by Ganesh Sahathevan
On October 2022 The Edge reported:
Citaglobal Bhd (formerly known as WZ Satu Bhd) is entering the renewable energy (RE) industry through a battery development collaboration with Genetec Technology Bhd.
Genetec founder and managing director Chin Kem Weng said energy storage is significant to its business, and looks forward to the potential collaboration with Citaglobal on a project that will play a part in developing the nation’s renewable energy infrastructure.
However, Genetec has a co-founder, one Aaron Chen Khai Voon. In January 2021 The Edge, describing Chen Khai Voon as Co-founder, major shareholder of Genetec Technology Bhd, reported the following about his sharemarket exploits:
Low-profile businessman Aaron Chen Khai Voon has been quiet on the local corporate scene in the past seven years, since he ceased to be a substantial shareholder of Penang-based property developer Tambun Indah Land Bhd in 2014.
...... it was the eye-popping rally of ACE Market-listed industrial automation house Genetec Technology Bhd, in which Chen is a co-founder and major shareholder with an equity interest of 19.37%, that put him in the limelight this year.
Year to date, shares in Genetec have skyrocketed more than 20 times to close at RM39 on Dec 8, giving it a market capitalisation of RM2.03 billion.
The Genetec euphoria was mainly fuelled by the expectation that the company would obtain contracts from its electric vehicle customers, which could include Tesla Inc.
Notably, the counter shot up to an all-time high of RM49.68 on Nov 3, a few weeks after CGS-CIMB Research initiated coverage on the company, with an “add” call and a target price of RM50.
On Oct 25, Genetec proposed a bonus issue of up to 661.56 million new shares on the basis of 12 bonus shares for every one share held.
More recently, Chen had surfaced as a substantial shareholder of WZ Satu Bhd with a 5.08% stake on Nov 19. He now owns a 14.12% stake in the civil engineering and construction firm, after mopping up shares on the open market and subscribing to private placement shares.
It was reported that Chen might play an active role in WZ Satu, hence it will be interesting to see what value he could bring to the company next year.
In June 2022 WZ Satu announced a change in name, to Citablobal Berhad. Chen Khai Voon remains a substantial shareholder.
TO BE READ WITH
Wednesday, December 21, 2022
Citaglobal, linked to Yang di-Pertuan Agong Al-Sultan Abdullah ,awarded IPP for ECRL Project contract by PM and Minister For Finance, Anwar Ibrahim
by Ganesh Sahathevan
Citaglobal Berhad (formerly known as WZ Satu Berhad) has informed Bursamalaysia that "Citaglobal consortium wins award to become IPP for ECRL Project"
The Agong appointed Anwar Ibrahim his Prime Minister, and Minister For Finance in late November, just two months after a series of sharemarket manoeuvres that appear to have been designed to eject the previous managers, believed to be his cousins, from Citaglobal.
The Minister of Finance Incorporated's sole shareholder is the Minister for Finance, Anwar Ibrahim.
TO BE READ WITH
King buys more shares in Citaglobal, raising his shareholding to 12.4pct
KUALA LUMPUR: Citaglobal Bhd discloses that Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has increased his stake in the company to 12.4 per cent from 9.0 per cent.
Citaglobal, in an announcement on changes in substantial shareholders to Bursa Malaysia today, said the king had bought an additional 32.1 million shares.
This raised Al-Sultan Abdullah's direct shareholding in Citaglobal to 132.12 million shares.
Citaglobal, previously known as WZ Satu Bhd, saw its share price settle unchanged at 20 sen today, bringing a market capitalisation of RM212.46 million.
Citaglobal is a diversified group with multiple revenue streams.
The company is involved in civil engineering and construction (CEC), oil and gas (O&G) and manufacturing.
Citaglobal is repositioning itself as a conglomerate involved in the construction, telecommunications, energy and technology sectors.
To recap, Citaglobal, previously WZ Satu Bhd, acquired Citaglobal Engineering Services Sdn Bhd (CES) on 17 November 2021 from Citaglobal Sdn Bhd for RM140 million.
The acquisition came with an aggregate net profit guarantee of RM60 million for three full financial years ending in 2022, 2023 and 2024.
CES is a Bumiputra private limited company engaged in engineering consultancy and construction-related services.
On 9 March 2022, WZ Satu proposed changing its name to Citaglobal Bhd for a better representation of the nature of its business moving forward.
The company intends to transform into a conglomerate involved in facilities management, telecommunications, energy, infrastructure, and technology sectors.
On 13 March, WZ Satu obtained Bursa Malaysia's approval for the change in the name to Citaglobal Bhd.
Citaglobal has an existing orderbook of RM539 million as of 31 March 2022. Coupled with CES's orderbook of RM193 million, Citaglobal will thus have a total orderbook of RM732 million.
Tengku Uzir, Tengku Zubir resigns from Citaglobal
KUALA LUMPUR: Tengku Datuk Sri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah have resigned from the board of Citaglobal Bhd effective yesterday.
The company noted that both individuals had resigned to pursue their personal interests.
Before the resignation, Tengku Uzir was the executive vice chairman of Citaglobal, while Tengku Zubir was the company's executive director.
Tengku Uzir was first appointed as the executive chairman and chief executive officer (CEO) of Citaglobal on October 24, 2013.
He was then redesignated as executive chairman on November 1, 2017, when his brother Tengku Zubir became group chief executive officer.
On May 14, 2020, he was redesignated as executive vice chairman when Tan Sri Mohamad Norza Zakaria became the company's new executive chairman and president on the same date.
He resigned on August 18, 2020, from the position and was redesignated as the executive director on the event date.
On September 15, Tengku Uzir disposed of 32.1 million shares, leaving him with a direct stake of 4.26 million shares, or 0.4 per cent.
He continued to have a 30 million, or 2.8 per cent stake in the Citaglobal irredeemable convertible preference shares.
Tengku Zubir also disposed of 700,00 shares on September 20, leaving him with a direct stake of 2.07 million shares, or a 0.2 per cent stake.
The 32.1 million shares disposed of by Tengku Uzir were acquired by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.
The King has recently raised his stake to 12.44 per cent, or 132.12 million shares, from the previous nine per cent.
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