TMR

SWIFT Energy Technology Bhd has secured new purchase orders worth RM44.18 million, bringing its year-to-date contracts to RM148 million as it expands across offshore energy and data centre-related segments.

In a statement today, Swift Energy said the latest wins were secured via its wholly owned unit Swift Energy Sdn Bhd and comprise an overseas contract from Offshore Oil Engineering Co Ltd and repeat orders from Cummins Sales and Service Sdn Bhd.

The overseas contract involves supplying 18 sets of explosion-proof solar power systems for PTTEP Thailand’s Bundle Phase 4 project under COOEC.

Deliveries will be staged from 2026 to 2028, with the first batch of five systems due this year.

This marks Swift Energy’s second consecutive bundle project for PTTEP, following its completion of Bundle Phase 3, reinforcing its track record in offshore oil and gas power solutions.

Separately, the group received two repeat orders from Cummins Sales and Service to supply 34 sets of neutral earthing resistors for a local data centre, with deliveries expected by December 2026 and January 2027.

Its CEO Tan Bin Chee said the awards reflect continued customer confidence in the group’s engineering capabilities and execution track record, particularly in complex offshore applications.

He added that the mix of overseas contracts and domestic repeat orders highlights growing demand across both traditional energy and data centre-linked electrical solutions.

Swift Energy said the latest orders will provide earnings visibility through the respective delivery periods up to 2028. –TMR

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AIZO Group Bhd’s subsidiary Wawasan Demi Sdn Bhd has secured Islamic financing facilities of up to RM346.19 million from Bank Pembangunan Malaysia Bhd to fund the development of a large-scale solar photovoltaic (LSSPV) plant in Kampar, Perak.

In a filing with Bursa Malaysia, the group said the facilities comprise a RM256 million Tawarruq Asset Financing facility and RM90.19 million in bank guarantees.

The financing will be used to part-fund up to 80% of the project’s engineering, procurement, construction and commissioning costs, while the guarantees will support performance obligations under a power purchase agreement with Tenaga Nasional Bhd.

Aizo said the structure will also provide contractual backing for project delivery milestones under the national utility framework.

Its executive chairman Datuk Abang Abdillah Izzarim said the financing marks a key milestone for the group’s renewable energy push and strengthens its long-term growth prospects in the sector.

He added that the Kampar project is expected to generate stable recurring income upon completion, underpinned by long-term power generation agreements.

The group said it will continue focusing on execution of the project while exploring further opportunities in renewable energy and infrastructure aligned with Malaysia’s energy transition agenda. –TMR

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EI POWER Bhd said its wholly owned unit, EI Power Technologies Sdn Bhd, has secured a RM90.1 million subcontract for a data centre project in Johor, boosting its unbilled order book to RM222.5 million.

In a filing with Bursa Malaysia, the ACE Market-listed group said the contract was awarded by an undisclosed main contractor involved in engineering, construction and investment holding, with the identity withheld under confidentiality terms.

The subcontract covers the complete fuel system package for the data centre, including supply, delivery, installation, testing and commissioning.

Works commenced upon acceptance of the subcontract on June 18 and are expected to be completed by September 2027.

EI Power said the contract will strengthen its revenue pipeline and contribute positively to earnings over the project duration.

Its ED and CEO Albert Chang Wan Siong said the award highlights growing demand for the group’s mission-critical power engineering capabilities, particularly in the data centre segment.

He said securing the contract shortly after the company’s listing reflects the growth trajectory it had outlined to shareholders.

EI Power debuted on Bursa’s ACE Market on May 21, raising RM62.2 million to fund expansion, including a new headquarters, a Johor branch office and its planned entry into Thailand. –TMR

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PRG Holdings Bhd said it is appointing an independent reviewer to examine a now-terminated debt settlement involving its construction arm and a developer linked to its largest shareholder, ahead of its AGM on June 25 where shareholder scrutiny is expected to intensify.

The controversy stems from an April 23 disclosure involving Premier Construction (International) Sdn Bhd (PCI), a wholly owned unit of PRG Holdings Bhd, and Premier De Muara Sdn Bhd (PDM), which owed PCI RM37.17 million for works on the Picasso Residence project in Kuala Lumpur.

Under the original arrangement, PDM was to settle part of the debt via 12 residential units worth RM13.37 million, with the balance to be negotiated later.

PRG’s filing initially stated no directors or major shareholders had an interest in the deal.

However, whistleblowing disclosures and reports later revealed PDM was effectively controlled by Datuk Ng Yan Cheng, PRG’s largest shareholder, while MD Andrew Chan Lim-Fai is Ng’s son-in-law.

The revelations raised concerns under Bursa Malaysia rules on related-party transactions, which require full disclosure and independent shareholder oversight.

PRG terminated the settlement on May 19, citing the conflict and an undisclosed court judgment involving PDM.

In its statement, the board said it was not aware of the ownership links when the deal was proposed, adding that concerns emerged after governance materials were “informally relayed” to directors and auditors.

The board said it convened special meetings, sought legal advice and conducted internal verification. It also confirmed Chan abstained from deliberations once the conflict was identified.

“Upon identifying the RPT, Chan abstained from all deliberations and voting on matters relating to the deal.”

PRG said the steps led to termination of the agreement and disclosure to Bursa Malaysia on May 19.

The group has since escalated the matter, issuing a statutory demand on June 8 seeking RM64.24 million from PDM, higher than the original claim.

PDM has 21 days to pay or face winding-up proceedings.

PRG said it is now focused on debt recovery and regulatory compliance as it heads into a closely watched AGM period. –AFP

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BCM Alliance Bhd has entered into a share sale agreement with Ho Kee Wee for the disposal of its entire stake in CS Laundry and a 99.97% stake in CS Laundry Philippines for RM20 million.

In a filing with Bursa Malaysia today, BCM Alliance said the units are involved in the supply, installation, testing and commissioning of commercial laundry equipment, as well as laundry, dry-cleaning and related repair services.

Ho is a director of CS Laundry and Century Pavilion, both subsidiaries of BCM Alliance.

The group said proceeds from the disposal will be mainly used to purchase new medical devices and equipment, in line with its healthcare business expansion. –TMR

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