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https://theedgemalaysia.com/node/620291 | E.A. Technique's auditor flags doubt about ability to continue as going concern | English | KUALA LUMPUR (May 18): E.A. Technique (M) Bhd, a Practice Note 17 (PN17) company, said its external auditor Messrs Ernst & Young PLT (EY) has expressed a disclaimer of opinion in its audited financial statements for the financial year ended Dec 31, 2021 (FY21). According to E.A. Technique's bourse filing on Wednesday (May 18), EY had pointed to the group's and the company's reported net loss of RM150.6 million and RM161.2 million respectively for FY21. It also noted that at end-December 2021, the group’s and the company’s current liabilities exceeded their current assets by RM405.3 million and RM416.9 million respectively, but the group and the company only had cash and bank balances of RM6.4 million and RM5.5 million respectively. "These events and conditions indicate the existence of material uncertainty that may cast significant doubt on the group’s and the company’s ability to continue as a going concern," said EY. Nevertheless, E.A. Technique highlighted that it is currently in the process of formulating a proposed regularisation plan for submission and has approximately 10 months to submit it to Bursa Malaysia and/or other relevant regulatory authorities. It added that the proposed regularisation plan will include debt restructuring. It will also explore the option to adopt an asset light strategy, which involves reduction in its aging vessels while maintaining younger vessels, as well as a proposed debt equity swap. E.A. Technique shares closed down 0.5 sen or 11.11% at 4 sen on Wednesday, bringing it a market capitalisation of RM21.22 million.
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https://theedgemalaysia.com/node/664320 | Government not solely dependent on us, says Pharmaniaga | English | KUALA LUMPUR (April 21): Under fire Pharmaniaga Bhd has clarified that the government is not solely dependent on the group as all measures are taken to ensure a diversified supply chain to avoid overreliance on a single company. In a statement on Friday (April 21), the pharmaceutical group said the Ministry of Health (MOH) spent approximately 35% of its pharmaceutical spending via Pharmaniaga, with the group’s role limited to managing the logistics and distribution of the products, as well as holding the drug stockpile in the tune of RM400 million as of Dec 31, 2022. “The selection of suppliers, products and prices is determined by the MOH after concluding an open tender exercise. “We believe that making a blanket statement that a single company, such as Pharmaniaga, has a dominant grip and major influence over large portions of our healthcare system in Malaysia is baseless,” it said. Meanwhile, Pharmaniaga said its concession had expired in December 2019 and been extended until June this year. “During the period, Pharmaniaga has been negotiating with the MOH on the new concession agreement. “The group is confident of its capabilities and expertise to carry out the responsibilities given by the government to manage the logistics and distribution of medicines and medical supplies to the MOH’s health facilities,” it said, without reference to recent reports that it had been awarded a ten-year concession. Pharmaniaga claimed it was selected for the concession based on its successful track record in meeting MOH's stringent KPIs, achieving a more than 98% score consistently. It said heavy monetary penalties are imposed by MOH for any non-conformances. “To date, Pharmaniaga operates 15 pharma-grade warehouses and distribution centres at strategic locations throughout the country, supported by a fleet of more than 300 vehicles. “The warehouses keep approximately RM300-RM400 million worth of drugs and medical supplies at any time, acting as the national drug stockpile that provides continuous and adequate supplies of drugs to the country. Pharmaniaga said it has invested approximately more than RM600 million over the years, in developing the whole logistics infrastructure that supports an extensive and efficient distribution network throughout the country. “This includes the RM400 million Pharmacy Information System (PhIS), as well as substantial investments in human capital, digitalisation and ESG based activities which are part of the group’s continuous improvement initiatives to enhance operational efficiency,” it said. Read also:
Dr Zaliha: MOH to continue concession with Pharmaniaga, despite its PN17 status
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https://theedgemalaysia.com/node/626839 | CBRE appoints Dedi Iskandar as Asia-Pacific head of data centre, solutions, advisory and transaction services | English | PETALING JAYA (July 4): CBRE has announced the appointment of Dedi Iskandar as the head of data centre, solutions, advisory and transaction services in Asia-Pacific. Based in Singapore, Dedi will oversee a team of data centre advisory and transactions professionals across the Asia-Pacific region’s leading markets. He will also be responsible for developing growth strategies for enterprise, operator, hyperscaler and service provider clients. In a statement, CBRE Asia-Pacific head of advisory and transaction services Luke Moffat said: “Dedi brings technical expertise and vast experience in business strategy and development that will enable us to bolster our service offerings to clients in the areas of strategic consulting, intelligent market research, investment analysis and site acquisitions.” CBRE executive managing director for data centre solutions Pat Lynch added: “The Asia-Pacific region is of increasing importance to the global data centre sector and our global business will benefit from Dedi’s deep client-side experience.” Dedi has more than 18 years of experience in the telecommunications and information technology industry. He was the head of sales at Vantage Data Centers, leading sales and business development engagement for all Vantage Data Centers facilities across Asia-Pacific. Prior to that, Dedi led the sales and presales teams at PCCW, Telefonica and Tata Communications in the areas of data centres and global telecommunications. |
https://theedgemalaysia.com/node/675676 | Eleven killed in suspected arson attack on northern Mexican bar | English | MEXICO CITY (July 23): Eleven people were killed in a suspected arson attack on a bar in the northern Mexican border city of San Luis Rio Colorado, after an expelled patron set it ablaze with a Molotov cocktail, authorities in the state of Sonora said on Saturday. Sonora state prosecutors said preliminary findings showed the suspect was young, male and highly intoxicated at the time of the attack in the early hours of Saturday, and had been thrown out of the bar for being disrespectful to women there. He then came back and threw a kind of Molotov cocktail at the doors of the bar, according to a statement from prosecutors in the state, which shares a long border with Arizona. Four of the 11 dead were women, and four more people were being treated in hospital for their injuries, they added. One of the women was a US citizen, probably a dual Mexican national, and another victim was only 17 years old, Gustavo Romulo Salas, the state attorney general, told a press conference. Santos Gonzalez, the mayor of the city, said that the suspect, a man, had been arrested by police. |
https://theedgemalaysia.com/node/611562 | Johor polls: Unofficial: DAP wins first seat in Bentayan | English | JOHOR BAHRU (March 12): DAP's Ng Yak Howe has retained his State seat of Bentayan. According to Malaysiakini, Ng won in the three-cornered fight against MCA candidate Gan Qi Ru and Perikatan Nasional's Eddy Tan Kok Hong. |
https://theedgemalaysia.com/node/623447 | Sharp drop in Genting's share price | English | KUALA LUMPUR (June 10): Casino and hotel operator Genting Bhd's share price slumped as much as 36 sen or 7% to RM4.84 on Friday (June 10) in Bursa Malaysia trade on profit-taking and after Genting chairman Tan Sri Lim Kok Thay sold over nine million of his indirectly held shares in the company in recent days. On Friday, Genting's share price also closed down against broader market weakness due to factors including a sharp overnight drop in US shares ahead of the US inflation data announcement later. At 5pm on Friday, Bursa's seventh-largest decliner Genting's share price pared losses when it closed at RM4.86 with some 33 million shares traded, after closing at RM5.20 on Thursday. At RM4.86, Genting has a market value of about RM18.71 billion, based on its 3.85 billion outstanding shares. On Friday, Genting, which is also Bursa's 11th most-active stock, was traded between RM4.84 and RM5.05. Across the broader market, the 30-stock FBM KLCI closed down 15.76 points or 1.04% at 1,493.95. Genting is a KLCI constituent. According to Genting's website, Genting Group comprises Genting Bhd and its listed companies — Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore Ltd — as well as its principal unlisted subsidiaries Genting Energy Ltd and Resorts World Las Vegas LLC. Besides casino and hotel operations, Genting Group's diversified businesses include oil palm plantation, property development, power generation, oil and gas besides life sciences and biotechnology operations. Looking back, Genting had to contend with the global Covid-19-driven movement restrictions which disrupted operations in the world tourism industry following the outbreak which began in early 2020. The situation is however different now as global vaccination progress leads to expectation of a revival in the global tourism industry. Such sentiment has been reflected in Genting's share price which in recent days rose past RM5 to pre-pandemic levels. On Friday, Genting's share price however fell below RM5 on profit-taking and after Genting chairman Lim sold over nine million of his indirectly held shares in the company in recent days. According to Genting's latest Bursa filings, Lim via Inverway Sdn Bhd sold 9.28 million Genting shares in four tranches, comprising one each on last Thursday (June 2), last Friday (June 3), Tuesday (June 7) and Wednesday (June 8). On Wednesday (June 8), Genting said Inverway disposed of 2.69 million shares on Wednesday after selling 1.2 million, 2.36 million and 3.03 million shares on last Thursday, last Friday and Tuesday respectively. Following the share disposals, Lim's indirect stake in Genting fell to 44.014% on Wednesday from 44.603% on Tuesday, according to Genting. "Tan Sri Lim Kok Thay had a deemed interest in the Genting Bhd shares disposed of by Inverway by virtue of him being a beneficiary of a discretionary trust of which Parkview Management Sdn Bhd (PMSB) is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of Kien Huat International Ltd which in turn owns 100% of the voting shares of Kien Huat Realty Sdn Bhd which owns 100% of the voting shares of Inverway. "As such, PMSB as trustee of the discretionary trust was deemed interested in the Genting Bhd shares held by Inverway," Genting said. Genting's share price has in recent days also taken cue from, among others, updates from its life sciences and biotechnology operations, which include Genting's 20.3%-owned associate TauRx Pharmaceuticals Ltd. On June 1, 2022, Genting said in a Bursa filing that TauRx on May 31, 2022 unveiled initial data from the completion of the randomised portion of TauRx pivotal phase 3 clinical trial for the treatment of Alzheimer's. "TauRx's lead investigative oral drug, HMTM, was tested in 598 people with Alzheimer's. "TauRx informed that their data analysis is ongoing and will be reported at a later date. TauRx will be providing an update on their progress at the 35th Global Conference of Alzheimer's Disease (International) to be held on June 9, 2022. TauRx has also stated that they will pursue regulatory submission and coverage for HMTM," Genting said then. Maybank Investment Bank Bhd (Maybank IB) analysts attended the conference. In a note on Friday (June 10), Maybank IB analyst Yin Shao Yang said Maybank IB maintained its "buy" call for Genting shares with an unchanged target price of RM5.96. "It (TauRx) shared more details of its phase 3 trial initial results for its lead drug, HMTM. There will be another year of research but the initial results are positive and commercialisation efforts are ongoing. "The initial results that TauRx released are interim results. Final results are due in mid-2023. "Under a 'blue sky' scenario, Genting shares could be worth as much as RM8.84 each," Yin said. |
https://theedgemalaysia.com/node/638569 | Excitement builds as homeowners await their new homes at DK Impian | English | The wait is over for homebuyers as leading homegrown property developer, DK-MY Properties Sdn Bhd obtains the Vacant Possession of its dual key SoHo development, DK Impian, upon completion in September 2022. Nestled in Subang Bestari, the highly sought-after development is ready for key handover to homebuyers, where they will be invited to a Buyer Appreciation Carnival for a preview of the completed project before stepping into their dream homes. DK Impian received an overwhelming response after its launch in 2018 with 95% of its units fully taken up. The property developer is committed to providing the best in terms of innovative layout and space planning to ensure the design and plan are well executed to allow homebuyers to acquire their ideal home. Danny Koek, Managing Director of DK-MY Properties shared that the development provides the most versatile spaces for every urban living requirement - meeting the need for privacy and flexibility under one roof. With the launch of this project, DK Impian has created a perfect living condition for all to live together without compromising their privacy. "DK Impian is a development that offers affordable compact living, with every space well utilised to provide the best and most comfortable living conditions for our homebuyers. We want our residents to be able to relax and unwind within their living spaces after a long day and escape the hustles and bustles of a hectic lifestyle. As we hand over the keys, we would like to wish our residents a lifetime of happiness at their new home after a long wait," said Danny. Being an urban dual key suite, the 14-storey development consists of 658 SoHo units built differently to cater to its homebuyers' needs. With each unit ranging from 592 - 893 sq ft, homebuyers were given three flexible layout choices to pick from: dual key, two-bedroom and three-bedroom units. Tastefully designed for urbanites and to create a perfect stay for families and young adults, homebuyers are set for a holistic living experience with its NewGen living facilities, which include a swimming pool, jacuzzi, eco kitchen, children's playground, a smart home system and more. Homeowners will also have the access to various amenities within the vicinity of DK Impian. Families with children can explore the wide range of educational institutions available within close proximity such as HELP International School & University and the Japanese School of Kuala Lumpur. Medical facilities are also within arms reach. Additionally, traveling is also made convenient with nearby MRT lines for those seeking public transportation and easy access to the DASH Highway Interchange. Furthermore, nearby leisure destinations such as Citta Mall and Sunway Giza Mall will help you de-stress. "DK-MY Properties is constantly looking for ways to improve and provide our prospective homebuyers with exceptional living spaces that incorporate trendy and modern designs, simultaneously elevating their lives with convenience and simplicity through our various innovations," Danny concluded. The property developer is also gearing up for upcoming launches including the 28-acre project in Ketumbar Hill, Cheras with sizable units designed to cater to family upgraders or own stay. SSTwo Mall, which is located in Petaling Jaya will also see a new and refreshed look in the coming year and will soon be open to lease. Another of their iconic projects, D'Immersione which is slated to be completed in 2024 has also been well-received with 80% take-up rate within months. For more information on DK-MY Properties and its developments, please visit dkproperties.com.my |
https://theedgemalaysia.com/node/624040 | HLIB raises target price for Dayang Enterprise to RM1.19 | English | KUALA LUMPUR (June 15): Hong Leong Investment Bank (HLIB) Research has maintained its “buy” rating on Dayang Enterprise Holdings Bhd at 98 sen with a higher target price (TP) of RM1.19 (from RM1.04) and said it came away feeling positive from a conference call with Dayang as the group had guided on: i) increasing offshore support vessel (OSV) charter rates (both AHTS and barge) as the number of OSVs in the market has declined over the years; ii) higher blended utilisation rates for Perdana’s OSV fleet in 2Q of more than 70%; and iii) better job win and execution prospects in FY22-23F as guided from the Petronas Activity Outlook 2022. In a note on Wednesday (June 15), the research house said the outlook for OSVs are expected to be slightly better in 2022 as there are a total of 336 support vessels (production: 138; drilling: 198) expected to be chartered throughout the year as compared to 289 support vessels (production: 151; drilling: 138) in 2021. Petronas has guided that there will be consistent demand for vessels supporting production operation over the next three years. Meanwhile, higher hook-up and commissioning (HUC) and maintenance, construction and modification (MCM) man-hours are also expected for 2022 (HUC: 6.3; MCM: 11.5) as compared to 2021 (HUC: 4.7; MCM: 8.5). HLIB said Petronas raised its 2022 total capex guidance to RM60 billion (from RM40-45 billion previously). “As we deem Dayang the market leader for MCM/i-HUC activities, we are confident that the group will be a major beneficiary of this development. “No changes to our earnings estimates. Maintain 'buy' with a higher TP of RM1.19/share (from RM1.04 previously),” it said. |
https://theedgemalaysia.com/node/640968 | A race to the bottom? | English | KUALA LUMPUR (Oct 22): A race to the bottom is usually described as a situation where heightened competition between nations, states or companies causes players to sacrifice product quality or make irrational economic decisions, including dumping prices. The stiff competition in the local courier or last-mile industry is not new. The e-commerce boom, accelerated by the Covid-19 pandemic, has seen many foreign companies and startups with deep pockets setting up shops in Malaysia, vying for the same slice of the pie. Presently, Malaysia houses 122 courier licence holders catering for a 33-million population, leading to the cut-throat price war in the industry. Some courier players have already raised the white flag and exited the industry due to mounting losses. In an open market, competition is very much welcome, as consumers reap the benefits. But how far can the predatory pricing continue? Economists are worried that the quality of service could be compromised, affecting the sector’s development. Meanwhile, analysts are underweight on the last-mile courier industry, as they expect the price war to continue, with new players coming into the market. How far can it go, as losses mount for companies with exposure to this segment? Two years ago, in response to feedback from the industry, regulator Malaysian Communications and Multimedia Commission (MCMC) imposed a moratorium — which ended on Sept 15 — on new courier licences. With the end of the moratorium, does the industry need more government intervention? Read the story in our Oct 24, 2022 issue of The Edge Malaysia weekly. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/672971 | United Malacca’s 4Q profit slumps 64% on lower palm oil price, declares 7 sen dividend | English | KUALA LUMPUR (June 28): United Malacca Bhd saw its net profit drop 63.58% to RM7.65 million for the fourth quarter ended April 30, 2023 (4QFY2023), from RM21.1 million a year earlier, dragged down by lower crude palm oil (CPO) and palm kernel (PK) prices. Earnings per share decreased to 3.65 sen from 10.02 sen in 4QFY2022, the group's filing with Bursa Malaysia showed. Quarterly revenue fell 8.24% to RM135.3 million from RM147.45 million. United Malacca declared a second interim dividend of seven sen per share, to be paid on Aug 18. This brings the total dividend for FY2023 to 12 sen per share, compared with 15 sen in FY2022. The group said its Malaysia operations’ plantation profit slumped 93% to RM3 million for 4QFY2023, from RM42.6 million a year ago. Ebitda dropped 72% to RM14.3 million from RM51.4 million. “The lower Ebitda was due to lower CPO price of RM3,999 a tonne (from RM6,034) and PK price of RM2,035/tonne (from RM4,526/tonne) as and higher unit cost of production from the increase in material and labour costs,” the group added. Meanwhile, losses in its Indonesian plantations widened to RM2.5 million from RM1.3 million, while Ebitda fell 27% to RM3.8 million as the average CPO price dropped to RM3,492 per tonne (from RM4,015) and PK price tumbled to RM1,698 a tonne (from RM3,520/tonne). For the full year, United Malacca’s net profit dropped 44.19% to RM60.38 million, from RM108.2 million in FY2022, although revenue increased by 9.12% to RM604.5 million from RM553.96 million. United Malacca said it expects fresh fruit bunches production to increase in FY2024, driven by higher yields and better age profile. “Management's priority remains focused on improving labour productivity, mechanisation initiatives and cost efficiency as well as increasing oil yield,” it added. Shares of United Malacca finished unchanged at RM5.20 on Wednesday (June 28), valuing the group at RM1.09 billion.
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https://theedgemalaysia.com/node/601305 | A good run for O&G in 2021, tested by Omicron | English | This article first appeared in Capital, The Edge Malaysia Weekly on December 27, 2021 - January 2, 2022 THERE is only one way to put it — 2021 has been an eventful year for oil and gas prices, after years of underperformance compounded by the pandemic-induced bloodbath at the start of the decade. For the first time in three years, Brent crude oil prices breached the US$80 per barrel (bbl) mark, while natural gas prices rose more than 150% to the highest in seven years at above US$6 per metric million British thermal unit (MMBtu). In the US, the West Texas Intermediate (WTI) benchmark climbed to its seven-year high of US$83/bbl. Some oil bulls even forecast that crude oil prices would break US$100/bbl, on the back of sustained demand improvement following inventory drawdowns in 2020 and as global economies lift restrictions, thanks to the global vaccination drive which accelerated in 2021. Supply shocks in the US and China worsened the crunch. Petrol stations in the UK resorted to rationing their petroleum products, with some being shut down due to depleted supply amid the demand surge. In addition, renewable energy production was put to the test during the extreme weather conditions, especially in Europe, where pundits say its need for the fossil fuel was underestimated amid the strong push by governments to reduce their carbon footprints. In Asia, the energy crisis was seen in India, where gas inventory fell to just days and, more recently, in Singapore where wholesale electricity prices skyrocketed by more than 1,200% in just two days in early December. Data provided by the US Energy Information Administration (EIA) shows that global oil demand outstripped supply throughout much of 2020, with a gap of some 730,000 barrels per day (bpd) at end-November. Inventory drawdown is also expected to continue for the sixth consecutive quarter in 4Q2021. While Opec+ gradually raised production by over three million bpd this year to cater to improved demand in 2021, the market deemed the restored volumes insufficient in the face of three unexpected events that occurred in September and October, says Yaw Yan Chong, director at Refinitiv Oil Research in Asia. “Notably, this includes a global power shortage that sent gas and coal prices to record highs, with oil seen as a replacement fuel. At around the same time, hurricanes devastated US oil-producing infrastructure, knocking out 15% to 20% of total output in the Gulf of Mexico, and that will not be fully restored until January 2022. “Also, around 3Q2021, China decided to curb its production of refined products, limiting both its crude import and product export quotas,” he says in an email response to The Edge. “This happened as regional demand was improving with countries easing movement restrictions, leading to a supply vacuum for diesel and gasoline, as China is a major exporter, amid peak festive demand in India as well as peak winter demand in Japan, among others.” However the situation going forward is much more fluid. The Omicron variant has put a lid on prices, just as US production is slated to return while Opec+ continues to increase output — albeit in a more gradual manner. “Literally overnight, prices tanked by US$10/bbl, sending front-month Brent to under US$75/bbl levels, where they have been since. The sheer rapidity of the price fall suggests that the market was probably overbought when it was at the US$80/bbl level,” says Yaw. While research agencies agree that supply will likely outstrip demand in 2022, forecasts for demand — still impacted by pandemic issues like international travel restrictions — have diverged following the Omicron variant outbreak. JPMorgan sees Brent crude touching as high as US$125/bbl in 2022, ahead of Goldman Sachs’ forecast of US$85/bbl. In the coming quarter, Morgan Stanley expects the benchmark to touch US$82.50/bbl, way above the US EIA forecast of US$73/bbl. The US International Energy Agency (IEA), in its December 2021 Oil Market Report, sees the Americas pumping record levels in 2022, and potentially the same for Saudi Arabia and Russia if the Opec+ cut unwinds fully. “In that case, global supply would soar by 6.4 million bpd next year compared with a 1.5 million bpd rise in 2021,” says IEA. In the same report, IEA cut its 2022 demand growth forecast by 100,000 bpd to 3.3 million bpd, although it said the Covid-19 resurgence “is expected to temporarily slow, but not upend, the recovery in oil demand that is underway”. “New containment measures put in place to halt the spread of the virus are likely to have a more muted impact on the economy versus previous Covid-19 waves, not least because of widespread vaccination campaigns,” it said. Interestingly, Opec has revised upward its demand forecast in 1Q2022 by 1.1 million bpd, partly arising from the delay in 4Q2021 recovery induced by the virus resurgence, with a view that inventory replenishment will support the market. “The impact of the new Omicron variant is expected to be mild and short-lived, as the world becomes better equipped to manage Covid-19 and its related challenges. “This is in addition to a steady economic outlook in both the advanced and emerging economies,” Opec said in its latest monthly oil market report, where it forecast 2022 demand growth at 4.2 million bpd. Refinitiv’s Yaw agrees that the Omicron outbreak has been less damaging so far, compared with earlier variants. “By all accounts, the effects of Omicron seem to be mild, with no large-scale death tolls anywhere in the world. If that indeed holds true, then I would expect the market to be balanced at current levels of US$70 to US$75/bbl in the short term, as demand [is expected] to improve over the course of the year,” he says. However, Yaw points out that much of what happens next year will also depend on China. “Do they extend their policy of limiting output as they have done this year, or do they revert to being major exporters of diesel and gasoline? “I would expect the world to continue on its road to recovery, with hiccups along the way like the current Omicron outbreak, but taking us to a better place than where we currently are by end-2022,” he says. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/652338 | Bed Bath & Beyond looks for buyers, lenders before potential bankruptcy — CNBC | English | (Jan 19): Bed Bath & Beyond Inc has been in talks with prospective buyers and lenders as the struggling retailer tries to keep its business afloat ahead of a likely bankruptcy filing, CNBC reported on Wednesday. The company is in the midst of a sale process to find a buyer that would keep business running at both its eponymous store banner and its buybuy Baby chain, the report added, citing people familiar with the matter. The home goods retailer's advisers are also looking for a loan of at least US$100 million ahead of a potential bankruptcy filing which could occur in the coming weeks, the report said. Bed Bath & Beyond said in an emailed statement to Reuters that it does not "comment on speculation or specific relationships". The New York Times reported last week that the Union, New Jersey-based company was in talks with private equity firm Sycamore Partners for the sale of its assets, including its buybuy Baby stores, as part of a possible bankruptcy process. While Sycamore is especially interested in the buybuy Baby chain — which helped Bed Bath & Beyond get a loan worth US$375 million last year — sale of the company as a whole is also being considered, although with a much smaller footprint of stores than it currently has, the CNBC report said on Wednesday. Authentic Brands, owner of fashion labels including Forever 21 and Aeropostale, has also been looking at Bed Bath & Beyond, the report said. Authentic Brands did not immediately respond to a Reuters request for comment. |
https://theedgemalaysia.com/node/675492 | Bumiputera contractors urged to expand business through use of social media — Ewon | English | KOTA KINABALU (July 20): Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick is urging all Bumiputera contractors to compete and expand their businesses through the use of social media. He said Bumiputera contractors need to keep up with the times if they want their businesses to be more advanced and sustainable. “Now contractors can use social media to promote their respective companies and not just wait for projects from the government,” he said when opening the Digital Marketing Contractor Capacity Development seminar here on Thursday (July 20). Ewon said the seminar organised by the Contractors Service Centre (PKK) showed that the government is very committed to ensuring that the Bumiputera contractor business network continues to remain sustainable and competitive through the use of new media. “The ministry through PKK is always ready to help entrepreneurs by creating various programmes and collaborations so that entrepreneurs’ development can be further strengthened at the domestic and international level. “PKK is not only responsible for providing courses to improve competence among Bumiputera contractors, but also plays a role in the rating of Bumiputera companies for government projects,” he said. He said the PKK is also trying to form a network of cooperation with various stakeholders so that Bumiputera contractors are not marginalised due to the challenges of today’s rapidly developing economy.
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https://theedgemalaysia.com/node/604012 | Global PC shipments fell 5% y-o-y in 4Q2021 but up nearly 10% for the year, says Gartner | English | KUALA LUMPUR (Jan 16): Global PC shipments dipped 5% year-on-year (y-o-y) in the fourth quarter of 2021 to 88.4 million units. In its preliminary results released last week, technology research and consulting firm Gartner Inc said this was the first y-o-y decline following six consecutive quarters of growth. It said for the year, PC shipments reached 339.8 million units in 2021, a 9.9% increase from 2020. Gartner Research Director Mikako Kitagawa said a sharp decline in the US PC market, caused by ongoing supply chain issues and the collapse in demand for Chromebooks, drove this quarter’s slowdown. “This likely signifies the end of the massive and unexpected growth in PC demand triggered by the pandemic,” she said. Kitagawa however, said the fourth quarter’s (4Q) decline only slightly tempered the PC market’s growth in 2021, which saw the highest shipment volume since 2013. “During the pandemic, shipment growth has been supported by an average selling price hike, resulting in higher revenues and a healthier market overall. “As a result, annual PC shipment volumes are not expected to decline to pre-pandemic levels for at least two to three years,” she said. Gartner said the top three vendors in the worldwide PC market remained unchanged in 4Q2021, with Lenovo maintaining the No 1 spot in shipments. Kitagawa said the pandemic significantly changed business and consumer PC user behaviour, as people had to adopt to new ways of working and living. “Post-pandemic, some of the newly established ways of using PCs will remain regular practice, such as remote or hybrid workstyles, taking online courses and communicating with friends and family online,” she said. |
https://theedgemalaysia.com/node/672181 | Malaysia recorded 4.5 mil tourists in 1Q2023 | English | KUALA LUMPUR (June 22): Malaysia recorded 4.5 million tourist arrivals in the first quarter of this year, with most of them coming from Asean countries, which indicates a positive development in the country’s tourism industry. Deputy Tourism, Arts and Culture Minister Khairul Firdaus Akhbar Khan said if the momentum continues, the ministry is confident of achieving the target of 16.1 million tourist arrivals this year, which is expected to generate more than RM49 billion in tourism revenue. “The success among others is contributed by the recovery of most countries from Covid-19 which saw the reopening of borders including the latest border opening by China,” he told Bernama. Through close cooperation with Tourism Malaysia, Khairul Firdaus said more programmes and initiatives have been implemented to ensure that Malaysia continues to be the focus of tourists around the world. According to him, besides Asean countries, Motac and Tourism Malaysia have also identified the tourist market as involving countries such as the Middle East, China, India and even Europe. He said the natural wealth and beauty of Sabah, Sarawak and other states are also currently attracting tourists from China, Taiwan and Korea. Before the Covid-19 pandemic, Chinese tourists were the main international visitors to Sabah with 598,566 people recorded in 2019. |
https://theedgemalaysia.com/node/609580 | Ta Ann down 11%, emerges as Bursa’s top loser | English | KUALA LUMPUR (March 1): Ta Ann Holdings Bhd emerged as the top loser on the local bourse on Tuesday (March 1) morning after it dropped as much as 63 sen or 11.48% to RM4.86. The stock opened nine sen or 1.64% lower to RM5.40 before it plunged further after the opening bell. It closed at RM5.49 the day before. At 10.05am, the stock traded 50 sen or 9.11% lower at RM4.99, valuing the timber and oil palm player at RM2.22 billion. It saw a total of 4.82 million shares done. At the time of writing on Tuesday, it was unclear what was driving the share price lower. However, some industry observers believe it could be profit-taking as for the past month, the share price has rallied by 37.4% from RM3.61 reported in early February. On another note, PublicInvest Research maintained its "outperform" call on the group, with an unchanged target price of RM5.96. “Ta Ann’s FY21 (financial year ended Dec 31, 2021) core earnings tripled to RM284 million, bolstered by stronger plantation earnings, a turnaround of its timber business and higher contributions from its associate companies. The impressive results surpassed our and the street's full-year expectations, making up 121% and 127% respectively,” it said in a research note on Tuesday. It added that Ta Ann recently saw its “best-ever quarterly earnings”. “The stronger earnings were mainly led by a surge in plantation earnings and a turnaround of its timber segment. Plantation pre-tax earnings nearly tripled to RM177 million, led by a stronger profit margin. FY21 CPO (crude palm oil) production cost averaged at RM1,600/mt. Timber earnings saw a turnaround with a pre-tax profit of RM10 million on the back of a turnaround of both its log and plywood businesses. Meanwhile, the earnings contribution from its 30.4%-owned Sarawak Plantation and joint venture-owned refinery company doubled to RM19 million,” PublicInvest Research noted. |
https://theedgemalaysia.com/node/654947 | The REAL deal: Get MM2H right once and for all | English | This article first appeared in Forum, The Edge Malaysia Weekly on February 13, 2023 - February 19, 2023 Do we want the Malaysia My Second Home (MM2H) programme? Considering how evidently the pros outweigh the cons, the answer’s a no-brainer. So, let’s just get our act together: Enable the programme to help shore up the Malaysian economy. MM2H was unveiled by the government in 2002 to attract foreigners to retire and live in the country for an extended period of time. It replaced the failed Silver Hair programme introduced in 1987 to attract people — from Japan and western Europe who were at least 55 years old — with five- to 10-year visas. Programme participants had to have savings of not less than RM200,000 or a retirement pension of RM5,000 a month. MM2H had been garnering interest, albeit very slowly, before it was abruptly suspended for a review in August 2020. Slightly more than a year later, on Oct 1, 2021, the suspension was lifted. Much stricter terms and conditions — which the government said were designed to attract “high-quality participants” — were imposed. It is worth noting that the Ministry of Tourism, Arts and Culture no longer drove MM2H. The Home Ministry was calling the shots. Under the new conditions, the participant had to reside in Malaysia for a cumulative 90 days annually (no requirement previously). He had to have an offshore monthly income of at least RM40,000 (RM10,000 previously), a higher fixed deposit in Malaysia’s bank of at least RM1 million — up from RM150,000 for those above 50 years and RM300,000 for those 50 years and below. The participant must also have liquid assets of at least RM1.5 million — up from RM350,000 for those above 50 years old and RM500,000 for those 50 years and below. From 10 years previously, visas were now for five years, renewable for another five years if all conditions are met. Overnight, existing MM2H participants found themselves in a bind. Expectedly, all hell broke loose and backlash led to the government bending the rules. Existing participants needed to comply with only two of the 10 new MM2H criteria — pay the higher renewal fee of RM500 annually (RM90 before) and stay in the country for at least 90 days cumulatively each year. It would be a mistake to ignore the real and growing competition for this segment of the foreign market. Within Malaysia, Sarawak introduced in 2007 the S-MM2H based on the state’s set of criteria for participation. Early this month, Sabah Minister of Tourism, Culture and Environment Datuk Christina Liew said the state has approved in principle the policies governing prerequisites for the setting up of the Sabah-Malaysia My Second Home (SBH-MM2H) scheme. Both S-MM2H and the upcoming SBH-MM2H require participants to live in the respective states for 30 days, unlike the 90 days for MM2H. This is among the different requirements of the three schemes. Despite the adoption of MM2H more than two decades ago, it is unfortunate that we have not been able to capitalise sufficiently on our first-mover advantage. We suffer from a lack of clear and consistent direction and this is compounded by weak processes and ineffective execution. The government has to engage more with industry stakeholders to have a finger on the pulse, as neighbouring countries are upping the ante in wooing foreigners who seek a second or retirement home in the region. What is the definition of “high-quality MM2H participants”? Are they judged purely by their offshore income and bank accounts? Then again, would those who fit the bill be interested in retiring in Malaysia? Security issues cannot and must never be compromised on. So, if there is any doubt that existing measures are insufficient to keep the participants in line, a review is necessary. It is interesting to note that on Oct 1, 2022 — exactly a year following MM2H’s unpopular revamp — the government launched the Premium Visa Programme (PVIP) to attract wealthy foreigners to invest and reside in the country for 20 years. This residency-through-investment programme was intended to drive the country’s economic growth. It is open to participants from all age groups (35 years and above for MM2H) and who have proof of an offshore income of at least RM40,000 a month (similar to MM2H). Participants must also have a fixed savings deposit account of at least RM1 million; no withdrawals are allowed on the principal value for the first year. Withdrawal of up to 50% from the principal value is allowed after that for the purchase of real estate or for health and education purposes. Successful PIVP applicants can bring their spouses, children (younger than 21 years old), parents, in-laws and domestic workers as dependants, subject to existing immigration laws. Notably, applicants have to pay a one-off RM200,000 participation fee and a one-off RM100,000 fee for each dependant. Children aged above 21 have to apply to be a PVIP participant. With PVIP in place to incentivise foreign investors to set up shop in Malaysia, MM2H must be tweaked to best serve its purpose. It is an open secret that Malaysia ticks almost all the boxes when it comes to foreigners seeking a retirement or second home. The quality of life here is not just good but affordable by any standard. Imagine paying a mere US$2 for a bowl of piping-hot curry noodles or mouth-watering assam laksa paired with a tall glass of iced black jelly in Kuala Lumpur’s bustling Chinatown! The weather is forgiving. Yes, we do have our fair share of dry taps, brownouts and the occasional flash floods, but these are non-events next to the earthquakes, typhoons, snow and hailstorms and volcanic eruptions in other countries. Indeed, Malaysia is a very blessed nation. Lifestyles and food choices are mind-bogglingly abundant, thanks to a potpourri of vibrant and diverse ethnicities and cultures. It is not everywhere in the world where one can have a cup of hot tea while downing a plate of freshly fried noodles at three in the morning! Not your cup of tea? Fine-dining experiences are also plentiful. Communication is a breeze in Malaysia. The population is fluent generally not only in Bahasa Malaysia, English and Mandarin but also in numerous Chinese dialects such as Cantonese, Hakka, Hokkien and Foochow. The healthcare system is commendable and education opportunities are plentiful. It is so easy to move around and then there are the picturesque landscapes, seas and mountains. The list of Malaysia’s attractive qualities goes on and on. However, why isn’t MM2H hot in the international market? Simply put, it is no longer a unique proposition. The total MM2H income generated thus far is not known. However, a considerable amount would have accrued from the economic multiplier effect. Industry experts have previously estimated that some RM58 billion in known revenue had come from MM2H from 2002 to 2019. In 2020, the then tourism, arts and culture minister Datuk Seri Nancy Shukri said MM2H generated revenue of over RM2.7 billion in 2018 and RM2.5 billion in 2019. The programme has attracted mostly people from Asian countries such as China, Japan, Bangladesh and South Korea, followed by Hong Kong and Indonesia. Participants are not required to buy property under MM2H. It is also not essential for foreigners to join the programme in order to buy property in Malaysia. Be that as it may, the purchase or rental of a home under MM2H will be a boon for the real estate industry and the economy as a whole. Understandably, Johor has made known its desire for the federal government to review MM2H conditions to help clear the state’s high property overhang. For years, Johor has carried the highest residential and serviced apartment (classified as a commercial property class) overhangs. As at September last year, out of the country’s 29,534 housing overhang units worth RM19.95 billion, 5,348 were in Johor, followed by Penang (5,222 units) and Selangor (4,386 units). As for the serviced apartment overhang totalling 23,688 units (worth RM20.21 billion), more than 62%, or 14,780 units, were in Johor. The size of foreign ownership of real estate in Malaysia is unknown but property industry players have always put it at an insignificant “single-digit” percentage, so the fear of foreigners swiping up our brick-and-mortar is misplaced. Furthermore, any foreign purchase of real estate, ultimately, is controlled by the respective states, as land is a state matter. Thus, there are the varying buying conditions imposed from one state to another. The real deal about MM2H is a lack of ownership. We need commitment. We need a clear and transparent direction driven by a holistic and sustainable approach and execution, as the success of MM2H does not stop at the number of sign-ups. Suffice to say that MM2H is something highly beneficial to Malaysia and is achievable. So why are we still at the starting blocks? Au Foong Yee ([email protected]) is an editor emeritus at The Edge Malaysia Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/656073 | Cover Story: A lift in market sentiment | English | This article first appeared in The Edge Malaysia Weekly on February 20, 2023 - February 26, 2023 RETAIL investors stayed on the sidelines for most of last year, the cautious sentiment continuing from 2021 when investors’ irrational exuberance started to taper off after the initial supercharged liquidity of Covid-19 loan moratoriums. While eking out a profit was certainly more challenging for retail investors last year, things have turned more positive in the past few months — at least among the lower liners, judging by the indices. Both the FBM ACE Market Index and FBM Small Cap Index have delivered returns of 13.2% and 11.3% respectively in the past three months, far outperforming the measly 0.4% gain in the FBM KLCI. As retail investors focus mainly on lower liners, it appears to suggest that retail investor sentiment has improved considerably. Having said that, overall market trading activity has not shown a strong rebound, with RM2.03 billion in average daily value (ADV) recorded in the first month of 2023, according to Bursa Malaysia data. In 2022, ADV fell 41.5% to RM2.1 billion, even though it was higher than the pre-pandemic ADV of RM1.9 billion. As most analysts believe interest rates have peaked — or will soon peak — will more investors be flooding back into the stock market? In a note early this month, AmInvestment Bank Research said the halt in interest rate increases in the US, coupled with the positive impact of China’s border reopening, is likely to lead to more positive investor sentiment in 2H2023, and consequently improving the securities market’s ADV. Heads of research houses whom The Edge spoke to point to positive sentiment in the local market despite persistent selling by foreign investors since 4Q2022. MIDF Research head Imran Yassin Yusof observes that market sentiment has improved on expectation that the US Federal Reserve will slow the pace of rate hikes, and ultimately settle on a pause. Sentiment in big-cap stocks is less encouraging, however, because foreign funds have been selling off financial services stocks. “As the index is mostly dominated by banks, we see a bit of a weakness or sluggishness in the FBM KLCI. Foreign funds had been buying big-cap stocks since the early part of last year, and are now probably [making] some tactical switch to other markets and sectors. For this year, what we have seen is that they have been buying more technology and energy stocks,” Imran tells The Edge. On a more positive note, foreign investors have been net buyers of Malaysian equities with a net inflow of RM25.6 million so far this year. Given the ringgit’s strength — some would say weakness — Imran believes local equities will continue to draw interest from foreign funds, despite the temporary profit-taking. While retail participation is unlikely to return to levels seen in 2020 and 2021, Imran sees the momentum in lower liners continuing in anticipation of a pause in US rate hikes. He says: “It will not suddenly evaporate, especially when the momentum picks up; then we might see increased interest after that.” Victor Wan, head of research at Inter-Pacific Securities, argues, however, that participation by retail investors could be seasonal. “Looking at historical trends, they come in very strongly at the end and beginning of the year. A lot of them have really decoupled from rate hike concerns.” Areca Capital Sdn Bhd CEO Danny Wong attributes the return of retail investors in part to the robust initial public offering (IPO) market. “Last year was a bad year, so most investors were on the sidelines due to external factors such as the China lockdowns, US rate hikes, meltdown in the valuations of tech stocks, as well as unstable political situation before the general election. “Right now, things have improved, as you can see some stability in the new government. On the external front, the change of tone by the US Fed with less hawkishness, coupled with China’s reopening, is a contributing factor to the improved sentiment. “Based on all these factors, I believe 2023 will be a better year than last year.” Given the brighter outlook and undemanding valuations, Wong expects retail investors will continue to flow in. “A lot of small-cap stocks have come down; so, that should attract some value investors. But when prices normalise, they will look at others, such as value plays or big-cap stocks.” Because foreign holdings of local equities are very low at about 20%, he does not expect a massive selldown ahead, as foreign funds may return when the political landscape becomes more stable, and structural improvements are mooted in the upcoming budget. Rakuten Trade head of research Kenny Yee expects greater injection of liquidity into the equity market, given that US interest rates have nearly peaked. “When things turn more stable, especially from the US side, then I think foreign funds will snap up blue-chip stocks.” For small-cap stocks, he suggests investors take a look at new listings that are trading at fair valuations. Also on the radar are small-cap construction stocks, which have been on a downturn for many years. Yee sees interest in new stocks remaining high this year, provided that their valuations are set at reasonable levels. More than 10 companies are in the pipeline for listing, including Oppstar Bhd, DC Healthcare Holdings Bhd, SSF Home Group Bhd and Mercury Securities Group Bhd. Although US inflation remained elevated at 6.4% in January, Yee says it is still manageable and does not see the need for aggressive rate hikes this year. For now, he believes US rate hikes will have less significant impact on Malaysian equities. Moreover, he says Bank Negara Malaysia is unlikely to raise the overnight policy rate (OPR) this year. “Although consensus expects another rate hike to 3%, I don’t think so. If the central bank maintains the key rate, then it should be a positive for the market.” Now that China has reopened its economy, Inter-Pacific’s Wan believes foreign funds may not come in strongly to the Malaysian market. “Some of the funds would probably go to China. Of course, some other markets are likely to provide more high-value propositions, which is why our market has underperformed regional peers,” he says. So far this year, Malaysia’s FBM KLCI has been the top loser, with a negative return of 1.2%. South Korea is the best-performing market, rising 9.6%, followed by Taiwan (+9.5%), Japan (+5.4%), Hong Kong (+4.7%) and China (+4.4%). Nonetheless, Areca Capital’s Wong is relatively positive on China’s reopening, as it could support Malaysia’s economic growth in the form of foreign direct investment. Wan remains cautious on the local equity market, however, because corporate earnings are not expected to be very strong this year. As Malaysia is a highly export-based economy, it will be affected by the slowdown in the semiconductor and electrical and electronics segments. “In terms of valuations, we are still quite okay, but earnings are not going to be fantastic. We need more structural reforms to the economy,” he says. In addition, he says, there are concerns about the longevity of the unity government, especially with the upcoming state elections. “So far, the government has not really implemented a lot of changes. So, I think people are waiting for more clarity as to how the new government will handle the economy.” Wan has pegged the FBM KLCI at 14 times forward price-earnings ratio, translating into 1,550 to 1,570 points. For now, he sees some value in gaming stocks (non-number forecast operators) and food counters, with key market risks being slowing external demand and consumer spending. “Right now, there are blanket subsidies, but I don’t know how much of that kind of support they can actually provide. Obviously, there will be sustained subsidies for the M40 and B40 groups.” As for the overall economy, he says it is still acceptable for Malaysia to record 4% to 4.2% growth this year, given that pre-pandemic growth was only above 3%. Last year, the economy expanded 8.7%, following 7% growth in 4Q, owing to support from stimulus measures. In regard to investment strategies, Imran recommends consumer and oil and gas (O&G) stocks. “Even though there was a slight correction in oil prices, they have been quite steady around US$85 a barrel. With the stability in oil prices, we can see increased capex [capital expenditure] by oil majors, and that will benefit our O&G players. In fact, we have seen interest in O&G companies lately,” he says. The energy index of Bursa Malaysia has risen 22% over the past three months. Wong is slightly positive on the equity market this year, recommending banking and tech stocks. “Banking is a proxy to the economy. But if you want something exciting, then go for tech stocks with strong fundamentals. Investors can also look at some new areas such as solar plays.” In addition, he prefers tourism-related and automotive sectors. The retabling of Budget 2023 by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim will be keenly watched this Friday (Feb 24). In setting the economic direction for the year ahead, what policies and reforms can investors expect from the new government and how will these impact financial markets? After the previous five federal budgets were announced, the FBM KLCI saw a positive return over the next one month, with even a 6.7% gain in 2020. That year, the benchmark index also recorded a 4.6% rise in the week following the tabling of the budget. Last year, the FBM KLCI was up 2.6% a month after the initial Budget 2023 was tabled on Oct 7, although it slipped 1.7% in the week following the budget announcement. But any controversial or unpopular measures could see a knee-jerk reaction in the stock market. This was evident after the government introduced a one-off prosperity tax, to be imposed on companies that reported an annual taxable income of more than RM100 million, in Budget 2022. For the upcoming budget, analysts are of the view that the unity government must present a business-friendly one in order to attract foreign investors. Areca Capital Sdn Bhd CEO Danny Wong says populist budgets presented in the past three to four years were deemed “unproductive” in the eyes of foreign investors. “For example, you cannot keep giving out cash. We need certain incentives to attract foreign investors to boost economic growth. “More specifically, I’m looking forward to the revival of the tourism sector to help consumption. We also need to have technology innovation, riding on the trade diversion from the US and China, then the pie will become bigger for us.” At the same time, he is also hoping that Malaysia can play a bigger role in the environmental, social and governance (ESG) space as this could potentially attract some funds here. While the country is unlikely to see structural reforms overnight, there needs to be some effort to make the necessary changes, he adds. As Malaysia’s national debt including liabilities has reached RM1.5 trillion, or more than 80% of its gross domestic product (GDP), Inter-Pacific Securities head of research Victor Wan is concerned about how the government will strike a balance in the upcoming budget. “I don’t know how much room the government has. Also, the prime minister has already downplayed any prospects of introducing GST (Goods and Services Tax). So, with all of this, I don’t know where the money is going to come from. When you talk about reducing subsidies, that will obviously eat into the pockets of a lot of people. There will be some sort of austerity within projects that are not critical and these will be put on the backburner,” he says. MIDF Research head Imran Yassin Yusof believes the consumer sector may be a key winner when it comes to the budget because of the potential continuation of assistance for the rakyat, which will support domestic demand this year. On the construction sector, he is uncertain if the budgeted development expenditure will benefit the industry. Bursa Malaysia’s Construction Index has gained 5.6% since the tabling of the initial Budget 2023. Nevertheless, Rakuten Trade head of research Kenny Yee is optimistic that the revised budget may benefit the construction industry on the back of more contract flows. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/611772 | 大多数指数面对卖压 马股小幅收低 | English | （吉隆坡14日讯）分析员表示，区域股市涨跌互见，而马股大多数指数面对卖压，导致富时隆综指小幅收低。 截至下午5时，富时隆综指微跌0.05%或0.78点，挂1567.44点，上周五收报1568.22点。 富时隆综指今早高开2.48点，报1570.7点，盘中徘徊于1556.1点至1572.6点之间。 下跌股637只，上升股317只，368只无起落，979只无交易及13只暂停交易。 马股总成交量提高至25亿1000万股，总值22亿2000万令吉，上周五则有24亿1000万股转手，总值22亿7000万令吉。 乐天交易私人有限公司股票研究部副总裁唐柏麟表示，马股走势犹如坐过山车，投资者临尾套利，尤其是石油与天然气股及种植股。 区域股市涨跌互见，日本日经指数涨0.58%。香港恒生指数及上证指数分别下滑4.97%和2.6%，主要是新冠肺炎疫情升温及科技股惨遭大量抛售所致。 “国内方面，鉴于外围因素，投资者可能会维持谨慎情绪，但我们相信富时隆综指将受到外国资金的良好支持。” 唐柏麟告诉马新社：“尽管市场波动加剧，但我们预计综指本周将在1560点至1580点区间内波动，即时支撑位在1540点，阻力位则是1590点。” 重量级股项方面，马银行（Malayan Banking Bhd）增1仙，至8.92令吉，大众银行（Public Bank Bhd）扬4仙，至4.44令吉，国油化学（Petronas Chemicals Group Bhd）降11仙，报9.59令吉，IHH医疗保健（IHH Healthcare Bhd）挫1仙，至6.40令吉，齐力工业（Press Metal Aluminium Holdings Bhd）跌22仙，报6.28令吉，以及联昌国际集团（CIMB Group Holdings Bhd）起22仙，至5.07令吉。 至于热门股，Velesto Energy Bhd和Fitters Diversified Bhd各跌0.5仙，分别报10.5仙及16.5仙，Hibiscus Petroleum Bhd则降7仙，至1.11令吉。 （编译：魏素雯） English version：Bursa Malaysia ends marginally lower |
https://theedgemalaysia.com/node/626569 | DNB：料2个月内完成售股予电讯公司 | English | （吉隆坡1日讯）国家数字公司（Digital Nasional Bhd，简称DNB）总执行长Ralph Marshall预计，将在2个月内完成脱售70%股权予本地电讯公司。 他今日出席特别汇报会后告诉记者：“这个计划仍在进行中，正在敲定中，6个流动网络营运商（MNO）已签署参考报价，并且还签署了条款清单，之后将会完成股东协议，预计还需2个月时间。” 财政部、通讯及多媒体部以及大马通讯及多媒体委员会的官员均有出席汇报会。 Marshall说：“我必须说，我们对各方的合作和支持感到非常高兴，包括财政部、通讯及多媒体部、电讯公司和相关人士，他们为实现这一目标做了很多工作。” 他补充说：“因为实际上，它非常独特。在这种全球标志性的情况下，世界上没有多少国家会像我们这样走得那么远，我认为，两个部门都非常认真地讨论了他们想要实现的国家目标，那就是让我们减少基建设施的竞争，以及促进服务层面的竞争。” 他指出，如果6家电讯公司合并，也有相关安排。 “他们获准（购买）12%股权。如果他们（2家电讯公司）合并，他们将拥有23%到24%股权。他们（将不得不）为此付出代价。电讯公司的股权有限制。DNB的政策、目标和可交付成果将保持不变。” Marshall还透露，DNB的5G部署已达到25%，并有望在年底前实现40%的目标。 他说：“我们将会达标。吉隆坡、巴生谷、雪兰莪、柔佛和槟城的大部分地区，都将在今年年底前开通5G网络，我国其他地区也将很快开通。” （编译：魏素雯） English version：DNB stake sale to telcos likely to be done in two months — CEO |
https://theedgemalaysia.com/node/666361 | 肯纳格：料令吉兑美元年杪达4.11 | Mandarin | （吉隆坡10日讯）肯纳格研究预测，令吉兑美元将在年杪达到4.11，目前为4.40以上。 券商认为，令吉兑美元可能会上升，并在第二季底攀升至4.35左右，尤其是如果美联储在6月的会议上表示，已采取足够的措施。 “展望未来，令吉可能会进一步升值，因为国内经济增长前景稳固和美联储开始降息，风险偏好情绪可能会在第四季回升。” 券商指出，令吉兑美元的月平均汇率为4.424。 美国劳动力市场走软，导致美元指数下跌，以及中国首季国内生产总值（GDP）强于预期，支撑了令吉的表现。 （编译：魏素雯） English version：Kenanga Research expects ringgit to hit 4.11 versus US dollar by end-2023 |
https://theedgemalaysia.com/node/669639 | EU getting ready for new Russia sanctions after proposals weakened | English | (June 1): European Union (EU) member states are slowly moving towards an agreement on an 11th sanctions package over Russia’s invasion of Ukraine, as a number of proposals originally put forward by the bloc’s executive arm are set to be watered down. Plans to ban ships transporting prohibited goods from entering EU ports are likely to be partly dropped, while restrictions relating to ship-to-ship transfers and vessels that switch off their navigation systems will include a grace period of about 30 days, according to people familiar with the latest legal texts under discussion. The European Commission put forward a set of proposals early last month with the key aim of closing loopholes, tackling sanctions circumvention and strengthening enforcement. The aim had been to sign off on the measures around the time of a Group of Seven (G7) summit that took place in Japan on May 19-21, but the package has been in limbo for weeks over a number of issues raised by member states. One area of concern was a mechanism to target third countries that aren’t doing enough to prevent Russia from evading sanctions. The primary aim of the tool would be to deter governments from helping Russia and crack down on trade channels that Moscow may be exploiting. If diplomatic pressure proves ineffective, the mechanism would allow targeted export restrictions on key goods. However, that tool’s original criteria have been weakened during back-and-forth negotiations between diplomatic envoys raising the bar to when it can be used. Several member states, including Germany, also remain concerned about the prospect of listing countries and would rather list companies first, said the people, who spoke on condition of anonymity to discuss private matters. Meanwhile, Hungary and Greece continue to want to see some of their companies removed from a Ukrainian blacklist of what Kyiv calls “international sponsors of war”. Discussions on that issue are ongoing, the people said. Separately, other nations are worried about proposals to extend trade restrictions to several Chinese firms that have allegedly shipped banned goods to Russia, the people added. Other proposed measures in the new package include banning many goods from transiting through Russia and putting a formal end to the country’s oil flows through the northern leg of the Druzhba pipeline, Bloomberg previously reported. The EU hopes that the package will be agreed next week, one of the people said.
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https://theedgemalaysia.com/node/635264 | Zahid's lawyer asks why others not charged with graft when witnesses testify monies were donations to Umno | English | SHAH ALAM (Sept 6): A senior counsel to former deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi has asked why his client is singled out for graft charges when other politicians listed in a ledger belonging to a visa system contractor are not similarly prosecuted, saying this amounts to political persecution. Lawyer Hisyam Teh Poh Teik told the High Court on Tuesday (Sept 6) that each of the prosecution witnesses had testified that the money they had given to Zahid was intended as political donations for Umno. Hisyam said Ultra Kirana Sdn Bhd (UKSB) director Wan Quoris Shah Wan Abdul Ghani had testified that Zahid wanted the money for Umno, while the firm's former administrative manager David Tan Siong Sun also said the money was for Umno. "Tan himself had provided a calculation, namely that if each [of the] 190 Umno divisions was to receive RM10,000, it would cost RM1.9 million. Hence, when the increase in funding was sought, the company agreed to increase the initial donation from S$300,000 (RM961,395) to S$520,000, taking into consideration that RM10,000 each was for the 190 party divisions. "Hence, the defence submitted that we have fulfilled the requirements, as in the Datuk Seri Tengku Adnan Tengku Mansor case at the Court of Appeal, that made the finding that the monies were political donations as this was the testimony of [Tengku Adnan's] main witness Tan Sri Chai Kin Kong. "The witnesses' two testimonies showed that the monies were contributed as political donations and these conditions had been met," he said. Hisyam was replying to deputy public prosecutor Datuk Raja Rozela Raja Toran's submission that the court should not consider the amount given by UKSB as a political donation. The fact that it was a political contribution is relevant, he added, as the facts are the same as those in Tengku Adnan's case, that the donation in that case was meant to support two by-elections. Hisyam said as Tengku Adnan and Zahid are both senior members of Umno, the defence team has fulfilled the conditions under Section 165 of the Penal Code, which is a similar charge faced by Tengku Adnan, who was a federal territories minister. Section 165 stipulates that "whoever, being a public servant, accepts or obtains, or agrees to accept or attempts to obtain, for himself or for any other person, any valuable thing, without consideration, or for a consideration which he knows to be inadequate, from any person whom he knows to have been, or to be, or to be likely to be concerned in any proceeding or business transacted, or about to be transacted, by such public servant, or having any connection with the official functions of himself or of any public servant to whom he is subordinate, or from any person whom he knows to be interested in or related to the person so concerned, shall be punished with imprisonment for a term which may extend to two years or with fine or with both". Tengku Adnan was secretary general of Umno while Zahid was vice president then. Hisyam further submitted that Zahid is entitled to a fair trial just like anyone else. The senior counsel pointed to UKSB's ledger in which the names of other politicians were mentioned, but Zahid was the only one charged. Hisyam said this showed there is political and selective prosecution. "According to the notes of proceedings, there are no other names focussed on except that of Ahmad Zahid. There was investigation into others and [it begged the question of] whether [then] attorney general [Tan Sri Tommy Thomas] acted fairly in this investigation being carried out. "For purposes of right to fair trial, it includes the right to the accused person to see that the conduct of the prosecution is done in a fair manner. Hence, the defence questions the manner our client is being prosecuted," he added. During the trial, the court heard that besides Zahid, UKSB had also made payments to former prime minister Tan Sri Muhyiddin Yassin, current Health Minister Khairy Jamaluddin, and former rural and regional development minister Datuk Seri Mohd Shafie Apdal. Meanwhile, another defence counsel, Datuk Ahmad Zaidi Zainal, questioned the prosecution's failure to trace the source of income in the payment made by UKSB. "If the money trail is important, why have they (the prosecution) not brought any witnesses from Hong Kong or Labuan to attest the source of the payment. It is a fact that the money (payment to Zahid) did not come from UKSB," he said, adding that this raised doubt on the source of the payment. When there is doubt, Ahmad Zaidi said the benefit of the doubt should be given by the court in the accused's favour. Zahid, 69, is facing 33 charges of receiving bribes amounting to S$13.56 million from UKSB for himself as the then home minister to extend the contract of the company as the operator of one-stop centre services in China and the foreign visa issuance (VLN), as well as to maintain the contract agreement to supply the VLN integrated system for the same company by the Home Ministry. On another seven counts, the Umno president is charged with obtaining for himself S$1.15 million, RM3 million, 15,000 Swiss francs (RM68,918), and US$15,000 (RM67,493) from the same company with official links to his official duty. He is accused of committing all the offences at Seri Satria, Precinct 16, Putrajaya, and Country Heights, Kajang between October 2014 and March 2018. The defence will continue submissions before judge Datuk Mohd Yazid Mustafa on Wednesday (Sept 7), when both the prosecution and the defence have been asked to submit on the issue of payments made without using UKSB's account. Read also:
Prosecution: Fact that Zahid asked for money shows he acted beyond function of a minister |
https://theedgemalaysia.com/node/652351 | 油价下跌 拖累令吉兑美元低开 | English | （吉隆坡19日讯）尽管美元走软，但原油价格下跌，拖累令吉兑美元回吐昨日的涨幅，今早开盘微跌。 截至早上9时07分，令吉兑美元降至4.3210/3250，周三收于4.3130/3185。 SPI Asset Management管理合伙人Stephen Innes表示，令吉的基本面有所改善，这要归功于中国比预期更早和更快地重新开放，让大马可以更好地增长。 然而，他表示，在美国数据跌幅超过预期，暗示经济进入衰退期后，避险情绪席卷了全球市场。 “我认为，会出现一些抛售活动，因为美国增长数据（工业生产和零售销售）疲软，主要是受到通胀指标走软，证实美联储将下调至25个基点的影响。” 他告诉马新社：“但随着农历新年临近，我认为，当地市场可能会变得平静，并继续处于套利模式。” 除了日元外，令吉兑一篮子主要货币走强。 令吉兑英镑升至5.3274/3323，周三收于5.3300/3368，令吉兑新元从3.2793/2840，上涨至3.2698/2733，而令吉兑欧元则从4.6878/6938，攀升至4.6632/6675。 不过，令吉兑日元降低至3.3658/3694，周三挂3.3331/3376。 （编译：魏素雯） English version：Ringgit opens slightly lower against US dollar |
https://theedgemalaysia.com/node/676357 | Capital A gets another three months till Oct 7 to submit regularisation plan | English | KUALA LUMPUR (July 27): Bursa Securities has granted financially distressed Capital A Bhd an extra three months, until Oct 7, to file its regularisation plan to the regulatory authorities. This follows an extension request by the low-cost carrier on June 30. In June, Capital A chief executive officer Tan Sri Tony Fernandes was quoted as saying that exiting Practice Note 17 (PN17) status was almost as big a challenge as restarting the airlines. Capital A slipped into PN17 status in January 2022 after its external auditor Messrs Ernst & Young PLT raised material concerns about the airline’s ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2019 and its shareholders’ equity fell below 50% of its share capital. Capital A has engaged RHB Investment Bank Bhd, BDO Consulting Sdn Bhd, Deloitte Corporate Advisory Services Sdn Bhd, Ernst & Young PLT, Adnan Sundra & Low and Providence Strategic Partners to advise on its regularisation plan. Capital A shares closed up 7.5 sen or 8.93% at 91.5 sen on Thursday (July 27), giving it a market capitalisation of RM3.79 billion.
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https://theedgemalaysia.com/node/668935 | 末季净利升9% AmBank派息12.3仙 | Mandarin | （吉隆坡29日讯）大马银行集团（AMMB Holdings Bhd）第四季净利按年上升9.23%，得益于资金收入和非利息收入增加。 该银行集团向大马交易所报备，截至3月杪2023财政年末季净利达4亿2791万令吉，或每股12.94仙，相较于上财年同期的3亿9175万令吉，或每股11.83仙。 末季营业额也从11亿2000万令吉，增3.29%至11亿6000万令吉。 该集团宣布派发每股12.3仙的终期股息，全年股息达18.3仙，股息派发率为35%。 2023财年全年净利为17亿4000万令吉，较2022财年的15亿令吉，增长15.47%；营业额由46亿7000万令吉，微起1.56%至47亿4000万令吉。 （编译：陈慧珊） English version：AmBank posts 9% rise in 4Q net profit, declares 12.3 sen dividend |
https://theedgemalaysia.com/node/650013 | FDA’s approval of Biogen Alzheimer’s drug slammed in report | English | (Dec 30): US health officials’ approval process for Biogen Inc’s controversial Alzheimer’s drug was “rife with irregularities”, raising serious concerns about protocol lapses at the agency, congressional investigators said. The Food and Drug Administration collaborated excessively with Biogen while assessing the drug, called Aduhelm, according to the report on an 18-month investigation published Thursday by two House committees, Oversight and Reform and Energy and Commerce. Aduhelm was cleared despite objections from a group of outside medical experts who advised the FDA not to allow the drug on the market, citing conflicting results from trials of its efficacy; three members of that panel resigned after the approval. The US Medicare programme later heavily restricted payment for Aduhelm, and Biogen stopped its marketing efforts. The report “describes a pattern of incredibly troubling behaviour around the approval of this drug”, said Aaron Kesselheim, a professor at Harvard Medical School who left the advisory panel after Aduhelm’s approval. “The FDA is the world’s most important public health regulator, but when it takes steps like this, it damages its own credibility and the trust that patients and physicians have in it.” Aduhelm gained clearance in June 2021 not by showing effectiveness against brain-wasting, but its ability to reduce amyloid plaques in the brain, a physical marker linked to the disease. Another experimental drug that reduces amyloid, Eisai Co’s lecanemab, which is being developed in collaboration with Biogen, returned positive results in slowing the disease in September. Biogen said it has been committed to researching and developing treatments for Alzheimer’s disease for more than a decade, and that it stands by the integrity of its actions. The FDA said it remains committed to the integrity of its approval process and that its internal review found that the staff’s work with Biogen was appropriate. “It is the agency’s job to frequently interact with companies in order to ensure that we have adequate information to inform our regulatory decision-making,” the FDA said in a statement. Biogen viewed Aduhelm as an “unprecedented financial opportunity”, according to the congressional report that criticised Biogen for setting an unjustifiably high price of US$56,000 a year for the product. The company developed aggressive launch and marketing plans designed to maximise revenue, despite being aware that the treatment would be costly to patients and be a burden to Medicare, the report said. Biogen has since cut the price of Aduhelm to US$28,200 in order to lower out-of-pocket costs for patients and reduce “the potential financial implications for the US health-care system”. However, this decision was made only after public backlash, the report said. The FDA initially approved the treatment with a label allowing its use in a wide swath of Alzheimer’s patients, rather than the very early-stage patients the drug was mostly studied on. Even as the company accepted the broader use statement, there were internal concerns about lack of evidence to support it, the investigators found. Biogen only later sought to narrow the conditions for the drug’s use after public criticism, the report said. Documents obtained by the congressional committees found that the FDA and Biogen held “at least 115 meetings, calls, and substantive email exchanges” during a 12-month period as Biogen worked to complete and submit its application for Aduhelm. That may have been an undercount, as the FDA didn’t have a clear record of its meetings with Biogen. The FDA also used a controversial pathway, called accelerated approval, to assess Aduhelm. Critics have said that pathway allows many drugs to get to market on the basis of questionable data. The FDA said it will continue using the accelerated pathway when appropriate, as it allows the agency to provide earlier access to serious, life-threatening conditions. The report’s findings should serve as “a wake-up call for FDA to reform its practices”, Representative Carolyn Maloney of New York, chair of the Oversight and Reform Committee, said in a statement. |
https://theedgemalaysia.com/node/673818 | High Court quashes MyCC's proposed RM86.77 mil fine on Grab | English | KUALA LUMPUR (July 6): The High Court on Thursday (July 6) has allowed an application filed by Grab Holdings Inc, together with its subsidiaries GrabCar Sdn Bhd and MyTeksi Sdn Bhd, to quash a decision by Malaysia Competition Commission (MyCC) to impose a proposed fine of RM86.77 million on its Malaysian business, for allegedly abusing its dominant position to restrict its drivers from promoting other e-hailing platforms. Judge Datuk Wan Ahmad Farid Wan Salleh ruled that MyCC's decision in announcing the proposed fine was filled with procedural impropriety, and had breached natural justice. “Hence, this court is allowing the certiorari application [to quash] the proposed decision. However, the court is not awarding the damages as there is no proof of mala fide (bad faith) by MyCC in making the proposed decision,” the judge said. He also ordered MyCC to pay RM20,000 costs to Grab. It was reported on Oct 3, 2019 that MyCC had proposed the RM86.77 million fine against Grab after its investigations provisionally found that the electronic-based ride-hailing (e-hailing) company had abused its dominant position by imposing restrictive clauses on its drivers that prevent them from using their vehicles to promote and advertise other e-hailing platforms. The judge said in his decision that the rule of natural justice stipulates that no man may be condemned until he has been heard, and that the correct investigation process on the allegation infringement was necessary in order for Grab to defend the allegation against them. Wan Ahmad Farid said Grab's grievance is that the proposed decision was made basically on what is called the Radzwan complaint made in 2019, while the investigation was actually focused on a series of complaints it received in 2018 about alleged discrimination that favoured Grab car drivers as opposed to Grab taxi drivers. In essence, Grab claimed it was never given the right to be heard in the Radzwan case, and so alleged no proper investigation took place for the proposed fine to be made, and the judge agreed. “There was no evidence before me (the court) that MyCC had taken the investigative steps in the Radzwan complaint in the said manner that it had taken in (dealing with) the 2018 complaints," said Wan Ahmad Farid. “One can be forgiven in concluding that there was no proper investigation made into the Radzwan complaint, only a proposed decision. I am therefore of the view that it is impossible for MyCC to make a fair proposed decision on the Radzwan complaint and holds that there is a prima facie case of infringement of Section 36(1) of the Competition Act 2010 (CA), when the applicant (Grab) was asked on the issue of the 2018 complaint during the investigation process [and not the Radzwan complaint]," the judge said. According to Section 36(1), MyCC has to give written notice of its proposed decision to each enterprise that may be directly affected by the decision on completion of its investigation. “The proposed decision is connected to the final decision made by MyCC, while there is no final decision made in the other investigation under (different sections of CA) that would have prejudiced the applicant,” the judge said. In arriving at the decision, the judge said the court also found there was nothing wrong with MyCC announcing the proposed decision but noted it was more appropriate for the announcement to be made on the final decision. Wan Ahmad Farid, however, found there was nothing wrong with MyCC’s role of being the investigator, prosecutor and adjudicator in matters concerning competition laws and regulations. Wan Ahmad Farid's decision, delivered online, may result in MyCC having to complete all its investigations first and announce only its final decision from now on — as opposed to a preliminary investigation and a proposed decision first, which may now be subject to challenge. Grab and its subsidiaries were represented by Datuk Malik Imtiaz Sarwar, Shanti Kandiah and Yvonne Lim; Kwan Will Sen and Muayaad Khairulmaini appeared for MyCC. Grab and its subsidiaries had initially failed in obtaining leave for a judicial review over MyCC's proposed decision at the High Court, but later succeeded in appealing the matter at the Court of Appeal. The decision was subsequently upheld by the Federal Court last Dec 5. Read also:
Grab challenges RM86.77m MyCC fine
MyCC proposes RM86.77m fine on Grab for abusive transit media practices |
https://theedgemalaysia.com/node/650638 | Honda 2022 sales jumped 51% to 80,200 units | English | KUALA LUMPUR (Jan 5): Honda Malaysia announced that its 2022 car sales jumped 51% compared with the previous year, totalling more than 80,200 units. In a statement on Thursday, it said that sales exceeded the initial sales target of 80,000 units and allowed Honda to retain its position as the No 1 car brand in the non-national passenger vehicle segment for nine consecutive years since 2014. Honda Malaysia said the City, City Hatchback and the HR-V were the top three best-selling models. “2022 was a challenging year with global chip shortage and flood disasters that had affected our car production. “We are working closely with the suppliers and dealers to ensure timely delivery for customers, especially those who booked their cars during the sales tax exemption period,” said Honda Malaysia managing director and chief executive officer Hironobu Yoshimura. Honda Malaysia added that in terms of regional sales, the Central region was the highest contributor at 51%, followed by the Southern and Northern regions at 19% and 17% respectively. |
https://theedgemalaysia.com/node/677498 | SLP Resources' 2Q net profit drops 61% due to lower revenue, absence of disposal gain | English | KUALA LUMPUR (Aug 4): SLP Resources Bhd’s second quarter net profit fell 60.64% to RM3.49 million, from RM8.86 million a year ago, due to lower revenue and the absence of a gain from the disposal of a parcel of land reported previously. Earnings per share for the second quarter ended June 30, 2023 dropped to 1.09 sen, from 2.8 sen previously, the flexible plastic packaging products maker said in a bourse filing. Quarterly revenue declined 20.05% to RM37.63 million, from RM47.07 million a year earlier, due to softening demand from local and regional markets. Despite the lower quarterly performance, the group paid a second interim dividend of 1.25 sen, payable on Oct 5. Cumulative six-month net profit more than halved to RM6.51 million, from RM13.37 million in the previous January-June period, while revenue shrank 15.87% to RM77.89 million from RM92.58 million. SLP Resources said it had anticipated earlier this year that both domestic and external demand would remain sluggish under the current global economic environment. “Consumer spending confidence remained weak locally and regionally, affected by the inflationary factors, derived from high interest rates, weakening of currencies against greenback and among others. “Hence the group expects the recovery process could be prolonged, subject to indicators in the coming months,” it added. "Nonetheless, the group will remain focused to demonstrate its product range differentiations to sustain its market shares, continue to strengthen its financial fundamentals to weather the potential impacts arising from the current global economic challenges," said the group. SLP Resources shares closed unchanged at 87 sen on Friday (Aug 4), valuing the group at RM276 million. |
https://theedgemalaysia.com/node/671759 | Orange faces EU warning shot over US$19b Masmovil deal | English | (June 19): Orange SA’s US$19 billion (RM87.71 billion) bid to combine its Spanish operations with Masmovil Ibercom SA is under threat from European Union (EU) merger watchdogs unless the firms fix a list of competition concerns set to be issued by regulators. The European Commission is poised to issue a so-called statement of objections to Orange and Masmovil cataloging potential reasons to veto the tie up between Spain’s second and fourth largest mobile operators, according to people familiar with the matter who asked not to be named because the process isn’t public. Orange shares fell as much as 1.6% on Monday (June 19). The filing, typical in complex mergers, will also flag possible solutions. In telecom deals, these would typically include the sale of assets or access remedies to make the new network interoperable with rivals. The EU’s mergers watchdog opened an in-depth probe in April, warning that the joint venture could reduce the number of network operators in Spain and that the pair would have the incentive to restrict access of virtual operators to wholesale mobile network and wholesale fixed network access services. The commission, Orange and Masmovil declined to comment. The commission currently has a deadline of Sept 4 to come to a final decision, though that time-frame could slip. In March, Spain’s competition authority filed a request to the EU to examine the deal itself, but the commission seldom allows national regulators to vet large telecoms deals that occur in their own markets. The EU has previously chilled deal-making in the telecoms industry after it vetoed CK Hutchison Holdings Ltd’s attempt to merge its UK company Three with Telefonica SA’s O2 in 2016, a deal that has been challenged to the EU courts with a ruling slated from the bloc’s top court on July 13. While getting a statement of objections signals the EU has serious concerns with a transaction, most merging companies avoid a veto by addressing competition issues. Companies also have the right to challenge the preliminary findings of regulators in writing or at a hearing. Spain is one of Europe’s most competitive telecom markets, with an abundance of low-cost players driving a race to the bottom on price. Under Spanish law, large operators have to share their networks at regulated prices, making it easy for newcomers to carve out a space in the low-end of the market. As a result, big players such as Telefonica SA or Orange, have seen a steep decline in their revenues while new entrants have consistently gained market share in recent years. Masmovil, which collected remedies off a previous deal Orange did in 2015, grew 17% in 2022 while Romanian discount operator Digi, which uses Telefonica’s network, grew 38% in the same period. Meanwhile, Spain’s economy ministry last week relaxed the restrictions that limit the amount of spectrum each mobile operator is allowed to hold, making it more difficult for a fourth strong player to emerge.
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https://theedgemalaysia.com/node/667437 | Prince Harry, wife Meghan in 'near catastrophic car chase' involving pararazzi — spokesperson says | English | LONDON (May 17): Britain's Prince Harry, his wife Meghan and her mother were involved in a "near catastrophic car chase" involving paparazzi photographers after they attended an awards ceremony in New York, a spokesperson for the prince said on Wednesday. The incident involved half a dozen cars with blacked out windows, driving dangerously and putting the lives of the couple, the Duke and Duchess of Sussex, and Meghan's mother, Doria Ragland, in danger, according to their spokesperson. "Last night, the Duke and Duchess of Sussex and Ms Ragland were involved in a near catastrophic car chase at the hands of a ring of highly aggressive paparazzi," the spokesperson said in a statement. "This relentless pursuit, lasting over two hours, resulted in multiple near collisions involving other drivers on the road, pedestrians and two NYPD (New York Police Department) officers." The couple were shaken by the incident but otherwise unharmed. The prince has long spoken out about his anger about press intrusion which he blames for the death of his mother Princess Diana, who was killed when her limousine crashed as it sped away from chasing paparazzi in Paris in 1997. The couple's spokesperson said the chase on Tuesday, after leaving the Ziegfeld Ballroom in midtown Manhattan, could also have been fatal and involved paparazzi driving on the sidewalk, running red lights, and driving while taking pictures. Those involved in the chase were confronted by police officers multiple times, according to the spokesperson. A spokesperson for the New York Police Department said he could not confirm any information about the incident. The Ms Foundation for Women, the organisers of the awards ceremony where Meghan was honoured for her work, had no immediate comment. Pictures that have since appeared on social media show Harry, Meghan and her mother sitting in the back of a New York taxi which their spokesperson said showed "a small glimpse at the defence and decoys required to end the harassment". The couple, who live in California with their two young children, had been staying at a private residence but had decided against returning there as they did not wish to compromise that individual's safety, according to their spokesperson. "While being a public figure comes with a level of interest from the public, it should never come at the cost of anyone's safety," the spokesperson said. "Dissemination of these images, given the ways in which they were obtained, encourages a highly intrusive practice that is dangerous to all in involved." Harry has never hidden his dislike of the press, fuelled by the treatment his mother received and by his own experiences, particularly when he was young. In his memoir "Spare", the couple's Netflix documentary series and TV interviews, he has railed against British tabloids invading his and his family's privacy, and it was one of the main reasons that he and Meghan gave for stepping down from their royal roles in 2020 and moving to the United States. The prince is currently involved in numerous court cases in London where he has accused papers of using unlawful methods to target him and his family. While papers reject nearly all his allegations, one publisher last week apologised for unlawfully seeking information about him in 2004. He is also seeking to overturn a decision by the British government to take away his specialist police protection when he is in Britain. |
https://theedgemalaysia.com/node/633823 | PPB 2Q net profit jumps 277% on higher Wilmar contribution, stable grain prices | English | KUALA LUMPUR (Aug 25): PPB Group Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) spiked 277.9% to RM693.4 million from RM183.5 million a year earlier, helped by a 67% rise to RM992 million in contribution by its 18.5%-owned Singapore-listed Wilmar International Ltd. Earnings per share for 2QFY22 leapt to 48.7 sen from 12.9 sen, according to the group's stock exchange filing. Quarterly revenue jumped 45.6% to RM1.58 billion from RM1.08 billion on positive contributions from all key segments. The group declared an interim dividend of 12 sen per share, to be payable on Sept 28. PPB's grains and agribusiness segment saw a 39% rise in quarterly revenue to RM1.2 billion, attributable to hedging gains on derivative instruments as grain prices stabilised. "Grain commodity prices have now stabilised to a level closer to the pre-Russian-Ukraine conflict as global supply concerns eased. "However, the flow-through effect of high raw material prices on production costs as well as high logistics cost will remain, given the lag effect of procurement and production cycles, in addition to limitations in our price-in mechanism," the group added. PPB said the full reopening of cinemas, the opening of the newly acquired former MBO cinemas, higher admissions as well as a six-fold increase in box office collections contributed to revenue of RM157 million for its film exhibition and distribution segment, compared with RM19 million in 2QFY21. Its property segment, meanwhile, saw revenue double to RM47 million from RM23 million on new sales and progressive profit recognition of the Megah Rise development project, as well as improvement in overall mall business performance. Revenue for its consumer product segment was higher at RM194 million compared with RM164 million in 2QFY21. Profit for the segment also improved due to higher sales of bakery and other fast-moving consumer products. For the cumulative six months ended June 30, 2022, PPB's net profit jumped 70% to RM996.57 million from RM585.65 million a year earlier, as revenue increased 34% to RM2.96 billion from RM2.2 billion. On prospects, PPB expects its consumer products segment, which mainly distributes basic necessities, to perform satisfactorily on the back of improving consumer sentiment as the country transitions into endemicity. "The environmental engineering and utilities segment will continue to focus on replenishing its order book and exploring new project opportunities. The Megah Rise development project is on schedule to be completed by the end of the third quarter. Coupled with the increased footfall in our malls, performance of the property segment is expected to be satisfactory," added the group. PPB's shares closed 78 sen or 4.88% higher at RM16.78 on Thursday (Aug 25), giving a market capitalisation of RM23.9 billion. |
https://theedgemalaysia.com/node/674907 | 财务咨询公司Rinani崛起为MGRC大股东 | Mandarin | （吉隆坡14日讯）财务咨询公司Rinani Group Bhd收购了马来西亚基因组学资源中心（Malaysian Genomics Resource Centre Bhd）的459万股后，崛起为大股东。 目前，Rinani共持有马来西亚基因组学资源中心的762万股，相等于5.85%股权。 马来西亚基因组学资源中心执行主席Azri Azerai表示，Rinani的投资正值关键时刻，因为公司正在向生物制药转型，并寻求各种增长计划。 他补充说：“Rinani成为大股东，在集团的重组及下一成长阶段中，扮演举足轻重的角色。他们的参与为生命科学及应用带来了丰富的机会，这与我们的增长策略一致。” “Rinani加强了我们的财务状况，并增强了我们利用医疗保健行业新兴机遇的能力。我们将携手合作，为利益相关者提供可持续价值。” 马来西亚基因组学资源中心今日以45.5仙平盘挂收，市值为5860万令吉。 （编译：魏素雯） English version：Financial consulting firm Rinani emerges as substantial shareholder of Malaysian Genomics |
https://theedgemalaysia.com/node/630697 | 前进控股获1716万分包合约 | English | （吉隆坡2日讯）前进控股（Advancecon Holdings Bhd）获得一份价值1716万令吉的分包合约，提供土方工程和土木工程服务。 前进控股今日向大马交易所报备，独资子公司Advancecon Infra私人有限公司从KEB Builders私人有限公司获得上述分包合约，负责前期工作、场地清理与土方工程、岩土工程、腐蚀沉积物和控制服务，合约为期8个月。 该集团表示，将通过内部资金和外部借款为分包合约提供资金。 该股今日平盘收于29仙，市值报1亿4290万令吉。 （编译：陈慧珊） English version：Advancecon wins RM17.16m subcontract to provide earthworks, civil engineering services |
https://theedgemalaysia.com/node/668464 | Kenanga downgrades Media Prima, lowers target price to 42 sen | English | KUALA LUMPUR (May 25): Kenanga Research has downgraded Media Prima Bhd to “market perform” at 42 sen with a lower target price (TP) of 42 sen (from 57 sen) and said while partially offset by disposal gains, the group was hit by the weaker advertisement spending during the first quarter of calendar year 2023 (1QCY2023), resulting in weaker earnings contributions across key segments. In a note on Thursday (May 25), the research house said the outlook for the group remains a mixed bag. Kenanga said Media Prima continues to face significant headwinds with both consumers and advertisers dampened by the uncertain economic outlook. It said while the group’s cost consolidation efforts have been effective in returning it to the black, performance during times of softer adex had not been entirely encouraging. It said as CY2023 is expected to be a cyclical lull in adex, the group could see pressure on its margins going forward. “Coupled with the fact that the group has yet to completely address the loss-making home shopping segment, the immediate outlook for the group still looks to be cloudy. “We cut our FY2023-2024 earnings forecasts by 24% and 26%, respectively, lower our TP by 26% to 42 sen (from 57 sen) and downgrade our call to 'market perform' from 'outperform',” it said. |
https://theedgemalaysia.com/node/623016 | CapitaLand buys industrial properties from Dynaciate for RM80m | English | KUALA LUMPUR (June 7): CapitaLand Malaysia Trust has proposed to buy industrial properties in Penang from Dynaciate Group Bhd for RM80 million to venture into the logistics sector. The group said the acquisition includes 5.11 hectares of freehold land with a single storey warehouse annexed to a double storey office building, two single storey detached warehouses, and other ancillary buildings. CapitaLand intends to fund the acquisition with bank borrowings, and is expected to increase gearing to 37.2% from 35.9%, which remains below the regulatory limit of 50%. In a filing with Bursa Malaysia, the REIT said the acquisition will enable it to gain a foothold in Malaysia’s logistics sector with sizeable property that comes with a total net lettable area of 335,000 sq ft.
It said the properties are in close proximity to the Batu Kawan Industrial Park and offers excellent accessibility to the North South Highway and Penang Second Bridge.
CapitaLand added that the properties have quality tenants operating in the logistic sector and this is expected to improve its portfolio occupancy. “We believe the demand for logistics warehouses in Malaysia remains strong and resilient,” said Tan Choon Siang, CEO of CapitaLand Malaysia REIT Management Sdn Bhd, the manager of CapitaLand. Dynaciate, on the other hand, said disposing the properties allowed it to monetise its investment and realise a net gain of RM19.8 million from the disposal.
Dynaciate said the disposal requires its shareholders’ approval and expects to complete the disposal by fourth quarter this year. CapitaLand closed half sen lower at 58 sen on Tuesday (June 7), valuing the company at RM1.25 billion, while Dynaciate gained 3 sen to 17 sen, giving it a market capitalisation of RM166.0 million. |
https://theedgemalaysia.com/node/602349 | ComfortDelGro's taxi business CEO resigns; Jackson Chia to take over position | English | SINGAPORE (Jan 3): ComfortDelGro’s (CDG) chief executive officer (CEO) of its taxi business, Ang Wei Neng, has resigned. Ang’s last day with the group will be on April 1, after having held the position since May 2017. Upon Ang’s resignation, the company has appointed Jackson Chia to step into his role as CEO of the...(click on link for full story on theedgesingapore.com) |
https://theedgemalaysia.com/node/675348 | Temasek to pour US$10b over three years in India | English | (July 21): Singapore’s Temasek Holdings Pte Ltd plans to commit as much as US$10 billion (RM45.6 billion) to India in three years, betting that the country can become a top driver for growth. The state investor is planning to hire another four to five investment professionals, bringing its India team to more than 20 people, Temasek India head Ravi Lambah said in an interview. Lambah is also the head of investment group. The investment in India could be between US$3 billion and US$5 billion a year if the firm finds strategic partners, he said, adding that the deployment could be through a mix of partnerships and more capital in public equities. Temasek has been ramping up investments in India in the last five or six years, buoyed by the performance of its own portfolio, attractive demographics and increasingly deeper capital markets. The firm is doubling its investment rate annually in the country, targeting banks, financial operations, health-care, industrials, technology and consumer sectors, said Lambah. It’s also looking at decarbonisation and energy transition opportunities. “A decade ago, could we take a US$1 billion-plus position in a listed bank in India? I think it would have been harder,” Lambah said in an interview in Mumbai. “Now we can do it over multiple companies, including banks.” About 60% of Temasek’s investments are direct stakes, largely in financial services. The rest are mostly indirect exposure to underlying companies like Bharti Airtel Ltd through its investment in Singapore Telecommunications Ltd, and Vistara through the investment in Singapore Airlines Ltd, according to Lambah. “We like financial services especially banks because they’re a good proxy to economic growth,” Lambah said. Temasek holds shares in publicly traded ICICI Bank Ltd, according to data compiled by Bloomberg. Economic Times first reported about Temasek’s plans to increase investment in India. The US$284 billion money manager has identified four investment themes for the decade: the future of consumption, sustainable living, longer lifespans and digitisation. “India is amongst the few countries where we found opportunities that fit all the four themes,” Lambah said. The firm is more bullish on India because of the increasing savings rate, an improvement in government stability and policy consistency. Southeast Asia has a lot of potential, but is “a harder place” because the countries are all different, Lambah said. “The key question comes down to investible opportunities really as against the country’s potential.” Temasek remains committed to China, though big, winning bets on companies like Alibaba Group Holding Ltd are becoming scarce. “The opportunity has changed. Geopolitics have driven that change, Chinese government’s approach to things have changed,” Lambah said. |
https://theedgemalaysia.com/node/661694 | Ahmad Zahid hopes Ab Rauf's appointment as Melaka CM can bring change, attract investors | English | IPOH (March 31): Barisan Nasional chairman Datuk Seri Dr Ahmad Zahid Hamidi has expressed hope that the appointment of Datuk Seri Ab Rauf Yusoh as Chief Minister of Melaka will bring change as well as attract more investors to the state. Ahmad Zahid, who is also UMNO president said Ab Rauf is also expected to continue the work of his predecessor, Datuk Seri Sulaiman Md Ali. "I understand that there are industrial areas that have the potential to be developed and can bring in investments of up to RM100 million within the next four years,” he said. Ab Rauf, who is also Tanjung Bidara assemblyman, took his oath of office as the 13th Chief Minister of Melaka on Friday. The Melaka Umno chief took the oath in front of Yang DiPertua Negeri Tun Mohd Ali Mohd Rustam. Meanwhile, nearly 1,500 orphans, tahfiz students, asnaf and members of the local community were feted at the ‘Santunan Kasih Ramadan’ programme organised by the Ministry of Rural and Regional Development. It’s the seventh of 13 locations around the country where the programme is scheduled to be held. Ahmad Zahid also presented Hari Raya donations and food baskets to 140 orphans and tahfiz students. At the same ceremony, RM6,000 in aid from the Rubber Industry Smallholders Development Agency (RISDA) was presented to two local mosques. Ahmad Zahid, who is also Deputy Prime Minister, also announced a RM1 million allocation to upgrade Sekolah Izzudin Shah. |
https://theedgemalaysia.com/node/647965 | Bursa announces 21 new constituents for both F4GBM and F4GBMS indices | English | KUALA LUMPUR (Dec 13): Bursa Malaysia on Tuesday (Dec 13) announced 21 new constituents for both the FTSE4Good Bursa Malaysia (F4GBM) Index and the FTSE4Good Bursa Malaysia Shariah (F4GBMS) Index. In a statement, the exchange said the F4GBM Index, which was launched in December 2014 with 24 constituents, measures the performance of public listed companies (PLCs) demonstrating strong environmental, social and governance (ESG) practices. It said the F4GBM Index constituents are drawn from companies in the FTSE Bursa Malaysia EMAS Index, comprising PLCs from across the small, medium and large market capitalisation segments. On the other hand, the F4GBMS Index was launched in July 2021 with 54 constituents, and is designed to track constituents in the F4GBM that are shariah-compliant, in accordance with the Shariah Advisory Council's screening methodology. Both indices are reviewed semi-annually in June and December against international benchmarks. For the latest review period of December 2022, there are 21 new constituents and 10 deletions for the F4GBM Index, bringing the total number of constituents to 98, continuing the index’s year-on-year increase since its inception in 2014. Separately, the 21 new constituents and seven deletions for the F4GBMS Index will result in the index having 79 constituents. All constituent changes will take effect at the start of business next Monday (Dec 19). |
https://theedgemalaysia.com/node/675014 | Singapore's June non-oil exports fall 15.5% y-o-y, less than forecast | English | SINGAPORE (July 17): Singapore's non-oil domestic exports fell 15.5% in June from a year earlier, official data showed on Monday (July 17), weighed down by declines in both electronic and non-electronic products. Last month's fall compared with a Reuters poll forecast of an 15.8% drop, and extended the 14.8% contraction seen in May. Singapore's economy narrowly avoided a technical recession like those seen in New Zealand and Germany, with second quarter preliminary estimates showing 0.3% growth on a quarter-on-quarter (q-o-q) basis. The first quarter was a 0.4% q-o-q contraction. A technical recession is defined as two consecutive quarters of contractions. "Exports remain in the doldrums, with few signs of a meaningful turnaround," Maybank economist Chua Hak Bin said. Chua expects contraction in manufacturing and exports to continue over the next few months. Singapore's industrial output in May fell 10.8% year-on-year (y-o-y) in an eighth consecutive contraction. On a month-on-month seasonally adjusted basis, non-oil domestic exports grew 5.4% in June, following May's 14.6% decline. That was lower than analysts' predictions for a 5.9% decline. Non-domestic oil exports to Singapore's top 10 markets declined as a whole last month. Exports to neighbouring Malaysia contracted 30.7% y-o-y last month due to lower shipments of integrated circuits, articles of plastic and specialised machinery. Shipments to Indonesia declined 35.7% after drops in exports of petrochemicals, plastic plates and sheets and primary chemicals. Exports to China grew 3.1% in June after posting a 3.7% growth in May. "China’s reopening is finally giving exports a modest boost," Chua said. |
https://theedgemalaysia.com/node/616575 | Opcom secures RM25m consultancy services project | English | KUALA LUMPUR (April 15): Opcom Holdings Bhd has secured a RM25 million consultancy project for the design and consultation of a data centre for the provision and maintenance of point of presence for an optic fibre infrastructure hub near schools, industrial areas, government premises and their nearby community areas in the central and eastern region. In a Bursa Malaysia filing on Friday (April 15), the fibre optic cable manufacturer said its subsidiary, Opcom Vision Sdn Bhd, clinched the job from VC Telecoms Sdn Bhd. The one-year contract is expected to be completed by April 11, 2023. Shares in Opcom ended 4.5 sen or 4.74% higher at 99.5 sen on Friday, valuing the company at RM277.69 million. It saw 25.47 million shares traded. |
https://theedgemalaysia.com/node/660194 | 温和买盘带动 马股小幅高开 | Mandarin | （吉隆坡22日讯）受部分重量级股的温和买盘带动，马股小幅上升0.34%。 截至9时19分，富时隆综指扬4.78点，挂1411.33点。 综指开市报1408.60点，较昨日闭市的1406.55点，攀升2.05点。 上升股280只、下跌股108只，另有245只无起落、1640只无交易，以及7只暂停交易。 成交量4亿1584万股，值1亿6929万令吉。 马六甲证券在报告中指出，美国联储局（FED）今晚的议息决定将成为焦点，而投资者将在会议结束前保持谨慎，因为激进加息或鹰派基调可能进一步打击投资者情绪。 “隔夜美股收涨，可能提振本地科技股，而随着对美国银行危机的担忧化解，银行股可能会继续攀升。” 另外，由于原油价格反弹，投资者也可能看好能源股。 重量级股中，马银行（Malayan Banking Bhd）升4仙，报8.44令吉、大众银行（Public Bank Bhd）增2仙，至4.01令吉、联昌国际集团（CIMB Group Holdings Bhd）攀5仙，挂5.24令吉，而国油化学（Petronas Chemicals Group Bhd）持平于6.82令吉，以及IHH医疗集团（IHH Healthcare Bhd）则跌3仙，报5.85令吉。 至于热门股，绿驰通讯（Green Packet Bhd）和登高集团（Tanco Holdings Bhd）各扬1仙，分别挂5.5仙和47仙、顶级手套（Top Glove Corp Bhd）增0.5仙，至96.5仙、丰成综合（Hong Seng Consolidated Bhd）平盘挂于13.5仙，以及民泰近电（Bintai Kinden Corp Bhd）挫0.5仙，报7.5仙。 （编译：陈慧珊） English version：Bursa Malaysia opens slightly higher on March 22 |
https://theedgemalaysia.com/node/672600 | EVENING 5: Five things you need to know today | English | EVENING 5: Why Malaysians fail to repay their loans 1. AKPK data shows the high cost of living and weak financial planning are the main reasons Malaysians fail to repay their loans. 2. Malaysia looks poised to become Asean’s renewable energy centre with natural gas as the core of its energy mix. 3. IJM Construction wins a RM653.6 million contract for Phase 1 of the Shah Alam International Logistics Hub in Selangor. 4. Sapura Energy’s 1QFY2023 net profit jumps 58.9% to RM146 million, swinging into the black from the preceding quarter. 5. PublicInvest Research is sanguine that the benchmark FBM KLCI can finish 2023 at above 1,500 points. |
https://theedgemalaysia.com/node/666585 | TM One, delivering your NEXT advantage today | English | TM One’s commitment to delivering enterprises’ NEXT advantage was recently amplified with the launch of the TM One Sandbox, which aims to accelerate the digitalisation and automation of businesses, communities and the government. TM One executive vice-president Shazurawati Abd Karim explains that the TM One Sandbox will be instrumental in accelerating and aggregating smart services and IR 4.0 solutions to propel Malaysia’s digitalisation and automation forward. “This platform aims to improve the availability, accessibility and affordability of technologies for all enterprises and the public sector to drive long-term sustainability and digital progress. In line with TM’s role as the enabler of Digital Malaysia, the innovations curated through this platform will contribute positively to the wider Malaysian society and the country’s aspiration to become a technologically advanced country,” she says. The TM One Sandbox comprises three key components: an innovation platform, innovation lab and market access, which will help increase solution velocity, scalability and participation. The innovation lab will provide a co-creating space where businesses can brainstorm, ideate, validate and test their solutions, leveraging cutting-edge technology, resources and expertise. Market access, on the other hand, will facilitate networking and branding opportunities for customers and stakeholders, paving the way for the commercialisation of these solutions. Through these features, the TM One Sandbox enables a collaborative and participatory approach that encourages stakeholders in the technology industry to work together towards sustainable and inclusive progress, leveraging the insights, expertise and resources of more than 80 registered partners from TM One’s 5G Sphere programme. The TM One Sandbox launch event was an opportunity for customers to learn about the programme and an avenue for thought leadership, with more than 130 engineers, innovators and technologists attending the official kick-off in Cyberjaya. The launch also included 13 showcases featuring customer applications and innovative solutions to power the growth of smart cities and smart industries such as healthcare and manufacturing. Bringing together experienced professionals from the 5G industry, Nor Hisham Md Nordin, TM One’s general manager for mobile and wireless, moderated an insightful panel session on global use cases and the impact of this new technology. The panellists consisted of an impressive blend of expertise — Preetha Nadarajah, chief technology officer at Nokia Malaysia; Danny Yap from Huawei’s Business and Network Consulting department; Ir Ts Mohan Dass Albert, chief technology officer at ZTE Corp; and Deep Prakash, head of enterprise business of Ericsson Malaysia, Sri Lanka and Bangladesh. During her sharing, Preetha emphasised that the global tailwinds of digitalisation, deglobalisation and decarbonisation offered opportunities for Malaysia to attract investments by placing 5G at the front and centre of its digital growth potential. She believed that Malaysia needed to be more competitive with its Asean and Asian counterparts to keep up with regional market shifts, and shared an example of Australia’s new carbon tax regulation, known as the Safeguard Mechanism, which encourages technology investments for decarbonisation. Preetha suggested that the business case is changing for consumers, with carbon taxes in Malaysia also an imminent part of the future and digitalisation investments serving to incentivise decarbonisation. Mohan Dass added that 5G’s network slicing feature sets it apart from previous technologies and is highly applicable to the current demands in industrial applications. With 5G being the first standardised technology developed for industry, organisations should take the opportunity to invest, develop and transform their industrial applications, he added. He also emphasised that a change in mindset was needed to embrace new platforms, services and applications, and that partnerships between device manufacturers, vendor infrastructure providers and industry players would bridge the knowledge gap into how technology can increase efficiency and improve the full spectrum of operations and delivery. Speaking about the availability of actual 5G use cases, Yap highlighted that most industries globally have not yet leveraged the use cases to their benefit. One of the challenges in Malaysia, he shared, was in developing use cases suitable for the Malaysian market and focusing on specific areas of growth. He shared that there was a significant need to develop tailored solutions for Malaysia’s market and improve collaborations within the ecosystem to develop 5G technology and use cases across diverse industries. He also noted that there was a significant opportunity in Malaysia for developing use cases suitable for smart ports, smart cities, manufacturing, healthcare and other areas. Meanwhile, Deep talked about the importance of cybersecurity and why enterprises must consider 5G security as a key factor in their digital adoption roadmap. 5G’s cloud-native architecture, he explained, brings with it new security features, such as private networks and containerisation, which help secure data and detect threats like malware attacks faster than traditional technologies could. The increased flexibility and control over data would also help enterprises trust that the data and traffic within their system is secure, providing them with greater confidence when delivering solutions to customers. TM One also invited two existing customers who have embraced innovation in their transformation roadmap to share their journeys at the event. Speaking about smart cities, Ahmad Jamzuri, director of the Engineering Department at Majlis Perbandaran Kuala Selangor, discussed how investing in a smart traffic light system optimised the traffic flow and reduced congestion for commuters, improving the quality of life for everyone living within that city. The project resulted not only in reduced travel times, but also lower carbon emissions — aligning the city to its sustainability goals. Sharing his experiences in smart agriculture, Shoma Tsubota, director of Farmy Sdn Bhd, outlined the challenges of melon production via a hydroponic system. He shared how TM One’s smart agriculture IoT platform enabled Farmy to leverage automated monitoring capabilities from mobile devices and irrigation systems, with dashboard-visible fertiliser readings. This technology gave them real-time insights into their farm’s output while reducing manual calibration times — freeing up valuable resources to focus on other tasks and providing peace of mind that everything was running smoothly. The TM One Sandbox has significant potential to revolutionise the technology industry. As technology is dynamic, TM One Sandbox’s approach enables stakeholders to identify challenges, emerging trends and opportunities in the sector, leading to innovative solutions. Embracing the latest technologies is essential for businesses that want to remain competitive and sustainable. Technologies like artificial intelligence (AI) and machine learning (ML), Internet of Things (IoT), cloud computing, cybersecurity and 5G can provide businesses with valuable insights, optimise operations and enable new applications and services. Furthermore, progressive technology supports the growth of the digital economy. Companies that want to provide high shareholder returns need to pivot their future plans on growth and demonstrate strong operational capabilities that enable agility and resilience, powered by technology and innovation. Committed to enabling customers’ digital advancement, TM One partners with the best technology providers to deliver access to the right technologies and resources to drive this innovation. At TM One, we deliver your NEXT advantage today. The time for action is now. To find out more about the TM One Sandbox programme and successful use cases, visit https://www.tmone.com.my/5g/ |
https://theedgemalaysia.com/node/649474 | The playful introvert who could | English | This article first appeared in The Edge Malaysia Weekly on December 26, 2022 - January 1, 2023 Kiu Jia Yaw became a lawyer because he wanted to change the system from within. To do that, he had to become a good lawyer, which, Kiu admits, is “… really, really hard”. But learn he did, and the years flew by. Even as he practised, Kiu made it a point to serve two groups of people: business clients and non-profits. He realised that he could change the world by facilitating the change agents. “These are the people who are hustling for change. How do I, as a lawyer, keep them safe, efficient and effective through their organisational structures, governance and strategic understanding of the systems they are trying to wrangle with?” Kiu familiarised himself with the technical know-how in non-profit governance and the kind of landscape they must engage in. The second group he engaged with comprised the more enlightened businesses that wanted to bring about positive change, but are stuck in a system that prioritises shareholder value and profit maximisation. How to fix the flawed design? Put the company’s purpose rather than shareholder interests at the centre of the organisation and work from there. “The only way to make someone change is to make them want to. And I’m not going to preach to the unconverted, the people who are so embedded in the bad old stories,” says Kiu. “I want to work with people who are living better stories but encountering friction in the system. It’s very hard because the system comes from yesterday’s stories.” Kiu needed to practise what he preached. “I do all this work but I’ve always been in a partnership. A partnership is about making money because the whole conversation in a partnership is about equity.” In 2004, Kiu commenced legal practice at Lee Hishammuddin Allen & Gledhill before moving on to Law, Raj, Teh & Partners, which then became Teh, Kiu & Partners and subsequently merged to become Desmond Chan & Jeff Law. He left in August 2020, in the midst of the Movement Control Order, to form Kiu & Co. “I thought I would be freer if I set up something on my own where I could put purpose first … because I’m doing work to serve a purpose and I make money only through serving that purpose,” Kiu reasons. “I wanted to get that priority right and then see how that manifests itself in terms of building an organisation. The slow way to do that would be to engage with my own partners. But then, you realise, people have different stories in their head and I understand that my story is very weird to most people,” he admits with a chuckle. His one-sentence intention for the firm was this: We exist to do our best to move the needle on sustainable development. “That means we are a sustainable development law firm. We are a for-purpose organisation, so purpose comes first, financial security and other motivations are subordinate.” Outside of his work as a lawyer, he volunteers in various capacities to fulfil his purpose of creating partnerships and supporting change agents. Kiu is the co-chair of the Malaysian CSO-SDG Alliance, the resource person of the All-Party Parliamentary Group Malaysia on the Sustainable Development Goals (APPGM-SDG), deputy co-chair of the Bar Council Environment and Climate Change Committee, ESG (environmental, social and governance) committee adviser for the Chinese Chamber of Commerce and Industry of Kuala Lumpur & Selangor as well as a committee member of CERAH. The APPGM-SDG is a bipartisan initiative to implement the sustainable development goals in parliamentary constituencies by working with members of parliament (MPs). So far, it has worked with 57 MPs on 121 projects, which include organic farming in Bentong and ecotourism in Tanjung Piai. Meanwhile, “the Chinese Chamber of Commerce set up an ESG committee because they see the writing on the wall but have no idea how to go about it. So, they get outsiders to help them. I come in, sit down with them, show I speak their language, respect their concerns and the rules by which they want to play, and I rope in my playmates so they can meet in a safe environment.” It took him 10 months to plan the first ESG event with this chamber of commerce. “I roped in the Swedish embassy, which is a trade mission, by pulling in companies like Volvo and Scania to talk about business and how sustainability is crucial for future businesses. And how they are doing sustainability in partnership with local partners. “That’s an interesting conversation for Chinese businesses. It’s a big leap but I like big leaps. It’s about aligning and encountering each other and designing something.” And this is how he infiltrates the system to introduce sustainability to those who may have been, hitherto, either unclear on — or even hostile to — the concept. Participating in these organisations gives him a seat at the table. “And that’s a way for me to crawl out of my cave to do what I do. And engage with people who are in those organisations that I serve, who want to do something. I can invite them to play. And it’s in play that possibilities happen.” Kiu realised that every organisation needed to articulate its purpose, all the better for society at large to be able to engage with it. He points out that human beings have a right to exist, but organisations need to have licence from society. “And your licence is very basic. Just declare your purpose so that society can hold you accountable. But more than that, so that society can engage with you.” The purpose need not be lofty. “It could simply be that you want to make excellent pencils so that people can use this tool to express themselves. And when you declare that, you allow all your stakeholders to engage with you to say, here’s how you can do that better.” This engagement, he adds, is edifying and helps organisations improve the reiteration of their purpose through what they do. “We exist by doing, by the labour of our hands, by our work. And it’s through work that we have relationships and we exist.” A relationship, Kiu points out, is the ephemeral thing that exists between two sentient beings. “A relationship is a vessel for love and we exist for love and suffer for the lack of it. It’s the crux of sustainability.” Kiu has pondered on the idea of evil more than most. “I try to inform my work with figuring out how bad decisions prevail in sophisticated structures like public-listed companies where you have audit committees, risk committees and all these smart people sitting there.” Kiu’s biggest battle, however, is not with the evil corporates but himself. “It’s my million voices in here that ask, ‘What’s the point? We’re faffing about making silly policies, just helping greenwash, legitimising this moron or that less-than-nice person.” And this cynicism, he says, needs to be addressed. “It’s the holes in my sails. It’s so hard the catch the wind in my sails because it’s so easy to just say, ‘Look at the scale of this problem, look at how unintelligent people are and look at my blunt hands. What can I do?’” The solution to that is to become what he calls a micro-auntie, the kind that minds everyone’s business and tries to help out wherever they can. So the poverty in the economy is a place that we need to take ownership of; a place we need to hack. It’s easy to regard the economy as a place of poverty, a desert. “My drop of water is not enough. I would need to pour a whole ocean.” But micro-aunties do not reason thus. They simply water as they go along, not stopping to consider how much of an impact they have made or whether it is enough. Thus, they are not overwhelmed by circumstances and form a benevolent structure in which society can function. One way for this introvert to water as he goes along is by going out there and encountering the “other” as much as possible. “To the liberals and idealists, the other is the people in power, the tyrants that we see. I need to encounter them so that I can do what I want even better. “I have a lot of myths about who they are and how they operate. And I want to dismantle these myths.” Save by subscribing to us for your print and/or digital copy. 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https://theedgemalaysia.com/node/666359 | 投资者谨慎 马股休盘走低 | Mandarin | （吉隆坡10日讯）马股休盘下跌，因投资者可能在隔夜美国股市温和回落后保持谨慎态度。 休市时，富时隆综指跌5.15点，挂1427.48点。 综指今早以1433.11点报开，较昨日闭市的1432.63点，微升0.48点。盘中游走于1427.03点和1433.68点。 下跌股400只、上升股280只，另有414只无起落、1148只无交易，以及23只暂停交易。 成交量16亿7000万股，值8亿1977万令吉。 ActivTrades交易商Anderson Alves表示，在美股小幅收低后，亚洲股市周三处于守势。 他说，在美国通胀数据公布前，市场将保持谨慎。 重量级股中，马银行（Malayan Banking Bhd）跌3仙，至8.72令吉、大众银行（Public Bank Bhd）下滑1仙，报4.01令吉、联昌国际集团（CIMB Group Holdings Bhd）减6仙，挂5.05令吉、国家能源（Tenaga Nasional Bhd）跌5仙，报9.15令吉，而国油化学（Petronas Chemicals Group Bhd）升1仙，至7.21令吉。 至于热门股，婆罗资源（Bahvest Resources Bhd）挫3仙，报10.5仙、顶级手套（Top Glove Corp Bhd）降1仙，至1.08令吉、Velesto Energy Bhd则扬0.5仙，挂23.5仙，而日马集团（Jade Marvel Group Bhd）和科恩马（KNM Group Bhd）分别持平于27.5仙和6仙。 （编译：陈慧珊） English version：Bursa remains in negative zone at midday |
https://theedgemalaysia.com/node/626609 | Mudajaya bags RM104m work contract relating to 1,200MW power plant in Kedah | English | KUALA LUMPUR (July 1): Mudajaya Group Bhd has bagged a RM104 million earthworks contract for a 1,200MW combined cycle gas power plant project in Gurun, Kedah. The project is targeted to be completed by August 2023, and is expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2022 onwards, Mudajaya said in a bourse filing on Friday (July 1). The latest contract win come just a day after Mudajaya announced the purchase of Real Jade Ltd, which is involved in the manufacturing of cement and clinker in China, at an indicative price of HK$400 million (RM224.32 million), to expand its trading and manufacturing of construction materials business in the country. Shares in Mudajaya closed unchanged at 23 sen, giving the group a market capitalisation of RM291.99 million. Read also:
Mudajaya buys cement maker Real Jade for RM224 mil to expand into China |
https://theedgemalaysia.com/node/672147 | US curve inversion deepens to one percentage point after Powell | English | (June 22): Bond investors’ concern over a potential US recession deepened after Federal Reserve Chair Jerome Powell signalled policymakers may keep pushing interest rates higher. Yields on two-year Treasuries exceeded those on 10-year notes by as much as one percentage point on Wednesday (June 21) after short-term rates climbed following Powell’s testimony in Congress. The two-10 segment of the yield curve — which has inverted before each of the past five US recessions — is now the most inverted since March. The impact of Powell’s testimony may have been exacerbated by faster-than-expected UK inflation data that added to speculation the Bank of England will increase the pace of its tightening when it meets Thursday. A number of developed central banks turned more hawkish this month on concern inflation is staying too high for too long. “The UK is sending the signal that it’s too early to make the call that central-bank rate hikes have been enough to keep the inflation genie in the bottle,” said Prashant Newnaha, a rates strategist at TD Securities Inc in Singapore. “In the battle of growth versus inflation, inflation wins hands down, meaning that central banks are likely to risk a severe downturn to win the inflation battle.” While the Fed kept interest rates on hold last week for the first time in more than a year, it surprised investors and economists by projecting it’s likely to raise borrowing costs twice more by year-end. Powell reiterated that message in congressional testimony Wednesday, stressing that most US policymakers expect more hikes will be needed with inflation remaining well above the Fed’s 2% target. The inversion of the two-10 spread had widened to 111 basis points on March 8, the most since the 1980s, before narrowing later that month as the collapse of several US regional lenders fuelled concern a potential banking crisis would convince the Fed to start cutting rates. |
https://theedgemalaysia.com/node/619496 | 丰隆维持大马喜力买入评级 目标价上调至28.87令吉 | Mandarin | （吉隆坡12日讯）丰隆投资银行维持马来西亚喜力（Heineken Malaysia Bhd）的“买入”评级，目标价则从24.92令吉，上调至28.87令吉。 该研究机构今日在报告中指出，2022财政年首季核心净利1亿1340万令吉（按季增18%；按年涨54%），高于该机构和市场预期，分别占全年预测的38%和41%。 丰隆投行表示，差异是由于营业额高于预期，而营运成本低于预期。 “基于上调营业额预估并调低成本预测，我们将2022和2023财年的盈利预测调高8至16%。” “因此，目标价从24.92令吉，上修至28.87令吉，意味着本益比为25.4倍。” 丰隆投行重申对大马喜力的“买入”评级。 （编译：重申） English version：HLIB keeps buy on Heineken, raises target price to RM28.87 |
https://theedgemalaysia.com/node/677859 | Pestech主席儿子同日撤回辞职信 | Mandarin | （吉隆坡8日讯）Pestech国际（Pestech International Bhd）执行董事Lim Peir Shenq昨日（8月7日）提交辞职信后，已于同日撤回辞职信。 Pestech国际今日向大马交易所报备，Peir Shenq在昨日深夜撤回辞职信，但没有解释他改变想法的原因。 该公司昨日宣布，Peir Shenq以追求其他兴趣为由辞职，当天生效。 Peir Shenq（38岁）是集团执行主席林亚福的儿子。他也是集团董事经理兼总执行长林培川的表弟。 目前，林亚福和林培川是Pestech国际的最大股东，分别持股30.875%及19.45%。 截稿时，Pestech国际企于30.5仙，市值为3亿260万令吉。 （编译：魏素雯） English version：Pestech chairman’s son Lim Peir Shenq retracts resignation letter dated the same day |
https://theedgemalaysia.com/node/659868 | 大马2月贸易总额增长11% 出口扬9.8% | Mandarin | （吉隆坡20日讯）我国2月贸易数据保持上升趋势，按年增长11%至2049亿9000万令吉，而出口上扬9.8%至1122亿8000万令吉。 2月进口则上升12.4%至927亿1000万令吉。 2月贸易顺差为195亿6000万令吉，自2020年5月以来，连续34个月录得贸易顺差。 国际贸易及工业部今日发布文告指出，2月贸易总额、出口和进口均为月值最高。出口增长受到石油产品、电气与电子产品，以及液化天然气强劲出口的带动。 与1月相比，贸易顺差扩大7.9%，而贸易总额（-1.1%）、出口（-0.3%）和进口（-1.9%）则下跌，因为工作天数较少。 首2个月的贸易总额按年增6.1%至4121亿7000万令吉。出口扬5.4%至2249亿3000万令吉，而进口攀升7%至1872亿4000万令吉。 贸易顺差下滑1.8%至376亿9000万令吉。贸易总额、出口和进口是同期最高。 （编译：陈慧珊） English version：Malaysia's February trade up 11%, exports 9.8% higher |
https://theedgemalaysia.com/node/604392 | Proton inks MoA to distribute smart Automobile's EVs in Malaysia, Thailand | English | KUALA LUMPUR (Jan 19): Perusahaan Otomobil Nasional Sdn Bhd (Proton) is planning to introduce premium electric vehicle (EV) brand smart Automobile Co Ltd's range of new EVs into the rapidly growing ASEAN automotive market. In a statement Wednesday (Jan 19), Proton said it and smart Automobile have signed a memorandum of agreement (MoA) which will see both parties collaborating via Proton Edar, who will be appointed as the importer, distributor and dealer for smart Automobile in Malaysia and Thailand. At the same time, smart Automobile (Nanning) Sales Co Ltd — a wholly-owned unit of smart Automobile — will fulfil the role of a gateway for smart Automobile to the region, said Proton. smart Automobile is a joint venture between German and Chinese automotive groups Mercedes-Benz AG and Zhejiang Geely Holding Group Co Ltd founded in 2019, which they plan to develop into a world-leading, premium EV technology brand. “With the signing of the MoA, Proton is taking its first steps on its New Energy Vehicle strategic journey. By collaborating with smart Automobile, we will be able to gain experience in the selling, servicing, and charging of new EVs and build up the skill sets we require to be a force in Asean’s rapidly expanding new EV sector. This is also an opportunity to tap on smart’s customer base, which will open up more opportunities for the Proton brand,” said Proton chairman Datuk Seri Syed Faisal Albar. Proton also shared, citing forecasts by the International Renewable Energy Agency, that the new EV market will grow to around 10 million units in Southeast Asia by 2025, and that smart Automobile, with its new product portfolio due to be launched in the coming years, will be well placed to take advantage of growth in the region. “The MoA with Proton Edar is for the company to establish a multi-level sales and service network in Malaysia and Thailand, as well as a brand experience centre and a number of sales locations, providing local markets with sales and after-sales services for smart vehicles. “With smart’s ‘dual-home’ (Europe and China) business strategy, the company already covers two of the world’s largest automotive markets. Now, as part of our forward-looking strategy, we are joining hands with Proton in Southeast Asia. With minimal investment, the agreement will allow us to enter the Thai and Malaysian markets in the near future. "As our regional partner, Proton has a first-class corporate reputation, extensive experience and valuable knowledge of local operations. We look forward to working together to provide consumers in Southeast Asia with a new premium, intelligent, all-electric driving experience,” said smart Automobile's chief executive officer Tong Xiangbei. According to Proton, the MoA with Proton Edar is for the company to establish a multi-level sales and service network in Malaysia and Thailand, as well as a brand experience centre and a number of sales locations, providing local markets with sales and after-sales services for smart vehicles. "Currently, there are no plans to collaborate beyond the tenets of the agreement," it added. |
https://theedgemalaysia.com/node/622177 | 经纪费收入降 肯纳格投行首季净利挫51% | English | （吉隆坡31日讯）肯纳格投资银行（Kenanga Investment Bank Bhd）首季净利按年下挫51.13%，归咎于经纪费、交易和投资收入降低。 肯纳格投行今日向大马交易所报备，截至3月杪2022财政年首季净利为1670万令吉，或每股2.30仙，低于上财年同期的3416万令吉，或每股4.78仙。 首季营业额也从2亿5012万令吉，跌26.07%至1亿8490万令吉。 按季比较，净利较2021财年第四季的3222万令吉，大跌48.18%，营业额亦较2亿2608万令吉跌8.21%。 闭市时，该股平盘收于1.03令吉，市值报7亿5784万令吉。 （编译：陈慧珊） English version：Kenanga Investment 1Q net profit drops 51% on lower brokerage fee income |
https://theedgemalaysia.com/node/615854 | 新冠肺炎：新增确诊跌破1万宗 | English | （吉隆坡11日讯）卫生总监丹斯里诺希山表示，周日（4月10日）新冠肺炎新增确诊病例连续第九天呈下降趋势，跌破1万宗水平，通报8112宗。 新增确诊病例从4月8日的1万4944宗，降至4月9日的1万177宗。4月7日当天，新增确诊病例连续第六天下滑，通报1万1994宗。 上一次新增确诊病例低于1万宗水平，是在今年2月5日，当时通报9117宗，3月8日则飙升至3万2800宗。 诺希山指出，在周日的新增确诊病例当中，8056宗或99.31%属于第一级和第二级。 他周一发布文告表示：“约56宗或0.69%属于第三级至第五级。” 他还透露，卫生部仅发现1个新感染群，目前共有130个活跃感染群。 根据诺希山，全国的基本传染值（Rt）微跌至0.82，4月9日为0.83。 他表示，只有布城（100%）及雪兰莪（53%）的加护病房病床使用率超出50%。 （编译：魏素雯） English version：Health DG: New Covid-19 cases dropped below 10,000 mark on April 10 |
https://theedgemalaysia.com/node/668788 | In reply to Bursa’s query, Bintai Kinden reveals internal probe's details on its three former directors | English | KUALA LUMPUR (May 26): Bintai Kinden Corp Bhd has provided additional information to Bursa Malaysia regarding the group’s internal investigation into the conduct involving three former directors. In a filing with Bursa on Friday (May 26), the mechanical and electrical engineering services specialist revealed that there are three former directors involved in the investigation, but again it did not reveal their identities. Note that the Practice Note 17 (PN17) company has seen several changes in its boardroom recently including three resignations and two new appointments. The three directors who had resigned were former non-executive chairman Datuk Ibrahim Othman, former executive director Noor Azri Noor Azerai and non-executive vice/deputy chairman Ong Choon Lui, while the new directors are former state assemblyman for Bemban, Melaka, Datuk Ng Choon Koon and his niece Ng Siew Kim. Bintai also revealed that its wholly-owned Bintai Trading Sdn Bhd’s (BTSB) holding of 10.29 million shares or a 7.9% stake in Malaysian Genomics Resources Centre Bhd (MGRC) was not disclosed or announced by BTSB within the stipulated time. An unauthorised trading activity by an unknown person — not an employee — was also found, according to Bintai Kinden. “(The unknown person) had been giving instructions to SJ Securities Sdn Bhd for share trading activities in BTSB, including the off-market sale of 195,000 MGRC shares at a lower price than the quoted market price,” it said. Bintai noted that BTSB has also breached internal directives with unauthorised trading activities, despite the board’s directive to halt all trading activities of BTSB. Other findings include the disposal of shares by two former directors before the PN17 announcement. Furthermore, the announcement — which was made by the company’s former company secretary on May 10 — was without the board’s knowledge. As such, a notice of breach of fiduciary and statutory duties was served to the former company secretary. On May 24, Bintai appointed Messrs Alan Kang and Co to act as the independent party conducting the investigation, which is expected to be completed in approximately three months. “The investigation process will involve an exhaustive review of relevant company documents, conducting interviews with key personnel, analysing relevant data, and ultimately preparing a comprehensive report detailing the findings, recommendations and proposed next steps,” it said. Bintai foresees that there will be some impact on the financial and operational following the investigation. However, the group assured that it is both "manageable and under control". “The group believes that the investigation will ultimately have a positive effect on the company in the long run, as it will strengthen our commitment to transparency and good corporate governance,” it added. Shares in Bintai closed unchanged at five sen on Friday, giving the group a market capitalisation of RM44.66 million. The counter has fallen 50% so far this year. Read also: Bintai Kinden to conduct internal probe on its own directors, trading activities |
https://theedgemalaysia.com/node/674637 | Bank of Korea holds rates, to keep policy restrictive | English | SEOUL (July 13): South Korea's central bank held interest rates steady for a fourth straight meeting on Thursday, saying it will maintain a tight stance on monetary policy amid still high prices and heightened financial uncertainty. The Bank of Korea (BOK) said its seven-member monetary policy board voted to keep the base rate unchanged at 3.50%, as it did in meetings in February, April and May. "The Board will maintain a restrictive policy stance for a considerable time with an emphasis on ensuring price stability," the BOK said in a statement. It said core inflation for this year was seen slightly higher than its previous projection, while risks to some non-bank financial sectors have expanded. The decision comes amid heightened worries about the country's soft property market that have weighed on liquidity conditions of some financial institutions. South Korea's heavily trade-reliant economy has been losing momentum this year due to a slowing global economy, weak chip sector and still sluggish demand from China, although consumer sentiment ticked up in June to its highest in just over a year. Domestic markets showed muted reaction as the decision was in line with the unanimous forecasts of 46 economists surveyed by Reuters. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over. South Korea's annual consumer inflation has eased since peaking at a 24-year high of 6.3% in July 2022. The rate stood at 2.7% in June this year, although it is still higher than the central bank's medium-term target of 2%. South Korea's import prices fell in annual terms for a fifth month in June and marked the steepest drop in more than eight years, central bank data showed earlier on Thursday. Governor Rhee Chang-yong is due to hold a news conference soon. |
https://theedgemalaysia.com/node/650203 | MISC set to undergo strong technical rebound, says RHB Retail Research | English | KUALA LUMPUR (Jan 3): RHB Retail Research said MISC Bhd is set to undergo a strong technical rebound after it resumed its uptrend and breached the RM7.40 level on significant trading volume last Friday, forming a fresh “higher high” bullish pattern. In a trading stocks note on Tuesday (Jan 3), the research house said a bullish bias above that level may bring the stock higher towards RM7.75 — May 26’s high — before propelling upwards towards the RM8 mark. “However, the counter may move downwards if it drops below the RM7.20 support, heading to print below the 21-day average line,” it said. |
https://theedgemalaysia.com/node/603135 | A new CEO for Bank Pembangunan? | English | This article first appeared in The Edge Malaysia Weekly on January 10, 2022 - January 16, 2022 MARKET talk has it that Bank Pembangunan Malaysia Bhd (BPMB) could have a new CEO within the next few months as the incumbent Arshad Mohamed Ismail is looking to leave. The speculation that is making the rounds is that Arshad, who was appointed to helm BPMB in April 2019, could be coming to the end of a three-year term and may be looking to leave the Minister of Finance Inc-owned development financial institution (DFI). When asked about this, BPMB says, “As a regulated entity, Bank Pembangunan does not comment on matters of a speculative nature.” Nevertheless, three separate sources have heard about BPMB scouting for a new CEO. One source, who spoke to The Edge on condition of anonymity, says, “From what I hear, BPMB will need a CEO soon — Arshad is leaving — and there is already an active search going on.” Another source echoed the same view but adds that chairman Tan Sri Nazir Razak, who was appointed in April last year, is also involved in the selection of a new CEO. However, Nazir could not be contacted at press time to confirm the rumours. Nazir is an old hand in the banking industry. He is the founding partner and chairman of Ikhlas Capital, an Asean private equity firm, and had a stint as CIMB Group Holdings Bhd’s chairman for four years and CEO for 15 years prior to that. He was also a non-executive director of Khazanah Nasional Bhd for four years and a member of the Employees Provident Fund’s investment panel for 15 years. Hence, Nazir being involved in the selection of a new CEO for BPMB is not surprising. Nevertheless, a new appointment to helm BPMB is likely to generate considerable interest as it is slated to play a key role in the plans to merge the local DFIs, namely Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) and Export-Import Bank of Malaysia Bhd (Exim Bank), under its belt, as stated in Budget 2020. In November last year, BPMB completed the purchase of Danajamin Nasional Bhd, making it a wholly-owned subsidiary and, more importantly, started the consolidation ball rolling. A third source explains that BPMB has been looking for a new CEO to synchronise and orchestrate the enlarged entity — BPMB and Danajamin. While BPMB has been performing well financially, its gross impaired loans, financing and advances ratio at 11.29% is considered high, but it is still down from 12.15% a year ago. In 2016, the ratio was in excess of 15%. For its financial year ended December 2020, BPMB chalked up a net profit of RM107.08 million, down from RM251.59 million a year earlier. As at end-2020, the DFI had total assets of RM23.48 billion while its total liabilities stood at RM15.51 billion. The current situation at BPMB is much better than about four years ago, when the DFI was in the spotlight due to loans of more than RM200 million to Tan Sri K K Eswaran’s Asian Broadcasting Network Sdn Bhd, which had to auction off its assets to pay off creditors. BPMB had also extended more than RM300 million to two companies linked to Indonesian businessman Tan Sri Peter Sondakh — Integrated Nautical Resort Sdn Bhd and Garuda Suci Sdn Bhd — which built and operated the St Regis Langkawi and Langkawi International Convention Centre. The convention centre had been suffering losses since 2013. Both Eswaran and Peter Sondakh were known associates of former premier Datuk Seri Najib Razak, the brother of chairman Nazir. Other than the above, BPMB’s 90%-owned unit Global Maritime Ventures Bhd, which managed a shipping finance fund, also came under fire after it ended up wholly owning Syarikat Borcos Shipping Sdn Bhd, which had a RM62.7 million facility with BPMB and to which KPMG was appointed a liquidator at end-December 2016. BPMB also had a RM400 million exposure to Aries Telecoms, and news reports had it that the DFI sought legal recourse against the latter for RM451.27 million, but it is unclear how things have panned out. In April 2021, the Malaysian Anti-Corruption Commission (MACC) detained four individuals linked to questionable loans dished out by BPMB, but what transpired is not known. The DFI also came under the spotlight as its board and other committees had met more than 120 times a year, resulting in hefty payouts to directors who were compensated for the meetings they attended. However, to put things in perspective, the many issues at BPMB were prior to Arshad joining the DFI, and things seem to be more structured now. With BPMB likely to play a lead role in the merger of various DFIs in the country, finding the right CEO for the job is imperative. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/627724 | Kenanga raises target price for P.I.E. Industrial to RM4.10 | English | KUALA LUMPUR (July 12): Kenanga Research has maintained its “outperform” rating on P.I.E. Industrial Bhd (PIE) at RM2.82 with a higher target price (TP) of RM4.10 (from RM3.70) and said despite recent softness in the decentralised finance (DeFi) space, orders for application-specific integrated circuit (ASIC) hardware from its new Chinese customer as well as other products from its customer base have remained robust. In a note on Tuesday (July 12), the research house said this is attributable to PIE being in the sweet spot as: i) the ASIC hardware customer is pushed to relocate out from China; ii) PIE is the preferred vendor in Malaysia that can handle the manufacturing complexity required; and iii) PIE is able to leverage on the purchasing power of its parent company Foxconn to ensure component supply. Kenanga said against the backdrop of rising inflation and the general market fear of corporates facing margin compression, PIE will still be able to maintain or even potentially grow its margins as the group is fortunately able to leverage on Foxconn’s purchasing power and engineering expertise in streamlining its operation to reduce waste and improve yield. “Another positive development is the approval for foreign worker recruitment. “While only receiving approval for a couple hundred workers (versus the application for 1,000 workers), the group believes that this would be sufficient to fuel its growth plan for FY22 and FY23. “We understand that this is a common allocation practice that many EMS companies also received lower number of workers than requested. PIE will conduct the recruitment in batches and complete the entire process by August. “Maintain 'outperform' with a higher TP of RM4.10,” it said. |
https://theedgemalaysia.com/node/672266 | Sulu group: Malaysia's counsel confident of winning dispute | English | KUALA LUMPUR (June 22): The lawyer appointed by Malaysia to handle the Sulu claimants’ dispute is confident that the country has a strong chance of prevailing based on facts and evidence that clearly sides Malaysia, Minister in Prime Minister’s Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said. She added that she was currently conducting a visit together with a representative from the Attorney-General’s Chambers, Solicitor-General II Datuk Almalena Sharmila and Malaysia’s ambassador to Spain Dato Akmal Che Mustafa to Madrid, Spain, where the eight individuals involved in the Sulu claims dispute had begun arbitration proceedings. During the visit, she was briefed by the law firm representing Malaysia, Uria Menandez from Spain, Bredin Prat (France), Fietta LLP (United Kingdom) and public relations consultants PA Associates (United Kingdom) on the claims dispute while awaiting the decision by the International Court of Justice in Hague on June 27. “Whatever the judgement, the MADANI government will remain firm in our stand to continue efforts to ensure Malaysia’s sovereignty is preserved in this case,” she posted on Facebook on Thursday. Azalina urged that all Malaysians continue to support government efforts to champion this issue and to pray for success and the preservation of the country’s sovereignty. Eight Filipinos claiming to be descendants of the Sulu Sultanate were reported to have taken legal action through arbitration in Spanish courts to obtain compensation over the alleged leasing of Sabah by their ancestors to the British East India Company in 1878. |
https://theedgemalaysia.com/node/676842 | Adani Group to raise US$1.8b from India bond sales | English | (July 31): Billionaire Gautam Adani’s conglomerate plans to tap India’s bond market to raise up to 150 billion rupees (US$1.8 billion or RM8.11 billion) this financial year as it gears up local-currency debt sales since damaging allegations were made by a short seller earlier this year, according to people familiar with the matter. The notes would likely be sold in small five billion (RM274.07 million) to 10 billion rupee lots of listed and unlisted bonds to meet capital expenditure requirements, said the people, who asked not to be identified because the plans are private. Adani Ports and Special Economic Zone Ltd, Adani Electricity Mumbai Ltd, Mumbai International Airport Ltd, Navi Mumbai International Airport Ltd and flagship Adani Enterprises Ltd are among the group’s firms that may issue first, the people said. The plans will likely gather steam in two months and the amount eventually raised could be double the initial size, one of the people said. However, the deliberations are still progressing and have not yet been finalised, according to the people. An Adani spokesperson did not immediately respond to a request for comment. Adani’s plans are aimed at shoring up investor confidence after months of damage control following Hindenburg Research’s January report detailing alleged years-long corporate malfeasance, which sent the group’s stocks and bonds tumbling. The conglomerate has denied the US short seller’s accusations and Adani Enterprises earlier this month raised 12.5 billion rupees through a sale of Indian bonds. The tycoon’s group is also in talks with Barclays plc, Deutsche Bank AG and Standard Chartered plc to borrow between US$600 million and US$750 million to refinance debt taken on to finance its purchase of Ambuja Cements Ltd, Bloomberg reported last week. Separately, Adani New Industries Ltd has raised US$394 million through a trade finance facility from Barclays and Deutsche Bank for a solar module project. |
https://theedgemalaysia.com/node/612330 | Gas Malaysia：2021财年派6.87仙终期股息 | English | （吉隆坡17日讯）Gas Malaysia Bhd宣布，在截至2021年12月31日财年（2021财年）派发每股6.87仙终期股息，总值8821万令吉。 除权日为6月30日，将于7月27日支付。 Gas Malaysia在2021财年净赚2亿4962万令吉，较2020财年的2亿1262万令吉，上涨17.4%，得益于天然气销量增加、管理费用和财务成本降低，推高了收入及总盈利。这抵消了联营公司蒙亏及财务收入减少所造成的影响。 然而，2021财年营业额降低12.5%至58亿5000万令吉，上财年报66亿9000万令吉，主要是平均天然气关税降低所致。 展望未来，该集团将继续采取谨慎措施来维持营运效率，以保持竞争力，并寻求发展业务的机会。 董事部估计，该集团将在2022财年取得令人满意的业绩。 闭市时，Gas Malaysia升1仙或0.38%，至2.67令吉，市值达34亿3000万令吉。 （编译：魏素雯） English version：Gas Malaysia declares 6.87 sen final dividend for FY21 |
https://theedgemalaysia.com/node/658079 | Price cap removal to benefit poultry players, but feed cost the main concern | English | This article first appeared in Capital, The Edge Malaysia Weekly on March 6, 2023 - March 12, 2023 AGRICULTURE and Food Security Minister Datuk Seri Mohamad Sabu said last month that the prices of chicken and eggs are expected to be floated after June, as part of the government’s efforts to overcome food shortages. Although the details are scarce, analysts generally expect the blanket subsidy for poultry players to be removed by then, as the government is trying to implement targeted subsidies for the bottom 40 income group (B40). They are of the view that the removal of the price cap should provide support to poultry producers and allow them to achieve better margins, but managing operating costs may not be an easy task. Kenanga Research analyst Ahmad Ramzani Ramli tells The Edge, “Even if the subsidy is removed, poultry players’ profitability will not be affected as they can increase their selling prices.” Feedstock supply is the key issue, given the prolonged Russia-Ukraine conflict, he highlights. He observes that the prices of corn and maize are still trending upwards. “Some indicators show that prices will go up until end-2023. It’s a concern for poultry producers.” While poultry players will still be able to record top-line growth in view of eggs and chicken being daily necessities, Ramzani warns that they could face “a challenging time” as the fluctuations in the price of key raw materials are beyond their control. Malacca Securities analyst Ng Hui Yee agrees, saying that although the supply of eggs in Malaysia appears to have stabilised, the uncertainties for the poultry industry do not only come from the price control mechanism, but also the elevated cost of raw materials. “Maize and soybean prices may continue to fluctuate in the upcoming quarters due to irregular demand and supply dynamics on the global front.” MIDF Research notes in a Feb 16 report that the prices of animal feed, namely soybean meal and corn, increased in January, with the average price of soybean meal and corn rising 27.7% and 9.2% year on year (y-o-y) respectively. On a monthly basis, they were 4.9% and 1.4% higher. The research house anticipates that the higher feedstock prices will exert pressure on the margins of poultry players. For perspective, feed cost constitutes about 70% of chicken production costs. Corn makes up about 50% of the feed cost and soybean meal about 25%. According to the “Report of Special Study on Production Cost of Chicken and Egg, 2022” published by the Department of Statistics last December, the largest components of production costs for chicken broilers in September were poultry feed (65.1%) and the cost of purchasing day-old chicks (16%). Meanwhile, 76.2% of egg production costs were poultry feed and 15.8% were utilities, salaries and wage costs. According to the Ministry of Agriculture and Food Security, the subsidy for eggs will continue until June, with a total cost of RM1.28 billion to ensure a stable supply in the market. A total of 18,880 applications for the subsidy worth RM1.69 billion had been approved for chicken farmers and egg producers as at Feb 15, said Mat Sabu. The current retail price ceiling in Peninsular Malaysia for standard chicken is RM9.40 per kg, up from RM8.90 previously, following claims that poultry players were suffering from thin margins amid the rising cost of production. For eggs, the price ceiling is 45 sen for Grade A, 43 sen for Grade B and 41 sen for Grade C. It is estimated that the average monthly supply of chickens will show a surplus of 16.85 million in 1Q2023, while eggs will have a surplus of 119.86 million. At the time of writing, the Federation of Livestock Farmers’ Associations of Malaysia had not responded to queries sent by The Edge. Malacca Securities’ Ng notes that the operating environment will remain challenging in the short term in view of the elevated feed cost, as there has been a price ceiling on eggs since November 2022. The price of Grade C chicken eggs rose 2% y-o-y to 35 sen in 4Q2022, in tandem with the higher feed cost. She expects the price to hover at 35 sen in the near future. Owing to the lower feed cost and subsidy from the government, poultry players enjoyed better margins in the last quarter of 2022, with all companies registering higher earnings y-o-y. Leong Hup International Bhd’s net profit more than doubled to RM90.71 million during the quarter from RM37.99 million in the previous corresponding quarter, driven by higher sales in all operating markets except Singapore. Similarly, CAB Cakaran Corp Bhd saw its net earnings surge to RM41.87 million from RM18.19 million a year earlier, thanks to higher average selling prices of feed, processed chicken and most processed food products. Last month, the company announced that it had expanded into the premium downstream food segment to cushion against the fluctuations in its profit margin and to boost its financial performance. QL Resources Bhd, one of the largest producers of surimi and eggs in Southeast Asia, reported a 62.5% increase in net profit to RM97.18 million in the last quarter of 2022. However, CGS-CIMB Research expects QL Resources to record weaker quarter-on-quarter (q-o-q) results for the January to March 2023 period, due to rains that could affect its marine product manufacturing (MPM) segment. Also, the lower feed cost subsidy will weigh on its integrated livestock farming (ILF) segment. Nevertheless, it foresees the group posting a robust net profit growth of 57.1% in FY2023, supported by the MPM, ILF and convenience store chain (CSC) segments. “Beyond FY2023, we expect QL’s growth to slow to 7% in FY2024 as we account for weaker consumer sentiment as well as rising inflationary pressures,” the research house said in a March 1 note. On a q-o-q basis, only CCK Consolidated Holdings Bhd reported a contraction of 50.8% in net profit, mainly due to the high base effect as a result of a one-off gain from the disposal of an investment property, as well as the subsidy from the government. An analyst who declined to be named is cautious about poultry players’ financial performance in the first half of 2023, having factored in the high feed cost. “The last quarter is typically the strongest quarter, that’s why we saw decent results from poultry players in the last quarter of 2022. However, we have to monitor to see if the momentum can be sustained. I believe there will be more earnings certainty in the second half of the year.” Malacca Securities’ Ng believes Teo Seng Capital Bhd is in a better position than its peers to mitigate the impact of the price control mechanism and elevated feed cost. “Teo Seng is seeking opportunities to gradually grow its export market to enjoy better margins. The group has developed more direct sales channels such as distribution centres and direct sales teams to sell at a better pricing,” she says. In terms of share price performance, CCK is the top performer among the poultry players as its share price has gained 10.9% in the last three months and 28.8% over the last six months. CAB Cakaran has seen its share price rise 7.4% in the last three months, QL Resources 5.6% and Lay Hong Bhd 3.9%, but Teo Seng has slipped 3.2%. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/620446 | Cover Story: Making meaningful connections | English | This article first appeared in Digital Edge, The Edge Malaysia Weekly on May 23, 2022 - May 29, 2022 Digital Nasional Bhd (DNB) has a huge task ahead of it with the nationwide rollout of 5G. The special purpose vehicle, set up to distribute and manage the 5G spectrums and infrastructure in the country through a single wholesale network (SWN), anticipated hurdles along the way and brought on board people who would share its vision and mission and be able to tackle the challenges ahead. Its chief technology officer Ken Tan is one of them. With more than 20 years of experience working with telecommunications companies in Australia, the 44-year-old Klang-born engineer left the Land Down Under to return to his home country and work for DNB. Many family members and friends questioned the decision, but Tan says he had a desire to return to Malaysia. “I got a call from my mentor in Singapore and he told me about this great opportunity that would be a challenge. I then spoke to Ralph [Marshall, CEO of DNB] and the team, who shared DNB’s ambitions and visions with me. “I’ll be upfront. It was very risky for me as I would be giving up a lot of the good things I had in Australia. But in my head, I wanted to do it because it felt that this was my time to do good things for Malaysia. It was my wife who asked me if, in a decade, I would regret not taking this opportunity and the answer was clear. From then on, there was no turning back.” Tan’s aspirations were sky high but after working for the company for almost a year, he realised that he needed to be a little more realistic. The ultimate goal is simple: to enable 5G adoption and build up the network quickly. But before that can happen, basic connectivity needs to be distributed nationwide, even in rural areas. “The reality is that we need to bring connectivity to everyone and bridge the digital divide. Without connectivity, we cannot do anything with 5G and that is the area that needs accelerating at the moment,” says Tan. “I want to make sure that Malaysia can leapfrog and be something that globally, you and I can be proud of. And with the plans I have with DNB, I do believe we can easily be among the top 10 countries globally with the best connectivity in the next 24 months.” No challenge is an easy task, he says, and he is grateful for his team who have been able to bring various technological skills and talents to the table. DNB has been under a lot of scrutiny since its inception last year, with industry players and experts questioning everything from its business model to the implementation of the SWN. As DNB’s chief technologist, Tan’s biggest worry was establishing the multi-operator core networks (MOCN) for the SWN because historically, it had never been done with more than two mobile network operators (MNOs), which was the maximum for 4G deployment in other countries. When DNB successfully trialled it with six MNOs in November last year, he breathed a sigh of relief as it was an incredible feat. That is because it had never been proven to work on such a scale and the team had a short time to make sure it worked well and could be deployed commercially. “My biggest worry before was the MOCN technology and whether it would work or not. But the moment it worked, it became like a factory process, like how things were set up for 2G, 3G and 4G,” says Tan. “Technologies need to be proved because if they aren’t, everything else won’t work and it would be a challenge for us and the government to deliver connectivity to the masses. I am confident that the technology systems are moving in the right direction.” So far, only two telcos — Telekom Malaysia Bhd (TM) and YTL Communications Sdn Bhd — have signed a service agreement with DNB for the implementation of the country’s 5G network. It was recently reported that negotiations on the service agreement between DNB and the other telcos are still underway, according to Communications and Multimedia Minister Tan Sri Annuar Musa. The telcos are negotiating the price or value of equity offered and have been given until June 30 to finalise their participation, said the minister. Tan realises that what really matters to the people, the economy and day-to-day life are the applications and services that add value through 5G connectivity. So, rather than focusing on connectivity alone, DNB is working with the industry to develop 5G applications and use cases, in addition to educating the public on the benefits of 5G. The MNOs will play a crucial role in bringing these applications to individual and business users throughout the country, he adds. “5G connectivity and infrastructure are the boring bits. The cool parts are things like cloud gaming. So, rather than buying an Xbox or PS5, you can have all the gaming content on a cloud edge server. All you need is a device with modest computing power to play games, which is a completely different ball game altogether in the gaming industry. We want to encourage the community to evolve and support these sorts of innovations,” he says. The second of four brothers, Tan, who hails from Meru, Klang, considered himself an average student when it came to academics. That was why his parents had to push him to study harder. His parents had great ambitions for him and his brothers as they were sent to Sydney, Australia, when he was 12 to continue their secondary education. His mother migrated with them while his father stayed back in Malaysia to continue his business. Times were hard during the early days in Sydney, Tan recalls, especially when it came to assimilating into a new culture and society as immigrants. “There was a lot of hardship. My mother couldn’t speak English and in school, I was one of only two Asian kids. The other was a girl from Hong Kong and at the time, around 1980, there was an influx of immigrants going into Australia and this group faced a lot of bullying too,” he says. “My mom had to minimise expenditure and would wake up at 6am to go to the special food markets during weekends and stock up for a month because it was cheaper than buying at the supermarkets. Kids at the time had an Atari or a Nintendo and I was very upset that instead of playing with my friends, I had to work on a farm to earn money. But all this hardship taught me a lot of life lessons and values, and I could get into the workforce quickly after graduating and eventually invested in building a house when I was 22 years old.” Tan eventually made it to the University of Sydney, where he majored in marketing and economics, and subsequently the University of Technology Sydney, where he did a master’s degree in engineering, specialising in telecommunications. Despite his qualifications, he says he never aspired to work in the telecommunications space as he believed that working in finance would be his path to prosperity. But life had other plans for him. While working in finance at Optus, an Australian telecommunications company, there was an opening for an engineer to do reporting and performance analysis. The job paid A$1,000 more per year than his current job and he figured that he would give it a go. “Is this the right choice for me?” Tan wondered back then. But it wasn’t until 2001, when Singtel (Singapore Telecommunications Ltd) bought Optus did he find his calling in the telco space. During his time there, he had the opportunity to meet key leaders in the company and over time, had mentors who gave him advice on what to do in life, how to ignite passion in his career and the makings of a good leader. “That is how I started liking the telco industry. I started doing a lot of stuff that went beyond what a normal person would do. For example, I was meant to build an IT system but I also learnt how to and built a base station. And afterwards, I would hop into a car with some of the other engineers to drive to the various base stations to test for on-the-road connectivity, even though what I really wanted to do at the time was take the car for a spin,” he says. The Optus and Singtel merger gave Tan the opportunity to work in Australia, Southeast Asia and India — regions in which the Singapore-based telco had a presence. One of the Singtel vice-presidents at the time recognised his abilities and began mentoring him to further develop his skills in telecommunications engineering and groom him for leadership. It took Tan about eight to 10 years to work on it, giving him a solid foundation in the industry. The next thing he knew, he was known as a problem solver in the company as he had a tendency to fix issues that no one else had noticed or could fix. “For example, the industry collected a lot of underutilised drive-test data. I proposed that we use all that information to inform site locations for future builds. It eventually became a key objective in drive tests more broadly, whereby we now put up sites based on our drive-test predictions for data demand. It is details like these that people tend to take for granted, which I don’t accept because this information can be useful in unexpected ways later on,” he says. But with success comes failure too. Tan admits that there were instances when he hit brick walls and it was always when he thought he knew everything there was to know. He was asked to lead a team and while doing so, he could never get a good performance rating, no matter how well he did. “At the time, I didn’t want to manage people, I just wanted to focus on the technical side of things. My expertise was in radio and core networks as well as OSS (operation support systems), but I was given the task to handle the prepaid charging system, which I thought I was not good at,” he recalls. “Looking back, I feel that it was a way to set me up for failure. But it was a deliberate intention for me to do bigger things in the years to come as my mentor knew my strengths and weaknesses. With the leadership and guidance I received, I started seeing things differently and through other people’s lens. This was when I really started having that growth mindset and seeing a lot of the market problems.” One of the problems Tan worked on was the issue of mobile broadband in Australia, as there was demand for cheaper dial-up connectivity. He discovered that mobile networks were mostly used during the daytime because everyone was out and about. But when they got home at night, they used the home internet, meaning that there was spare mobile network capacity during the night. Tan proposed to harness this information to create a product that enabled students and renters — people who didn’t want to sign up for home broadband — to have this service. This was in 2012 and it took the company a couple of years to hit its target market and eventually sign up 20,000 people. “That was on 3G and 4G, and the experience of how to offer broadband that we can use for fixed wireless access,” he says. When Tan returned to Malaysia, this was a concept that he thought would work because fibre was not available everywhere in the country, especially rural areas. “Why don’t we just install fibre in rural areas to a certain spot and use fixed wireless access to distribute that connectivity?” he asks. “Rather than saying it cannot be done, look at the problem, then use technology to solve it. This was my experience three years ago. And by doing it right, it can be used for 5G too.” There are a lot of 5G technologies being applied globally as different parts of the world have different needs and research priorities. But without a doubt, adopting technologies is risky and requires heavy capital investment. With that in mind, DNB chose strategic partners such as Ericsson to make sure that Malaysia’s 5G road map is compatible with global standards, says Tan. “We also make sure that whatever infrastructure we invest in is compatible with the MNO’s infrastructure, and that is how we keep driving innovation.” He says there are potential microwave or laser beam technologies that are being talked about in the industry that can be used as an alternative to fibre, that can accommodate the 5G spectrum, but these are only usable in certain scenarios. “New technologies are only as useful as the problems they solve, specifically to improve our quality of life. In this regard, 5G provides the underlying digital connectivity to deliver these new technologies. But in order to do this, we need to make 5G affordable to the mass consumer.” Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/651713 | Goldman Sachs platform solutions business lost US$1.2b in nine months | English | (Jan 13): Goldman Sachs Group Inc disclosed a pretax loss for its newly created platform solutions business of US$1.2 billion (RM5.2 billion) for the first nine months of 2022, the bank said in a regulatory filing on Friday (Jan 13). Goldman said the business, which houses the US bank's transaction banking, credit card and financial technology businesses, also lost US$1.05 billion in 2021 and US$783 million in 2020. The platform solutions business posted higher revenue for the first nine months, but also recorded higher provisions for credit losses and operating expenses. In October, Goldman folded its consumer business, Marcus, into wealth management and created the platform solutions business, which included GreenSky, the fintech lender Goldman bought in a deal valued at US$2.2 billion. The bank's three main businesses are now global banking and markets, asset and wealth management, and platform solutions. It will report fourth-quarter results on Tuesday. The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which is under asset and wealth management. |
https://theedgemalaysia.com/node/675424 | Xi’s private-sector propaganda push runs into wall of scepticism | English | (July 20): China’s latest pledges to rebuild a shattered private sector fell flat with investors, underscoring the damage two years of crackdowns and pandemic controls have had on confidence in the world’s second-largest economy. The Communist Party and the government issued a rare joint statement late Wednesday, with 31 measures to improve conditions for businesses, including pledges to treat private companies the same as state-owned enterprises and to consult more with entrepreneurs before drafting policies. While the move by President Xi Jingping’s government won backing from Tencent Holdings Ltd’s billionaire co-founder Pony Ma and other Chinese businesses, it was greeted with scepticism by Chinese markets looking for more concrete measures to revive sentiment. With Beijing’s official growth target of around 5% now at risk, urgent stimulus measures are high on investors’ wish lists. “It’s more of a principal framework, investors are hoping for more specific stimulus measures such as loosening in property policies and more fiscal spending,” said Alan Li, chief investment officer at Atta Capital Ltd. Any lift to financial markets from Beijing’s signals will likely be short-lived, he said. Hong Kong’s Hang Seng Tech Index — which includes heavyweights like Alibaba Group Holding Ltd and Tencent — traded about 0.3% lower around midday, erasing earlier gains of as much as 1.7%. A gauge of Chinese stocks traded in Hong Kong pared earlier advances of as much as 1.7% to trade at 0.4% just before midday. Businesses have been bruised by years of tight coronavirus restrictions, which ended suddenly in December, as well as unpredictable regulations in sectors like technology and education. While Beijing appears ready to lift at least some of the plethora of private-sector restrictions, it will be hard to repair investor confidence and recoup corporate losses. Once-dominant private sector champions like Ant and Alibaba have shrunk drastically after years of constant scrutiny and business curbs, with Alibaba itself preparing to break into six separate units. The almost two-year crackdown on tech firms appears to now be at a close, with Beijing imposing fines of over US$1 billion (RM4.56 billion) on Ant and Tencent this month. Underscoring the sector’s wish to move on from its crisis, Tencent’s Ma penned a rare opinion article in state media late on Wednesday echoing Beijing’s statements on the importance of the private sector. Other Chinese business executives, like Li Shufu, the billionaire founder of Zhejiang Geely Holding Group Co, and Zong Qinghou, the chairman of leading beverage company Hanzhou Wahaha Group Co, also backed Beijing’s pledges. The public pledges of support from billionaires on Thursday belie the extent to which most entrepreneurs have retreated from the day-to-day running of their empires and shied away from pursuing growth, fearful of drawing Beijing’s gaze. Li Xuetong, a fund manager at Shenzhen Enjoy Equity Investment Fund Management Co, said while Beijing’s signals should ease fears that the government was becoming more tolerant to slower economic growth, the move is unlikely to result in a quick rebound in prospects. “This is just one step in an accumulation of factors to turn around expectations for the business environment,” said Li. “It isn’t realistic for one document to be a game changer.” China’s weakening economic recovery this year has sent a chill through global markets, with Beijing’s limited steps so far — ranging from lower interest rates, easier access to credit and a series of measures to kickstart the moribund housing market — doing little to bolster growth. Businesses are still waiting for signals from Xi’s new economic team that the policy environment will be more transparent and predictable. While Xi has repeatedly insisted that economic development is the Communist Party’s “top priority”, his government has clearly made protecting national security a central focus. Beijing’s recent clampdown on business consultancies like Bain & Company caused unease in global markets, around the same time that the government made revisions to a broadly worded anti-espionage law. Since then, though, officials have had a series of meetings with high-profile executives to repair the damage to business sentiment. “While removing existing business obstacles would be beneficial to business confidence, taking concrete measures to stimulate consumer confidence and establish a clearer regulatory framework would be even more critical,” said Maximilian Butek, chief representative at the Delegation of German Industry & Commerce in Shanghai. “Ultimately, restoring trust in a predictable business environment hinges on concrete actions rather than words.” Private firms still face a number of challenges, including higher financing costs and lack of access to bank loans compared with state-owned counterparts. Many are also constrained because of unpaid bills from supplying services and products to government-related entities, as local authorities’ finances deteriorated. A number of economists have called on the government to adopt more demand-side stimulus measures, including handing out consumption vouchers or cash subsidies to residents — something officials have been reluctant to do. Instead, Beijing has offered a vague guideline to boost consumption of home appliances and furniture, and extended a tax break for new energy vehicles purchases through 2027. “The demand side support, especially how to raise household expectation, as well as stabilise a job market outlook, that’s also very key to restore confidence in household sector,” Betty Wang, a senior economist at Australia & New Zealand Banking Group, said in an interview on Bloomberg TV. “The latest data released shows a very clear weakness in the private and household sector.” The government will boost support for private companies in share listings, bond sales and overseas expansion, according to the official statement Wednesday. It will also continue to cut market entry barriers for private firms and help resolve unpaid bills owed to smaller businesses. “It won’t turn sentiment around overnight, but private entrepreneurs do take these signals seriously, so this and similar statements from top leaders make a difference,” said Gabriel Wildau, managing director at advisory firm Teneo Holdings LLC in New York. “A similar statement directly from Xi would have an even greater impact.” |
https://theedgemalaysia.com/node/676533 | Anwar hands appointment letters to Terengganu, Kelantan PKR candidates | English | KUALA NERUS (July 28): PKR president Datuk Seri Anwar Ibrahim handed appointment letters to PKR candidates contesting in the Terengganu and Kelantan state elections on Aug 12. Terengganu candidate Wan Muhamad Haikal Ghazali received his appointment letter to contest in Wakaf Mempelam, Eka Lisut for Manir and Osman Umar for Sura, while Azan Ismail received his appointment letter to contest as the party’s candidate in the Kuala Terengganu parliamentary by-election. Anwar also handed appointment letters to Kelantan state election candidates Zamakh Sari Ibrahim (Pasir Pekan), Syed Mohd Alidustur Syed Md Zain (Panchor), Ezzat Hanuzi (Chetok), Zinda Khalil Sastro Hassan (Tanjong Mas), Aina Sayuty (Pasir Tumboh), Kamaruddin Mat Zin (Limbongan) and Mohd Shukri Ishak (Mengkebang). In the brief meeting at the VVIP waiting room at Sultan Mahmud Airport, Anwar also urged all candidates to campaign in a harmonious and healthy manner. He also reminded them to move in tandem with party machinery to ensure effective communication could be delivered to voters and prayed that all candidates under the Pakatan Harapan and Barisan Nasional alliance would be victorious in the upcoming elections.
Visit this link for everything about the State Polls 2023 |
https://theedgemalaysia.com/node/673166 | BNM intervention helps revive ringgit despite stronger greenback | English | KUALA LUMPUR (June 30): The ringgit traded firmer against the US dollar on Friday (June 30) as Bank Negara Malaysia’s (BNM) intervention helped the ringgit to stabilise even as the US dollar gains strength compared with other major currencies. At 6pm, the local note ended at 4.6635/6705 against the greenback compared with 4.6705/6740 on Wednesday. The market was closed for Hari Raya Aidiladha holiday on Thursday. SPI Asset Management managing director Stephen Innes said it is not so clear cut to analyse the foreign exchange markets as the ringgit strength is an outlier on Friday. “BNM may sell US dollar forward to intervene as it did in the past. “Or it may hike rates to help the currency ward off any imported inflation,” he told Bernama. “We have not seen any evidence of the latter yet. Still, exporters think this could happen, given how undervalued Malaysian stocks (and the ringgit) are relative to high valuations abroad,” he said. Innes said the Employees Provident Fund (EPF) could shift its strategy to invest more in local assets or even sell some of its foreign assets, thereby creating ringgit demand. On June 27, BNM said it would intervene in the foreign exchange market to stem currency movements that are deemed excessive. Assistant governor Adnan Zaylani Mohamad Zahid said while the value of the ringgit will continue to remain market-determined, the central bank expects ongoing measures by the government to further strengthen the economy would ensure the ringgit better reflects the country’s fundamentals. At the close, the currency was higher against the Japanese yen at 3.2220/2273 from 3.2427/2454. It appreciated vis-a-vis the euro to 5.0571/0647 from 5.1128/1166 and it improved versus the British pound at 5.8923/9012 from Wednesday’s close of 5.9292/9336. The local note traded mixed against other Asean currencies. The ringgit strengthened against the Singapore dollar at 3.4376/4431 from 3.4550/4581 on Wednesday and was higher vis-a-vis the Indonesian rupiah at 309.5/310.1 from 311.4/311.9. It was almost flat against the Philippine peso at 8.44/8.46 from 8.45/8.46, but fell versus the Thai baht to 13.1529/1786 from 13.1054/1211. |
https://theedgemalaysia.com/node/650099 | Wall St dragged down by growth stocks on last trading day of torrid year | English | (Dec 30): Wall Street's main indexes were dragged lower by battered growth stocks on the final trading day of a roller-coaster year marked by aggressive interest-rate hikes to curb inflation, the Russia-Ukraine war and recession fears. Most rate-sensitive technology and growth stocks such as Apple Inc, Amazon.com Inc, Alphabet Inc and Meta Platforms Inc fell between 1.5% and 1.8% on Friday, as US Treasury yields rose. The declines made communication services, technology and the retail index the top decliners among major S&P 500 sectors, down more than 1.2% each. Wall Street's three main indexes were set for their first annual drop after three straight years of gains as the Federal Reserve's fastest pace of increase to borrowing costs since the 1980s to tame soaring prices marked an end to the era of easy money. Investors avoided riskier bets and fled to safer assets such as the US dollar, pushing down the benchmark S&P 500 20% and the tech-heavy Nasdaq nearly 34% this year. Both indexes were on course for their biggest yearly declines since the 2008 financial crisis. Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically-linked value peers in a reversal of a trend that has lasted for much of the past decade. The S&P 500 growth index is down about 30% this year while the value index has dropped 7.9%, with investors preferring high dividend yielding sectors with steady earnings such as energy. The tech sector has shed 29.8% this year and is among the worst performing of the major S&P 500 sectors in 2022. Focus has now shifted to the outlook for corporate earnings in 2023 as investors grow increasingly concerned about the likelihood of a sharp economic downturn due to the rate hikes. "The economy is going to go south because we've raised rates too much. So, by the time we're a few weeks (into 2023), we're going to start to get some earnings warnings," said Dennis Dick, market structure analyst and trader at Triple D Trading. "(The) back half of 2023 is going to be better because I believe the Fed will stop raising interest rates. And I also believe that they will talk about lowering interest rates." Wall Street's main indexes closed higher on Thursday after unemployment data signaled the Fed's policy tightening was starting to take a toll on the US labour market. Still, signs of resilience in the American economy have fueled concerns that the rates could stay higher for longer though easing inflationary pressures have kept alive hopes that the Fed could dial down the size of its hikes. Money market participants see 65% odds of a 25-basis-point hike in the Fed's February meeting, with rates expected to peak at 4.97% by the middle of next year. At 9.57am ET, the Dow Jones Industrial Average was down 260.27 points, or 0.78%, at 32,960.53, the S&P 500 was down 36.61 points, or 0.95%, at 3,812.67, and the Nasdaq Composite was down 129.85 points, or 1.24%, at 10,348.24. US-listed shares of Shaw Communications Inc jumped 9.8% after Canada's antitrust tribunal approved rival Rogers Communications Inc's C$20 billion (US$14.77 billion) bid for the telecom company. Declining issues outnumbered advancers for a 4.48-to-1 ratio on the NYSE and for a 2.75-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 29 new highs and 45 new lows. |
https://theedgemalaysia.com/node/664248 | 前进控股获8600万建筑工程 | Mandarin | （吉隆坡20日讯）前进控股（Advancecon Holdings Bhd）获得雪州经济发展机构（PKNS）授予雪兰莪莎阿南Section U10 Sierra Alam发展项目第一期的建筑合同，总值8600万令吉。 根据前进控股，工程为期24个月，涉及土方工程、主要基建及其他相关工程。独资子公司Advancecon Infra私人有限公司接受了PKNS的中标函。 AISB主要提供土方工程和土木工程服务，该公司有意通过内部融资及/或外部贷款，为上述合同筹资。 闭市时，前进控股跌0.5仙或2.08%，至23.5仙，市值为1亿3700万令吉。 （编译：魏素雯） English version：Advancecon secures RM86 mil construction job for PKNS's Sierra Alam project |
https://theedgemalaysia.com/node/635758 | MFM’s Dindings Poultry gets time extension to submit representation over price-fixing | English | KUALA LUMPUR (Sept 9): Malayan Flour Mills Bhd’s (MFM) partially-owned subsidiary Dindings Poultry Development Centre Sdn Bhd (DPDC) has received a one-month extension from the Malaysia Competition Commission (MyCC) to submit its written submissions, in response to the proposed poultry feed price-fixing decision the competition watchdog levied against it. “MyCC has extended the deadline for DPDC to file its written representation from Sept 20 to Oct 21, 12pm,” MFM said in a filing with Bursa Malaysia on Friday (Sept 9). MFM joins PPB Group Bhd’s 80%-owned subsidiary FFM Bhd and Leong Hup International Bhd’s unit Leong Hup Feedmill Malaysia Sdn Bhd (LFM) in having received a one-month extension to respond to MyCC’s price-fixing allegations. To recap, MyCC on Aug 5 issued a proposed decision against five feed millers — including DPDC, FFM and LFM — saying that the commission had provisionally found them to have infringed the Competition Act 2010 by entering into anti-competitive agreements and concerted practices in increasing the price quantum of poultry feed that contained soybean and maize as its main ingredients, between early 2020 and mid-2022. The other two feed millers allegedly involved were Gold Coin Group’s Gold Coin Feedmills (M) Sdn Bhd, and CP Malaysia’s PK Agro-Industrial Products (M) Sdn Bhd. In the event DPDC is found to have infringed the Competition Act 2010, MyCC has proposed to impose a financial penalty of RM70.02 million — up to 10% of DPDC’s relevant turnover during the period of infringement. At noon break, shares in MFM had slipped half a sen or 0.85% to 58.5 sen, giving the group a market capitalisation of RM596.64 million. Read also:
Leong Hup unit granted one-month extension to submit representation over poultry feed price-fixing allegations
Malayan Flour Mills denies partially owned Dindings Poultry is part of cartel
Leong Hup, PPB reject MyCC's findings that their units engaged in fixing poultry feed prices |
https://theedgemalaysia.com/node/671906 | Persistent contraction in exports to be seen for rest of 2023, say economists | English | KUALA LUMPUR (June 20): The 0.7% fall in Malaysia’s exports in May 2023 compared with a year ago is much milder than expected. However, downside risks continue to linger in the global economy, pointing to weak export growth momentum for the remaining months of the year. United Overseas Bank (M) Bhd senior economist Julia Goh said despite the narrower year-to-date contraction in exports, global demand has yet to show signs of rebounding as the pent-up demand in consumer spending continues to “normalise” post pandemic amid elevated living costs. “Demand from the advanced economies, particularly the US and Europe, slowed due to tighter monetary conditions, while China’s reopening has yet to provide the desired spillover effects to regional peers, including Malaysia,” Goh said. She said this has led to a downcycle in the semiconductor sector and lower global commodity prices that led to lower price earnings for commodity exports. Semiconductors — one of Malaysia’s main exports — make up nearly 38.5% of the country’s total exports in 2022. The Ministry of Investment, Trade and Industry on Tuesday (June 20) revealed that Malaysia’s exports for May fell 0.7% to RM119.6 billion, while imports decreased 3.3% year-on-year (y-o-y) to RM104.19 billion. This led to the country’s trade surplus jumping 21.4% to RM15.4 billion during the month. Malaysia registered RM223.8 billion of total trade in May, which was 2% lower y-o-y. “The ringgit weakness against the USD is hoped to somewhat cushion exporters from softening commodity price earnings,” the senior economist said. She added Malaysia’s manufacturing purchasing managers’ index also showed that business conditions for manufacturing firms in the country have moderated to the greatest extent since January, with the index falling to 47.8 points in May from 48.8 points in April. Output and new orders both slowed at a faster pace than in April, while companies scaled back employment for the first time in five months. Purchasing activity also softened, which in turn fed through to the most marked reduction in stocks of purchases for 21 months. “All these suggest that the current soft patch in exports and production will likely last for some months to come. On top of that, our channel checks revealed that empty containers are piling up in the country,” she said. The shipping rate for a US route is around 30% below pre-pandemic levels, indicating that the regional consumption slump is worsening, she said. “Hence, we keep our export outlook at -7% for the entire year of 2023 (BNM [Bank Negara Malaysia] estimation: +1.5%, 2022: +25%). It infers a persistent contraction in exports in most months for the remainder of the year,” Goh said. OCBC Banking Group Ltd senior Asean economist Lavanya Venkateswaran said the moderate contraction in exports was broadly in line with the bank’s expectation. Lavanya added the better May trade data overstates any underlying improvements as it was impacted by the moving Hari Raya holiday effect. “In fact, the combined April/May data confirms that an external sector slowdown is underway. The drivers of May exports were broad-based with key products including electrical & electronics (E&E), chemicals, liquefied natural gas (LNG) and optical/scientific equipment picking up. “However, the April/May average showed that export growth for key products including palm oil, LNG and E&E worsened compared to the first quarter,” the economist said in a report on Tuesday. Meanwhile on the import front, the picture was more mixed. Import growth, classified by end-use, picked up for capital, consumer, and intermediate goods in May versus April. “However, the combined April/May average showed that intermediate goods imports [were] the weakest link, more than offsetting better growth in capital, and consumer goods imports,” Lavanya said. She said this suggests that there are some pockets of resilience on the domestic demand front. “The upcoming six state elections are also likely to support government spending to some extent,” she said. Even so, Lavanya said an external sector slowdown remains underway, as reflected in OCBC’s forecast for Malaysia’s gross domestic product growth to slow to 4.1% y-o-y in the second to fourth quarters of the year from 5.6% in the first quarter of 2023. Slowing growth alongside moderating inflation will keep BNM on hold in its monetary policy. However, the central bank will maintain a clear hawkish bias, the OCBC economist said. MIDF Research is keeping its growth forecasts for exports at -3.4% and imports at -1.9%, taking into account the slowdown in global growth. “We foresee external demand to also weaken. Increased borrowing costs, for example, could constrain final demand from markets like the US and EU. “Other downside risks to external trade outlook include deterioration in geopolitical and trade tensions and more significant slowdown in global growth,” the research outfit said on Tuesday. On another note, MIDF expects recovery in China’s economy will be positive for trade of commodities, while the growth outlook for manufactured goods exports will be influenced by the recent weakness in global manufacturing. “Imports will be supported by continued expansion in domestic demand; while adjusting to weaker demand outlook thus far caused the reduction in intermediate goods imports. “To a certain extent, the high base last year will also contribute to negative growth for external, in addition to slower global growth,” the firm said. Meanwhile, RHB Research economist Chin Yee Sian painted a brighter near future for Malaysia’s external sector, as he expected export growth recovery could commence as early as July, owing to gradual improvement in the global economy. “We maintain our view that trade momentum is likely to show an acceleration in 2H2023, with 3Q2023 being the commencement of the recovery process,” said the economist. He said the weak trade data for April, which are well below historical prints, is an anomaly. “The gradual recovery of the global economy in summer should be supportive for Malaysia’s trade performance as well,” he added. The export and import momentum in both nominal and real terms have trended higher for the month of May, with higher outbound shipments seen for most of the product categories (except palm oil and palm oil-based products), with noticeable improvement for E&E, and machineries and equipment shipments. In terms of destination, higher shipments were recorded for major economies such as the US, Europe and China, he said. Read also:
Malaysia’s trade down 2% m-o-m to RM224 bil in May on slower global demand, lower commodity prices |
https://theedgemalaysia.com/node/674995 | Anwar: PH, BN must have solid strategy to win state polls | English | PERMATANG PAUH: Pakatan Harapan (PH) and Barisan Nasional (BN) must have a solid strategy and consolidate the strength of their grassroots in order to win all six of the upcoming state elections. Prime Minister Datuk Seri Anwar Ibrahim said the two political coalitions must also mobilise all of their party resources to ensure a convincing win. “This is my message, Umno has its base in the villages, DAP in the urban areas, PKR has a bit of both. PH and BN must have a solid strategy and consolidate their grassroots. “Nobody can shake us, trust me, no one can shake us,” he said in his speech at the “Madani Unity” roadshow and the launch of the Penang Unity Machinery at the Seberang Jaya Expo site here on Sunday (July 16) night. Also present were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Amanah president Datuk Seri Mohamad Sabu, PKR secretary-general Datuk Seri Saifuddin Nasution Ismail, Penang Chief Minister and state PH chairman Chow Kon Yeow, as well PH and BN leaders. Anwar, who is also PKR president, is confident that the PH-BN alliance can create history by obtaining an exceptional result in Penang. He said that, for the first time in history, PH as the ruling party and BN as the strong opposition, will join forces. The prime minister, who ended his packed schedule in Penang on Sunday night, said the PH-BN combination was not to retain power but based on the principle of saving the country and protecting the country’s new governance. “By combining both these parties, I believe we can achieve an exceptional result in Penang,” he said. Anwar said PH’s administrative record under Chow was good and that Chow would remain as chief minister, if the PH-BN alliance wins the state polls. |
https://theedgemalaysia.com/node/667784 | NCIA plans Seberang Perai Traffic Dispersal Study | English | GEORGE TOWN (May 19): The Northern Corridor Implementation Authority (NCIA) plans to carry out a Seberang Perai Traffic Dispersal Study, in an effort to reduce worsening traffic congestion in the Seberang Perai area. Chief Minister Chow Kon Yeow said the state government held a meeting with the NCIA regarding the traffic dispersal initiative in the area, involving the North-South Expressway, especially between Juru and Sungai Dua. “Following this, NCIA has once again applied to the Ministry of Economy for allocations under the 12th Malaysia Plan's Fourth Rolling Plan, to carry out the Seberang Perai Traffic Dispersal Study. “The estimated cost of the study is RM5 million and this study will take six months. It is expected to be presented in the budget this October, which is the budget for next year," he said in a press conference here on Friday (May 19). He added that the study can only be done after approval is obtained from the ministry. Chow said improvements need to be implemented in dealing with the problem of traffic congestion, involving about 1.3 million people in the three Northern states of the peninsula. “All improvements will only be known after the study is done, whether to widen the road, (build) elevated highways or others; this all depends on the study done. We hope that this project will get approval for implementation through Budget 2024," he said. Read also:
NCIA: Penang drew RM22.7b high-impact investments in 2022 |
https://theedgemalaysia.com/node/626229 | 末季净利涨11% SCGM派息1.32仙 | English | （吉隆坡29日讯）营业额增加，加上有利的销售组合及利息开支减少，提振SCGM Bhd截至今年4月杪第四季（2022财年第四季）净利上扬11.11%至847万令吉，一年前为762万令吉。 每股盈利从3.96仙，升至4.4仙。 季度营业额从6574万令吉，增长8.82%至7154万令吉，得益于本地及出口销售增长，分别提高7.8%和11.2%。 本地销售从4610万6000令吉，增至4969万8000令吉，出口销售则从1963万8000令吉，升至2184万令吉。 集团宣布，派发每股1.32仙第四次中期单层股息，将于7月29日支付。 与上一季比较，净利大涨34.75%，2022财年第三季报628万令吉，营业额则微扬，上一季为7131万令吉。 然而，截至4月杪全年净利下滑8.14%至3087万令吉，上财年报3360万令吉，主要是递延所得税费用增加所致。反之，全年营业额上涨15.49%至2亿8470万令吉，上财年为2亿4650万令吉，得益于餐饮包装的本地和内部销售有所改善。每股盈利从17.45仙，降至16.03仙。 展望未来，集团仍然意识到外部挑战，特别是供应链持续中断，导致原材料价格波动，以及政府放宽新冠限制的影响。 尽管如此，鉴于消费者考量到卫生和食品安全，普遍偏爱外卖，集团认为，从长远来看，对餐饮包装和其他产品的需求具有弹性。 “集团将持续努力进行产品开发和设计，特别是可持续包装，以及新市场开发和进入，以符合市场扩张计划。” SCGM周三以2.29令吉平盘挂收，市值为4亿4334万令吉。 （编译：魏素雯） English version：SCGM’s 4Q net profit rises 11%, declares 1.32 sen dividend |
https://theedgemalaysia.com/node/616346 | Khazanah-backed exchange traded Islamic bonds top Bursa gainers | English | KUALA LUMPUR (April 14): The price of Khazanah Nasional Bhd-backed Ihsan Sukuk Bhd’s exchange traded Islamic bonds or sukuk rose as much as RM1 or 0.99% on Thursday (April 14) morning, making it the top gainer on Bursa Malaysia. At 10.45am, the price of Ihsan Sukuk’s bonds, which pay an annual profit rate of 4.6%, stood at RM102.50. Khazanah is Malaysia’s sovereign wealth fund. According to the bond issuance prospectus dated July 13, 2017, Ihsan Sukuk had then proposed to issue up to RM5 million worth of Islamic bonds that mature in 2024 pursuant to an Islamic Medium Term Notes programme of RM1 billion. Ihsan Sukuk said the RM1 billion sukuk programme was established under the Securities Commission Malaysia’s (SC) sustainable and responsible investment sukuk framework, and that the RM5 million worth of Islamic bonds under the scheme were issued and listed on Aug 8 and 9, 2017 respectively. "On March 11, 2015, the SC approved and authorised the [RM1 billion] sukuk programme. It was the first programme approved under the SC's sustainable and responsible investment sukuk framework. "The issuer (Ihsan Sukuk) made the first issuance of RM100 million Sukuk Ihsan in nominal value under the sukuk programme on June 18, 2015. “The sukuk programme has a limit of RM1 billion in nominal value. The tenure is for a period of 25 years from the date of the first issue [on June 18, 2015],” Ihsan Sukuk noted. |
https://theedgemalaysia.com/node/649945 | In The Courts | English | This article first appeared in The Edge Malaysia Weekly on December 26, 2022 - January 1, 2023 By Tarani Palani The appeal against the conviction and sentence of Datin Seri Rosmah Mansor has been fixed for June 2023, some nine months after she was found guilty on all three counts of graft pertaining to an RM1.25 billion solar-hybrid project involving 369 rural schools in Sarawak. The wife of former premier Datuk Seri Najib Razak was sentenced to 10 years’ imprisonment and fined RM970 million. The fine — five times the gratification of RM187.5 million solicited and RM6.5 million received — is said to be the highest amount imposed by the High Court for a graft case. Trial judge Mohamed Zaini Mazlan said that should Rosmah fail to pay the fine, she would be liable to a total of 30 years in jail as she faces 10 years in prison on each count. A stay was granted pending the disposal of her appeal and her RM2 million bail was extended. In his decision, Mohamed Zaini found that the defence offered a bare denial and that the prosecution had succeeded in proving its case beyond a reasonable doubt. In his 116-page written judgement, the judge warned of the dangers of corruption which he stressed had become near-pandemic. “Corruption has reached almost every level of society. It must be curtailed before it becomes a pandemic. If corruption is left unbridled, our society will come to accept it as a way of life or business,” he said. In this trial, Rosmah is charged with soliciting RM187.5 million from Jepak Holdings Sdn Bhd’s former managing director, Saidi Abang Samsudin, in 2016 for the RM1.25 billion project awarded by the Ministry of Education. She is also charged with receiving RM1.5 million from Saidi at her private residence in Jalan Langgak Duta in 2017 and RM5 million at the then prime minister’s official residence, Seri Perdana, in 2016. All three charges were framed under Section 16(a)(A) of the Malaysian Anti-Corruption Commission (MACC) Act 2009. From the start of the trial in Feb 2020, when the self-styled former first lady arrived at the courthouse with an ambulance in tow due to hospitalisation for her ailments, to the numerous related applications, the trial has been anything but dull. Just a few weeks before the decision, Rosmah filed a judicial review application, again challenging the legality of lead senior public prosecutor Datuk Seri Gopal Sri Ram’s letters of appointment, or “fiats” — but this time in the civil court. In her application filed on June 24, she sought a declaration to void her trial and a stay order of proceedings until the disposal of the judicial review. She had resorted to the civil court after her previous application in the criminal court and subsequent appeals were dismissed. Two days before the court was due to hand down its decision in the solar-hybrid case, the High Court allowed the Attorney General’s Chambers’ (AGC) preliminary objection and dismissed Rosmah’s leave application. Rosmah, represented by Datuk Jagjit Singh, Datuk Akberdin Abdul Kader and Azrul Zulkifli Stork, also filed an eleventh-hour application to recuse trial judge Mohamed Zaini. The application filed two days before the decision was seeking to recuse the judge based on a purported “leaked judgement” in late August. Rosmah said the existence of the alleged “judgement” had directly or indirectly caused her to lose confidence in the trial judge. A substantial part of the decision day on Sept 1 was then taken up with arguments for this application, but it was eventually dismissed by Mohamed Zaini, who ruled that the “leaked judgements” were merely opinions written by the court’s research team, which were neither prepared for him nor on his instructions. Separately, it was reported that the police are conducting a further probe into the leak after the AGC returned the investigation papers to them. During mitigation of sentencing, right after the decision was delivered, Rosmah broke down in tears and appealed to the court for compassion, highlighting her contributions to the country. She said these included the Program Permata Negara (Permata) Foundation and the Association of Wives of Ministers and Deputy Ministers (Bakti). She had “never touched a single cent” from those foundations. Rosmah’s appeals against her conviction and sentence in the solar-hybrid case and the recusal of Mohamed Zaini in the same case — he had previously dismissed her application that he recuse himself — are set to be heard in June 2023. Separately, Rosmah’s RM7 million money laundering and tax evasion trial, which has yet to begin, is slated to be heard in May 2023. By Tarani Palani During the year, a handful of high-profile politicians, including Datuk Seri Bung Moktar Radin and Syed Saddiq Syed Abdul Rahman, were ordered to enter their defence in their ongoing criminal cases. Bung, the incumbent member of parliament (MP) for Kinabatangan and Syed Saddiq for Muar successfully defended their parliamentary seats in the 15th general election (GE15). In late October, Syed Saddiq, the Malaysian United Democratic Alliance (Muda) president, was ordered to enter his defence on all four charges in a criminal trial involving more than RM1 million in funds linked to Angkatan Bersatu Anak Muda (Armada). Armada is the youth wing of his former party Bersatu. His trial is set to resume on Feb 22, with dates in March and April as well. The defence has said it is planning to call 15 witnesses, including the politician himself. Following the court ruling, Syed Saddiq said it was an opportunity to tell his side of the story and to clear his name in a court of law. Despite the ongoing court case, Syed Saddiq contested and retained his Muar parliamentary seat in GE15 by winning a three-cornered fight with a majority of 1,345 votes. In the general election, Muda entered into an electoral pact with the Pakatan Harapan (PH) coalition to avoid seat clashes. However, Syed Saddiq, a former youth and sports minister, was notably not part of the unity government’s cabinet line-up. Prime Minister Datuk Seri Anwar Ibrahim had previously reiterated PH’s stand against MPs with ongoing court cases being considered for cabinet positions but made a notable exception in the appointment of Datuk Seri Ahmad Zahid Hamidi as deputy prime minister since the latter also has a case against him. Responding to queries on Muda’s exclusion from the cabinet, Syed Saddiq said in a social media post that it could be a blessing in disguise as it would allow him to focus on his court case and serve his constituents. He said he had met with Anwar and conveyed that he did not want his case to be dropped and wanted to see justice prevail. The Muar MP faces four charges in total: one charge each of abetting Armada’s former assistant treasurer Rafiq Hakim Razali in committing criminal breach of trust (CBT) and misappropriation of party funds, and two charges of money-laundering. Among others, Syed Saddiq has maintained throughout the trial that the monies were used for party purposes, namely Covid-19 assistance and Hari Raya programmes. The defence stage of the trial of Sabah Deputy Chief Minister Bung Moktar and his wife Datin Seri Zizie Izette Abdul Samad is slated to resume on Jan 3. On Sept 2, Sessions Court judge Rozina Ayob ordered the couple to enter their defence in their RM2.8 million graft case involving a Felcra Bhd investment. In GE15, Bung, the state’s Barisan Nasional (BN) Sabah chairman, retained his stronghold Kinabatangan seat in a straight fight against Warisan candidate Mazliwati Abdul Malek, winning the seat with a majority of 4,330 votes. It was reported recently that Bung Moktar had expressed his disappointment that the unity government cabinet had no Sabah BN MPs appointed as full ministers. He said the appointments of two Sabah MPs, Ewon Benedick and Armizan Mohd Ali, as ministers were disproportionate compared to the number of ministerial positions Sarawak MPs held, even though the Sabah state BN MPs were the earliest supporters of Anwar’s appointment as prime minister. Sabah BN won the most parliamentary seats, clinching seven out of 25. However, Sabah parties in Anwar’s unity government got seven deputy minister posts. Following the Sessions Court decision, Bung and his wife filed separate applications to challenge the ruling over the “correctness of the decision”. On Sept 23, the High Court granted a stay of the Sessions Court proceedings pending the disposal of the applications. However, both applications were dismissed in early December when Judicial Commissioner Datuk Azhar Abdul Hamid allowed the prosecution’s preliminary objection to the applications. The couple is appealing this decision. According to the first charge, Bung Moktar, who was then the non-executive chairman of Felcra, had accepted bribes of RM2.2 million in cash from Public Mutual investment agent Madhi Abdul Hamid through Zizie. For the second charge, Bung Moktar is accused of accepting bribes of RM262,500 in cash from Madhi for a similar purpose. He is also accused of accepting a bribe of RM337,500 in cash from Public Mutual investment agent Norhaili Ahmad Mokhtar. All the offences were allegedly committed in June 2015. Zizie, meanwhile, faces three abetment charges. By Timothy Achariam Datuk Seri Dr Ahmad Zahid Hamidi will enter 2023 as the first sitting deputy prime minister (DPM) in the dock when his corruption trial resumes on Jan 16 at the Kuala Lumpur High Court. The Barisan Nasional chairman had a good 2022 in the courts, as he was acquitted in a separate criminal trial of all 40 graft charges after High Court judge Datuk Mohd Yazid Mustafa found that the prosecution had not made out a prima facie case against Zahid as it had failed to prove the element of graft. Yazid found the three main witnesses in the trial — former Ultra Kirana Sdn Bhd (UKSB) directors Harry Lee Vui Khiun and Wan Quoris Shah Wan Abdul Ghani and former administrative manager David Tan Siong Sun — to be neither credible, trustworthy or believable and, thus, unreliable witnesses. “There should be no weightage to their testimony,” he ruled. A total of 18 prosecution witnesses had testified in the trial. Among them were former senior officers from the Ministry of Home Affairs, where Zahid was a minister, such as its former secretary-general Tan Sri Alwi Ibrahim, and UKSB witnesses, Lee, Wan Quoris and Tan. Zahid faced 33 counts of graft for allegedly receiving S$13.56 million (RM43.39 million) from UKSB to facilitate the company’s foreign visa system (VLN) and one-stop services (OSC) in China. These charges come under Section 16(a)(B) of the MACC Act. He was also on trial under Section 165 of the Penal Code for seven other bribery charges in his capacity as the home affairs minister then, for allegedly obtaining for himself bribes denominated in different currencies comprising S$1.15 million, RM3 million, €15,000 (RM67,032) and US$15,000 (RM67,548) from UKSB. This case has not been put to bed yet, however, as the Attorney-General’s Chambers (AGC) has filed an appeal in the Court of Appeal against the High Court decision; the appeal is set to commence in 2023. This past year also saw Zahid enter his defence against 47 charges — including alleged criminal breach of trust of RM31 million belonging to charitable foundation Yayasan Akalbudi, which he leads — and testifying in court. It remains to be seen how Zahid will juggle his court cases while managing his ministerial duties, including the rural and regional development portfolio. Faith in the judiciary and the AGC will be shaken if Zahid’s charges are withdrawn, but Zahid’s superior, Prime Minister Datuk Seri Anwar Ibrahim, has stressed on several occasions that his government will not interfere in ongoing court cases, pledging that he will ensure the independence of the judiciary, even though it involves his deputy prime minister, who heads a coalition party whose support for Anwar is crucial to his remaining prime minister. Zahid will most certainly have to see out his trial, which could reach its conclusion in 2023. It could be the year that, if Zahid is found guilty on all 47 charges, Malaysia will have its first convicted DPM. By Tarani Palani More than eight months after former Goldman Sachs Group Inc banker Roger Ng Chong Hwa was found guilty for his role in the theft of billions of dollars from 1Malaysia Development Bhd (1MDB), his sentencing in the US is still pending. Ng’s sentencing has been rescheduled several times with news reports indicating that it was initially scheduled for September, then subsequently moved to November and again to December. The reason for the rescheduling is not clear. And now, according to a Reuters report, his sentencing is set for February 2023, about a year after his trial began in New York. Following a trial that lasted two months, an American jury convicted Ng in April and he now faces up to 30 years in prison. Ng was found guilty on two counts of conspiring to violate the US Foreign Corrupt Practices Act through bribery of government officials in Malaysia and Abu Dhabi via bond offerings that Goldman Sachs handled and the circumvention of Goldman’s internal governance controls. He was also convicted on a charge of conspiracy to launder money. Ng is appealing the decision and has been handed over to US authorities until February 2024 to complete the appeal process there. Hailing the verdict as a victory for the rule of law and Malaysians, US Attorney for the Eastern District of New York, Breon Peace, said that Ng was part of a scheme that was “brazen in its execution” and “massive in its greed”. “The defendant and his cronies saw 1MDB not as an entity to do good for the people of Malaysia, but as a piggy bank to enrich themselves with piles of money siphoned from the fund,” he said. Ng’s trial, delayed due to the pandemic, finally began at a federal court in Brooklyn on Feb 14 this year. Likely the only Goldman banker to go on trial for the 1MDB scandal, Ng was indicted in Nov 2018 along with fugitive Low Taek Jho (Jho Low), who remains at large. The former Goldman banker was extradited to the US in May 2019 and subsequently pleaded not guilty to all charges. The prosecution in the case had argued that about US$35 million (RM155.31 million) in “secret kickbacks” that Ng received for his role in the “brazen bribery and money laundering” scheme were funnelled through a shell company whose beneficiary was his mother-in-law, Tan Kim Chin. The defence contended that Ng is “the fall guy” in the entire case and that the alleged kickbacks were from his wife’s legitimate business venture with Judy Chan, the ex-wife of Ng’s former boss Tim Leissner. Ng’s lawyer Marc Agnifilo also questioned the credibility of Leissner, the former Goldman Sachs Southeast Asia chairman, who was the prosecution’s star witness. Leissner’s testimony saw headline-grabbing details, from his admission of extramarital affairs and that “he had lied a lot” — even to investigators at the onset of their meeting — to minimise his role in the scheme. But he insisted that his testimony was truthful and did not ensure a reduced sentence. He also testified that to allay suspicions, he and Ng crafted a “cover story” to explain the payments so that the banks processing the funds would not grow suspicious. Leissner faced similar charges but pleaded guilty in August 2018 and agreed to cooperate. Among others, he was ordered to forfeit US$43.7 million of 1MDB funds. Testifying as a defence witness, Ng’s wife Lim Hwee Bin said that she invested US$6 million in the mid-2000s in a company owned by Chan’s family. The US$35 million — received in 2012 and 2013 — was the return on that investment, she claimed. Ng’s legal woes do not end with the US case. Back in Malaysia, he faces charges under the Capital Markets and Services Act 2007 (CMSA) in a trial that has yet to begin. He faces four counts of violating the Capital Markets and Services Act 2007 (CMSA) for abetting Goldman Sachs in the sale of notes and bonds belonging to 1MDB subsidiaries by omitting material information and publishing untrue statements. He has pleaded not guilty. By Hafiz Yatim Shares of Serba Dinamik Holdings Bhd were languishing at about 1.5 sen apiece before Christmas, a quandary the oil and gas services company found itself in, in part after making headlines in both corporate and legal circles this year. Late last year, four of its senior executives were hauled up by the Securities Commission Malaysia (SC) for alleged criminal offences. On Dec 28, 2021, its executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi, and vice-president of accounts and finance Muhammad Hafiz Othman were each charged by the SC under s 369(a)(B) of the Capital Markets and Services Act 2007 (CMSA) for making a false statement relating to the revenue recorded by the group in its financial report for the fourth quarter ended Dec 31, 2020. Group managing director Datuk Dr Mohd Abdul Karim Abdullah was charged a day later. All four claimed trial. However, less than six months after charging the executives, the SC and the Attorney-General’s Chambers offered the four the option of paying a compound. Hafiz had an additional RM1 million compound imposed for falsifying the accounting records of a Serba Dinamik subsidiary. Unsurprisingly, the offer was accepted and the compounds were settled in April. The criminal charges for submitting a false statement of RM6.01 billion revenue for FY2020 to Bursa Malaysia Securities Bhd on Feb 26, 2021, were withdrawn. The SC said the compound offer was issued after the public prosecutor decided to accept a representation by the four executives. It said that the compound was issued under s 373(1) of the CMSA with written consent of the public prosecutor. Sometime during the year, Serba Dinamik along with its subsidiaries had also taken Bursa Malaysia Securities to court after the bourse had directed it to make public a fact-finding update (FFU) pertaining to its false revenue, as highlighted by auditing firm KPMG and Ernst & Young. In February, High Court judicial commissioner Wan Muhammad Amin Wan Yahya ordered Serba Dinamik to reveal the FFU within two market days, while another High Court judge Datuk Ahmad Fairuz Zainol Abidin also struck out the company’s bid for an injunction against Bursa’s compelling of the FFU. Serba Dinamik and its subsidiaries face winding-up petitions by its creditors, including six financial institutions — Standard Chartered Saadiq Bhd, HSBC Amanah Malaysia Bhd, AmBank Islamic Bhd, MIDF Amanah Investment Bank Bhd, United Overseas Bank (Malaysia) Bhd and Bank Islam Malaysia Bhd — which are owed a total of RM1.7 billion. The High Court on Sept 15 sanctioned the appointment of Victor Saw of PwC Malaysia as an interim liquidator for the companies after Serba Dinamik and its subsidiaries — Serba Dinamik Sdn Bhd (SDSB), Serba Dinamik Group Bhd (SDGB) and Serba Dinamik International Ltd (SDIL), which were represented by Mak Lin Kum — withdrew a stay application that had been filed a month earlier. By Hafiz Yatim There are a number of senior judicial positions that need to be filled soon now that a new unity government has been installed, foremost of which are Court of Appeal (CoA) president and Chief Judge of Malaya (CJM). The retirement of Tan Sri Rohana Yusuf and Tan Sri Azahar Mohamed as CoA president and CJM, in November and October respectively, left two of the four top judicial positions in the country vacant. In addition, two Federal Court judges — Datuk Seri Mohd Zawawi Mohd Salleh and Puan Sri Zaleha Yusof — also retired earlier this year, resulting in another two vacant seats on the Federal Court. In short, this means at the apex court alone there are four vacancies. After stepping down, Azahar and Mohd Zawawi applied last month to be practising lawyers, following in the footsteps of former Federal Court judge Datuk Seri Gopal Sri Ram, and former Chief Justice of Malaya Tan Sri Zulkefli Ahmad Makinudin. Currently, the Chief Judge of Sabah and Sarawak (CJSS) Tan Sri Abang Iskandar Abang Hashim is temporarily overseeing the No 2 post of CoA president, while Federal Court judge Datuk Mohd Zabidin Mohd Diah is acting CJM. Legal circles say it would be interesting to see if Zabidin, who has less than two years until his compulsory retirement, will be appointed as CJM. Zabidin is also a member of the Judicial Appointments Commission (JAC), a post he has held since July. Under the Federal Constitution, a judge must retire at the age of 66, although a six-month extension is allowed. As for Abang Iskandar, should he be elevated to the No 2 spot, the CJSS post would need to be filled. His successor is likely to be either Federal Court judges Datuk Abdul Rahman Sebli or Datuk Rhodzhariah Bujang as both hail from Sarawak. The four vacancies would have to be decided by the JAC and Prime Minister Datuk Seri Anwar Ibrahim, and are likely to come from the CoA. Even at the CoA, there are nine vacant positions to be filled as there are 24 judges at present, when normally there would be 33. The most junior of the appellate judges is Datuk Mohd Nazlan Mohd Ghazali, who was elevated last February. Since then, no one has been elevated from the High Court to the CoA. Conference of Rulers proposed PM not appoint JAC members It is interesting to note that Zabidin was the then High Court judge who acquitted Anwar in the Sodomy II case in 2012, while Nazlan convicted former premier Datuk Seri Najib Razak on all seven counts of criminal breach of trust, money laundering and abuse of power in relation to the SRC International Sdn Bhd case in July 2020. Najib’s conviction and sentence were upheld by the CoA and Federal Court, and as of Aug 23, Najib began serving a 12-year jail sentence. The former PM was also fined RM210 million by the High Court. Recently, the Conference of Rulers proposed that the prime minister not have a say in the appointment of the five members of the JAC so as to ensure the independence of the judiciary. At present, the JAC comprises the top four in the judiciary, namely the Chief Justice, CoA president, CJM and CJSS, plus another five members — normally former judges or eminent persons — who have in the past been appointed by the PM. The Yang di-Pertuan Besar of Negeri Sembilan, Tuanku Muhriz Tuanku Munawir, also proposed that the JAC Act 2009 be placed under the Federal Constitution and not remain as an Act of Parliament. The Edge is given to understand that the names of judges to be elevated to the vacant posts as proposed by the JAC had been suggested to then prime minister Datuk Seri Ismail Sabri Yaakob, but it appears that Anwar, as the newly elected prime minister, may have a say in it. By Hafiz Yatim What legal avenues will Malaysia pursue next year having been shocked out of its slumber by eight descendants of the Sultan Sulu who this year attempted to enforce billion-dollar claims against Malaysia’s assets in Luxembourg and the Netherlands? In February, Spanish arbitrator Dr Gonzalo Stampa awarded almost US$15 billion in an international arbitration to the eight descendants who had taken proceedings against Malaysia in Madrid based on an 1878 agreement between then Sultan Mohamet Jamal Al Alam and Baron de Overbeck and Alfred Dent, which granted the British North Borneo Company perpetual sovereign rights to what are parts of Sabah today in return for an annual token payment of RM5,300. Following the Lahad Datu incursion in 2013 by militants linked to the descendants of the Sultan of Sulu, Malaysia stopped paying the annual payment of RM5,300. This led to the claim and dispute, which was filed in Spain as the Philippines was its colony in 1878 (Sulu is part of the Philippines). Malaysia contested Stampa’s appointment as arbitrator, which prompted him to move the proceedings to Paris. He arrived at the February decision without Malaysia’s participation in the proceedings. Although the descendants attempted to enforce the claim in France, Malaysia managed to obtain a stay pending an appeal at the French Court of Appeal. The descendants then tried their luck in Luxembourg in July and two months later, in the Netherlands, with Malaysia contesting the claims. As Malaysia is one of 170 countries that is a signatory to the New York Arbitration Convention, it appears to be bound by the arbitration judgment and the descendants of the Sultan of Sulu can make a claim in any of the countries that is a signatory to the convention and where Malaysia has assets. The process of contesting the award would be a large legal wrangle and for this reason, the government formed a special task force to examine, monitor and formulate an action plan to address the issue. The task force was led by then minister in the Prime Minister’s Department Datuk Seri Wan Junaidi Tuanku Jaafar. Following the 15th general election in November and the formation of a unity government, it is unclear whether the task force will resume its work and whether it will be headed by Datuk Seri Azalina Othman Said, Wan Junaidi’s successor. Back home, several Sabah politicians have resorted to suing former attorney-general Tan Sri Tommy Thomas for misfeasance as he had issued a controversial letter dated Sept 19, 2019, in which Malaysia offered to pay compensation. The letter was used by the lawyers of the descendants of the Sultan Sulu to fortify their claim, arguing that the letter denoted liability. Tommy denied the claim in his defence, saying that the contents of the letter were made known to the prime minister and foreign affairs minister during his tenure as AG. The Sabah politicians, however, in reply to Tommy’s defence, maintained that he was liable as the open letter he sent to the lawyers of the descendants was relied on by Stampa and constituted a wrongful admission of liability on behalf of Malaysia, together with an offer of compensation. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/616706 | Cengild Medical rises as much as 54.55% on first day of trading | English | KUALA LUMPUR (April 18): Healthcare service provider Cengild Medical Bhd debuted on the ACE Market of Bursa Malaysia on Monday (April 18), surging to a high of 51 sen, an 18 sen or 54.55% premium over its initial public offering (IPO) price of 33 sen. The counter opened up 16.5 sen at 49.5 sen on Monday. At market close, it settled at 46.5 sen, still up 13.5 sen or 40.91% from its IPO price. The stock, which saw 162.81 million shares done, was the second most actively traded stock of the day. At 49.5 sen, the counter was valued at RM380.74 million. The group earlier said it aimed to raise up to RM72 million from its IPO with 218.8 million new shares. Of the proceeds, it intends to use RM37.1 million to establish new medical centres, RM17.4 million for working capital, RM13 million for expansion of existing medical centres and the remaining RM4.7 million for listing expenses. The group plans to expand its existing medical centre at Nexus @ Bangsar South, Kuala Lumpur, by leasing additional space of approximately 12,000 to 15,000 square feet to cater to current and future demand for its medical services, especially endoscopic procedures to strengthen its position in the segment. It also intends to expand its presence by establishing two new full-fledged medical centres specialising in gastrointestinal and liver diseases, and obesity in other major cities in Malaysia such as Johor Bahru, Penang or Ipoh. In order to support the expansion of its existing medical centre as well as into other major cities in Malaysia, it also intends to strengthen its medical team by attracting and recruiting consultants specialising in gastroenterology and hepatology. Meanwhile, according to the group’s filing on March 30, its net profit for the second quarter ended Dec 31, 2021 (2QFY22) declined by 13.8% to RM2.44 million from RM2.83 million a year ago, mainly due to listing expenses, and slightly lower margin due to promotional offer for certain surgical procedures and higher nursing staff costs. Its revenue for the quarter, however, increased by 4.06% year-on-year to RM16.83 million from RM16.17 million, due to higher number of patients, and number of endoscopic procedures and surgeries performed. For the six months ended Dec 31, 2021, the group’s net profit fell by 31.02% to RM3.81 million from RM5.52 million in the year-ago period while revenue declined slightly by 0.5% to RM31.51 million from RM31.67 million. Given the performance of the group during the financial year ended June 30, 2021 (FY21) and the financial period ended Dec 31, 2021, the board of directors expects the group to achieve satisfactory financial performance for FY22. |
https://theedgemalaysia.com/node/620629 | China quietly increases purchases of low-priced Russian oil | English | SINGAPORE (May 20): China is quietly ramping up purchases of oil from Russia at bargain prices, according to shipping data and oil traders who spoke to Reuters, filling the vacuum left by Western buyers backing away from business with Russia after its invasion of Ukraine in February. The move by the world's biggest oil importer comes a month after it initially cut back on Russian supplies, for fear of appearing to openly support Moscow and potentially expose its state oil giants to sanctions. China's seaborne Russian oil imports will jump to a near-record 1.1 million barrels per day (bpd) in May, up from 750,000 bpd in the first quarter and 800,000 bpd in 2021, according to an estimate by Vortexa Analytics. Unipec, the trading arm of Asia's top refiner Sinopec Corp, is leading the purchases, along with Zhenhua Oil, a unit of China's defense conglomerate Norinco, according to shipping data, a shipbroker report seen by Reuters and five traders. Livna Shipping Ltd, a Hong Kong-registered firm, has also recently emerged as a major shipper of Russian oil into China, the traders said. Sinopec declined comment. Zhenhua and Livna did not respond to requests for comment. The firms are filling the hole left by Western buyers after Russia's invasion of Ukraine, which Russia called a "special military operation". The United States, Britain, and some other key oil buyers banned imports of Russian oil shortly after the invasion. The European Union is finalising a further round of sanctions, including a ban on Russian oil purchases. Many European refiners have already stopped buying from Russia for fear of running afoul of sanctions or drawing negative publicity. Vitol and Trafigura, two of the world's biggest commodity traders, phased out purchases from Rosneft, Russia's biggest oil producer, ahead of an EU rule that came into effect on May 15 barring purchases unless "strictly necessary" to secure the EU's energy needs. "The situation began taking a drastic turn after the exit of Vitol and Trafigura that created a vacuum, which could only be filled by companies that can provide value and are trusted by their Russian counterparts," one Chinese trader, who asked not to be named, told Reuters. The low price of Russia's oil — spot differentials are about US$29 less per barrel compared with before the invasion, according to traders — is a boon for China's refiners as they face shrinking margins in a slowing economy. The price is well below competing barrels from the Middle East, Africa, Europe, and the United States. China separately receives some 800,000 bpd of Russian oil via pipelines under government deals. That would bring May imports to nearly two million bpd, 15% of China's overall demand. For Russia, oil sales are helping cushion the blow to its economy from sanctions. State-owned Chinese companies, led by Sinopec and Zhenhua, are set to buy two-thirds of Russia's flagship Far Eastern export grade ESPO (Eastern Siberia–Pacific Ocean oil pipeline) blend in May, up from a third before the invasion of Ukraine, traders who closely monitor the flows told Reuters. Russia exported about 24 million barrels in May, 6% higher than April. Sinopec alone is likely to buy at least 10 ESPO shipments in May, doubling its volume before the invasion, with some of the trades hitting a record discount of US$20 a barrel below benchmark Dubai crude on FOB Kozmino basis, three of the traders said. Sinopec, Zhenhua, and Livna are moving more oil from both Russia's Baltic Sea ports in north-western Europe and its Far East export hub Kozmino. Zhenhua, the smallest state-owned Chinese oil trader, has chartered ships to move Russian oil, according to shipping data and traders with knowledge of the matter. North Petroleum International Co, a unit of Zhenhua, loaded two ESPO shipments in early May, and another two cargoes of Urals from Baltic Sea port Ust-Luga in late April and mid-May, according to data from Refinitiv and Vortexa, a shipbroker report and traders. Norinco, one of the world's largest defence contractors, branched into oil more than two decades ago, winning a concession to produce oil in Iraq in the 1990s. Its trading vehicle Zhenhua recently expanded into gas terminal investment and trading. Zhenhua has bought some of its supply of Russian oil via Switzerland-based Paramount Energy, a trader specialising in marketing oil from independent Russian and Kazakhstan producers to mostly private end users, said two traders with knowledge of the matter. A regular marketer of ESPO to China's independent refiners since 2016, Paramount Energy expanded its China business by boosting sales to Zhenhua after it set up a Beijing office in 2020, said the trading executives. In response to Reuters' questions, Paramount Energy did not address trades made after Russia's invasion of Ukraine. It said it "has customers in China for ESPO crude cargoes delivered under long-term contracts established well before Feb 24", the date of the invasion. "This crude is supplied exclusively by independent oil producers and non-state companies, as has long been our policy." Livna, which has not previously been a major player in taking Russian oil to Asia, has since late April loaded over seven million barrels of Russian Urals and ESPO crude bound for China, according to ship-tracking data from Vortexa and Refinitiv. Previously a regular shipper of Russia's Europe-focused export-grade Urals within Europe, Livna started sending Russian oil to Shandong province, China's independent refiners' hub, in early 2020, according to shipping data. So far in May, Livna has loaded eight cargoes, or nearly six million barrels of ESPO oil, destined for China, up from one or two cargoes each month earlier in this year, shipping data showed. Livna also loaded at least two Urals shipments from Baltic ports in May for delivery to China, traders told Reuters. The withdrawal of Western traders has also attracted new player Shandong Port International Trade Group, a provincial government-backed trader to the business, traders told Reuters. |
https://theedgemalaysia.com/node/658916 | 国油2022财年净赚1016亿创纪录 | English | （吉隆坡13日讯）受油气价格飙升推动，国家石油（Petronas）2022财政年净利和营业额创纪录。 国油截至去年12月杪2022财年净利达1016亿2000万令吉，约为一年前508亿7000万令吉的一倍，主要由于收入增加，抵销更高的产品成本、现金支付和营运开销。 全年营业额从2479亿6000万令吉，劲扬51.33%至3752亿7000万令吉，主要归因于所有产品的平均价格上涨及外汇利好。 第四季单季净利为244亿令吉，较同期的157亿令吉，增长55.41%；营业额由766亿令吉，涨38.25%至1059亿令吉，得益于所有产品价格和销量增。 （编译：陈慧珊） English version：Petronas' FY2022 profit surges to record high of RM101.6 bil |
https://theedgemalaysia.com/node/624350 | Fed hikes rate by 75 basis points but Malaysia likely to stick to gradual course | English | KUALA LUMPUR (June 17): Bank Negara Malaysia (BNM) is likely to maintain a gradual pace in the normalisation of the Overnight Policy Rate (OPR) although the US Federal Reserve (Fed) raised its interest rate by the most in nearly 30 years. After the 75-basis-point hike on Wednesday, Fed chair Jerome Powell expects another increase of 50 or 75 basis points at the July meeting, amid surging inflation to the highest level in 40 years. Its inflation is forecast to rise to 5.2% this year from 4.3%, before ticking lower in 2023. At the same time, the Fed downgraded the economic growth forecast for 2022 to 1.7% from 2.8%. MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof does not expect BNM to gear up and be as aggressive as the Fed in tightening monetary policy given that Malaysia's inflation is relatively low compared with the US'. Malaysia's consumer price index (CPI) rose 2.3% year-on-year in April 2022. Notably, fuel has long been a subsidised commodity in Malaysia with the ceiling price set for RON95 petrol at RM2.05 effective from February last year. For now, he sees the central bank raising just another 25 basis points in the second half of 2022 (2H22). "We don't believe that the more aggressive Fed will put pressure on BNM to follow suit. BNM's decision will be dependent on the economic conditions in Malaysia. Given that Malaysia's inflation is more moderate than in the US, we opine that BNM will not be under as much pressure as the US Fed to be aggressive [in the monetary policy]," he told The Edge. He warned that a more aggressive move may derail Malaysia's growth trajectory. Despite concerns over the weak ringgit — which weakened past the 4.42 level recently, he believes the local currency will be supported by robust commodity prices, and may recover from the current weakness. The OPR was raised from a record low of 1.75% to 2% last month — the first increase since July 2020. Affin Hwang Asset Management senior director of fixed income Esther Teo also shared a similar view that BNM will take a gradual approach in managing OPR given the local inflation is manageable and growth will be capped by fuel and food subsidies. "While the US is embarking on an aggressive rate hike cycle in order to tame its high inflation, we believe BNM does not need to hike rates as aggressively domestically. This is because the dynamics of inflation are different between the US and Malaysia. "Malaysia's inflation is expected to rise, but still range within 2.5%-3.5% which is much lower than the 8% CPI print in the US. This is mainly because over 40% of our CPI components are subsidised, whereas the US is very much market-driven," said Teo. Noting that Malaysia is also in the early stage of a sustained recovery after reopening from the Covid-19 lockdowns, she said BNM's surprise interest rate hike of 25 basis points in May was rather a "pre-emptive" move to contain inflation. "Going forward, we expect a gradual and measured pace of interest rate normalisation to continue in Malaysia with another hike of 25 to 50 basis points for the rest of 2022 and another 50 basis points in 2023. This will bring the OPR to pre-pandemic level of 3% by the end of 2023. "This is based on our view that inflation will remain manageable in Malaysia with no changes to fuel and food subsidy policies, and that the 2022 GDP (gross domestic product) forecast of 5.50% is achievable," she added. With the prospect of a hawkish Fed to remain, Teo sees impact on Malaysia's economy and financial markets to be manageable given the country's relatively large foreign reserves, low US dollar-denominated external debt and a large domestic liquidity base. As a net commodity exporter, Malaysia also benefits from higher commodity prices. On downside risks in the near term, she pointed to the weakening growth outlook of China's economy. "Beijing's zero-Covid policy is having a large impact on China's employment and growth outlook, and the property sector in China is seeing rising defaults and liquidity stress. We expect China's government to ease policy more aggressively in the 2H22 to support growth including the property sector. Its strict zero-Covid policy has to be further loosened for the economy to get back on track," she observed. Overall, Imran is of the view that the impact from US rate hike on Malaysia will not be significant in view of the economic recovery prospects and elevated commodity prices. "Our economy is in a recovery mode with high commodity prices. Hence, we have not changed our GDP outlook for this year," he said, noting that the economy is projected to expand 6% this year against 3.1% in 2021. Even though US economic growth is expected to see a further slowdown, Malaysia's trading with other partners remains strong. "So, it is not necessary that slower US growth will lead to an equal magnitude of slowdown in Malaysia," Imran highlighted. As for the fund flows, he does not rule out the return of foreign investors once the dust settles as future rate hikes could have already been priced in. |
https://theedgemalaysia.com/node/670095 | Sequoia splits into three entities, makes China stand-alone firm | English | (June 6): Sequoia Capital, a venture capital powerhouse, is breaking up into three entities across the globe, splitting the Chinese and US operations as tensions grow between the world’s two largest economies. The firm, known for its early backing of Google, Instagram and some of China’s biggest internet companies, will split up into independent partnerships and separate firms, operating under different brands, no later than at the end of March next year, the company said. “It has become increasingly complex to run a decentralised global investment business,” Sequoia said in a press release co-authored by regional heads Roelof Botha, Neil Shen and Shailendra Singh. “This has made using centralised back-office functions more of a hindrance than an advantage.” Sequoia over the years has managed tech investments across the Pacific, weaving in US endowment and pension money with opportunities in two of the world’s largest internet markets. Now, as regulatory scrutiny in both Beijing and Washington escalate, the company is finding it increasingly hard to navigate the policy landscape. Sequoia was an umbrella brand for three already largely independent ventures: one focused on China, another on the US and Europe, and a third on India and Southeast Asia. The Sequoia China business will retain its existing name in Chinese and adopt the name HongShan in English. Sequoia India and Southeast Asia will become Peak XV Partners. The US and Europe venture capital business will continue to be known as Sequoia Capital. At the same time, Sequoia Heritage and Sequoia Capital Global Equities will operate under the Sequoia banner. Sequoia is just one of many investment firms facing the new dynamics of venture investing globally. Coatue Management, SoftBank Vision Fund, Lightspeed China Partners and DST Global are among the entities with stakes in some of the same Chinese companies as Sequoia. Still, Sequoia China stands apart. It started investing in the country years before most and still gets in at a very early stage. The strategy has led to it owning large stakes in high-profile Chinese initial public offerings. Sequoia Capital and its Beijing affiliate spent over a decade scattering billions across China’s multitude of start-ups, backing the likes of ByteDance Ltd and JD.com Inc, while becoming a powerhouse brand among the venture firms trying to strike it rich there. It’s expanded beyond early-stage investing into growth-stage, infrastructure, healthcare and consumer, and buyout funds. Sequoia China manages about US$56 billion (RM258.02 billion) asset under management. Neil Shen has run Sequoia’s China presence since 2005. While many rival firms have committees outside China that approve or nix investments there, Sequoia China has been one of the few with its partners making their own on-the-ground decisions. Shen has adeptly managed relationships with startup founders, Chinese officials and a global investor base. Sequoia China invested in about 1,200 portfolio companies in the country, and has more than 300 staff in the country. The fund raised about US$9 billion for investments in 2022 from pensions, endowment funds and family offices from the US, Europe, the Middle East and Southeast Asia. The prospects for investments in China are now mired in uncertainty. Regulatory actions on both sides of the Pacific are squeezing nation’s technology industry, and create unpredictability for its financial backers. China is still weathering a decline in venture capital investments, despite once being touted as a rival to Silicon Valley. President Joe Biden plans to sign an executive order that will limit investment in key parts of China’s economy by American businesses, people familiar have said. The US has also been briefing its Group of Seven partners on the investment curbs, commonly referred to as reverse CFIUS. In a speech on May 20, National Security Advisor Jake Sullivan confirmed that it “was no secret” that the US had been working on developing the legal authorities for a targeted set of outbound investment controls. The policies in work are complementary to ones that review transactions involving investment in the US, to determine if they are of national security concern. |
https://theedgemalaysia.com/node/640015 | Ingenieur Gudang appoints former PSD director general as independent director | English | KUALA LUMPUR (Oct 13): Former director general of the Public Service Department (PSD), Tan Sri Mohd Khairul Adib Abd Rahman, has been appointed as an independent non-executive director by Ingenieur Gudang Bhd, effective immediately. Mohd Khairul, 60, served as PSD director general from October 2019 to January 2022. Prior to that, he was the secretary general of the Ministry of Transport. He began his career in the civil service in 1988 and served various ministries over a period spanning 34 years, including the Ministry of Science, Technology and Environment, the Education Ministry as well as Malaysian missions in Tokyo and London. Mohd Khairul is currently the chairman of Civil Aviation Authority of Malaysia, Malaysian Qualifications Agency and MMAG Holdings Bhd. He also sits on the board of Westports Holdings Bhd, the group's Bursa Malaysia filing on Thursday (Oct 13) showed. According to Ingenieur Gudang, he had served on various boards including Employees Provident Fund, Inland Revenue Board, Retirement Fund Inc (KWAP), Prasarana Malaysia Bhd, Keretapi Tanah Melayu Bhd and Malaysia Airports Holdings Bhd. Formerly known as Dynaciate Group Bhd, Main Market-listed Ingenieur Gudang and its subsidiaries are principally involved in construction business in which the group provides civil, main mechanical, architectural, piping prefabrication and installation works and services. Ingenieur Gudang's share price closed 5.26% or half a sen lower at nine sen on Thursday, bringing it a market capitalisation of RM88.9 million. |
https://theedgemalaysia.com/node/668108 | Bursa opens slightly lower | English | KUALA LUMPUR (May 23): Bursa Malaysia continued its downtrend to open slightly lower on Tuesday (May 23) despite recovery in selected heavyweights which have limited the losses. At 9.25am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.23 of-a-point to 1,418.77 from 1,419 at Monday's close. The barometer index opened 0.68 of-a-point weaker at 1,418.32. The broader market saw decliners surpassing advancers 200 to 171, while 280 counters were unchanged, 1,608 untraded and 14 others suspended. Turnover stood at 292.07 million units worth RM131.07 million. In a note on Tuesday, Malacca Securities Sdn Bhd said that with the resumption of debt ceiling talks in the US, market sentiment is expected to improve at least for the near term. “Also, the FBM KLCI rebalancing activities will be commencing soon and may impact the volatility of the heavyweights. “Commodities wise, Brent crude oil stayed above the US$75 per barrel mark, while the crude palm oil price is hovering around RM3,400 per tonne. The price of gold remains below US$2,000 per ounce,” it said. Malacca Securities said investors will be slightly positive on the resumption of debt talks and may focus on the beaten down banking stocks on Tuesday. “Meanwhile, we like the energy, telecom and utilities sectors ahead of the release of quarterly results. Also, we think aviation stocks may trade higher after AirAsia X Bhd (AAX) managed to raise funds,” it said. Among the heavyweights, Malayan Banking Bhd added seven sen to RM8.65, Petronas Chemicals Group Bhd edged up five sen to RM7.01, while Tenaga Nasional Bhd decreased four sen to RM9.56 and CIMB Group Holdings Bhd declined four sen to RM5.01. Public Bank Bhd, however, was flat at RM3.95. As for the active counters, Revenue Group Bhd increased half-a-sen to 30.5 sen, Bahvest Resources Bhd gained half-a-sen to 16 sen, Pharmaniaga Bhd perked up four sen to 39 sen, and Autocount Dotcom Bhd rose one sen to 68 sen while Tanco Holdings Bhd was flat at 52 sen. On the index board, the FBM Emas Index shaved 0.72 of-a-point to 10,415.15, the FBMT 100 Index declined 0.67 of-a-point to 10,113.79, the FBM Emas Shariah Index went down 7.89 points to 10,781.27 and the FBM 70 Index put on 3.14 points to 13,623.83, while the FBM ACE Index went down 30.76 points to 4,924.77. Sector-wise, the Industrial Products and Services Index ticked up 0.35 of-a-point to 165.43, the Financial Services Index rose 13.57 points to 15,502.20, the Plantation Index reduced 26.56 points to 7,001.73 and the Energy Index contracted 2.87 points to 839.06. |
https://theedgemalaysia.com/node/602845 | Three-A Resources eyeing 52-week high, says RHB Retail Research | English | KUALA LUMPUR (Jan 7): RHB Retail Research said Three-A Resources Bhd is eyeing the 52-week high level as it attempted to surpass the RM1.06 consolidation phase over recent sessions. In a trading stocks note on Friday (Jan 7), the research housed said if the stock breaches above that level, expect it to continue propelling towards the 52-week high resistance of RM1.15, then RM1.22. “On the other hand, falling below the RM1.00 support would trigger the resumption of the downward correction — below the 21-day average line,” it said. |
https://theedgemalaysia.com/node/659801 | Frankly Speaking: Don’t take too long to appoint CEOs | English | This article first appeared in The Edge Malaysia Weekly on March 20, 2023 - March 26, 2023 The top post at PLUS Malaysia Bhd, a government-linked company (GLC) co-owned by UEM Group Bhd (51%) and the Employees Provident Fund (EPF) (49%), has been vacant for some three months. Its managing director (MD) and CEO seat was left vacant after the departure of Datuk Azman Ismail at end-December last year when his term expired. Azman had been at the helm of PLUS for six years following his appointment on Jan 1, 2017, replacing Datuk Noorizah Abdul Hamid who had opted to retire. The Edge is given to understand that the company has formed an interim executive committee (exco) to assume the responsibilities and perform the functions of the MD/CEO. The exco members comprise UEM Group executive director Datuk Mohd Izani Ghani, EPF chief financial officer Mohamad Hafiz Kassim, as well as PLUS’ chief operating officer Datuk Zakaria Ahmad Zabidi, CFO Ahmad Rizal Omar and chief people officer Shazalina Ahmad. While delays in the appointment of a new CEO at GLCs can happen (we saw this at Axiata Group Bhd, which has yet to appoint a new CEO following the departure of its president and group CEO Datuk Izzaddin Idris in May last year), questions have also been raised around how responsibilities are distributed. How will the exco respond to a disaster, crisis or other business emergencies, and will it be ready to commit and make major corporate decisions quickly? A delay also goes to show that the company does not have a succession plan in place. It can also signal that the firm is struggling to attract a new CEO or there is a shortage of homegrown talent or that the board of directors is not prepared for a leadership transition. In many cases, the CEO serves as the public face of the company and thus, not having a CEO available to lead an organisation like PLUS that requires interaction with employees and customers on a daily basis can be confusing and disruptive. That’s especially so at a time when the rollout of the highway operator’s second public pilot radio-frequency identification toll payment system along the North-South Expressway has yet to stabilise, and as it struggles to turn around its business after slipping into the red in the financial year ended Dec 31, 2021 (FY2021). PLUS posted a net loss of RM494.97 million that year compared to a net profit of RM145.72 million a year earlier. It has yet to file its financial accounts for FY2022 with the Companies Commission of Malaysia. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |
https://theedgemalaysia.com/node/623851 | Wall St's overnight plunge dampens Unitrade debut on ACE Market | English | KUALA LUMPUR (June 14): Building material wholesaler Unitrade Industries Bhd made its ACE Market debut at 26.5 sen on Bursa Malaysia on Tuesday (June 14), 17.19% lower than its initial public offering (IPO) price of 32 sen. The lacklustre debut was in line with with the weaker broader market sentiment as global stocks and government bonds plunged again on Monday, with the sell-off pushing the US S&P 500 Index — which has dropped over 20% since a recent record close — into a bear market, and came on the heels of last Friday's data that showed US inflation accelerating more than expected in May. As at 9.18am, Unitrade was trading at 25 sen, with some 40.93 million shares done. Trading volume of the stock swelled to 246.86 million shares by market close — making it the most actively traded stock of the day — with the counter closing at 30 sen, still down 6.25% or two sen from its IPO price. The latest price gave the company a market capitalisation of RM468.75 million. Despite the unimpressive debut, Unitrade managing director Nomis Sim Siang Leng said the group firmly believes its business fundamentals are strong and that it will continue to grow regardless of the share price performance on Tuesday. "To be honest, this is not the best time for a listing, considering the global market from last Friday until today (Tuesday). Wall Street has impacted the entire world overnight, not just our counter, and these things are out of our control. “However, in the long term, we strongly believe that our fundamentals are strong and we will continue to grow irrespective of today’s share price,” he said at a virtual press conference on Tuesday in conjunction with Unitrade's listing on the ACE Market. Unitrade's IPO exercise involves a public issue of 312.5 million new shares, representing 20% of its enlarged share capital, as well as an offer for sale of 125 million existing shares. Out of the 312.5 million new shares, 78.1 million shares are available to the Malaysian public, 63.5 million shares to its eligible directors, employees and persons who have contributed to the success of the group, followed by 117.2 million shares reserved for private placement for bumiputera investors approved by the Ministry of International Trade and Industry, and 53.7 million shares for private placement to selected investors. The Selangor-based company raised a total of RM100 million from the public issue under its IPO, of which RM50.5 million or 50.5% will be deployed as working capital. Another RM39.8 million or 39.8% shall go towards repayment of bank borrowings. Meanwhile, RM5 million will be allocated for capital expenditure to set up a pipe fabrication centre, while the balance of RM4.7 million has been earmarked to defray listing expenses. With the recent move to a warehouse twice the size of the previous one and the proceeds from the IPO, Sim said, the group now has the capacity and ability to increase its warehouse volume and product range to meet growing demand for building materials from the construction sector. “In addition, we will be among the first in Malaysia to build a new pipe fabrication centre to broaden our value-added service offerings to our customers. This facility will provide a long list of benefits to our customers, such as manpower reduction, acceleration of construction progress and more efficient use of space at construction sites, to name a few,” said Sim. On a macro view, Sim said Unitrade is upbeat on the building materials industry, which is buoyed by the acceleration and roll-out of major infrastructure projects. “We have an established track record in supplying to large-scale projects in the past and hence, we are confident in capitalising on these opportunities. Besides new projects, our products are heavily used in refurbishment, retrofitting, repair and maintenance works as well. As such, Unitrade plays a critical and holistic role in supporting the full lifecycle of buildings and infrastructure,” said Sim. On the impact of rising building materials costs related to the Russia-Ukraine war, Sim said, the impact has stabilised, so the group does not expect any major impact on prices or the supply chain. “Right now, supply and demand are pretty balanced. We also aim to improve our margin by focusing on higher-margin products and trying to reduce lower-margin products,” he added. Moving forward, the group also has a plan to move its listing to the Main Market. “We have already achieved two years of positive operating cash flow. Should we achieve a fit in the next financial years, we will seek to move to the main board,” added Sim. For the financial year ended March 31, 2022, Unitrade registered a revenue of RM1.29 billion and a record-breaking net profit of RM43.2 million. Unitrade has a dividend policy where the board of directors intends to distribute dividends of up to 30% of its annual net profit to its shareholders. M & A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise. |
https://theedgemalaysia.com/node/621572 | EITA secures third substation work in 2022 for RM36 mil | English | KUALA LUMPUR (May 26): EITA Resources Bhd’s 60%-unit TransSystem Continental Sdn Bhd (TSC) has secured an RM36.25 million contract to undertake the asset replacement and refurbishment of primary and combined equipment of a 275 kV substation in Kota Setar, Kedah. TSC, together with S A Continental Sdn Bhd, received a Letter of Acceptance from Tenaga Nasional Bhd for the contract on Thursday (May 26), EITA said. The contract spans nearly 2½ years from its effective date of May 26, it said. TSC's scope of works for the contract includes the execution, implementation, financing and management of the contract, while S A Continental is responsible for the civil works for the contract, it added. This is the third substation-related contract announced by EITA this year alone, with a total contract sum of RM94.59 million. On Jan 27, EITA announced two awards from Sarawak Energy Bhd to undertake substation extension and reinforcement of supply at two substations in Mambong and Entinggan, with contract value of RM29.39 million and RM28.96 million respectively. Shares of EITA settled down one sen or 1.23% at 80 sen, giving it a market capitalisation of RM206.73 million. Year to date, the counter has declined 7.51%. |
https://theedgemalaysia.com/node/670631 | Top Builders says forensic auditors not appointed due to financial constraints; submits 1QFY2023 report but still owes two other reports | English | KUALA LUMPUR (June 9): Top Builders Capital Bhd, which previously delayed the release of its annual report for the financial year ended June 30, 2022 (FY2022) to complete a forensic audit on irregularities found in the group's scheme of arrangement, now says it did not appoint any forensic auditors to look into the matter due to budgetary constraints. "The board of directors wishes to announce that no forensic auditors have been appointed due to budgetary constraints and financial limitations that may restrict the organization’s ability to engage the services of forensic auditors during this period. In addition, the complexity and sensitivity of the matter under investigation may necessitate additional (sic) for thorough deliberation before engaging forensic auditors to ensure their involvement aligns with the organisation's specific needs and priorities," it said in a bourse filing on Friday. "Nevertheless, the company will consider engaging forensic auditors when the financial position of the company permits," the Practice Note 17 group added. The group disclosed in February this year that its year-end audit found irregularities in the scheme of arrangement it implemented in the second quarter of FY2022, particularly a waiver of liability of RM208.09 million by reducing the cost of goods sold — which were recognised as income that resulted in an overstatement of profit. At the time, the group said it had initiated the appointment of forensic auditors in view of the significant impact of the discovery on the financials of the group. The group eventually submitted its 2022 Annual Report on May 29, but made no mention of the forensic audit until its Friday filing. Based on its latest bourse filings on Friday, the group has also released its financial report for the first quarter ended Sept 30, 2022 (1QFY2023). But the trading of the group's shares, which has been suspended from Nov 8 last year following the group's failure to release its 2022 Annual Report, will continue as there are still two more outstanding reports it has yet to submit — its quarterly report for 2QFY2023 for the three months ended Dec 31, 2022, and its 3QFY2023 for the three months ended March 31, 2023. Top Builders’ unaudited financial results for FY2022 indicated it had returned to the black with a net profit of RM150.39 million, following the implementation of its scheme of arrangement. In its annual report, its stated net profit for FY2022 was RM148.97 million. The group had been posting losses for the past three financial years, with a net loss of RM239.1 million for FY2021, RM144.35 million for FY2019 and RM26.93 million for FY2018. For 1QFY2023, the group narrowed its net loss to RM1.62 million from RM4.77 million a year earlier on lower finance costs and administrative expenses. Revenue for the quarter, however, decreased to RM1.43 million from RM7.15 million due to lower revenue from ongoing projects. Looking ahead, Top Builders expects its prospects to remain neutral pending the completion of the remaining projects and regularise its PN17 condition. The group fell into PN17 status in June 2020, when the group’s external auditor KPMG PLT expressed doubts in the company’s ability to continue as a going concern as its current liabilities exceeded its current assets by RM21.6 million. At the time, the company’s equity on a consolidated basis was less than 25% of its share capital. The group’s shares were last traded at two sen, giving it a market capitalisation of RM14.12 million. |
https://theedgemalaysia.com/node/652742 | DOJ poised to sue Google over digital ad market dominance | English | (Jan 24): The US Justice Department (DOJ) is poised to sue Alphabet Inc’s Google as soon as Tuesday (Jan 24) regarding the search giant’s dominance over the digital advertising market, according to people familiar with the matter. The case is expected to be filed in federal court before the end of the week, said the people, who asked not to be named discussing a confidential matter. The Justice Department didn’t immediately respond to a request for comment. Google declined to comment. The lawsuit will mark the Justice Department’s second monopoly case against the company, which is the No 1 player in the US$278.6 billion (RM1.19 trillion) US digital-ad market, controlling most of the technology used to buy, sell and serve online advertising. The lawsuit would also be the fifth major case in the US challenging the company’s business practices. State attorneys general have filed three separate suits against Google, alleging it dominates the markets for online search, advertising technology and apps on the Android mobile platform in violation of antitrust laws. The Mountain View, California-based company is No 1 in the US$626.86 billion global digital ad market, according to 2023 estimates by research firm EMarketer, with the US representing the biggest piece. Alphabet’s ad operations are expected to bring in US$73.8 billion in US digital ad revenue in 2023. Google runs an ad-buying service for marketers and an ad-selling one for publishers, as well as a trading exchange where both sides complete transactions in lightning-fast auctions. Google has argued that the market for online advertising is a crowded and competitive one. In court filings and congressional testimony, the company has noted its rivals include other major players in the ad tech market such as Amazon.com Inc, Meta Platforms Inc and Microsoft Corp. The department’s scrutiny of Google’s control of the ad tech market goes back to the Trump administration. The DOJ under then-Attorney General William Barr sued Google over its search business instead, alleging the company used exclusive distribution deals with wireless carriers and phone makers to lock out competition. That case is due to go to trial in September. |
https://theedgemalaysia.com/node/635003 | Najib present in court despite reports of hospitalisation | English | KUALA LUMPUR (Sept 5): Former prime minister Datuk Seri Najib Razak was present in court on Monday morning (Sept 5) despite news reports on Sunday that he was hospitalised. The former premier was present for the ongoing 1Malaysia Development Bhd (1MDB)-Tanore trial before High Court judge Datuk Collin Lawrence Sequerah. Najib, clad in a dark suit, was flanked by prison guards as per the norm in court proceedings, following his imprisonment on Aug 23. Also present was his wife Datin Seri Rosmah Mansor. It was reported on Sunday that Najib was hospitalised and undergoing a medical check-up. The nature of his medical condition was not known, though he was reported to be in stable condition. In this trial, Najib is charged with four counts of abuse of power in enriching himself with RM2.3 billion of 1MDB funds, and 21 counts of money laundering of the same amount. He could face a fine and up to 20 years’ imprisonment if convicted. Najib is currently serving a 12-year prison sentence as the apex court has dismissed his final appeal in the RM42 million SRC International Sdn Bhd case. While the court was in recess for lunch, Najib’s lawyer Tan Sri Muhammad Shafee Abdullah said the former prime minister was “concerned” after the health scare on Sunday. The senior lawyer added that a few doctors had seen his client and performed tests on the ex-premier at Hospital Kuala Lumpur (HKL). Shafee added that Najib did not spend the night at the hospital, but was only there in the daytime for tests. “I can tell you he is concerned, because about a couple of months ago, he had internal bleeding caused by an ulcer. His haemoglobin [level] went down to something like 4.7 [per decilitre]. The normal [level] is 16 [per decilitre]. The doctor said that was a situation that you could have gotten a stroke, because of the haemoglobin level,” the lawyer said. He added that Najib's stomach felt uncomfortable while he was in prison, which was why he was sent to the hospital for a check-up. According to the lawyer, the doctors have prescribed medication to Najib. While his condition is "okay", the fact that he was given medication showed that he has a real health problem, said Shafee. He added that whether or not Najib would have to go back to the hospital would depend on the test results and the doctors at HKL. The Edge is covering the trial live here. Users of The Edge Markets app may tap here to access the live report. |
https://theedgemalaysia.com/node/663696 | Alliance Bank study finds 60% of Malaysian SMEs see ESG adoption as business advantage | English | KUALA LUMPUR (April 17): About 60% of small and medium enterprises (SMEs) believe that adopting environmental, social and governance (ESG) principles can enhance their business performance, according to Alliance Bank Malaysia Bhd’s commissioned study. The study — jointly commissioned with UN Global Compact Network Malaysia and Brunei (UNGCMYB) and SME Corp Malaysia — noted that SMEs view that ESG could improve their financial standing and productivity, despite perceiving it as costly and requiring additional resources. Meanwhile, three out of five SMEs believe that ESG practices will create long-term value, a strong workforce and increase business opportunities, Alliance Bank said in a statement on Monday (April 17). “ESG adopters cited improving productivity, cost savings and brand reputation as the key motivation for including ESG practices in their strategy. “As for the non-ESG adopters, three key themes were identified for their hesitations towards adopting ESG — uncertainty about the impact of ESG, limited knowledge of ESG, and financial constraints. “However, this group of SMEs highlighted that financial support from banks-sponsored training and learning opportunities and tax incentives will facilitate their ESG adoption,” it said. Alliance Bank chief executive officer (CEO) Kellee Kam said that SMEs face unique challenges in their businesses, hence, the study was launched to assist SMEs in their ESG journey. “As a bank that has a long-standing relationship with the SME sector, we understand the unique challenges businesses face. “Locally, there is a lack of SME-centric frameworks and information to help small businesses on their ESG journey. As such, we launched this study to fill the gap in the market,” said Kam. The survey was launched as part of Alliance Bank’s “BeESG” initiative to encourage more sustainable practices among businesses. “Instead of viewing ESG as a compliance checklist, it is hoped that this study’s findings will encourage businesses to take the opportunity to turn ESG practices into a source of competitive advantage,” he said. Among other findings in the study are that 78% of consumers make purchase decisions based on the products’ impact on the environment; one in four Malaysian SMEs has adopted elements of ESG practices in its business; 80% of ESG adopters recognise the value of ESG adoption and plan to continue pursuing it moving forward; 39% of ESG adopters reported improved profits and cost savings from ESG practices; 76% of ESG adopters started their journey within the last five years; and 58% of non-ESG adopters are open and keen to adopt ESG in the near future. To become a bank for the community, Alliance Bank aims to support and provide guidance and innovative solutions to help its customers embrace sustainable practices to remain competitive and relevant. “Our approach is defined by the 3As: Advocacy, Advice and Answers — as we advocate ESG adoption, we are also working with strategic partners to advise SMEs on their ESG transition, while we provide the suitable solutions as the answer to their constraints,” Kam said. The bank also offers green propositions through the Sustainability Assistance Programme for financial solutions, BizSmart ® Solution Portal and #SupportLokal for non-financial solutions. Apart from partnerships with UNGCMYB and SME Corp, the bank has built alliances with partners such as Bursa Malaysia and Malaysia Green Technology and Climate Change Corporation (MGTC) to provide professional consultancy and practical solutions to help businesses develop their ESG roadmaps. Additionally, Alliance Bank aims to grow RM10 billion in new sustainable banking business by the financial year of 2025 (FY2025), as part of its sustainability agenda. To date, the bank has recorded RM6.7 billion in new sustainable banking business. Shares of Alliance Bank closed one sen or 0.3% higher at RM3.35 on Monday, for a market capitalisation of RM5.19 billion. |
https://theedgemalaysia.com/node/608692 | 第三季净利按年降20% 金群利集团派息3.75仙 | English | （吉隆坡23日讯）营业额下跌、联营公司业绩疲软及税务开支增加，导致金群利集团（Matrix Concepts Holdings Bhd）截至2021年12月31日第三季（2022财年第三季）净利按年降低大约20%至6045万令吉，一年前为7534万令吉。 每股盈利从9.03仙，降至7.25仙。 季度营业额下滑26.1%至2亿3309万令吉，之前为3亿1541万令吉，主要是工业及商业产品的认可度较低。 尽管营业额下跌，但总赚幅提高至58.4%，一年前为47.3%。 该集团宣布，派发每股3.75仙第三次中期股息，将于2022年4月7日支付。 按季比较，金群利集团的净利上涨16.71%，2022财年次季报5180万令吉，营业额则从上一季的2亿3948万令吉降低了2.66%。 该集团在截至去年12月杪首9个月净赚1亿4394万令吉，比一年前的1亿8146万令吉按年滑落20.67%。现财年首9个月营业额也挫14%至6亿3800万令吉，之前为7亿3944万令吉。 截至周三休市，金群利集团起3仙或1.31%，至2.32令吉，市值达19亿4000万令吉。 （编译：魏素雯） English version：Matrix Concept 3Q profit down 20% y-o-y; pays 3.75 sen dividend |
https://theedgemalaysia.com/node/646543 | Report: Major password manager LastPass suffers second breach in three months | English | KUALA LUMPUR (Dec 2): LastPass, a major password manager, has suffered its second breach in three months by the same unauthorised party. LastPass is a freemium password manager that stores encrypted passwords online. In a report on Thursday (Dec 1), American privately and state funded non-profit media National Public Radio (NPR) said LastPass chief executive officer Karim Toubba announced on Wednesday that the company detected "unusual activity" within a third-party cloud storage service but that customers' passwords remain safely encrypted. "We immediately launched an investigation, engaged Mandiant, a leading security firm, and alerted law enforcement," NPR quoted Toubba as writing in a statement. NPR said an unauthorised party gained access to parts of the LastPass development environment during a four-day period in August. There was no evidence of access to customer data, Toubba wrote after this first breach, noting that the development environment does not contain any customer data. Three months later, the same party used the information it gained in August to access "certain elements" of customers' information, Toubba said. NPR said Toubba maintains that passwords are safely encrypted despite the recent breach. "We are working diligently to understand the scope of the incident and identify what specific information has been accessed. "In the meantime, we can confirm that LastPass products and services remain fully functional,” Toubba said. The company recommended that its users "follow our best practices around setup and configuration", including setting up multi-factor authentication. |
https://theedgemalaysia.com/node/608255 | 赛莫达持股49%的莲花汽车拟将新电动汽车业务上市 | Mandarin | （吉隆坡21日讯）丹斯里赛莫达控有的Etika Automotive私人有限公司旗下持股49%的莲花汽车（Lotus Cars），正在推进莲花科技（Lotus Technology）部门的上市计划，使后者的估值达50亿至60亿英镑（约285亿至342亿令吉）。 Haymarket Media Group的汽车周刊《Autocar》周一报道，这家吉利（Geely）旗下品牌告诉投资者，计划到2028年每年销售10万辆车，其中9万辆是莲花科技生产的电动汽车和运动型休旅车（SUV）。 报道指出，从中国开始，莲花目前正在伦敦进行路演，让潜在投资者预览132型的电动SUV。 该周刊引述发言人的话说，路演的目的是试探投资者购买莲花股票的兴趣。 据报道，他表示该公司更倾向于首次公开募股，而非吉利旗下极星（Polestar）近期采用的特殊用途收购公司的方式上市。 报道称，莲花计划在12至24个月内上市，但尚未决定在亚洲、伦敦还是纽约上市。 这位发言人说，中国对潜在上市计划的反应强烈。 他指出，之所以决定将莲花科技，而不是专注于品牌传统跑车业务的莲花汽车上市，是因为各部门的所有权结构。 2017年5月，多元重工业（DRB-Hicom Bhd）退出跑车业务，以1亿英镑的价格，将Lotus Advance Technologies私人有限公司的51%股权售予浙江吉利控股，而Etika Automotive收购了余下的49%股权。 （编译：陈慧珊） English version：Syed Mokhtar’s 49%-owned Lotus Cars to float new EV division |
https://theedgemalaysia.com/node/672335 | Endemic phase of Covid-19: New SOP to be presented to Cabinet next week, says Dr Zaliha | English | PUTRAJAYA (June 23): The decision on whether Malaysia will enter the endemic phase of Covid-19 will be made after the Ministry of Health (MOH) presents a report on new recommendations and standard operating procedures (SOP) to the Cabinet next week, said Health Minister Dr Zaliha Mustafa. Malaysia is currently in the transition to the endemic phase, which began on April 1, 2022. Speaking to reporters after attending the MOH’s monthly assembly here on Friday (June 23), Dr Zaliha said the review of the new recommendations and SOP will take into account the World Health Organization’s (WHO) guidelines, the global Covid-19 situation, and the number of infections in the country. “We will announce this (transition) status after I present it to the Cabinet... the Public Health Department has already recommended that we implement a new SOP,” she said. In May, the MOH announced that the status of local areas of infection would remain unchanged for the time being even though the WHO has declared that Covid-19 is no longer a Public Health Emergency of International Concern (PHEIC). Dr Zaliha was reported to have said that the move was necessary to meet the need for quarantine or isolation of Covid-19 cases in places other than hospitals and the need for employers to bear the cost of treatment and testing for Covid-19 for their employees. Prior to this, the MOH had extended the declaration of local areas of infection from Jan 1 to June 30. As of June 17, Malaysia had a total of 5.11 million cases, including imported cases and 37,118 fatalities. On Thursday, Indonesian President Joko Widodo declared an end to the national emergency status of the Covid-19 pandemic. Meanwhile, Dr Zaliha said the health SOP for the upcoming elections in six states would depend on the announcement of the transition status. The six states that will be holding state elections are Selangor, Penang, Negeri Sembilan, Kedah, Kelantan and Terengganu. |
https://theedgemalaysia.com/node/674502 | Zuraida appeals against decision allowing PKR's RM10m claim over 2018 bond breach | English | KUALA LUMPUR (July 12): Datuk Zuraida Kamaruddin has filed an appeal against the High Court decision last month allowing PKR's RM10 million claim against her for breaching a bond she signed with her former party in 2018. The former PKR vice-president filed the notice of appeal on Monday (July 10). Her counsel Nizamuddin Hamid confirmed the matter when contacted. Nizamuddin added that they will be filing for a stay of the High Court’s decision, pending the disposal of the appeal. The former Ampang Member of Parliament is appealing against High Court judge Datuk Akhtar Tahir's decision on June 23 to allow the party's multimillion ringgit claim as he found that the bond was a valid and binding contract. He also found that the amount was not disproportionate but a reasonable sum to deter party members from acting against the party's interest. Zuraida was also ordered to pay RM50,000 in cost to PKR. PKR secretary general Datuk Seri Saifuddin Nasution Ismail, on behalf of the party, filed the lawsuit against Zuraida in September 2020 over her departure from the party after winning the seat on its ticket in the 2018 general election. In the statement of claim, Saifuddin said Zuraida had executed a bond where she bound herself to pay the party a sum of RM10 million if she violated the established terms and conditions of the agreement. The terms and conditions of the bond included Zuraida agreeing to pay the party the monies no later than seven days upon her resignation from PKR, joining any other political party, or being an independent elected representative after winning the seat on the party's ticket. Zuraida, who was with PKR for some 21 years, left the party in February 2020, along with 10 other PKR MPs during the “Sheraton Move”, which saw the fall of the then Pakatan Harapan government. She then joined but left Bersatu to join Parti Bangsa Malaysia (PBM) in May last year. However, in December, she along with 10 others were sacked by PBM. Read also:
Court allows PKR’s RM10 mil claim against former VP Zuraida for breach of bond |
https://theedgemalaysia.com/node/656880 | Frankly Speaking: Why hold back on realising profits? | English | This article first appeared in The Edge Malaysia Weekly on February 27, 2023 - March 5, 2023 Tropicana Corp Bhd surely has made a smart bet in acquiring shares of Chin Hin Group Bhd. It is holding some 14.71 million Chin Hin shares, which the company purchased on the open market at an average price of 47 sen each. At the current market price the shares are worth close to RM58 million. Last week, Tropican disposed of 2.65 million Chin Hin shares to its major shareholder Tan Sri Danny Tan for RM12.46 million, which works out to about RM4.70 per share — a premium compared with the market price at the time of RM4.15. Tropicana has stated that the rationale for the disposal is that Chin Hin’s shares have been on an upward trend in the past six months and the disposal to Tan represents an opportunity to realise profit of more than 100%. It will also help Tropicana to improve its cash flow. Chin Hin’s share price was hovering around RM3.70 at the time of writing. It has increased by more than 200% in the last one year and is among the best performers on the stock exchange in terms of share price performance. The company has evolved from a building materials supplier to an investment holding company with interests in other companies including Chin Hin Property Group Bhd, Signature International Bhd and Ajiya Bhd. However, in the past few years, Chin Hin’s dividend payout has been reduced from 3.5 sen per share to one sen. Considering that Chin Hin’s dividend payout is low and its share price has increased manyfold over Tropicana’s cost of acquisition, why is the property developer holding back on the sale of more Chin Hin shares? Even if the price is lower than the RM4.70 per share paid by Tan, Tropicana should sell more Chin Hin shares to boost its cash position. As the property market is ripe for a slow rebound, the money from the disposal could be better used to develop the vast tracts of land with Tropicana. Save by subscribing to us for your print and/or digital copy. P/S: The Edge is also available on Apple's AppStore and Androids' Google Play. |