by TMR / pic by MUHD AMIN NAHARUL

Nestcon signs IPO agreement with M&A Securities

NESTCON Bhd is scheduled to be listed on the ACE Market of Bursa Securities by June 2021, with M&A Securities Sdn Bhd as the advisor, sponsor, underwriter and placement agent for the IPO exercise. In a statement yesterday, the company said the IPO exercise entails a public issue of 161 million new shares and an offer for sale of 32.2 million existing shares by way of private placement. Under the agreement, M&A Securities will underwrite 64.4 million of the 161 million new shares, comprising portions to be made available for the Malaysian public, as well as eligible directors, employees and persons who have contributed to the success of the group.

YGL’s subsidiary bags RM4.5m contract

YGL Convergence Bhd’s 60% owned subsidiary, Ai Solar Sdn Bhd, has procured a contract from LYS Energy (M) Sdn Bhd, whereby Ai Solar will provide design, supply, installation and commissioning of rooftop solar photovoltaic power plant located in Klang, Selangor. In a filing to Bursa Malaysia, the company said the project is a one-off contract and is valued approximately RM4.5 million for a period commencing from June 2021 until May 2022, and/ or such period as may be mutually agreed by the parties. The execution of the project will not have any effect on the issued share capital, gearing and shareholding structure of the company but is expected to contribute positively to the future earnings and net assets of YGL group.

Kravve.co raises RM1.2m via crowdfunding

ONE-STOP marketplace Kravve.co has raised RM1.3 million on an equity crowdfunding platform pitchIN, enabling 10,000 Malaysian micro food businesses to go online. It attracted the confidence of 159 investors with 11.11% of total equity with the highest individual investment value of RM222,500. Its CEO and co-founder Teh Yong Lin said 20% of the fund will be allocated to venture into Singapore, 35% on marketing efforts and 45% to be allocated towards building the manpower strength. He added that the company is focused on empowering micro sellers across South-East Asia, targeting 10,000 of micro food businesses to come onboard.

IRB slaps UEM Edgenta with extra RM18m tax bill

THE Inland Revenue Board (IRB) has slapped UEM Edgenta Bhd with an additional income tax with penalty of RM18.7 million for 2015 to 2018. In a filing to Bursa Malaysia yesterday, the company said it was served with the notices of additional assessment with penalty following a dispute on the status of UEM Edgenta as a management services company, which would be taxed as an investment holding company under Section 60FA of the Income Tax Act 1967. The company said it would take further advice from its tax solicitors and tax agent in order to protect its interest.