Kuala Lumpur News

In the latest Kuala Lumpur news, Magma Group Berhad has gained Bursa Malaysia’s approval for a RM100 million Redeemable Convertible Notes issuance to boost its hospitality portfolio.
Synergy House Berhad posted a 32.07 per cent revenue rise for Q2 FY2024 despite a one-off loss, while Varia Berhad secured a RM61.4 million contract for educational facilities.
Kenanga Investors launched an AI-driven Islamic fund, Tex Cycle Technology reported strong Q2 results, and Minetech Resources won a RM36.79 million contract to upgrade Terengganu’s sewage systems. Solar District Cooling Group signed an IPO underwriting agreement with Mercury Securities.
Read more below.

Magma’s RCN Issuance Approved

Kuala Lumpur, Aug 15: Magma Group Berhad has received approval from Bursa Malaysia Securities for its Redeemable Convertible Notes (RCN) issuance, pending shareholder approval.
The issuance could raise up to RM100 million, which will be used to repay bank borrowings, support working capital, and cover issuance expenses.
Group Managing Director Datuk Seri Thomas Liang Chee Fong stated, “This fundraising will allow us to streamline our operations, reduce financial burdens, and further strengthen our position in the hospitality sector.”
Magma remains focused on enhancing its hospitality portfolio, including properties like Impiana KLCC Hotel.

Synergy House Revenue Soars

Kuala Lumpur, Aug 14: Synergy House Berhad reported a 32.07 per cent revenue growth to RM77.4 million for Q2 FY2024, driven by strong performance in both B2B and B2C segments.
The Group faced a one-off loss of RM6.4 million due to doubtful debts, but excluding this, would have seen a profit before tax of RM3.8 million. The US market remains a key contributor, with RM39.7 million in revenue.
Despite a slight revenue dip from the previous quarter, the company remains optimistic about its long-term growth, driven by strategic B2C initiatives and leveraging AI for market expansion.
Executive Director Tan Eu Tah commented, “While our Q2 FY2024 results were impacted by a one-off provision for doubtful debts, we remain confident in the underlying strength of our business… this will ensure better profile in the e-commerce platforms and supports the long term sustainability and growth of revenue to the Group.”
Executive Director Teh Yee Luen added, “This one-off impact does not change our long-term outlook and we do not see this as an impediment for our growth plan… we are well-positioned to navigate challenges and seize new opportunities as they arise.”
Synergy House also announced a new collaboration with Wayfair, enhancing its market reach in the global e-commerce market.

Varia Secures RM61.4M Contract

Kuala Lumpur, Aug 14: Varia Berhad’s subsidiary, Pembinaan Teguh Maju Sdn. Bhd. (PTM), has won a RM61.4 million contract from Kemuncak Pesaka Sdn Bhd for the construction of educational facilities at Universiti Pendidikan Sultan Idris in Tanjong Malim, Perak.
The project, starting on 19 August 2024 and spanning 31 months, includes student dormitories, a language skills center, and more.
“This new contract in Tanjong Malim is a testament to PTM’s capabilities and Varia’s expanding footprint in the construction sector,” said Datuk Benson Lau, Managing Director of Varia.
As of 14 August 2024, Varia’s share price is RM1.04 with a market capitalisation of RM442 million.

Kenanga Unveils AI-Driven Fund

Kuala Lumpur, Aug 14: Kenanga Investors Berhad has launched the Kenanga Alternative Series: Islamic Global Responsible Strategies Fund (KASIGRSF), a new Islamic wholesale fund offering exposure to global Shariah-compliant equities. The fund, which incorporates AI and machine learning for quantitative investing, is managed in partnership with Chicago Global Capital Pte. Ltd.
Datuk Wira Ismitz Matthew De Alwis, Executive Director and CEO of Kenanga Investors, highlighted the fund’s innovative approach: “Islamic investors have been largely underserved… However, the industry is now facing a necessary evolution,” he said. The fund leverages advanced big data to identify investment signals, offering a sophisticated, Shariah-compliant solution.
The Target Fund, linked to the University of Chicago’s financial research, extracts actionable intelligence in real-time, providing investors with enhanced portfolio diversification and risk management. Ivan Chelebiev, CEO of Chicago Global, emphasized their commitment to delivering “exceptional value” to Kenanga’s investors.
Benchmarked against the MSCI ACWI Islamic Index, KASIGRSF is available in MYR and USD, with minimum investments of RM5,000 and USD1,000 respectively. The launch follows the Series’ debut in July 2024, expanding Kenanga’s suite of alternative investment options.

Tex Cycle’s Q2 Growth

Kuala Lumpur, Aug 13: Tex Cycle Technology reported solid Q2 FY2024 results with RM8.3 million in revenue and RM2.8 million in profit before tax.
Despite a slight revenue dip compared to last year, the company maintained strong operational performance.
Recent expansions, including a new biogas power plant and acquisitions, highlight its commitment to sustainable growth.
Tex Cycle’s stock closed at RM1.23 on Aug 13, valuing the company at RM345.9 million.

Minetech Secures Major Contract

Kuala Lumpur, Aug 13: Minetech Resources Berhad has been awarded a RM36.79 million contract to upgrade the sewage system in Terengganu’s Ketengah Jaya, Bukit Besi, and Seri Bandi areas.
The project, secured by its subsidiary Coral Evergreen Sdn Bhd from Puncak Utara Sdn Bhd, is set to begin on 29 July 2024 and complete by 13 June 2027.
“We are delighted to have been awarded this contract by Puncak Utara,” said Encik Abang Abdillah Izzarim, Executive Chairman of Minetech.
The project bolsters Minetech’s portfolio and credibility in the infrastructure sector. The company is also eyeing expansion opportunities in Sarawak.

Solar District Cooling IPO

Kuala Lumpur, Aug 13: Solar District Cooling Group Berhad (SDCG) has signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming IPO on the ACE Market of Bursa Malaysia. The IPO involves the issuance of 118.67 million new shares, representing 28 per cent of the company’s enlarged share capital.
Mercury Securities will underwrite 42.38 million shares available to the Malaysian public and eligible persons.
SDCG Managing Director, Edison Kong, highlighted the IPO’s potential to boost visibility and shareholder value, while Mercury Securities’ Chew Sing Guan expressed enthusiasm for guiding SDCG’s entry into the capital market.

EPB Group Revenue Surges

Kuala Lumpur, Aug 16: EPB Group Berhad (EPB) reported a 16.79 per cent growth in Q2 FY2024, with revenue reaching RM21.13 million.
The Group’s Profit Before Tax rose significantly by 88.22 per cent to RM3.45 million.
The surge was driven by increased customer orders and improved gross profit.
With an order book of RM97.48 million, EPB is poised for continued growth, bolstered by robust demand in Malaysia’s expanding food processing machinery industry.
The Group is also advancing its expansion plans, including a new facility in Penang to enhance production capabilities.