Corporate results: Sapura Energy, MGB Bhd, CIMB and Tadmax Resources

by TMR/ pic by TMR

Sapura Energy appoints Prolintas CEO Azlan Abdullah as director  
Sapura Energy Bhd has appointed Datuk Mohammad Azlan Abdullah as its new non-independent director effective today. In a filing exchange yesterday, Sapura noted Azlan is currently the CEO of Prolintas. Prior to joining Prolintas, he was the CEO of The New Straits Times Press (Malaysia) Bhd. He was involved in the pre- and post-construction of the North-South Expressways privatisation project when he was working with PLUS from 1992 to 1999.

MGB Bhd secures RM53m infrastructure project  
MGB Bhd has received a RM53 million contract for the development of a flyover in Kuala Langat, Selangor.The construction company told Bursa Malaysia yesterday the construction period will take 24 months to complete and it is scheduled to commence this month and be completed by September 2021. MGB now has an orderbook of RM1.5 billion.

CIMB allocates RM100m for renewable energy financing for SMEs
CIMB Bank Bhd has allocated RM100 million to the CIMB SME Renewable Energy Financing programme, as part of its RM15 billion SME allocation for 2019 – 2020 and its sustainability commitment. The first initiatives under this programme is to provide smaller SMEs with 100% financing to cover the cost of solar photovoltaic (PV) systems and installation on their rooftops. The financing initiative offers packages from as low as RM20,000 and up to RM1 million, in support of the government’s Net Energy Metering (NEM) scheme, whereby excess energy can be exported to the national grid, the bank stated. It also provides a practical solution to enable even the smaller and micro SMEs to purchase solar PV systems to save on their electricity bills, and contribute to planet earth’s well-being.

Tadmax to acquire 3.24 acres leasehold land for RM37m
Tadmax Resources Bhd is acquiring 3.24 acres of leasehold land in Kuala Lumpur from Syarikat Perumahan Pegawai Kerajaan Sdn Bhd for RM36.65 million. In an exchange filing yesterday, Tadmax noted the deal was priced at RM260 per square foot via closed tender submission and will be developed with two serviced apartment blocks. Tadmax stated the deal would be funded with internally generated funds and bank borrowings and be completed within six months of the sale and purchase agreement execution date. Tadmax said the proposed acquisition will allow its unit to replenish its land bank and the location offer potential growth to strengthen its property development and construction activities.