by TMR / pic by BERNAMA
India imported 275,915 tonnes of local PO in June
INDIA imported 275,915 tonnes of palm oil from Malaysia in June, according to the latest data from an industry group. The country’s total edible oil imports last month were 969,431 tonnes, with palm oil’s share being 61%, the Mumbai-based Solvent Extractors’ Association of India said. Overall edible oil imports dropped 20% in June from the previous month due to higher domestic stocks. Imports from Malaysia were 268,715 tonnes of crude palm oil (CPO), 3,200 tonnes of refined, bleached and deodorised palm olein and 4,000 tonnes of crude palm kernel oil. India is likely to buy more refined palm oil after the government last month lifted restrictions on its imports for six months. It also cut import tax on CPO by 5% until end-September. — Bernama
G Capital allots RM103m RCULS for RE projects
G CAPITAL Bhd to undertake a renounceable rights issue that entails the issuance of up to RM102.62 million of 1.28 billion redeemable convertible unsecured loan stocks (RCULS), mainly to partly finance projects involving renewable energy (RE) solutions. In a filing to Bursa Malaysia yesterday, G Capital said the proposed rights issue enables the group to raise up to RM102.62 million at a fixed funding cost for a period of five years, thereby reducing its exposure to interest rate fluctuations. — Bernama
Bursa issues UMA query to Genetec Technology
BURSA Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Genetec Technology Bhd following the sharp rise in its share price and trading volume recently. In a statement yesterday, Bursa Malaysia asked the group to explain if there are any corporate developments that have not been disclosed leading to an increase in the group’s share price. The regulator also asked if Genetec Technology is aware of any rumours or reports concerning the group’s business activity that might account for the UMA.
CapBay launches CapBay Assure
SUPPLY chain financing solution CapBay launched CapBay Assure, a programme that is aimed at protecting investor’s principal and interest through a reserve fund while ensuring net return of up to 6% per annum. In a statement yesterday, it said the programme is a first in the market that is designed to guarantee principal and interest payouts via a reserve fund that maintains a coverage ratio which is between three to five times the expected default rate. The structure of the programme provides an option for investors who are more cautious to significantly reduce their risks in exchange for slightly lower returns.