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Southern Score Builders Berhad Completes Regularisation Plan

KUALA LUMPUR, Nov 9, 2022 - (ACN Newswire via SEAPRWire.com) - Southern Score Builders Berhad (Bursa: SSB8, 0045), a former Guidance Note 3 (GN3) company, has completed its regularisation plan which involves, amongst others, the acquisition of Southern Score Sdn Bhd (SSSB), a G7 contractor. Following the acquisition, Southern Score Builders will be involved the provision of construction management services mainly for high-rise residential buildings. Shares of the Company also resumed trading after being suspended since December 2020.Gan Yee Hin, ED and CEO of Southern Score BuildersLed by an experienced and technically strong management team, SSSB adopts construction practices that support the efficiency optimisation of its construction projects. It adopts industrialised building system (IBS) in most of its development and construction projects which is aimed at increasing productivity and improving quality of its projects. Besides that, by leveraging on its asset-light and flexible delivery model, SSSB is able to offer a standardised and cost-efficient building process which enables scalability and flexibility with lower exposure to cyclicality and house prices.SSSB recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial years ended 31 December 2019, 2020 and 2021 respectively, and realised net profit margin of 9.7%, 12.9% and 12.3% in the 3 years.The regularisation plan involved, amongst others, the acquisition of the entire equity interest in SSSB from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million satisfied via the issuance of 1.68 billion consideration shares. Super Advantage, being the vendor of SSSB, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024.Other than the acquisition, the completed regularisation plan also entailed the following:- consolidation of every ten existing shares in Southern Score Builders into one consolidated share;- settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of Southern Score Builders, via the issuance of 20.67 million of settlement shares;- private placement of 543.05 million shares at an issue price of RM0.20 per share to identified investors; and- exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining Southern Score Builders shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin ("Exemption").The completion of the Regularisation Plan will allow the Company to return to a better and stronger financial standing and profitability. Further, the acquisition of SSSB will allow the Company to diversify its business into construction management services whereby the Company is expected to benefit from expected recovery in the construction sector.The shareholders of Super Advantage are Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score Builders, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score Builders.Executive Director and Chief Executive Officer of Southern Score Builders, Gan Yee Hin, said, "We would like to thank Bursa Securities for their guidance and support throughout the progression of regularisation plan. Our thanks also go to Kenanga Investment Bank Berhad, the principal adviser, sponsor and placement agent in relation to the regularisation plan and to Malacca Securities Sdn Bhd, the independent adviser for the Exemption. We would also like to acknowledge the work of the other professionals who worked diligently to ensure the successful completion of the regularisation plan.""As a listed entity, Southern Score Builders will be able to further expand our construction services while leveraging on our expertise and business network. We are also intensifying our venture in IBS production through the construction of a manufacturing plant as we see demand growing from the construction sector."About Southern Score Builders Berhad (formerly known as G Neptune Berhad)Southern Score Builders is principally involved in the provision of construction management services mainly in Kuala Lumpur. The scope of Southern Score Builders' construction services involves the provision of professional project management services from project initiation until the completion of construction works. These services encompass project initiation, planning and design, appointment of subcontractors, procurement; construction project management as well as inspection and completion handover. To-date, via SSSB, Southern Score Builders has completed several projects including, amongst others, the PR1MA Jalan Jubilee project. SSSB is a CIDB Grade 7 contractor. https://southernscore.com.my/Image Caption for Picture 1 https://www.acnnewswire.com/topimg/Low_SouthernScore202211109.jpgFrom L-R:Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune BerhadMs. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders BerhadMr. Chai Tham Poh, Executive Director of G Neptune BerhadTan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders BerhadMr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders BerhadDatuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders BerhadDato' Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune BerhadMs. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders BerhadImage Caption for Picture 2https://www.acnnewswire.com/topimg/Low_SouthernScore2022111092.jpgFrom L-R:Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune BerhadDato' Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune BerhadDatuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders BerhadTan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders BerhadMr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders BerhadMr. Chai Tham Poh, Executive Director of G Neptune BerhadMs. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders BerhadMs. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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Southern Score Honours Badminton World Champions, Aaron and Wooi Yik with RM100,000 Incentive

KUALA LUMPUR, Sep 24, 2022 - (ACN Newswire via SEAPRWire.com) - Southern Score Builders Berhad is pleased to present an incentive of RM100,000 to Malaysia's top men's doubles pair Aaron Chia and Soh Wooi Yik, who won Malaysia's first gold at the 2022 World Badminton Championships in Tokyo last month.Soh Wooi Yik, Gan Yee Hin and Chia Teng Fong [L-R]Ian Wong Jien Sern, Gan Yee Hin, Dato Jack Koh [L-R]Aaron and Wooi Yik were presented with mock cheques by Executive Director and Chief Executive Officer of Southern Score, Gan Yee Hin, at a ceremony today honouring their outstanding achievements. On hand to welcome them were guests and staff of Southern Score.Gan Yee Hin said, "We are here to celebrate the outstanding achievement of Aaron and Wooi Yik by presenting a token of appreciation for winning the world title for Malaysia. Thank you for the dedication and hard work, they are excellent and truly deserve the rewards. We believe this world title is just the beginning of their badminton journey. We hope this little token of our gratitude will further motivate them for greater achievements and bring glory to the country in the world arena.""We hope that our gesture incentive will inspire others to assist a new generation of players who have the courage to pursue the sport as their career.""At the same time, we are contributing RM200,000 to Petaling Badminton Club (PBC), the club from which our world champions were nurtured before they joined the national team. We hope that the contribution provides some support as they nurture talents to represent the country. PBC has had a history of producing several of the country's well-known players such as Chen Tang Jie, Cheam June Wei, Man Wei Chong and Goh V Shem."Aaron and Wooi Yik thanked Southern Score for the incentive and said, "We are honoured to have represented Malaysia at the World Badminton Championships and would like to thank Southern Score and all Malaysians for their support.""Support such as this incentive from Southern Score means a lot to us and motivates us as we prepare ourselves mentally and physically to win more accolades for Malaysia on the world stage, including our goal of making it to the 2024 Olympic Games."Southern Score is a certified CIDB Grade 7 builder of homes for the community and a future for the nation. The Company is always closely tied into the local community and remains active in community involvement programmes such as education, sport, environment and society.Southern Score: https://southernscore.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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G Neptune Seeks Shareholders’ Approval to Acquire Soutern Score, a construction Management Services Company, as part of its Proposed Regularisation Plan

KUALA LUMPUR, Aug 22, 2022 - (ACN Newswire via SEAPRWire.com) - G Neptune Berhad is pleased to announce that its circular, which includes multiple proposals as part of its proposed regularisation plan, has been issued today. Upon completion, the proposed regularisation plan is expected to address its Guidance Note 3 (GN3) status as well as to return it to a stronger financial standing and profitability that will benefit all stakeholders.Executive Director and Chief Executive Officer of Southern Score Gan Yee Hin and Executive Director and Head of Group Investment Banking & Islamic Banking of Kenanga Investment Bank Berhad Datuk Roslan Hj Tik [L-R]The proposed regularisation plan includes amongst others, the proposed acquisition of the entire equity interest in Southern Score Sdn Bhd from Super Advantage Property Sdn Bhd for a purchase consideration of RM252.0 million to be satisfied through the issuance of 1.68 billion shares.Southern Score is a construction management services company with a recorded net profit of RM6.51 million, RM19.20 million and RM35.18 million in the financial year ended 31 December 2019, 2020 and 2021 respectively. Super Advantage, being the vendor of Southern Score, has provided cumulative net profit guarantee of RM80.0 million over the three-year period from 2022 to 2024. Super Advantage is held by Tan Sri Datuk Seri Gan Yu Chai, the Managing Director of Southern Score, a veteran in the construction and property development industries with more than 30 years' experience as well as Gan Yee Hin, the Executive Director and Chief Executive Officer of Southern Score.Other than the proposed acquisition, the proposed regularisation plan also entails the following:- proposed consolidation of every ten existing shares in G Neptune into one consolidated share;- proposed settlement of debt amounting to RM3.1 million to Mr. Chai Tham Poh, an Executive Director of G Neptune, via the issuance of 20.67 million shares;- proposed private placement of 543.05 million shares at an issue price to be determined later but shall not be less than 20 sen per share to eligible investors to be identified later; and- proposed exemption under the take-over rules from the obligation to undertake a mandatory take-over offer for the remaining G Neptune shares not already owned by Super Advantage as well as Tan Sri Datuk Seri Gan Yu Chai and Gan Yee Hin.Through the proposed private placement, G Neptune aims to raise at least RM108.61 million to be used for amongst others, the purchase of building materials and repayment to contractors for future construction projects, as well as for TCS SS Precast Construction Sdn Bhd (TSPC), a CIDB Grade 7 contractor in which Southern Score owns a 35% stake.Additionally, to better reflect the Company's corporate identity going forward, it is proposed that the Company name "G Neptune Berhad" be changed to "Southern Score Builders Berhad".Commenting on the proposed acquisition, Gan Yee Hin, said, "The proposed acquisition of Southern Score is an integral part of the regularisation plan as it will enable G Neptune to enter into the construction industry which is a thriving and growing industry. This will also help in regularising the Company's financial condition as it currently does not have a core business to sustain its listing status. We expect Southern Score to benefit from the growth in the construction sector which is expected to be positive in 2022 following the reopening of Malaysia's economy.""We also intend to venture into the manufacture of Industrialised Building Systems (IBS) products through TSPC as we see demand rising given that the construction sector is moving towards the adoption of IBS for better construction quality and productivity, less dependency on foreign labour as well as lower costs. Government initiatives are also supportive of this adoption."The proposed regularisation plan and the proposed change of name are subject to, amongst others, GNB shareholders' approval at the forthcoming general meeting to be held on 13 September 2022.Kenanga Investment Bank Berhad is the principal adviser and sponsor for the proposed regularisation plan as well as placement agent for the proposed private placement while Malacca Securities Sdn Bhd is the independent adviser for the proposed exemption.G Neptune Berhad: 0045 [BURSA: GNB], https://www.gneptune.com/Southern Score: https://southernscore.com.my/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

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Crypto Credit Scoring Protocol CreDA Partners with FilDA to offer Leveraged and Low-Collateral Lending

Users of CreDA’s platform can now earn industry-beating lending rates through FilDA based on their Crypto Credit Score. New York, NY, January 14, 2022 – (SEAPRWire) – CreDA (Credit DeFi Alliance), the leading decentralized credit rating service and FilDA, the largest ever DeFi lending platform on HECO with a peak TVL of over $2 billion USD, have partnered to offer exclusive lending rates to CreDA users. Users who mint their Crypto Credit Score as a Credit NFT (cNFT) will have access to leveraged lending and low or no-collateral loans directly within the CreDA platform. The partnership comes only a few months after CreDA officially launched its platform and demonstrates the value Crypto Credit Scores can have by removing many of the barriers in traditional banking and the DeFi space. According to Bank of America, over 200 million users are now part of the digital asset universe, yet very few financial institutions would provide them with a loan. Even within the DeFi space, lenders operate in an over-collateralized manner with typical loan-to-value (LTV) ratios below 50 per cent. Modeled after traditional consumer credit agencies, CreDA introduces the concept of personal credit scores into the $250 billion decentralized finance (DeFi) ecosystem. Leveraging existing blockchain infrastructure, CreDA provides a trust architecture for the relatively young and volatile MetaFi ecosystem that includes emerging areas such as DeFi, GameFi and SocialFi. “While our core business is focused on supporting the overall ecosystem through trusted and verifiable credit scoring, ours is a new concept for this space. By partnering with FilDA we hope to demonstrate the value and viability of the CreDA Credit Score to reward both users and lending institutions by brokering more transparent and trusted relationships,” explains Fakhul Miah, incoming Chief Executive Officer. “We like to say that we’re finally giving credit where credit is due.” How to get leveraged, low or no-collateral loans CreDA allows users to link their wallets, mint a credit NFT (cNFT) and borrow at industry-defying rates, all from within the same platform. CreDA provides on-chain credit ratings using the CreDA Oracle, which employs artificial intelligence (AI) to examine the user’s assets, historical transactions and behavior in the crypto space across multiple blockchains. This data is used to calculate a credit score that is then minted into a secure non-fungible token called a credit NFT (cNFT). The cNFT enables the user to unlock preferential rates and incentives. The FilDA partnership lets users access leveraged lending and low or even no-collateral loans based on the users Crypto Credit Score. The score represents a user’s ability and willingness to pay back loans, de-risking Filda’s exposure and rewarding the user for good on-chain behavior. One major focus for CreDA is ensuring a safe and secure experience for users. To do this, data is fully protected, secured by industry leading, W3C compliant Decentralized Identifications (DIDs), which are linked to a user’s cNFT. CreDA recently underwent a strict security audit with leading blockchain security group, CertiK. About CreDA Built on the Ethereum Layer 2 network, CreDA operates on Arbitrum with developers aiming to launch across multiple chains including, BSC (Binance Smart Chain), Ethereum mainnet and ESC (Elastos Sidechain) in Q1 of 2022 with more to follow throughout the year. CreDA’s Credit Oracle has already retrieved the data of billions of on-chain activities related to more than 90 million addresses across the largest blockchains. This large initial data pool helps to build a reliable and trusted credit model that will continue improving as more data is collected from additional chains and users who connect and mint their credit scores. The CreDA protocol is designed to compute a user’s Crypto Credit Score while protecting their identity through the use of a DID, which does away with KYC (know your customer) checks. The aim for the CreDA protocol is to eventually combine traditional (off-chain) and blockchain (on-chain) data to compute a holistic user credit score that allows for more flexibility and access between people’s virtual and ‘real world’ lives. This will become even more relevant as technology advances and society continues to embrace virtual spaces, such as the Metaverse. “As Benjamin Franklin once said, ‘If you want to know the value of money, try borrowing some!’ said Cassie Zhang, Chief Operating Officer during CreDA’s launch in late 2021. “The DeFi landscape is quickly evolving, but there is still one factor that is missing — credibility. The CreDA protocol enables DeFi and other Web 3 platforms to model risk profiles across their user base and offer personalized rates and services, making them more competitive versus industry peers.” Social Links Twitter: https://twitter.com/credafinance  LinkedIn: https://www.linkedin.com/company/creda-finance  Discord: https://discord.com/invite/eSvTm6a6kb  Media Contact Brand: CreDA (Credit DeFi Alliance) Contact: Media Team E-mail: press@creda.app Website: www.creda.app SOURCE: CreDA The article is provided by a third-party content provider. SEAPRWIRE makes no warranties or representations in connection therewith. Any questions, please contact cs@SEAPRWIRE.com Sectors: Top Story, Daily News SEAPRWIRE (www.seaprwire.com) offers newswire service in Southeast Asia (Indonesia, Thailand, Vietnam, Singapore, Malaysia, Philippines & Hong Kong )

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Football: City’s Guardiola wants Grealish to develop goalscorer’s instinct

MANCHESTER, UNITED KINGDOM (AFP) - Pep Guardiola believes Jack Grealish can match the goalscoring feats of Raheem Sterling at Manchester City if he works on developing the same instinct to get into the box. Grealish scored his first goal for the English champions since his Premier League record £100 million (S$180 million) move from Aston Villa in a 5-0 thrashing of Norwich on Saturday (Aug 21). Sterling came off the bench to also get his first goal of the season and Guardiola believes Grealish can learn from his club and international teammate, whose game has been transformed under the Catalan coach. "If he gets the mentality to score goals like Raheem, he can score more," said Guardiola. "When Raheem was here when I first arrived he didn't have goals in his mind and we immediately changed his arrival. "Today, he scored because he arrives in the centre, he's a machine there. He changed his mind and decided he was going to score. "Jack has this mentality to score goals and win games as well, but if he has the Raheem mentality then he can do it too." Aymeric Laporte and Riyad Mahrez were also on the scoresheet as City made light of playing without a recognised centre-forward. Grealish's record as the most expensive English player in history could last a matter of weeks if Tottenham finally accept City's advances for Harry Kane before the end of the month. More on this topic   Related Story Football: Grealish bags first City goal as champs crush Norwich, while Liverpool beat Burnley   Related Story Football: Man City sign playmaker Grealish from Villa in record £100 million deal However, Gabriel Jesus took his chance to shine with a man-of-the-match performance in an unfamiliar role on the right side of the City attack. The Brazilian set up three goals and earned fulsome praise from Guardiola. "One of the reasons why I'm a manager is when you can work with people and humans like Gabriel," added the City boss. "He never complains, he plays five minutes, he plays the best five minutes he can do. "He's happy on left, right or centre and today the connection with Kyle (Walker) was exceptional. "He was involved in three of our goals and is an incredibly important player for us. He made an exceptional performance today."

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Football: Man City’s Guardiola tells players to ignore the maths ahead of Dortmund test

LONDON (REUTERS) - Manchester City boss Pep Guardiola has urged his players to execute their plans on the pitch rather than worry about different scoreline permutations for their Champions League quarter-final second leg against Borussia Dortmund on Wednesday (April 14). City will take a 2-1 lead to Dortmund, knowing the German side could seal progress with a 1-0 win on Wednesday on the away goals rule. But Guardiola was relaxed about his team's chances and expects both teams to score at the Signal Iduna Park. "If you think of the consequences or goals you have to score or concede, you forget what you have to do," he told a news conference on Tuesday. "It doesn't matter what happens in the first leg, you have a chance in the second. "It will be better they don't score and we win, but in the Champions League you always have a chance. We have weapons to score, they have weapons to score. "Our idea is to go there do as best as possible and let them feel we are not going to defend what we got here. We want to impose our game to win the game." City are aiming to reach the final four of Europe's elite club competition for the first time under Pep Guardiola, having suffered elimination from the quarter-final stage in each of the past three seasons. But Guardiola brushed off questions about his trust in his players as the Premier League leaders remain on track to complete a quadruple in an intense final phase of the season. "After 27 victories in 29 games if I don't trust the players we have a big problem," he said. "I would be crazy. "The players were sad when we didn't get to the semi-finals (last season) but nobody will give it to us, we have to do it. "We are already qualified for the Champions League, 11 years in a row, never happened before. That is fantastic. Now is the time for another step."

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Singapore is the world’s most free economy: US think tank

WASHINGTON - Singapore's economy has been ranked the most free in the world this year in the Heritage Foundation's 2021 Index of Economic Freedom, the second year in a row it topped the list. The Republic scored 89.7 points, with its overall score having increased by 0.3 points from 2020, primarily because of an improvement in points gained for government spending, the conservative Washington think-tank said on Thursday (March 4). Singapore's score placed it far ahead of both the regional average for 40 countries in the Asia Pacific (60.2) and the world average (61.6). It was followed in the rankings by New Zealand, Australia, Switzerland and Ireland, in that order, with scores ranging from 83.9 (New Zealand) to 81.4 (Ireland). The United States ranked 20th with a score of 74.8, and Germany was 29th with a score of 72.5. Thailand took the 42nd spot with a score of 69.7, and China was No. 107 with a score of 58.4. Hong Kong, which had topped the list for 25 of the last 26 years, was left out of this year's Index, as it has come under the direct control of Beijing, the Heritage Foundation said. The city's ties to Beijing are increasingly "forged in steel" and "traditions of English common law, freedom of speech, and democracy have weakened significantly", Dr Edwin J. Feulner, founder of the Heritage Foundation, wrote in the Wall Street Journal on Wednesday. "The loss of political freedom and autonomy suffered by Hong Kong over the past two years has made that city almost indistinguishable in many respects from other major Chinese commercial centres like Shanghai and Beijing," he added. The Index ranks 12 indicators under four categories: rule of law, size of government, regulatory efficiency, and open markets. "Singapore remains the only country in the world that is considered economically free in every 12 Index category," Mr Anthony Kim, research manager at the Heritage Foundation and editor of the Index, told The Straits Times. "The foundations of Singapore's economic resilience and competitiveness include strong protection of property rights and effective enforcement of anti-corruption laws," he said. "Efficient government provides good public services with low tax rates. The regulatory environment is flexible and transparent, encouraging vibrant commercial activity. "A strong tradition of openness to global trade and investment has long boosted productivity while facilitating the emergence of a more dynamic and competitive financial sector." In addition, Singapore has, over the years, been storing or reserving "relatively ample policy space to be flexible and resilient thanks to its high degree of competitiveness, whether through monetary or fiscal policy tools", Mr Kim added. The broader Asia Pacific scored lower than the world average in seven of 12 indicators: property rights, judicial effectiveness, government integrity, monetary freedom, trade freedom, investment freedom, and financial freedom. But in other areas - tax burden, government spending, fiscal health, business freedom, and labour freedom - the Asia Pacific exceeded world averages, the report said. Also, citizens of free or mostly free countries "enjoy incomes that are more than double the global average and more than six times higher than in repressed economies", the report said. The more economically free a society, the longer people live healthier lives, alongside higher access to quality social goods such as education, healthcare, and a cleaner environment, it added. The findings "confirm the importance of economic freedom in promoting rapid growth and sustainable social progress", it said.

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Football: Pedro Neto, Paulinho score on debuts as Portugal rout Andorra in friendly

LISBON (REUTERS) - Pedro Neto and Paulinho both scored on their Portugal debuts as the European champions unsurprisingly routed Andorra 7-0 in a friendly on Wednesday (Nov 11), while Cristiano Ronaldo was also on target. Neto, 20, rifled in the opening goal after eight minutes while Paulinho, making his debut at the age of 28, got in front of his marker to score the second just before the half hour. Renato Sanches added the third in the 56th minute and Braga forward Paulinho headed in his second from Mario Rui's cross five minutes later. Emili Garcia turned the ball into his own net before Ronaldo, who was rested for the first half, headed his 102nd international goal with five minutes left and Joao Felix completed the rout. Ronaldo's goal left the 35-year-old only seven short of former Iran forward Ali Daei's alltime record of 109 international goals.

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