MGB NAMED AS ONE OF THE BEST PERFORMERS AT THE EDGE ESG AWARDS 2024, AND SCORES DIAMOND 1 STAR AT MOSHPA’s 20th OSH EXCELLENCE AWARDS 2024 WITHIN THE SAME WEEK
MGB Berhad (“MGB”), a subsidiary of LBS Bina Group Berhad, has received two notable awards for its ESG initiatives. The company secured the Silver award for Best Performer by Sector (Construction) at The Edge Malaysia ESG Awards 2024 and the Diamond 1 Star award for OSH Management from MOSHPA.
These recognitions highlight MGB’s commitment to sustainability and workplace safety, while the company continues progressing towards its Net Zero Carbon Emissions goal by 2050.
KEYFIELD LODGES ITS FIRST RM1.0 BILLION SUKUK WAKALAH PROGRAMME
Keyfield International Berhad has filed documents for a RM1.0 billion Sukuk Wakalah Programme with the Securities Commission Malaysia. The Sukuk, rated AA3, will fund Shariah-compliant investments in oil, gas, and maritime projects. CEO Dato’ Darren Kee highlighted the programme’s role in providing flexible financing to support growth.
KERJAYA PROSPEK WINS TWO NEW CONTRACTS WORTH RM34.4 MILLION
Kerjaya Prospek Group Berhad has secured two contracts through its subsidiary, totaling RM34.4 million. The projects, commencing on 5 November 2024, include piling work in Batu Kawan, Penang, and site clearance in Damansara Damai, Selangor. With an order book now at RM4.5 billion and 10 contracts worth RM1.6 billion secured this year, Kerjaya is well-positioned for continued growth.
RESERVOIR LINK ANNOUNCED PRICING OF INITIAL PUBLIC OFFERING FOR FOUNDER GROUP LIMITED
Reservoir Link Energy Bhd has announced the IPO pricing for its subsidiary, Founder Group Limited, offering 1,218,750 ordinary shares at $4.00 each to raise about $4.875 million. The shares will begin trading today on the Nasdaq under the ticker “FGL,” with the offering expected to close on October 24, 2024. US Tiger Securities is the sole underwriter. For more details, visit the SEC’s website or contact US Tiger Securities.
Yinson Production completes sale of minority stake in FPSO Anna Nery to “K” Line
On 22 October 2024, Yinson Production completed the sale of an 11.8% stake in Yinson Boronia Consortium Pte. Ltd., the entity that indirectly owns FPSO Anna Nery, to Kawasaki Kisen Kaisha, Ltd. (“K” Line) for USD 49 million. This sale, first announced in July 2020, follows key milestones like the final acceptance of the FPSO and successful refinancing. After the transaction, Yinson retains a 63.2% controlling stake in FPSO Anna Nery, which is critical to Petrobras’ Marlim field offshore Brazil.
This deal further strengthens the strategic partnership between Yinson, “K” Line, and Sumitomo Corporation.
LBS SHINES AMONG TOP DEVELOPERS WITH THIRD CONSECUTIVE WIN AT MALAYSIA DEVELOPER AWARDS 2024
LBS Bina Group Berhad (“LBS”) has proudly won the prestigious Top of the Chart award at the Malaysia Developer Awards 2024, ranking it among the top 10 developers in the market capitalisation category for companies exceeding RM1 billion.
The award highlights LBS’s commitment to developing innovative, high-quality properties while promoting sustainable practices. LBS Group Executive Chairman, Tan Sri Dato’ Sri Ir. (Dr.) Lim Hock San, expressed pride in the recognition, noting that it reflects the company’s financial resilience and dedication to sustainable growth.
YINSON PRODUCTION’S FPSO MARIA QUITÉRIA ACHIEVES FIRST OIL
Yinson Production is pleased to announce that FPSO Maria Quitéria achieved first oil on 15 October 2024, following a successful 72-hour test. This marks the start of its 22.5-year charter. The project also reached 21.6 million man-hours without a lost-time incident.
This is Yinson’s second delivery for Petrobras, following FPSO Anna Nery in 2023. CEO Flemming Grønnegaard highlighted the achievement as a testament to Yinson’s commitment to safety, innovation, and its strong partnership with Petrobras.
FAJARBARU SECURES RM246.1 MILLION CONTRACT FROM WCT CONSTRUCTION
Fajarbaru Builder Group Bhd has been awarded a RM246.1 million contract by WCT Construction Sdn Bhd for the second phase of the AdisonWest development in Johor Bahru. The project involves the construction of four serviced apartment towers, set to be completed in 36 months, adding to Fajarbaru’s total order book of RM1.23 billion.
Group Executive Chairman Tan Sri Dato’ Sri Chan Kong Choy highlighted the progress of Phase 1 and reaffirmed the Group’s commitment to delivering high-quality projects.
PLYTEC ANNOUNCES DEBUT INTO THE INDONESIAN MARKET
PLYTEC Holding Berhad has signed three marketing and distribution agreements with PT Oriental Shoring Solutions, making it the exclusive distributor of PLYTEC’s construction products in Indonesia, including formwork, WONDERBoard, and Pecaform systems.
The five-year agreements mark a key step in PLYTEC’s Southeast Asia growth strategy. CEO Yang Kian Lock expressed confidence in PT Oriental’s ability to help PLYTEC expand rapidly and introduce innovative solutions to improve construction efficiency in Indonesia.
YINSON WELCOMES LIM POH SEONG AS NEW MEMBER OF THE BOARD
Yinson Holdings Berhad announced the appointment of Lim Poh Seong as an Independent Non-Executive Director, effective immediately. With over 25 years of experience in auditing, accounting, and corporate finance, Lim Poh Seong brings valuable expertise to the Group.
Yinson’s Executive Chairman, Mr. Lim Han Weng, highlighted that Lim’s diverse experience will help drive Yinson’s growth and strategic objectives.
