Money
MRT Corp's accumulated losses hit RM57.6b as MRT1, MRT2 failed to meet ridership, frequency targets — AG's Report
KUALA LUMPUR (July 4): The Mass Rapid Transit Line 1 (MRT1) and MRT2 have failed to meet their targets for daily ridership. They also failed to meet the targeted numbers of trains in operation, and peak-hour frequency, according to the 2024 Auditor General's Report. For MRT1, also known as the Kajang Line, the average daily passenger rate ranged from 10.8% to 37.4% from the start of its full operation in 2017 until 2023, falling short of...
MoneyCourt: 1MDB, SRC’s US$346 mil claim against Rosmah may rise as HK, US and UK investigations pending
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 THE list of jewellery and luxury goods worth US$346.01 million (RM1.632 billion), allegedly purchased using misappropriated funds of 1Malaysia Development Bhd (1MDB) and its subsidiaries, is not exhaustive and may be amended to include subsequent items as investigations are still pending, the companies said in their lawsuit against Datin Seri Rosmah Mansor....
MoneyPecca Group ‘hungry’ for more acquisitions as it shifts into higher gear
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 PECCA Group Bhd (KL:PECCA) is back on the acquisition trail after a pause due to the Covid-19 crisis. The automotive upholstery maker has concluded one takeover deal in the past year and is on the hunt for more acquisitions as part of its ambitions to become a Tier-1 automotive player, its CEO Foo Ken Nee says. Foo tells The Edge in an interview that there...
MoneyGenting’s energy ventures yet to excite investors
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 TO some, Genting Bhd’s (KL:GENTING) announcement of its RM5 billion energy ventures last week seemed to have come out of the blue. But to others, the announcement comes at a time when the gaming business is becoming more competitive than it was 50 years ago, when Genting first established its hilltop casino and resort in Pahang. The conglomerate, synonymous...
MoneyManulife 2023 net profit up 11% to RM83.9 million
KUALA LUMPUR (July 2): Manulife Holdings Bhd (KL:MANULFE ) net profit for 2023 rose 11% to RM83.9 million, driven by insurance service revenues with higher contractual service margin amortisation and risk adjustment release, attributable to expansion of insurance in-force business. In a statement on Tuesday, the financial services provider said total assets stood at RM7 billion as of December 2023. Manulife group CEO Vibha Coburn said the...
MoneyHigh Court tosses out Najib's bid to serve sentence under house arrest
KUALA LUMPUR (July 3): The High Court on Wednesday dismissed former prime minister Datuk Seri Najib Razak's bid to serve the remainder of his sentence under house arrest. All the affidavits filed — two by Najib, one by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi and Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail — are mere hearsay, judge Datuk Amarjeet Singh Serjit Singh said. The Pardons Board was represented by senior federal...
MoneyBrokers demand cash upfront from investors for these stocks
KUALA LUMPUR (July 1): Brokers are demanding cash upfront for the purchase of several stocks, namely Artroniq Bhd (KL:ARTRONIQ) and its warrant Artroniq-WA, APB Resources Bhd (KL:APB), Notion VTec Bhd (KL:NOTION) and its warrant Notion-WD, as well as YNH Property Bhd (KL:YNH). “Effective June 28, there will be a suspension of share buying for the following counters: Artroniq, Artroniq-WA, APB, Notion, Notion-WD,” Apex Securities informed its...
MoneyJentayu Sustainables shares fall to near six-month low, intraday short-selling suspended
KUALA LUMPUR (July 2): Shares of Jentayu Sustainables Bhd (KL:JSB) plunged to their lowest in nearly six months on Tuesday’s morning trade, prompting Bursa Securities to suspend the counter’s intraday short selling (IDSS). JSB's share price fell as much as 22 sen or 26% to its intraday low of 62 sen — its lowest since Jan 23, 2024. The stock was last traded at 63.5 sen before the noon trading break, valuing the loss-making group, which is...
MoneyFour multinational firms with investments totalling RM7b ceased operations in 1H2024 — Zafrul
KUALA LUMPUR (July 1): Four multinational firms with total investments of RM7 billion have ceased operations in Malaysia during the first half of 2024, according to Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz. Among them is Goodyear Malaysia Bhd, a tire maker in the rubber-based product industry, while the other three are from the transport, iron and steel, and food industries. Zafrul said both the transport...
MoneyForeign selling of local equities persisted at slower pace of RM358m last week, says MIDF
KUALA LUMPUR (July 1): Foreign funds continued to exit Bursa Malaysia for the second consecutive week, albeit with a lower outflow of RM357.7 million last week, from RM441.1 million the prior week. In its weekly fund flow on Monday (July 1), MIDF Research said the funds recorded a net outflow of RM164.3 million last Monday (June 24), RM76.3 million last Tuesday, and RM265.7 million last Thursday. “However, they net bought RM18.0 million last...
MoneyMaxis, CelcomDigi, YTL Power, TM, MAHB, Superlon, Cypark, NTPM, MCE, Astino, Hiap Teck, CIMB, Sentoria, UEM Sunrise, Haily, Coastal Contracts
KUALA LUMPUR (June 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday: Digital Nasional Bhd announced on Friday that four mobile network operators (MNOs) have each completed their respective share subscription agreements (SSAs) and acquired a 16.3% stake in the company — higher than the 14% they were initially expected to take up — as Telekom Malaysia Bhd (KL:TM) has yet to complete its...
MoneyKucingko fixes IPO price at 30 sen, set to be first animation studio on Bursa
KUALA LUMPUR (June 28): Kucingko Bhd has fixed its initial public offering (IPO) price at 30 sen per share to gross RM60 million from the ACE Market, with the company set to be the first listed animation production studio in Malaysia. The IPO involves a public issue of 100 million new shares, and an offer for sale of 100 million existing shares, according to the prospectus filed with Bursa Malaysia. All in all, the listing offers investors up to...
MoneyBNM plans to have banks provide basic accounts at minimal costs
KUALA LUMPUR (June 27): Malaysia’s central bank said on Thursday it plans to ask conventional and digital banks to provide basic savings accounts and basic current accounts at minimal costs to consumers. The move aims to boost access to essential services, particularly for the “unserved and underserved” segments of the Malaysian population, Bank Negara Malaysia (BNM) said. Among the main challenges for these consumers include the relatively high...
MoneyFelda has succeeded in second bid to sell back Eagle High stake to Rajawali, says Zahid
KUALA LUMPUR (June 27): Felda-owned FIC Properties Sdn Bhd (FICP) has succeeded in its second attempt to exercise the put option to sell its 37% stake in PT Eagle High Plantations Tbk back to the Rajawali Group, Deputy Prime Minister Datuk Seri Ahmad Zahid said on Thursday. This came after an arbitral tribunal ruled in favour of FICP against the Indonesian group on June 14, said Zahid. He said the tribunal ordered either PT Rajawali Capital...
MoneyThree Dr Yu-linked counters fall following allegations of market rigging, manipulation
KUALA LUMPUR (June 27): Three counters linked to prominent investor Datuk Dr Yu Kuan Chon fell during Thursday’s early trade, following the Securities Commission (SC)’s statement on Wednesday that it has sued him for alleged market rigging and manipulation. Property developer YNH Property Bhd (KL:YNHPROP) fell as much as 12.5 sen or 20.7% to 49 sen during Thursday’s early trade. At 11.30am, it was trading at 48.5 sen, valuing the group at RM257...
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