CORP BRIEF: Sime Darby Plantation, Avarga and LBS Bina

by BERNAMA / Pic by BLOOMBERG

SDP sets up expert stakeholder human rights assessment commission

SIME Darby Plantation Bhd (SDP) has appointed Impactt Ltd as a third-party assessor to its newly established expert stakeholder human rights assessment commission, to conduct a comprehensive evaluation of SDP’s labour practices across its Malaysian operations. Impactt’s appointment, an ethical trade consultancy with speci c expertise in detecting and remediating forced labour issues in company supply chains, is in line with the International Labour Organisation’s 11 indicators of forced labour. In a filing with Bursa Malaysia yesterday, SDP said the commission shall also comprise a stakeholder consultation panel who will be providing additional views on Impactt’s assessment methodology, lending further credibility to the entire process. “The stakeholder panel is also expected to review whether or not forced labour indicators are detected within SDP’s operations, and if there are any, to determine how prevalent the issue is. “The panel will also review any proposed remediation plans recommended for implementation by Impactt, which will offer stakeholders the comfort of independent and transparent oversight,” it said. — Bernama


Avarga takes substantial stake in Straits Inter Logistics

SINGAPORE-LISTED Avarga Ltd has emerged as a substantial shareholder in oil trader and bunker operator Straits Inter Logistics Bhd. Avarga’s wholly-owned subsidiary Avarga Investment Pte Ltd yesterday acquired 78.1 million shares, representing 10% equity interest, in the Bursa Malaysia-listed company via an off-market transaction at 17.5 sen per share, Straits announced. “After the stake acquisition, Avarga has expressed its interest to pursue further strategic collaborations with Straits in the long run,” the company said in a statement yesterday. Straits group MD Datuk Seri Ron Ho Kam Choy said the collaboration would strive towards bringing the company to greater heights. Avarga is an investment holding company primarily involved in paper manufacturing, power generation and building materials distribution that operates in ve countries. Its market capitalisation currently stands at about RM1 billion. Straits’ 55% subsidiary, Tumpuan Megah Development Sdn Bhd, operates in 15 ports in Malaysia with a fleet of 13 vessels. — Bernama


LBS chairman to retire, successor and MD named

LBS Bina Group Bhd announced yesterday that Datuk Seri Lim Bock Seng will retire as non-independent non-executive chairman and the group has appointed Tan Sri Lim Hock San to succeed him as executive chairman. LBS Bina has also announced that the board of directors unanimously elected Datuk Lim Hock Guan as the new MD effective yesterday. — Bernama

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