Sime Darby Property launches Elmina Lakeside Mall with 98% retail space leased

Admin Sep 3, 2024

KUALA LUMPUR: Sime Darby Property Bhd is set to redefine the shopping experience in northern Shah Alam, with over 98% of retail spaces already secured as it officially marks the soft opening of Elmina Lakeside Mall (ELM).

ELM is Sime Darby Property’s second wholly-owned mall, following KL East Mall.

Located in the heart of Elmina City Centre and covering more than 17.18 acres, ELM embodies a distinctive biophilic design that showcases Sime Darby Property’s dedication to sustainable development. The mall aims to enhance the quality of life for the City of Elmina’s expanding population of 67,000 and the surrounding areas.

“ELM represents a new chapter in retail experiences. Bringing together a synthesis of nature-inspired elements with modern amenities, we are shaping a vibrant lifestyle hub for residents and visitors alike. This mall embodies our vision of creating sustainable communities that cater to the evolving needs of modern, eco-conscious consumers,” Sime Darby Property chief operating officer of township development Appollo Leong, said in a statement.

In conjunction with the launch, children’s activities, exclusive promotions, redemption offers, and live performances will be available for visitors until Sept 16, 2024. This will be followed by a series of thoughtfully curated events and programmes throughout the year focusing on community engagement, diversity, and sustainability.

99 Speed Mart reports higher 2Q24 revenue

Admin Sep 3, 2024

PETALING JAYA: Main Market-bound 99 Speed Mart Retail Holdings Bhd reported a revenue of RM2.4bil for the second quarter ended June 31, 2024, reflecting a RM183.3mil or 8.2% year-on-year (y-o-y) increase, mainly attributed to higher sales led by the contribution from new outlets and positive impact from the bulk sales e-commerce platform.

In a statement, the country’s largest home-grown mini market chain retailer said total sales transactions also rose by 12.9% to 113.8 million transactions y-o-y, partially offset by a lower average basket size, which reduced by 4.2% to RM21.30.

Gross profit (GP) grew by RM44.5mil or 23.5% to RM234mil, in line with the increase in revenue while GP margin improved by 1.2% primarily due to higher promotional discounts and prompt payment discounts for the goods purchased.

Additionally, net profit rose by RM50mil or 66.3% to RM125.5mil mainly due to the reasons stated above and the upward adjustment of the distribution centre fee rates charged to the suppliers for the handling of products starting from the first quarter of the financial year ending Dec 31, 2024.

For the six-months period ended June 30, 2024, 99 Speed Mart’s revenue rose by 8.6% y-o-y, registering a cumulative revenue of RM4.8bil while net profit grew by 41.6% to RM258.7mil.

99 Speed Mart founder and chief executive officer Lee Thiam Wah said the group’s strong financial performance, driven by strategic outlet expansion and successful launch of our e-commerce bulk sales platform, underscores the company’s commitment to provide greater convenience and value to customers.

“Looking ahead, our upcoming listing on the Main Market of Bursa Securities represents a pivotal milestone for the Company as we continue to drive sustainable growth and deliver long-term value for our stakeholders.”

99 Speed Mart plans to list on the Main Market of Bursa Malaysia Securities on Sept 9, 2024.

Large block of Ocean Vantage shares traded off-market

Admin Sep 3, 2024

KUALA LUMPUR: A total of 97.93 million shares of Ocean Vantage Holdings Bhd were transacted in an off-market deal on Monday at 20.4 sen per share.

Stock market data showed that this block of shares represents a 23.32% stake in Ocean Vantage. The transacted price was 2.9 sen, or 16.57% higher than the closing price of 17.5 sen.

Ocean Vantage is primarily involved in providing support services for the oil and gas industry, supporting both upstream and downstream activities.

For the first six months ending June 30, Ocean Vantage reported a net loss of RM2.11mil, or a loss per share of 0.50 sen, on revenue of RM67.4mil.

Puncak Niaga disposes of entire stake in Zuriat Watan for RM83.6mil

Admin Sep 3, 2024

PETALING JAYA: Puncak Niaga Holdings Bhd’s wholly-owned subsidiary, TRIplc Bhd, has entered into a share sale agreement on Aug 21, 2024 with Jinze Sdn Bhd for the disposal of 202,500 ordinary shares representing 4.5% equity interest in Zuriat Watan Sdn Bhd (ZWSB) for a disposal price of RM3.58mil.

In a filing to Bursa Malaysia, Puncak Niaga said TRIplc had also entered into a separate share sale agreement on Aug 27, 2024 with Leeway Holdings Sdn Bhd, DB Enneadrakon Group (M) Sdn Bhd and Sheng Dar Holding Sdn Bhd.

The agreement was for the disposal of 4.3 million ordinary shares representing 95.5% equity interest in ZWSB for a disposal price of RM80mil, totaling both proposals at RM83.62mil.

The first proposal is expected to be completed by the third quarter of 2024 while the second proposal in the fourth quarter of 2024.

Puncak Niaga said the proposed disposals are part of its strategy to monetise its non-core assets, to ease the cash flow of the group.

The funds will be used for financial obligations, general working capital and for expenses related to the disposals.

“The proposed disposals will not have any effect on the issued share capital and the substantial shareholders’ shareholding as it will be fully satisfied in cash and not involve the issuance of new shares.