CORP BRIEF: MBSB, Samaiden, Malakoff and Green Packet

by TMR / pic credit: samaiden.com.my

MBSB CEO Ahmad Zaini dies of Covid-19

MALAYSIA Building Society group president and CEO Bhd Datuk Seri Ahmad Zaini Othman died due to with Covid-19 complications. MBSB said in a statement yesterday, the 64-year-old passed away at 1.46am at KPJ Selangor Specialist Hospital. MBSB named Ahmad Zaini as a visionary leader with four decades of banking experience and was appointed to helm MBSB on Feb 26, 2009. He had transformed a non-bank financial institution by restructuring and turning around its financial standing into a profitable organisation. He also successfully concluded the merger deal between MBSB and Asian Finance Bank.

Samaiden, Malakoff enter deal on rooftop solar works

SAMAIDEN Group Bhd, via its wholly owned unit, Samaiden Sdn Bhd, had on Aug 12 2021, entered into four engineering, procurement, construction and commissioning agreements with Malakoff Radiance Sdn Bhd for the construction of rooftop solar photovoltaic systems. The group said in an exchange filing that the projects involved at CTRM Aero Composites Sdn Bhd in Melaka; Motosikal dan Enjin Nasional Sdn Bhd in Gurun, Kedah; Hicom Teck See Manufacturing Sdn Bhd in Shah Alam, Selangor; and Isuzu Hicom Malaysia Sdn Bhd in Pekan, Pahang. The total contract sum for the agreements is RM22.84 million, payable based on progress. Samaiden shares closed 0.84% lower to RM1.18 last Friday, valuing the company RM247.8 million.

Green Packet gets nod to sell G3 Global shares

GREEN Packet Bhd has received shareholders’ approval in an EGM for four proposals to strengthen its core business pillars. The proposals included the disposal of G3 Global Bhd’s shares as part of the group’s strategic asset monetisation to facilitate investment in ventures for longer term growth. In a statement last Friday, the group said the estimated gain on disposal from the G3 Global shares of approximately between RM18.9 million to RM52.2 million is expected to be used, in part, as seed capital for the investment segment’s Kiple Kendall Fund and X Bamboo Fund, targeted at later stage and start-up businesses. Its shareholders also approved proposals for diversification into investment and money lending business segments. Group MD Puan Chan Cheong said the investment and money lending business will look at filling the gaps created by longer processing periods and stricter lending requirements imposed by conventional financial institutions and the demand for financing from underserved individuals and businesses, particularly in view of recent economic challenges. He said the business will be undertaken by Packet Interactive Sdn Bhd, a wholly owned subsidiary of the company.