In today’s edition of Evening 5 — Mustamir Mohammad has stepped down from his position as CFO of Sime Darby to take up the top position at UMW Holdings. Meanwhile, investors’s lawsuit MYAirline co-founder Datuk Allan Goh will have their day in court.
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00:00 [Music]
00:04 Mustamir Muhammad is stepping down from his position as the group CFO of Saim Darby
00:09 to assume the role of President and Group CEO of UMW Holdings, effective today.
00:14 Mustamir is replacing Datuk Sri Ahmad Fuad Muhammad Kenali, whose tenure expired on October 31st.
00:21 Replacing Mustamir as Saim Darby Group CFO is Muhammad Nur Abdul Aziz,
00:25 who had previously been the CFO of Saim Motors division, also effective Wednesday.
00:31 In a separate filing, Saim Darby said its wholly owned subsidiary,
00:34 Saim Darby Enterprises Shareholding in UMW, has increased from nil to 714.81 million shares
00:41 or 61.18% equity interest in UMW, making it an indirect subsidiary of Saim Darby.
00:49 This follows the takeover exercise by Saim Darby, followed by a mandatory general offer,
00:53 which is expected to be completed in the first quarter of next year.
00:57 Also in separate filings, UMW said Saim Darby Group CEO, Datuk Jeffrey Salim Davidson,
01:02 was joining its board as a director along with Tan Sri Muhammad Sharul Ikram Yaakob.
01:08 [Music]
01:13 The Malaysian Communications and Multimedia Commission is under the purview of the Communications Ministry,
01:18 according to its Minister, Fahmi Fazil,
01:21 while the Custodian Ministry of the 5G Infrastructure Outfit, DNB, is still undecided.
01:26 During a press conference on Wednesday, Fahmi said that while the Cabinet has yet to conclude
01:31 its discussion on the allocation of government agencies,
01:34 he was able to disclose how the agencies are split
01:37 between the Communications Ministry and the Digital Ministry.
01:41 He said agencies that will remain under the Communications Ministry are MCMC,
01:46 Bernama, Institute of Broadcasting and Information (TAR), the Information Department,
01:51 the Broadcasting Department, including RTM, Finas, and My Creative Ventures.
01:56 The Community Communications Department, or JCOM,
01:59 is to be moved from the PM's department to the Communications Ministry.
02:03 Agencies to be transferred to the Digital Ministry, headed by Gobind Singh Dio,
02:07 include MDEC, MyNIC, and the Department of Personal Data Protection, according to Fahmi.
02:13 On Putrajaya's decision to split the Communications and Digital Ministry,
02:17 Fahmi suggested that agencies that will be transferred to the Digital Ministry
02:21 may include those outside the portfolio held by the OM Ministry.
02:25 He explained that the portfolio was split due to the new Industrial Master Plan, NIMP 2030,
02:31 which emphasises the digital economy as a major economic driver
02:35 and a need to make adjustments as government functions under the digital sector
02:39 fell under various ministries.
02:42 (Music)
02:47 PN17 classified Sapura Energy has been thrown a lifeline
02:50 as at least 75% of the financiers of its approximately 10.3 billion multi-currency financing facilities
02:58 have provided the requisite approval in principle for a proposed debt structuring scheme.
03:04 In a statement, Sapura said it had received written confirmation
03:07 from the Corporate Debt Restructuring Committee,
03:09 marking a significant milestone for the group to address its unsustainable level of debt
03:14 and amounts owed to trade creditors, particularly Malaysian vendors who are SMEs.
03:19 The exercise involves approximately $1.5 billion in claims from vendors.
03:23 Meanwhile, Sapura announced that its third quarter FY 2024 results
03:28 where it saw its net profit more than double, year-on-year to $30.89 million,
03:33 boosted by higher share of profits from associates and JVs and an increase in forex gains.
03:38 This marks the group's third consecutive quarter in the black
03:41 as it had posted a net loss of $3.3 billion in the fourth quarter of FY 2023
03:47 after recording massive impairment provisions.
03:50 However, revenue for the quarter was down 13.42% to $1.1 billion from $1.28 billion,
03:56 mainly due to lower contribution from its engineering and construction segment,
04:00 which fell 17% amid lower completion of its projects.
04:04 Group CEO, Datuk Mohd Anwar Taib, said that financial constraints
04:08 clipped its ability to improve business performance.
04:11 Nevertheless, he is confident of the group's prospects,
04:13 in line with its strategy to rebalance its global portfolio
04:17 and deploy key assets to regions where it can be competitive.
04:20 The group's order book currently stands at $5.4 billion,
04:23 adding that its E&C and O&M segments are actively pursuing a number of prospects
04:28 within and outside Malaysia.
04:30 [Music]
04:35 The High Court has dismissed an application by Datuk Alan Goh Huan Hua,
04:39 a co-founder of the currently grounded MyAirline,
04:41 and four companies to strike out a suit brought against them by 15 investors.
04:46 The matter will now go for a full trial.
04:49 In a decision on Wednesday, High Court Judge Adlin Abdul Majid said
04:52 that it is not a plain and obvious case to be summarily dismissed
04:56 and that there are issues that need to be thrashed out during the trial.
05:00 This includes the issue of whether Goh and the four defendants
05:03 have committed fraud as alleged by the plaintiffs.
05:06 The companies being sued are iServ Online Mall, Brightmoon Venture,
05:10 QA Smart Partnership, and Trillion Cove Holdings,
05:13 where Goh is a shareholder of iSOM and a director and shareholder of TCH.
05:18 In response, the defendants have filed an application to strike out the suit,
05:21 contending that the plaintiffs were statutorily prohibited
05:24 from filing the legal action as the sum demanded
05:27 was part of the money seized by Bank Negara.
05:30 In her judgment, Adlin noted that it was not evident
05:32 that the repayments claimed by the plaintiffs were part of the money seized.
05:36 Goh and iSOM also pleaded that they were not party
05:39 to the contracts between the plaintiffs and BMV, QAS, and TCH.
05:43 However, the plaintiffs alleged that there were representations
05:46 made by Goh and iSOM regarding their investments in the three companies.
05:51 Addressing this, the judge said these allegations have not been sufficiently rebutted
05:54 and needed to be looked at further.
05:57 The court set nine initial dates for trial in October and December next year,
06:01 namely October 14, 15, 21, 22, 23, and December 15 to 19.
06:08 SP Setia is partnering with Mitsui Fudosan Asia Malaysia,
06:16 operator of the Mitsui Outlet Park KLIA,
06:19 in a joint venture to develop two parcels of commercial land
06:22 measuring 2.67 acres in Setia Federal Hill, Bangsa.
06:26 The development, which has an estimated gross development value of S$1.4 billion,
06:30 will comprise two residential towers with approximately 1,300 units,
06:35 with the first tower slated to be launched next year,
06:38 according to a statement by SP Setia.
06:40 SP Setia President and CEO Dato' Chung Kai Wai said,
06:43 "The collaboration will not only bolster the project's profile,
06:46 but also provide an opportunity for the group to market to international clients."
06:51 He calls the JV "significant for both companies"
06:54 and with their combined expertise and proven track records,
06:57 the JV is poised to unlock the full potential of the development
07:01 and redefine the skyline of Setia Federal Hill.
07:04 Setia Federal Hill, spanning 51.66 acres, is situated opposite KL Central,
07:09 Malaysia's largest integrated transport hub.
07:12 As at end-June, SP Setia boasts a portfolio of 44 ongoing projects,
07:16 supported by a robust land bank of 6,870 acres,
07:21 valued at a GDP of S$125.77 billion,
07:25 while the group's total unbilled sales stood at S$6.82 billion.
07:30 [Music]