Kuala Lumpur News

SCIB Cancels MIDF Facility

Datuk Chong Loong Men, Executive Chairman of SCIB
Datuk Chong Loong Men, Executive Chairman of SCIB

Perth, Feb 3: Sarawak Consolidated Industries Berhad (SCIB) says its indirect wholly-owned unit, SCIB Concrete Manufacturing Sdn. Bhd. (SCM), has issued a Notice of Cancellation to Malaysian Industrial Development Finance Berhad (MIDF) for Term Financing-i facilities of up to RM49 million previously approved under the Soft Financing Scheme for Automation and Modernisation.
The company said the cancellation is linked to its proposed disposal of its entire equity interest in SCM to YTL Cement (Sarawak) Sdn. Bhd., which SCIB previously announced on 2 October 2025 and 18 November 2025. MIDF has confirmed the cancellation is effective from 29 January 2026, and SCIB said no drawdown or utilisation had been made under the facilities as of 3 February 2026.
Datuk Chong Loong Men, Executive Chairman of SCIB, commented, “The divestment of our manufacturing arm will significantly strengthen SCIB’s financial position and reduced our reliance on external financing. As a result, the Facilities are no longer necessary. This decision reflects our continued focus on prudent financial management and capital efficiency.”
SCIB said the cancellation will not have any material impact on gearing, earnings per share, net assets, or shareholding structure for the financial year ended 31 December 2025, adding there are no outstanding obligations to MIDF and no related legal or financial risks.

Propel Signs MOU

Perth, Feb 3: Propel Global Berhad has signed an MoU (31 January 2026) with Sabah Energy Corporation Sdn. Bhd. and Reservoir Link Energy Bhd to explore a modular LNG gas-to-power project in Sabah, aimed at improving grid stability and supporting industrial growth.
Propel Global and Reservoir Link will undertake feasibility and impact studies, with land matters supported by SEC. The project is proposed under a zero-CAPEX structure borne by Reservoir Link, with detailed terms to be finalised in a subsequent JV agreement.
Angeline Lee, Executive Director / Group Chief Executive Officer of Propel Global said, “This partnership reflects our commitment to enabling cleaner and more reliable energy solutions for Sabah. By integrating LNG regasification with modular generation technology, we aim to support Sabah’s energy transition efforts to achieve cost savings and carbon emission reduction, while contributing to the State’s long-term industrial and economic development. Equally important, we are focused on responsible delivery with strong governance and robust environmental and social safeguards to ensure sustainable benefits for Sabah’s communities and industry.”
Thien Chiet Chai, Executive Deputy Chairman of Reservoir Link said, “Reservoir Link is honoured to collaborate with SEC and Propel Global on this strategic IG2P initiative. Having the opportunity to work alongside reputable partners, we are immensely excited to announce this strategic collaboration which marks an exciting step forward for Sabah’s energy transitions. By aligning our core expertise and leveraging on the respective resources of our partners, we aim to deliver a comprehensive solution that will strengthen the state’s energy resilience and create lasting value for both the industry as well as benefitting the local communities. We remain fully committed towards driving disciplined execution throughout this journey and we look forwards towards delivering more sustainable solutions as part of our efforts to support energy infrastructure.”

Kee Ming IPO Surges

Kuala Lumpur, Feb 4: Kee Ming Group Berhad, a mechanical and electrical (M&E) engineering solutions provider, said the public portion of its IPO was oversubscribed 54.16 times ahead of its ACE Market listing on Bursa Malaysia scheduled for 12 Feb 2026.
The IPO involves 82.88 million shares, comprising a public issue of 66.63 million new shares and an offer for sale of 16.25 million existing shares. The public issue allocation includes 16.25 million shares for the Malaysian public, 8.13 million shares for eligible persons, 1.63 million shares via private placement to selected investors, and 40.63 million shares via private placement to identified Bumiputera investors approved by MITI. The offer for sale consists of 16.25 million existing shares via private placement to selected investors.
Kee Ming said it received 9,573 applications for 896.38 million shares from the Malaysian public. The Bumiputera portion drew 4,540 applications for 228.34 million shares (27.10 times oversubscribed), while the other Malaysian public portion drew 5,033 applications for 668.04 million shares (81.22 times oversubscribed).
Commenting on the strong response, Ir. Liew Kar Hoe, Non-Independent Executive Director and Managing Director of Kee Ming, said, “We are encouraged by the positive response from investors, which reflects their confidence in Kee Ming’s technical capabilities, project execution track record, and long-term growth strategy. This support reinforces our commitment to strengthening our M&E engineering capabilities and positioning the Group for the next phase of growth following our listing.”
TA Securities Holdings Berhad is the Principal Adviser, Sponsor, Sole Placement Agent and Sole Underwriter, while Eco Asia Capital Advisory Sdn Bhd is the Financial Adviser.

Book Early: redBus

Kuala Lumpur, Feb 5: redBus is urging travellers to book early ahead of Chinese New Year and Hari Raya Aidilfitri 2026, citing a sharp festive-season surge in intercity bus demand that can outstrip available seat inventory.
Based on past booking data, redBus says ticket demand typically rises about 40% during CNY and around 60% during Hari Raya Aidilfitri versus regular travel days, with some travellers missing out when services sell out. Early booking activity is already strong, with the earliest CNY 2026 booking recorded on 16 October 2025 and Hari Raya Aidilfitri 2026 bookings starting from 29 November 2025.
The platform reports more than 30% higher bookings on certain routes compared with the same period last year, including CNY travel corridors such as Singapore–Kuala Lumpur and Johor Bahru routes, as well as Hari Raya routes heading towards Kota Bharu and Kuala Terengganu. RedBus says partner operators are increasing bus frequency on key routes to improve flexibility, supported by demand analysis across peak seasons.
“Festive travel periods are consistently among the busiest times of the year. Planning ahead and booking early remains the best way for travellers to secure their preferred routes and travel dates,” said Krishnan Ramaswami, Chief Business Officer of redBus. “redBus continues to offer flexible, reliable, and convenient travel options for Malaysians returning home or travelling across states this festive season.”

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