Corporate results: Securities Commission, SilTerra, JAG and Chuan Huat

SC maintains penalty on Lotte
The Securities Commission Malaysia (SC) has imposed a penalty of RM560,000 on Lotte Chemical Titan Holding Bhd (Lotte) for failing to inform them of material developments to the company prior to its listing on Bursa Malaysia on July 11, 2017. In a filing to the exchange yesterday, Lotte noted its two executive directors were fined RM441,000 each for the breach. The SC yesterday has dismiss a review application by the company and persons of interest. Lotte Chemical’s principal advisor, Maybank Investment Bank Bhd, was fined RM450,000 for failure to carry out its due diligence towards Lotte, the filing noted.
SilTerra inks exclusive technology transfer partnership with Singapore’s IGSS GaN
SilTerra Malaysia Sdn Bhd has inked a technology transfer partnership with Singapore-based IGSS GaN Pte Ltd to significantly reduce production costs with high-volume manufacturing capabilities that now includes larger wafer areas. This technology accelerator will spur the conversion of pure silicon and compound-based technologies into gallium nitride on silicon technologies (GaN-on-Si), which have been shown to favourably impact the bottom line and long-term business competitiveness of power as well as radio frequency semiconductor companies.  “SilTerra’s achievement in delivering a process that allows for reduced costs represents our partnership’s commitment to achieving the best yielding process and capacity assurance to fulfil our customers’ business expectations,” SilTerra CEO Firdaus Abdullah said in a statement Tuesday. “SilTerra looks to leading the charge in pioneering solutions for the broader semiconductor space in Malaysia,” he added. The partnership will see mass production of this powerful new technology in early 2019 and grow employment opportunities covering manufacturing process integration, and equipment engineering. SilTerra recently signed a partnership deal with China-based microelectronics producer, Beijing Yandong Microelectronics Co Ltd, to set up an eight-inch wafer fabrication plant worth RM2.9 billion in Beijing. The partnership will open up new opportunities for SilTerra to play a more active role in the emerging China market for advanced microelectronics.
JAG to buy land in Klang for RM14.4m
JAG Bhd’s subsidiary, JAG Development (Perak) Sdn Bhd, has entered into a sales and purchase agreement with Hwee Seng & Co Sdn Bhd over the purchase of a freehold parcel land  in Klang, Selangor for RM14.4 million. In an exchange filling yesterday, Jag noted the exact use of the land is yet to be determined but added it provides an opportunity for the efficient deployment of its financial resources and achieve a better earning in the long run. The acquisition is expected to be completed in second quarter of next year. 
Chuan Huat to supply building materials worth RM200m
Chuan Huat Resources Bhd’s subsidiary, Chuan Huat Industrial Marketing Sdn Bhd (CHIM), has entered a memorandum of understanding (MoU) with Akisama Construction Sdn Bhd (ACSB) and Impianika Development Sdn Bhd (IDSB) to become the main supplier of building materials for the construction of a mixed development known as Residensi Bandar Razak (RC Residences) in Kuala Lumpur. In an exchange filling yesterday, Chuan Huat noted the MoU provides ACSB to appoint CHIM as the main supplier of various building materials worth up to RM200 million over the next four years. The project has an estimated gross development value of over RM2.5 billion. The MoU also allowed IDSB and CHIM to sell and purchase, respectively, a six unit double storey shop offices for RM15.59 million.