In today’s edition of Evening 5 — TH Heavy Engineering enters a voluntary winding-up, a year after its delisting. Meanwhile, MyEG Services denies illegally collecting fees for its foreign worker permit renewal services, and Malaysian Genomics Resource Centre CEO Sasha Omar Firdaus Aamir Nordin resigns.
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00:00 [Music]
00:04 TH Heavy Engineering or THHE is undertaking a voluntary winding up,
00:09 one year after it was delisted from Bursa Malaysia.
00:12 The offshore fabricator and shipbuilder said in a winding up notice dated today
00:17 that it made the decision to shutter as it is unable to continue its operations due to liabilities.
00:23 The notice stated that a meeting of creditors is scheduled for October 4th.
00:28 THHE is controlled by the Ministry of Finance-owned unit, URUS Harta Jama'ah,
00:33 which holds a 64.45% stake in the company prior to its delisting on September 5th, 2022.
00:41 According to THHE's last annual report, other shareholders include Datuk S.M. Farroz Muhammad
00:47 Jekyll and siblings Luqman and Muhammad Nizam, who collectively held 2.95% as at March 23rd, 2022.
00:56 As at end June last year, THHE had capital deficiency of RM210.87 million,
01:03 with RM393.14 million in total liabilities against RM182.27 million in total assets,
01:12 including a yard in Pulau Indah.
01:14 The winding up marks the end of the company, which was previously known as Ramonia Holdings
01:19 and one of the oil and gas industry darlings during the late 2000s boom.
01:24 MyEG Services has denied illegally collecting fees for its foreign worker permit renewal services
01:36 and said the claim made by a lawmaker is an opinion of his own.
01:40 In a burst filing on Wednesday, the e-services provider clarified that there is and has been
01:46 no misrepresentation by MyEG in the services available on its online platform
01:51 and that all services continue to be provided in accordance with the terms and conditions
01:56 stipulated by the government.
01:58 Kota Melaka MP Kupuet Yong had reportedly alleged in the Dewan Rakyat yesterday
02:03 that MyEG's services contract with the Immigration Department had been suspended since February,
02:09 yet it is still accepting fees for the services via its website.
02:14 Neither Putrajaya nor MyEG have announced the extension of the firm's contract
02:19 for processing foreign worker permits.
02:21 Trading of MyEG's securities was halted from 9am to 10am.
02:26 The counter ended the day 1.9% slower at 78 cent for a market capitalisation of 5.83 billion ringgit.
02:34 Prime Minister Dato' Sri Anwar Ibrahim said the government needs to reduce subsidies enjoyed by
02:45 the rich before reintroducing the Goods and Services Tax or GST.
02:50 According to a Burnama report, Anwar admitted during an interview with Bloomberg's Hazlinda Amin
02:55 that the broad-based consumption tax is the most efficient and transparent tax system.
03:01 As to when Putrajaya would implement it, the Premier said it depends on the threshold
03:07 and that progressive tax policies would be more appropriate when people are living in abject
03:12 poverty instead of a broad-based policy.
03:15 In the meantime, he said the government would have to first reduce subsidies to the rich.
03:20 Anwar said subsidy rationalisation is not going to be a popular decision,
03:24 but the government has four years before the next election.
03:28 He added that the government has little choice but to do this as soon as possible,
03:33 with the country's expenditure on subsidies one of the highest in the Asian region.
03:38 [Music]
03:42 The High Court granted an extension of time to Putrajaya,
03:46 along with former Prime Minister Tondokter Mahathir Mohamad and former Minister Tan Sri
03:51 Nur Muhammad Yaacob, to file their defence to a suit by tycoon Tan Sri Halim Saad.
03:56 The extension was granted during case management before High Court Senior Assistant Registrar
04:02 Nik Nur Amalina Madzaidan.
04:04 The Attorney-General's Chambers, which is representing the government,
04:07 Mahathir and Nur Muhammad, had filed a written application to seek an extension.
04:12 As there was no objection, Nik Nur Amalina granted the request
04:16 and directed that the defence be filed by October 6th,
04:20 and the reply to the defence be filed by the plaintiff on October 23rd.
04:24 She fixed November 20th for case management.
04:28 Halim, formerly the Executive Chairman and controlling shareholder of Renung,
04:32 is suing for losses that he suffered as a result of concerted efforts by the authorities
04:38 to stop his bid to take over United Engineers Malaysia, which then owned
04:42 priced assets including the North-South Expressway's toll concession.
04:46 [Music]
04:52 Malaysian Genomics Resource Centre, or MGRC, has announced the resignation of its CEO,
04:57 Sasha Omar Firdaus Amir Nordin.
05:00 In its first filing, the company said Sasha had stepped down to pursue his personal interest.
05:05 Sasha was previously COO of the company since February 1st, 2014,
05:11 before he was appointed to the role of CEO on September 23rd, 2020.
05:16 Prior to joining the company, he was employed at Neuromatix,
05:20 the previous ultimate holding company of MGRC, for 13 years.
05:24 In recent developments, MGRC saw the emergence of Rinani Group as a substantial shareholder
05:31 after it acquired a 5.85% stake in July.
05:34 Rinani has since increased its stake in MGRC to 11.2%.
05:39 That same month, former Miss Malaysia World Datin Sri Jacqueline Ngoo emerged as a substantial
05:44 shareholder with a direct stake of 5.102% following a private placement exercise.
05:51 MGRC, which intends to change its name to Rinani Life Sciences,
05:55 saw its shares settle unchanged at 47 cent, valuing it at RM64.5 million.
06:01 It is believed that the company will continue to grow and thrive in the coming years.
06:03 [Music]