT solutions provider, made a strong debut on the ACE Market of Bursa Malaysia Securities Berhad today.
The shares opened at RM0.80 per share, a 128.57 per cent premium over the IPO price of RM0.35 per share.
Go Hub, listed under the stock name “GOHUB” with the stock code “0311”, has a proven track record in terminal operating systems, bus operating systems, and automated fare collection systems. The company’s technologies enhance public transportation services and contribute to clients’ ESG targets.
The IPO raised approximately RM37.51 million: RM24.71 million for business expansion, RM4.00 million for bank borrowings repayment, RM4.80 million for working capital, and RM4.00 million for listing expenses.
Zulkifly Bin Zakaria, Independent Non-Executive Chairman of Go Hub, said, “This successful listing marks a significant milestone for Go Hub. It reflects the hard work and dedication of our team and the confidence the market has in our vision and strategy. We are enthusiastic about the opportunities this will bring, allowing us to further enhance our services and expand our reach within Malaysia.”
“The positive investor response to our IPO underscores the market’s belief in our capabilities and growth potential. We look forward to leveraging this momentum to drive Go Hub’s growth and to solidify our position as a key IT solutions provider in the public transportation sector.”
UOB Kay Hian Securities (M) Sdn. Bhd. is the Principal Adviser, Sponsor, Underwriter, and Placement Agent for Go Hub.

Oretha Raises RM499,200

Oretha Senior Care, a leading senior care provider in Malaysia, has successfully completed its equity crowdfunding campaign, raising RM499,200 with co-investment from MyCIF.
This achievement underscores the growing confidence in Oretha’s mission to revolutionize senior care services in Malaysia.
The funds will establish their first elderly daycare center in Petaling Jaya, expand concierge services, and introduce senior assisted travel services. Oretha aims to expand to five centers by 2026 and achieve nationwide scalability by 2028, providing a holistic approach to aging.
“The funds will help us expand our services, including operational aspects, transportation, and team training,” said Oretha Herrera, CEO of Oretha Senior Care. “We’re not just building a service; we’re growing a community-driven ecosystem.”
Bikesh Lakhmichand, CEO of Leet Capital, added, “Our mission is to help businesses grow by providing necessary capital, empowering companies to realize their full potential and offer the public opportunities to invest in these companies.”
Oretha’s vision is to enhance and expand senior care services across Malaysia, ensuring every senior receives personalized and compassionate service. With Malaysia’s aging population projected to reach 15.3 per cent (5.8 million individuals) by 2030, Oretha aims to address this need by offering comprehensive services including long-term care, daycare, concierge, travel, and home care. The funds will be used to expand the caregiver team, enhance technology, introduce new service packages, and increase partnerships with healthcare providers.

Synergy-Wayfair Collaboration

Synergy House Berhad (“Synergy House”) successfully concluded its inaugural Cross Border E-Commerce Collaboration Conference at Sofitel Kuala Lumpur Damansara.
The event, attended by Wayfair representatives, furniture associations, over 50 manufacturers, and various service providers, marked a significant milestone for Synergy House.
The conference showcased Synergy House’s subsidiary, Synergy House Global Sdn. Bhd. (SHG), as Wayfair’s authorized service provider in Malaysia.
The partnership aims to integrate Malaysian vendors into Wayfair’s global platform. Attendees learned about Wayfair’s business model, product categories, and opportunities.
Executive Director Tan Eu Tah stated, “This event aims to strengthen the collaboration between Wayfair and Synergy through SHG to enhance the influence of Malaysian furniture and home products manufacturers on Wayfair’s extensive e-commerce platform.”
Executive Director Teh Yee Luen added, “We are proud to be selected as an authorized service provider in Malaysia by Wayfair. SHG is committed to ensuring success with full dedication and transparency.”
The engagement is not expected to have an immediate material effect on Synergy House’s financial metrics.
No significant risks are foreseen, and there are no conflicts of interest among directors or major shareholders.

Minetech Wins Contract

Minetech Resources Berhad (“Minetech”) announced that its subsidiary, Minetech Construction Sdn Bhd, has secured a RM16.1 million contract from MyVilla Development Sdn Bhd, a subsidiary of Mah Sing Group Berhad.
The contract involves upgrading and constructing external roads and drainage for the M Nova project in Kuala Lumpur, which includes the development of 2,080 apartment units across three blocks.
Executive Chairman Encik Abang Abdillah Izzarim stated, “We are honoured to have been awarded this contract from MyVilla Development. This project not only strengthens our partnership with Mah Sing Group but also underscores our capability in delivering high-quality construction services. We are committed to executing this project efficiently and to the highest standards, contributing positively to our financial performance and reinforcing our position in the industry.”
As of 5:00 P.M. on 3 July 2024, Minetech’s share price closed at RM0.150, with a market capitalization of RM267.7 million.