Kuala Lumpur News

In the latest development of Kuala Lumpur news, Master Tec Group Berhad achieved a record-breaking Q2 FY2024, with a 71.55 per cent surge in Profit Before Tax, reaching RM8.8 million, driven by strong demand and strategic expansion.
Meanwhile, Tex Cycle Technology (M) Berhad expanded its portfolio by acquiring a 60 per cent stake in Safety & Environmental Laboratory Sdn. Bhd., enhancing its environmental and safety compliance services.
In other news, banking leaders gathered in Kuala Lumpur for the IFCTF Masterclass 2024, addressing the rise of financial crime and the need for advanced strategies to combat emerging threats.

Record Profit Growth for Master Tec

Master Tec Group Berhad reported a record-breaking Q2 FY2024, with Profit Before Tax (PBT) soaring by 71.55 per cent to RM8.8 million, the highest since its ACE Market listing in January 2024.
The Group’s success was driven by strong demand for low-voltage power cables, contributing RM69.0 million to the RM72.9 million revenue.
Strategic expansion into medium-voltage cables and export sales further bolstered growth. A single-tier dividend of 0.390 sen per share has been declared.
The six-month cumulative revenue reached RM140.0 million, with a gross profit of RM18.2 million.
Master Tec’s share price closed at RM1.06, valuing the company at RM1.08 billion.

Tex Cycle Expands Portfolio

Tex Cycle Technology (M) Berhad has acquired a 60 per cent stake in Safety & Environmental Laboratory Sdn. Bhd. (SEL) for RM8.4 million, enhancing its environmental and safety compliance services.
The acquisition includes a profit guarantee, with SEL committed to achieving a PAT of at least RM2 million for 2024 and 2025.
This move strengthens Tex Cycle’s market position by adding laboratory testing services to its offerings, enabling the Group to deliver more comprehensive environmental, health, and safety solutions.
Tex Cycle’s share price closed at RM1.220 on 19 August 2024, with a market capitalisation of RM343.1 million.

Financial Crime Conference Held

The Asian Institute of Chartered Bankers (AICB) hosted the International Conference on Financial Crime and Terrorism Financing (IFCTF) Masterclass 2024 in Kuala Lumpur to equip Malaysian bankers with specialised skills to combat emerging financial crime threats.
With the rapid rise in online scams, which cost Malaysia RM3.2 billion between 2021 and April 2024, the event emphasized the importance of leveraging data, analytics, machine learning, and artificial intelligence.
Over 700 delegates participated, engaging in discussions on critical issues like terrorism financing, anti-bribery, and regulatory compliance.
The conference highlighted the escalating sophistication of financial crimes and the need for a united front in the industry.