IRIS - OTHERS CONTRACT AGREEMENT ENTERED INTO BY AND BETWEEN GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH, DEPARTMENT OF IMMIGRATION & PASSPORTS (“DIP”) AND IRIS CORPORATION CONSORTIUM (“CONSORTIUM”) RELATING TO THE COLLECTION OF MACHINE READABLE PASSPORT (MRP) ENROLMENT DATA AND RELATED SERVICES INCIDENTAL TO AND DISTRIBUTION OF MRP AMONG BANGLADESHI CITIZENS AT SITES IN UNITED ARAB EMIRATES (“UAE”)
| Company Name | IRIS CORPORATION BERHAD (ACE Market) |
| Stock Name | IRIS |
| Date Announced | 16 Jun 2014 |
| Category | General Announcement |
| Reference No | IC-140616-63513 |
| Type | Announcement |
| Subject | OTHERS |
| Description | CONTRACT AGREEMENT ENTERED INTO BY AND BETWEEN GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH, DEPARTMENT OF IMMIGRATION & PASSPORTS (“DIP”) AND IRIS CORPORATION CONSORTIUM (“CONSORTIUM”) RELATING TO THE COLLECTION OF MACHINE READABLE PASSPORT (MRP) ENROLMENT DATA AND RELATED SERVICES INCIDENTAL TO AND DISTRIBUTION OF MRP AMONG BANGLADESHI CITIZENS AT SITES IN UNITED ARAB EMIRATES (“UAE”) |
CONTRACT AGREEMENT ENTERED INTO BY AND BETWEEN GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH, DEPARTMENT OF IMMIGRATION & PASSPORTS (“DIP”) AND IRIS CORPORATION CONSORTIUM (“CONSORTIUM”) RELATING TO THE COLLECTION OF MACHINE READABLE PASSPORT (MRP) ENROLMENT DATA AND RELATED SERVICES INCIDENTAL TO AND DISTRIBUTION OF MRP AMONG BANGLADESHI CITIZENS AT SITES IN UNITED ARAB EMIRATES (“UAE”) 1. INTRODUCTION The Board of Directors of IRIS Corporation Berhad (“ICB”) is pleased to announce that IRIS Corporation Berhad Consortium, a joint venture consortium consisting of ICB and Grand Technology Resources & Computer Source Limited (“GTR”) had entered into a Contract Agreement (“Contract”) for a term of 18 months with The People’s Republic Of Bangladesh, Department Of Immigration & Passports (“DIP”) on 11th June, 2014 pursuant to a tender – [Tender/MRP-MRV/establishment/tender-MRP/8-02/2013/236] for the collection of Machine Readable Passport (MRP) enrolment data and related services incidental to and distribution of MRP among Bangladeshi citizens at sites in United Arab Emirates (“UAE”). The total value of the Contract Agreement is approximately United States Dollars Ten Million Four Hundred Thousand (USD10,400,000) [equivalent to RM33,519,200] at the rate of USD 13.00 per MRP. (equivalent to approximately MYR41.90) based on the exchange rate of USD1 : MYR3.223 as at 16th June, 2014). 2. SALIENT TERMS 2.1 The Contract Agreement consists of :- (i) the Form of Contract (execution page); (ii) The letter of Invitation to the Consortium for completing the formalities for signing the Contract Agreement; (iii) Acceptance of the Consortium for completing the formalities for signing the Contract Agreement; (iv) The Particular Conditions of Contract (PCC); (v) The General Conditions of Contract (GCC);and (vi) Appendices 1 to 6. 2.2 There are no bank guarantees for advance payments and no cost estimates. 2.3 The period/term for the completion of the Contract Agreement is 18 months and shall commence from the Effective Date (from the date of the Contract Agreement). 2.4 The Consortium will provide the services which include the collection of applications, biometric data and delivering personalized MRPs (Enrolment Data) and other related services incidental to and distribution of MRP among Bangladeshi citizens at the Sites in the UAE (4 Application Processing Centres) and 1 Centralized Management Centre. The Sites will be supervised, controlled and administered by officer from DIP and the Consortium which will provide its expertise and supervise on all Technical matters. 2.5 Total number of applicants (Appendix 1-Description of Services to be provided by Second Party) is approximately 800,000 MRPs at the rate of USD13.00 per piece. 2.6 Payments shall be made by DIP in line with the agreed-on outputs on a monthly basis on accurate enrolment and delivery of the passport to the applicant subject to the submission of the bill by the Consortium and acceptance by designated officer of the Embassy and DIP jointly. 4. SOURCES OF FUNDING The implementation of this Contract Agreement will be funded by internally generated funds and bank borrowings. 5. RISK FACTORS Project Risk The implementation of the Contract Agreement may be subject to unavoidable delays which may arise from non-compliance of specifications and capabilities pursuant to the performance parameters or unanticipated difficulties in setting up of the Sites and undertaking the operations in a foreign jurisdiction. However delays may then affect the profit margins of ICB as time shall be spent to resolve arising issues and will delay the recognition of revenue. Notwithstanding the above, the ICB Group will seek to limit the risks involved through prudent financial management and efficient operating procedures. Political, Economic And Regulatory The political, economic and regulatory stand of DIP as our client at the date of this Contract Agreement is deemed stable, however the ICB Group shall take necessary precautions to mitigate any risk that may arise if need be during the performance of this Contract Agreement. 6. FINANCIAL EFFECTS OF THE CONTRACT The Contract Agreement will not have any material effect on the issued and paid up share capital, substantial shareholder’s shareholding, earnings, earnings per share, net assets per share and gearing of the ICB Group. Barring unforeseen circumstances, the Board is of the opinion that the Contract Agreement will contribute positively to the earnings and earnings per share of the ICB Group for the next financial year 31 March 2015 7. APPROVALS REQUIRED FOR THE IMPLEMENTATION OF THE CONTRACT AGREEMENT This Contract Agreement is not conditional on the approval of ICB’s shareholders or any relevant agencies of the Government of Malaysia or any other jurisdiction. 8. DIRECTORS AND MAJOR SHARE HOLDERS INTERESTS None of the directors, major shareholders, and persons connected with the directors or major shareholders of ICB have any interest, direct or indirect in the Contract Agreement. 9. STATEMENT OF DIRECTORS The Board, after having considered all aspects of the Contract Agreement and given that ICB has already established an excellent relationship with DIP on its existing contract for the “Introduction of Machine Readable Passport (MRP) and Machine Readable Visa (MRV) in Bangladesh [Tender No: MRP-MRV/Estb/Tender-MRP/8-01/09, the Board is of the opinion that the Contract Agreement is in pursuance to its core business, Trusted Identity, is indeed in the best interest of the ICB Group. 10. COMPLIANCE WITH THE SECURITIES COMMISSION’S POLICIES AND GUIDELINES ON ISSUE/OFFER OF SECURITIES The Contract Agreement does not depart from the Securities Commission’s Policies and Guidelines on Issue/Offer of Securities. 11. PERCENTAGE RATIOS AS PER SECTION 10.02 (G) OF LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD The highest percentage ratio applicable to this Contract Agreement is 7.33% 12. DOCUMENT FOR INSPECTION The Contract Agreement shall be available for inspection at the registered office of ICB during office hours at Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, and 59200 Kuala Lumpur for q period of three (3) months from the date of this announcement. This announcement is dated 16th June 2014
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BJFOOD - Interim Dividend
| Company Name | BERJAYA FOOD BERHAD****DO NOT RELEASE |
| Stock Name | BJFOOD |
| Date Announced | 16 Jun 2014 |
| Category | Entitlements (Notice of Book Closure) |
| Reference No | BF-140616-48220 |
HAIO - Notice of Shares Buy Back - Immediate Announcement
| Company Name | HAI-O ENTERPRISE BERHAD |
| Stock Name | HAIO |
| Date Announced | 16 Jun 2014 |
| Category | Notice of Shares Buy Back - Immediate Announcement |
| Reference No | CP-140616-2ADD6 |
SUPER - Changes in Sub. S-hldr's Int. (29B) - Lim Pei Tiam @ Liam Ahat Kiat
| Company Name | SUPER ENTERPRISE HOLDINGS BERHAD |
| Stock Name | SUPER |
| Date Announced | 16 Jun 2014 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | CC-140616-2754E |
Particulars of substantial Securities Holder
| Name | Lim Pei Tiam @ Liam Ahat Kiat |
| Address | 23, Lorong Datuk Sulaiman 6, Taman Tun Dr. Ismail, 60000 Kuala Lumpur |
| NRIC/Passport No/Company No. | 460722-01-5261 |
| Nationality/Country of incorporation | Malaysian |
| Descriptions (Class & nominal value) | Ordinary Shares of RM1.00 each |
| Name & address of registered holder | Lim Pei Tiam @ Liam Ahat Kiat 23, Lorong Datuk Sulaiman 6, Taman Tun Datuk Dr. Ismail, 60000 Kuala Lumpur |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Acquired | 09/06/2014 | 8,200 | |
| Acquired | 10/06/2014 | 21,300 | |
| Acquired | 11/06/2014 | 25,000 | |
| Acquired | 12/06/2014 | 14,500 | |
| Acquired | 13/06/2014 | 4,000 |
| Remarks : |
| The percentage of direct interest excludes 13,000 Ordinary Shares of RM1.00 each bought-back by the Company and retained as treasury shares. |
BREM - Quarterly rpt on consolidated results for the financial period ended 31/3/2014 (Amended Announcement)
| Company Name | BREM HOLDING BERHAD |
| Stock Name | BREM |
| Date Announced | 16 Jun 2014 |
| Category | Financial Results |
| Reference No | CS-140616-44857 |
| Financial Year End | 31/03/2014 |
| Quarter | 4 |
| Quarterly report for the financial period ended | 31/03/2014 |
| The figures | have not been audited |
| Remarks : |
| The foreign currency translation difference in the Condensed Consolidated Statement of Comprehensive Income for the financial year ended 31 March 2014 should be read as RM30,758,000 instead of RM38,296,000. The overstatement of RM7,538,000 in the foreign currency translation difference was attributed to a dividend payment made by an overseas subsidiary to the non-controlling interests which was being included due to an oversight. With the amendment, the Total Comprehensive Income and the Total Comprehensive Income Attributable To Non-controlling Interests should be read as RM16,611,000 and RM3,883,000 instead of RM9,073,000 and RM11,421,000 respectively. The corresponding figures in the Statement of Changes in Equity and the Statement of Cash Flow have been amended accordingly. |
- Default Currency
- Other Currency
Currency: Malaysian Ringgit (MYR)
SUMMARY OF KEY FINANCIAL INFORMATION31/03/2014 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
| 1 | Revenue | 31,106 | 10,990 | 144,103 | 134,605 |
| 2 | Profit/(loss) before tax | 13,630 | 2,525 | 63,115 | 49,007 |
| 3 | Profit/(loss) for the period | 12,026 | -1,708 | 47,369 | 33,739 |
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 10,577 | -5,231 | 36,493 | 22,443 |
| 5 | Basic earnings/(loss) per share (Subunit) | 6.30 | -4.60 | 21.70 | 13.20 |
| 6 | Proposed/Declared dividend per share (Subunit) | 3.00 | 3.00 | 6.00 | 6.00 |
AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | ||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) | 2.8200 | 2.7400 | ||
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
LYSAGHT - OTHERS Lysaght Galvanized Steel Berhad ("LGS" OR "THE COMPANY") - NOTICE OF NOMINATION FOR ELECTION TO THE OFFICE OF DIRECTOR AT THE FORTHCOMING ANNUAL GENERAL MEETING
| Company Name | LYSAGHT GALVANIZED STEEL BERHAD |
| Stock Name | LYSAGHT |
| Date Announced | 16 Jun 2014 |
| Category | General Announcement |
| Reference No | CC-140613-63629 |
| Type | Announcement |
| Subject | OTHERS |
| Description | Lysaght Galvanized Steel Berhad ("LGS" OR "THE COMPANY") - NOTICE OF NOMINATION FOR ELECTION TO THE OFFICE OF DIRECTOR AT THE FORTHCOMING ANNUAL GENERAL MEETING |
The Board of Directors of Lysaght Galvanized Steel Berhad ("LGS") wishes to inform that the Company has received a Notice of Nomination dated 12 June 2014 from Mr Koh Tee Kiow @ Kho Tee Keow, a shareholder of the Company, to nominate Mr Cheam Low Soo for election to the office of Director of LGS at the forthcoming Thirty-Fifth Annual General Meeting ("35th AGM") of the Company scheduled to be held on Wednesday, 25 June 2014. An addendum to the Notice of the 35th AGM will be depatched to all shareholders of LGS.
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GADANG - DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS):DEALINGS OUTSIDE CLOSED PERIOD
| Company Name | GADANG HOLDINGS BHD |
| Stock Name | GADANG |
| Date Announced | 16 Jun 2014 |
| Category | General Announcement |
| Reference No | GH-140616-62187 |
| Type | Announcement | |||||||||||||||||||||
| Subject | DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD | |||||||||||||||||||||
| Description | Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, we have received notification from the following principal officer in relation to her dealings in the securities of the Company as per the table below: | |||||||||||||||||||||
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RCECAP - Notice of Shares Buy Back - Immediate Announcement
| Company Name | RCE CAPITAL BERHAD |
| Stock Name | RCECAP |
| Date Announced | 16 Jun 2014 |
| Category | Notice of Shares Buy Back - Immediate Announcement |
| Reference No | RC-140616-4A3D5 |
ITRONIC - Change in Boardroom
| Company Name | INDUSTRONICS BERHAD |
| Stock Name | ITRONIC |
| Date Announced | 16 Jun 2014 |
| Category | Change in Boardroom |
| Reference No | CC-140611-51390 |
| Date of change | 16/06/2014 |
| Name | LU ZHI QIN |
| Age | 41 |
| Nationality | CANADIAN |
| Type of change | Appointment |
| Designation | Non-Executive Director |
| Directorate | Independent & Non Executive |
| Qualifications | College, Baiyun College Shanghai |
| Working experience and occupation | Ms. Lu is an entrepreneur in food & beverage industries and owned several restaurant. |
| Directorship of public companies (if any) | Nil |
| Family relationship with any director and/or major shareholder of the listed issuer | Nil |
| Any conflict of interests that he/she has with the listed issuer | Nil |
| Details of any interest in the securities of the listed issuer or its subsidiaries | Nil |
FARMBES - MULTIPLE PROPOSALS
| Company Name | FARM'S BEST BERHAD |
| Stock Name | FARMBES |
| Date Announced | 16 Jun 2014 |
| Category | General Announcement |
| Reference No | OS-140616-49E96 |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | FARM’S BEST BERHAD (“FBB” OR THE “COMPANY”) • PROPOSED PAR VALUE REDUCTION; • PROPOSED ACQUISITION; • PROPOSED SECURITIES EXCHANGE; • PROPOSED OFFER FOR SALE; • PROPOSED SPECIAL ISSUE; • PROPOSED AMENDMENTS; AND • PROPOSED TRANSFER OF LISTING STATUS (COLLECTIVELY, THE “PROPOSALS”) |
(Unless otherwise defined in this announcement, all abbreviations used in this announcement are defined in the announcement dated 12 June 2014) Further to the announcement dated 12 June 2014 in relation to the Proposals, M&A Securities, on behalf of the Board of FBB wishes to announce the following additional information in relation to the opinion from FHMH Corporate Advisory Sdn Bhd on the fairness and reasonableness of the Purchase Consideration as stated in Section 2.2.1(vii) of the announcement dated 12 June 2014. The basis and method for the valuation for the Purchase consideration based on the letter from FHMH Corporate Advisory Sdn Bhd (“FHCA”) dated 28 May 2014 are as follows: 1.1 Basis of the valuation The basis of the valuation is the market value which is defined as the arms’ length price at which the asset would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell, in an open and unrestricted market and both having reasonable knowledge of relevant facts. 1.2 Method and result of valuation The valuation methodologies considered and selected by FHCA to evaluate the fairness and reasonableness of the Purchase Consideration are as follows: (i) Relative Valuation Analysis (“RVA”) Under the RVA, reference was made to the valuation statistics of companies listed on regional stock exchanges with principal activities that are considered broadly comparable to the business of SHH Group (“Comparable Companies”), the following results were noted: The P/E multiple of SHH Group of 9.26 times based on the PAT of SHH Group for the FYE 31 December 2013 is below the average of P/E multiple of Comparable Companies of 9.46 times and within the range of 5.99 times to 13.34 times. The enterprise value to earnings before interest, taxation, depreciation and amortisation (“EV/EBITDA”) multiple of SHH Group of 8.20 times is below the average EV/EBITDA of the Comparable Companies of 13.07 times and within the range of 4.42 and 41.36 times. The P/B ratio of SHH Group of 3.10 times based on the NA of SHH Group as at 31 December 2013 is above the average P/B multiple of Comparable Companies of 1.61 times but within the range of 0.42 times to 3.48 times. (ii) Discounted Free Cash Flow to Equity (“Discounted FCFE”) Under Discounted FCFE, the valuation method involves the application of an appropriate selected discount rate applied on the projected future cash flows to be earned by the equity holders, taking into account a combination of risk factors associated with the industry in which the SHH Group is involved in, namely the systematic business risk and the financing mix, the following results were noted: Based on the financial forecast and projections provided and using a discount rate of 1% from 13.61% (the discount rate derived from analysis of Comparable Companies), the intrinsic valuation of SHH Group is between RM362 million and RM386 million. Based on the analysis using a discount rate of 1% from 13.61% and a 10% movement in terminal value, the intrinsic valuation of SHH Group is between RM333 million and RM418 million. Based on the analysis using a discount rate of 1% from 13.61% and a 10% movement in FCFE, the intrinsic valuation of SHH Group is between RM355 million and RM394 million. The Purchase Consideration is within the range of intrinsic valuation based on the Discounted FCFE method of RM333 million to RM418 million. 1.3 Conclusion The above analysis indicates that the Purchase Consideration is within the range of values provided under both the RVA and the Discounted FCFE valuation methods. Premise on the above, FHCA is of the opinion that the Purchase Consideration is fair and reasonable. The letter from FHCA dated 28 May 2014 is made available for inspection at the registered office of FBB at AG 5730, Alor Gajah Industrial Estate, 78000 Alor Gajah, Melaka, during normal office hours on Mondays to Fridays (except public holidays) for a period of three (3) months from the date of the announcement dated 12 June 2014. This announcement is dated 16 June 2014. | |
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