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Thai Court Orders Seizure of Over $10 Million in Assets from Ex-DSI Chief Following NACC Probe


BANGKOK, THAILAND – Media OutReach Newswire – 17 May 2024 – The National Anti-Corruption Commission (NACC) of Thailand has announced the results of the case involving the former Director-General of the Department of Special Investigation (DSI), who was sued on charges of unusual wealth in two separate cases. In the first case, the court ordered the seizure of 341.80 million baht to be forfeited to the state. In the second case, on March 19, 2024, the court ordered the seizure of an additional 44.63 million baht in assets. The total value of the assets confiscated in both cases exceeds 386 million baht or approximately 10.59 million USD.

The NACC’s Secretary-General, Mr. Niwatchai Kasemmongkol, acting as a spokesperson for the NACC, recently held a press conference regarding the judgment of the Criminal Court for Corruption and Misconduct, Section 3, in the case of Mr. Tharit Pengdit. While serving as the Director-General of the Department of Special Investigation, Mr. Pengdit was found to have amassed unusual wealth. Consequently, the court ordered the seizure of his assets, totaling 44,630,426 baht, to be forfeited to the state.

The NACC found Mr. Tharit Pengdit, former Director-General of the Department of Special Investigation, guilty of amassing unusual wealth. The investigation revealed a significant increase in his assets and an abnormal decrease in debt, which were properties registered under the names of Mr. Tharit Pengdit, Mrs. Watsamon Pengdit, Mr. Piyarerk Atthakarnrat, Mr. Sanchai Srithongkul, and Piyathanawat Company Limited. Following the NACC’s inquiry, the Civil Court issued a judgment. On September 27, 2018, the NACC referred the case to the Attorney General, requesting that the assets be transferred to the government. It was concluded that the accused’s assets, totaling 341,797,811.58 baht, along with any interest or derived assets, were to be forfeited to the state.

This pertains to the investigation of the first case, which revealed reasonable grounds to suspect that the accused also possesses other unusually wealthy assets. These assets are registered under the names of Ms. Suthima Chandakoon, Ms. Thanyathorn Danwiboon, Police Lieutenant Colonel Itthiphon Bunphinij, among others, and Mrs. Watsamon Pengdit, the accused’s spouse, who used the alias Mrs. Wanthana Phiphatchaisiri, and Mr. Piyarerk Atthakarnrat to purchase a substantial amount of gold bars from Ausiris Company Limited. Consequently, the NACC resolved to conduct a further investigation into Mr. Tharit Pengdit’s assets during his tenure as Director-General of the Department of Special Investigation, initiating a second case. The assets under investigation in this second case are separate from those in the first case, which were already subject to the Civil Court’s ruling.

In the second case, the NACC has carefully deliberated and concluded that Mr. Tharit Pengdit, during his tenure as Director-General of the Department of Special Investigation, accumulated an unusually large amount of assets, demonstrated abnormal increases in assets, experienced significant decreases in debt, or acquired property without legal basis arising from his official duties or abuse of authority. These assets amount to 53,512,096 baht. Following this determination, the NACC resolved to compile and submit a comprehensive report containing inquiry documents, evidence, and expert opinions to the Attorney General. The purpose is to initiate legal proceedings before the Criminal Court for corruption and misconduct, the competent jurisdiction, and seek an order for the transfer of these unusually wealthy assets to the state.

On March 19, 2024, the Criminal Court for Corruption and Misconduct, Region 3, rendered a verdict in the second case concerning the civil forfeiture of assets to the state, the case involved the Attorney General as the petitioner and Mr. Tharit Pengdit as the accused, along with six objectors. The court ruled that unusually wealthy assets amounting to 44,630,426 baht, including accrued interest, derived from assets obtained through unusual means, are to be transferred to the state. This decision is in accordance with the provisions outlined in the Organic Act on Prevention and Suppression of Corruption, B.E. 2542, Section 4, alongside Section 83, and in alignment with the Organic Act on Prevention and Suppression of Corruption, B.E. 2018, Section 4, coupled with Section 125.

The court has mandated that the accused must provide various documents related to money and property totaling 44,630,426 baht, including documents pertaining to the inheritance of money or property. Additionally, the accused must effect the transfer of ownership or payment of 44,630,426 baht plus the accrued interest to the government through the Ministry of Finance. Failure to comply with this order will result in the court taking necessary measures instead of relying on the accused’s declaration of intent.

In the event that the accused is unable to transfer the assets to the government, they are obligated to pay compensation of 44,630,426 baht or transfer alternative assets equivalent to the value of the missing assets to the government until the obligation is fulfilled. Again, if the transfer is not executed, the court will enforce its order instead of relying on the accused’s declaration of intent. Any fees paid by the litigant cannot be refunded by the court under these circumstances.

*This press release translation is funded by the National Anti-Corruption Fund (NACF).

Source: https://www.nacc.go.th/categorydetail/2018083118464105/20240509132605?

Hashtag: #IntegrityWay #AntiCorruption #ZeroCorruption #NACC #NACF

The issuer is solely responsible for the content of this announcement.

National Anti-Corruption Commission (NACC), Thailand

The National Anti-Corruption Commission (NACC) is a constitutional independent organization and supervised by nine commissioners selected from various professions. It is authorised to undertake work on the prevention and suppression of malfeasance, particularly in government agencies, on assets investigations, as well as on the monitoring of ethics and virtues of political position holders.

It has the authority to file charges in court as well as support and build up awareness of the penalties for committing corruption. The NACC is supervised by the NACC Board and has the Office of the NACC as its administrative agency.

Since 1997, Thai Courts have ruled against and punished politicians, former ministers, high-ranking government officials as well as executives of the private sector in the thousands of cases submitted by the NACC.

CUHK Shines a Spotlight on Aisana Bassagarinova: A Rising Star from Kazakhstan Embarks on a Journey of Excellence


HONG KONG SAR – Media OutReach Newswire – 17 May 2024 – The Chinese University of Hong Kong (CUHK) proudly highlights the remarkable journey of Aisana Bassagarinova, a bright Year 1 Science student from Kazakhstan, as she embarks on her academic and personal growth at CUHK.

OAFA Artical 2 image

From the Steppes to the Skyline: A Kazakh Scholar’s Path to CUHK

In a recent interview, Aisana shared her exceptional experience and insights about her decision to join CUHK. She expressed her gratitude towards her school counsellor, who recommended CUHK as a prestigious institution for higher education. Aisana was drawn to CUHK’s international recognition, collegiate system, and expansive campus, which solidified her decision to focus all her efforts towards applying to CUHK. Upon receiving the news of her acceptance, Aisana’s family and friends conveyed their joy and pride, recognizing CUHK as one of the top universities in the world. They continue to show immense interest in Aisana’s university life, eagerly requesting photos and videos to stay connected with her journey.

Aisana’s most cherished experiences at CUHK revolve around the diverse cultural events on campus. These opportunities have allowed her to immerse herself in new experiences, forging connections with individuals from various backgrounds.

Looking ahead, Aisana aspires to make the most of her university life, striving to achieve personal goals while contemplating postgraduate studies after graduation. She also believes that CUHK provides a nurturing environment for Kazakh students, extending a warm welcome to those considering CUHK as their study destination.

Unveiling the Boundless Horizons of Discovery: CUHK’s Faculty of Science

Aisana’s academic pursuits align with the Faculty of Science’s flexible and broad-based admission scheme, which prioritises individual students and their interests. Among the 11 major programmes* in the Faculty of Science that students can choose from, she is passionate about majoring in Molecular Biotechnology or Cell and Molecular Biology, two of the distinguished programmes offered within the Faculty of Science. Aisana shared her insights about her desired major, expressing her interest in biology at the molecular level, aiming to work with cells and modify them for a better life. She plans to declare Molecular Biotechnology this summer and has gathered additional information about this major from senior students, which has been helpful in mapping out her next years at university.

Regarding her engagement with the faculty, Aisana spoke highly of the knowledgeable professors in the Faculty of Science, highlighting the support she receives and the various events organised by the faculty, such as the Inauguration Ceremony and Award Ceremony. She expressed her enjoyment and the opportunity to get closer to other students and faculty members during these events.

In terms of achievements, Aisana proudly shared that she has received a Faculty Admission Scholarship as recognition of her performance at entrance and has been performing well in Faculty Package courses, indicating her hope for continued progress with major-specific courses in the future.

Aisana’s journey at CUHK symbolises the university’s commitment to providing a nurturing and enriching environment for students from diverse backgrounds. Her dedication and enthusiasm serve as an inspiration to the CUHK community and beyond, embodying the spirit of academic excellence and global engagement.”

* Students under the Science broad-based admission scheme can choose their major from the following 11 programmes: Biochemistry, Biology, Biology and Chemistry (Double Major Programme), Cell and Molecular Biology, Chemistry, Earth and Environmental Sciences, Food and Nutritional Sciences, Mathematics, Molecular Biotechnology, Physics, and Statistics. For more information about CUHK’s Faculty of Science and its undergraduate programmes, please visit https://www.sci.cuhk.edu.hk/

Hashtag: #CUHK

The issuer is solely responsible for the content of this announcement.

About The Chinese University of Hong Kong (CUHK)

CUHK is a leading institution in Hong Kong known for its commitment to academic excellence, innovation, and research. With a strong emphasis on multidisciplinary collaboration and state-of-the-art facilities, CUHK provides students with an environment that nurtures their passion for research and encourages them to make a positive impact on society.

Octa announces call for applications to a coding bootcamp in Kuala Lumpur

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 17 May 2024 – As part of its continuous effort to provide better education opportunities for all social groups, Octa sponsors a coding bootcamp for students of Ideas Academy, an inclusive secondary school in Kuala Lumpur. Designed specifically for Malaysian students, the STATUS 200 bootcamp will be held in three stages, the first stage beginning on 17 June 2024.
Octa announces call for applications to a coding bootcamp in Kuala Lumpur

Following its social mission, Octa contributes to fostering financial literacy and supports various educational initiatives in Malaysia to provide people from diverse backgrounds with better growth opportunities.

The bootcamp will give foundational coding skills to underprivileged young men and women with little to no coding background. The course will cover HTML & CSS basics, JS, Node.js & Git, and React.js, among other topics. The list of speakers will include leading regional experts in the fields of coding and AI.

To participate in the first stage of the bootcamp, candidates must meet the following conditions:

  • aged 16 or older
  • Octa client or has an adult relative who is a client
  • personal laptop to do homework
  • level of English sufficient to follow the program
  • readiness to follow the bootcamp timeline.

For Stages 2 and 3, we will select students based on their performance during Stage 1. For more information on candidate requirements, see the bootcamp website.

The bootcamp will take place at two IA campuses located within walking distance from either Cochrane or Chan Sow Lin Mass Rapid Transit (MRT) underground station in Kuala Lumpur. Students must arrange their own transportation to and from the campuses.

The call for applications will close on 31 May 2024. After receiving your application, we will get back to you within a few working days. Please note that signing up for the bootcamp does not guarantee participation.

For more detailed information about the upcoming bootcamp, see the STATUS 200 website.
Hashtag: #Octa

The issuer is solely responsible for the content of this announcement.

Octa

is an international broker that has been providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.

BioCair Celebrates 10th Anniversary


SINGAPORE – Media OutReach Newswire – 17 May 2024 – BioCair, Singapore’s leading non-toxic air and surface disinfectant brand, is excited to celebrate its 10th anniversary of protecting families from harmful germs. Marking a decade of dedication, BioCair reaffirms its commitment to offering safe, non-toxic solutions for safeguarding health and well-being, emphasising its continued focus on shielding its valued customers from harmful pathogens.

BioCair Celebrates 10 Years with complimentary Pocket Spray samples
BioCair Celebrates 10 Years with complimentary Pocket Spray samples

After three years of research and development, BioCair introduced a revolutionary ion-energising technology in 2010, leading to the BC-65™ solution. Inspired by the body’s own defences against pathogens, the BC-65 solution offers a unique defence against harmful bacteria and germsby eliminating them before they can enter the body. This non-toxic, alcohol-free solution kills 99.999% of surface and airborne pathogens in just 60 seconds.

BioCair’s dedication to safety and effectiveness is highlighted by rigorous testing from top labs like SGS, TÜV SÜD, and SETSCO. Produced under strict ISO standards, BioCair’s products meet high quality and safety criteria, offering consumers an effective disinfectant without the risk of side effects.

A Look Into BioCair’s History

  • In 2014, the first product line, the Disinfectant series, was launched, targeting surface and air disinfection. This disinfectant is non-toxic, free from chemicals and alcohol, and effectively eliminates surface and airborne germs.
  • The BioActive series was introduced in 2015, designed to be safe for use around children and effective against common childhood viruses that cause Hand, Foot, and Mouth Disease (HFMD).
  • By 2018, BioCair had expanded its distribution network to include 15 countries, notably Saudi Arabia, Bahrain, and the UAE.
  • The year 2020 saw significant market penetration in the United Kingdom, along with the completion of EN lab tests that validated the effectiveness of the products.
  • Between 2021 and 2022, BioCair started supplying products to the Grand Mosque in Abu Dhabi and was listed as a supplier for the NHS in the UK, marking significant achievements in the company’s history.

In a major development, BioCair’s Pocket Sprays have received approval from the Singapore Health Science Authority (HSA) in 2024 for hand sanitising and surface disinfection. This HSA approval boosts BioCair’s credibility and consumer trust. Effective in eliminating germs and viruses, BioCair’s Pocket Sprays offer enhanced protection for both skin and surfaces, showcasing the brand’s commitment to public health and safety.

Complimentary Samples
In celebration of its anniversary, BioCair is offering free 10ml samples of its newly updated Pocket Sprays: the Disinfectant Pocket Spray and BioActive Pocket Spray. These disinfectant sprays, which are non-toxic and alcohol-free, can eliminate up to 99.999% of harmful germs and viruses. They are perfect for daily use on hands, surfaces, toys, and high-touch areas. Interested customers are invited to sign up for their sample via this form. Offer valid until 30 August 2024, while stocks last.
Hashtag: #BioCair

The issuer is solely responsible for the content of this announcement.

About BioCair

Established in Singapore, has been offering non-toxic air and surface disinfectant solutions since 2014. Utilising innovative ion-energising technology, BioCair developed the BC-65™ solution, providing effective germ protection without the use of harmful chemicals. BioCair continues to lead the way in innovation, upholding the highest disinfection standards to safeguard customers from harmful germs.

heymax Partners with Visa to simplify Credit Card Rewards Experience

The innovative feature provides Visa cardholders with effortless transparency in tracking and maximising credit card rewards across their credit card portfolio, enabling smarter spending to unlock a world of rewards — from daily rebates to free dream vacations.

SINGAPORE – Media OutReach Newswire – 17 May 2024 – heymax, a Singapore-based fintech start-up recently announced the launch of its latest innovation, Card Maximiser, in partnership with Visa. This feature, powered by Visa Offers Platform (VOP), is set to redefine the way individuals earn credit card rewards and ensures consumers get the most out of every dollar spent. Visa Offers Platform (VOP) provides its clients access to Visa transaction data of enrolled cardholders with their consent. By integrating with VOP, clients can enhance their own loyalty and offer programmes with real-time rewards earning experiences.
heymax Card Maximiser is designed to help consumers seamlessly track their spending and optimise credit card rewards effortlessly. It empowers cardholders to have comprehensive and real-time insights into their card transactions and reward accrual. With Card Maximiser, consumers can accelerate their reward accumulation, opening the door to a world of rewards — from daily rebates to free dream vacations.

Joe Lu, CEO and Co-Founder of heymax, emphasised the game-changing nature of Card Maximiser: “Simplicity should not be at odds with High Rewards. With security and privacy fully in our user’s control, the Card Maximiser is already helping our users build a healthier and more enjoyable relationship with their cards by automatically clarifying which transactions are eligible for bonus points, and proactively tracking their monthly $1,000 bonus spending cap, all with just a one-time step. I believe the lowered friction will help more customers adopt and enjoy using Visa cards.”

Adeline Kim, Visa Country Manager for Singapore & Brunei commented on the partnership: “This is a great financial management use case on our Visa Offers Platform. Cardholders in Singapore hold multiple cards in their wallets and may find challenges in keeping track of what rewards they have earned. Using heymax’s Card Maximiser feature, they can easily link their existing Visa cards and track the rewards earned on their cards across different bank portfolios seamlessly and efficiently. Together with the Max Miles earned on the heymax platform, cardholders can look forward to better optimisation of their rewards from their spend.”

How heymax Card Maximiser Works:
  1. Link Your Cards Securely: Utilising Visa’s secure network, consumers can link their Visa credit cards without compromising their card number, ensuring privacy and security.
  2. Real-Time Transaction Tracking: Offers an instant view of credit card transactions, eliminating the need for manual entry or synchronisation.
  3. Maximise Every Dollar: With clarity on how much is earned from each transaction, consumers can effortlessly track their progress towards reward goals without ever missing out on rewards.
Commitment to Data Security:
heymax is committed to maintaining the highest standards of data security. Drawing from Visa’s extensive experience in digital payments and robust security frameworks, heymax uses advanced encryption and adheres to industry-standard security practices. This allows users to link their cards safely, ensuring that personal and financial information remains private and secure.

Hashtag: #heymax #Visa




The issuer is solely responsible for the content of this announcement.

About heymax

Founded by a group of former engineers from Meta, heymax is a Singapore-based fintech startup that aggregates consumers’ fragmented rewards into a free trip every year. As seen on various platforms and news outlets including Money FM 89.3, Milelion, Seedly, Sethisfy, and featured by influencers such as SGBudgetBabe, Kelvin Learns Investing, HoneyMoneySG, and many more, heymax is dedicated to creating a truly user-centric loyalty platform. Offering the simplest way for users to achieve their dream vacation, heymax maximises rewards through intelligent spend tracking, credit card optimization, and tailored recommendations. Users earn “Max Miles” rewards from a selection of over 400 brands and vouchers on heymax’s shopping portal, which can be redeemed at a 1:1 ratio with 24+ airline and hotel rewards programs; no fees, no expiration, no BS! Get your yearly vacation for FREE with heymax NOW!

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg

Johnson Electric reports results for the year ended 31 March 2024

Highlights of FY23/24 Results

  • For the financial year ended 31 March 2024, total sales amounted to US$3,814 million – an increase of 5% compared to the prior year
  • Gross profit totalled US$851 million – an increase of 19%
  • EBITA, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, increased by 56% to US$343 million or 9.0% of sales (compared to 6.0% of sales in FY22/23)
  • Net profit attributable to shareholders totalled US$229 million – an increase of 45% compared to the prior year
  • Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, totalled US$252 million – an increase of 70%
  • Free cash flow from operations totalled US$422 million compared to US$215 million in the prior year
  • A recommended final dividend of 44 HK cents per share (5.64 US cents), which combined with the interim dividend paid, will amount to a 20% increase compared to total dividends declared for the prior year
  • As of 31 March 2024, cash reserves amounted to US$810 million and the ratio of total debt to capital at year end was 18%

HONG KONG SAR – Media OutReach Newswire – 16 May 2024 – Johnson Electric Holdings Limited (“Johnson Electric”), a global leader in electric motors and motion subsystems, today announced its results for the twelve months ended 31 March 2024.

Group sales for the 2023/24 financial year totalled US$3,814 million, an increase of 5% compared to the prior year. Net profit attributable to shareholders increased by 45% to US$229 million or 24.71 US cents per share on a fully diluted basis. Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, increased by 70% to US$252 million.

Sales Performance

The Automotive Products Group (“APG”), Johnson Electric’s largest operating division, achieved sales of US$3,210 million – an increase of 10% on a constant currency basis. The global automotive sector experienced unusually strong volume growth in the first half of the financial year, largely due to pent up consumer demand for new cars caused by almost three years of severe supply constraints. During the second half of the year, demand growth slowed as supply pressures eased and the effects of higher vehicle prices and financing costs became the predominant factors shaping the market. Nonetheless, over the course of the year, APG continued to maintain above-market sales growth rates due to a product portfolio that is closely aligned with the key long-term technology trends transforming the industry.

APG’s sales strength extended across every major geographic region. In Asia-Pacific, sales increased by 10% on a constant currency basis compared to the region’s light vehicle production volume growth of approximately 8%. In the Americas, constant-currency sales grew by 9% compared to an estimated 6% rise in vehicle production. And in EMEA, APG’s constant-currency sales increased by 13% compared to an estimated 7% increase in vehicle production.

While specific market dynamics vary by region, the common and most important structural trend driving automotive industry demand is electrification. Presently, one in every three new cars sold globally is either a battery-electric or hybrid-electric powered vehicle – up from one in twelve cars only five years ago. It remains to be seen how fast the pace of electrification evolves from here with multiple factors expected to interplay in determining consumer demand and OEM vehicle production strategies. Among these factors are the continued expansion of charging infrastructure, improvements in vehicle driving range, battery supply chain development, electric vehicle pricing relative to alternatives, and the policy stances of national governments.

From a product and technology perspective, APG is strongly positioned to benefit from the changes impacting the industry as it transitions away from the internal combustion engine. On the one hand, a majority of our motion products and subsystems are independent of which type of propulsion mechanism drives a vehicle – with every vehicle requiring an array of closing, opening, locking, adjusting, heating, cooling, and lubricating applications that depend on our electric motors, actuators, solenoids, switches, valves, and pump technologies. On the other hand, the development of the next generation of electric and hybrid vehicles is presenting OEMs with a host of new design and technical challenges that APG is uniquely well-placed to solve. One example of APG’s motion technology leadership is a highly advanced integrated thermal management system that combine motors, valves, and pumps – and functions as a key enabler for EVs to simultaneously optimise battery performance and cabin temperature. Another exciting growth opportunity is in the area of enhanced passenger comfort and safety, with vehicle cabins expected to undergo significant design changes to feature different seating configurations, steering column adjustments, and new door entry / exit systems.

In contrast to APG, the Industry Products Group (IPG) – contributing 16% of total Group sales – experienced a more difficult year. The division’s sales were US$604 million which, excluding the effects of currency movements and an acquisition in the prior year, represented a decline of 19%. As has been previously reported, IPG has been enduring a period of weaker sales due to the combination of the highly unusual post-pandemic effects on consumer expenditure and channel inventory levels, as well as reduced overall consumer confidence in the face of sharply higher interest rates and inflation.

Management has been responding to these near-term headwinds by cost rationalisation and streamlining operating processes, including greater use of automation and digital tools. Equally important has been the necessity to revisit assumptions related to priority industrial and consumer product applications and reallocate resources accordingly.

While it has been tough to call the bottom of IPG’s recent sales downturn, there are increasing indications that contract manufacturers and distribution channels are now looking to replenish inventories – though the path to a full recovery is constrained by lacklustre macro-economic conditions in most major geographies. The medium-term growth potential for IPG continues to be attractive given the proliferation of motion and electrification-enabling technologies in an increasing range of product applications spanning medical devices, lawn and garden equipment, electric bikes, warehouse automation, ventilation and heating, smart home products, and numerous other industrial applications.

Gross Margins and Operating Profitability

The Group’s gross profit amounted to US$851 million – an increase of 19% compared to the prior year and, as a percentage of sales, represented an increase from 19.6% to 22.3%. The improvement of gross margins was primarily due to sales volume growth, pricing, lower raw material and freight costs, and reductions in direct labour that were partially offset by higher utility expenses.

Reported earnings before interest, tax and amortization (“EBITA”) amounted to US$315 million (compared to US$232 million in the prior year). EBITA adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, amounted to US$343 million or 9.0% of sales (compared to 6.0% of sales in the prior year).

Net Profit and Financial Condition

Net profit attributable to shareholders increased by 45% to US$229 million or 24.71 US cents per share on a fully diluted basis. Underlying net profit, adjusted to exclude non-cash foreign exchange rate movements and restructuring charges, amounted to US$252 million compared to US$148 million in the prior year.

Cash generation has also continued to improve with free cash from operations for the financial year totalling US$422 million. As a consequence, the Group’s overall financial condition is robust with a total debt to capital ratio of 18% and year-end cash reserves of US$810 million.

Dividends

The Board has recommended increasing the final dividend to 44 HK cents (5.64 US cents) per share, which together with the interim dividend of 17 HK cents, represents a total dividend of 61 HK cents (7.82 US cents) per share – a 20% increase in total dividends for the year. The final dividend will be payable in cash.

After a thorough review of its financial status and anticipated capital needs, the Board has concluded that the Company will discontinue offering a scrip alternative for the dividend. This change will take effect starting with the final dividend for the fiscal year 23/24.

Business Model Development

Management remains focused on adapting Johnson Electric’s business model to capture the substantial growth opportunities inherent in our target markets and, at the same time, ensure that we are building sufficient resiliency to withstand unforeseen disruptions and economic downturns in the locations where we operate. Central to this model is the development of large-scale, low-cost production hubs in the three major geographies of Asia, Europe, and the Americas.

Across our manufacturing operations and business support functions, we are continuing to increase the use of advanced digital tools and processes. This includes adopting and advancing the use of Artificial Intelligence software to enhance decision-making and operational efficiency – with extensive training for our employees on AI’s applicability to their specific areas of work.

One example of the promising opportunities arising from the rapid acceleration in AI applications is Qualisense, a joint-venture that Johnson Electric formed in Israel in 2021 to develop AI-driven quality assurance software for industrial automation processes. Successful pilot projects on production lines in our own factories in China and Canada have created the foundations not only for significant quality and efficiency improvements internally, but are now leading to growing commercial interest from several major third-party manufacturers.

Chairman’s Comments on the Annual Results and Outlook

Commenting on the annual results for the financial year 2023/24, Dr. Patrick Wang, Chairman and Chief Executive, said, “For the financial year 2023/24, Johnson Electric delivered commendable results in relatively subdued macro-economic conditions impacted by high interest rates and geopolitical instability. Significant progress was achieved in containing costs, improving operating efficiencies, and making pricing adjustments to recover inflationary effects that had hampered financial performance in the aftermath of the COVID-19 pandemic. As a result, the Group has been able to restore its profitability close to the levels achieved immediately prior to the pandemic and with a strengthened balance sheet.”

Commenting on the outlook for the business, Dr. Patrick Wang, said, “Global macro-economic conditions for the year ahead are expected to remain comparatively subdued with inflation easing only gradually and interest rates in Western economies potentially staying higher for longer than previously forecast. Geopolitical tensions continue to present the biggest risk to growth and international trade with the brutal conflicts in Ukraine and the Middle East presently showing no sign of resolution. In Johnson Electric’s largest end markets, demand for automotive components has slowed sharply from a year ago and light vehicle production volumes are forecast to be flat for the 2024 calendar year. In this context, management is budgeting for a low single digit rate of sales growth in FY24/25.”

“Notwithstanding the relatively soft outlook for sales in the near term, I am encouraged by the positive progress that the Group has made to restore its profitability to more satisfactory levels and to generate higher cash returns on invested capital. The focus now is to grow our market share in segments where we are competitively advantaged and to drive for operational excellence across every aspect of our business. Looking ahead to the medium and longer term, I am cautiously optimistic that Johnson Electric stands on a solid base to build and grow value for all stakeholders.”
Hashtag: #JohnsonElectric

The issuer is solely responsible for the content of this announcement.

About Johnson Electric Group

The Johnson Electric Group is a global leader in electric motors, actuators, motion subsystems and related electro-mechanical components. It serves a broad range of industries including Automotive, Smart Metering, Medical Devices, Business Equipment, Home Automation, Ventilation, White Goods, Power Tools, and Lawn & Garden Equipment. The Group is headquartered in Hong Kong and employs over 30,000 individuals in 22 countries worldwide. Johnson Electric Holdings Limited is listed on The Stock Exchange of Hong Kong Limited (Stock Code: 179). For further information, please visit: .

Forward Looking Statements

This news release contains certain forward looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric.

Words such as “outlook”, “expects”, “anticipates”, “intends”, “plans”, “believe”, “estimates”, “projects”, variations of such words and similar expressions are intended to identify such forward looking statements. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause the actual results or performance of Johnson Electric to be materially different from any future results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Johnson Electric’s present and future business strategies and the political and economic environment in which Johnson Electric will operate in the future.

PolyU study reveals effectiveness of GBGI infrastructure in mitigating urban heat, proposing nine-stage framework for development of a sustainable city


HONG KONG SAR – Media OutReach Newswire – 16 May 2024 – Primarily due to the impact of urbanisation and global warming, urban heatwaves have become a challenging issue worldwide, with Hong Kong persistently experiencing record-breaking high-temperature days. Mitigating urban heat through green and blue infrastructures is essential for creating a sustainable environment. Prof. Hai GUO, Professor of the Department of Civil and Environmental Engineering at The Hong Kong Polytechnic University (PolyU) and global researchers have conducted a first-of-its-kind study on the effectiveness of green interventions in cooling urban heat across various regions that can assist policymakers in prioritising effective interventions to develop sustainable cities. The study findings have been published in the international interdisciplinary journal The Innovation.

A study by Prof. Hai Guo, Professor of the Department of Civil and Environmental Engineering at PolyU and global researchers shows the effectiveness of green interventions in cooling temperatures across various regions.
A study by Prof. Hai Guo, Professor of the Department of Civil and Environmental Engineering at PolyU and global researchers shows the effectiveness of green interventions in cooling temperatures across various regions.

Globally, the most efficient air cooling was observed in botanical gardens, wetlands, green walls, street trees and vegetated balconies. In light of this, the research team conducted a global review of the effectiveness of green-blue-grey infrastructure (GBGI) in air cooling. GBGI refers to green infrastructures that encompass naturally vegetation-based elements like trees, grass and hedges; blue infrastructures are related to water-based features like pools, lakes and rivers; and grey infrastructures comprise engineered structures including green walls, green facades and roofs.

The Study revealed regional and city-specific variations in the effectiveness of GBGI for mitigating urban heat. In Europe, Asia, North America and Australia, the overall cooling effect of GBGI is up to 18.9°C, 17.7°C, 12°C and 9.63°C respectively. In addition, the implementation of green and blue infrastructures has proven to be highly effective in lowering air temperatures globally. While green infrastructures can regulate urban heat through evaporation, transpiration, shading and thermal insulation, blue infrastructures absorb heat and cool the surrounding area through evaporation.

In Asian cities, constructed grey infrastructures, especially roof gardens and pergolas, are found to be the most effective for urban cooling. Roof gardens in Singapore achieved the most significant temperature reduction of 17.7°C. Pergolas and green roofs in Japan and South Korea also had substantial impact, resulting in cooling temperatures by 16.2°C and 10.8°C, respectively. Linearly planted hedges and street trees contributed to lowering temperatures by up to 10.8°C. Authorities are advised to plant more street trees, not only for their impressive cooling efficiency but also for their substantial potential to create other positive environmental impacts.

The Study also showed notable effects of various GBGI features in mitigating urban heat in Mainland China cities. The most effective means include botanical gardens, wetlands, green walls and attenuation ponds which exhibited temperature reductions of up to 10°C, 9.27°C, 8°C and 7°C respectively. Although the cooling effect ranges are generally similar in the north and south of China, there is variability within the same region. For example, in Beijing, botanical garden could result in up to 10°C temperature decrease while that in Shaanxi province only contributed to 2.7°C. In Hong Kong, parks, green roofs and golf courses were found to play substantial roles in cooling urban heat, resulting in temperature reductions of 4.9°C, 4.9°C and 4.2°C respectively.

A “Shining City Project” was proposed by the Hong Kong government in last year’s Policy Address to enhance urban green space. This initiative includes the greening of riverbanks to turn them into flower viewing points and the extensive planting of trees in government venues and at roundabouts on major roads.

Prof. Guo said, “With their distinctive location and natural environment, the types of GBGI in Hong Kong are unique. The city features a network of oceans, rivers, wetlands and reservoirs, with remarkable vegetation cover, encompassing approximately 70% of its land area of which country parks occupy around 40%, and possesses a precious natural asset in the Victoria Harbour. Meanwhile, the Government actively promotes GBGI in new development areas and the adoption of green building design in new government projects. These forward-looking initiatives highlight Hong Kong’s dedication to sustainable and resilient urban development.”

Globally, the types of GBGI vary significantly across continents due to diverse regional contexts, climate conditions and urban planning priorities. The Study’s GBGI heat mitigation inventory can assist policymakers and urban planners in prioritising effective interventions to reduce the risk of urban overheating and promote community resilience. At this point, the research team has introduced a nine-stage framework to facilitate the implementation of GBGI that outlines stages of stakeholder engagement, feasibility studies, design, policy development, implementation, monitoring, evaluation, and eventual upscaling and replication.

Prof. Guo emphasised, “This framework serves as a strategic roadmap, optimising GBGI implementation to maximise benefits. Policymakers should conduct thorough investigation and planning tailored to the specific context and needs of their cities. In Asia, the extensive development of GBGI is a response to challenges posed by rapid urbanisation and cultural preferences that prioritise green areas for community activities, together with environmental goals focused on biodiversity conservation, improved air quality and mitigation of the urban heat island effect. It is crucial for future GBGI implementation to adopt a holistic approach, optimising their multifunctional benefits to effectively address sustainability goals.”

Hashtag: #PolyU

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VinFast Receives 27,649 Pre-Orders for the VF 3 in Vietnam after 66 Hours of Accepting Deposits


HANOI, VIETNAM – Media OutReach Newswire – 16 May 2024 – VinFast Auto (Nasdaq: VFS) today announced that it received a record-breaking number of 27,649 non-refundable and non-transferable pre-orders for the mini-SUV VF 3 within 66 hours, setting a Vietnamese automotive record, demonstrating the impressive appeal of the VF 3 and its potential to become a “national car” in Vietnam.

VinFast VF 3 receives a record number of orders in the Vietnamese market
VinFast VF 3 receives a record number of orders in the Vietnamese market


In addition to record sales, the VF 3 became a social media phenomenon in Vietnam, topping trend rankings and sparking the most online discussions since VinFast opened pre-orders.

The VF 3’s record-breaking pre-orders are credited by its special introductory price of only 235 million VND (approximately $9,248, battery subscription) and 315 million VND (approximately $12,390, battery included) for customers who placed deposits from May 13 to May 15. This is an ideal price point that makes it feasible for more consumers to own a vehicle and improve their quality of life at a reasonable cost.

For a down payment, customers only need between 50-70 million VND (approximately $1,965-$2,750). The remaining balance can be financed through affordable installments with a total monthly payment of just over 2 million VND (approximately $78.5) over 8 years. Notably, paying for the VF 3 in full upfront costs only half the price of the cheapest gasoline car model currently available in the Vietnamese market.

In addition to its attractive price, the record-breaking number of pre-orders can also be attributed to the innovative sales approach VinFast piloted for this model. For the first time in Vietnam, vehicles were sold on e-commerce platforms such as Shopee, VinID, and orders could be placed through 9 livestream sessions conducted by 15 influencers.

This revolutionary sales approach made the VF 3 the first vehicle in Vietnam to achieve over 50% of its total orders online, marking a momentous development in the online to offline business model and emphasizing VinFast’s pioneering role in the Vietnamese automotive market.

In response to the strong support from customers, Ms. Duong Thi Thu Trang, CEO VinFast Vietnam, said: “The 27,649 pre-orders received within 66 hours is a testament to the strong support and trust of the Vietnamese people for VinFast. We are extremely grateful for our customers’ endorsement for the VF 3 and our brand, and we will strive to continue to earn their support as we grow into a world-class Vietnamese automaker”.

Similar to other VinFast electric vehicles, the VF 3 comes with the best warranty policy in the Vietnamese market, with a 7-year or 160,000 km warranty for the vehicle (whichever comes first) and an 8-year unlimited mileage warranty for the battery.

The first VF 3 cars are expected to be delivered to customers starting in August 2024, with at least 20,000 vehicles expected to be delivered this year.Hashtag: #VinFast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast – a member of Vingroup – envisions driving the advancement of the global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90 percent automation in Hai Phong, Vietnam.

Strongly committed to the mission of a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: