Iconic Worldwide Bhd has received overwhelming support for its recent rights issue and free warrants, signaling a strong vote of confidence from investors. With 1.12 billion rights shares and 749.8 million free warrants oversubscribed, the company is set to embark on an ambitious expansion journey. Scheduled to be listed on the Main Market of Bursa Malaysia on April 25, these instruments will bolster Iconic’s financial position and pave the way for strategic initiatives.

Managing director James Tan Cho Chia emphasized the significance of this oversubscription, highlighting it as an affirmation of the company’s future trajectory. Iconic plans to utilize the proceeds to acquire a strategic land bank asset, a move seen as pivotal in expanding its property portfolio. This acquisition, valued at RM45.7 million by Henry Butcher Malaysia (Penang) Sdn Bhd, includes a 15-acre parcel of freehold land adjacent to the Green Garden residential development in Penang Island.

Tan outlined the company’s vision for the acquired land, aiming to unlock its full value through rezoning and the submission of a new development plan. This strategic approach aligns with Iconic’s goal of delivering greater value to shareholders while capitalizing on the potential of its assets.

Of the RM95.6 million gross proceeds raised, RM39.8 million will be allocated to acquiring Goldenluck Development Sdn Bhd. The remainder will be allocated for the repayment of bank borrowings, working capital, and expenses related to the exercise. This allocation strategy underscores Iconic’s commitment to strengthening its financial position while pursuing growth opportunities.

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In a recent update reported by Buletin Mutiara, Penang State Government is set to examine the comprehensive proposals outlined in the Penang Port Commission’s (PPC) Master Development Plan for the Penang Port. This comes in the wake of recent developments regarding the feasibility study for the undersea tunnel project, which was previously pending due to the awaited master plan from PPC involving the expansion of facilities at the Northern Butterworth Container Terminal (NBCT).

Chief Minister Y.A.B. Chow Kon Yeow stated that the state government had been unable to conclude the feasibility study for the undersea tunnel project as they awaited the master plan from PPC, which includes the expansion of facilities at NBCT. He further elaborated that the Steering Committee under the Infrastructure, Transportation, and Digital Exco, led by Zairil Khir Johari, would scrutinize the proposals put forth by PPC.

Kon Yeow emphasized that the Steering Committee would engage in further discussions before making any recommendations for the state government’s consideration, ultimately leading to a final decision.

Whether the undersea tunnel project proceeds as planned or undergoes modifications, Kon Yeow expressed confidence that the Steering Committee would propose recommendations for the state government’s deliberation.

In November 2023, Zairil highlighted that one of the considerations for implementing the undersea tunnel project was ensuring its alignment would not impede the expansion of dock facilities.

The undersea tunnel project, connecting Persiaran Gurney on the island to Bagan Ajam in Seberang Perai, constitutes Package 4 under the Penang Transport Master Plan (PTMP), aimed at alleviating traffic congestion in the state.

Source: Facebook

LEM, a renowned leader in electrical measurement technology, has opened its new US$17 million factory in Penang, Malaysia, heralding a significant step forward in the realm of advanced manufacturing. Nestled within the Penang Science Park North in Simpang Ampat, this state-of-the-art facility seamlessly integrates cutting-edge manufacturing technology with environmentally friendly designs, embodying LEM’s commitment to innovation and sustainability.

CEO Frank Rehfeld emphasized Penang’s strategic importance as the location for LEM’s inaugural manufacturing plant in Malaysia. In his address at the inauguration ceremony, Rehfeld lauded Penang’s expertise in semiconductor production, a key factor driving LEM’s substantial investment in the region.

The establishment of the new factory aligns with LEM’s ambitious growth strategy, fueled by increasing global demand for its core products: current and voltage sensors. Rehfeld underscored the essential role of LEM’s products in addressing the pressing need for decarbonization across various sectors, including automation, automotive, traction, and renewable energy.

The ceremony was attended by notable figures such as Chief Minister Chow Kon Yeow and Swiss Ambassador to Malaysia Andrea Reichlin, highlighting the significance of LEM’s investment in Penang’s industrial landscape. With plans to employ 500 individuals in the near future, the factory is poised to become a key economic driver, with projected sales exceeding €200 million.

Rehfeld expressed confidence in the transformative impact of the new facility on LEM’s integrated current sensing business, citing the region’s conducive environment for innovation. Future expansion plans, including additional land acquisition and state-of-the-art logistics systems, underscore LEM’s commitment to operational excellence and scalability.

Chief Minister Chow extended a warm welcome to LEM, applauding the company’s dedication to quality and its strategic decision to invest in Penang. He highlighted LEM’s esteemed reputation as a global leader in electrical parameter measurement solutions and emphasized the facility’s role in advancing Penang’s status as a hub for technological innovation.

Chow emphasized the mutually beneficial partnership between LEM and the Penang government, emphasizing shared objectives of sustainable development and economic resilience. The inauguration of LEM’s factory represents a significant milestone in Penang’s journey toward becoming a premier destination for advanced manufacturing, with far-reaching implications for the region’s economic growth and global competitiveness.

Penang Port Sdn Bhd (PPSB) chief executive officer Datuk Sasedharan Vasudevan said RM250mil would be spent over the next three years.

This follows the development of new industrial parks in Perak, Kedah and Perlis.

“With industrial parks in Padang Terap, Kota Perdana, Sidam and Kulim in Kedah, there is tremendous demand for port facilities in the northern region.

“The northern Perak development, especially in Kamunting, will bring high demand for cargo services too.

“We are also the gateway port for south Thailand, with transhipment of containers between the Bay of Bengal and the Far East.

“Overall, our performance has improved,” he said, adding that the development of NBCT was stalled due to the Covid-19 pandemic.

Sasedharan said PPSB was looking at doing 1.55 million TEUs (twenty-foot equivalent unit) this year compared to 1.44 million TEUs last year, a rise of 11%.

He said the upgrading of infrastructure at NBCT was in line with the 30-year PPC Development Master Plan (2023-2053).

He added that the present infrastructure had a maximum capacity of 2.8 million TEUs, with a trigger point at 2.3 million TEUs, after which, they would need to expand to meet future growth.

On machinery, Sasedharan said two cranes would be bought at a cost of RM40mil each.

“It will take between 18 and 24 months for the cranes to be delivered.

“Another investment will be the purchase of equipment to upgrade the NBCT yard.

“Priority will also be given to IT development, where all port activities are to be seamlessly connected.

“State-of-the-art facial recognition technology was installed at all six Penang ports last year.

“The RM1mil facial recognition digital pass is said to be the first of its kind in an Asian port,” he highlighted.

Uncertain future

NBCT’s expansion has been affected by the 7.2km Penang Undersea Tunnel project.

PPSB has agreed to adjust its earlier plan from seven million TEUs to four million TEUs, and reduce wharf infrastructure to 1km from 2.8km to accommodate the proposed undersea project.

Sasedharan said PPSB was being realistic as port expansion was not something that could be carry out “overnight”.

“The Environmental Impact Assessment (EIA) report for the NBCT development can only be obtained in 2027.

“Once all the approvals are in order, only then reclamation works will begin.

“Since there is no decision from the state on the undersea tunnel or a third bridge, we need to do the planning for the TEU capacity, with and without the projects.

“We can bring up the TEUs to seven million from four million if both projects do not take off,” he said.

When contacted, Penang infrastructure and transport committee chairman Zairil Khir Johari said the state would deliberate on the matter soon.

First proposed in 2011, the tunnel project links Gurney Drive on the island with Bagan Ajam on the mainland.

The project is part of the Penang Transport Master Plan to ease traffic congestion in the state.

Penang Port Commission (PPC) general manager Vijayaindiaran R. Visvalingam said its development master plan was approved by the board following a presentation to the new PPC chairman Datuk Yeoh Soon Hin.

The development master plan prepared by international consultants Roland Berger states that the entire land available is needed for the expansion of NBCT.

It proposes two new berths and container yards to cater to the expected increase in demand.

It also states that three berths will be needed by 2033, with 10 cranes and a container yard of 56ha.

Any expansion of NBCT beyond Phase 2 would intrude into the existing proposed location for the ‘Penang 3rd Link’.

“As such, agreement from various stakeholders would be required prior to the expansion,” the master plan stated.

PPSB is licensed by PPC to operate, manage and maintain all port facilities and services as well as undertake present and future development projects.

The dedicated container terminal at NBCT was completed in 1995.

From a 350m wharf, it expanded to 600m in 1999.

An additional 100m wharf was completed in 2001, followed by another 200m wharf in 2005 including a 520m second access bridge.

Source: TheStar.com.my

About Lucerne Residences

The final phase of residential development by Ideal Property Group at Ideal Vision Park in Bayan Lepas. It is just a short drive to Penang International Airport, 10 minutes walking distance to Straits International School. The project will see two blocks of 36-storey skyscrapers featuring a European living concept. It offers 480 residential units with a 5-storey parking podium.

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