In today’s edition of Evening 5 — Serba Dinamik has failed to auction off a plot of land it was ordered to put on sale in order to settle a loan from MBSB Bank. Meanwhile, Sentral REIT is acquiring Menara CelcomDigi for just under half-a-billion ringgit.
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00:04 A subsidiary of Surbadynamic Holdings failed to auction off a plot of project land.
00:08 It was ordered to put on sale by the court to settle a loan from MBSB Bank that it had defaulted on.
00:15 The sale was undertaken by the group's wholly owned Surbadynamic Group
00:18 between March 30th and July this year, according to a post filing today.
00:22 No other details of the land were provided.
00:25 The court granted the order for the sale to MBSB on October 13, 2022,
00:30 after Surbadynamic and its wholly owned units identified assets for immediate sale
00:34 to generate cash flows required to meet the group's liabilities and restructure its debt obligations.
00:40 Surbadynamic announced in July last year that SDG had, due to constrained cash flows,
00:45 defaulted on loan facilities it took out from MBSB and Bank Kertesama Rakyat Malaysia
00:50 under an Islamic Club Financing Agreement totaling RM400.77 million.
00:56 Following the non-payment, MBSB, as the custodian bank, initiated legal proceedings against SDG
01:02 to exercise its rights as a secured creditor in accordance with the terms of the financing agreement.
01:08 Besides MBSB and Bank Kertesama Rakyat,
01:10 Surbadynamic and its subsidiaries have defaulted on loan facilities it secured from several
01:15 other financial institutions, including the SME Development Bank Malaysia.
01:20 Surbadynamic fell into Practice Note 17 status on January 6 last year, and then four days later,
01:25 the High Court allowed a petition filed by six financial institutions to wind up the group,
01:31 SDG and two other subsidiaries, over the non-payment of loans amounting to RM1.7 billion
01:37 out of some RM5 billion worth of debts the four old financial institutions and subcorp holders.
01:42 Surbadynamic and the three units have also been placed under liquidator Victor Soh Seng Kee
01:48 from PricewaterhouseCoopers Advisory Services since then.
01:52 Central Reit has signed a conditional sale and purchase agreement with Malaysian Resources
02:01 Corp's unit to acquire the 27-storey office building known as Menara Selkom DG in Petaling
02:07 Jaya for RM450 million. The acquisition, which includes six levels of podium and three levels
02:13 of basement parking, is expected to expand Central's total asset size by 21%, from RM2.15
02:20 billion as at December 31, 2022, to approximately RM2.6 billion. The purchase of the property will
02:26 be fully paid in cash, which will be raised through a combination of equity and debt funding
02:31 exercises. The equity funding exercise will entail a proposed placement involving the issuance of up
02:36 to 123.72 million placement units, representing approximately 11.5% of the existing total units
02:45 in issue. The units will be placed out to institutional investors at an issue price
02:49 to be determined by way of book building. As part of the proposed placement, MRCB has given
02:54 an undertaking to subscribe for placement units for up to 34.56 million units to maintain their
03:00 current percentage unit holdings in Central. Chairman of Central Reit Management Tan Sri
03:05 Saw Choo Boon said the property is a strategic fit to its current portfolio of nine quality
03:10 commercial properties, adding that the property is fully occupied and anchored by a reputable
03:16 tenant, Selkom, under a long-term lease.
03:18 New ACE market entrant, MyMBN's share price closed 6 cents higher over its initial public
03:29 offering price of 21 cents on its maiden trading day. It closed at 27 cents, a 29% premium over
03:36 its offer price. It was the fourth most actively traded stock on the bourse, with the counter
03:41 trading between 26 cents and 30 cents throughout the day, with 103.35 million shares changing hands.
03:48 Executive Director and CEO Leverant Chen said that the Bird's Nest Processor's expansion plans
03:54 include the processing and sale of a raw, clean, edible bird's nest which sits in the midstream
03:59 of the edible bird's nest industry value chain, and venturing into the halal ready-to-drink
04:04 bird's nest products market by coming out with its own brand, a more downstream activity.
04:10 MyMBN's expansion into RCEBN products will be conducted by purchasing an 80% stake in a
04:16 China-based entity, which is slated to be completed in the second half. Chen expects
04:20 the company will then take about 20% of MyMBN's raw, clean, edible bird's nest total, processing
04:26 capacity of 32,256 kilograms per year.
04:31 Investment promotion agency InvestKL announced a total of $2.48 billion in committed investments
04:42 in the first quarter and over 6,800 executive job opportunities created for Malaysians. This
04:48 followed a record $2.79 billion worth of investments and 2,805 high-skilled executive jobs
04:55 through 13 global service hubs in 2022, said the agency in the statement. InvestKL said five global
05:02 services hubs were also set up by multinational corporations during the period, namely the
05:08 Southeast Asian Regional Headquarters of a leading provider of integrated smart manufacturing
05:13 solutions from China, and an Asia-Pacific Regional Headquarters and Southeast Asian Centre of
05:18 Excellence by India's largest automotive service and platform. The other three centres are a Global
05:25 Technology and Innovation Hub by a UK-based global professional services firm, the Asian
05:30 Headquarters of Japan's largest travel agency, and a Regional Technology Hub by a leading global
05:36 professional services firm from the US. Investment, trade and industry minister Tengku Dato' Sri
05:41 Zafrul Abdul Aziz said that InvestKL's continued success in securing quality investments for the
05:47 Greater KL Area is a testament to Malaysia's conducive business landscape, which has in turn
05:53 developed Malaysia's competitiveness and resilience on the global stage. InvestKL CEO Datuk
05:59 Mohamad Azmi Zulkifli said the results for the first half showed the agency's continued impact
06:05 in cementing Greater KL's status as a top investment destination among the vibrant
06:10 cities of Asia-Pacific. He adds that he is confident that with its pipeline of investors
06:15 for the remaining years, closing with a series of investments shall keep InvestKL on track to
06:20 secure RM35 billion by 2030. Petronas together with Indonesia's Pertamina signed an agreement
06:31 with Shell on Tuesday to buy its 35% stake in the Masela natural gas block for up to US$650 million,
06:38 moving the project forward after years of delay, according to Reuters. Pertamina Hulu Energy
06:45 will take 20% and Petronas Masela will take a 15% stake in the Indonesian gas block,
06:50 the company said at a signing ceremony at the Indonesia Petroleum Association Conference.
06:56 According to Shell, the base consideration for the sale is US$325 million, with a contingent amount
07:01 of US$325 million to be paid when the final investment decision is taken on the Abadi LNG
07:08 project. The transaction should be completed in the third quarter, subject to several conditions,
07:14 including regulatory approval from Indonesia's Ministry of Energy and Mineral Resources.
07:19 Pertamina CEO Niki Widjawati said in a statement that the purchase of the stake is intended to
07:24 ensure adequate oil and gas supply for national energy needs. Petronas President and Group CEO
07:30 Tan Sri Tunku Muhammad Taufik said the deal marked a significant milestone for the group's portfolio
07:36 expansion in Indonesia. He adds that Petronas' participation underscores its commitment to
07:41 supporting Indonesia's production target to achieve one million barrels of oil per day
07:46 and 12 billion standard cubic feet per day of gas by 2030.