Money
Serba Dinamik to be delisted on June 5 after failing to get more time to submit regularisation plan
KUALA LUMPUR (May 30): Serba Dinamik Holdings Bhd (KL:SERBADK) said it will be delisted from Bursa Malaysia effective June 5 after failing to obtain an extension of time to submit its regularisation plan. The oil and gas services provider said the exchange regulator rejected its request for an additional six months to submit the regularisation plan to the relevant authorities. “Upon the delisting of the company, the company will continue to...
MoneyKerjaya Prospek, Pesona Metro, KIP REIT, Inta Bina, MGB, Kimlun, YTL Power, Ranhill, Advance Information, AMMB, AAX, Guan Chong, Dutch Lady, D&O, Keyfield, Pharmaniaga
KUALA LUMPUR (May 28): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday: Kerjaya Prospek Group Bhd (KL:KERJAYA) has bagged a contract worth RM567.73 million in Penang. The group said its unit Future Rock Sdn Bhd had accepted a letter of award from Tanjung Pinang Development Sdn Bhd (TPD) for the execution and completion of reclamation and dredging works for Seri Tanjung Pinang (Phases 2B...
MoneyShares of YTL Power, Ranhill to be suspended on Tuesday pending announcement
KUALA LUMPUR (May 27): Independent power producer YTL Power International Bhd (KL:YTLPOWR) and smaller rival Ranhill Utilities Bhd (KL:RANHILL) have both requested for their shares to be suspended from 9am on Tuesday, pending an announcement. Trading in the structured warrants relating to Ranhill will also be suspended, according to separate filings on Bursa Malaysia on Monday. YTL Power emerged as a substantial shareholder of Ranhill on Nov 1,...
MoneyKuok Group buys back Johor mall it sold two decades ago to Singapore’s sovereign fund
This article first appeared in The Edge Malaysia Weekly on May 20, 2024 - May 26, 2024 SINGAPORE-based Allgreen Properties Ltd, a company controlled by Malaysia’s richest man Robert Kuok, has bought back the stake in Johor Bahru City Square (JBCS) mall that it sold to Singapore sovereign wealth fund’s GIC Real Estate Pte Ltd — the real estate investment arm of the Government of Singapore Investment Corp — in a deal estimated to be worth RM850...
MoneyMSM sues Generali Insurance for RM42.8 mil over rejected insurance claim
KUALA LUMPUR (May 24): MSM Malaysia Holdings Bhd (KL:MSM)’s unit has initiated a suit against Generali Insurance Malaysia Bhd claiming RM42.75 million in damages over a rejected insurance claim. According to a bourse filing on Friday, the sugar refiner’s wholly owned subsidiary MSM Sugar Refinery (Johor) Sdn Bhd said that its insurance claim filed in 2022 for the loss of profit arising from a boiler failure was rejected by Generali Insurance....
MoneyThe Edge Court Judgments Report
This article first appeared in The Edge Malaysia Weekly on May 13, 2024 - May 19, 2024 This monthly report is compiled and briefly summarised by a group of lawyers on a voluntary basis for the benefit of readers of The Edge. Please consult your own lawyers if you need advice on the cases, issues and related matters highlighted here. CONSTITUTIONAL LAW AND HABEAS CORPUS Article 5 (1) of the Federal Constitution (‘Constitution’) guarantees that a...
MoneyCover Story: ‘We are not looking at M&A’
This article first appeared in The Edge Malaysia Weekly on May 13, 2024 - May 19, 2024 RHB Bank Bhd (KL:RHBBANK) chief Mohd Rashid Mohamad is periodically asked whether the lender is considering any mergers and acquisitions (M&A). “I knew you were going to ask about that,” he laughs, when The Edge raises the topic in a recent interview. RHB is often viewed as a likely M&A candidate because its largest shareholder, the Employees Provident Fund,...
MoneyWith patent restriction over, JF Technology set to regain foothold in US market
This article first appeared in The Edge Malaysia Weekly on May 13, 2024 - May 19, 2024 A decade after becoming embroiled in a patent infringement lawsuit in the US, one-stop test engineering and test interface solutions provider JF Technology Bhd (KL:JFTECH) is revisiting its US market strategy now that it is no longer bound by a patent restriction. JF Tech co-founder and managing director Datuk Foong Wei Kuong says the group is now exploring...
MoneyPublic Bank loses case against house buyer on failure to supply proof of alleged falsification of supporting documents
KUALA LUMPUR (May 23): Public Bank Bhd (KL:PBBANK) has lost a case against a house buyer, who sued the bank for terminating a loan facility agreement it had approved earlier after the first disbursement, when the court found that the bank failed to provide documents of purported falsified supporting documents and claims that the customer inflated his income resulting in the facility and house purchase to be terminated. As a result, the Kuala...
MoneyFIMM reprimands eight former unit trust and private retirement scheme consultants
KUALA LUMPUR (May 21): The Federation of Investment Managers Malaysia (FIMM) recently reprimanded eight former unit trust scheme (UTS) and/or private retirement scheme (PRS) consultants for their misconducts/breaches of the FIMM’s Consolidated Rules (FCR), Code of Ethics and Rules of Professional Conduct (Second Edition), or Code of Ethics (Third Edition). In a statement on Tuesday, the FIMM said six former UTS and/or PRS consultants were found...
MoneyMaxis' financial position could face pressure from proposed second 5G network, say analysts
KUALA LUMPUR (May 20): Maxis Bhd’s (KL:MAXIS) intention to build a second fifth-generation (5G) network could potentially put the group’s financial position and future earnings under pressure, according to analysts. Analysts have broadly remained cautious about Maxis, even though the group registered a 10% year-on-year increase in net profit for the first quarter ended March 31, 2024 (1QFY2024). According to Bloomberg, 10 out of 18 analysts have...
MoneyAllow technologies to shape our education
Technology has become deeply integrated in our daily lives, altering companies, economies, and the ways we teach and learn. In the field of education, continual technology breakthroughs provide unprecedented opportunity to increase accessibility, participation, and effectiveness. Learning options are endless as the educational environment rapidly changes with the introduction of technologies like virtual reality (VR) and artificial intelligence...
MoneyBerjaya Asset officially launches Times Square 2
KUALA LUMPUR (May 18): Berjaya Asset Bhd (KL:BJASSET) on Saturday officially launched Times Square 2, a luxury serviced apartment development located next to Berjaya Times Square in Jalan Imbi, Kuala Lumpur. At Saturday's official launch ceremony, Tan Tee Ming, executive director of Berjaya Times Square Sdn Bhd (BTS), which is a subsidiary of Berjaya Asset, told the press that the project will be launched over two phases. The first phase, which...
MoneyNORMAN PANG GROUP ANNOUNCES INTENTION TO LIST ON SGX WITH PRE-IPO DECLARATION AND FUND LAUNCH, COLLABORATES WITH FINAS TO BEEF UP LOCAL ENTERTAINMENT INDUSTRY
From bottom left: Mr. Jerry Chua (Managing Partner and CEO of Evolve Capital Advisory), Dato’ Sri Norman Pang (Founder & Chairman of NPG) & Ms. Cannis Chan (Chairman of MCI Capital) From top left: Alex Choo (Legal Advisor of Elyne Choo & Koong), Dato’ Azmir Saifuddin Mutalib (CEO of FINAS) & Damon Chan (Advisor of MCI Capital) KUALA LUMPUR, 13 MAY 2024 - Norman Pang Group (NPG), the country's leading insurance agency, has announced its...
MoneyMaxis, ITMAX, PIE Industrial, Malayan Flour Mills, PPB, Epicon, NationGate, Ho Hup, Sarawak Cable, GIIB
KUALA LUMPUR (May 17): Here is a brief recap of some business news and corporate announcements that made the headlines on Friday: Tan Sri Mokhzani Mahathir will step down as the non-executive chairman of Maxis Bhd (KL:MAXIS), effective from June 30, after 15 years sitting on the board of the company. While the board assesses potential candidates to succeed Mokhzani, independent director Datuk Hamidah Naziadin will be appointed as the interim...
MoneyPPB Group to invest RM327 mil in film segment over next five years
KUALA LUMPUR (May 17): PPB Group Bhd (KL:PPB) is planning to invest RM327 million in its film exhibition and distribution segment, which houses Golden Screen Cinemas, over the next five years. The company plans to open seven new cinemas over the next three to five years — one in Terengganu, one in Sarawak, two in Penang and three in the Klang Valley region, said Golden Screen Cinemas Sdn Bhd (GSC) chief executive Koh Mei Lee. GSC is wholly owned...
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