CORP BRIEF: Ta Ann, CTOS IDGuard, Boustead-Next Gen and Pestech

by TMR / pic by TMR FILE

Ta Ann records higher 3Q net profit

TA ANN Holdings Bhd’s net profit for the third quarter ended Sept 30, 2021 (3Q21), surged to RM103.29 million from RM42.77 million in 3Q20. Revenue rose to RM486.86 million from RM353.37 million previously. In a filing to Bursa Malaysia yesterday, the timber and plantation company said the significant increment in profit was attributed to the overall higher average selling price of crude palm oil, fresh fruit bunches, plywood product and export logs by 62%, 68%, 21% and 33%, respectively.

CTOS IDGuard prevents over RM79m in fraud

CTOS IDGuard, Malaysia and South-East Asia’s first application fraud bureau, has prevented confirmed fraudulent credit applications to the tune of RM28 million in the first 12 months of operation, with a further RM51 million in suspicious applications also flagged to partners. The initial participating group of Maybank, RHB, CIMB, Alliance Bank and Ambank has been joined by BMW Financial Services, while Hong Leong Bank and six other banks are in the midst of implementation, the company said in a statement yesterday.

Boustead, Next Gen enter new phase in CAO venture

BOUSTEAD Holdings Bhd has entered into the next phase of its crude algae oil (CAO) venture with Next Generation Oil Sdn Bhd (Next Gen) with the signing of an agreement yesterday to subscribe to shares representing 10% equity interest in NextGen Group. In a statement yesterday, Boustead said the subscription agreement inked signifies the next phase of the group’s ongoing partnership with NextGen Group and its commitment to produce renewable energy for a greener future, while creating new employment opportunities and an ecosystem spinoff that will help to boost the national economy. — Bernama

Pestech bags electric substation contract

PESTECH International Bhd’s wholly owned subsidiary, Pestech Sdn Bhd, has bagged a contract from the National Grid Corp of the Philippines (NGCP) for the South Luzon Substations Upgrading Project 2. In a filing to Bursa Malaysia yesterday, the construction engineering company said the total contract value was US$23.46 million (RM98.06 million) for the offshore portion and 710.76 million Philippine pesos (RM58.71 million) for the onshore portion. The project aims to cater to the load growth and provide contingency to various substations for NGCP in the South Luzon region. Under the project, Pestech shall have full responsibility to design and build according to the requirements of the contract. — Bernama