Nippon Steel, Mitsubishi Corporation and ExxonMobil to Evaluate and Establish CCS Value Chains in the Asia Pacific Region JCN Newswire

Nippon Steel, Mitsubishi Corporation and ExxonMobil to Evaluate and Establish CCS Value Chains in the Asia Pacific Region

January 26, 2023
TOKYO, Jan 26, 2023 - (JCN Newswire via SEAPRWire.com) - Nippon Steel Corporation, Mitsubishi Corporation and ExxonMobil Asia Pacific Pte. Ltd. have signed a Memorandum of Understanding to jointly study carbon capture and storage (CCS) and the establishment of potential CCS value chains in the Asia Pacific regions on January 25, 2023. Based on the Memorandum, the three companies will conduct research on the capture of CO2 emissions from Nippon Steel's domestic steelworks and evaluate the necessary infrastructure development required, with a view to establishing CCS value chains in the Asia-Pacific region. It would also include a detailed evaluation of Asia Pacific storage opportunities, including in Malaysia, Indonesia and Australia. Mitsubishi Corporation plans to evaluate the overseas CO2 transportation and the development of CCS value chain. This is the first study to develop value chains for carbon capture in Japan with the aim to store elsewhere overseas in the region. Nippon Steel set forth the "Nippon Steel Carbon Neutral Vision 2050" in its medium- to long-term management plan announced in March 2021 and positioned CCS as one of the key technologies to realize this vision. Through this study, Nippon Steel will progress the implementation of CCS including securing storage sites for overseas storage of CO2 generated from steel works, developing storage infrastructure, advocating for policies and regulation, and examining its cost adequacy. Mitsubishi Corporation has identified Energy Transformation (EX) as a key initiative in its Roadmap for a Carbon Neutral Society formulated in October 2021 and its Medium-Term Management Strategy 2024 released in May last year. Mitsubishi Corporation will evaluate the overseas CO2 transportation and the development of CCS value chain through this joint effort. ExxonMobil continues to advance innovative solutions for a lower-carbon future. In early 2021, it established a Low Carbon Solutions business, which is working to bring lower-emission technologies to market, making them accessible to hard-to-decarbonize industries. It is committed to accelerating significant emission reductions through strategic collaborations and through leading the development and the deployment of scalable lower-emission technologies, such as CCS, needed to advance solutions for various industries in the Asia Pacific region and beyond. Mitsubishi Corporation will continue to lead EX through the low-carbon and decarbonization of our business through CCS and other initiatives, while contributing to the transition and realization of a carbon-neutral society through the stable supply of cleaner energy. About Nippon Steel CorporationNippon Steel Corporation is Japan's largest and one of the world's leading integrated steel producers with a wide range of value-added steel products in more than 15 countries. Nippon Steel has four business segments: steelmaking and steel fabrication, engineering and construction, chemicals and materials, and system solutions. With the aim of continually growing to become "the best steelmaker with world-leading capabilities" from the present and into the future, Nippon Steel will pursue world-leading technologies and manufacturing capabilities, and contribute to society by providing excellent products and services. For more information about Nippon Steel please visit: www.nipponsteel.com/ About Mitsubishi CorporationMitsubishi Corporation works with its roughly 1,700 subsidiaries, affiliates and group companies to develop businesses in approximately 90 countries around the world. Spanning multiple industries and regions, these businesses are overseen by Mitsubishi Corporation's Industry DX Group and 10 Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development. Through joint digital (DX) and energy (EX) transformations invested in sustainability, decarbonization and digitalization, the company is now focused on leveraging its operations to address myriad challenges that stand to impact our planet's future. About ExxonMobilExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs. The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.The Singapore affiliate, ExxonMobil Asia Pacific Pte. Ltd., has manufacturing facilities which include an integrated world-scale refining and petrochemical complex in Jurong and Jurong Island. Our operations and businesses serve customers and commercial markets in the region with ground transportation, industrial, aviation and marine fuels, lubricants, petrochemicals and liquefied natural gas. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn. For further information, contact:Nippon Steel Corporation, Public Relations Center Tel: 03-6867-2977Mitsubishi Corporation, Press Relations Team, Corporate Communications Dept. Tel: 03-3210-2171 Fax: 03-5252-7705ExxonMobil Asia Pacific Pte. Ltd: +65 6885 2389 Copyright 2023 JCN Newswire. All rights reserved. (via SEAPRWire)
More
Atlas Lithium Signs Memorandum of Understanding with Mitsui & Co ACN Newswire

Atlas Lithium Signs Memorandum of Understanding with Mitsui & Co

January 18, 2023
Belo Horizonte, Brazil, Jan 18, 2023 - (ACN Newswire via SEAPRWire.com) - Atlas Lithium Corporation (NASDAQ: ATLX) ("Atlas Lithium" or the "Company"), a mineral exploration company focused on lithium and other battery metals critical to powering the green energy revolution, is pleased to announce that it has signed a Memorandum of Understanding (the "MOU") with Mitsui & Co., Ltd. ("Mitsui) with respect to Mitsui's potential interest in acquiring the right to purchase Atlas Lithium's future lithium concentrate production. Mitsui is a global enterprise headquartered in Tokyo, Japan, with $122.3 billion in assets, $96.4 billion in annual revenues, and 44,336 employees in 63 countries, as of its last reported results.In general terms, the MOU contemplates potential funding from Mitsui to Atlas Lithium of up to $65 million (the "Offtake Funding"), in tranches and subject to the achievement of specific milestones acceptable to Mitsui, that would give Mitsui the right to buy up to 100% of Atlas Lithium's production from its planned plant with output capacity of 150,000 tons of lithium concentrate per year (the "Plant"). The Offtake Funding would be primarily used by Atlas Lithium for the construction of the Plant. Lithium concentrate produced by the Plant would then be available for purchase by Mitsui at a price generally based on the then-prevailing market price.Marc Fogassa, Chairman and Chief Executive Officer of Atlas Lithium, commented, "Our lithium assets are world-class and therefore we are enthusiastic about the prospects of a long-lasting and mutually rewarding partnership with such a well-known and global-reaching company as Mitsui."The MOU is non-exclusive for both companies. As part of the MOU, Atlas Lithium and Mitsui will also seek to collaborate in other strategic areas.About Atlas Lithium CorporationAtlas Lithium Corporation (NASDAQ: ATLX) is focused on advancing and developing its 100%-owned hard-rock lithium project which consists of 52 mineral rights spread over 56,078 acres (227 km2) and is located primarily in the municipality of Aracuai in the Lithium Valley of the state of Minas Gerais in Brazil. Atlas Lithium also has a separate second lithium project located in Brazil's Northeast region. In total, Atlas Lithium has 100% ownership of mineral rights for almost all battery metals including lithium (293 km2), nickel (222 km2), rare earths (122 km2), titanium (89 km2), and graphite (56 km2), in addition to mining concessions for gold, diamonds, and sand. The Company also owns approximately 45% of Apollo Resources Corp. (private company; iron) and approximately 28% of Jupiter Gold Corp. (OTCQB: JUPGF; gold and quartzite).Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements are based upon the current plans, estimates and projections of Atlas Lithium Corporation and its subsidiaries (collectively, "Atlas Lithium" or "Company") and are subject to inherent risks and uncertainties which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: results from ongoing geotechnical analysis of projects; business conditions in Brazil; general economic conditions, geopolitical events and regulatory changes; availability of capital; Atlas Lithium's ability to maintain its competitive position; and dependence on key management.Atlas Lithium advises U.S. investors that its properties and projects, and those of its subsidiaries, as of now, are exploratory and do not have measured "reserves" as such term is defined by the Securities and Exchange Commission ("SEC"). Additional risks related to the Company and its subsidiaries are more fully discussed in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2021, filed with the SEC on March 29, 2022, as well as discussions of potential risks, uncertainties, and other important factors in the Company's other filings with the SEC, all of which are available at www.sec.gov. In addition, any forward-looking statements represent the Company's views only as of today and should not be relied upon as representing its views as of any subsequent date. The Company explicitly disclaims any obligation to update any forward-looking statements.Investor Relations:Greg Falesnik or Brooks HamiltonMZ Group - MZ North America+1 (949) 546-6326ATLX@mzgroup.ushttps://www.atlas-lithium.com/@Atlas_Lithium Copyright 2023 ACN Newswire. All rights reserved. (via SEAPRWire)
More
Mitsubishi Motors Corporation Passes Milestone of Five Million Vehicles Exported from Thailand JCN Newswire

Mitsubishi Motors Corporation Passes Milestone of Five Million Vehicles Exported from Thailand

December 9, 2022
TOKYO, Dec 9, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) announced today that it had passed the milestone of exporting five million vehicles from Thailand.The local production and sales company, Mitsubishi Motors (Thailand) Co., Ltd. (hereafter, MMTh), currently has three production plants and one engine plant in Laem Chabang, Chonburi Province. This makes it Mitsubishi Motors' largest production base outside of Japan. Mitsubishi Motors established a sales company in Thailand in 1961 and began production in 1964. In 1988, the company became the first automotive manufacturer to start exporting from Thailand. Currently, MMTh has grown to export vehicles to more than 120 countries around the world, and in 2021, approximately 90 percent of the 340,000 vehicles* produced in Thailand were for export. "Thailand is one of our most important bases, and its importance will continue to increase in the future," said Takao Kato, president and chief executive officer, Mitsubishi Motors. "Reaching an export volume of five million vehicles is a step to the continuous growth and expansion of production volume in Thailand. We will continue to focus on Thailand as the main region that drives our activities in ASEAN countries, which are the foundation of our business. At the same time, we will contribute to the development of the automobile industry in Thailand."*Includes knockdown units. About Mitsubishi MotorsMitsubishi Motors Corporation (TSE:7211) --a member of the Alliance with Renault and Nissan--, is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities in Japan, Thailand, Indonesia, mainland China, the Philippines, Viet Nam and Russia. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification--launched the i-MiEV -the world's first mass-produced electric vehicle in 2009, followed by the Outlander PHEV --the world's first plug-in hybrid electric SUV in 2013. The company announced a three-year business plan in July 2020 to introduce more competitive and cutting-edge models, including the Eclipse Cross (PHEV model), the all-new Outlander and the all-new Triton/L200.For more information on Mitsubishi Motors, please visit the company's website at www.mitsubishi-motors.com/en/. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
More
Mitsubishi Motors Starts Sales of the All-New Outlander in China JCN Newswire

Mitsubishi Motors Starts Sales of the All-New Outlander in China

November 21, 2022
TOKYO, Nov 21, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) announced that GAC Mitsubishi Motors Co., Ltd. (GMMC), Mitsubishi Motors' vehicle production and sales joint venture in China, has begun production of the all-new Outlander, a crossover SUV, and started sales on November 19.Outlander The all-new Outlander is Mitsubishi Motors' flagship model developed under the product concept "I-Fu-Do-Do", which means authentic and majestic in Japanese. The Chinese specification model is newly equipped with a 1.5-liter direct-injection turbo engine and a 48V mild hybrid system, with a maximum output of 120 kW and maximum torque of 280 Nm. By adding the electric motor assist of the mild hybrid system to the torque characteristics of the turbo engine that starts up from low to mid-speed, the all-new Outlander offers smooth, manageable acceleration while improving fuel efficiency. In addition, the all-new Outlander boasts a robust and powerful styling with the evolved Dynamic Shield front face and 20-inch wheels1, and a refined high-quality interior. Further, safe and secure road performance is enhanced with a newly developed platform, an upgraded electronically-controlled 4WD and S-AWC (Super-All Wheel Control) system. The Outlander was released in 20012 as Mitsubishi Motors' first crossover SUV, and it has become one of the core models in the company's lineup, comprising approximately 20 percent of the global sales volume in recent years. The redesigned Outlander was released in North America in 2021 and subsequently in other markets including the Middle East, Oceania, Latin America and Africa, with more than 100,000 units sold as of end of October 2022. 1. Equipped on certain trim levels.2. Sold as Airtrek in Japan About GAC Mitsubishi Motors (GMMC)Based in Changsha, Hunan, GMMC was formed as a joint venture company in 2012 between Guangzhou Automobile Group (50% ownership stake), Mitsubishi Motors Corporation (30% ownership stake) and Mitsubishi Corporation (20% ownership stake). GMMC has 2,891 employees, and serves as a sales and distribution platform for GAC and Mitsubishi Motors-branded vehicles in China. The company has an annual production capacity over 270,000 units per year among the Mitsubishi ASX, Outlander, Eclipse Cross, and Airtrek. GMMC maintains 231 sales and service locations across China. About Mitsubishi MotorsMitsubishi Motors Corporation (TSE:7211) --a member of the Alliance with Renault and Nissan--, is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities in Japan, Thailand, Indonesia, mainland China, the Philippines, Viet Nam and Russia. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification--launched the i-MiEV --the world's first mass-produced electric vehicle in 2009, followed by the Outlander PHEV --the world's first plug-in hybrid electric SUV in 2013. The company announced a three-year business plan in July 2020 to introduce more competitive and cutting-edge models, including the Eclipse Cross (PHEV model), the all-new Outlander and the all-new Triton/L200.For more information on Mitsubishi Motors, please visit the company's website at www.mitsubishi-motors.com/en/. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
More
Mitsubishi Corporation Establishes New Branches in Akita and Choshi JCN Newswire

Mitsubishi Corporation Establishes New Branches in Akita and Choshi

October 26, 2022
TOKYO, Oct 26, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Corporation (MC) is pleased to announce that it will be opening two new Japanese branches in November 2022, one in Akita City, Akita Prefecture, and the other in Choshi City, Chiba Prefecture. In May of this year, MC announced its new management plan, entitled "Midterm Corporate Strategy 2024 - Creating MC Shared Value." The plan details MC's growth strategy to promote regional revitalization through utilizing integrated EX (Energy Transformations) and DX (Digital Transformations) initiatives. MC has embarked on initiatives to promote specific measures for regional revitalization throughout the company, including the creation of new carbon-neutral industries, supporting smooth transitions to decarbonized societies and developing vibrant communities. The establishment will mark the first time in 35 years that MC has had new branches in Japan. MC was appointed as one of the operators of Japan's first, general-sea-area fixed-foundation wind farm which is being developed off the coasts of Akita and Choshi areas in December 2021. Considering how this wind-farm project is expected to play a big role in shaping the future of both districts, MC is now making efforts to strengthen ties with the local government authorities, business partners and residents. Through those efforts and our close collaborations with the wind-farm project companies(1), we are committed to making steady progress in both districts. MC has always been working to stimulate economic development and improve quality of life by continuously creating new businesses, addressing social needs and challenges in the light of the changing world. As we continue our search for those solutions, would like to continue to be an enterprise that steadily grows in step with society.About Akita BranchName: Mitsubishi Corporation Akita BranchAddress: 8th floor, Akita Atorion Building, 3-8, Nakadori 2-chome, Akita, 010-0001, JapanDate of Establishment: November 1, 2022Representative: Branch GM, Yoshihiro MikamiAbout Choshi BranchName: Mitsubishi Corporation Choshi BranchAddress: 5th floor, The Choshi Chamber of Commerce & Industry Building,19-4, Sangen-cho, Choshi, Chiba, 288-0045, JapanDate of Establishment: November 1, 2022Representative: Branch GM, Koji Shirai (1) Akita Noshiro Mitane Oga Offshore Wind LLC, Akita Yurihonjo Offshore Wind LLC and Chiba Choshi Offshore Wind LLCMateriality Based on the Three Corporate Principles, which serve as MC's core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC's revised "Materiality" was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy's goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to "Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually", this project's activities particularly support "Contributing to Decarbonized Societies" "Utilizing Innovation to Address Societal Needs" and "Addressing Regional Issues and Growing Together with Local Communities". Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
More
NEC Selected as Technology Partner in the Implementation of Biometric Solutions for NIISe JCN Newswire

NEC Selected as Technology Partner in the Implementation of Biometric Solutions for NIISe

October 18, 2022
KUALA LUMPUR, Oct 18, 2022 - (JCN Newswire via SEAPRWire.com) - Leading IT and Network Technologies company, NEC Corporation of Malaysia Sdn Bhd (NEC Malaysia) has been awarded a sub-contract for the implementation of its class leading Automated Biometric Identification System (NEC ABIS) and Border Control Solution (e-Gate) by the main project contractor for Malaysia's National Integrated Immigration System (NIISe), IRIS Information Technology Systems Sdn Bhd (IITS), a wholly owned subsidiary of IRIS Corporation Berhad (IRIS). NIISe is an initiative by the Ministry of Home Affairs to modernize the Immigration Department of Malaysia with advanced digital technology.Subcontract handover ceremony (From Left to right: Mr. Chong Kai Wooi, Managing Director, NEC Corporation of Malaysia (NEC Malaysia); Dr Poh Soon Sim, Executive Deputy Chairman, IRIS Corporation Berhad; Mr. Akihiko Kumagai, President of Global Business, NEC Corporation; Yang Berbahagia Datuk Mohamad Fauzi bin Md Isa, Deputy Secretary General (Policy & Control), Ministry of Home Affairs Malaysia; H.E. TAKASHI Katsuhiko, Honorable Japan Ambassador to Malaysia; Mr. Shaiful Zahrin bin Subhan, GroupWhen IRIS created the world's first ePassport in collaboration with the Immigration Department of Malaysia in 1998, it necessitated the introduction and deployment of eGates to read and verify ePassports via traveler thumbprint. Today, 24 years later, NEC will be providing the NEC ABIS and NEC e-Gate systems, featuring highly accurate and reliable multi-modal biometrics authentication, as one of the key technology partners subcontracted for the NIISe project.NEC's biometrics technology uses fingerprint, iris, and face recognition to authenticate identities of visitors and residents at air, sea, and land immigration checkpoints. The NEC e-Gates, a component of NECs Border Control Solution will be deployed at all immigration checkpoints to enable smoother passenger experiences.The Artificial Intelligence (AI)-based multi-modal biometric authentication system features NEC's face and iris recognition technologies, which both have ranked the world's No. 1 in benchmark tests for identification technologies conducted by the US National Institute of Standards and Technology (NIST)."With advanced biometrics technology in immigration checkpoints, residents and travelers to Malaysia will experience improved quality of travel. Biometrics technology will also enhance security and efficiency while providing travelers a secure and seamless experience when going through the e-Gates at immigration checkpoints. We are confident that the NEC ABIS, as an important component to the backbone architecture of NIISe, will also provide effective and efficient processing of all related transactions for the Immigration Department of Malaysia," said Mr. Chong Kai Wooi, Managing Director of NEC Malaysia.Mr. Shaiful Zahrin Bin Subhan, Chief Executive Officer, IRIS Information Technology Systems Sdn Bhd, said, "NEC's stellar track record in deploying biometrics solutions globally speaks volumes. As our technology partner, NEC has provided invaluable feedback and ideas during our initial discussions and helped identify potential pain points in modernising the immigration system. We are thrilled to partner with NEC to work with the Immigration Department of Malaysia to enhance the security and efficiencies in Malaysia's immigration system."NEC has implemented over 1,000 systems with its fingerprint and face recognition technologies in more than 70 countries and regions, including systems for approximately 50 airports around the world."Advancing Malaysia's border control system also generates positive social-economic impacts. Through the NIISe project, both IRIS and NEC Malaysia will be able to create job opportunities. Beyond developing solutions that propel Malaysia's progress, we also work closely with our partners and stakeholders to support talent development in the digital space," added Mr. Chong.Both IRIS and NEC are committed to develop skilled talent in the areas of digital transformation, and both companies will also nurture young Malaysians under the Professional Training and Education for Growing Entrepreneurs (PROTEGE) Ready-to-Work program by the Ministry of Entrepreneur Development and Cooperatives (MEDAC).About NEC Corporation of Malaysia Sdn. Bhd.As a globally renowned technological innovator solutions provider, NEC Corporation of Malaysia (established in 2000) is one of the leading digital transformation players in Malaysia. The company is a subsidiary of NEC Corporation, which has a proven track record of technological expertise. It is committed to help fast track Malaysia's aspiration to become a Digital Nation. Specializing in areas such as smart connectivity, public safety, managed services, enterprise applications, infrastructure, IP network, cybersecurity, and multimedia platform, its presence stretches from Kuala Lumpur to Sunway Iskandar. NEC Malaysia's Center of Excellence in Sunway Iskandar, Johor provides managed services and serves as a call centre operation for customers in the South-East Asian region. Visit us at: https://my.nec.com/.About NEC CorporationNEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of "Orchestrating a brighter world." NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at www.nec.com.About IRIS Information Technology Systems Sdn BhdIRIS Information Technology Systems Sdn Bhd (IITS) is a wholly owned subsidiary of IRIS Corporation Berhad ("IRIS"). IRIS, incorporated in 1994, is a Malaysia Digital status technology innovator and leading provider of Trusted Identification (ID) products and solutions. Since pioneering the world's first ePassport in 1998, the IRIS Group has set itself apart as a dedicated end-to-end integrated solutions provider for eID, ePassport, eVisa, Automated Border Control, smart cards, secure documents, smart devices and other Trusted ID solutions that are highly reliable, secure and holistic.IRIS has expanded its global footprint to 34 countries and continues to innovate to increase international presence for diverse markets, governments and consumers. The Group is listed under the Technology Sector (Name & Code: IRIS & 0010). For more information about IRIS Corporation Berhad, please visit www.iris.com.my/. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)
More
Bintai Kinden Shareholders Approves All Resolutions at 28th AGM ACN Newswire

Bintai Kinden Shareholders Approves All Resolutions at 28th AGM

September 15, 2022
PETALING JAYA, Malaysia, Sep 15, 2022 - (ACN Newswire via SEAPRWire.com) - Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that shareholders have approved all resolutions at the 28th Annual General Meeting (AGM) of the Company held today on a virtual platform.Azri Azerai, Executive Director of Bintai KindenShareholders passed the resolution to receive the audited financial statements for the financial year ended 31 March 2022 (FY2022) as well as to re-elect Ooi Jit Huat and Mohd Shakir Shahimi, the directors who were retiring in accordance with Clause 8 of the Company's constitution. Directors retiring in accordance with Clause 113 of the Company's constitution, Mohd Idzwan Izuddin Datuk Ab Rahman and Ku Chong Hong, who, being eligible, had offered themselves for re-election, were also re-elected.The resolution to allow the board of directors the authority to allot and issue shares that does not exceed 10% of the total issued shares of the Company at the time of the issue to be in force up to the conclusion of the next AGM was also approved by shareholders. In addition, shareholders also waived statutory pre-emptive rights to be offered Bintai Kinden shares ranking equally to existing issued shares in accordance with Section 85 of the Companies Act, 2016 and with Clause 52 of the Company's constitution.Messrs. HLB Ler Lum Chew PLT was also appointed as the auditors of Bintai Kinden and shareholders authorised the directors to fix their remuneration. Other resolutions passed included the payment of directors' fee amounting to RM108,000 for FY2022 and approving directors' other benefits payable up to an amount of RM10,000 from 16 September 2022 to the next AGM of the Company.Azri Azerai, Executive Director of Bintai Kinden said, "We would like to thank shareholders for their continued support and confidence in us. We will endeavour to ensure that their interests as well as the interest of other stakeholders are safeguarded as we work to grow the business.""While the global economic outlook is increasingly challenging, we will continue to leverage on our core M&E engineering expertise to seek opportunities in Malaysia and around the region. We have in recent months also explored the Middle East market, a region with a lot of potential given the growing population and expanding economic activities."At the AGM, shareholders also voiced their concerns over arrears totalling RM42.0 million owed by Kolej Teknologi Islam Melaka Berhad (KTIMB) to Bintai Kinden's wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM) for the construction and operation of the student accommodation at Kolej Universiti Islam Melaka (KUIM), now known as Universiti Melaka (UNIMEL).OPM completed the construction of the UNIMEL student accommodation in 2019. KTIMB had awarded a 25-year concession in 2016 to OPM to construct and operate the student accommodation at the then KUIM but to-date, OPM has received only a portion of the concession fees for operating the student accommodation and has been forced to use its own funds.Bintai Kinden's orderbook covering M&E and oil and gas (O&G) projects currently total RM120.43 million. The Company was recently granted approval for a license by Petroliam Nasional Berhad (Petronas) under the Standardised Work and Equipment Categories Code, to bid for O&G projects that come under Petronas.About Bintai Kinden Corporation BerhadBintai Kinden Corporation Berhad is a multidisciplinary building and industrial service engineering outfit founded in 1973. The Company has designed, installed and commissioned systems that include the full range of engineering services for commercial buildings to industrial complexes. Headquartered in Malaysia, Bintai Kinden has worked on projects in Southeast Asia, China and the Gulf region of the Middle East. For more information, visit bintai.com.my.Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
More
Bintai Kinden Posts 152% Rise in Revenue for 1Q ACN Newswire

Bintai Kinden Posts 152% Rise in Revenue for 1Q

August 26, 2022
PETALING JAYA, Malaysia, Aug 26, 2022 - (ACN Newswire via SEAPRWire.com) - Mechanical and electrical (M&E) engineering services specialist Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998) today announced that the Company registered a 152.0% increase in revenue to RM30.88 million for the first quarter ended 30 June 2022 (1Q FY2023) compared with RM12.26 million in the corresponding quarter of the previous financial year (1Q FY2022) mainly due to higher contribution from M&E engineering business.En. Azri Azerai, Executive Director of Bintai KindenBintai Kinden reported a profit after tax (PAT) of RM968,000 for the quarter under review, which is 23.0% lower than the PAT of RM1.25 million recorded in 1Q FY2022 as gross profit margin decreased to 16.45% from 30.0% after taking into account variation orders from completed M&E projects.The Company's M&E engineering business contributed RM26.43 million for 1Q FY2023, which is an increase of 203.72% compared with RM8.7 million in 1Q FY2022. The concession business brought in RM3.6 million, a marginal increase compared with RM3.55 million. Bintai Kinden operates the entire in-campus accommodation for Universiti Melaka as part of a 25-year concession from Kolej Teknologi Islam Melaka Berhad (KTIMB). As of 31 March 2022, KTIMB owes Bintai Kinden an outstanding sum of RM30.18 million from the concession.En. Azri Azerai, Executive Director of Bintai Kinden said, "We will continue to leverage on our core M&E engineering specialisation to seek opportunities in Malaysia and around the region. The surge in economic activities following the previous two years of intermittent lockdowns due to COVID-19 will definitely have positive spillover effects.""Through our indirect subsidiary, Johnson Medical International Sdn Bhd, we have a niche as a turnkey solutions provider of mobile, modular and offsite engineered healthcare infrastructure that we intend to expand and in which our M&E engineering services can also benefit. Through our 51%-owned subsidiary, Bintai Energy Sdn Bhd, we have been busy exploring opportunities to distribute flanges and other related piping products, the latest of which is a business collaboration agreement with PT Raintech Indo Energi."Bintai Energy has also recently been granted approval for a license by Petroliam Nasional Berhad under the Standardised Work and Equipment Categories Code, to bid for oil and gas (O&G) projects that come under Petronas. Bintai Kinden's orderbook covering M&E as well as O&G projects total RM120.43 million.Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
More
Bintai Kinden Signs MoU Exploring Opportunities in Middle East ACN Newswire

Bintai Kinden Signs MoU Exploring Opportunities in Middle East

July 25, 2022
PETALING JAYA, Malaysia, Jul 25, 2022 - (ACN Newswire via SEAPRWire.com) - Bintai Kinden Corporation Berhad, a building and industrial service engineering specialist, is pleased to announce that the Company's sub-subsidiary, Johnson Medical International Sdn Bhd (JMI), has signed a memorandum of understanding (MoU) with Medical Renewable Care Company (MRC, or under its trade name known as Nouveta) to explore a collaboration providing mechanical and engineering (M&E) solutions and services to the healthcare industry of Saudi Arabia and future expansion in Dubai, United Arab Emirates (UAE).Azri Azerai, Executive Director of Bintai KindenJMI specialises in the design, manufacture and installation of customized hospital support system equipment and provision of nursing home services. Nouveta, which is based in Jeddah, Saudi Arabia, provides healthcare-related products and services to doctors, hospitals and pharmacies.Azri Azerai, Executive Director of Bintai Kinden said, "This MoU gives us the framework to explore in more concrete terms how JMI and Nouveta can collaborate further in Saudi Arabia and the UAE and leverage on the opportunities that can be found in these countries.""As a first step, we are looking to appoint Nouveta as JMI's distributor in Saudi Arabia and secondly, we will study more on the commercial viability of providing M&E solutions and services in Dubai and the rest of the UAE that may encompass a wider market than just hospitals and pharmacies. We look forward to deepening the partnership with Nouveta."Ali Salem Alsubai, General Manager of Nouveta said, "We look forward to a fruitful relationship with JMI and Bintai Kinden. We believe that there are opportunities for us to leverage on and grow together."Bintai Kinden, which recorded a net profit of RM0.91 million in the quarter ended 31 March 2022 (Q4 2022) against a net loss of RM6.59 million in the corresponding Q4 2021, also recently formed a partnership with Marafie Industries Co to supply piping materials to oil and gas related companies in Saudi Arabia as well as securing a series of projects from Petro Flanges & Fittings Sdn Bhd to supply piping materials.Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)
More