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 April 14 till the end of the week.
This article updates throughout the week.

Vespexx Raises $1.5M

Korea, April 14: Seoul-based relationship wellness startup Vespexx has secured ₩2 billion KRW (approx. $1.5 million USD) in Pre-A funding led by Enlight Ventures. The company plans to use the funds to accelerate monetization of its AI-driven wellness subscription services in North America. Vespexx’s flagship app, Signaling, has gained over 500,000 users in Korea, the U.S., and Japan within a year. The platform helps couples manage communication and emotional health, with future plans to integrate AI-driven features like emotional cue detection and custom wellness routines. Vespexx also offers hormone analysis and ovulation tracking tools under its Surearly brand. The company is preparing localized services for the North American market in early 2025.

Systech Seals China Pact

China, April 14: Systech Bhd has signed a Strategic Cooperation Memorandum with Beijing Daxing International Business Service Co., Ltd. (BDIB) and Permodalan Kedah Berhad (PKB) to boost cross-border AI and digital integration between Malaysia and China. The tripartite deal focuses on advancing digital economy initiatives, infrastructure development, and business localisation. BDIB will support outbound Chinese tech enterprises through its government-backed digital innovation hub in Beijing, while Systech will facilitate their expansion into Malaysia. PKB will identify and develop strategic sites, such as Kulim Hi-Tech Park and Kedah Aerotropolis, to attract high-impact investments. The one-year agreement aligns with Malaysia’s MyDIGITAL agenda and NAIO goals.

Magma Finalises SPA Lapse

Kuala Lumpur, April 15: Magma Group Berhad has announced that two Sale and Purchase Agreements (SPA 1 and SPA 2), involving RM7.5 million in proposed land acquisitions on Tioman Island, officially lapsed on 31 December 2024.
The lapse followed thorough internal reviews and legal confirmations, with the company affirming there is no financial or legal impact. The acquisitions were initially planned to be settled via new share issuance.
Magma says the delay in formalising the lapse was to ensure regulatory compliance with Bursa Malaysia’s Listing Requirements.
The company recently gained shareholder approval at its 21 March 2025 EGM for new strategic initiatives, including a leasehold land acquisition in Dutamas and a capital reduction exercise, signalling a sharpened focus on growth in the hospitality and property sectors.

Pilot Secures $5M Funding

Sydney, April 16: Pilot Energy Ltd (ASX:PGY) has secured $5 million in firm commitments through an oversubscribed two-tranche placement to sophisticated, professional, and institutional investors at $0.010 per share — a 100 per cent premium to its last traded price. The raise supports key corporate activity, including progressing the Korean consortium deal, general corporate initiatives, and operational costs for the Cliff Head Oil Project.
Chairman Greg Columbus said the raise demonstrates confidence in the company’s portfolio and potential, particularly amid a difficult share market. He added that recent progress includes board renewal, a deferred payment agreement with Triangle Energy, and a resource upgrade in WA-481-P to 1.1 Tcf of gas.
Combined with existing working capital and convertible notes, Pilot now has access to $6.7 million, with the bulk allocated to Cliff Head operations (67.2 per cent) and corporate costs (28.4 per cent). Directors will contribute $455,000, pending shareholder approval at the 4 June 2025 EGM.
Tranche One shares will settle on 23 April, and Tranche Two on 5 June, following shareholder approval. Attaching options (ASX:PGYOA) with a $0.033 strike price will be issued on a 1-for-1 basis, also subject to approval.
A cleansing prospectus was released alongside the announcement, disclosing a non-binding, indicative proposal from a BBB+ rated foreign state-owned enterprise to acquire a minority stake in the Cliff Head Carbon Storage Project. While well advanced, there is no certainty it will proceed.

Kelly Yu Debuts AI Music Video

Sydney, April 16: Pop star Kelly Yu has released the world’s first fully AI-generated anime music video for her new single “Werewolf”, in collaboration with global AI company CreateAI.
The project marks a groundbreaking moment in digital entertainment, combining human creativity with generative AI to produce a visually rich, emotionally layered music video—without the need for traditional filming.
Using CreateAI’s model, human-drawn keyframes were enhanced with AI to generate a seamless three-and-a-half-minute video featuring castles, forests, and romantic dance sequences.
The AI-assisted process cut production time by nearly 50 per cent and slashed development costs, offering a glimpse into the future of music video creation.
The video is now available to stream online and is being considered for award selection at the Beijing International Film Festival.

SYSPRO Names New CRO

Sydney, April 17: SYSPRO has appointed Leanne Taylor as its new Chief Revenue Officer to accelerate global growth and digital transformation. Taylor brings extensive leadership experience from roles at Cloud Software Group, Citrix, and SAP. Her appointment aligns with SYSPRO’s post-acquisition strategy under Advent International, which includes expanding into markets like the US and UK. Taylor will oversee global revenue strategy and partner ecosystem development.

Advancecon Appoints New CFO

Advancecon Holdings Berhad has appointed Madam Alicia Chin Mei Yoke as its new Chief Financial Officer, following the resignation of Mr. Tan Chee Keong. Alicia brings over 25 years of financial leadership experience, primarily in the global oil and gas sector, including key roles at General Electric and Baker Hughes. Her appointment aligns with Advancecon’s strategic goals as it expands its infrastructure and renewable energy portfolios while strengthening governance and financial performance.