CORP BRIEF: Teladan Setia, Reservoir Link and Securities Commission



Teladan Setia to develop affordable homes in Melaka

TELADAN Setia Group Bhd’s wholly-owned subsidiary, Asal Harta Sdn Bhd, has entered into a conditional sale and purchase agreement with Eramaju Tegas Sdn Bhd for the proposed acquisition of three parcels of land located in the district of Jasin in Melaka, with an aggregate land size of 519.8 acres (210.35ha) for a total consideration of RM95.1 million. The purchase will be satisfied by a combination of cash and bank borrowings. In a statement yesterday, the group noted prior to this, it has purchased a 116- acre parcel of land in Jasin. The group is also in the process of completing the acquisition of another five parcels of land totalling 29.2 acres located in Alor Gajah and Central Melaka districts. With this proposed acquisition, the group’s total landbank will grow to 738.9 acres. Barring any unforeseen circumstances and subject to approvals from the relevant authorities, the proposed acquisition is expected to be completed by the fourth quarter of 2021.

Reservoir Link is Petronas’ panel contractor

RESERVOIR Link Energy Bhd’s wholly-owned subsidiary, Reservoir Link Sdn Bhd, received a letter of appointment (LoA) to be a panel contractor of Petroliam Nasional Bhd (Petronas) in relation to the Provision of Completion New Technology Equipment and Services. The appointment will be valid for five years from the date of the LoA until Dec 10, 2025, unless terminated in accordance with the terms. In a filing to Bursa Malaysia yesterday, the company said it was appointed for the provision of completion of new technology and/or replication of new technology which shall deliver the benefit of one or multiple combinations of operation optimisation, reservoir performance and well integrity assurance. The contract does not contain/state any value other than the unit prices or rates to be charged based on the job performed such as manpower hours, chemicals, equipment and consumables utilised etc.

SC imposes penalty on E&Y partner

THE Securities Commission Malaysia’s (SC) Audit Oversight Board has imposed a monetary penalty on an Ernst and Young PLT (E&Y) partner for failing to comply with requirements of the International Standards on Auditing when auditing a public interest entity. In a statement yesterday, SC said Sandra Segaran Muniandy@Krishnan was slapped with a RM47,500 penalty following an appeal filed by Sandra to the SC. The regulator said Sandra had failed to perform audit procedures to support the basis of the audit opinion for the audit engagement in the area of property, plant and equipment, adding that he had also performed insufficient audit procedures in the area of loans and borrowings, and group consolidation. — Bernama