Success Transfomer not selling stake in Seremban Engineering

PETALING JAYA: Seremban Engineering Bhd (SEB) and its holding company Success Transformer Corp Bhd (STC) have come out to deny a report which said that STC is looking to sell off its entire 65% stake in the company.
In a filing with Bursa Malaysia yesterday, both companies said they were not aware of such corporate development in relation to the stake disposal, adding STC has no intention of disposing of its stake in SEB.
“In fact, STC has rendered additional financial and management support to SEB despite the losses recorded in financial year ended Dec 31, 2014 and first half of year 2015.
“The losses were attributed to the cost overrun of the Sabah Ammonia and Urea Plant (Samur) project undertaken in Sipitang, Sabah, which was completed in April 2015,” they added.
They said the management has also taken various steps and strategies to stabilise and revamp the company’s financial position, while focusing on its core business of the fabrication of process equipment, especially in the palm oil refinery, food, chemical and waste treatment industries.
“Therefore, any rumours stated in the article are purely speculative in nature,” the two companies added.