by TMR / pic by TMR FILE
T7 Global bags RM50m award from Petronas unit
T7 GLOBAL Bhd’s wholly owned subsidiary, Tanjung Offshore Services Sdn Bhd, has received a work order award from Petronas Carigali Sdn Bhd for the provision of plug and abandonment integrated services for Pulai A. In a statement yesterday, the company noted the value of the award is approximately RM50 million based on the agreed rates as stipulated in the work order. The award is effective from March 29, 2021, to Dec 28, 2021.
Velesto stops drilling activities after rig incident
VELESTO Energy Bhd’s drilling activities have not commenced since an incident involving one of its rigs, Velesto Naga 7, occurred at the worksite due to rapid penetration into the formation on May 3, 2021, while operating in offshore Sarawak for a client. The rig tilted and subsequently on May 4, Velesto Naga 7 submerged at the location. In a bourse filing, the company said all personnel on-board are safe on the rescue vessels, and majority have been transferred to Miri, Sarawak. The remaining personnel are in the process of being transferred. The company is investigating the incident and evaluating options.
Bank Pembangunan no longer substantial shareholder in MBC
BANK Pembangunan Malaysia Bhd ceased to be a substantial shareholder of Malaysian Bulk Carriers Bhd (MBC) by disposing six million shares. In a filing to the local exchange yesterday, MBC said the number of shares held is now less than 5% after the disposal of shares made via open market.
LKL to establish SPV to launch lifestyle pharmacies
LKL International Bhd has signed a head of agreement to partner Focus Medicare Sdn Bhd, a wholly owned unit of Focus Dynamics Group Bhd, to initiate the rollout of a chain of lifestyle-based pharmacies in the Klang Valley, and eventually nationwide. In an exchange filing yesterday, the company said a special purpose vehicle (SPV) will be jointly formed with the shareholding of 60% Focus Medicare and 40% LKL to undertake the business. The agreement will be finalised with commercial terms and investment quantum in three months. Focus Dynamics plans to incorporate various aspects of its technological and digital concepts into traditional over-the-counter business. Additionally, the pharmacies will stock nutritional supplements, non-genetically modified organism dried goods and specialised nutritional food bundles, in ready-to-eat meals under the Focus brand, to provide a one-stop wellness retail point to health-conscious consumers.