Coastal group acquires 80% and 20% in Elite Point’s equity interest

COASTAL Contracts Bhd’s wholly-owned subsidiary, Coastal Drilling Pte Ltd, and its strategic business partner JUB Pacific Pte Ltd has acquired 80% and 20% equity interest in Elite Point Pte Ltd respectively. Elite Point would be acquiring the liftboat Teras Conquest 7 (TC7), which was built in 2015 at a renowned yard in South-East Asia. The TC7 charter is expected to commence after the acquisition is completed. Currently, it has just completed its first dry docking and Special Periodical Survey. The length of the charter is 20 months and its contract is worth RM67.3 million. The acquisition marks Coastal group’s venture into the liftboat charter market, the company said in a filing to the stock exchange yesterday.

SP Setia appoints new CEO and COO

SP SETIA Bhd president and CEO Datuk Khor Chap Jen, and deputy president and COO Datuk Wong Tuck Wai will be retiring from their duties effective Oct 1, 2021. In a filing to Bursa Malaysia yesterday, SP Setia announced Datuk Choong Kai Wai’s appointment as president and CEO effective Oct 1. Choong has more than 30 years of experience in the property and construction industry ranging from technical to business leadership roles. He joined the group in May 2010 as the CEO of Setia (Melbourne) Development Co Pte Ltd.

Metronic invests RM8m in R&D for Covid-19 test kit

METRONIC Global Bhd through its subsidiary, Metronic Medicare Sdn Bhd, inked a joint research and development (R&D) agreement with Joysbio (Tianjin) Biotechnology Co Ltd for the research programme of Covid-19 Neutralising Antibody Test Kit. In a filing to Bursa Malaysia yesterday, the company noted that the test kit analyses a patient’s level of immunity against future Covid-19 infection after the patient is vaccinated. Metronic plans to invest a maximum of US$2 million (RM8 million), of which US$1 million will be the initial payment for the start-up fund.

TCS bags 2 construction contracts worth RM108.9m

TCS Group Holdings Bhd’s wholly-owned subsidiary, TCS Construction Sdn Bhd (TCSCSB), secured RM92.72 million from Tropicana Temokin Sdn Bhd, a joint-venture company, in which Tropicana Corp Bhd has a 51%-stake, for building construction and related external works for one block of 41-storey condominium comprising 271 units in Petaling Jaya, Selangor, known as the Tropicana Miyu. TCSCSB also secured a RM16.17 million contract from Top Quality Glove Sdn Bhd, a wholly-owned subsidiary of Top Glove Corp Bhd, for the construction of two blocks of workers’ hostel and one block of office building in Kuala Langat, Selangor. — Bernama