News Item: : MTD ACPI eyes more jobs in Sri Lanka
(Category: Publication - The Edge)
Posted by Web Master
Wednesday, 26 September 2007
BANDAR BARU SELAYANG: MTD ACPI Engineering Bhd is scouting for more infrastructure construction projects in Sri Lanka, as it sees huge potential in the country’s construction sector.
Its chairman Datuk Nik Hussain Abdul Rahman said the MTD group, which is already involved in a housing project for public servants in Sri Lanka, had the support of a local partner there, and was expecting more jobs to boost its order book.
“At the moment, we are concentrating quite a lot of energy in Sri Lanka. There is good potential there, and we have a friendly party there who is giving a lot of assistance.
“Hopefully there will be a lot more coming from Sri Lanka,†he told reporters after the company’s AGM here yesterday. MTD ACPI is the engineering arm of MTD Capital Bhd, which also owns Metacorp Bhd and MTD Infraperdana Bhd.
In April this year, MTD Capital bought 90.4% in Sri Lanka-listed Kapila Heavy Equipments Ltd for RM4.2million. Following a mandatory general offer, its stake in Kapila was increased to 90.8%.
MTD group had said Kapila would provide an opportune avenue to widen its presence in Sri Lanka. Kapila is involved in engineering services, marketing, trading, distribution and product management.
The group is venturing into the power sector in Sri Lanka when MTD Capital said on Monday that it proposed to acquire a 80% stake in a Sri Lankan Northern Power Co (Private) Ltd (NPC) from Sri Lankan national Jehan Prasanna Amaratunga for 80,000 Sri Lanka rupees (RM2,420).
NPC will construct and operate a 15-megawatt heavy fuel oil diesel power-generating facility at Chunnakam in Sri Lanka.
The MTD group is also in an advanced stage of negotiations for a contract to build the Colombo-Kandy Highway in Sri Lanka, said an MTD official.
MTD Capital group managing director Datuk Azmil Khalid said MTD ACPI’s order book currently stood at RM1.9 billion, 55% of which were local jobs. He said it was actively looking for jobs in the Northern Corridor Economic Region (NCER) and Iskandar Development Region (IDR).
He said the order book would be boosted to RM4.1 billion, as MTD Capital would hand over two toll road projects in Indonesia and China to MTD ACPI in due course.
MTD ACPI, previously known as ACP Industries Bhd (ACPI), made losses for four consecutive years. Following the injection of MTD Construction Sdn Bhd into ACPI, Azmil was optimistic that MTD ACPI would be able to return to the black for the financial year ending March 31, 2008 (FY08).
In fact, for the first quarter of FY08 ended June 30, 2007, the company posted a net profit of RM8.56 million on the back of RM163.94 million in revenue, compared with a net loss of RM574,000 a year ago.
“The first quarter is the first step. We hope this augurs well for the next three quarters. We are looking at growth,†Azmil said.
To enhance earnings, MTD ACPI had also, in early this month, disposed of a 49% stake comprising 9.8 million shares in its subsidiary ACP (Tracks) Sdn Bhd (ACP Tracks) to Trek Layar Sdn Bhd at par.
ACP Tracks is a special0-purpose vehicle set up to house MTD ACPI’s seven subsidiaries involved in the production of pre-cast concrete products and roof tiles.
MTD ACPI was initially seeking two to three partners to divest part of its stake in ACP Tracks, but has finally chosen Trek Layar as its only partner, as the latter could “add value†to the company, Azmil said.
Trek Layar is owned by Tunku Alizan Raja Muhammad Alias and Datuk Zulkifly Rafique, who are partners of one of Malaysia’s prominent law firms Zul Rafique & partners. Together, they also have interests in KUB Malaysia Bhd.
Zulkifly is also the chairman of Sirim Bhd, and sits on the board of several public-listed companies. He is the brother of Federal Territories Minister Datuk Zulhasnan Rafique, who is reportedly to have close ties with Prime Minister Datuk Seri Abdullah Ahmad Badawi.
Azmil said the entrance of Trek Layar into ACP Tracks would help grow its manufacturing division, which was currently running at below capacity.
“The first stage (of MTD ACPI’s internal reorganisation) is completed. The new strategic partner can assist us to get more projects,†he said.
This news item is from MTD ACPI Engineering Berhad
( http://www.mtdacpi.com/news.php?extend.3 )
(Category: Publication - The Edge)
Posted by Web Master
Wednesday, 26 September 2007
BANDAR BARU SELAYANG: MTD ACPI Engineering Bhd is scouting for more infrastructure construction projects in Sri Lanka, as it sees huge potential in the country’s construction sector.
Its chairman Datuk Nik Hussain Abdul Rahman said the MTD group, which is already involved in a housing project for public servants in Sri Lanka, had the support of a local partner there, and was expecting more jobs to boost its order book.
“At the moment, we are concentrating quite a lot of energy in Sri Lanka. There is good potential there, and we have a friendly party there who is giving a lot of assistance.
“Hopefully there will be a lot more coming from Sri Lanka,†he told reporters after the company’s AGM here yesterday. MTD ACPI is the engineering arm of MTD Capital Bhd, which also owns Metacorp Bhd and MTD Infraperdana Bhd.
In April this year, MTD Capital bought 90.4% in Sri Lanka-listed Kapila Heavy Equipments Ltd for RM4.2million. Following a mandatory general offer, its stake in Kapila was increased to 90.8%.
MTD group had said Kapila would provide an opportune avenue to widen its presence in Sri Lanka. Kapila is involved in engineering services, marketing, trading, distribution and product management.
The group is venturing into the power sector in Sri Lanka when MTD Capital said on Monday that it proposed to acquire a 80% stake in a Sri Lankan Northern Power Co (Private) Ltd (NPC) from Sri Lankan national Jehan Prasanna Amaratunga for 80,000 Sri Lanka rupees (RM2,420).
NPC will construct and operate a 15-megawatt heavy fuel oil diesel power-generating facility at Chunnakam in Sri Lanka.
The MTD group is also in an advanced stage of negotiations for a contract to build the Colombo-Kandy Highway in Sri Lanka, said an MTD official.
MTD Capital group managing director Datuk Azmil Khalid said MTD ACPI’s order book currently stood at RM1.9 billion, 55% of which were local jobs. He said it was actively looking for jobs in the Northern Corridor Economic Region (NCER) and Iskandar Development Region (IDR).
He said the order book would be boosted to RM4.1 billion, as MTD Capital would hand over two toll road projects in Indonesia and China to MTD ACPI in due course.
MTD ACPI, previously known as ACP Industries Bhd (ACPI), made losses for four consecutive years. Following the injection of MTD Construction Sdn Bhd into ACPI, Azmil was optimistic that MTD ACPI would be able to return to the black for the financial year ending March 31, 2008 (FY08).
In fact, for the first quarter of FY08 ended June 30, 2007, the company posted a net profit of RM8.56 million on the back of RM163.94 million in revenue, compared with a net loss of RM574,000 a year ago.
“The first quarter is the first step. We hope this augurs well for the next three quarters. We are looking at growth,†Azmil said.
To enhance earnings, MTD ACPI had also, in early this month, disposed of a 49% stake comprising 9.8 million shares in its subsidiary ACP (Tracks) Sdn Bhd (ACP Tracks) to Trek Layar Sdn Bhd at par.
ACP Tracks is a special0-purpose vehicle set up to house MTD ACPI’s seven subsidiaries involved in the production of pre-cast concrete products and roof tiles.
MTD ACPI was initially seeking two to three partners to divest part of its stake in ACP Tracks, but has finally chosen Trek Layar as its only partner, as the latter could “add value†to the company, Azmil said.
Trek Layar is owned by Tunku Alizan Raja Muhammad Alias and Datuk Zulkifly Rafique, who are partners of one of Malaysia’s prominent law firms Zul Rafique & partners. Together, they also have interests in KUB Malaysia Bhd.
Zulkifly is also the chairman of Sirim Bhd, and sits on the board of several public-listed companies. He is the brother of Federal Territories Minister Datuk Zulhasnan Rafique, who is reportedly to have close ties with Prime Minister Datuk Seri Abdullah Ahmad Badawi.
Azmil said the entrance of Trek Layar into ACP Tracks would help grow its manufacturing division, which was currently running at below capacity.
“The first stage (of MTD ACPI’s internal reorganisation) is completed. The new strategic partner can assist us to get more projects,†he said.
This news item is from MTD ACPI Engineering Berhad
( http://www.mtdacpi.com/news.php?extend.3 )