Author name: admin

PETALING JAYA, Censof Holdings Bhd has secured a contract valued at RM2.78 million from Lembaga Getah Malaysia (LGM) for the subscription of its financial management and accounting software system, reinforcing the group’s presence in the government technology sector. In a filing with Bursa Malaysia, Censof said the contract was awarded through its subsidiary, Century Software (M) Sdn Bhd, and is set to run for five years and six months, starting from Oct 1, 2025, until March 31, 2031. Century Software chief executive officer Mohd Faiz Alias highlighted that the contract underscores the continued demand for digital solutions in the public sector. “This win reflects our proven ability to deliver mission-critical platforms that enhance accountability, transparency, and operational efficiency for government agencies,” he said. The contract will involve the full implementation and ongoing support of the software system, allowing LGM to streamline its financial management processes, improve reporting accuracy, and strengthen internal controls. Mohd Faiz added that Censof’s expertise in designing and deploying robust financial systems positions the company well for future government projects. “Securing this contract demonstrates the trust and confidence that public sector entities have in our capabilities. We remain committed to supporting LGM and other clients in their digital transformation journey,” he said. The company also noted that this project aligns with its long-term strategy of expanding its footprint in the government and institutional markets, delivering sustainable growth and value to shareholders.

KUALA LUMPUR, A Singapore court has ruled that foreign liquidators cannot sue Standard Chartered Bank and BSI Bank over 1Malaysia Development Bhd (1MDB)-linked transactions that took place before 2018, the year Singapore’s cross-border insolvency law came into effect. The liquidators of Blackstone Asia Real Estate Partners and Brazen Sky — both linked to the 1MDB scandal — had sought to recover assets they claimed were improperly transferred, using avoidance claims to challenge the deals. However, High Court judge Aidan Xu cited Article 23(9) of Singapore’s Insolvency, Restructuring and Dissolution Act, which bars such claims for transactions made before 2018. While acknowledging the transactions appeared “dubious,” he said the law clearly prevents the court from intervening, stressing that any change would have to come from Parliament. The liquidators argued that Article 21 of the law should allow the court to act on past fraudulent deals, warning that otherwise wrongdoers might escape liability. The banks, however, maintained that Parliament had intentionally added Article 23(9) to protect the finality of earlier transactions. Xu agreed, ruling that Article 21 cannot override the restriction. The decision narrows the scope of action available to foreign liquidators under Singapore’s model law framework but does not prevent them from pursuing claims through regular court channels, which are lengthier and more complex. Brazen Sky has already filed separate suits against BSI Bank and certain bankers, alleging dishonest assistance in the same transactions. In response, Angela Barkhouse, joint liquidator of Blackstone Asia Real Estate Partners, said they respect the ruling but noted that the judge himself admitted the outcome may not align with the spirit of the UN’s model law. She added that her team is considering other legal avenues, including a possible appeal. “We remain undeterred in our mission to recover assets from those responsible and maximise returns for Malaysia,” she said.

KUALA LUMPUR, A company director has been charged with soliciting a RM5 million bribe — allegedly using the name of the Securities Commission Malaysia (SC) — to prevent legal action against independent trust firm UBB Amanah Bhd. P Kuhan Arunasalam, 39, faces one count of seeking the bribe from V Siva Ananthan in July 2024 at a restaurant in Bangsar. The charge, filed under Section 16(a)(A) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 and punishable under Section 24(1), carries a maximum 20-year jail term and a fine of at least five times the bribe amount or RM10,000, whichever is higher. Kuhan pleaded not guilty. Sessions Court judge Suzana Hussin granted bail of RM20,000, ordered his passport to be surrendered, and required him to report to the MACC once a month. Prosecution officer Selvam T Armugom led the case, while lawyer Wan Shahrizal Wan Ladin represented the accused. Kuhan is believed to be linked to Spherix Sdn Bhd, described as a digital compliance and traceability platform. In response, the SC reiterated that it does not comment on ongoing cases and stressed that it takes a serious view of any unauthorised use of its name for endorsements or solicitations.

KUALA LUMPUR, Custom Food Holding Bhd, a specialty food ingredient manufacturer backed by private equity firm Creador, has filed a draft prospectus for an initial public offering (IPO) on the Main Market of Bursa Malaysia. The IPO is aimed at funding the construction of a new manufacturing facility, repaying borrowings, and supporting working capital needs. Creador, which has backed notable listings such as CTOS Digital Bhd in 2020, Mr DIY Group (M) Bhd in 2021, and Eco-Shop Marketing Bhd in May this year, currently holds an effective 16.7% stake in Custom Food. The proposed listing involves a public issue of 113.31 million new shares (11.1% of enlarged issued shares) and an offer for sale of 186.81 million existing shares (18.3%), bringing the total public float to 29.4%. For the retail portion, 30.62 million shares will be offered, comprising 20.42 million shares for the Malaysian public and 10.21 million for eligible persons. Meanwhile, 269.5 million shares will be allocated under the institutional offering. Proceeds from the sale of the existing shares will go to Oriental Concept Sdn Bhd (OCSB) and Sabroso Group Sdn Bhd (SGSB). Following the IPO, OCSB’s stake will drop to 61.21% from 80% (assuming full exercise of the overallotment option), while SGSB’s stake will decline to 4.98% from 20%. OCSB is controlled by managing director Datuk Saw Beng Liang, his brother Saw Benson, and their father Saw Ee Chee. SGSB is controlled by Polvere Group Sdn Bhd, an indirect 83.5% subsidiary of Creador V LP. Custom Food specialises in producing non-dairy creamers, functional lipid powders, and malt and cereal products, operating manufacturing facilities in Kulim, Kedah, and Perai, Penang. For the financial year ended Dec 31, 2024 (FY2024), the company posted a net profit of RM42.07 million on revenue of RM394.86 million, translating to a profit margin of 10.65%, up from 8.77% in FY2023 and 9.4% in FY2022. RHB Bank is the sole principal adviser, bookrunner, and underwriter for the IPO.