KUCHING: A Cahya Mata Sarawak Bhd (CMS) unit has secured contracts worth RM4.8mil for piling works for a proposed commercial development here in a related party transaction.
CMS Concrete Products Sdn Bhd was awarded two contracts of RM2.4mil each by Vanadium Land Sdn Bhd to carry out the piling works for the latter’s three-storey shop-offices and covered walkway project located off Jalan Stutong/BDC Commercial Centre in Maura Tebas Land district.
CMS Concrete is a wholly-owned subsidiary of CMS Cement Sdn Bhd, which in turn is 100%-owned by CMS. Vanadium Land is a property developer. Vanadium Land director Datuk Michael Ting Kuok Ngie, who has a 8% stake in the company, is also a director of CMS Cement and CMS.
Work for the first contract had been completed while construction for the second contract is expected to be completed by next month, CMS said in a filing with Bursa Malaysia.
Meanwhile, Shin Yang Shipping Corp Bhd’s (Syscorp) 55%-owned subsidiary, Micaline Sdn Bhd, has spread its wing to Singapore with the incorporation of Bayshore Shipping Services Pte Ltd.
Syscorp’s partner in Micaline is Sarawak Oil Palms Bhd (SOP), which owns the remaining 45% equity interest in the joint-venture company which is involved in the transportation of crude palm oil (CPO). SOP group owns some 63,500ha of oil palm estates, six CPO mills and a palm oil refinery and fractionation plant.
Micaline has a 69.8% stake in Bayshore Shipping, which has an issued and paid-up share capital of S$100,000. Bayshore Shipping’s other shareholders are G.A. Chartering Pted Ltd (30%) and Ling Lu Kuang (0.2%). Lu Kang is related to Syscorp’s substantial shareholder and director Tan Sri Ling Chiong Ho.
Bayshore Shipping’s principal activity was ship-brokering services and as an agent to provide commercial management and marketing services in relation to vessels’ shipment activities, Syscorp told Bursa.
Micaline, which ventured into CPO shipment about two years ago, currently owns and operates three chemical tankers plying between ports in Malaysia and China.