Mohd Suhaimi Abdul Hamid has been named as the new CEO of Standard Chartered Saadiq Malaysia Bhd (Saadiq) effective Mar 16, 2019. He succeeded Mohammad Ali Allawala who returns to Standard Chartered Saadiq’s global office in the UAE as Head for Islamic Retail Banking, the multinational banking group noted in a release yesterday. Mohd Suhaimi was most recently the COO and Head of Retail Business for Saadiq and brings nearly two decades of experience in retail and corporate banking in the Islamic and conventional space. He has worked in various capacities with Maybank Islamic Bhd, OCBC Bank (M) Bhd, Alliance Islamic Bank Bhd, AmBank (M) Bhd and MBf Finance Bhd.

 

Malakoff Corp Bhd has appointed international arbitration lawyers in Paris and Kuala Lumpur to advise and take the necessary steps to defend its position and challenge Algerian Energy Company SPA’s (AEC) claims in relation to the Souk Tleta Seawater Desalination Plant in Tlemcen, Algeria. The independent power producer, in an exchange filing yesterday, noted it will possibly make counterclaim against AEC. AEC had filed a request for arbitration at the International Chamber of Commerce International Court of Arbitration (ICC) in Paris, France, against Tlemcen Desalination Investment Company SAS (TDIC), Hyflux Ltd and Malakoff in relation to the water purchase agreement dated Dec 9, 2007 (WPA), framework agreement of December 2007 (FA), joint venture agreement dated Mar 28, 2007 and dispute resolution protocol dated Dec 9, 2007.  The claimant has alleged, among others, that the respondents are liable for breaches and negligence in the design, operation and maintenance of the plant; and wrongly objected to the termination of the WPA, transfer of shares to AEC and carrying out of technical audit under the FA. Malakoff does not expect the arbitration request is have any operational impact to the group. . 

 

Selangor Dredging Bhd’s (SDB) unit Fortress Minerals Ltd has obtained approval from Singapore Exchange Securities Trading Ltd (SGX) to listing on Catalist Board on Mar 27, 2019. In an exchange filing yesterday, the property developer noted proceeds from the initial public offering (IPO) will be used to further develop the Bukit Besi Mine in Terengganu including continuing and future exploration and geology work, as well as expansion of iron ore processing capacities. The proceeds raised will be used for general working capital purposes, including acquisition, joint venture and/or development of new mines, whether in Malaysia or elsewhere.

 

Lotte Chemical Titan Holding Bhd has denied involvement in the pollution of the Sungai Kim Kim incident. The multinational group refuted rumour its plants in Pasir Gudang will or has been shut down for estimated two weeks due to the pollution of the Sungai Kim Kim. “All plants in Pasir Gudang and Tanjung Langsat are operating under normal conditions and the company is conducting business as usual,” it noted in an exchange filing yesterday. The company added it is considering all appropriate action including legal means against any party that initiates, disseminates or circulates baseless allegations or rumours about it.

 

US-based Saturna Capital Corp’s wholly-owned subsidiary, Saturna Sdn Bhd, has appointed Shahariah Shaharudin as its new president. She replaced Monem Salam who has returned to Saturna’s US office. Shahariah has over 30 years of experience in commercial banking, fund management, and stockbroking, and previously worked as the CEO on ED of Kenanga Islamic Investors Bhd, the fund manager noted in a release yesterday. 

 

Econpile Holdings Bhd has secured a RM44.7 million contract from MMC Gamuda KVMRT (UGW) joint venture to undertake works for the Hospital Kuala Lumpur Station of the Klang Valley Mass Rapid Transit 2 (KVMRT2): Sungai Buloh-Serdang-Putrajaya line project. The contract entails design, construction and completion of testing and commissioning of the reinforced concrete box tunnel as well as associated works for the Hospital KL station. The project is expected to take 25 months from commencement. This new contract win is Econpile’s second undertaking for an underground station for KVMRT2 project after undertaking piling works for the Kampung Baru North station. Econpile has now secured RM620.2 million in new contract year-to-date and its current orderbook stands at RM1 billion comprises a healthy mix of property development and public infrastructure projects, the company noted in a release yesterday.

 

WOTSO Workspace has opened its first coworking space in Malaysia in a joint venture between UEM Sunrise Bhd and BlackWall Ltd. In a statement yesterday, the workspace provider from Australia noted the 14,000 sq ft hub space at Mercu Summer Suites will be able to accommodate 220 members. UEM Sunrise’ chief marketing officer Kenny Wong said the coworking concept is new in Malaysia and has unlimited growth potential. 

 

LFE Corp Bhd’s wholly-owned subsidiary, LFE Engineering Sdn Bhd, has bagged a contract worth RM16.24 million from MME Realty & Management Sdn Bhd to construct and complete a mixed residential development project known as Taman Kemang Tiruk on 121 parcels of land in Kuala Terengganu, Terengganu. The contract is for a period of 36 months commencing Mar 20, 2019, LFE noted in an exchange filing yesterday.  

 

KKB Engineering Bhd has secured three jobs, including two contracts from Petronas Dagangan Bhd (PetDag) and one purchase order from Laras Jaya Engineering Sdn Bhd, worth a total RM30.8 million. The contract from PetDag is for the making and refurbishment of LPG cylinders and supply of LPG compact valves. The second contract from PetDag was received by KKB’s associate company, Edisi Optima Sdn Bhd, for the requalification and repainting of LPG cylinders. Both PetDag’s contracts are effective from Mar 15, 2019 and shall be valid for a period of three years, unless terminated earlier. There is also an option to extend the contract period for a further period up to two years, KKB noted in its exchange filing yesterday. The third contract from Laras Jaya is for the supply of mild steel concrete lined pipes for the Sarawak water supply grid programme. This contract is to be completed within nine months

 

Berjaya Land Bhd’s (BLand) net loss for its third quarter ended Jan 31, 2019 (3Q) widened to RM13.75 million as against RM8.98 million net loss a year ago due to lower profit from operations. Sports Toto Malaysia Sdn Bhd reported higher prize payout in the current quarter on lower revenue, in addition to the lower share of profit from associated companies, mainly from Berjaya Kyoto Development (S) Pte Ltd due to lower registered sales of residences. Revenue dropped 5.77% year-on-year (YoY) to RM1.47 billion due to the marginal drop in gaming revenue reported by Sports Toto and lower revenue from H.R. Owen Plc due to lower sales from the used car sector. The impact was mitigated by improved sales from the new car sector, Bland stated in its exchange filing yesterday. Revenue also fell due to lower progress billings from the property development segment and from its hotels and resorts segment due to lower overall occupancy rates.