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 Feb 10 till the end of the week.
This article updates throughout the week.

Box Office Shake-Up

Sydney, Feb 10: The Australian box office saw A Complete Unknown retain the top spot with $862K, bringing its total to $5.58M. Babygirl held onto second place with $703K, while Mufasa:
The Lion King followed in third with $449K, pushing its cumulative earnings to $27.80M. We Live in Time secured fourth place with $442K, and debuting at number five was Becoming Led Zeppelin, grossing $399K in its first weekend.
Anticipation builds for this week’s releases, including Bridget Jones: Mad About the Boy, with advance screenings at HOYTS Girls’ Night Out on February 12, and Captain America: Brave New World.

Colform’s Strong Market Debut

Kuala Lumpur, Feb 10: Colform Group Berhad (“Colform”) debuted on the ACE Market of Bursa Malaysia today, opening at RM0.40 per share, marking an 11.11 per cent premium over its IPO price of RM0.360.
With over 20 years of experience in steel and building materials, the Sabah-based company specializes in cost-efficient steel solutions, including IBS steel framing systems. Colform raised RM41.19 million through its IPO, allocating funds for expansion, operational enhancements, and a new Klang branch.
The listing positions Colform for sustained growth in Malaysia’s steel manufacturing sector, reinforcing its commitment to innovation and efficiency.

ES Sunlogy’s IPO Soars

Kuala Lumpur, Feb 10: ES Sunlogy Berhad’s IPO saw overwhelming demand, with shares allocated to the Malaysian public oversubscribed by 60.13 times.
The IPO consists of 210 million ordinary shares, including a public issue of 140 million new shares and an offer for sale of 70 million existing shares. The 17.5 million shares allocated to eligible persons and private placements were fully subscribed.
Managing Director Khor Chuan Meng expressed gratitude for investor confidence, highlighting the IPO’s role in supporting ES Sunlogy’s expansion in M&E engineering and renewable energy.
The company is set to list on the ACE Market of Bursa Malaysia on 20 February 2025.

SCIB Takes Legal Action

Kuching, Feb 10: Sarawak Consolidated Industries Berhad (SCIB) has filed a writ of summons against Awana JV Suria Saga Sdn. Bhd. over unauthorised loan drawdowns.
SCIB is seeking court declarations confirming the lapse of the Settlement cum Appointment of Contractor Agreement (SA 2024) and related contracts.
The company is also requesting Awana to discharge SCIB as a corporate guarantor within 30 days and has applied for an interlocutory injunction to prevent further use of the loan facility.
The legal action aims to protect SCIB’s financial interests without impacting ongoing operations.

Harrison.ai Secures $179M

Sydney, Feb 12: Australian healthcare AI company Harrison.ai has raised AU$179 million (US$112 million) in a Series C funding round to expand globally.
The round, co-led by Aware Super, ECP, and Horizons Ventures, brings the company’s total funding to over AU$387 million (US$240 million).
The investment will support Harrison.ai’s continued development in radiology and pathology, with expansion plans in the US, UK, EMEA, and APAC.
Its AI-powered solutions, including Annalise.ai, are already deployed in over 1,000 healthcare facilities across 15 countries, assisting in early lung cancer detection and improving diagnostic accuracy by over 45 per cent.
In Australia, Harrison.ai is used by 1 in 2 radiologists and recently partnered with South Australia Medical Imaging (SAMI) to deploy AI statewide.
The company’s latest innovation, Harrison.rad.1, a radiology-specific vision-language model, has outperformed other foundational models in radiology assessments.

AI Success Requires Change

Sydney, Feb 12: Kyndryl predicts Australian businesses will focus on behavioural and organisational change to maximise AI investments in 2025.
Beyond technology, cultural transformation, education, and workflow adaptation will be key to AI success.
Energy management and developer productivity will be top priorities, with businesses using AI for climate risk assessment and smart grid optimisation.
Low- and no-code platforms will expand alongside AI-supported software development, streamlining hybrid computing environments.
Australian businesses will also push for vendor and tool consolidation, reassessing tech stacks to eliminate redundancies and improve efficiency.
Effective AI adoption will require strong change management, upskilling, and integration into daily workflows.

Elastic Appoints ANZ VP

Sydney, Feb 12: Elastic (NYSE: ESTC) has appointed Jeremy Pell as Area Vice President for Australia and New Zealand. Pell will lead regional operations, focusing on growth, customer success, and partnerships.
He joins from Adobe Experience Cloud, where he led sales strategy and market expansion across ANZ.
His previous roles include VP of the Enterprise Division at TubeMogul and Sales Director at InMobi.
Pell brings extensive experience in enterprise AI, security, and data-driven solutions.

MASwings Ownership Transfers

Kuching, Feb 12: Malaysia Aviation Group (MAG) has signed a Sale and Purchase Agreement (SPA) with the Sarawak Government to transfer ownership of MASwings.
The move follows an MoU signed in October 2023 with the Sarawak Government and Hornbill Skyways.
The transfer is set to be completed by year-end, with MAG ensuring a smooth transition alongside shareholder Khazanah Nasional Berhad.
MASwings will continue operations without disruptions during the process.
MAG remains committed to strengthening Malaysia’s aviation sector through its airline subsidiaries, including Malaysia Airlines and Firefly.

Trident, DRC Sign Deal

Singapore, Feb 12: Trident Digital Tech Holdings Ltd (NASDAQ: TDTH) has signed an agreement with the Democratic Republic of the Congo’s Ministry of Posts, Telecommunications, and Digital Technology to implement a national digital identity system.
The agreement initiates the deployment of a secure digital identification and authentication platform, supporting government services and data protection in line with global standards.
Trident CEO Soon Huat Lim highlighted the system’s role in advancing digital governance, while DRC Minister Augustin Kibassa Maliba emphasized its potential for economic growth and social inclusion.

RichTech Reports RM5.97M Profit

Kuala Lumpur, Feb 12: RichTech Digital Berhad has announced an unaudited profit after tax (PAT) of RM5.97 million for the financial year ended December 31, 2024 (FYE2024).
The company recorded revenue of RM1.77 million in the fourth quarter, contributing to RM9.19 million in total revenue for the year. Gross profit stood at RM1.67 million for the quarter and RM8.90 million for the full year, with a PAT of RM0.94 million for 4Q FY2024.
RichTech, which specializes in electronic reloads and bill payments, plans to expand its market reach and enhance its service offerings amid strong industry growth.

Master Tec Secures RM107.75m Deal

Alor Gajah, Feb 14: Master Tec Group Berhad’s subsidiary, Master Tec Wire & Cable Sdn. Bhd., has secured a RM107.75 million contract from Tenaga Nasional Berhad for the supply of underground cables and conductors. The contract spans one year, with an option for extension.
The deal reinforces Master Tec’s position in Malaysia’s power infrastructure sector as the country’s energy demand rises.
The Group is set to benefit from Budget 2025’s RM16 billion allocation for grid upgrades and RM300 million for energy transition initiatives.