Siab Holdings Bhd group managing director Ng Wai Hoe.
KUALA LUMPUR: Siab Holdings Bhd
has proposed to change its name to Taghill Holdings Bhd, reflecting its strategic integration with Taghill Projects Sdn Bhd.
In a Bursa Malaysia filing, Siab announced that the proposed name was approved and reserved by the Companies Commission of Malaysia (CCM) on August 16.
The name change requires approval from the company’s shareholders at the extraordinary general meeting on Sept 18, 2024.
To recap, Siab has completed a rights issue exercise which raised over RM92mil to support its acquisition of Taghill, a construction project and contract management consultancy company.
The group’s order book stood at RM1.48bil as at June 30 and Taghill has committed to a profit guarantee of at least RM24mil for the financial years 2024 and 2025 on an accumulative basis.
Meanwhile, Siab returned to the black in the second quarter ended June 30 with a net profit of RM107,000 compared with a net loss of RM3.9mil last year. Revenue for the quarter fell 43.2% to RM38.2mil against RM67.3mil.
For the first half, it posted a net profit of RM216,000 on revenue of RM64.5mil.
"We are encouraged by our ability to maintain profitability for the second consecutive quarter. The acquisition of Taghill Projects has been instrumental in enhancing our project portfolio, allowing us to leverage each other's strengths and further solidify our market position.
“With the recent addition of experienced leaders to our board, we are more optimistic about the future. We will continue to take a cautious approach as we navigate the current market environment, with a commitment to delivering value to our stakeholders,” group managing director Ng Wai Hoe said.
