In today’s edition of Evening 5 — QL Resources says that its unit has launched arbitration proceedings against two Indonesian firms to resolve disputes related to a deal signed in 2006. Meanwhile, Vinvest has named an analyst as a defendant in its EA Holdings lawsuit.
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00:00 QL Resources said its wholly owned subsidiary QL Oil has commenced arbitration proceedings
00:09 against two Indonesian firms to resolve disputes relating to a Master JV agreement signed by
00:14 the three parties in 2006.
00:17 QLO filed the notice of arbitration against Hang Ting and PT Pipit Chitra Pakasa at the
00:22 Singapore International Arbitration Centre on Thursday, said QL, in a boss filing.
00:28 Under the MJVA, QLO and HT formed a JV company known as QL Mutiara Singapore, which in turn
00:35 owns a 95% stake in plantation firm Pipit Mutiara Indah, with PCP holding the remaining
00:41 5% stake.
00:42 QL said PCP and HT are affiliated companies owned by the family of the Cristiano Candi
00:48 Saputro.
00:50 The group said that in August 2021, PCP initiated a lawsuit in Indonesia against PMI, QL Mutiara,
00:57 as well as QL Director Chia Siong Fatt, in his capacity as a director of PMI, for alleged
01:03 mismanagement negligence and sought compensation amounting to about RM221.87 million.
01:10 PCP claimed the negligence caused PMI to suffer eight years of continuous losses since the
01:15 commencement of its operations between 2012 and 2020.
01:20 In December 2021, PMI, Chia and QL Mutiara obtained an interim injunction order against
01:25 PCP to restrain PCP from continuing with the Indonesian proceedings.
01:30 However, PCP had, in breach of the injunction order and the MJVA, deliberately proceeded
01:36 and continued with the Indonesian proceedings until around March 2022, claimed QL.
01:42 In March 2022, PCP applied to withdraw and annul the lawsuit against PMI, Chia and QL
01:48 Mutiara.
01:49 QL says that QLO is now launching the arbitration to seek relief from HT and PCP, and specific
01:55 performance orders to compel HT and PCP to comply with their obligations and duties under
02:01 the MJVA, and is also seeking damages from the two firms.
02:05 QL says that apart from the potential damages and corresponding legal costs, it doesn't
02:09 expect the arbitration proceedings to have any other material impact on the company for
02:14 FY 2024.
02:21 Treasurer Niv Holdings' net profit increased 1.9% year-on-year to $99.4 million for its
02:26 third quarter, driven by overall higher prices, margin and cost management, as well as contribution
02:32 from Coquiland Holdings, which the group acquired in November 2022.
02:36 However, earnings were partially offset by one of non-operating items, namely impairment
02:41 losses and writing down of inventories.
02:44 Revenue for the quarter jumped 19% year-on-year to $1.33 billion, from $1.12 billion thanks
02:50 to robust festival sales, improvement in the F&B markets in both Malaysia and Thailand,
02:56 recovery in export markets, and the additional Coquiland contribution.
03:00 Heading into the final quarter of FY 2023, FNN is maintaining a cautiously optimistic
03:06 outlook amid the volatility in commodity prices and foreign exchange rates, and inflationary
03:12 pressures on its costs and its impact on consumer demand.
03:16 FNN said it has purchased substantially its raw material requirements for the fourth quarter
03:20 of FY 2023.
03:22 Nevertheless, FNN said it will remain vigilant and proactively navigate this volatile and
03:28 inflationary environment, leveraging on its diversified brand portfolio.
03:33 The group said that it has taken a significant stride towards its vision of becoming a leading
03:37 milk producer in Malaysia, with the recent groundbreaking ceremony of its integrated
03:42 dairy farm in Gemas Negeri Sembilan marking the beginning of its journey into the upstream
03:48 fresh milk sector.
03:49 Sunway's property arm, Sunway Property, announced that its wholly-owned subsidiary, Sunway Rawang
03:59 City, acquired a 245-acre land in Kuang Rawang for $115 million cash.
04:06 The acquisition and proposed development of the land will be carried out via IJV with
04:10 Amal Resources for a proposed industrial tech park comprising factories, warehouses and
04:15 commercial components, carrying a GDV of at least RM2 billion.
04:20 Sunway said that the acquired land offers excellent connectivity as it is situated adjacent
04:25 to the Lata Expressway, as well as being just a 35-minute drive from the KL City Centre
04:31 and an hour away from points of entry KLIA and Port Klang.
04:35 Sunway Property MD Sarina Chia says the group is thrilled to add this strategic parcel of
04:40 land to its overall portfolio.
04:42 She says the acquisition signifies its dedication to developing a future-ready industrial tech
04:48 park that integrates technology, sustainability and innovation to meet the needs of modern
04:53 businesses and add to its ever-expanding industrial development portfolio.
04:58 Chia adds that with a total land bank of 3,068 acres and a potential GDV value of $49.7 billion
05:05 over a period of more than 15 years, Sunway Property is poised for sustainable growth.
05:16 Vinvest Capital Holdings, which has initiated a lawsuit over the alleged loss of its 17.82%
05:21 stake in EA Holdings, has included a 30-year-old stock market analyst from IPO as the second
05:27 defendant in the suit.
05:29 In a statement of claim filed on Thursday through Messrs.
05:31 Wilson Lim and cited by The Edge, Vinvest said the analyst was recommended by EA Holdings
05:36 after Vinvest acquired the 17.82% stake, comprising 1.1 billion shares, worth $23.21 million in
05:43 November 2021.
05:46 On Wednesday, Vinvest announced that it has initiated legal proceedings against EA Holdings
05:50 over the matter, including urgently applying for the necessary prohibitory injunctive orders
05:55 to stop further derogation of the company's rights over those shares.
06:00 It added that the High Court on the day granted the company an interim injunction against
06:04 EA Holdings.
06:06 The company also said that the 1.1 billion EA Holdings shares was originally kept in
06:10 a Maybank IB's CDS account for safekeeping and not used for trading.
06:16 Vinvest claimed that sometime in May, the analyst suggested that the company open a
06:19 second CDS account, and subsequently a second account was opened at TA Securities Holdings
06:25 on May 22, and all EA Holdings shares were then deposited into the second account.
06:31 Between June 23 and July 11, Vinvest noticed that all these shares had been sold on the
06:35 open market via the TA Securities CDS account.
06:39 The company claims that there had been fraudulent sales and invalid sales instructions to dispose
06:43 of the shares at 0.5 cent per share, or a total sum of $5.486 million, and it did not
06:49 mention who had given the instruction to sell the shares.
06:53 Vinvest further said that it tried to contact the stock market analyst to no avail and his
06:56 whereabouts are unknown.
06:58 Following that, a report was lodged with the Securities Commission, police and Bursa Malaysia
07:02 between July 17 and 21.
07:10 German chipmaker Infineon said on Thursday that it was massively increasing its investment
07:14 in its Malaysia plant while reporting slightly better than expected quarterly revenue in
07:19 a semiconductor market where trends remain a mixed picture.
07:23 According to Reuters, Infineon, whose chips are used in cars and data centers, reported
07:28 third-quarter revenue of EUR4.09 billion, up 13 percent from the same period last year,
07:33 and slightly above expectations of EUR4.05 billion in a company-provided consensus of
07:39 analysts.
07:40 According to chief executive Zoshan Hanivak, the semiconductor market trends continue to
07:44 present a mixed picture with both light and shade, namely that demand is high in electromobility
07:51 and renewable energy but low for consumer products like PCs and smartphones.
07:56 For the full year, Infineon expects investments amounting to approximately EUR3 billion.
08:01 One investment focus is construction at its site in Malaysia, where it said on Thursday
08:05 it plans to build the world's largest 200mm SIC power fab.
08:09 The planned expansion of the Kulim fab is backed by customer commitments covering about
08:13 EUR5 billion and about EUR1 billion in prepayments, according to Infineon, which said it would
08:19 invest up to an additional EUR5 billion over the next five years.
08:24 Ford and China's Cherry and SAIC are among the first customers from the automotive sector,
08:29 in addition to SolarEdge and three leading Chinese photovoltaic manufacturers.
08:34 Hanivak says that with the Kulim expansion, the group will secure its leadership position
08:38 in this market.
08:39 The company expected the expanded facility, together with its plant in Village Austria,
08:44 to generate annual revenues of EUR7 billion.
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