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6 HOME BUSINESS THURSDAY JULY 26, 2018 • THEEDGE FINANCIAL DAILY

Datasonic to APFT shareholder fails in bid to stop
NEWS IN BRIEF

expand aggressively group from holding AGM today

Faruk from trading or dealing in
BY JUSTIN LIM
the group’s shares, or exercising
KUALA LUMPUR: A shareholder his voting rights pending the full
overseas this year of APFT Bhd has failed in his bid disposal of a suit brought by APFT
to obtain an injunction to stop against him.

The order prohibits him, his
the group from holding its annual
representatives or nominees from
general meeting (AGM) today.

The injunction application by participating in the management
Hisham Mustaffa was dismissed of the group.

by the High Court yesterday, the Messrs Adam & Co, the exter-

group said in a filing with Bursa nal auditor of APFT, has issued
It will focus on Indonesia, West Africa and the Middle East Malaysia. a statement expressing material
“In this respect, the 7th annual uncertainty with regard to the
general meeting of the company going concern of the group on

BY SULHI AZMAN hopes to secure a signifi cant govern- firm, to establish PT Datasonic Te- would proceed as scheduled,” June 26.
ment contract in at least one of the knologi Indonesia, which will expand the loss-making fl ight training The external auditor high-
CYBERJAYA: Datasonic Group Bhd 17 West African countries. the smart card business in the island operator added. lighted that APFT incurred a net
plans to aggressively expand its busi- “The contract that we are aiming archipelago. On July 13, Hisham and for- loss of RM67.57 million during

ness overseas this year, focusing on for is secured ID solutions,” he said, Chew said Datasonic’s order book mer APFT executive chairman the financial period between
Indonesia, West Africa and the Middle adding that the goal next year is to se- stands at RM958 million, which will Datuk Faruk Othman served a Aug 1, 2016, and Jan 31, 2018,

East as it is confident of the business cure a sizeable immigration-related keep the company busy for over three notice of a proposal to the group and had a negative operating

prospects for these markets and be- contract from the Saudi government, years. to appoint directors. cash flow of RM8.39 million as
lieves it has more than half a chance which handles more than two million On market speculation that the On July 18, APFT filed a law- at Jan 31, 2018.

of clinching projects tendered. Muslim pilgrims yearly. company is politically-linked, man- suit against Faruk for alleged Adam & Co further noted that
“Our focus will be on the secured “The Saudi government is very aging director Datuk Abu Hanifah fraud, namely misappropriation the group’s total current liabilities

identification (ID) business, driv- impressed with our product off ering, Noordin who owns 28.38% of Data- of funds, causing the group to exceeded its total current assets
ing licences and passports,” deputy particularly with our ability to clear sonic maintained: “We are not linked trigger Practice Note 17 status by RM31.92 million.
managing director Chew Ben Ben one immigration customer under 15 to Umno or Bersatu. We are a com- and breach Bursa’s Main Market APFT’s share price closed un-
told reporters after Datasonic’s 10th seconds via our proprietary passport pany whose business value is always listing requirements. changed at 2.5 sen yesterday,
annual general meeting yesterday. and facial recognition technology, based on merit and capability. We are On July 20, the High Court is- giving the group a market cap-
“We will not go into foreign countries without compromising on security.” basically non-partisan. sued an interim order restraining italisation of RM41.95 million.
if the chance of winning a contract In Indonesia, Datasonic is hoping “Yes, our long-standing chairman
is less than 50%. It is not worth the to secure work to upgrade magnetic is the brother-in-law of the prime
cost spent.” bank cards to chip-based cards. minister, but look at our track record Cuscapi unit to run cryptocurrency
He pointed to Saudi Arabia, Egypt In December 2016, Bank Indone- — we have secured projects under
and Qatar as some of the potential sia announced that the archipelago the previous Barisan Nasional gov- exchange in the Philippines
markets which Datasonic considers will be rolling out chip-based technol- ernment, and we worked well with
to be politically and fi nancially stable. ogy bank cards by early 2022, which the then opposition government in BY SUPRIYA SURENDRAN boardroom changes of late. Datuk
The second-largest shareholder would affect 143 million debit cards Penang.” Jayakumar Paneer Selvam, who is

with a 25.33% stake, Chew said Da- and 17 million credit cards currently A former military general, Data- KUALA LUMPUR: Cuscapi Bhd the managing director of MyEG
tasonic aims to tender for projects in circulation, and over 100,000 au- sonic chairman Tan Sri Mohamed has set up a wholly-owned sub- Integrated Networks Sdn Bhd,

with a profit margin of about 20%. tomated teller machines. Hashim Mohd Ali, 83, is the younger sidiary with the intention to oper- was appointed chairman of Cus-
“We will also bank on the support “Although the timeline is still a brother of the prime minister’s wife, ate a cryptocurrency exchange in capi last month after Datuk Mohd
of a good local partner, while we ex- long way, we are taking this opportu- Tun Dr Siti Hasmah Mohd Ali. Mo- the Philippines, upon obtaining Jimmy Wong Abdullah resigned
pect the government there to be a nity to ready our technical expertise hamad Hashim has been Datasonic a licence from the Cagayan Eco- due to a personal matter.
good paymaster. Once secured, we ... and if we do get the contract, the chairman since June 2011. nomic Zone Authority. Jayakumar emerged as a sub-

hope that earnings contributions will payment terms will be per upgrad- “We have survived political In a filing with Bursa Malay- stantial shareholder of Cuscapi in
come in starting from FY20 (fi nancial ed card.” changes, which I deem to be good sia yesterday, Cuscapi said its March, acquiring a 26.1% stake in
year 2020),” he added, noting that In September 2017, Datasonic as it reflected the will of the nation. subsidiary Cuscapi Blockchain the company via his interests in

contracts in foreign countries nor- embarked on a joint-venture partner- Contracts will be merit-based and Sdn Bhd will also conduct other Ultimate Quality Success Sdn Bhd,
mally have a long gestation period. ship with Perum Percetakan Negara Datasonic should be judged solely information technology-related Rose Vision Sdn Bhd and Rosetta
This year, Chew said, Datasonic Republik Indonesia, a state-owned on its merit,” he added. businesses. Partners Sdn Bhd.

Cuscapi is primarily involved in Mohd Jimmy resigned after
the provision of restaurant man- two months into the role. He sits
agement solutions. According to on the board of MyEG Services
its website, its Malaysian clients Bhd as an independent non-ex-
Bukit Kiara association voices concern include prominent food chains ecutive director.
Cuscapi shares closed up 2.5
such as A&W, Chili’s, Kentucky
over proposed hotel at KGPA Fried Chicken, Pizza Hut and sen or 8.3% at 32.5 sen yesterday,
Nando’s.
with a market capitalisation of
The company has seen some RM279 million.

BY SYAHIRAH SYED JAAFAR related to this main project — a mul- commercial benefit, unless it has Uzma gets fi ve-year umbrella
tistorey car park with a linkway to undergone appropriate legal pro-
KUALA LUMPUR: The Friends the Phileo Damansara MRT Station, cesses, he said. contract from Petronas Carigali
of Bukit Kiara (FoBK) has voiced and relocation of staff quarters. “FoBK urges the ministry of

concern over a proposed hotel FoBK president Dr Kribanan- federal territories to review all BY NEILY SYAFIQAH EUSOFF “The umbrella contract is con-
development at Kelab Golf Perkh- dan Gurusamy Naidu said the land details of its past approvals and ditional upon UESB executing a
idmatan Awam (KGPA). currently occupied by KGPA’s golf agreements [relating] to KGPA, KUALA LUMPUR: A wholly-owned formal contract with the respec-
In a statement yesterday, the course and clubhouse was part of a giving due consideration to all his- subsidiary of Uzma Bhd, Uzma En- tive PACs. It (the umbrella con-
association said the proposal in- compulsory acquisition for public torical facts relating to the federal gineering Sdn Bhd (UESB), has se- tract) does not constitute a com-
cludes an eight-storey resort ho- purpose, carried out by the federal government’s acquisition of that cured a five-year umbrella contract mitment to any specifi c work.”

tel with 300 rooms, along with government in 1975. land in 1975 for public purpose. from Petronas Carigali Sdn Bhd for The umbrella contract is ex-
conference and seminar facilities. Among its objectives was to cre- “Should the ministry still fi nd the provision of drilling fl uids and pected to contribute positively to
FoBK said based on general ate an international-standard golf it appropriate for KGPA to be de- associated services for petroleum group earnings and to enhance
observation as well as informa- course open to the public and vis- veloping a resort hotel, then in arrangement contractors (PACs). its net assets per share for the

tion displayed on the e-pbt (Portal itors from overseas. principle it should consider re- In a filing with Bursa Malaysia, financial year ending June 30,
OSC) website, the association has Kribanandan said from the avail- quiring that part of the profi ts be Uzma said there is no fi rm value 2019, and onwards if work orders
come to know that Kuala Lum- able information, the land continues channelled towards benefiting for the umbrella contract, as it de- are issued to UESB.
pur City Hall has approved the to be owned by the federal lands public amenities in the Bukit Kiara pends on work orders to be issued Uzma yesterday closed five
development up to the building commissioner. area — for example, subsidising to it from time to time at the dis- sen or 4.76% higher at RM1.10,
plan stage. This should mean that the scope the cost of maintaining Taman cretion of PACs. with a market capitalisation of

The website also shows two of the land usage cannot be arbi- Persekutuan Bukit Kiara (Bukit “The tenure of the umbrella con- RM348.83 million. Over the past

other projects that appear to be trarily changed, or expanded, for Kiara Federal Park),” he added. tract is five years from the date of the 12 months, the counter has fall-
letter of award dated May 30, 2018. en 28.57%.