KUALA LUMPUR (June 25): The Ministry of Energy and Natural Resources has so far issued 11 approved permits (APs) for river sand exports.
It is understood that the AP holders are allowed to export river sand and other minerals to Brunei, China, Taiwan, South Korea, Vietnam, Hong Kong, India, Japan and Maldives.
The ministry could not be reached for comment on the matter.
It was previously reported that Malaysia had banned the export of sea sand for environmental reasons. River sand is permitted for export only with the prime minister’s approval.
Pekan-based Legasi Lestari Sdn Bhd is one of the companies that has been granted the AP issued by the ministry with validity until July 2027.
ACE Market-listed Kanger International Bhd announced that it is forming a joint venture with Legasi Lestari to export sand to China and Hong Kong.
According to a filing with the Companies Commission of Malaysia, Legasi Lestari was founded in July 2012 with a share capital of RM2 million. However, it is understood that the company commenced exporting river sand from 2017.
The major shareholders of Legasi Lestar are Rahim Ali, who owns a 50% stake in the company, Ainfarynor Andiana Rabuang @ Rabuan, with a 40% stake, and Datuk Wan Mohamad Razali Wan Mahussin, who owns the remaining 10% stake.
For the financial year ended Dec 31, 2018 (FY18), Legasi Lestari reported a net loss of RM239,129. The company’s total assets stood at RM793,302 with retained loss of RM1.96 million as at end-2018.
It is understood that Lestari’s latest move of appointing distributorship to Kanger to explore the China and Hong Kong market is to leverage on the latter’s operational experience in China.
Kanger’s spokesperson told theedgemarkets that at the current stage, the two parties are still in the exploring phase.
Another listed company that drew eyeballs on the sand export venture recently is Ageson Bhd, which was slapped with a query from Bursa Malaysia, after announcing it has bagged a mammoth RMB44.8 billion (RM27.5 billion) purchase order from China's Guangzhou Kaishengda Industrial Co Ltd for the supply of river and sea sand for 15 years.
In the latest development, Ageson formed a 70-30 joint venture with Bintang Dayang Sdn Bhd (BDSB), which has sand operation business partners, namely Tagas Juta Sdn Bhd (TJSB) and Malayan Energistik Solutions Sdn Bhd (MESSB).
TJSB is a holder of a sand concession licence from Sabah with validity until December 2021. It undertakes sand dredging activities from the river at Sungai Labuk, Beluran in Sabah for sand export to China, Hong Kong, Macau and Taiwan.
As for MESSB, it had received the special approval from the Chief Minister's Department of Sabah to allow for annual export of 10 million cubic metres of sand in three years, even without an AP from the federal government, if the sand is exported to Hong Kong, China, Taiwan and Macau.
According to World’s Top Exports, an independent educational website, Malaysia is one of the top 10 exporters of sand in the world, and is also one of the fastest-growing sand exporters, rising 103.9% from 2015.
AirAsia Group says triggered PN17 but won’t be classified as such
KUALA LUMPUR: AirAsia Group Bhd (AAGB) says it has triggered the prescribed criteria of the Practice Note 17 (PN17) of the Main Market Listing Requirements of Bursa Malaysia but it won't be classified as such under the PN17 relief measures.
In a statement to Bursa Malaysia on Wednesday, it said that its external auditors, Messrs Ernst & Young PLT, had issued an unqualified audit opinion with emphasis of matter on material uncertainty relating to going concern.
This was in reference to AAGB's audited financial statements for the financial year ended Dec 31,2019 and AAGB's shareholders’ equity on a consolidated basis is 50% or less of its share capital (excluding treasury shares).
AAGB's shareholders’ equity on a consolidated basis as at March 31,2020 is 37% of its share capital (excluding treasury shares).
“For the avoidance of doubt, AAGB will not be classified as a PN17 listed issuer and will not be required to comply with the obligations pursuant to Paragraph 8.04 and PN17 of the Main LR for a period of 12 months from the date of this announcement, ” it said.
AAGB said it would re-assess its condition and announce whether it continues to trigger any of the criteria in PN17 of the Main LR upon the expiry of the 12 months from the date of this announcement.
To recap, Bursa had via its letter dated April 16,2020 granted affected listed issuers relief from complying with the obligations due to PN17 relief measures from April 17 to June 30,2021.
Trading in AAG was suspended in the morning session and will start at 2.30pm on Wednesday.
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....
OCTAGON
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Posted by OCTAGON > 2020-07-08 09:47 | Report Abuse
keep up da good work