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PRICEWORTH IS GIVEN EXTENSION ON PAYMENT FOR FMU5 ACQUISITION

POSTED ON March 21st  - POSTED IN Press Release

PRICEWORTH IS GIVEN EXTENSION ON PAYMENT FOR FMU5 ACQUISITION

 

KOTA KINABALU, 21 MARCH 2019: PRICEWORTH International Bhd has secured a two-month extension to make the first part-payment for its acquisition of Forest Management Unit 5 (FMU5).

 

The sustainable forest management group will have until 21 May 2019 to make the first part payment of RM40 million for its acquisition of FMU5, a 88,920 ha forest management concession in Sabah.

 

Priceworth said today in an announcement to Bursa Malaysia that vendor Transkripsi Pintar Sdn Bhd granted a final extension in respect of the October 2016 sale and purchase agreement. It also said it has agreed to pay the vendor interest at 6 percent a year on the part-payment.

 

“We appreciate the vendor’s continuing understanding and patience, and for agreeing to the extension,” said executive director Richard Koo.

 

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About Priceworth International Berhad:

 

Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah.  Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.

 

Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.

 

PRICEWORTH TO RESTART PLYWOOD MILL WITH LOG RETURN

POSTED ON March 14th  - POSTED IN Press Release

PRICEWORTH TO RESTART PLYWOOD MILL WITH LOG RETURN

 

KOTA KINABALU, 14 MARCH 2019: PRICEWORTH International Bhd (Priceworth) expects to restart operations at its plywood mill in Sandakan soon, having secured the return of about 11,000 cubic metres of logs from the Sabah Forestry Department (SFD).

“We will be able to restart operations at Sinora’s plywood mill in Sandakan with the return of these logs, while we continue working on the completion of our
acquisition of FMU5,” said Priceworth executive director Richard Koo.
 
The timber and forest plantation group said it has agreed to pay the royalty, premium, conservation fee and related costs for a total of 11,098.78 cubic metres of logs.

“We would like to take this opportunity to thank the Sabah State Government and the Sabah Forestry Department for allowing us to pay by 11 instalments in 2 months from the date of their letter dated yesterday,” said Priceworth executive director Richard Koo.
 
“Meanwhile, we will continue to engage with the Sabah Forestry Department on resuming harvesting operations at FMU 5,” added Koo.
 
“With the resumption of harvesting, we would be able to focus on supporting the state government’s policy of encouraging more high-value downstream industries,” he said.
 
Priceworth is working on expanding its downstream operations with a new line for the production of container flooring. A sustainable supply of raw material is one of the most pressing issues preventing downstream timber players in Sabah from contributing higher value-added products to the state’s exports.

Priceworth halted harvesting operations in July 2018 following inspections by the Sabah state government’s Special Task Force.

 

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 About Priceworth International Berhad:

 

Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah.  Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.

 

Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.

 

DAMANSARA REALTY WINS COURT BATTLE OVER INTEREST AWARD

POSTED ON March 13th  - POSTED IN Press Release

DAMANSARA REALTY WINS COURT BATTLE OVER INTEREST AWARD

 

KUALA LUMPUR, 13 March 2019: The Federal Court today has decided in favour of Damansara Realty Berhad (DBhd) against Bungsar Hill Holdings Sdn Bhd’s (BHH) appeal for DBhd to pay interest to BHH amounting to approximately RM8 million.

 

The land which belongs to BHH was leased to DBhd and a compulsory acquisition of the land was carried out by the government in 2000 for the construction of the SPRINT Expressway. The dispute for compensation sum, between DBhd and BHH, originally started in 2001 and was concluded in BHH’s favour in 2013. Upon conclusion of the case, BHH had further claimed for DBhd to pay interest on the land acquisition compensation sum.

 

The Federal Court, in delivering their judgment, found that only late payment charges are recognized under the Land Acquisition Act 1960 (LAA) and imposition of interest is not in tandem with the spirit and intention of the LAA.

 

“We are extremely pleased with this decision and we can now focus in building our organic growth through our core businesses” said DBhd’s Group Managing Director, Ts. Brian Iskandar Zulkarim.

 

DBhd posted its second straight year of profit predominantly through its Integrated Facilities Management segment and aims to expand its Project Management & Consultancy and its Property & Land Development segments by leveraging on each other’s strengths on specialised development projects such as hospital planning, development and construction.

 

*Ts. stands for the title of ‘Certified Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).

 

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PROTASCO MAKES PROVISION FOR IMPAIRMENTS, POSTS OPERATIONAL PROFIT IN FY2018

POSTED ON February 27th  - POSTED IN Press Release

PROTASCO MAKES PROVISION FOR IMPAIRMENTS, POSTS OPERATIONAL PROFIT IN FY2018

 

KAJANG, 27 FEBRUARY 2019: PROTASCO Bhd posted an operational profit of RM27.4 million for the year ended 31 Dec 2018, which after making several one-off provisions in the fourth quarter, has resulted in a full year net loss of RM37.03 million.

 

The group made provisions totalling RM41.6 million including RM23.1 million for cost overruns in certain completed projects. This resulted in a pre-tax loss of RM23.8 million, compared to a profit of RM70.3 million in 2017, said the engineering, maintenance and construction group in its announcement to Bursa Malaysia.

 

“We decided it would be prudent to take the necessary measures and took the initiative to make provisions and impairments for our construction portfolio assets to remove potential overhang,” said Dato’ Sri Ir Chong Ket Pen, Executive Vice Chairman and Group Managing Director.

 

“We do expect to be able to recover a substantial portion of these provisions in the future,” he added.

 

“Protasco continues to generate operational profit despite the current tougher operating environment,” he said. “Further, with the right sizing exercise, which started in the third quarter of 2018, Protasco is expected to yield positive results in 2019.”

 

The group’s operational performance was driven mainly by two segments – its Maintenance segment which saw a pre-tax profit of RM39.4 million in 2018, against RM56.5 million in 2017, and its Trading segment which posted a pre-tax profit of RM3.4 million in 2018, against RM3.9 million in 2017.

 

The group’s Engineering segment also remained profitable, posting a lower profit of RM3.8 million against RM13.7 million in 2017 which included a one-off contribution from the Pan Borneo highway project.

 

“We expect the Maintenance segment to remain as the group’s main revenue contributor, and we continue to pursue other opportunities in the maintenance and construction segments. Barring unforeseen circumstances, Protasco is expected to return to profitability in 2019,” Chong said.

 

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About Protasco Berhad

Protasco Berhad is the country’s leading expert in Road Construction and Maintenance as well as in Engineering Services & Consultancy. Listed on Bursa Malaysia on 8 August 2003, Protasco Berhad is also involved in Property Development & Construction, Education & Training and Trading of Construction Materials. Protasco Berhad strongly believes balanced development and growth would propel the organisation forward. Protasco Berhad seeks to engineer appropriate infrastructure solutions, which contributes towards a better quality of life. With extensive international alliances, Protasco has the capability to harness technology and knowledge guided by a set of core values inherent in Protasco. In April 2016, Protasco Berhad was ranked among the top five by RHB Research in its annual listing of Top Malaysia Small Cap Companies.  

 

DAMANSARA REALTY EYEING FUTURE DEVELOPMENT OPPORTUNITIES

POSTED ON February 26th  - POSTED IN Press Release

DAMANSARA REALTY EYEING FUTURE DEVELOPMENT OPPORTUNITIES

AFTER ENDING PRECINCT 5 PPA1M PROJECT

 

KUALA LUMPUR, 26 February 2019: Damansara Realty Berhad (DBhd) has announced the termination of the Development Agreement (DA) with Perbadanan Putrajaya (PJC) for affordable civil servant housing project (PPA1M) and related commercial components in Putrajaya.

 

In a filing with Bursa Malaysia today, DBhd said PJC had decided to terminate the DA with its subsidiary Damansara Realty (Johor) Sdn Bhd (DRJ) on the basis of national and public interests, in line with the government’s aspiration to unify the development of affordable homes under Ministry of Housing and Local Government (KPKT).

 

“DBhd respects this decision by PJC and remains optimistic in our plans regarding any development or collaboration with both government and private entities. We support the Government’s direction in the importance of promoting strategic operational cohesion at the national level,” said DBhd Group Managing Director, Ts. Brian Iskandar Zulkarim.

 

“Other than the costs incurred since we started the project, which is claimable, the decision would not have any significant impact on the group’s earnings or net assets per share,” added Ts. Brian.

 

The Federal Government recently formed a National Affordable Housing Council, grouping five public housing agencies together, including PPA1M which oversees affordable housing for civil servants.

 

Meanwhile, DBhd is turning its focus on specialised development projects such as hospital planning, development and construction, combining the strategic strengths of its property development and project management and consultancy (PMC) segments.

 

“We’ve achieved a second straight year of profit and ensured our core businesses continue to yield stable recurring income,” said Ts. Brian.

 

DBhd is continuing to streamline its stable of businesses as it focuses on expanding in higher margin and higher growth businesses.

 

*Ts. stands for the title of ‘Certified Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).

 

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MALAYSIA’S NATIONAL INTER-SCHOOL AND YOUTH MUAY THAI CHAMPIONSHIP 2019

POSTED ON February 22nd  - POSTED IN Press Release

Malaysia’s National Inter-School and Youth Muay Thai Championship 2019

 

Martial arts enthusiasts, head over to the South City Plaza, Seri Kembangan to catch the Malaysia’s National Inter-School and Youth Muay Thai Championship 2019 happening from 22 to 24 Feb, 10am to 6pm at the mall’s concourse area.

 

Organised by the Malaysia Muaythai Association affiliated with the Ministry of Youth and Sports (KBS), the event aims to promote Muay Thai as a form of self-defence but also to help youths build up confidence and self-esteem, develop discipline and encourage an all-round fit and healthy lifestyle.

 

Come watch over 300 students and youths from all around Malaysia, aged between 8 to 21, battle it out and vie for cash prizes of up RM3,000 and the title of the National “Best Boxer” this weekend.

 

For more details , visit https://muaythaimalaysia.rsportz.com/

  

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PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION

POSTED ON February 21st  - POSTED IN Press Release

PRICEWORTH GETS EXTENSION FOR FMU5 ACQUISITION

 

KOTA KINABALU, 21 FEB 2019: PRICEWORTH International Bhd has obtained an extension to 21 April 2019 to make the first part-payment of RM40 million for its acquisition of Forest Management Unit 5 (FMU5).

 

The sustainable forest management group today signed a supplemental letter to extend the date with vendor Transkripsi Pintar Sdn Bhd in respect of the October 2016 sale and purchase agreement to buy FMU5, a 88,920 ha forest management concession in Sabah.

 

“We appreciate the vendor’s understanding and patience, and for extending the deadline. We are also hopeful that the authorities will give their approval to resume operations soon,” said executive director Richard Koo.

 

Priceworth is acquiring FMU5 through its Singapore subsidiary GSR Pte Ltd, which will also be acquiring sister company Sinora Sdn Bhd, Priceworth’s plywood manufacturing arm. Priceworth also plans to list GSR on the Singapore Exchange (SGX).

 

For more details, please refer to the company’s announcement to Bursa Malaysia at http://www.bursamalaysia.com/market/listed-companies/company-announcements/

 

-ENDS-

 

About Priceworth International Berhad:

 

Priceworth International Berhad (previously known as Priceworth Wood Products Berhad) is an investment holding company based in Sandakan, Sabah.  Incorporated since 1992 and listed on Bursa Malaysia in 2001, its subsidiaries’ primary businesses include manufacturing and trading of processed wood products, timber extraction and wood processing services.

 

Priceworth International Berhad as a fully integrated timber company moved into sustainable forest management since 2009 and continues its transformation into a supplier of sustainable, renewable timber.

 

EOS SYSTEMS APPOINTED OFFICIAL WECHAT PAY (MYR) MERCHANT ACQUIRER PARTNER BY HONG LEONG BANK

POSTED ON February 20th  - POSTED IN Press Release

EOS_Photo1_20190220-712926

EOS_Photo2_20190220-714925

Photo 1 : From left to right: Leong Khai Ric, Chief Executive Officer of EOS Systems; Charles Sik, Managing Director of Personal Financial Services of Hong Leong Bank; Albert Tho, Head of E-Commerce & Project Management of Hong Leong Bank and Benjamin Lim, Business Development Director of EOS Systems

Photo 2 : From left to right: Charles Sik, Managing Director of Personal Financial Services, Hong Leong Bank and Leong Khai Ric, Chief Executive Officer of EOS Systems.


 

EOS SYSTEMS APPOINTED OFFICIAL WECHAT PAY (MYR) MERCHANT ACQUIRER PARTNER BY HONG LEONG BANK

 

KUALA LUMPUR , 20 February 2019 – EOS Systems Sdn Bhd (EOS Systems) recently became the first official merchant acquirer appointed by Hong Leong Bank Berhad (HLB) for WeChat Pay, a cashless payment system for online and in-store transactions within China’s top messaging app, WeChat.

 

EOS Systems also provides both online and offline WeChat marketing services and solutions that help transform the way Malaysian companies market themselves through their WeChat Official Accounts (OA) to both local and international consumers.

 

“As the first WeChat Pay merchant acquirer for Hong Leong Bank in Malaysia, EOS Systems is now in a unique position in supporting the HLB’s digital aspirations by delivering marketing services and digital solutions to help grow local businesses at an accessible cost,” said Leong Khai Ric, Chief Executive Officer of EOS Systems, an IT and marketing services company.

 

“As demand continues to grow for cashless transactions, so will the number of retail transactions passing through this platform. We believe that strong presence on WeChat gives local retailers a cost-effective method of having greater exposure to a wider market. Enabling WeChat pay allows them to capture this potential,” he added.

 

Usage of both RMB Cross-Border payments which mainly cater to tourists from China as well as for local WeChat Pay (MYR) transactions are on the upwards trend, spurred by the ease of use, availability of RM WeChat Wallet and WeChat popularity among younger consumers.

 

In Malaysia, there are more than 20 million active users, of whom more than 85 percent are aged between 18 and 35.

Malaysia is the first country outside of China and Hong Kong where WeChat Pay users could use local currency for payment, and HLB’s customers were the first users outside of those jurisdictions to be able to link their debit cards to the e-wallet for local transactions.

 

EOS Systems provides all-in-one payment terminals and systems to merchants for online and retail outlet transactions. It also provides marketing services to help merchants who are tapping on the huge pool of WeChat users in Malaysia through a one-stop platform for marketing, promotions and loyalty programmes.

 

EOS Systems provides back-end services from the creation of merchants’ OAs, to OA customisation and the development of “mini-programmes”, enabling merchants with an effective centralised customer engagement platform. OAs operate as merchants’ and brands’ official presence on WeChat and are used to interact with consumers.

 

By partnering with Hong Leong Bank, as a leader in the digital banking space and pioneer in the WeChat Acquiring business in Malaysia, EOS System is in an advantageous position to further enhance cashless payment initiatives within the local retail industry.

For more information, visit EOS Systems at https://eos-systems.net/

 

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SECOND STRAIGHT YEAR OF PROFIT FOR DAMANSARA REALTY

POSTED ON February 20th  - POSTED IN Press Release

SECOND STRAIGHT YEAR OF PROFIT FOR DAMANSARA REALTY

 

KUALA LUMPUR, 20 February 2019: Damansara Realty Berhad (DBhd or the Group) posted a 9.4 percent jump in net profit to RM19.5 million for the year ended 31 December 2018, driven largely by strong organic growth in its Integrated Facilities Management (IFM) segment.

 

DBhd’s revenue for the year jumped 21.9 percent to RM304.13 million from RM249.48 million in the previous year. Its pre-tax profit rose 32.9 percent to RM25.41 million and operating profit rising 29 percent to RM26.67 million.

 

After adjusting for a one-off expenses incurred for corporate exercises last year, its operational profit jumped more than 300 percent to RM20.67 million in 2018, against RM6.57 million in 2017. DBhd reported non-recurring other income of RM27.21 million in 2017, largely arising from its Johor property development projects, compared to RM5.99 million in 2018.

 

“The strong rise in our recurring income is an attestation of our own ability to generate better quality earnings built on healthy organic growth, as we continue to shift our business focus to high-growth markets and higher-margin projects,” said DBhd’s Group Managing Director, Ts. Brian Iskandar Zulkarim.

 

“Having a range of recurring income streams have buffered the impact of the soft property market, with IFM being the main driver of sustainable profit and organic growth,” he added.

 

“Moving forward, we will be focusing on expanding our IFM capabilities in technology and innovation, to enable our customers to improve efficiency, productivity and automation while managing rising manpower costs,” said Ts. Brian.

 

DBhd has been systematically streamlining its operations to optimise resources and capital to generate better margins and returns, exiting niche markets and low margin operations. At the same time, it is expanding its Project Management & Consultancy (PMC) segment by pairing it with the Property & Land Development (PLD) segment to target specialised projects such as hospital and medical centre development.

 

“Combining strengths with PLD to expand our consultancy services beyond the healthcare sector and broaden our specialty in the areas of construction and hospital management will diversify income streams as well as support the Group’s property projects,” he added.

 

For the fourth Individual quarter ended 31 December 2018, DBhd saw a net profit of RM14.88 million on revenue of RM82.3 million.

 

*Ts. stands for the title of ‘Certified Professional Technologist’ awarded by the Malaysia Board of Technologists (MBOT).

 

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HONG LEONG BANK CHINESE NEW YEAR 2019 CAMPAIGN (Mandarin Version)

POSTED ON January 31st  - POSTED IN Press Release

HL CNY

Photo Caption: 

Photo 1 : 豐隆银行个人金融服务部董事经理石万锦(Charles Sik)(左)以及

豐隆银行集团董事经理兼首席执行员Domenic Fuda(右)

 

Hong Leong Bank CNY campaign video link : https://www.youtube.com/watch?v=2lxYDEfHdcU&t=27s

 

豐隆银行今年新春将送出

超过1800万令吉的奖品奖金给消费者

豐隆银行一年之计在于春农历新年特备活动推出各种互动环节及促销优惠

鼓励马来西亚人为建立强大的经济基础迈出第一步

 

(吉隆坡131 日讯)一元复始,万象更新!虽然在新春佳节办年货、换新装是一种惯例,但是在新年伊始,储蓄也是传统习俗。有鉴于此,豐隆银行隆重推出新春特备活动一年之计在于春(Good Things Begin in Spring)并送出超过1800万令吉的奖品奖金给消费者,特别是给予那些为建立强大经济基础而迈出第一步的人,以便他们在未来能够实现自己的梦想。

 

豐隆银行集团董事经理兼首席执行员Domenic Fuda指出,这项活动不只是符合华人传统文化,那就是一年之计在于春,同时也符合豐隆银行的长期宣传活动——”为梦想播种”(Seeding Dreams),即鼓励人们尤其是年轻人培养储蓄习惯,及早理财,建立强大的经济基础 。

 

“农历新年不只是一个佳节庆典。它是人们为梦想播种的大好时机,尤其是为他们个人和挚爱建立一个稳固的经济基础。事实上,在立春存钱也是马来西亚人的习惯。我们希望透过这个传统习俗来鼓励马来西亚人在这个新春佳节开始为梦想播种,善用我们的金融产品和服务以及诱人的促销和超过1800万令吉的奖品奖金。”

 

为了生动地传达这个讯息,豐隆银行也推出一部温馨贺岁微电影《还债》(Pay Back Time)。影片讲述一位母亲要求女儿在上班之后必须给家用 。但是,女儿并不知道原来母亲悄悄地把这笔钱存在银行帮她储蓄,为她的未来打造稳健的经济基础。

 

豐隆银行个人金融服务部董事经理石万锦(Charles Sik)说:”豐隆银行希望培养年轻人健康的理财习惯,鼓励他们及早为梦想做好准备。 俗语说’一年之计在于春,一日之计在于晨’。 不管你是为自己还是为挚爱储蓄,我们希望您在新年伊始就做出一个正确的选择,为建立强大的经济基础踏出第一步,因为豐隆银行在今年的农历新年推出了各种令人欣喜万分的促销活动。 ”

 

从1月22日至2月22日, 豐隆银行会配合一年之计在于春活动而推出多项消费者和企业银行促销,包括特别利率及回扣。一些主要的消费者促销包括:

 

  • 开设一个豐隆银行薪资户口/-I 。每月固定存款并享受高达RM280的现金奖励。
  • 定期存款年利率30%p.a. 。
  • 佳节期间的花费将享有奖励和现金回扣:
    • 申请并使用新的豐隆银行信用卡来购买杂货并获得高达RM188 的现金回扣
    • 使用豐隆银行信用卡或借记卡连续3天将获得8%的现金回扣

 

针对年幼的消费者,豐隆银行也推出了令人欣喜的数码互动环节:

 

  • 电子红包– 采取无现金方式轻松发红包, 每日会有8位幸运儿有机会赢取RM8,888的奖金
  • 扩增实境(AR)滤镜– 制作专属于你的新春祝福视频并转发至社交媒体,你就有机会赢取网上购物礼券
  • 豐隆银行Connect CNY BLOOM 游戏– 轻松玩游戏,赢取丰富奖品

 

欲知更多促销详情,欢迎浏览www.hlb.com.my/cny

 

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About Hong Leong Bank Berhad

For further information, please visit www.hlb.com.my or contact:

Vivian Tan

Corporate Communication & CSR

DID: +6032081 8888 Extn 61914

Email: viviantan@hlbb.hongleong.com.my

Christine Wong

Corporate Communication & CSR

DID: +6032081 8888 Extn 61923

Email: christinewongps@hlbb.hongleong.com.my