T7 Global, UEM Sunrise, Opcom, EA Technique, Reservoir Link, Yinson, EP Manufacturing, Ancom Nylex and Citaglobal

T7 Global, UEM Sunrise, Opcom, EA Technique, Reservoir Link, Yinson, EP Manufacturing, Ancom Nylex and Citaglobal
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KUALA LUMPUR (Sept 19): Here is a brief recap of some corporate announcements that made news on Monday (Sept 19), involving T7 Global Bhd, UEM Sunrise Bhd, Opcom Holdings Bhd, EA Technique (M) Bhd, Reservoir Link Energy Bhd, Yinson Holdings Bhd, EP Manufacturing Bhd, Ancom Nylex Bhd and Citaglobal Bhd.

T7 Global Bhd has secured contracts worth about RM400 million in Thailand. The group said its unit Tanjung Offshore Services Sdn Bhd had inked charter and operation and maintenance contracts with Busrakham G11 Ltd for the provision of leasing, operations and maintenance of a mobile offshore production unit in the Nong Yao Field, Southern Gulf of Thailand. T7 said the duration of the contract is five years, with an extension of two years.

UEM Sunrise Bhd has completed the issuances of a total of RM295 million in nominal value of Islamic medium term notes (IMTNs). The group said the IMTN programme comes together with an Islamic commercial papers programme, and together, they have a combined aggregate limit of up to RM4 billion in nominal value, based on the shariah principle of murabahah via tawarruq arrangement.

Fibre optic cable manufacturer Opcom Holdings Bhd has proposed to diversify its business to include the provision of telecommunication network infrastructure solutions. The group said it is buying the entire equity interest in T&J Engineering Sdn Bhd (TJE) from T&J Assets Holdings Sdn Bhd at a price of up to RM90 million, to be paid via a combination of cash (30%) and new shares (70%).

EA Technique (M) Bhd said it has entered a memorandum of agreement to dispose of a marine vessel for US$4.2 million (RM18.69 million) to United Arab Emirates-based tanker vessel operator Glory International FZ-LLC. The group announced on Aug 5 that it planned to sell the vessel, Nautica Maharani, to a third-party purchaser for at least US$4 million, as part of disposals of three marine vessels for about US$13.5 million.

Reservoir Link Energy Bhd has received a letter of award from Petronas Carigali Sdn Bhd for its second contract from Petroliam Nasional Bhd (Petronas) this year. The energy-related services provider said it is for the provision of completion of new technology equipment and services, including Boron EaziGoFlo erosion-resistant sand screen and related services, to Petronas Carigali.

Yinson Holdings Bhd has marked its foray into the Indonesian energy market after acquiring a majority stake in turnkey solar company PT Ineco Solar Solutions. Yinson said the stake was acquired via its renewables division Yinson Renewables, and that the acquisition aims to enable Ineco Solar to provide all-in-one zero-capital solutions, expand its project portfolio, and establish itself as an independent power producer in Indonesia and beyond.

Auto parts maker EP Manufacturing Bhd has entered into two investment agreements  on its venture into the two-wheeled electric vehicle business. EP Manufacturing said the first agreement, with a minimum investment amount of US$50 million (RM227.48 million), was inked between the company and CIS Pride Fund SPC, Sharkgulf Technologies Group Ltd, as well as Blueshark Holding Ltd. Meanwhile, the second agreement was signed by EP Manufacturing, Siraj Holding LLC, Siraj Holding Sdn Bhd and Sharkgulf, involving a total minimum investment amount of US$125 million.

Ancom Nylex Bhd has appointed former police chief Tan Sri Mohamad Fuzi Harun and chartered accountant Christina Foo as independent and non-executive directors, effective immediately. Fuzi, 67, had served the Royal Malaysian Police for 35 years in various capacities. Foo, 61, currently sits on the board of UEM Sunrise Bhd and Malaysian Technology Development Corporation Sdn Bhd.

Citaglobal Bhd said it has reached a final resolution with Datuk William Tan Chee Keong and Choi Chee Ken by agreeing that neither party will appeal the High Court’s decision in the RM59.21 million lawsuit relating to a profit guarantee. Additionally, the group agreed to pay Tan and Choi their solicitors’ costs of RM450,000 and awarded costs of RM70,000.

S Kanagaraju