RM150m fund
Guidance Investments (GI) has launched a RM150 million Shariah-compliant investment fund for equipment leasing for the Saudi Arabian market …
Read moreBonus shares
TH Plantations Bhd, a 71.6% subsidiary of Lembaga Tabung Haji, will implement a one-for-five bonus issue to reward shareholders …
Read moreRaise the bar
The strength of Islamic finance rests in raising the bar of the industry’s performance in order to achieve the …
Read moreRM150m fund
Bonus shares
Raise the bar
Corporate Malaysia
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Rawang rising? Town gets on radar of property players
Rawang, a small town just to the northeast of Kuala Lumpur (KL), seems to have gotten on the radar of property players and could well become the next big thing in Klang Valley property play, according to analysts.Though millionaires are still not going to Rawang in droves, property analysts say...
John Gilbert | 23 May 2013
Study: Sarawak has hydro-energy potential
Sarawak has a potential hydro-energy of 20,000MW of clean electricity, with a total energy output of 87,000GWh per year, according to one study.Sarawak state secretary Tan Sri Mohamad Morshidi Abdul Ghani said the state had begun taking power from Bakun built and operated by the federal government in 2011.“The first...
admin | 23 May 2013
GI-TH roll out RM150m Shariah-compliant fund
Guidance Investments (GI) has launched a RM150 million Shariah-compliant investment fund for equipment leasing for the Saudi Arabian market in partnership with Lembaga Tabung Haji (TH), a company official said in Kuala Lumpur yesterday.This is the first Middle East leasing fund supported by Tabung Haji which acted as the capital...
Kazi Mahmood | 23 May 2013
AEON to spend RM240m on new outlet, refurbishment
AEON Co (M) Bhd plans to invest RM240 million of the total RM350 million allocated for capital expenditure (capex) this year towards the establishment of a new retail outlet in Kulai Jaya in Johor and the refurbishment of its existing outlets, its chairman Datuk Abdullah Mohd Yusof said.“The new retail...
Sathish Govind | 23 May 2013
Star Publications to spend up to RM30m on online portal revamp
Star Publications (M) Bhd will spend between RM20 million and RM30 million to revamp its Star online portal in its effort to generate new income stream for the group.Its non-independent ED and executive deputy chairman Datuk Vincent Lee Fok Long said moving forward, the company is pushing towards strengthening its...
Farah Adilla | 23 May 2013
Approved investments up 44% in 1Q to RM49.3b
Malaysia saw a 44% rise in approved investments in the first-quarter (1Q) of this year, despite a slower than expected economic growth in the same period, on the back of continued strong growth in domestic investments driven mainly by the Economic Transformation Programme.The country posted a lower than expected growth...
Azli Jamil | 22 May 2013
Hike on parcels may hit volume
Pos Malaysia Bhd’s (PMB) recent price hike on international parcels could lead to higher generated mail revenue, however, a drop in volume from parcels is expected, a local research house said yesterday.According to PMB, the price hike on air parcels, which has risen fourfold, was implemented on May 15, while...
John Gilbert | 22 May 2013
Early study on highspeed rail link done
The preliminary study on the high-speed rail link between Malaysia and Singapore is completed, said Foreign Minister Datuk Seri Anifah Aman.According to Anifah, both countries are eager to see the completion of the high-speed link.He, however, did not disclose details of the study, but said if there is a need...
Sathish Govind | 22 May 2013
Public Gold targets Bursa listing next year
Public Gold International Bhd, which claims 35,000 registered gold traders in just five years, is all set to make the next big move with a possible public listing and spreading its wings abroad.The gold trading company said it is working on getting listed on Bursa Malaysia next year in a...
Tanu Pandey | 22 May 2013
Approved investments up 44% in 1Q to RM49.3b
Malaysia saw a 44% rise in approved investments in the firstquarter (1Q) of this year, despite a slower than expected economic growth in the same period, on the back of continued strong growth in domestic investments driven mainly by the Economic Transformation Programme.The country posted a lower than expected growth...
Azli Jamil | 21 May 2013
Three insiders in running for Maybank top post
Three company insiders have emerged as front runners to head Malayan Banking Bhd (Maybank) to take over from Datuk Seri Abdul Wahid Omar who has been tapped as Minister in the Prime Minister’s Department.The insiders are Maybank Investment Bank CEO Tengku Datuk Zafrul Tengku Abdul Aziz, Maybank group CFO Mohamed...
Sathish Govind | 21 May 2013
Malindo Air to service 3 domestic destinations
Malindo Air is ready to begin services to three domestic destinations out of Subang Airport following the delivery of its first ATR72-600 turboprops.CEO Chandran Ramamuthy said the ATR 72, which is the first of six to be delivered before December, will serve flights between Kuala Lumpur and Penang, Johor Baru...
Kamalavacini Ramanathan | 21 May 2013
TH Plantations to issue bonus shares, enlarge share capital
TH Plantations Bhd, a 71.6% subsidiary of Lembaga Tabung Haji, will implement a one-for-five bonus issue to reward shareholders and enlarge its share capital base.The company also declared a dividend of one sen, bringing the total dividend for financial year 2012 (FY12) to 4.6 sen.“In 2012, we increased our plantation...
Ranjit Singh | 21 May 2013
PKNS introduces new work culture
The Selangor Economic Development Corp (PKNS) has introduced a corporate culture for more effective work environment at its offices.PKNS GM Othman Omar said these programmes are expected to produce more innovation, passion, teamwork and purpose to the workforce as staff can reach personal goals through the company.“The results of this...
Charles Fernandez | 21 May 2013
Gas subsidy price delay could pose supply issue
The delay in the government’s proposed rationalisation of its subsidy for gas is also holding back implementation of crucial initiatives that could jeopardise supply security.Distributor Petronas Gas Bhd (Pet- Gas) chairman Datuk Anuar Ahmad said one of these crucial initiatives that is being held back by the rationalisation delay is...
Tanu Pandey | 20 May 2013
Snap News
KLK profit dips in 2Q due to lower CPO prices
Kuala Lumpur Kepong Bhd (KLK) posted a 2.4% year-on-year (YoY) dip in its net profit for the second-quarter ended (2Q) March 31, 2013, to RM209.6 million or 19.7 sen per share due to lower selling price for crude palm oil (CPO). The cumulative net profit for the first-half fell to RM470.5 million compared to RM555.8 million previously. In a filing at the stock exchange yesterday, the integrated oil palm concern posted a 14% fall in its 2Q YoY revenue to RM2.23 billion. The plantations sector recorded a 36.3% drop in profit to RM191.6 million despite the increase in fresh fruit bunch production. Its manufacturing sector’s profit climbed 87.3% to RM81.2 million despite revenue dropping 7% to RM1.17 billion. The oleochemical division’s contribution improved more than two-folds to RM86.6 million as the division continued to generate higher sales volume with improved demand on fatty alcohol products together with better sales from China operations.
23 May 2013
Ingress offer date extended to June 11
Ingress Corp Bhd controlling shareholders, Ramdawi Sdn Bhd, Datuk Rameli Musa and Datuk Dr AB Wahab Ismail, have extended the closing date and time for the acceptance of their RM1.85 per share takeover offer to June 11, 2013, an exchange filing said yesterday. The joint offerors have received valid acceptances of 41.82 million shares that represents 49.54% of the total issued and paidup capital of the auto parts maker.
23 May 2013
Jaya Tiasa hit by lower production and prices
Jaya Tiasa Holdings Bhd’s net profit plunged to RM62,000 in the third-quarter (3Q) ended March 31, 2013, from the RM16.15 million recorded in the same quarter a year ago due to a 36% and 31% reduction in fresh fruit bunches and crude palm oil average selling prices respectively. Revenue decreased 9.4% to RM236.34 million from the RM260.78 million due to 36% fall in logs sales volume. For the nine-month basis, its net profit decreased 84.1% to RM17.49 million from RM110.03 million previously, while revenue increased 4.9% to RM796.9 million from RM759.03 million.
23 May 2013
Axiata posts 8.7% increase in net profit in 1Q
Axiata Group Bhd’s net profit increased 8.7% to RM614.57 million in the first-quarter (1Q) ended March 31, 2013, from the RM565.63 million recorded in the same period last year. In an exchange filing yesterday, the telco said the increased in net profit was mainly due to foreign exchange gains of RM18 million recorded in 1Q of financial year 2013 (1QFY13) compared to its foreign exchange losses of RM120 million in 1QFY12. “Higher profit contribution in Sri Lanka and Bangladesh operations also brought back positive growth to the group,” it said in the filing. Its revenue in the same quarter increased 5.5% to RM4.48 billion from the RM4.25 billion recorded in 2012. Axiata said the improved revenue was mainly due to higher revenue contribution from all its key operating companies except Indonesia. “Gross revenue of Indonesia decreased by 2.9% mainly due to unfavourable translated revenue arising from 5.9% depreciation of Indonesian rupiah against the ringgit in the current quarter,” it said. Axiata said regional mobile subscribers grew 9.4% to close to 220 million.
23 May 2013
MyEG 3Q pretax profit up 31.8% to RM9.5m
MYEG Services Bhd’s pretax profit for the third-quarter (3Q) ended March 31, 2013, rose 31.8% to RM9.5 million from RM7.2 million in the same period a year ago. Revenue increased 11.3% to RM20.4 million from RM18.3 million previously. In a statement yesterday, the e-Government services provider said the higher revenue was driven by the encouraging response for the company’s existing and new services. MyEG executive chairman Datuk Norraesah Mohamad said the group remained firmly on an expansion path. She said the positive reception for its new services aptly complemented the continued strong growth for existing scope of services, especially in online insurance renewal and road tax transactions under the purview of the Road Transport Department. For the nine-month period, the company’s net profit jumped by 25.1% to RM24.1 million on the back of 12.6% growth in revenue to RM55.7 million. Norraesah said MyEG would focus on completing the implementation of the online service tax monitoring project for the customs department — the pilot of which had been proven successful. “We are collaborating closely with the relevant parties for smooth progress as and when the government is prepared to launch the service,” she added. — Bernama
23 May 2013
Money
Temasek lifts ICBC stake as Goldman exits
NEW YORK • Temasek Holdings Pte Ltd, Singapore’s state-owned investment company, boosted its stake in Industrial & Commercial Bank of China Ltd (ICBC) for the third time in a year...
23 May 2013
TA Securities downgrades KSK stock after net loss
TA Securities Holdings Bhd has downgraded its recommendation on KSK Group Bhd’s shares after the general insurance company posted a net loss in the first-quarter (1Q) ended March 31, 2013,...
22 May 2013
Amid concerns over MCIL, its share price remains stable
Concerns are building up on Media Chinese International Ltd’s (MCIL) share price performance but forecasts show it remains a stable and reliable stock, findings from a local bank indicated yesterday.RHB...
21 May 2013
Asian Pay Television raises RM3b in S’pore IPO
SINGAPORE • Asian Pay Television Trust, owner of Taiwan’s third-largest cable television operator, raised S$1.39 billion (RM3.32 billion) in an initial public offering (IPO).The trust, which owns Taiwan Broadband Communications...
17 May 2013
Malaysian pension fund sold stocks on post-election rally
Malaysia's biggest pension fund sold about RM331 million of shares in the country’s benchmark index as Prime Minister Datuk Seri Mohd Najib Razak’s election victory sparked the largest rally since...
16 May 2013
Franklin Templeton, StandChart launch US Opportunities Fund
Local investors will be able to gain access to American companies with a US equity fund launched by Franklin Templeton Asset Management Malaysia Sdn Bhd (FTAMMSB) in partnership with Standard...
14 May 2013
World
Larsen shares drop, gain misses estimates
NEW DELHI • Larsen & Toubro Ltd was poised for its steepest decline in more than a year in Mumbai trading after reporting fourth-quarter profit that missed analyst estimates.Larsen fell...
23 May 2013
Taiwan banks flee worst margins
HONG KONG • Taiwanese lenders led by Bank of Taiwan are taking their highest share of syndicated loans in Asia since 2010 as they expand outside the island’s saturated market...
21 May 2013
JPMorgan leads surge in Indonesia note sales
JAKARTA • Issuance of structured notes tied to Indonesia’s sovereign debt surged to the most in three years, led by JPMorgan Chase & Co, as investors seek to capitalise on...
17 May 2013
Allianz profit rises 24% as revenue gains to record
FRANKFURT • Allianz SE, Europe’s largest insurer, said first-quarter (1Q) profit rose 24% as higher prices pushed revenue to a record.Net income increased to €1.71 billion (RM6.62 billion) from €1.38...
16 May 2013
Singh resignation sought by Opposition after firings over graft
NEW DELHI • India’s main Opposition party stepped up pressure on Prime Minister Manmohan Singh to resign, with protests outside his home after he sought to end a political crisis...
14 May 2013
Twitter’s valuation seen at RM30b by investor GSV
SAN FRANCISCO • Twitter Inc was valued at almost US$10 billion (RM29.85) by one of its investors, up about 10% from a previous estimate, indicating shares are appreciating ahead of...
13 May 2013
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Latest Sectorial
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Audi A1 Sportback is a premium new fun hatch!
Euromobil is the guardian of the Audi brand in Malaysia and they have recently imported Audi’s latest premium family hot hatch, the Audi A1 Sportback to Malaysia for the sole...
Porsche Cayman models in Malaysia
The third generation of the Cayman is here with a 2.7-litre flat 6-cylinder engine that produces 275hp and a maximum torque of 290 Nm. It accelerates from 0 to 100kph...
AIA leverages on agency force to sell PRS funds
American International Assurance Bhd (AIA) plans to leverage on its 17,000 strong agency force and over 2.6 million policy holders to grow its private retirement scheme (PRS).“We will be leveraging...
Politics / General
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N. Korean leader Kim Jong Un sends special envoy to China
SEOUL • North Korean leader Kim Jong Un sent a “special envoy” to China as ties with his biggest benefactor showed signs of strain over...
Honda rejoins F1 to chase car-race glory
TOKYO • Honda Motor Co will return to Formula One (F1) as an engine supplier to help develop its technology after exiting the racing...
Some new faces in Cabinet
The new Cabinet unveiled by Prime Minister (PM) Datuk Seri Mohd Najib Razak yesterday is heavy with Umno old guards and new faces from Sabah...
MCA must ‘reinvent’ itself to stay relevant
Reeling from one of its worst elections, MCA is now grappling with the question on how to stay relevant in the changing political landscape in...
Najib to meet King at Istana Negara on new Cabinet today
Prime Minister Datuk Seri Mohd Najib Razak (picture) will have an audience with the Yang di-Pertuan Agong Tuanku Abdul Halim Muadzam Shah at Istana Negara...
Why PAS lost Kedah to Barisan Nasional
The people’s disillusionment over the bickering PAS administration, a well-managed campaign by Barisan Nasional (BN) and the Datuk Mukhriz Mahathir factor, are the main reasons...
Keep calm and learn something from GE13 to move forward
A week is a long time in politics, but for Malaysians it has seemed a lot longer following the 13th General Election (GE13).The final score...
MCA party elders tell Chua to resign now
MCA president Datuk Seri Chua Soi Lek must take full responsibility for the party’s poor showing in the recently concluded 13th General Election (GE13), said...
Electoral court option to address irregularities
Unless there is a timely and satisfactory review and accountability around the alleged electoral irregularities, the 13th General Election (GE13) will not be able to...
