Labuan | Jotup

SCIB Terminates Indonesian Project

Retrieved on:

Tuesday, February 14, 2023

Labuan, SCIB, Engineering, EPCC, COVID-19

KUCHING, MALAYSIA, Feb 14, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company's wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.

Key Points:

KUCHING, MALAYSIA, Feb 14, 2023 - (ACN Newswire) - Civil engineering specialist Sarawak Consolidated Industries Berhad (SCIB) today announced that the Company's wholly-owned subsidiary, SCIB International (Labuan) Ltd. (SCIBILL), has issued a notice of termination to PT Cipta Multi Sarana (PTCMS) for the proposed engineering, procurement, construction and commissioning (EPCC) project involving earthworks for the Prabumulih-Muara Enim tolled road located in Sumatera, Indonesia valued at RM55.59 million.
Group MD and CEO of SCIB, Encik Rosland bin Othman
SCIBILL, which accepted a letter of award for the EPCC project on 18 August 2020 from PTCMS, has decided to take the necessary measures to protect its interests following the lack of progress in the project arising from uncertainties related to the COVID-19 pandemic and in view of the initiatives being taken to review and update SCIB's order book records.
Group Managing Director of SCIB, Encik Rosland bin Othman said, "The termination is in the best interests of the Company as there has been no progress on the project.
On the part of PTCMS, it has acknowledged that there are no penalties or liquidated ascertained damages on SCIBILL."

SCIB Posts 14.5% Increase in Revenue to RM30.3 Million in 1Q FY2023

Retrieved on:

Wednesday, November 30, 2022

COVID-19, Engineering, BHD, Construction, Industrialised building system (IBS), EPCC, SCIB, IBS, LBT, 3D, Rosland Capital, Electricity, Health, Economic development, Water, Labuan

On a segmental basis, revenue contribution from manufacturing increased 26.8% to RM24.2 million in 1Q FY2023 compared with RM19.1 million in the corresponding quarter of the previous financial year while revenue contribution from the engineering, procurement, construction and commissioning (EPCC) business decreased 16.9% to RM6.2 million from RM7.4 million.

Key Points:

On a segmental basis, revenue contribution from manufacturing increased 26.8% to RM24.2 million in 1Q FY2023 compared with RM19.1 million in the corresponding quarter of the previous financial year while revenue contribution from the engineering, procurement, construction and commissioning (EPCC) business decreased 16.9% to RM6.2 million from RM7.4 million.
Group Managing Director of SCIB, Encik Rosland bin Othman, said, "The manufacturing business continues to be the mainstay in the quarter under review.
The Company also announced separately on the stock exchange that SCIB and its wholly-owned subsidiaries, SCIB International (Labuan) Ltd., SCIB Properties Sdn.
As of 30 November 2022, SCIB has an order book of RM564.7 million with earnings visibility until 2026.

Gotrade Raises $15.5 Million to Make Investing Fun, Fair and Simple in Southeast Asia, Launches in Indonesia

Retrieved on:

Tuesday, April 5, 2022

Gotrade raised a $7 million seed round in 2021 from LocalGlobe and Social Leverage, both early backers of Robinhood.

Key Points:

Gotrade raised a $7 million seed round in 2021 from LocalGlobe and Social Leverage, both early backers of Robinhood.
Together with the launch of Gotrade Indonesia, Gotrade announced that Andrew Haryono is being recognized as a co-founder of the company.
It was launched in 2019 with the vision of making investing fun, fair and simple for everyone, everywhere.
Instruments on Gotrade are offered through Gotrade Securities Inc. Instruments on Gotrade Indonesia are offered through PT Valbury Asia Futures, a Bappebti licensed broker-dealer established in 1999 in Indonesia.

Gotrade Launches Indonesia's First Market Access to US Stocks

Retrieved on:

Monday, April 4, 2022

Gotrade Indonesia is the first platform in Indonesia to offer this market access for US stocks.

Key Points:

Gotrade Indonesia is the first platform in Indonesia to offer this market access for US stocks.
Together with the launch of Gotrade Indonesia, Gotrade announced that Andrew Haryono was being recognized as a co-founder of the company.
Gotrade also announced 2 senior executive hires with Tan Hui Lynn and Jeremy Ng joining Gotrade as General Counsel and Chief Financial Officer respectively.
Instruments on Gotrade are offered through Gotrade Securities Inc. Instruments on Gotrade Indonesia are offered through PT Valbury Asia Futures, a Bappebti licensed broker-dealer established in 1999 in Indonesia.

NextPlay Technologies Reports Fiscal Q3 2022 Record Revenue of $4.2 Million, up 59% Sequentially; Gross Margin Increases to 53.5%

Retrieved on:

Thursday, January 13, 2022

Gross profit totaled $2.2 million, with consolidated gross margin improving to 53.5% from 51.9% in the previous quarter.

Key Points:

Gross profit totaled $2.2 million, with consolidated gross margin improving to 53.5% from 51.9% in the previous quarter.
Appointed Jorge E. Miro Hernandez as president and COO of NextBank International and Carla P. Mendez as chief administrative officer.
We are now focused on actualizing operational and sales efficiencies by deepening operations integration, and by cross-selling new products across divisions.
Consolidated gross profit totaled $2.2 million or 53.5% of revenue, as compared to none in the same period a year-ago.

NextPlay's NextFin Division Receives Conditional License Approval for Insurance and Re-insurance Offerings

Retrieved on:

Tuesday, November 30, 2021

The licensing enables NextPlay's fintech division to establish primary insurance operations, NextShield LTD, that looks to initially offer products in the form of block-chained parametric comprehensive travel insurance and bank deposit insurance.

Key Points:

The licensing enables NextPlay's fintech division to establish primary insurance operations, NextShield LTD, that looks to initially offer products in the form of block-chained parametric comprehensive travel insurance and bank deposit insurance.
The re-insurance license enables the company to establish re-insurance operations, NextShield Re, which can offer to investors tokenized fully compliant insurance-linked securities (ILS).
Todd Bonner, head of NextPlay's fintech division, will be leading the new insurance initiatives.
He brings to the program significant experience in the insurance industry, including co-founding Pacific Century Insurance with Richard Li in Hong Kong which eventually exited in a $888 million transaction.

NextPlay’s NextFin Division Receives Conditional License Approval for Insurance and Re-insurance Offerings

Retrieved on:

Tuesday, November 30, 2021

The licensing enables NextPlays fintech division to establish primary insurance operations, NextShield LTD, that looks to initially offer products in the form of block-chained parametric comprehensive travel insurance and bank deposit insurance.

Key Points:

The licensing enables NextPlays fintech division to establish primary insurance operations, NextShield LTD, that looks to initially offer products in the form of block-chained parametric comprehensive travel insurance and bank deposit insurance.
The re-insurance license enables the company to establish re-insurance operations, NextShield Re, which can offer to investors tokenized fully compliant insurance-linked securities (ILS ).
Todd Bonner, head of NextPlays fintech division, will be leading the new insurance initiatives.
He brings to the program significant experience in the insurance industry, including co-founding Pacific Century Insurance with Richard Li in Hong Kong which eventually exited in a $888 million transaction.

Straits Inter Logistics set to develop Asia's largest STS Energy Transhipment Hub after receiving approval from Marine Department Malaysia

Retrieved on:

Monday, July 12, 2021

Liquefied natural gas, Petroleum production, Fuels, Labuan, Southeast Asia

KUALA LUMPUR, July 12, 2021 - (ACN Newswire) - Straits Inter Logistics Berhad ("Straits" or "Company"), a Bursa Malaysia Listed Company, announced today that it has received approval from Marine Department Malaysia for Victoria STS (Labuan) Sdn Bhd ("Victoria STS") to develop an integrated offshore Ship-to-Ship (STS) Energy Transhipment Hub within the port limits of Victoria Bay, Labuan.

Key Points:

KUALA LUMPUR, July 12, 2021 - (ACN Newswire) - Straits Inter Logistics Berhad ("Straits" or "Company"), a Bursa Malaysia Listed Company, announced today that it has received approval from Marine Department Malaysia for Victoria STS (Labuan) Sdn Bhd ("Victoria STS") to develop an integrated offshore Ship-to-Ship (STS) Energy Transhipment Hub within the port limits of Victoria Bay, Labuan.
Straits' plan to develop the STS Hub is set to be one of the largest offshore Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) energy transhipment hubs in Asia.
The STS hub will be highly synergistic to Straits' existing operations, leveraging on Straits' bunkering and port services.
Their services comprise LNG STS full-service provision, LNG terminal management, Emergency STS response and planning, STS procedural development and STS equipment procurement.

AM Best Affirms Credit Ratings of Labuan Reinsurance (L) Ltd

Retrieved on:

Thursday, December 3, 2020

Professional services, Insurance, Finance, Finance, Credit rating agencies, Southeast Asia, Actuarial science, Borneo, British Borneo, Labuan, Maritime Southeast Asia, Credit rating, Geography of Asia, AM Best, Reinsurance

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of a- of Labuan Reinsurance (L) Ltd (Labuan Re) (Malaysia).

Key Points:

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of a- of Labuan Reinsurance (L) Ltd (Labuan Re) (Malaysia).
Partially offsetting balance sheet factors include Labuan Res modest-sized absolute capital base and limited internal capital generation over recent years.
For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
For information on the proper media use of Bests Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Bests Credit Ratings and AM Best Rating Action Press Releases .

Huobi Labuan Launches in Malaysia to Provide Locals with Regulated Digital Asset Trading Services

Retrieved on:

Friday, November 27, 2020

Huobi, Southeast Asia, Digital currencies, Labuan, Union for the Mediterranean, ARLEM, Geography of Asia, Tron

The launch of its trading services comes shortly after Huobi Labuan received a digital asset trading brokerage service license from Malaysian authorities, which was granted in September 2020.

Key Points:

The launch of its trading services comes shortly after Huobi Labuan received a digital asset trading brokerage service license from Malaysian authorities, which was granted in September 2020.
Huobi Labuan's brokerage license allows the exchange to provide spot and derivatives trading services in Malaysia starting with a nine-month trial operation.
Huobi Labuan is providing trading services in Malaysia as a local operating partner of Huobi Cloud, an all-in-one solutions provider that allows vetted partners to launch digital asset exchanges leveraging Huobi's existing trading technology and digital asset infrastructure.
As an independent trading platform licensed under the Huobi brand in Malaysia, Huobi Labuan aims to provide safe and trusted digital transaction brokerage services to local users through the Huobi Cloud technology.