Financial institutions can now accept applications for Danajamin Guarantee Scheme
Danajamin Nasional Bhd has asked financial institutions to begin accepting applications for the Danajamin Prihatin Guarantee Scheme (DPGS). In a statement yesterday, Danajamin said the facility is made available through all financial institutions until Dec 31, 2020 or until the fund is fully utilised. DPGS was announced by Prime Minister Tan Sri Muhyiddin Yassin as part of the Economic Stimulus Package (Prihatin) following the Covid-19 outbreak. It is a guarantee scheme worth RM50 billion which covers up to 80% of the loan amount for financing working capital requirements. It aims to support medium to large local businesses by providing an avenue to recuperate and withstand the economic impact of the pandemic. Eligible applicants can submit their financing applications through their preferred financial institutions and they will also be subject to credit evaluation by Danajamin before obtaining the approval guarantee.
Securemetric launches pay-per-use digital signature platform
Securemetric Bhd has launched its cloud-based pay-per-use digital signature platform called SigningCloud. The country’s first universal and legally-binding application will enable users to start small and grow with the use case, at a cost of start from RM5 per Digital Signature Act (DSA) document for free account users. Securemetric founder and CEO Edward Law Seeh Key said the company intends to help businesses to adapt to the new norm post-Covid-19. “This pay-per-use business model will also create another sustainable recurring income stream for the group. For a start, we have an internal target to get 20,000 users before the end of 2020,” he said in a statement yesterday. Independent market research firm Technavio predicts the global digital signature market to grow by US$2.77 billion (RM11.78 billion) between 2020 to 2024.
Syarikat Takaful enters into Bancatakaful agreements with RHB Islamic
Syarikat Takaful Malaysia Keluarga Bhd (STMKB) has entered into a Family bancatakaful service agreement while its subsidiary Syarikat Takaful Malaysia Am Bhd (STMAB) entered into General bancatakaful service agreement, both with RHB Islamic yesterday. The contract period for both agreements are set to commence on August 1, 2020 and will run for five years.For the Family bancatakaful agreement, RHB Islamic will sell, distribute, market and promote family credit takaful products to STMKB and the latter will pay a facilitation fee of RM145 million to RHB Islamic. Under the agreement, STMKB also shall have the right of first refusal to develop and market family advisory takaful products proposed by RHB Islamic.As for the General bancatakaful agreement, STMAB will pay a facilitation fee of RM6 million to RHB Islamic. The agreements are not expected to have any material effect on STMKB group’s earnings and earnings per share for the financial year ending Dec 31, 2020 but are expected to contribute positively to the group’s future earnings.
DNeX proposes to undertake private placement
Dagang NeXchange Berhad (DNeX) has proposed to undertake a private placement of up to 20 per cent of its total issued shares to third party investors to be identified later, the group said in a statement yesterday.Based on the indicative issue price of RM0.22 per placement share and assuming the Group’s outstanding convertible securities are fully exercised prior to implementation of the proposed private placement, DNeX is expected to raise gross proceeds of up to RM109.14 million from the corporate exercise as it looks to fund its next growth phase
The Group intends to utilise the gross proceeds to mainly finance suitable and viable potential growth opportunities which in turn can generate positive returns moving forward. In addition, the gross proceeds will also be used as partial repayment of bank borrowings, working capital, and for expenses associated with the exercise.
The proposed private placement is expected to be completed by the fourth quarter of 2020 pending approvals from Bursa Securities, for the listing and quotation for the placement shares on the Main Market of Bursa Securities, and any other relevant authority. The Company had obtained the approval from its shareholders at the last Annual General Meeting convened on 29 June 2020.