CORP BRIEF: ACME Holdings Bhd and foreign investors

by TMR / graphic by MZUKRI MOHAMAD

Acme Holdings forms JV with Skymind Holdings and Java Multimedia

ACME Holdings Bhd has entered into a joint venture (JV) agreement with Skymind Holdings Bhd and Java Multimedia Sdn Bhd to collaborate in the manufacturing of hardware devices required for artificial intelligence (AI) solutions through a JV company, namely Skymind Intelligent Systems Sdn Bhd. “The JV is not expected to have an impact on the gearing of the group for the financial year ending Mar 31, 2021, and is anticipated to contribute positively to the group’s future earnings, earnings per share and enhance the group’s consolidated net assets,” said Acme Holdings in its latest bourse filing. According to the group, Skymind Intelligent Systems has an initial paid-up share capital of RM1 only, adding that Skymind Holdings will have a 49% stake in the company while Acme and Java Multimedia’s stakes are 30% and 21% respectively.

Foreign investors sell RM268.8m local equities last week

FOREIGN investors sold a net RM268.8 million of local equities last week, according to MIDF Amanah Investment Bank Bhd (MIDF Research). “So far in 2020, foreign investors net selling has reached RM23.4 billion worth of equities on Bursa,” the report read. In comparison to Thailand, Indonesia and the Philippines, Malaysia experienced the biggest outflow while Thailand recorded the most foreign net inflow. Net buying amounted to RM11.82 billion came from retailers thus far in 2020, while local institutions brought to the tune of RM11.21 billion. Malayan Banking Bhd registered the highest net money inflow of RM5.06 million last week, followed by Dialog Group Bhd (RM2.79 million) and RHB Bank Bhd (RM2.19 million). Meanwhile, Genting Malaysia Bhd saw the largest net money outflow of RM5.04 million last week, followed by Genting Bhd (RM3.89 million) and CIMB Group Holdings Bhd (RM3.22 million)