Cropmate Accounts Frozen
Kuala Lumpur, April 27: Fertiliser manufacturer Cropmate Berhad says its operations remain unaffected after bank accounts belonging to the company and its subsidiaries were temporarily frozen under Malaysia’s anti-money laundering laws.
The company was notified on April 24 that the accounts were frozen under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, following an order by the Malaysian Anti-Corruption Commission as part of an ongoing investigation.
Cropmate said its board had no indication the matter involved any misconduct by management or employees, and that it was cooperating fully with authorities while taking steps to facilitate the release of the affected accounts under Section 44A of AMLATFA.
The company said it had access to alternative banking facilities and did not expect any material financial or operational impact.
“We are committed to working constructively with the authorities and to fully supporting the ongoing process. Our business remains stable, and our customers and partners are unaffected. Operations continue as usual, supported by our existing banking arrangements, and we remain focused on delivering value to our stakeholders as this matter runs its course,” the company said.
SumiSaujana, Topsoe in Sulfuric Acid Tie-Up
Kuala Lumpur, April 27: SumiSaujana TCM Chemicals Sdn. Bhd. has signed a Memorandum of Understanding with Danish energy technology company Topsoe A/S to explore converting sulfur-containing process streams into sulfuric acid using Wet Gas Sulfuric Acid (WSA) technology across Malaysia and Indonesia.
The collaboration is structured under a Build-Own-Operate-(Transfer) model, where SumiSaujana will lead project development, permitting, financing, engineering and operations, while Topsoe provides technical expertise and acts as technology licensor for its proprietary WSA technology.
Both companies have identified potential opportunities in refineries and gas processing facilities across both countries, with the initiative aimed at turning sulfur-containing streams into commercially valuable products while improving resource efficiency and environmental performance.
“This collaboration with Topsoe represents an important step in advancing SumiSaujana’s capabilities beyond specialty chemicals manufacturing into integrated technical solutions within the oil and gas value chain, “Toh Chee Seng, Executive Deputy Chairman of SumiSaujana said in a statement.
The MoU is non-binding and non-exclusive, with any project implementation subject to feasibility studies and definitive agreements. There is no assurance that any project will materialise from the collaboration.
Gold Li Holdings Launches ACE Market IPO
Kuala Lumpur, April 27: Johor-based landed residential property developer Gold Li Holdings Berhad has officially launched its prospectus for its upcoming Initial Public Offering on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO comprises 117 million new ordinary shares at RM0.13 per share, raising gross proceeds of approximately RM15.21 million, with funds allocated toward working capital for ongoing and future property development projects and listing expenses.
The group, which has completed 110 projects since its first development in 2001, plans to use the proceeds to fund four projects in Johor — Taman Permatang Pasir II, Taman Kesang Mewar, Taman Naib Kadir Suria, and Lot 3797 at Mukim Linau.
Market research cited in the prospectus showed total property transaction values in Muar, Tangkak, and Batu Pahat reached RM766.34 million, RM314.90 million, and RM881.20 million respectively in 2025, supported by Johor’s GDP growth from RM142.73 billion in 2022 to an estimated RM158.02 billion in 2024.
M&A Securities Sdn. Bhd. is the adviser, sponsor, underwriter, and placement agent for the IPO.
Aneka Jaringan Revenue Rises 13.82%
Kuala Lumpur, April 27: Basement and foundation construction specialist Aneka Jaringan Holdings Berhad posted revenue of RM76.22 million for the second quarter ended 28 February 2026, a 13.82% increase from RM66.96 million in the corresponding quarter last year, driven by ongoing progress across its construction projects.
Gross profit for the quarter came in at RM5.17 million compared to RM6.15 million previously, with profit after tax at RM0.86 million versus RM1.12 million, reflecting margin adjustments from project mix and cost pressures.
For the six months ended 28 February 2026, the group recorded cumulative revenue of RM158.64 million, up 8.34% from RM146.43 million in the corresponding period last year, although profit after tax declined to RM2.03 million from RM3.45 million due to lower gross margins and higher cost absorption.
Managing Director Pang Tse Fui commented, “Our performance for the first half of FY2026 reflects steady progress across our project portfolio, supported by ongoing execution activities. We remain focused on operational discipline, cost management, and ensuring consistent delivery across all project sites.”
As at 28 February 2026, the group held shareholders’ funds of RM97.31 million, cash and short-term deposits of RM22.62 million, and a total secured contract value of RM194.09 million, providing visibility for the remainder of the financial year.
Media & PR: editor@dailystraits.com. Copyright 2021–Present DailyStraits.com. All rights reserved.