BURSA BRIEF: Rex Industry, Pintas Jaya, Naim, Pestech

Rex Industry appoints 2 new EDs

CANNED food and beverage manufacturer Rex Industry Bhd has appointed chartered manager Datuk Cheah Teng Lim and chartered accountant Kajendra Pathmanathan as EDs, effective Oct 11.

In an exchange filing yesterday, the company said Cheah, 61, has more than three decades of experience in the fast-moving consumer goods industry, holding various senior sales and marketing positions in companies such as Rothmans of Pall Mall Bhd, British American Tobacco Malaysia Bhd and Carlsberg Breweries Malaysia Bhd. He also headed the sustainable development division at IRIS Corp Bhd for five years.

He joined the group in October 2017 as the marketing director before becoming its CEO, according to information on its website.

Kajendra, 48, started his career with Ernst & Young, Kuala Lumpur in 1999 in the Corporate Recovery & Insolvency department and moved to Ernst & Young, London in 2008. From 2013 to 2022, he worked with BRDB Developments Sdn Bhd and within the BRDB Group of Companies.

Rex Industry shares closed half a sen or 3.45% lower to 14 sen yesterday, giving it a market capitalisation of RM95.36 million.

Pintas Jaya lands piling contracts worth RM192m

PILING and foundation specialist Pintaras Jaya Bhd has secured six new piling contracts worth RM192 million. The contracts were brought in by its wholly owned subsidiary in Singapore, Pintary International Pte Ltd.

The company told the exchange yesterday that the projects, commencing in October 2022, have contract periods ranging from three to 18 months.

Pintaras wholly acquired the Singapore-based Pintary International and its piling subsidiaries, Pintary Foundations Pte Ltd and Pintary Geotechnics Pte Ltd in 2018.

Pintaras ended trading yesterday at RM2.20, valuing the company at RM364.9 million.

Naim awarded RM73m contract for Wisma Melayu Sarawak

SARAWAKBASED Naim Holdings Bhd’s unit has been awarded a contract worth RM73 million to construct Wisma Melayu at Salak Land District from Amanah Khairat Yayasan Budaya Melayu Sarawak (AKYBMS).

The letter of acceptance dated Oct 10, 2022, was received by its wholly owned subsidiary Naim Engineering Sdn Bhd. The 30-month contract commences Nov 8, 2022, Naim said in an exchange filing yesterday.

Naim, a Class A Bumiputera contractor, is a major township developer in Sarawak, with flagship developments in Miri, Kuching and Bintulu. It has recently emerged as one of Malaysia’s largest Bumiputera contractors, according to its website.

Wisma Melayu’s main building was designed based on the Tengkolok concept — a Malay fabric headgear worn in the olden times, according to media reports.

Naim shares ended trading yesterday unchanged at 45.5 sen, giving it a market caitalisation of RM233.8 million.

Pestech to supply TNB 60,000 single-phase smart meters

INTEGRATED electrical power technology company Pestech International Bhd’s unit has received a letter of award from Tenaga Nasional Bhd (TNB) to supply and deliver 60,000 units of single-phase smart meter for advanced metering infrastructure at a total contract amount of RM11.1 million.

The contract is for a duration of six months with an option to extend for another six months subject to the performance of Pestech Sdn Bhd (PSB), the wholly owned subsidiary which received the award.

PSB will execute the contract together with Pestech Energy Sdn Bhd, a subsidiary of Pestech International, which is spearheading the digitalisation business segment of the group, the company said in an exchange filing yesterday.

From 2019 to date, Pestech International said it had secured RM103.62 million which comprised 473,205 units of smart meters, signifying its capability to meet the standard specifications and delivery performance as required by TNB.

Pestech is a Malaysian integrated electrical power technology company that offers solutions for high voltage (HV) and extra HV (EHV) electrical systems which include engineering, procurement, construction and commissioning of substations, transmission line and power cables, infrastructure asset management, power generation, rail electrification and signalling as well as power distribution and smart grid.

For the financial year ended June 30, 2022 (FY22), Pestech International posted a net profit of RM13.73 million on the back of RM715.09 million in turnover. The main-market listed Pestech International ended yesterday’s trading at 31 sen. – TMR / pic by TMRFILE