CORP BRIEF: AirAsia, Connectcounty, Sri Lanka and Serba Dinamik

AirAsia plans funding round for digital arm

AIRASIA Group Bhd plans to raise as much as US$300 million (RM1.24 billion) to expand its digital business arm AirAsia Digital, according to people with knowledge of the matter. The budget airline is in talks with prospective investors for what would be the first financing round for its digital arm and is working with at least one advisor on the potential deal, the people said. The fundraising would involve issuance of new shares in the digital unit, the people said. CEO Tan Sri Dr Tony Fernandes said in March the company’s so-called super app would have turnover of US$250 million this year. The app can be used for things such as shopping, booking flights and ordering food. The carrier is also seeking to launch a flying taxi business as soon as next year. — Bloomberg

Connectcounty to build medical centre in Kedah

CONNECTCOUNTY Holdings Bhd 51%- owned subsidiary, Waja Build Tech Sdn Bhd, accepted the letter of award from Intan Medical Centre Sdn Bhd to act as the contractor for main building works and operation fixed facilities works for the proposed development of a six-storey private medical centre located in Kedah. The contract sum is RM128 million. The contract will commence on May 6, 2021 for construction duration of 24 months and is scheduled to be completed by May 5, 2023.

Sri Lanka palm oil ban won’t affect Malaysia’s market

SRI Lanka’s ban on palm oil imports from Malaysia announced yesterday is not expected to affect the country’s key commodity industry as Malaysia’s market is growing in several countries such as Africa and the Middle East. Minister of Plantation Industries and Commodities Datuk Dr Mohd Khairuddin Aman Razali said demand for Malaysia’s palm oil is also increasing in the Philippines and Vietnam, thus proving that the quality of the commodity is one of the factors that helped expand its market globally. The restrictions imposed by Sri Lanka was a discrimination against the country’s product even though Malaysian palm oil had the best quality and had achieved 90% of Malaysian Sustainable Palm Oil certification. — Bernama

Serba Dinamik to invest in membrane technology

SERBA Dinamik Group Bhd plans to invest a total of RM25 million in the development of advanced membrane technology for water treatment and haemodialysis in a collaboration with Membrane Technology (M) Sdn Bhd, a spin-off company of Universiti Teknologi Malaysia. The project is expected to be implemented within five years before being commercialised. Currently, the industrial-scale membrane manufacturing facility is under development in Pasir Gudang, Johor. — Bernama