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Tag: Selangor

  • Resintech Subsidiary Secures RM41 Million for Hostel and Retail Project in Selangor

    Resintech Subsidiary Secures RM41 Million for Hostel and Retail Project in Selangor

    Johan Panglima (M) Sdn Bhd, a subsidiary of Malaysia-based plastic pipe and fitting manufacturer Resintech Bhd, has secured financing totaling RM41 million from Alliance Islamic Bank Bhd. These funds are designated for the redemption of land and to partially finance a new hostel and retail complex in Selangor.

    The financing facilities, structured as commodity murabahah term financing, will cover 80 percent of the construction expenses for the planned development. The project includes a total of 158 hostel units, four retail shops, a canteen, and various other communal amenities.

    Project Details and Financial Impact

    According to a filing with Bursa Malaysia, the financing specifically targets the redemption of four land parcels situated in Mukim Telok Panglima Garang, located in Kuala Langat, Selangor. The new development will contribute to the local retail and accommodation landscape with its blend of commercial and residential facilities.

    Resintech stated that the acceptance of these facilities is expected to increase the group’s gearing ratio for the financial year ending March 31, 2027 (FY2027). The company also clarified that the financing does not involve the issuance of new ordinary shares, therefore having no impact on its issued share capital or the shareholdings of its directors and major shareholders.

    Board Approves Financing Terms

    Resintech’s board of directors has evaluated the terms of the financing and concluded that its acceptance is in the best interest of the Resintech group. The company confirmed that no directors, major shareholders, or any connected persons have a direct or indirect interest in these facilities.

    Furthermore, the financing arrangements are not subject to the approval of Resintech’s shareholders or any regulatory authorities. The project represents a strategic move for the subsidiary into the real estate development sector, leveraging the current market for both student accommodation and local retail services.

    Questions & Answers

    What is the purpose of the RM41 million financing secured by Resintech’s subsidiary?
    The financing is intended to redeem four parcels of land in Selangor and to part-finance 80 percent of the construction cost for a new hostel and retail development.

    What will the proposed development by Johan Panglima (M) Sdn Bhd include?
    The development will feature 158 hostel units, four retail shops, a canteen, and other associated facilities.

    How will this financing impact Resintech Bhd’s financial position?
    Resintech expects the financing facilities to increase the group’s gearing ratio for the financial year ending March 31, 2027. It will not affect the company’s issued share capital or shareholder structures.

  • Ban on plastic bags going well in Selangor

    Ban on plastic bags going well in Selangor

    Most folks in Selangor are responding well to the ban on plastic bags despite some feeling that they still need more time to get used to it.

    Some however felt more awareness must be created as to why it is necessary to ban plastic bags.

    Copywriter Trinity Alexandra, said she fully supports the ban as it “forces” her to do her part for mother nature but admitted it has been a challenge.

    “Even though I have recycle bags or containers in my car, I sometimes forget to take it out so I am forced to pay the 20 sen charge for the plastic bags,

    “So the challenge is mainly to remind myself to lug the bags and containers around,” said Trinity.

    Writer P. Deepika, 28, said more should be done on creating awareness about the reason for the ban.

    “People need to know why they are doing something, otherwise you are not addressing the issue. We won’t achieve much at the end of the day.

    “Having said that, I do think the ban is a necessary move,” she said.

    Praveen Reginald, 33, said she has practised packing food in her own containers and bringing along cloth bags even before the ban was enforced.

    She, however, felt merchants who are providing plastic bags with a price should be made to give out paper bags instead.

    “I think it’s a good effort to ban plastic as it is very timely but I think the Government should pressure merchants to provide paper bags,” she said.

    Selangor state exco member Elizabeth Wong said ample time had been given to retailers, traders and even consu­mers to get used to the No Plastic Bag Day campaign.

    “Our enforcement units from the local councils will begin their rounds very soon,” she said.

    “The maximum compound of RM1,000 will be imposed as it is the standard amount for any breach of licensing by-laws,” said Wong.

    The campaign, she added, was “encouraging and positive so far”.

    Malaysia Retail Chain Association president Datuk Garry Chua said its members were getting used to the ban, some of whom were now using environmentally-friendly bags.

    However, he hoped that there would be a grace period for retailers and consumers to get adjusted to the ruling.

    Fomca deputy president Mohd Yusof Abdul Rahman said the ban should be extended to all states via its local authorities.

    “This is an important environmental issue and I don’t see why it should not be implemented nationwide,” said Mohd Yusof.

    Ecotourism and Conservation Society Malaysia co-founder Andrew Sebastian said he hoped that any savings that the retailers and traders make from not giv­­­­­­­ing out plastic bags could be channelled back to the environment.

    Malaysian Nature Society president Henry Goh said it was in full support of using less plastic, adding that this should eventually lead to a total ban.

  • Selangor to ban retail use of plastic bags in 2017

    Selangor to ban retail use of plastic bags in 2017

    The Selangor government’s “No Plastic Bag Day” campaign, now held on Saturdays, will be extended to every day of the week starting 2017. Elizabeth Wong said the state government will couple this with the polystyrene-free containers campaign next year.

    “Beginning Jan 1, 2017, all retailers in Selangor will no longer provide polystyrene containers and free single-use plastic bags.

    “Local council by-laws have been revised to support this policy and retailers must agree to go plastic-free when applying for or renewing their licences.

    “All retailers will be provided with visual materials to build awareness of the #BebasPlastik campaign,” she said at the #BebasPlastik campaign launch at the Selangor state secretariat building today.

    Wong, who is Green, Technology, Environment, Tourism and Consumer Affairs Committee chairman, said the state government through research found that 71% of Selangorians felt that the “No Plastic Bag Day” on Saturdays was insufficient.

    “We need change and we are committed to this change by making it a policy to fight rampant littering and to address environmental issues like global warming.

    “The Selangor government has also stopped using plastic bags and polystyrene at all official events and buildings.

    “Change can only happen when every level of society gets involved in the effort,” she said.

    The state aims to collect 20,000 pledges by the new year.

    Selangor started the “No Plastic Bag Day” in 2010 with support from most supermarkets, mini markets and retail premises every Saturday.

    Customers are charged 20 sen for each plastic bag they require and the money is channelled to charity bodies or consumerism programmes and environmental conservation efforts.

  • Bina Puri rebuffs offers for Main Place mall

    Bina Puri rebuffs offers for Main Place mall

    Despite its orphan status on the asset register of Malaysian energy company Bina Puri, the Main Place mall in Selangor will not be sold any time soon.

    The Subang Jaya shopping centre has renowned retailers including Uniqlo, Cotton On, Brand Outlet, Starbucks, McDonald’s and Toys R Us on its tenant list, which has a heavy skew to food and beverage.

    In time with an announcement of the company’s latest trading results, group executive director Matthew Tee declared the group had “no plans” to sell the shopping centre.

    “Since the mall opened its door last year, we have received three [acquisition] offers, but we have rejected them all. We are still enjoying the benefit of the retail mall and [we believe] it is too early for us to sell it,” he said at a press conference.

    Bina Puri Holdings Bhd expects its net profit to grow by 20 per cent in the year to December 31, 2016, driven by its construction and power business segments.

    Main Place Mall is recognised in marketing in Malaysia by its distinctive cat logo and character (pictured above). Centre management explains cats have long been revered as “a mythical creature across cultures and traditions”.

    “They are regarded as the guardian of the home and embody domestic goodness. Being ‘Your Neighbourhood Mall’, we want you to feel at home when you’re here and we assure that you will be well taken care of.”

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