The Board of Directors of Cymao (“Board”) wishes to announce that Billion Apex Sdn Bhd (“BASB”), a wholly-owned subsidiary of the Company, had on 20 January 2021, accepted a letter of award (“Award”) from HYC Properties Sdn Bhd (“HPSB”), for site clearance, hoarding and earthworks (“Sub-contract Works”) for the proposed mixed development project located at Wilayah Sungai Kelian Baru, Mukim Batang Padang, Daerah Batang Padang, Perak, with a contract value of an approximately RM134.02 million (“Contract Value”).
BASB and HPSB are collectively referred to as the “Parties”.
For shareholders’ information, the Company will be seeking its shareholders’ approval for the proposed diversification of the principal activities of the Group to include the construction, project management and related activities (“Construction Business”) at the forthcoming extraordinary general meeting to be convened on 9 February 2021 (“EGM”). Upon obtaining the shareholders’ approval at the EGM, the Company will enter into a definitive contract in relation to the Sub-contract Works with HPSB.
Subject CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED BONUS ISSUE OF UP TO 1,856,249,934 NEW ORDINARY SHARES IN G3 GLOBAL BERHAD ("G3 GLOBAL SHARES") ("BONUS SHARES"), ON THE BASIS OF 3 BONUS SHARES FOR EACH EXISTING G3 GLOBAL SHARE HELD ON AN ENTITLEMENT DATE TO BE DETERMINED LATER ("PROPOSED BONUS ISSUE")
Please refer attachment below.
Attachments G3 Global - Circular.pdf 312.8 kBG3 Global - Administrative Note.pdf 128.2 kB
Announcement Info Company Name G3 GLOBAL BERHAD Stock Name G3 Date Announced 20 Jan 2021 Category Document Submission Reference Number DCS-20012021-00004
Cymao secures subcontract worth RM134m for mixed development project in Perak TheEdge Wed, Jan 20, 2021 02:14pm - 1 hour ago
KUALA LUMPUR (Jan 20): Cymao Holdings Bhd's unit has secured a subcontract worth RM134.02 million for a proposed mixed development project at Wilayah Sungai Kelian Baru, Mukim Batang Padang in Perak.
According to a filing with Bursa Malaysia today, its wholly-owned subsidiary Billion Apex Sdn Bhd (BASB) today accepted a letter of award from HYC Properties Sdn Bhd for site clearance, hoarding and earthworks for the proposed project.
The group said the completion date for the subcontract works is within 24 months from the commencement date, subject to the requisite approvals from the relevant authorities for the proposed mixed development project having been obtained.
"The company is not privy to information in regard to details of the proposed mixed development project, the estimated gross development value, gross development costs and the overall timeline of the proposed mixed development project as it is merely undertaking the scope of works," said Cymao.
It said it will begin applying for the requisite construction licences, such as construction licence from the Construction Industry Development Board, to enable the company to undertake construction projects.
"At the point of application, the grade of the construction licence to be applied by BASB will depend on the financial qualification of BASB and qualification of the technical personnel to be recruited by BASB.
"Barring any unforeseen circumstances, BASB will submit the application for the construction licence to the Construction Industry Development Board in the second quarter of 2021. In the meantime, BASB will identify and appoint a qualified subcontractor with the requisite licences to undertake the award," said Cymao.
Cymao said over the past few years, the group has seen increasing challenges in the plywood industry and declining revenue from its existing plywood business. Thus, the company has identified construction as a new viable business to improve its financial performance.
As Cymao is relatively new in the construction industry, it said the award would help build its credentials as well as its track record as a construction player in the construction industry.
Moving forward, the group would be more competitive and this would support the group's bid and tender for future construction and project management projects, said Cymao.
"The board believes that the award is expected to provide additional revenue stream and enhance the group's profits, thereby reducing its dependence on the plywood business and improve the group's financial performance and the shareholders' value.
"The award is expected [to] contribute positively to the company's future earnings, earnings per share and enhance the consolidated net assets of the company while the group's gearing will depend on, amongst others, the manner of funding for the award," it added.
At the 12.30pm break, shares in Cymao settled 18 sen or 7.2% higher at RM2.68, giving it a market capitalisation of RM201 million. It saw some 1.51 million shares done.
The Board of Directors of Cymao (“Board”) wishes to announce that Ageson Development Sdn Bhd (formerly known as Prinsiptek Properties Sdn Bhd) (“ADSB”), a wholly-owned subsidiary of the Company, had on 21 January 2021, entered into a memorandum of understanding (“MOU”) with BASB, whereby ADSB is desirous to appoint BASB as the main contractor to undertake and complete main building and infrastructure works (“Main Construction Works”) for a proposed mixed development project on a parcel of development land measuring 7,395 square metres held under title of H.S.(D) 18991, PT No. 129, Seksyen 1, Bandar Batu Ferringgi, Daerah Timor Laut, Negeri Pulau Pinang (“Land”), with a contract value of RM120.0 million.
The proposed mixed development project is a development of a building block comprising 79 units of service apartments, 138 rooms hotel and 1-storey basement car park ("Proposed Development”).
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....
Yang Addison
328 posts
Posted by Yang Addison > 2021-01-16 18:33 | Report Abuse
Really??