Ingress ... Jul12

For the rm960 million Ampang LRT project Ingress is in a consortium with Balfour Beatty Rail and Invensys in bidding for the job. It has been rumoured to be a strong frontrunner until controversy broke in late June 2012 when it was reported that George Kent (M) Bhd would likely emerge as the winner for the Ampang LRT extension.

Speculation has also been rife that major shareholders of Ingress are mulling taking the company private in a deal worth more than RM300 million. However, Rameli, who directly and indirectly owns 31.2 per cent of Ingress, said currently, there are no plans to take the company private.

The major shareholders of Ingress are Rameli, Shamsudin@Samad Kassim and Datuk Vaseehar Hassan Abdul Razack.

Ingress, through its subsidiaries, manufactures roll-formed plastic moldings and weather strips, automotive door assemblies and other automotive components.

For the Indonesian plant, Ingress is using funds from its private placement completed in March 2011, where it raised some RM7.6mil. Ingress is partnering Katayama Kogyo Co Ltd and Yonei Co Ltd, which have a 25% stake and 10% stake respectively in the joint venture company, PT Ingress Malindo Ventures for its Indonesian venture.

Ingress is also looking to penetrate the Indian market which has a total industry volume (TIV) of some three million.

Its energy division provides engineering services to power, utility, oil and gas, and railway industries.

For the financial year ended January 31 2012, Ingress posted a pre-tax profit of RM27.3 million on revenue of RM658.7 million. More than 80 per cent of the pre-tax profit and revenue was derived from its manufacturing business. The rest of the income came from its energy division, which includes power and railway.

Meanwhile, Ingress is looking to grow its energy division and is bidding for more jobs in Malaysia , including contracts from Keretapi Tanah Melayu Bhd (KTMB). Ingress submitted a bid to lease diesel locomotives to KTMB in 2011.