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Microsoft, Databricks and 10+ leading giants unleashed their Data Analytics solutions at BYTES 2022

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Singapore, Apr 22, 2022 - (ACN Newswire) - Amidst skyscraping digitization drives in Southeast Asia, its digital economy is projected to hit $1 trillion by 2030. With colossal volumes of data being generated every second, the region is breeding a multi-billion-dollar Big Data Analytics industry.

Taking cue from the above developments, all the while trying to support the Big Data Analytics organizations in the region, Tradepass hosted BYTES for the first time in ASEAN, virtually on 12 - 13 April 2022.

"While explaining the massive growth in data, Karthikeyan Rajasekharan (Senior Director, Data and AI Solution, Sales - APAC, Microsoft APAC) mentioned, "As we went through that journey, we recognized that we needed a modern data estate and we have moved from our value licensing days which had the smallest transaction between $400+ dollars to a place in the cloud where the smallest transaction is anywhere between $3 to $4, which means there has been sheer amount of growth in the data and now we need to think about how we have to modernize ourselves."

The 2-day virtual summit hosted 1000+ Big Data Analytics professionals from the leading public and private organizations across ASEAN which included the CDOs, CXOs, CIOs, CTOs, CMOs, Heads of IT, Data Scientists and many other senior profiles.

Chris D'Agostino, Global Field CTO, Databricks, spoke in great detail on transforming organizations by enabling data and AI at scale. During his presentation, he expressed, "When we did a survey in partnership with MIT Technology Review, we studied 351 companies around the globe, a third of which were here in APJ, and the number one regret that most data leaders had was that they didn't standardize using open standards. Instead, they chose proprietary capabilities and felt locked into a particular vendor or solution."

Microsoft, Databricks, Dataiku, Cloudera, Tech Data, BMC, Aerospike, H2O.ai, Vertica, Domo, Denodo, Snowflake and Fivetran were literally the face of the summit as they had their own exclusive virtual exhibition booth to showcase their cutting-edge solutions. Some of them even gave insightful sessions during the conference on the most pressing topics which included 'Data Stewardship', 'How To Formulate and Implement a Winning AI Strategy', 'Hybrid Data Cloud', "From AI Experimentation to AI Monetization', 'Accelerating Data-Driven Outcomes with DataOps & Cloud' and many more.

While enlightening the delegates on Hybrid Data Cloud, Carlos Zorzin (Senior Partner Sales Engineer, Cloudera) commented, "89% of IT-decision makers believe a hybrid cloud environment is the optimal choice to easily and securely store and move data as well as manage workloads. In order to achieve that, companies need a data platform that lets them easily move data and workloads from private clouds, to public clouds, and even to the edge - with scale. That's Hybrid Data Cloud."

When asked about the response from the delegates, Sudhir Jena, the organizer and CEO of Tradepass said, "Bytes 2022 - ASEAN delighted the 1000+ delegates with the top-line of solution providers and experts from the public & private domain and the delegates had very insightful interactions including Q&As with the experts. The delegates also got a chance to explore the latest solutions from the stellar organizations at the summit and collaborate with them to leapfrog their competitors."

About Tradepass

Providing access to the global emerging markets, Tradepass brings together people, products and solutions to power events for unparalleled business and networking opportunities. Being the most accredited event company, it helps organizations: enter new markets, grow sales pipeline, close prospects, raise capital and identify the right solution-providers.

As a deal facilitator, Tradepass is always determined about exposing the most agile liquid growth markets, to enable all-round scalability and growth.

For more information about the summit, log on to: https://asean.bytessummit.com/

Media contact:
Shrinkhal Sharad
PR & Communication Executive
shrinkhals@tradepassglobal.com
+ (91) 80 6166 4401
Tradepass

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAmidst skyscraping digitization drives in Southeast Asia, its digital economy is projected to hit $1 trillion by 2030. With colossal volumes of data being generated every second, the region is breeding a multi-billion-dollar Big Data Analytics industry.

Metallika.Inc Announces Integration of Blockchain to Mining of Natural Resources

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NEW YORK, Apr 22, 2022 - (ACN Newswire) - Metallika.Inc, a global company focusing on the decentralization of mineral mining, has announced the integration of blockchain technology to its mining operations. The processes involved in mining are made up of a lot of stages with enormous data. In order to make our mining projects available to all investors, no matter big or small, Metallika is launching its own utility token. The company is collaborating in a series of exploration projects that include the granite project (currently in the development stage), beach sand mineral project (feasibility stage), chrome mineral trading, and graphite project (discovery stage). All the mining projects have passed through the initial 4 to 5 stages of the mining lifecycle and can start production within a space of 2 years. The team has also created a decentralized autonomous organization (DAO) to facilitate fast, reliable, and transparent communication among partners in the exploration and mining cycle.

The Metallika DAO

The decentralized autonomous organization created by the Metallika team is a system designed to operate on the blockchain autonomously. It completely adheres to the rules encoded into the smart contract. Every financial transaction within the DAO and the software rules of the smart contract will be stored within the chain of the transaction blocks. The team deployed distributed database technologies, secure timestamps to organize a secure digital ledger of contracts, deeds, and records that ensure ownership for all the DAO participants.

The major product of the DAO Metallika is cloud services. The Metallika DAO provides reliable and transparent communication between participants in the mining cycle with the cloud services. These participants are enabled to form partnerships and also obtain investments at every stage of the cycle. All members of the DAO can access the documentation stored in IPFS and manage approval processes for documentation generated during exploration. They can also issue digital commodity backend tokens that are backed by minerals.

The Metallika Token

It is a utility token that enables the operation of the Metallika DAO. The token guarantees access to the products and services of the DAO. One of the major properties of the token is that you can access it within the private Metalika DAO and other public blockchain networks like Binance Smart Chain (BSC) and Ethereum. The team is currently working on expanding the number of public blockchains for the token. The total token supply is 300,000,000, and 50% (150,000,000) will be an ERC-20 compliant token, while the remaining half will be BEP-20.

Upcoming Token Sale

The first stage of the token sale will be for the 300 million tokens on the public blockchain networks (Ethereum and BSC). Once the Metallika DAO goes live, a liquidity pool of tokens will be created within the DAO. It will be equal to the total number of tokens already issued on the public blockchains. The price per Metallika token is $0.1.

About Metallika.Inc

Metallika.Inc is a blockchain-powered company that tokenizes the services of mining natural resources. Companies and individuals who hold the Metallika token will be granted access to the data about mineral resources. These token holders can be part of the exploration and extraction of these resources.

Social Links
Facebook: https://www.facebook.com/Metallika.IO
Telegram: https://t.me/+D8KLYFM1CrkyNzkx
Twitter: https://twitter.com/MetallikaICO

Media Contact
Venkatesh Padala, Founder and CEO, Metallika.Inc
E: info@metallika.io
U: https://metallika.io/

SOURCE: Metallika.Inc

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comMetallika.Inc, a global company focusing on the decentralization of mineral mining, has announced the integration of blockchain technology to its mining operations.
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Trintech Announces New Chief Human Resources Officer

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DALLAS, TX, Apr 20, 2022 - (ACN Newswire) - Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced the appointment of Monna Nevils as Chief Human Resources Officer (CHRO) of Trintech. With a focus on employees, Nevils will help Trintech continue to build an engaged, inclusive, and high-performing culture. She will lead all aspects of human resources, including talent acquisition, learning and development, organizational development and effectiveness, compensation and benefits, diversity and inclusion programs, and benefit systems.

"Businesses don't create value; people do. Our employees are the heart of our business which is why I am thrilled to welcome Monna as our new CHRO focused on continuing to provide our employees with a great place to work and ways to grow and develop their careers," said Teresa Mackintosh, Chief Executive Officer of Trintech. "Monna's strong track record and rich experience in talent development and change management across teams will help us to ensure we continue to build an agile culture of inclusivity and personal growth for all, while attracting the talent to meet the evolving needs of our customers in this digital world."

Nevils joins the Trintech team with more than 20 years of experience holding global HR leadership roles spanning industries such as technology, real-estate, banking, and healthcare. She is a creative and innovative global human resources executive with experience in aligning the people function to the overall business strategy, developing and executing plans that amplify an inclusive, collaborative culture. Her broad experience includes M&A, change management, talent acquisition, succession planning, learning and development, performance management and total rewards. Prior to joining Trintech, Nevils was the VP, HR - Americas; Global HRBP, Product Marketing for Datalogic. She also served as the Chief Human Resources Officer for Behavioral Health Group (BHG). Nevils earned her MBA from the University of Houston and undergraduate degree in business from Lamar University. She is also a certified trainer and coach and has her Senior Professional in Human Resources (SPHR) certification.

"I am very excited to be joining Trintech as the new CHRO to continue building upon the strong foundation of practices Trintech already has in place today," said Monna Nevils, Chief Human Resources Officer of Trintech. "It is evident to me that Trintech prioritizes a customer and people-centric culture and passion for innovation, and I look forward to partnering with the team to develop a progressive and aligned global HR strategy to support an environment where talent and culture continue to be a foundational and driving factor in the success of Trintech."

Trintech has most recently been named a Dallas/Fort Worth "Best and Brightest Companies to Work For(R)" 2022 Elite Award Winner by the National Association for Business Resources. Interested in joining our team? Check out our open positions here. https://www.trintech.com/careers/

About Trintech

Trintech Inc., a leading global provider of cloud-based financial close solutions for the Office of Finance, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure and fiduciary reporting and bank fee analysis, to governance, risk and compliance - Trintech's portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide - including the majority of the Fortune 100 - rely on the company's cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

Media Contact:
Kelli Shoevlin
Sr. Manager, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTrintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced the appointment of Monna Nevils as Chief Human Resources Officer (CHRO) of Trintech.

Singapore-based FinTechs, TechCreate and Diginius, to Merge and Combine Together into an Integrated Fintech Enterprise, TechCreate Group; Focus on Powering the Future of Payments...

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Singapore, Apr 19, 2022 - (ACN Newswire) - TechCreate Solutions Private Limited ("TechCreate"), a Singapore-based technology services group specialising in innovative digital payment and digitalisation solutions, and Diginius Pte. Ltd. ("Diginius"), a provider for IT security and infrastructure solutions, are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million, based on a valuation that was recently completed by one of the Big 4 accounting firms.

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From left: Mr Lim Heng Hai, (Group CEO of TechCreate Group) and Mr Ronald Vong, (Managing Partner of TechCreate Group)

As a trusted leader in digital solutions, TechCreate has been at the forefront of technology innovation and since its establishment, it has developed its own proprietary Real-Time Payment Engine (RTE) that can further enhance the payment capabilities of financial and banking institutions. Leveraging its technological expertise, legal experience and extensive operational track record, TechCreate has successfully enabled end-to-end digital solutions (such as payment gateways, API gateways and blockchain solutions, among others) for several banking and financial institutions in Asia.

With Diginius' strengths in intelligence and security for concrete cyber resilience, it has built a growing track record with a focus on delivering technology solutions related to cyber security, hyper-converged IT infrastructure and secure application services. Diginius also works with some of the industry's indisputable experts in cyber security and secured infrastructure services, combined with market-leading technologies to provide a springboard for the next phase of digital transformation.

The current CEO of TechCreate, Mr Lim Heng Hai, will be appointed as the Group CEO of TechCreate Group, while the current CEO of Diginius, Mr Ronald Vong, will be designated as the Managing Partner of TechCreate Group.

Strategic Rationale - Powering the Future of Payments in Asia

According to a Mckinsey report issued on November 2020, Asia has outpaced all other regions in terms of payments-revenue growth over the past several years. The region is also the largest contributor to global payments revenue, generating over US$900 billion in 2019, nearly half the global total. The Asia's payments industry is expected to return to mid-to-high single-digit growth rates and, by 2022 or 2023, generating more than US$1 trillion in annual revenue.

Notably, the COVID-19 pandemic has accelerated Asia's payments megatrends and chief among these was the rapidly expanding number of connected and digitally active consumers, with booming e-commerce markets reinforcing the need for digital solutions. The competitive landscape was simultaneously heating up, with the entry of formidable new players--including telecommunications firms, fintechs, "big techs," and other conglomerates--spurring incumbents to step up their own innovation efforts.

Meanwhile, regulators sought to standardise infrastructure while encouraging competition, fostering the introduction of real-time payments, digital know your customer (KYC), and various local payment schemes.

With a focus on powering the future of payments in Asia, TechCreate Group aims to provide cutting-edge innovation and technology capability to enhance value creation for its customers as follows:

- Expanded business scale with integrated solutions: Having the capabilities to provide more comprehensive and integrated technology solutions related to payment and digitalisation platforms to serve new and existing customers across Asia.

- Strong potential to create new customer value propositions: Ability to broaden its reach and serve diverse customer segments with differentiated requirements and objectives, thereby creating the opportunity and potential to develop proprietary insights and innovative solutions that are aligned with the new trends of payments and digitalisation in Asia.

Commenting on the merger, Mr Lim Heng Hai, Group CEO of TechCreate Group, said, "This is a transformational transaction for both companies, creating an enlarged company with end-to-end digital payment offerings in high-growth verticals as economies in Asia accelerate their digitisation roadmap.

With our combined capabilities, it amplifies our mission be a leading innovative, customer-centric and eco-friendly technology solution provider in Asia."

Mr Ronald Vong, Managing Partner of TechCreate Group, added, "We are confident that the strengths of the combined company will enable meaningful growth to stakeholders, delivering new value and insights to better serve our markets and customers.

At the same time, it can accelerate our growth and more effectively capitalise on our pipeline and broader market opportunities within the banking and financial industries in Asia."

For more information on TechCreate Group, please visit: http://www.techcreate.com.sg/

Issued on behalf of TechCreate Group by 8PR Asia Pte Ltd.

Media Contact:
Mr. Alex TAN
Mobile: +65 9451 5252
Email: alex.tan@8prasia.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comTechCreate Solutions Private Limited and Diginius Pte. Ltd. are pleased to announce a merger between both companies via a share swap transaction that will value the enlarged fintech enterprise, TechCreate Group, at USD$30 million.

Analytical Platform RaysX Will Launch the RAX Token

Dubai, UAE, Apr 19, 2022 - (ACN Newswire) - RaysX, an analytical platform that helps traders and investors to holistically analyze the cryptocurrency market and decentralized finance, will launch its own RAX token.

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Early investors may have the opportunity to participate in the private sale of $RAX tokens before listing on crypto exchanges. According to the founders of the project, they only consider the RAX listing on the major crypto exchanges, including Binance. To purchase a token at a favorable price, investors and users need to fill out a whitelist.

"RAX is a native utility token of RaysX that helps developers monetize and stimulate the evolution into DeFi 2.0. It is a medium of exchange between developers and DeFi investors using Web3 applications. Third-party developers can build and deploy apps while users can use these apps by paying with RAX," said RaysX founder George Gus.

RAX token can be used in multiple cases, one of which is app deployment. This means that external app developers access ready-made modules to build and deploy their applications using RAX token. In addition, users pay external app developers for the rights to access these apps using RAX tokens. They also get access to exclusive analytics and forecasts created by analysts and seasoned traders. At the same time, DeFi investors pay transaction fees required by trading apps on RaysX platform.

About RaysX

RaysX is designed to bring together the best minds of the crypto industry to accelerate the transition to DeFi 2.0 by overcoming and breaking down the constraints that are preventing the crypto market from becoming a full-fledged alternative to traditional finance today. List of RaysX key products includes:

  • RAX Token. A native utility token of RaysX that helps developers monetize and stimulate the evolution into DeFi 2.0.
  • The environment of the external Open Source Apps for DEXs and DeFi with monetization through RAX Token.
  • The ML Prediction algorithm for deep data analytics and ranking with an open API for developers.
  • Analytics Dashboard, DEX Terminal, and marketplace for external apps.
  • RAX CryptoRank. A ranking algorithm to build a fairer rank.
  • External Apps. A marketplace for external applications that allows any developer to deploy his application to the platform and make it available to a wide range of investors and users.

Social Links
Medium: https://medium.com/@raysx
Twitter: https://twitter.com/Ray__sX
Telegram: https://t.me/Ray_sX

Media Contact
Brand: RaysX
Contact: Media team
E-mail: gg@ray.sx
Website: https://ray.sx/

SOURCE: RaysX



Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.com

Moonstake Integrates Support for Polygon Blockchain

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SINGAPORE, Apr 15, 2022 - (ACN Newswire) - Moonstake announced today it will implement support for the popular Polygon Network. With this update, Moonstake Wallet users can now send, receive, and own MATIC coin as well as MATIC tokens on both the web and mobile versions. This update also enables support for sending, receiving, and holding ORBS on Polygon. Furthermore, Moonstake is considering supporting the staking of ORBS on Polygon Network, since the staking platform currently already supports ORBS staking on Ethereum. This will enable users to earn via multi-chain staking of ORBS on both blockchains through a single safe and user-friendly staking platform.

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Moonstake launched its staking business in 2020 with the aim to create the largest staking network in Asia. Since then, it has developed the most user-friendly Web Wallet and Mobile Wallet (iOS/Android) with support for over 2,000 cryptocurrencies. Currently, Moonstake supports 16 high-demand staking coins: Cosmos, IRIS, Ontology, Harmony, Tezos, Cardano, Qtum, Polkadot, Quras, Centrality, Orbs, IOST, TRON, Shiden, FIO, and EVER, as well as ERC-721 and Cardano NFTs. After a full-scale operation launched in August 2020, Moonstake's total staking assets have grown rapidly to reach $1.8 Billion and by June 2021, Moonstake was the third best staking provider in the world out of 15,000 staking providers worldwide. In March 2021, the company entered DeFi with Muse.Finance, a DeFi platform, and will continue to expand into the DeFi business.

Meanwhile, Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains) akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum's security, vibrant ecosystem and openness. The ecosystem's token, MATIC, provides robust security as well as enables governance. Polygon is one of the market's biggest blockchains for Web3 builders, boasting over 7,000 DApps in its developer ecosystem which features numerous big names - from DeFi projects such as lending platform Aave to luxury brands company Dolce & Gabbana and NFT marketplaces including OpenSea and Mark Cuban's Lazy.com.

As a world-leading staking provider, Moonstake is looking forward to offer new, excellent user experiences and exciting opportunities to the Polygon ecosystem users through this integration.

About Moonstake

Moonstake is the world's leading staking service provider that develops and operates decentralized wallet services for businesses and individuals.

Since its launch in April 2020, Moonstake has partnered with 28 leading platform providers, including Cardano's constituent Emurgo, developer of the Polkadot-connected blockchain Astar Network Stake Technologies, and the TRON Network with over 50 million users. In May 2021, Moonstake further enhanced its corporate credibility by becoming a wholly owned subsidiary of OIO Holdings Limited, a company listed on the Singapore Stock Exchange.

Using blockchain technology, Moonstake aims to progress toward a world where anyone can easily make use of highly secure and reliable digital asset management tools.

About Moonstake's staking business

For the staking industry, which has grown into a 630-billion dollar market as of September 2021, Moonstake provides a decentralized staking service that does not require user deposits, and supports nodes around the world in addition to its own validator nodes. Moonstake currently supports the staking of 16 blockchains. With a total staking assets of 1.8 billion USD and a global user base, the company ranked third out of more than 10,000 providers worldwide in June of the same year. https://www.moonstake.io/

About Polygon

Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon's scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon's fast and secure txns for your dApp, get started here. https://polygon.technology/

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comMoonstake announced today it will implement support for the popular Polygon Network. With this update, Moonstake Wallet users can now send, receive, and own MATIC coin as well as MATIC tokens on both the web and mobile versions.

What are Crypto Bridges | Blockchain Bridge 101

Following the numerous hacks that happened across blockchain bridges, here is an article that explains what they are and why bridges are vulnerable.

The post What are Crypto Bridges | Blockchain Bridge 101 appeared first on BitPinas.

RTO of LTKM Berhad via the Acquisition of EMS Business for RM336 Million

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KLANG, Malaysia, Apr 8, 2022 - (ACN Newswire) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.

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Chai Voon Sun, co-founder and Managing Director of Local Assembly [L] and Executive Chairman of LTKM, Datuk Tan Kok

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Wee Thian Song - Co-founder, Executive Director and Engineering Director of Local Assembly; Gurmakh Singh - Co-founder, Executive Director and General Manager of Local Assembly; Datuk Seri Chiau Beng Teik - Executive Chairman of Chin Hin Group Berhad; Chai Voon Sun - Co-founder and Managing Director of Local Assembly; Datuk Tan Kok - Executive Chairman of LTKM; Tan Kah Poh, Kenny - Independent Director of LTKM; Rahman Ali Bin Abdul Wahab - Director of Proven Venture Sdn. Bhd. [L-R]

Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals."

"The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease outbreaks in the farms and acute labour shortage. In relation to these challenges, we have also incurred losses in the recent financial years ended 31 March 2020 to 2021 and for the nine-month period ended 31 December 2021. This has affected our ability to pay dividends too."

"Concurrent with the proposed disposals, we believe the proposed acquisition of the EMS business is an opportunity to create value for our shareholders through a business that is viable and profitable."

Briefly, the proposals comprise the following inter-conditional steps:

1. Proposed disposal of LTKM's existing business to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for a total cash disposal consideration of RM158.83 million. LTKSB, which holds 71.6% of the equity interest in LTKM, is also the holding company of LTKM;

2. Proposed special dividend and capital repayment of RM1.1098 per LTKM share totalling RM158.83 million on an entitlement date to be determined;

3. Proposed consolidation of two existing LTKM shares into one LTKM share following the proposed special dividend and capital repayment;

4. Proposed acquisition by LTKM, of 100.0% equity interest in Local Assembly Sdn Bhd (Local Assembly) from Chai Voon Sun, Gurmakh Singh a/l Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd (Vendors) for RM336.00 million to be satisfied through cash of RM100.00 million and the issuance of 393,333,333 new LTKM shares at an issue price of RM0.60 each;

5. Proposed restricted issue of 230.00 million new LTKM shares at an indicative issue price of RM0.60 each, representing 33.1% of the enlarged share capital of LTKM after the proposals to investors to be identified;

6. Proposed exemption to the vendors and persons acting in concert from the obligation to undertake a mandatory take-over offer to acquire the remaining LTKM shares not already owned by them upon completion of the proposed acquisition; and

7. Proposed change of name to "LA Technology Berhad" from "LTKM Berhad".

The proposed acquisition will result in a significant change in LTKM's business direction from a producer of chicken eggs to becoming an EMS provider. Local Assembly, an EMS provider, will become a wholly-owned subsidiary of LTKM while the vendors of Local Assembly will become LTKM's controlling shareholders with a 56.6% equity interest in the Company following the proposed acquisition and proposed restricted issue. By virtue of his shareholding in Divine Inventions, Datuk Seri Chiau Beng Teik, the Executive Chairman of Chin Hin Group Berhad, will become a major shareholder of LTKM.

Under the proposed acquisition, the vendors have provided a profit guarantee for Local Assembly of a minimum profit after tax (PAT) of RM28.00 million for the financial year ending 31 December 2022 or not less than an aggregate of RM50.00 million PAT for both financial years ending 31 December 2022 and 2023. Based on the guaranteed PAT of RM28.00 million for the financial year ending 31 December 2022, the purchase consideration represents a price to earnings multiple of 12 times.

For Chai Voon Sun, co-founder and Managing Director of Local Assembly, the listing of Local Assembly via LTKM means a realisation of 2 decades of hardwork for him and his co-founders and a step forward in the company's journey of growth and expansion. "This transaction is a major milestone for Local Assembly. We look forward to the next phase of our corporate journey as a listed entity, which will further accelerate our growth as an EMS player, allow us to expand our customer base and product offerings and pursue more opportunities" he adds.

Local Assembly, which started operations in 2000, is a manufacturer of electronic, electrical and plastic injection moulded components, and sub-contract assembler of electrical appliances and equipment. Its principal markets are Malaysia and Singapore. For the financial year ended 31 December 2022, Local Assembly achieved PAT of RM20.06 million on the back of a revenue of RM116.35 million.

The application for the proposals is expected to be submitted to the relevant authorities by the second quarter of 2022. Subject to approvals from relevant parties including Securities Commission, Bursa Securities Malaysia Berhad as well as shareholders of LTKM, the proposals are expected to be completed in the first half of 2023.

M & A Securities Sdn Bhd is Adviser to LTKM for the proposals.

LTKM Berhad: https://www.ltkm.com.my/
LTKM Berhad: 7085 / [BURSA: LTKM] [RIC: LTKM:KL] [BBG: LTKM:MK]

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
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