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Tag: Southern Score

  • Southern Score Builders Berhad Completes Regularisation Plan

    Southern Score Builders Berhad Completes Regularisation Plan

    Company to focus on expanding construction services business and IBS manufacturing

    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 Builders

    Led 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.jpg
    From L-R:
    Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad
    Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad
    Mr. Chai Tham Poh, Executive Director of G Neptune Berhad
    Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad
    Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad
    Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad
    Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad
    Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad

    Image Caption for Picture 2
    https://www.acnnewswire.com/topimg/Low_SouthernScore2022111092.jpg
    From L-R:
    Mr. Cheah Hannon, Independent Non-Executive Director of G Neptune Berhad
    Dato’ Haji Mohd Amran Bin Wahid, Non-Independent Non-Executive Chairman of G Neptune Berhad
    Datuk Sydney Lim Tau Chin, Executive Director of Southern Score Builders Berhad
    Tan Sri Datuk Seri Gan Yu Chai, Managing Director of Southern Score Builders Berhad
    Mr. Gan Yee Hin, Executive Director and Chief Executive Officer of Southern Score Builders Berhad
    Mr. Chai Tham Poh, Executive Director of G Neptune Berhad
    Ms. Yvonne Phe Kheng Peng, Independent Non-Executive Director of Southern Score Builders Berhad
    Ms. Amy Too Siew Mooi, Independent Non-Executive Director of Southern Score Builders Berhad

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

    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/