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KUALA LUMPUR: EA Technique (M) Bhd (EATech) shareholders have approved the issuance of up to 795,750,000 shares and the exemption for Datuk Wira Mubarak Hussain Akhtar Husin and Voultier Sdn Bhd (VSB) from the obligation to undertake a mandatory take-over offer at the extraordinary general meeting (EGM) held on 24th June 2024. The shareholders’ approval marks a pivotal step in EATech’s efforts to regularise its financial status. The share issuance will raise RM79.6 million for the company, representing approximately 60.0 per cent of the enlarged share capital. Following this corporate exercise, VSB will emerge as the largest shareholder with a 51% stake in EATech. VSB is 70 per cent owned by Wira Mubarak and 30 per cent held by Kinergy Advancement Bhd executive deputy chairman and group managing director Datuk Lai Keng Onn. EATech is a Bursa Malaysia main market-listed prominent marine transportation and offshore storage company. EATech chief executive officer Nasrul Asni Muhammad Dain said the company deeply appreciates the shareholders’ support and the confidence VSB has shown in EATech’s enduring vision. “This strategic investment underscores their faith in our ability to make strides towards potential in the marine transportation and offshore storage sector. “The provided capital will solidly back a healthy our regularisation strategy and catalyse future growth,” he said in a statement. He said that upon successfully completing the proposed regularisation plan, EATech’s immediate strategic priority is to expediently uplift the PN17 status to reaffirm EATech as a resilient and thriving entity. “Our turnaround plan was a pivotal milestone in demonstrating our sustained profitability over 7 consecutive quarters from the third quarter (Q3) of 2022 to the first quarter (Q1) of 2024,” he said. Described as ‘white knights’ entering EATech, Wira Mubarak and Lai’s vast experience positions them to bring valuable resources to the company. Wira Mubarak said he and Lai recognise the immense potential in EATech. “VSB is here for the long haul. Our goal is to expand the company and deliver substantial value to our shareholders. “By leveraging our resources and expertise, we aim to strengthen the essential core of EATech’s current business. “We aim to transform its vision into a leading entity in the marine transportation and offshore storage industry, thereby enhancing shareholder value along the way,” Wira Mubarak said. The proceeds from the shares issuance are earmarked for the company’s financial obligations, namely RM31.0 million for scheme creditors, RM26.0 million for Sindora, and RM19.7 million for general working capital over the next 24 months. EATech expects to recognise a one-off net income of approximately RM127.4 million from the debt waivers, significantly improving financial health with a net tangible asset (NTA) increasing from RM57.4 million to RM261.6 million. “With the national oil company Petroliam Nasional Bhd (Petronas) planning significant investments in exploration, development and production, EATech is well-positioned to benefit from increased demand for its services,” Wira Mubarak added. EATech’s marine transportation activities involve transporting petroleum products, light cargoes, and personnel using various charter arrangements, including time charters, bareboat charters, and spot charters. The company operates 26 vessels, including product tankers, offshore support vessels (OSVs), and a floating storage and offloading (FSO) vessel.

HO CHI MINH CITY: On the occasion of World Environment Day and the action month for the environment, Sanofi-Aventis Vietnam Co Ltd (Sanofi Vietnam) in partnership with Gaia Nature Conservation Centre (Gaia) launched a project called “Expanding Green Spaces for HCM City” for the 2024-2026 period. This cooperative endeavour aims to improve the urban environment and promote sustainability by planting 100 trees at selected schools throughout the city. Ho Chi Minh City faces a concerning lack of green spaces, with only 0.55 sq m of greenery per person, far below the government’s recommended standard of 15 sq m. Many schools in the city require more green spaces, as children and teachers frequently want more shade to avoid bright sunshine and a fresh learning environment. Therefore, this project seeks to establish a healthy learning environment that benefits both teachers and students’ physical and mental health. In addition, the initiative creates student-led tree planting clubs, arranges tree learning competitions, and encourages more than 4,000 students to participate in all project activities such as tree planting, monitoring and maintenance. This year, Sanofi Vietnam and Gaia will plant 27 trees in four schools in District 12, engaging thousands of students and teachers. The trees selected by Gaia are fast-growing and will be carefully nurtured for the first two years. After that, the responsibility will be handed over to the schools and Gaia will periodically monitor them to ensure their continued growth. — Viet Nam News/ANN

KUALA LUMPUR: Bank Negara Malaysia (BNM) has requested prompt refunds to all affected account holders following the fraudulent withdrawals of fixed deposits amounting to RM24.2 million. The central bank said it takes a serious view of the recent reports that large-scale unauthorised cash withdrawals arising from the collusion of financial institution employees with external parties. “The integrity of individuals working in financial institutions is paramount,” BNM said today in response to Bernama’s queries on the recent unauthorised withdrawals case. To date, police have detained 14 individuals, including four bank employees to assist in the investigation of the fraudulent withdrawals of RM24.2 million from several fixed deposit accounts. The police received four reports from account holders and bank staff in early June in Petaling Jaya, Selangor, after the victims noticed suspicious cash withdrawals from their fixed deposit accounts in Kota Kinabalu, Sabah. BNM said it requires all financial institutions to put in place strong controls to safeguard and protect customers’ funds and the integrity of the financial system. “This includes, for instance, the requirement for financial institutions to enforce a strong code of ethics. “Financial institutions must also conduct thorough checks and screening of potential employees before hiring them,” it said. The central bank said individuals with records of fraud and dishonesty are banned from working in any licensed financial institution. It also reminded that any institution involved in such investigations must give its full cooperation to the relevant law enforcement authorities, and take strong remedial or disciplinary actions based on the findings of internal investigations. “BNM advises consumers to immediately report any unauthorised or suspicious transactions to their banks or the National Scam Response Centre (NSRC) at 997 upon discovery, as well as to the police,” it added. – Bernama