Southern Score Builders Berhad Completes Regularisation Plan

Nov 9, 2022 | Business

Southern Score Builders Berhad (Bursa: SSB8, 0045), a former Guidance Note 3 (GN3) company, has completed its regularisation plan which involves, amongst others, the acquisition of Southern Score Sdn Bhd (SSSB), a G7 contractor. Following the acquisition, Southern Score Builders will be involved the provision of construction management services mainly for high-rise residential buildings. Shares of the Company also resumed trading after being suspended since December 2020.

Led by an experienced and technically strong management team, SSSB adopts construction practices that support the efficiency optimisation of its construction projects. It adopts industrialised building system (IBS) in most of its development and construction projects which is aimed at increasing productivity and improving quality of its projects. Besides that, by leveraging on its asset-light and flexible delivery model, SSSB is able to offer a standardised and cost-efficient building process which enables scalability and flexibility with lower exposure to cyclicality and house prices.

SSSB recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial years ended 31 December 2019, 2020 and 2021 respectively, and realised net profit margin of 9.7%, 12.9% and 12.3% in the 3 years.

The regularisation plan involved, amongst others, the acquisition of the entire equity interest in SSSB from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million satisfied via the issuance of 1.68 billion consideration shares. Super Advantage, being the vendor of SSSB, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024.

Other than the acquisition, the completed regularisation plan also entailed the following:

– consolidation of every ten existing shares in Southern Score Builders into one consolidated share;

– settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of Southern Score Builders, via the issuance of 20.67 million of settlement shares;

– private placement of 543.05 million shares at an issue price of RM0.20 per share to identified investors; and

– exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining Southern Score Builders shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin (“Exemption”).

The completion of the Regularisation Plan will allow the Company to return to a better and stronger financial standing and profitability. Further, the acquisition of SSSB will allow the Company to diversify its business into construction management services whereby the Company is expected to benefit from expected recovery in the construction sector.

The shareholders of Super Advantage are Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score Builders, a veteran in the construction and property development industries with more than 30 years’ experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score Builders.

Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin, said, “We would like to thank Bursa Securities for their guidance and support throughout the progression of regularisation plan. Our thanks also go to Kenanga Investment Bank Berhad, the principal adviser, sponsor and placement agent in relation to the regularisation plan and to Malacca Securities Sdn Bhd, the independent adviser for the Exemption. We would also like to acknowledge the work of the other professionals who worked diligently to ensure the successful completion of the regularisation plan.”

“As a listed entity, Southern Score Builders will be able to further expand our construction services while leveraging on our expertise and business network. We are also intensifying our venture in IBS production through the construction of a manufacturing plant as we see demand growing from the construction sector.”

About Southern Score Builders Berhad (formerly known as G Neptune Berhad)

Southern Score Builders is principally involved in the provision of construction management services mainly in Kuala Lumpur. The scope of Southern Score Builders’ construction services involves the provision of professional project management services from project initiation until the completion of construction works. These services encompass project initiation, planning and design, appointment of subcontractors, procurement; construction project management as well as inspection and completion handover. To-date, via SSSB, Southern Score Builders has completed several projects including, amongst others, the PR1MA Jalan Jubilee project. SSSB is a CIDB Grade 7 contractor. https://southernscore.com.my/

Image Caption for Picture 1

https://www.acnnewswire.com/topimg/Low_SouthernScore202211109.jpg

From L-R:

Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad

Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad

Mr. Chai Tham Poh, Executive Director of G Neptune Berhad

Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad

Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad

Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad

Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad

Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad

Image Caption for Picture 2

https://www.acnnewswire.com/topimg/Low_SouthernScore2022111092.jpg

From L-R:

Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad

Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad

Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad

Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad

Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad

Mr. Chai Tham Poh, Executive Director of G Neptune Berhad

Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad

Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad






Topic: Press release summary



Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive

Sep 25, 2022 | Business

Southern Score Builders Berhad is pleased to present an incentive of RM100,000 to Malaysia’s top men’s doubles pair Aaron Chia and Soh Wooi Yik, who won Malaysia’s first gold at the 2022 World Badminton Championships in Tokyo last month.
Aaron and Wooi Yik were presented with mock cheques by Executive Director and Chief Executive Officer of Southern Score, Gan Yee Hin, at a ceremony today honouring their outstanding achievements. On hand to welcome them were guests and staff of Southern Score.

Gan Yee Hin said, “We are here to celebrate the outstanding achievement of Aaron and Wooi Yik by presenting a token of appreciation for winning the world title for Malaysia. Thank you for the dedication and hard work, they are excellent and truly deserve the rewards. We believe this world title is just the beginning of their badminton journey. We hope this little token of our gratitude will further motivate them for greater achievements and bring glory to the country in the world arena.”

“We hope that our gesture incentive will inspire others to assist a new generation of players who have the courage to pursue the sport as their career.”

“At the same time, we are contributing RM200,000 to Petaling Badminton Club (PBC), the club from which our world champions were nurtured before they joined the national team. We hope that the contribution provides some support as they nurture talents to represent the country. PBC has had a history of producing several of the country’s well-known players such as Chen Tang Jie, Cheam June Wei, Man Wei Chong and Goh V Shem.”

Aaron and Wooi Yik thanked Southern Score for the incentive and said, “We are honoured to have represented Malaysia at the World Badminton Championships and would like to thank Southern Score and all Malaysians for their support.”

“Support such as this incentive from Southern Score means a lot to us and motivates us as we prepare ourselves mentally and physically to win more accolades for Malaysia on the world stage, including our goal of making it to the 2024 Olympic Games.”

Southern Score is a certified CIDB Grade 7 builder of homes for the community and a future for the nation. The Company is always closely tied into the local community and remains active in community involvement programmes such as education, sport, environment and society.

Southern Score: https://southernscore.com.my/






Topic: Press release summary

ELC Earns Top Score in Human Rights Campaign Foundation’s 2022 Corporate Equality Index

Jan 29, 2022 | Business

WEBWIRE –



The Estée Lauder Companies (ELC) is proud to announce that it received a score of 100 on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index. ELC joins the ranks of over 840 major U.S. businesses that also earned top marks this year.


The HRC Corporate Equality Index (CEI) is the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQIA+ workplace equality. The CEI rates companies on detailed criteria falling under four central pillars, including: non-discrimination policies across business entities; equitable benefits for LGBTQIA+ workers and their families; supporting an inclusive culture; and corporate social responsibility.


Doug Jensen, Senior Vice President, Go-to-Market Analytics & Activation, Enterprise Marketing & Data, and the executive co-sponsor of wELCome, ELC’s LGBTQIA+ Employee Resource Group said, “As an out leader at The Estée Lauder Companies, I’m proud of our company’s commitment to the LGBTQIA+ community. We leverage the Human Rights Campaign’s Corporate Equality Index as a springboard for our efforts to elevate equity for the LGBTQIA+ community in a variety of areas, including marketing, philanthropy, mentorship, employee benefits, and supplier diversity. ELC embraces this community as part of its larger efforts in Inclusion, Diversity and Equity, and we feel heard.”




“Achieving a perfect score on the Corporate Equality Index for the seventh year in a row demonstrates our long-standing commitment to creating an inclusive workplace. In addition, this achievement illustrates how ELC’s company values embrace diversity, empower our employees to bring their authentic selves to work, and continue to create a culture of belonging,” said Marilu Marshall, Senior Vice President, Executive Management, Global Chief Inclusion, Diversity & Equity Officer.




This announcement follows similar recognition of ELC’s commitments by numerous organizations including


Forbes’ 2021 America’s Best Employers for Diversity, Glassdoor’s List of Best Places to Work For 2022, and 100 Best Companies by Seramount in 2021. ELC was also named to Bloomberg’s 2022 Gender-Equality Index which measures what companies do to drive transparency and advance gender equality within their respective companies and communities.




 The full report is available online at www.hrc.org/cei.




About The Human Rights Campaign Foundation


The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America’s largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQIA+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQIA+ people, shedding light on inequity and deepening the public’s understanding of LGBTQIA+ issues, with a clear focus on advancing transgender and racial justice. Its work has transformed the landscape for more than 15 million workers, 11 million students, 1 million clients in the adoption and foster care system and so much more. The HRC Foundation provides direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices; it builds the capacity of future leaders and allies through fellowship and training programs; and, with the firm belief that we are stronger working together, it forges partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.