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Daily Archives: November 11, 2019

Ceylon Graphite Announces Environmental Protection License for Sarcon Development’s K1 Project

VANCOUVER, British Columbia, Nov. 11, 2019 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced that its wholly owned subsidiary Sarcon Development (Pvt) Ltd (“Sarcon”) has been granted an Environmental Protection License (“EPL”) for its K1 Graphite Mining Project at Karasnagla, Sri Lanka from the Central Environmental Authority bearing No 17501 (R0) dated 14th October 2019 under provisions of the National Environmental Act 47 of 1980 and amended by Acts No 56 of 1988 and No 53 of 2000, of the Government of Sri Lanka. The CEA is the Environmental Regulator in Sri Lanka and was established by an Act of Parliament.

CYL also announces that a subsidiary of Sarcon, BPA Lanka (Private) Ltd has purchased land next to the K1 project that will allow the company to construct an adit from the main shaft. This adit will facilitate the removal of graphite from the mine, aid with ventilation and help with dewatering of the shaft area.

Mr George Smitherman has resigned as a Director of the Company. The Board thanks him for his tenure as a Director.

“With this the last major license and the land purchase in hand we move towards commercial production at K1,” said Bharat Parashar, Chief Executive Officer. “Sarcon looks forward to working closely with the CEA and other Government Departments in Sri Lanka with the aim of being environmentally conscious and abiding with all the rules set by the authorities as our business grows.”

Qualified Person
Robert Marvin, P. Geo (ONT) is a Qualified Person under National Instrument 43-101 and has reviewed and approved the geological information provided in this news release.

About Ceylon Graphite Corp.

Ceylon Graphite Corp, is a public company listed on the TSX Venture Exchange (CYL:TSX-V), that is in the business of exploration and development of graphite mines in Sri Lanka. The Government of Sri Lanka has granted the company exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka. Graphite mined in Sri Lanka is known to be some of the purest in the world, and currently accounts for less than 1% of the world graphite production.

FORWARD LOOKING STATEMENTS: This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and to develop a mine plan, Ceylon Graphite’s Mining License application and to commence establishing mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Ceylon Graphite, including the assumption that, the drilling exercises will confirm the presence of high quality graphite, sufficient financial resources will be available, the records from the drilling exercises prove to be accurate, there will be no unanticipated delays or costs materially affecting Ceylon Graphite’s exploration, development and production, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various Local Government Licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, an inability to reach a final acquisition agreement, inaccurate results from the drilling exercises, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, a failure to comply with environmental regulations and a weakening of market and industry reliance on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.

These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, Ceylon Graphite does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com)

Further information regarding the Company is available at www.ceylongraphite.com

Bharat Parashar, Chairman and & Chief Executive Officer

Chairman & Chief Executive Officer


Corporate Communications

(202) 352-6022

RHB Investment upbeat on Kerjaya Prospek, maintains “buy” call

KUALA LUMPUR, RHB Investment Bank Bhd remains upbeat on Kerjaya Prospek Group Bhd’s ability to win new construction jobs while still being able to be selective on higher-quality projects with larger-than-average construction margins.

This is premised on strong backing from principal and executive chairman Datuk Tee Eng Ho and its net cash of RM174 million, it said in a note today.

Despite a weak property market, we still favour this builder, as we believe Kerjaya Prospek is in a market that is still relatively in demand: properties priced between RM400,000 and RM600,000, the investment bank said.

RHB Investment believed that the company could potentially be building jobs worth RM200 million to RM300 million from a third party.

We increase our financial year (FY) 2020 forecast orderbook wins assumption to RM1.3 billion from RM1 billion. We also maintain our FY19 forecast orderbook wins assumption of RM1.3 billion, as it is close to the end of FY19. The outstanding orderbook stands at RM3.4 billion, with a larger tender book of RM3 billion versus RM1 billion previously, comprising mainly building jobs, it said.

RHB Investment maintained a buy call on Kerjaya Prospek with a target price of RM1.72, up by 31 per cent from the current price.

At 4.06 pm, shares of Kerjaya Prospek were flat at RM1.31 with 29,900 shares transacted.

Source: BERNAMA (News Agency)

Selangor aims to be regional hub for modest fashion

KUALA LUMPUR, Selangor aims to position itself as the regional hub for modest fashion in the next five years through its Selangor Modest Fashion initiative.

The event, initiated by the Selangor state government under Invest Selangor Bhd, focused on blending fashion and trade and creating a sustainable ecosystem for talents in the modest fashion industry through engaging experiences for regional awareness.

Selangor Menteri Besar Amirudin Shari said the event is also the realisation of state’s vision to empower and create global champions.

The fashion industry in Malaysia is growing at a steady pace of 12 per cent per annum, with revenues estimated to grow to RM5.5 billion by 2023 from RM3.5 billion in 2019, he said in a statement today.

In collaboration with Yayasan Raja Muda Selangor, Selangor Youth Community, Entrepreneurship Selangor, and Royale Demure, the event will gather all designers, from the apprentice, aspiring and the established, to showcase their designs and masterpieces under the Selangor Modest Fashion brand and will be marketed through an exclusive platform.

The Selangor Modest Fashion Gala will be held on December 3, at Four Seasons with the tagline ‘Redefining Modesty’.

Amirudin said the featured designs, for both men and women, were inspired by Selangor’s traditional fashions and among the highlights of the event will be the introduction of timeless Royal Malay fashion built on heritage designs found only in Selangor, such as the Warisan Selangor on the kain telepuk, kebaya Selangor and baju sikap.

It is important to respect and protect our heritage attire whilst reminding the public of our deep cultural history here in Selangor. We can draw influences from them and make sure these styles of dress are kept alive, he added.

The event also supports the development of fresh talent and will incorporate an incubator programme for apprentice designers whilst aspiring designers will go through an accelerator programme and will be mentored by established industry experts.

Source: BERNAMA (News Agency)

Former Chief Judge appointed Prasarana Chairman

KUALA LUMPUR, Former Chief Judge of Malaya, Tan Sri Zaharah Ibrahim has been appointed chairman of government-linked, public transport owner and operator, Prasarana Group, effective today.

In a statement, Prasarana said Zaharah is filling the vacancy left by Tan Sri Khalid Abu Bakar who resigned on Aug 17 last year.

Born in Johor Bahru in 1952, Zaharah, graduated with a honours degree in law from University Malaya and began serving in the judiciary and legal service from April 1977.

After her retirement from the service, she was appointed a Judicial Commissioner on Aug 1, 2004 and placed in the Civil Division of the Kuala Lumpur High Court. She was subsequently moved to the Criminal Division of the Shah Alam High Court (Oct 1, 2004-July 27, 2006).

Zaharah was then appointed a High Court Judge on July 28, 2006 and placed in the Criminal Division of the Shah Alam High Court and subsequently, at the Commercial Division, Kuala Lumpur High Court (Jan 1, 2009-April 13, 2010).

She became an Appeals Court Judge on April 14, 2010 and then a Federal Court judge effective Feb 16, 2015.

Zaharah was appointed Chief Judge of Malaya on July 17, 2018 and retired in May this year.

Source: BERNAMA (News Agency)

TMS invests RM50 mln for bus manufacturing factory in Seremban

SEMENYIH, Bus transportation services provider Terus Maju Services Sdn Bhd (TMS) is investing about RM50 million to set up a manufacturing factory in Seremban to meet the increase in demand of buses, including electric buses (e-buses), for the ASEAN market.

Managing director K S Loo said the first phase of the factory, which will be built on a 8.5-acre site, is expected to be operational by the first quarter of 2021, with the initial production capacity of 400 buses and up to 600 units in its full phase capacity.

We are optimistic of growing the potential of the ASEAN’s market demand in the next three years. After having exported buses to Singapore and Myanmar, we are now eyeing Laos, hopefully, before the Chinese New Year next year, followed by Cambodia and Vietnam, he told reporters.

Loo said this after a handover ceremony of TMS’ first eight TMS12 bus models of the TMS Chassis product line to customers and the signing of an agreement with China’s Zongtong Bus Holding Co Ltd and Myanmar’s LA Coach Master (Myanmar) Co Ltd here, today.

The event was witnessed by Transport Minister Anthony Loke Siew Fook.

TMS, which previously operated an original equipment manufacturer (OEM) system for various automotive companies, is now able to produce 95 per cent of its own components at its factory here, while importing the remaining parts.

On the collaboration with Zongtong Bus, Loo said the Chinese partner would bring in advancement in the transfer of engineering technology to TMS in producing e-buses.

We will run a pilot project next year to see the success of the e-bus (project) and determine our next planning, including production of the buses, said Loo.

Zongtong Bus, which boasts a total asset of 150 billion yuan (RM1=1.69 yuan), has been selling its products to over 100 countries.

Loo said although an e-bus may cost around US$250,000 (US$1=RM4.138) per unit compared with RM480,000 for a normal bus, it is good in terms of environmental protection and has lower maintenance costs.

On the agreement with Myanmar’s LA Coach Master, Loo said the company has purchased 50 left-hand drive buses of various models from TMS, which are being delivered in stages.

Source: BERNAMA (News Agency)

September 2019 IPI grows 1.7 pct y-o-y

KUALA LUMPUR, The Industrial Production Index (IPI) grew 1.7 per cent year-on-year (y-o-y) in September 2019, slightly lower than the 1.9 per cent y-o-y recorded in August 2019, said the Department of Statistics Malaysia (DoSM).

In a statement today, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth was driven by the increase in the indices for manufacturing (2.5 per cent y-o-y) and electricity (4.1 per cent y-o-y).

On a y-o-y basis, the manufacturing sector output rose 2.5 per cent in September 2019 after recording a growth of 3.6 per cent in August 2019, he said.

“The major sub-sectors contributing to the increase in September 2019 were transport equipment and other manufactures (6.3 per cent), non-metallic mineral products, basic metal and fabricated metal products (3.8 per cent) and petroleum, chemical, rubber and plastic products (2.1 per cent).

Mohd Uzir also said the electricity sector output increased 4.1 per cent y-o-y in September 2019.

However, he said, the mining sector’s output declined 1.6 per cent y-o-y due to the decrease in the crude oil and condensate index (-4.7 per cent).

The IPI grew 1.6 per cent in the third quarter of 2019 as compared to the same quarter last year, thanks to the positive growth of the manufacturing index (3.4 per cent) and electricity index (2.1 per cent), he added.

Source: BERNAMA (News Agency)

4 Malaysians appointed to IIA global, regional committees

KUALA LUMPUR, The Institute of Internal Auditors (IIA) has appointed four Malaysian auditors as global and regional committee members in recognition of their consistent and outstanding contribution to the organisation and their advocacy of the profession.

They are Ranjit Singh Taram Singh, who was appointed as a member of the IIA board of directors, Philip Satish Rao (global international relations committee), Christine Ong May Ee (global advocacy committee) and Lucy Wong Kam Yang (secretary of the Asian Confederation of Institutes of Internal Auditors).

In a statement, IIA Malaysia president Alan Chang Kong Chong said the committee members are selected based on their merits, commitment to the profession, and enterprising spirit for IIA initiatives.

This shows that our members are not only capable of adapting to new processes, but also committed to learning and developing this profession, particularly as Malaysia embraces more digital initiatives, he said.

The Global IIA is the largest independent body that represents the interests of the profession through advocacy, training, research, guidelines and certification programmes.

Source: BERNAMA (News Agency)