Latest news with #RM19.3
The Sun
09-06-2025
- Business
- The Sun
Hartanah Kenyalang hopeful of securing more Sarawak infrastructure projects
KUALA LUMPUR: Sarawak-based building and infrastructure construction company Hartanah Kenyalang Bhd expects to secure 10% to 15% of projects with an aggregate contract value of RM451 million that it has tendered for by the end of 2025. 'Many of the projects are open tender, so there are many tenders involved. However, one of the projects related to power substation, I believe we will have a better chance (of securing),' managing director Seah Boon Tiat said after the listing of the company under the construction sector on the ACE Market of Bursa Malaysia today. He noted that Sarawak produces 3.5 gigawatts of green energy and this is expected to increase to 10 gigawatts in 2030. 'This energy will go to the substation, so our job here is tendering for substation projects and this will benefit our company. We have started tendering for these projects since last year,' Seah said. He added that the Sarawak government has allocated RM1 billion allocated for the development of bridges and road projects. 'Currently we are doing one project and have tendered for another one bridge project as well. It's a design and build type project ... so hopefully we have some chances to follow through with them,' he said. The company has also tendered for water projects in Sarawak, including water treatment plants. Hartanah Kenyalang made a muted debut on the ACE Market, opening at its initial public offering (IPO) price of 16 sen per share. Its share price closed at 14.5 sen. The company raised RM19.3 million through a public offering of 198.4 million shares, representing 32% of its enlarged share capital of 620 million shares. Its IPO was oversubscribed by 5.33 times. At listing, Hartanah Kenyalang's indicative market capitalisation was about RM99.2 million. Hartanah Kenyalang has recorded strong financial growth, with revenue increasing from RM34.1 million for financial year ended Oct 31, 2021 to RM127.6 million for financial year ended Oct 31, 2024, a compounded annual growth rate (CAGR) of 55%. During that period, profit after tax increased at a CAGR of 24%, growing from RM4.8 million to RM9.2 million. TA Securities Holdings Bhd is the principal adviser, sponsor, sole underwriter and sole placement agent of Hartanah Kenyalang's IPO. 'Today, with RM19.3 million in funding raised from our IPO exercise, we are going to utilise approximately RM3 million of the IPO proceeds to purchase six new excavators in order to increase our capacity and productivity,' Seah said. 'We also plan to expand into offering design and build services for our building construction services segments and infrastructure construction services segments by investing in the Building Information Modelling (BIM) System.' Deputy managing director Seah Boon Kee said BIM helps architects coordinate their designs for a building, reduce errors of construction and speed up the process of construction. 'Thus far, we have one state archived project where we use BIM.'
Borneo Post
09-06-2025
- Business
- Borneo Post
Hartanah Kenyalang raises RM19.3 million from ACE Market debut
Boon Kee (fourth from left) and Boon Tiat (fifth from right) during the gong hitting ceremony in conjunction with Hartanah Kenyalang Berhad's ACE Market debut on Monday morning. KUCHING (June 9): Sarawak-based construction company Hartanah Kenyalang Berhad has successfully raised RM19.3 million through its initial public offering (IPO) on the ACE Market of Bursa Malaysia this morning. The stock opened at 16 sen, unchanged from its initial IPO price of 16 sen per share. Non-independent executive director and deputy managing director Seah Boon Kee said the company is satisfied with the debut despite ongoing global trade tensions. 'So far, it seems okay to us at this moment. Of course, the current market sentiment is affected by trade issues between two major global economies. 'But we believe this does not reflect the true value of our company. As the price is stable at this moment, so far so good,' he told reporters at a press conference after the listing. Hartanah Kenyalang is an investment holding company, while its wholly owned subsidiary, Hartanah Construction Sdn Bhd, provides building construction services focused on institutional and non-residential buildings and infrastructure works such as bridges and roads. The group has been operating in Sarawak's construction industry since 2010. Seah said the company's primary focus remains on government projects. 'We are mainly focusing on government contracts, especially from departments like Public Works Department (JKR), Sarawak Rural Water Supply Department (JBALB) and Sarawak Energy Berhad (SEB). 'We are also looking at other sectors (beyond government projects) to diversify our base, but the majority of our work still targets Sarawak government projects. 'Sarawak is booming right now, and we want to have this opportunity to grow together with Sarawak,' he said, adding that the group has no immediate plans to expand beyond Sarawak. 'Our concentration will still be in Sarawak for now,' he added. Managing director Seah Boon Tiat in a statement said the company sees strong prospects in the state as the Sarawak government has allocated around RM1 billion for the construction of roads and bridges to enhance infrastructure and connectivity. 'As of April 30, 2025, we have tendered for various projects worth a combined RM451 million. 'One of these is a bridge project using the design and build method, incorporating Building Information Modelling (BIM) into our operations. This will allow us to move up the construction value chain and improve our competitiveness,' he said. Ahead of the listing, Hartanah Kenyalang's shares saw strong demand from public investors with applications exceeding the available public portion by 5.33 times. From the RM19.3 million raised, RM3 million will go towards the purchase of six new excavators to boost capacity and productivity. RM10.5 million will be allocated for project working capital, mainly for payments to subcontractors and suppliers. Another RM2.1 million will be used to repay bank loans and RM3.8 million for listing expenses.
Daily Express
30-05-2025
- Business
- Daily Express
Ex-Goldman banker Tim Leissner jailed two years for role in 1MDB scandal
Published on: Friday, May 30, 2025 Published on: Fri, May 30, 2025 By: Reuters Text Size: Former Goldman Sachs chief of South-east Asia operations, Timothy Leissner, arrives at US District Court Eastern District of New York for his sentencing, in New York on May 29, 2025. — AFP pic NEW YORK: Former Goldman Sachs banker Tim Leissner was sentenced to two years in prison on Thursday for his role in the massive 1MDB corruption scandal, which saw billions of dollars siphoned from Malaysia's sovereign wealth fund. Leissner, 55, who once served as Goldman's Southeast Asia chairman, pleaded guilty in 2018 to conspiring to violate the Foreign Corrupt Practices Act and laundering money tied to the scheme. During the sentencing in a Brooklyn federal court, US District Judge Margo Brodie described his actions as 'brazen and audacious,' adding that the damage caused by the scandal extended across borders and affected public trust. While Leissner cooperated extensively with prosecutors and becoming a star witness against his former colleague Roger Ng, Judge Brodie said his assistance did not erase the harm he helped inflict. 'First and foremost, I offer my sincere apology to the people of Malaysia,' Leissner told the court with visible emotion. 'I deeply regret my actions.' Authorities from both Malaysia and the United States estimate that US$4.5 billion (RM19.3 billion) was misappropriated from 1Malaysia Development Berhad (1MDB), a fund originally set up to drive Malaysia's economic development under former prime minister Datuk Seri Najib Razak. Advertisement Instead, much of the money was embezzled through a web of transactions involving shell companies and offshore accounts, allegedly orchestrated by Malaysian financier Jho Low, who remains a fugitive. Leissner played a central role in helping Goldman Sachs raise US$6.5 billion in bonds for 1MDB. He later admitted to fabricating documents and misleading compliance officials to get deals approved. After his arrest in 2018, he agreed to cooperate with US prosecutors, meeting with them dozens of times and providing extensive information and testimony. His cooperation contributed to the conviction of Roger Ng, Goldman's former head of investment banking in Malaysia, who was sentenced to 10 years in prison before being transferred to Malaysia to assist in further investigations. Despite his collaboration, Leissner said the fallout from the scandal left him broken. 'I lost my freedom, my family, and my financial independence. My health also deteriorated. I took pills and even lost the will to live,' he said in court. Goldman Sachs distanced itself from Leissner, telling the court in a letter that he had 'repeatedly deceived' colleagues and that his actions led to the only criminal case ever filed against the bank in its 156-year history. In 2020, Goldman paid a record US$2.9 billion fine and had its Malaysian subsidiary plead guilty in US court. The bank also clawed back US$174 million in executive compensation. Najib Razak was convicted in 2020 for receiving misappropriated funds from a 1MDB-linked unit and was sentenced to 12 years in prison. Malaysia's top court upheld the ruling in 2022. His sentence was later reduced to six years by a royal pardon, and he is now seeking to serve the remainder under house arrest. Leissner's lawyer, Henry Mazurek, said his client accepts the sentence and intends to focus on rebuilding his life. 'Mr. Leissner is prepared to serve his sentence and continue his future life of good works and care for his family,' he said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
30-04-2025
- Business
- Borneo Post
Sarawak's Hartanah Kenyalang eyes RM19.3 mln from ACE Market IPO
KUCHING (April 30): Building and infrastructure construction centric company, Hartanah Kenyalang Berhad (Hartanah Kenyalang) today unveiled the prospectus for its initial public offering (IPO) in conjunction with the company's listing of its entire enlarged issued share capital of 620 million ordinary shares on the ACE Market of Bursa Securities, scheduled for June 9, 2025. Hartanah Kenyalang's IPO entails the public offering of 198.4 million ordinary shares comprising a public issue of 120.9 million new shares and an offer for sale of 77.5 million existing shares which collectively represent 32 per cent of the Company's enlarged issued share capital of 620.0 million ordinary shares. Of the 120.9 million new shares, 31.0 million new shares will be made available for application by the Malaysian public, and 18.6 million new shares will be made available for application by eligible directors and employees of the Group, and persons who have contributed to the success of the Group. The remaining 71.3 million new shares will be allocated for private placement to selected investors. There is also an offer for sale of 77.5 million existing shares which will be allocated for private placement to identified Bumiputera investors approved by the Ministry of Investment, Trade and Industry. Based on the IPO price of RM0.16 per share, the IPO exercise is expected to raise RM19.3 million for Hartanah Kenyalang. Sarawak Deputy Premier, Datuk Amar Douglas Uggah Embas, said the launch of Hartanah Kenyalang's IPO prospectus is more than a financial event – it is an open invitation for the public to become part of a success story. 'IPO is an important step in broadening ownership, transparency and accountability. 'For investors, this prospectus offers a doorway to share in the future achievements of a company that is not only financially sound but also socially responsible,' he said in his text speech read by Deputy Minister for Infrastructure and Port Development, Datuk Aidel Lariwoo. 'For the broader community, this event signals growth, expansion and opportunity. By opening its doors to new partners, Hartanah Kenyalang Berhad demonstrates confidence in the strength of its business and the potential of the markets it serves. 'I have no doubt that this offering will position the company for even greater accomplishments in the years ahead.' Hartanah Kenyalang's managing director, Seah Boon Tiat, underscored the group's experienced significant growth over the past 11 years of operating history in the construction industry in Sarawak. 'Today, we are filled with excitement as we embark on the next phase of our corporate journey, that is, the dream of transitioning Hartanah Kenyalang into a public listed company on the ACE Market which is soon to become a reality,' he said during the prospectus launch. 'Against the backdrop of growth prospect in Sarawak's construction sector, we plan to utilise part of the proceeds from IPO exercise to purchase six new excavators to replace some of our older excavators in order to increase our capacity and productivity.' The public issue of 31 million new shares available for application by the Malaysian public, opens today, April 30, 2025 at 10am, and application will close on Tuesday, 27 May 2025 at 5pm. TA Securities Holdings Berhad (TA Securities) is Hartanah Kenyalang's principal adviser, sponsor, sole underwriter and sole placement agent.
