By Anis Hazim

Qualifications

Law

University of Nottingham

Encik Wan Mohd Firdaus Bin Wan Mohd Fuaad ("Encik Firdaus") has 15 years of working experience in government, corporate and investment banking, technology and digital investments, private and public capital markets and asset management/wealth/pensions platforms.

Encik Firdaus had previously served as a Special Officer to the Chief Minister of Johor and involved in several milestone projects such as the Johor Corporation Transformation. Thereafter, he also acted as a Non-Independent Non-Executive Director of Kulim (Malaysia) Berhad and Damansara Realty Berhad. Subsequently, he joined J.P. Morgan Chase Bank Berhad and held the role of Vice President, Global Corporate Banking and Vice President, Global Investment Banking divisions before becoming an advisor to Catcha Group.

Currently, Encik Firdaus is an Independent Non-Executive Director of Catcha Digital Berhad and also a Country Head for FNZ in Malaysia. Furthermore, he also serves as an advisor to ASEAN Advisory Pte. Ltd.

Catcha Digital Berhad

None.

None.

None.

Qualifications

Finance

University of Hull

Mechanical Engineering

University of Southern California

Dato' Sri Tai Hean Leng @ Tek Hean Leng ("Dato' Sri Tai") began his practical training in 1987 as a Plant Manager in the manufacturing of Liquefied Petroleum Gas (LPG) pressure vessels for the oil and gas industries. He has been involved in the formulation and implementation of Masteel's corporate strategies including corporate planning, business expansion and operations. He has more than 35 years of business experience in the iron and steel industry.

Currently, Dato' Sri Tai is the Managing Director / Chief Executive Officer of Masteel. He is also a member of the board of Malaysia Steel Institute (MSI) and the Vice President of Malaysia Steel Association (MSA). In addition, he was appointed as Vice Chairman of Sustainable Development & Climate Change Committee (SDCC) of the Federation of Malaysian Manufacturers (FMM) on 2 March 2023.

He is the shareholder of the Company.

Nil

Direct Interest
- 1,425,000 ordinary shares
- 475,000 warrants B

Indirect Interest 
- 213,038,900 ordinary shares
- 72,346,284 warrants B

Upon the redesignation, Dato' Sri Tai Hean Leng @ Tek Hean Leng is the Deputy Chairman cum Managing Director / Chief Executive Officer of the Company.

Qualifications

Not applicable

Nil

Nil

Nil

Mr Ng Wah Lok has served the Company as Senior Independent Non-Executive Director for more than 12 years. His resignation is in line with the mandatory 12 years tenure limit for Independent Director under the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

Qualifications

Not Applicable

Nil

Nil

Nil

The Board of Directors of SEG International Bhd (“the Company”) wishes to announce that the Company intends to seek the approval of its shareholders on the proposed renewal of shareholders’ authorisation for the Company to purchase its own shares of up to 10% of the issued share capital of the Company at any point in time (“the Proposed Share Buy-Back”) at the forthcoming 37th Annual General Meeting of the Company.

A Statement to Shareholders containing the details of the Proposed Share Buy-Back will be published on the Company’s website in due course, and the shareholders will be notified accordingly.

This announcement is dated 10 April 2023.

The Board of Directors of Masteel wishes to announce that the Company proposes to seek shareholders’ approval for the proposed renewal of authority for the Company to purchase its own ordinary shares (“Proposed Renewal of Share Buy-Back”) at the forthcoming Fifty-First Annual General Meeting of the Company.

A Statement to Shareholders containing details in relation to the Proposed Renewal of Share Buy-Back and the Annual Report of the Company for the financial year ended 31 December 2022 will be made available to the shareholders in due course.

This announcement is dated 5 April 2023.

PETALING JAYA: Malaysia Steel Works (KL) Bhd (Masteel) has raised industry benchmarks as the first “ultra low carbon emission” integrated steel mill in Malaysia, with its inclusion in the FTSE4GOOD Bursa Malaysia Index in December 2022.

In a statement, the integrated steel manufacturer said it decreased its greenhouse gas or GHG emissions by 47% from 2017 to 2021, due to the reduction in Scope 1 emissions from the steel-making process as a result of the transition to new steel-making technologies starting in 2018.

The new facilities also reduce energy inputs required from natural gas and oxygen.

Masteel had completed the construction of a curtain wall of its reheating furnace which resulted in the further decrease usage of natural gas. These improvements also serve to reduce mill downtime.

Masteel earned three stars out of four in the environmental, social and governance ratings among public-listed companies (PLCs) on FBM EMAS, placing it within the top 26% to 50% of PLCs assessed by FTSE Russell.

Masteel managing director and CEO Datuk Seri Tai Hean Leng said the group aimed to reduce emissions by a further 10% by 2026, and 15% by 2031.

“At the same time, we will also expand our emissions monitoring systems from Scopes 1 and 2 currently to include Scope 3, to implement incremental step-ups in a systematic and sustainable manner.

“We have invested RM60.66mil across various carbon-reduction initiatives in our operations towards our goal of reducing total CO2 emissions by 7,300 tonnes,” he said.

Masteel was included in the FTSE4GOOD Bursa Malaysia Index as well as the FTSE4GOOD Bursa Malaysia Syariah Index.

The assessment by FTSE4GOOD was based on information contained within Masteel’s Sustainability Report 2021 as well as public domain as at October 2022.

Also, Masteel is focused on minimising other air pollutants.

The group had installed a continuous emissions monitoring system at the Bukit Raja plant in 2021, which can track particulate matter, NO2 and SO2 emissions in real-time.

KUALA LUMPUR: Malaysia Steel Works (KL) Bhd (Masteel) has become the first ‘ultra-low carbon emission’ integrated steel mill listed on the FTSE4GOOD Bursa Malaysia Index, having invested over RM60 million in various carbon dioxide (CO2) emission reduction initiatives in its operations.

Managing director and chief executive officer Datuk Seri Tai Hean Leng said Masteel’s pioneering achievement on FTSE4GOOD Bursa Malaysia Index was borne out of the unequivocal dedication, foresight and immense success in revolutionising the steel-making industry at its core manufacturing process.

He said the integrated steel manufacturer earned three stars out of four in the environmental, social and governance (ESG) ratings among public-listed companies (PLCs) in FBM EMAS, placing it within the top 26-50 per cent of PLCs assessed by FTSE Russell.

“We have invested approximately RM60.66 million across various CO2 reduction initiatives towards our goal of reducing total CO2 emissions by approximately 7,300 tonnes,” he said in a statement today.

He also said the group aims to reduce emissions by a further 10 per cent by 2026 and 15 per cent by 2031.

“At the same time, we will also expand our emissions monitoring systems from Scopes 1 and 2 currently to include Scope 3, to implement incremental step-ups in a systematic and sustainable manner,” he said.

He noted that Masteel has been focusing on minimising other air pollutants in addition to CO2 emissions mitigation measures, including the installation of a Continuous Emissions Monitoring System at the Bukit Raja, Klang plant in 2021, which is capable of tracking particulate matter, nitrogen dioxide and sulphur dioxide emissions in real-time. – Bernama

Press Release

By Isabelle Francis

the FTSE4GOOD Bursa Malaysia Index last month.

In a statement on Tuesday (Jan 31) Masteel said it earned three out of four stars in the Environmental, Social and Governance (ESG) Ratings among public listed companies (PLCs) in FBM EMAS, placing it within the top 26%-50% of PLCs assessed by FTSE Russell.

The integrated steel manufacturer said it had decreased its overall greenhouse gas emissions by a significant 47% from the baseline year of 2017 to 2021, primarily attributable to the reduction in Scope 1 emissions from the steel making process due to the transition to new steel making technologies starting in 2018.

The new facilities also reduce energy inputs required from natural gas and oxygen.

Masteel had completed the construction of a curtain wall of its reheating furnace which resulted in further decrease in usage of natural gas.

“This has already yielded positive results, with estimated reduction in natural gas usage of more than 9 Sm3/mt and a reduction of oxygen of more than 7 Nm3/mt2. These improvements also serve to reduce mill downtime,” it added.

Masteel managing director and chief executive officer Datuk Seri Tai Hean Leng said the group aims to reduce emissions by a further 10% by 2026, and 15% by 2031.

“At the same time, we will also expand our emissions monitoring systems from Scopes 1 and 2 currently to include Scope 3, to implement incremental step ups in a systematic and sustainable manner.

“We have invested approximately RM60.66 million across various carbon-reduction initiatives in our operations towards our goal of reducing total CO2 (carbon dioxide) emissions by approximately 7,300 tonnes.”

By Surin Murugiah

KUALA LUMPUR (Dec 20): RHB Retail Research said Malaysia Steel Works (KL) Bhd is set to resume its uptrend after it bounced off the 21-day average line, surpassing the 40 sen immediate resistance level on Monday on significant trading volume, moving past above the recent sideways consolidation phase.

In a trading stocks note on Tuesday (Dec 20), the research house said as the sideways direction has now turned bullish, the buying interest is likely to follow through to propel the stock higher towards the 45 sen recent high, followed by 50 sen.

“The momentum may be reversed if it drops below 37 sen, forming a ‘lower low’ bearish pattern, below the average line,” it said.

By Lie Jia Teng

STEEL bar manufacturer Malaysia Steel Works (KL) Bhd (Masteel), whose stock price has jumped 60% over the past month, is said to be a takeover target of a Bursa Malaysia-listed integrated builder conglomerate, according to market sources.

“A locally listed building materials distributor, which has been actively acquiring companies and businesses in recent years, is now eyeing Masteel as its next target,” a source tells The Edge.

“Just take a look at Masteel’s share price performance since mid-November. Something is definitely brewing in the company, possibly at the shareholder’s level,” another source observes.

When contacted by The Edge, Masteel managing director and CEO Datuk Seri Tai Hean Leng says his family’s stake in the company is not for sale — at least for now.

“We are not planning to sell our majority stake at this moment,” stresses the 58-year-old steel businessman, who has more than three decades’ experience in the iron and steel industry. He adds that he is unaware of any reason for the recent increase in Masteel’s share price.

So far this year, shares in Main Market-listed Masteel have gained 20%, settling at 38 sen last Friday, giving it a market capitalisation of RM261.46 million.

Tai owns 31.58% equity interest in Masteel, of which 0.21% is a direct stake; the remaining 31.37% is an indirect stake held through vehicle TYY Resources Sdn Bhd.

According to Masteel’s 2021 annual report, Tai was appointed the group’s executive director in April 1994. He has been involved in the formulation and implementation of the company’s corporate strategies, including corporate planning, business expansion and operations.

Tai is a board member of the Malaysia Steel Institute (MSI) and vice-president of the Malaysia Steel Association (MSA).

It is worth noting that Datin Ng Pik Lian and the Estate of Tai Chet Siang (deceased) are also substantial shareholders of Masteel by virtue of their interests in TYY Resources.

Sources speculate that the Tai family might be willing to let go of their stake in Masteel for about RM100 million.

“Discussions and negotiations are being held at the shareholders’ level. From what I know, both parties have nearly come to some sort of agreement, but due diligence still needs to be done. If everything goes well, the deal could be announced within the next one to two months,” says the source.

Another source highlights that Masteel is trading at a 70% discount to its net tangible assets (NTA) per share of RM1.27 as at Sept 30.

“At the current market price, it would be a steal for the potential buyer,” he says.

Refusing to disclose the identity of the buyer, the source mentions, however, that it is a multibillion-ringgit firm with exposure in the property development, construction, solar and kitchen furniture businesses.

Masteel began its operations in 1971, producing commercial-grade mild steel round bars and ingots at its rolling mill in Petaling Jaya, Selangor.

Today, Masteel is one of the country’s leading steel manufacturers specialising in making high-tensile steel bars, mild steel bars and prime steel billets that are most commonly used for construction and infrastructure development works.

The group also operates a factory in Bukit Raja, Klang, producing steel bars and steel billets, which are the feedstock for its rolling mills in Petaling Jaya and Bukit Raja plants.

Both manufacturing plants are equipped with modern equipment and fully computerised to produce precision quality products from both the mills.

Masteel serves customers domestically, as well as internationally in the Philippines, China, Australia and Singapore.

Interestingly, Masteel also has a 48.25%-owned associate company, Bio Molecular Industries Sdn Bhd (Bio-M) — a strategic partnership between Masteel and Curium International SA, a worldwide leader in radiopharmaceuticals.

Bio-M is principally involved in producing radiopharmaceuticals for the diagnosis and management of cancer patients. Its radioisotope manufacturing facility is located in Bandar Enstek, Negeri Sembilan.

Last Tuesday, Masteel reported a net profit of RM17.39 million in the nine months ended Sept 30, 2022 (9MFY2022), down 15% year on year from RM20.46 million.

“Masteel will continue to improve its technological capabilities to reap the benefits arising from the anticipated upswing in demand and prices of steel in 2023,” it said.

As at Sept 30, Masteel had cash and cash equivalents of RM64.74 million, short- and long-term borrowings of RM376.7 million and RM70.4 million respectively, translating into net gearing of 44.48%. Meanwhile, its inventories stood at RM704.7 million and its trade and other receivables amounted to RM192.11 million.

By Azanis  Shahila Aman

KUALA LUMPUR: MARC Ratings has affirmed its AAAIS(fg) rating on Malaysia Steel Works (KL) Bhd’s (Masteel) RM130.0 million Danajamin Nasional Bhd-guaranteed Sukuk Ijarah Programme with a stable outlook.

The rating agency said the rating and outlook are based on MARC Ratings’ assessment of the credit strength of Danajamin (AAA/Stable).

“This has provided unconditional and irrevocable financial guarantee insurance on the programme,” it said.

Upon completing the amalgamation exercise of Danajamin and Bank Pembangunan Malaysia Bhd (BPMB), BPMB will honour Danajamin’s obligations under the guarantees.

Accordingly, Masteel’s guaranteed sukuk will carry BPMB’s AAA/Stable rating.

Masteel’s credit profile incorporates its longstanding track record in the domestic production of steel billets and steel bars, its moderate domestic market position and the improving operational efficiency from continued investment in production technology.

Qualifications