The government, which said it was very concerned about issues relating to national sovereignty, has allocated RM16bil for the Defence Ministry and RM17bil for the Home Ministry in 2021. In line with this, the government increased the allocation for maintenance of the assets of the Malaysian Armed Forces to RM2.3bil in 2021, as compared with RM2bil earlier.
Among the potential beneficiaries of the increased maintenance spending would be Destini Bhd and Boustead Heavy Industries Corp Bhd. It is noteworthy that both companies have bagged Defence Ministry-related contracts before.
Littoral Combat Ships Project
Included in Note 5, Note 19 and Note 20 to the financial statements are revenue of RM7,413,000,
receivable of RM7,961,000 and contract liabilities of RM 6,020,000 respectively generated from the
Littoral Combat Ships Project.
On 25 September 2015, Daya OCI Sdn. Bhd. (“DOCI”) was appointed as the subcontractor to
supply heating ventilation and air conditioning (HVAC) system for six units of Littoral Combat Ships
(“LCS Project”).
(a) The LCS project was suspended in January 2020 due to non-payment from the customer.
The management is of the view that total amount receivable from this customer amounting to
RM7,961,000 as at the end of the reporting period is recoverable and no expected credit loss
is required.
Currently Daya OCI Sdn Bhd is the Marine HVAC contractor for the Littoral Combat Ship (LCS) prject with Bousted Naval Shipyard. We also offer other Retrofit Navy Ship on Marine HVAC related services. We have established local talent in this sector, in house design, testing and assembly facilities that meet EU design specification.
The Board wishes to announce that the Proposed Subscription has been completed in accordance with the terms and conditions of the Subscription Agreement. Accordingly, DPV’s equity interest in DMAX has been diluted to approximately 69.63%.
Through our JV with Local Fabricator High Ultra Petroleum Sdn Bhd, we offer Engineering and Construction services to Malaysian Marine Heavy Engineering in Pasir Gudang Johor for the fabrication of Bokor CPP Jacket project. Daya OCI Sdn Bhd is gearing to increase its business growth and participation in project related to the Engineering and Construction services predominantly for the onshore fabrication and offshore Oil and Gas sector.
Joint Arrangements
(a) On 15 August 2018, DOCI had entered into a Project Joint Venture Agreement with High
Ultra Petroleum Sdn. Bhd. (“HUP”) to undertake the finance management, execution and
completion of the Bokor CPP Jacket (“Bokor Project”) where DOCI is entitled for 70% of the
profit or loss generated from the projects. DOCI assessed that this is a joint operation and
had recognised share of loss from the joint operation being 70% share of interest and an
amount owing by/(to) joint operation in the financial statements.
Malaysia’s construction company Malaysia Marine and Heavy Engineering has been awarded a contract to build an offshore processing platform for Petronas’ Bokor project, offshore Malaysia.
MMHE will be responsible for the engineering, procurement, construction, installation and commissioning of a central processing platform (CPP) for the Bokor Phase 3 redevelopment project by Petronas Carigali. The contract value is worth approximately RM1.0 Billion ($226.7 million).
The first steel is expected to be cut in the third quarter of 2018. The project is scheduled to be completed in mid second quarter of 2020.
Upon completion, the new CPP will be installed at Bokor field located in Baram Delta, offshore Sarawak, in a water depth of 70 meters.
Through announcement made via company’s social media account, MMHE said the Bokor Centralised Processing Platform (CPP) Topsides built for client PETRONAS Carigali Sdn Bhd (PCSB) has sailed away from MMHE West, Pasir Gudang, Johor to Baram Delta (45km North West Lutong), Miri, Sarawak.
Marking a remarkable project highlight for the year 2020, the Bokor CPP project weighed at 11,238 MT was successfully completed with an achievement of 7,921,207 safe manhours.
Reference is made to Kanger’s announcement on 29 September 2020 (ref no. GA1-29092020-00043) whereby the Group had entered into a three-year collaboration agreement with Sinopharm Group Hunan Changde Medical Co Ltd for the distribution of Covid-19 vaccines and medical equipment in Malaysia which are developed by China National Pharmaceutical Group Corporation (“Sinopharm”).
The Board of Directors of Kanger is pleased to announce that National Institutes of Biotechnology Malaysia (“NIBM”), an agency under the Ministry of Science, Technology and Innovation Malaysia has issued a letter which states that NIBM has no objections for Kanger to communicate with the relevant stakeholders at Sinopharm to purchase Covid-19 vaccines for private sector use in Malaysia.
Daya said in a stock market announcement that its Daya OCI (Labuan) Ltd (DOCIL) unit had had been awarded the deal to provide the vessel along with a range of offshore services on a long-term charter basis for a period of 100 to 175 days per year for seven years, commencing this month until 2020.
The charter contract could be worth between MYR250m to MYR440m depending on the actual utilisation, the company said and is expected to contribute positively to group earnings and net assets for the period of the charter. payment still continue?
New IPO: Building management systems (BMS), solar thermal systems and energy-saving services provider, Solar District Cooling Bhd aims to list on the Ace Market!
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New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
freddiehero
16,715 posts
Posted by freddiehero > 2020-11-19 20:18 | Report Abuse
need team work, let's push to 1.0 my dream