Yew Lee Announces RM5.7 Million Revenue for Q3

Nov 24, 2023 | Business

KUALA LUMPUR, Nov 24, 2023 – (ACN Newswire) – Yew Lee Pacific Group Berhad (“Yew Lee” or the “Group”), a manufacturer of industrial brushes as well as trading of industrial hardware and machinery parts, today announced that the Group recorded revenue of RM5.7 million for the third quarter ended 30 September 2023 (“3Q FY2023”).

Managing Director of Yew Lee, Mr. Ang Lee Leong
Managing Director of Yew Lee, Mr. Ang Lee Leong

In 3Q FY2023, Yew Lee reported a revenue of RM5.7 million, compared to RM6.1 million in the same quarter of the previous year. This change is primarily due to variations in sales orders. Notably, the Group’s manufacturing business remained profitable, contributing positively to the overall financials. However, an overall slight loss after tax of RM0.1 million was recorded for this quarter, against a profit after tax of RM0.8 million in the corresponding period last year. This was largely due to challenges faced in the trading business segment, which offset the gains from manufacturing.

The revenue breakdown for 3Q FY2023 shows that the manufacturing segment contributed RM3.5 million, while the trading segment accounted for RM2.2 million. The manufacturing segment of Yew Lee demonstrated resilient performance, achieving an operating profit of RM0.3 million. In contrast, the trading segment faced some setbacks, resulting in an operating loss of RM0.3 million.

On a quarter-on-quarter basis, revenue rose to RM5.7 million in 3Q FY2023 from RM5.1 million in the previous quarter, an increase of 11%. This was attributed to a slight uptick in sales orders. The quarter’s loss after tax of RM0.1 million improved from a RM0.4 million loss in the preceding quarter, influenced by income tax expense and higher administrative expenses in the previous quarter, partially cushioned by a shift towards higher-margin products.

Mr. Ang Lee Leong, Managing Director of Yew Lee, stated, “While the rubber glove industry continues to be a significant sector for us, we are actively exploring new avenues for growth. Our commitment to diversifying our market reach and enhancing our operational efficiency remains steadfast. We are optimistic about the future and believe that our strategic initiatives will enable us to generate increased income and ensure Yew Lee’s resilience and long-term stability in a dynamic global market. In addition, our trading segment will endeavor to secure larger and more consistent plus sustainable contracts as part of our ongoing turnaround strategy.”

In line with the Group’s strategy to expand its market presence, Yew Lee is establishing a new subsidiary in Thailand, focusing on industrial brush manufacturing. This decision comes after careful evaluation of the Thailand market, where a stable demand for industrial brushes has been identified. The Group is investing RM9 million from its IPO proceeds for this venture, with RM5.5 million allocated for purchasing additional manufacturing machinery and equipment, and RM3.5 million for setup costs and working capital requirements. So far, an investment of RM1.2 million has been made towards this expansion. Yew Lee’s venture into Thailand is a strategic move to strengthen the Group’s market position and enhance its competitiveness in the Southeast Asian region.

As at 23 November 2023, the share price of Yew Lee stands at RM0.37, representing a market capitalisation of RM197.7 million.


Topic: Press release summary

Japan – TANAKA Memorial Foundation to Offer Precious Metals Research Grants of Up to 10 Million Yen (from a Grant Pool of 20 Million Yen) – Applications for Research Projects Open on September 4

Sep 4, 2023 | Business

The TANAKA Memorial Foundation (Representative Director: Hideya Okamoto) announced that it will take applications for research themes for FY2023 Precious Metals Research Grants between September 4 (Mon) and November 30 (Thu). Applications for the grants are open to Japanese educational institutions and public research institutes conducting research and development that will bring about innovative evolution in new research and development, and product development, in the area of precious metals.

In this 25th year of the research grant, recipients will receive a total of 20 million yen in research grants, including the new Umekichi Tanaka Award of 10 million yen, which is the maximum amount offered. Named after company founder Umekichi Tanaka, who strove to expand industrial use of precious metals, the Umekichi Tanaka Award is offered this year to commemorate the 25th anniversary of these Precious Metals Research Grants. Names of the other awards were also changed with the aim of making the grant program more appealing.

Applications can be submitted using the application form on the TANAKA Memorial Foundation website ( https://tanaka-foundation.or.jp ), and, after strict examination, award recipients will be announced at the end of March 2024.

The TANAKA Memorial Foundation aims to contribute to the development and cultivation of new fields for precious metals and to the development of science, technology, and the social economy by conducting activities that enable more people to experience a prosperous society. This grant program aims to support a range of endeavors that can contribute toward creating a well-balanced and prosperous society even in the distant future.

Last year, two Gold Awards were presented. The first one was for “Modeling of precious metal extraction and separation using Moessbauer spectroscopy parameters and computational chemistry” to develop a computational method for predicting the solvent extraction equilibrium of precious metals. The second one was for “Experiments to achieve microstructure control of precious metal-based high-entropy alloys” to develop innovative metal materials aimed at creating strengthening mechanisms with high thermal stability through the use of microstructure control of precious metal-based high-entropy alloys using two-phase crystal structures and their orientation relationship.

Overview of the 2023 Precious Metals Research Grants

[Theme]– Themes that involve any of the following: new technologies to which precious metals can make a contribution, research related to precious metals that will bring innovative evolution to products, or research and development of new products using precious metals

[Grant Amounts] (Maximum amounts from a grant pool of 20 million yen)
– Umekichi Tanaka Award (New): 10 million yen
-Gold Award: 2 million yen
-Silver Award: 1 million yen
-Young Researcher Award: 1 million yen
-TANAKA Special Award (Previously Encouragement Award): 300,000 yen
* The grant amount is treated as a scholarship donation.
* Awards may not be granted in some cases.
* The Platinum Award was discontinued from this year.

[Eligible Candidates]– Personnel who belong to (or work for) educational institutions in Japan (universities, graduate schools, or technical colleges) or public and related research institutions may participate.
* As long as the applicant is affiliated with a research institution in Japan, the base of activity can be in Japan or overseas.
* The Young Researcher Awards are for researchers under the age of 37 as of April 1, 2023.

[Application Period]– 9am, September 4, 2023 (Mon) – 5pm, November 30, 2023 (Thu)

[Application Method]– Enter the required information on the application form available on the TANAKA Memorial Foundation website ( https://tanaka-foundation.or.jp ) and upload details of the research (papers and supplementary material on the theme).

[Announcement]– Results will be announced on the TANAKA Memorial Foundation website around the end of March 2024.
* TANAKA will contact the award recipients directly.

[Conditions]Research content that falls under any of the following
– New technology related to precious metals (new materials, processing methods, process development, etc.)
– Research that brings about innovative evolution in product development (new functions, process development, computational science, etc.)
– Research and development of new products using precious metals
– Effective technologies for creating a well-balanced and prosperous society
* Precious metal refers to eight elements of platinum, gold, silver, palladium, rhodium, iridium, ruthenium and osmium.
* If development is conducted jointly (or planned to be) with other material manufacturers, please indicate so.
* Products that have already been commercialized, put to practical use, or that are planned are not eligible.

About Umekichi Tanaka

After learning his trade at Ejimaya pawn brokerage in Tokyo, company founder, Umekichi Tanaka, opened Ejimaya Tanaka Shoten at Kitajima-cho, Nihonbashi-ku, Tokyo, (now Kayabacho, Nihonbashi, Chuo-ku, Tokyo), which remained the headquarters of TANAKA Kikinzoku Kogyo K.K. until 2006. The company’s business originally entailed buying copper coins (one-hundredth of a yen) and nickel coins (five-hundredths of a yen), and exchanging them, in lots of 100 yen, with merchants for a fee. It went on to engage in the bullion trading business, and began melting down foreign gold coins from Yokohama’s foreign quarter and other places, and then refining and selling the metal. The technologies developed at this time went on to play a significant role in later industrial use of precious metals.

[Inquiries Concerning the Research Grant Program]

Precious Metals Research Grants Office
Global Marketing / R&D Supervisory Department, TANAKA Kikinzoku Kogyo K.K.
22F Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo 100-6422
E-mail: joseikin@ml.tanaka.co.jp
TANAKA Memorial Foundation website: https://tanaka-foundation.or.jp

TANAKA Memorial Foundation

Established: April 1, 2015
Address: 22F Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo
Representative: Hideya Okamoto
Incorporated: 2015
Purpose of Business: To provide grants for research related to precious metals to contribute to the development and cultivation of new fields for precious metals, and to the development of science, technology, and the social economy.
Areas of Business: Provision of grants for scientific and technological research related to precious metals. Recognition of excellent analysis of precious metals and holding of seminars and other events.

TANAKA Kikinzoku Kogyo K.K.

Headquarters: 22F, Tokyo Building, 2-7-3 Marunouchi, Chiyoda-ku, Tokyo
Representative: Koichiro Tanaka, Group CEO
Founded: 1885
Incorporated: 1918
Capital: 500 million yen
Employees: 2,539 (March 31, 2023)
Sales: 281,813.9 million yen (FY2022)
Main businesses: Manufacture, sales, import and export of precious metals (platinum, gold, silver, and others) and various types of industrial precious metals products.
URL: https://tanaka-preciousmetals.com

Press Inquiries
TANAKA Holdings Co., Ltd.
https://tanaka-preciousmetals.com/en/inquiries-for-media/

Press Release: https://www.acnnewswire.com/docs/files/202309_EN.pdf

Major Shareholder of China Power (2380.HK) Invests Over HK$280 Million to Increase Stakes by Over 100 Million Shares

Sep 4, 2023 | Business

In response to recent stock price fluctuations, State Power Investment Corporation Limited (SPIC), the major shareholder of China Power International Development Limited (2380.HK) (the “Company”), believing in the prospect and value of the Company, undertook a series of strategic purchases of the Company’s shares. Over the past three trading days, SPIC substantially increased its equity holding in the Company by a total of more than 100 million shares, involving a noteworthy investment amount exceeding HK$280 million. This demonstrates SPIC’s resolute commitment to stabilizing the Company’s share price and safeguarding the interests of shareholders as a whole, as well as its robust confidence in the Company’s future.

Recently, the Company has received favourable ratings from prominent financial institutions such as HSBC, Citibank, and Changjiang Securities. Market holds the view that SPIC has a strong desire to build its flagship listing platform. The series of capital transactions in the Company in fact reaffirms the Company’s stature as SPIC’s flagship stock. With outstanding results made in the first half of the year, the Company’s strategies were in place at such a fast rate surpassing market expectations. Therefore, market is highly optimistic about the Company’s value appreciation and investment opportunities during the “14th Five-Year Plan” period.


Topic: Press release summary

Sectors: Energy, Alternatives

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Nearly 1 million visitors flock to Hong Kong Book Fair

Jul 26, 2023 | Business

The 33rd HKTDC Hong Kong Book Fair, 6th Sports and Leisure Expo, and 3rd World of Snacks, all organised by the Hong Kong Trade Development Council (HKTDC), drew to a successful close today. The seven-day event attracted nearly one million visitors, of which 10% were tourists. Book Fair visitors spent an average of HK$872 (US$112) per person. Close to 780 exhibitors from 36 countries and regions participated in the three events, offering the public a diverse and extraordinary summer experience.

The 33rd HKTDC Hong Kong Book Fair, 6th Sports and Leisure Expo, and 3rd World of Snacks drew one million visitors in total

Sophia Chong, Acting Executive Director of the HKTDC, said: “We are thrilled to announce the resounding success of this year’s Hong Kong Book Fair, Sports and Leisure Expo, and World of Snacks. The full reopening of Hong Kong has resulted in a surge in participation from citizens and tourists alike, with numerous mainland and overseas authors and exhibitors attending in person. The government’s distribution of consumption vouchers has also fueled citizens’ eagerness to spend at the three exhibitions, contributing to the vibrant and lively ambience of the events. This year’s Book Fair, with its focus on Children’s and Young Adult Literature, has staged a diverse range of cultural activities and seminars. Thanks to the sponsorship of Create Hong Kong* (CreateHK) of the Government of the HKSAR, we have established a brand new World of Art & Culture zone, with the aim of introducing literature and cultural arts from all over the world to a broad reader base. Our ultimate goal is to promote a city-wide reading culture and position Hong Kong as an East-meets-West centre for international cultural exchange.”

Fiction, comics, travel, children’s books and literature most popular genres

Over 800 visitors were interviewed by a research institute commissioned by the HKTDC to glean insights into their reading and spending habits. Respondents spent an average HK$872 at the fair this year, the survey showed. Remarkably, this comprised 70% of their HK$1,254 average annual expenditure on printed books. These findings underscore the Book Fair’s pivotal role as a platform for book enthusiasts to acquire their beloved reads.

The survey also shed light on respondents’ reading habits, revealing that an overwhelming 96% had read printed books within the past month, with an average reading time of 16 hours. Fiction emerged as the most popular book category, with 52% of respondents indicating their interest, followed by comics (26%), travel (20%), children’s and young-adult books (20%), and literature (19%). The categories of self-improvement, enrichment, art and music, and inspirational books also garnered significant interest. E-books were also popular, with 65% of respondents having read e-books within the past month, averaging nine hours of reading time during that period. Most respondents (59%) visited the Book Fair to buy new books, while 49% enjoyed discounts offered at the fair. Additionally, 25% joined the diverse cultural activities, with 18% intending to buy children’s books.

Cultural July events continue with fair highlights available for viewing

The fair featured more than 600 seminars and cultural events held both onsite and offsite, including the Eight Seminar Series. Running in parallel the Cultural July: Joyful Summer Reading campaign, held across Hong Kong, drew more than 350,000 participants.

Recordings of selected seminars are available online. Readers can revisit them through the Book Fair website or the HKTDC’s Youtube channel. This year’s Book Fair has concluded but Cultural July continues until 31 July, with a range of sharing sessions, talks and book launches in all 18 districts of Hong Kong. Details can be found on the Cultural July website – http://www.hkbookfair.hktdc.com/CulturalJuly

The Cultural Journey Online is also available on the Book Fair website, gathering e-reading resources and activities like virtual seminars and exhibitions from our partners which include: SHKP Reading Club’s Read For More, Hong Kong Public libraries, Culture is…, Google Arts & Culture, encouraging citizens to expand their horizons and promoting a reading culture.

Sports and Leisure Expo and World of Snacks well received

Offering a wide selection of sports and leisure products and services, along with more than 1,200 tasty treats and snacks, the Hong Kong Sports and Leisure Expo and World of Snacks are also concluded today. The former featured free trials and interactive experiences while the latter offered visitors delicacies from around the world, along with workshops, activities and tasting sessions. Both events were enthusiastically received.

The three events launched the series of HKTDC exhibitions in the second-half of this year. In the coming months, the HKTDC will continue to host a diverse range of large-scale exhibitions to support and strengthen Hong Kong’s economy across different sectors. Next month, visitors can expect to enjoy the Food Expo, Food Expo Pro, Home Delights Expo, Beauty & Wellness Expo, and Hong Kong International Tea Fair. September will bring CENTRESTAGE and Hong Kong Watch & Clock Fair, as well as the Belt and Road Summit, while October is set to feature the Hong Kong International Lighting Fair (Autumn Edition), Hong Kong Electronics Fair (Autumn Edition), and Eco Expo Asia. In November, the HKTDC will host the Hong Kong International Wine and Spirits Fair, Hong Kong International Optical Fair, and Asian Logistics, Maritime and Aviation Conference. Finally, December will feature the Business of IP Asia Forum and Chill 11.

*Disclaimer: The Government of the Hong Kong Special Administrative Region provides funding support to the project only, and does not otherwise take part in the project. Any opinions, findings, conclusions or recommendations expressed in these materials/events (or by members of the project team) are those of the project organisers only and do not reflect the views of the Government of the Hong Kong Special Administrative Region, the Culture, Sports and Tourism Bureau, Create Hong Kong, the CreateSmart Initiative Secretariat or the CreateSmart Initiative Vetting Committee.

Photo Download: https://bit.ly/3DrR5AI
Book Fair video playlist: https://bit.ly/3Q580Ay

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Should members of the press have any enquiries, please contact:

Hong Kong Book Fair
Yuan Tung Financial Relations:
Anson Wong, Tel: +852 3428 3413, Email: awong@yuantung.com.hk
Salina Cheng, Tel: +852 3428 5691, Email: salcheng@yuantung.com.hk
Agnes Yiu, Tel: +852 3428 5690, Email: ayiu@yuantung.com.hk

HKTDC’s Communications & Public Affairs Department:
Katy Wong, Tel: +852 2584 4524, Email: katy.ky.wong@hktdc.org
Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org

Hong Kong Sports and Leisure Expo, World of Snacks
HKTDC’s Communications & Public Affairs Department:
Kate Chan, Tel: +852 2584 4239, Email: kate.hy.chan@hktdc.org


Topic: Press release summary

KGW to Raise RM16.73 Million from ACE Market IPO

Jul 1, 2023 | Business

KGW Group Berhad, a provider of logistics services including ocean freight services, air freight services and freight forwarding services as well as warehousing and distribution of healthcare-related products and devices, today launched the Group’s prospectus for the upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad.
The IPO will raise RM16.73 million via the issuance of 79.66 million new shares at the IPO price of RM0.21 per share to fund KGW’s future expansion as well as for working capital and repayment of bank borrowings. The proceeds will be used in the following manner:

– RM2.00 million to renovate the Group’s three-storey office building and adjacent two-storey warehouse
– RM0.73 million for working capital purposes
– RM10.00 million to repay bank borrowings
– RM4.00 million allocated for estimated listing expenses

Managing Director of KGW, Dato’ Roger Wong said, “We are an asset-light logistics provider that specialises in managing and coordinating the movement of goods within the supply chain. Instead of owning physical transportation assets such as ships, trains, or aircraft, we focus on providing more valuable services to our customers to facilitate their whole shipment process for better efficiency by leveraging partnerships and collaborations with existing transportation operators.”

Head of Corporate Finance of TA Securities Holdings Berhad, Mr. Ku Mun Fong said, “The Group has developed a solid network with other logistics services providers in various parts of the world throughout the years of operation. This has enabled the Group to arrange for shipping of goods from Malaysia to various locations including those in Asia, Africa, Europe, North and South America. This gives the Group an edge in competing and growing the business.”

Managing Director of Eco Asia Capital Advisory Sdn. Bhd., Mr. Kelvin Khoo said, “KGW Group will implement several strategies such as actively expand its pool of customers exporting to non-USA destinations, expand its headcount to scale up operations, expand its warehousing services for healthcare related products and develop new business opportunities for their logistics services through providing e-commerce solutions. Under the stewardship of Dato’ Roger and his Management team, we are very confident that KGW will be able to successfully implement their future business plan after its Listing, and will be able to further strengthen their presence in the logistics industry.”

KGW recorded revenue of RM43.38 million, RM63.52 million, RM195.42 million and RM229.70 million for the financial year ended 31 December 2019 (“FYE 2019”), FYE 2020, FYE 2021 and FYE 2022 respectively. The Group registered profit before tax of RM0.60 million, RM2.86 million, RM20.75 million and RM21.87 million for FYE 2019, FYE 2020, FYE 2021 and FYE 2022 respectively.

TA Securities is the Principal Adviser, Sponsor, Underwriter and Placement Agent for the IPO while Eco Asia is the Financial Adviser.

KGW Group Berhad: https://www.kgwlogistics.com/

Image
1. Ms. Kelly Neng, Director, Eco Asia Capital Advisory Sdn Bhd
2. Mr. Kelvin Khoo, Managing Director, Eco Asia Capital Advisory Sdn Bhd
3. Mr. Ku Mun Fong, Head of Corporate Finance, TA Securities Holdings Berhad
4. Tengku Faizwa Binti Tengku Razif, Independent Non-Executive Chairman, KGW Group Berhad
5. Dato’ Roger Wong, Managing Director, KGW Group Berhad
6. Ms. Cheok Hui Yen, Executive Director/ Chief Operating Officer, KGW Group Berhad
7. Mr. Tah Heong Beng, Executive Director, Operations, TA Securities Holdings Berhad [L-R]( https://photos.acnnewswire.com/20230630.KGW.jpg )


Topic: Press release summary