Yinson, Vivocom, T7 Global, Samaiden, Power Root, Green Packet, Managepay and PUC

Yinson, Vivocom, T7 Global, Samaiden, Power Root, Green Packet, Managepay and PUC
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KUALA LUMPUR (July 1): Based on corporate announcements and news flow today, companies in focus tomorrow (July 2) may include: Yinson Holdings Bhd, Vivocom Intl Holdings Bhd, T7 Global Bhd, Samaiden Group Bhd, Power Root Bhd, Green Packet Bhd, Managepay Systems Bhd and PUC Bhd.

Yinson Holdings Bhd said its floating production storage offloading (FPSO) vessel Lam Son has secured another extension for the charter offshore Vietnam for an estimated US$18.1 million (RM75.17 million). Yinson said its joint venture (JV) PTSC Asia Pacific Pte Ltd had entered into an addendum to extend the tenure of its bareboat charter contract with PetroVietnam Technical Services Corporation (PTSC).

Vivocom Intl Holdings Bhd has entered into a Heads of Agreement (HOA) with Strattner Alternative Credit Fund LP for the latter to invest up to US$350 million (about RM1.45 billion) for subscription to the former’s shares.

Energy solutions provider T7 Global Bhd is teaming up with Singapore-based Siemens Logistics Pte Ltd to collaborate for business opportunities in Malaysia, especially the growing logistics sector. The company said its subsidiary T7 Kemuncak Sdn Bhd had today entered into a collaboration agreement with Siemens Logistics.

Samaiden Group Bhd said its wholly-owned subsidiary Samaiden Sdn Bhd had today accepted a letter of award to undertake, among others, engineering, procurement, construction and commissioning (EPCC) work from Greenviro Solutions Sdn Bhd for a proposed 10MWac solar power plant in Penang for a contract price of RM46.4 million.

Power Root Bhd said it has temporarily halted operations at its plant in Johor to conduct sanitisation work to prevent the spread of Covid-19. The group said its wholly-owned subsidiary Power Root (M) Sdn Bhd was instructed by the Health Ministry to temporarily suspend its operations at its factory located in Taman Perindustrian Plentong in Masai. The move is expected to result in the deferment of shipment to its export customers.

Green Packet Bhd has called off its proposed three-for-five rights issue to raise RM328.37 million, citing prevailing market conditions and its volatile share price since the proposal was announced. The group also proposed a private placement of not more than 20% of its issued share capital to raise between RM30.45 million and RM48.96 million which would be used for its payables, general expenses, staff benefits and marketing expenses.

Managepay Systems Bhd's wholly-owned subsidiary ManagePay Services Sdn Bhd (MPSB) has applied to Bank Negara Malaysia yesterday for a digital banking licence. It noted that it is supported by three local strategic partners, namely Bumiputera-controlled entities, which have expressed their interest in investing an aggregate of 45% in MPSB should the application be successful and prior regulatory approval.

ACE Market-listed technology firm PUC Bhd announced today that it has, via a consortium formed in collaboration with two state governments and a conglomerate, submitted an application to Bank Negara Malaysia for a digital bank licence in order to create banking solutions for the under-served customers. PUC, however, did not disclose the identity of any of its strategic partners.

S Kanagaraju