Saturday, February 24

Tag: corporate

Tenaga Nasional Bhd Appoints Megat Jalaluddin Megat Hassan as Next President and CEO
Business

Tenaga Nasional Bhd Appoints Megat Jalaluddin Megat Hassan as Next President and CEO

Tenaga Nasional Bhd has announced the appointment of Datuk Megat Jalaluddin Megat Hassan as its new President and Chief Executive Officer. He will succeed Datuk Seri Baharin Din, whose tenure is concluding on February 29, 2024. According to the company’s filing on Thursday, Megat Jalaluddin will assume office on March 1, 2024, after being appointed by TNB’s special shareholder Minister of Finance (Inc). His tenure will extend for a period of two years until February 29, 2026. Megat Jalaluddin, aged 58, has a longstanding history with TNB, having initially joined the company in 2006. He briefly transitioned to Celcom in 2008 before returning to TNB in 2009. His extensive career within TNB encompasses roles in engineering, business and strategic planning, development, project mana...
Sapura Energy Receives Support for Debt Restructuring Scheme
Business

Sapura Energy Receives Support for Debt Restructuring Scheme

Credit: TheKapital.my Sapura Energy Bhd, classified under Practice Note 17 (PN17), has achieved a significant breakthrough as a considerable majority, constituting at least 75% of its financiers, have given preliminary approval for its proposed debt restructuring scheme. This initiative aims to address the company's substantial debt of approximately RM10.3 billion, including amounts owed to trade creditors, particularly Malaysian small and medium enterprises (SMEs) totaling around RM1.5 billion. In a statement released on Wednesday, the oil and gas service provider disclosed that it had obtained written confirmation from the Corporate Debt Restructuring Committee, marking a pivotal step in managing its debt burden. Sapura Energy reported a notable surge in its net profit for the ...
Proton Achieves Milestone in Sales, Targets Expansion and Production Surge by 2035
Business

Proton Achieves Milestone in Sales, Targets Expansion and Production Surge by 2035

Proton Holdings Bhd has marked a significant milestone, surpassing last year's sales volume with a robust performance in November. The automotive giant aims to propel its production to 500,000 units by 2035, with half of this figure - 250,000 units - earmarked for the export market, as detailed by deputy CEO Roslan Abdullah. In a recent statement, Proton disclosed that it registered a total of 12,296 units (both domestic and exports) in November, solidifying its position as the second-highest automotive brand in the Malaysian market. The success is attributed to Proton's diverse and innovative model line-up. The newly launched Proton S70, introduced on November 28, has garnered bookings exceeding 3,000 units, contributing significantly to this achievement. Additionally, the X Se...
KLK Secures RM500 Million Sustainability-Linked Loan from Maybank
Business

KLK Secures RM500 Million Sustainability-Linked Loan from Maybank

Kuala Lumpur Kepong Bhd (KLK) has achieved a significant milestone by securing its inaugural sustainability-linked loan (SLL) of RM500 million from Maybank, signaling a joint commitment toward sustainable development practices. Maybank, in a joint statement on Tuesday, highlighted that this SLL marks a pivotal move for KLK, aligning its financial strategy with a dedication to environmentally and socially responsible practices, in line with the company's recently disclosed sustainability commitments. Notably, the loan incorporates a pricing adjustment mechanism linked to predefined sustainability performance targets (SPTs). This initiative falls in line with the Sustainability-Linked Loan Principles 2023 issued by prominent bodies like the Loan Market Association, Asia Pacific Lo...
Saudi’s PIF Acquires 10% Stake in Heathrow Airport
Business

Saudi’s PIF Acquires 10% Stake in Heathrow Airport

Saudi Arabia's Public Investment Fund (PIF) has finalized an agreement to acquire a 10% share in Heathrow airport from Ferrovial, a Spanish infrastructure company. Concurrently, France-based private equity fund Ardian will purchase an additional 15% stake in FGP Topco, the airport's parent company. Ferrovial, an investor in Heathrow since 2006, confirmed the transaction's value at £2.37 billion ($3 billion). However, the deal's completion is contingent upon regulatory approvals. This acquisition marks Ferrovial's divestment from the UK airports' operator, with its initial ownership of 56% in 2006 eventually reducing to 25% by 2013. Notably, other stakeholders in FGP Topco encompass Qatar Investment Authority, Caisse de dépôt et placement du Québec, Singapore's GIC, Australian Re...
China’s fast-fashion giant Shein said to have filed for US IPO in major test of investor appetite
Business

China’s fast-fashion giant Shein said to have filed for US IPO in major test of investor appetite

Fast-fashion giant Shein has confidentially filed to go public in the United States, according to two sources familiar with the matter, in what is likely to be one of the most valuable China-founded companies to list in New York. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the initial public offering, and Singapore-based Shein could launch its new share sale some time in 2024, the sources said. Shein has not determined the size of the deal or the valuation at IPO, the sources said. Bloomberg reported earlier in November that it targeted up to US$90 billion (S$120 billion) in the float. Shein and the banks declined to comment. The company founded in China in 2012 was valued at more than US$60 billion in a May fund-raising, dow...
Farm Fresh Bhd Boosts Profits as Dairy Costs Decline
Business

Farm Fresh Bhd Boosts Profits as Dairy Costs Decline

Farm Fresh Bhd has reported a notable surge in net profit for the second quarter ending Sept 30, 2023, attributing the rise to a reduction in the cost of dairy raw materials, particularly whole milk powder. The company revealed that its net profit climbed to RM12.79 million from RM11.19 million in the previous corresponding period. Moreover, revenue witnessed a significant increase, reaching RM198.3 million compared to RM162.14 million previously recorded. This positive financial outcome translated to basic earnings per share rising to 0.68 sen from 0.60 sen in the preceding period. CEO Loi Tuan Ee expressed satisfaction at the company's achievements during the challenging period. He emphasized the hard work put in by Farm Fresh, stating, "The positive results posted for the...
Altman’s Return to OpenAi Amidst Boardroom Drama
Business

Altman’s Return to OpenAi Amidst Boardroom Drama

Sam Altman is set to make a surprising return as CEO of OpenAI following a tumultuous period marked by internal strife and power struggles within the company's leadership. Altman, previously fired from his position, will be reinstated alongside former president Greg Brockman, who resigned in protest against Altman’s dismissal. In a late Tuesday statement, OpenAI confirmed an "agreement in principle" for Altman's return, forming a new board comprising Bret Taylor, Larry Summers, and Adam D’Angelo. Notably, D’Angelo, retained from the previous board, maintains a seat in this arrangement to represent the former board's stance. Sources familiar with the negotiations reveal that this initial board's primary role is to nominate an expanded board of up to nine members, aiming to reset ...