Ahmad Zaki Resources Bhd's (AZRB) unit has secured a syndicated Islamic term financing-i facility of RM458.35mil from three local banks to finance the development of a teaching hospital in Kuantan.
Mudajaya Group Bhd has executed the letter of acceptance from Mass Rapid Transit Corporation Sdn Bhd for a RM816.24mil contract to undertake part of the Sungai Buloh-Kajang MRT line.
Gadang Holdings Bhd has accepted the offer from Mass Rapid Transit Corporation Sdn Bhd for a contract valued at RM863.39mil.
LONDON: World oil demand growth will slow in 2013 from the already weak 2012, OPEC said on Wednesday, citing Europe's debt worries, a faltering U.S. economic recovery and deceleration of growth in emerging markets.
BRUSSELS: The European Commission welcomed a new austerity package announced by the Spanish government on Wednesday, saying it was a key step in Madrid's efforts to meet deficit reduction targets.
DanaInfra Nasional Bhd's (DanaInfra) RM2.4bil Islamic medium term notes (IMTN) received overwhelming response from investors which saw it being oversubscribed by 5.38 times.
Felda Global Ventures was in focus on Wednesday, closing at its highest since its listing in June, as funds picked up plantations and Axiata, sending the FBM KLCI to its fresh record close of 1,629.
Shares of Jaya Tiasa Holdings Bhd fell on Wednesday after the company fixed the price for the 42.04 million shares below the market price.
Scope Industries Bhd's 12 million shares were transacted in an off-market deal on Wednesday at an average price of 30 sen each.
SINGAPORE: The Singapore dollar hit a 14-year high against the ringgit on Wednesday as offshore funds continued to seek relatively safer assets and on views that Malaysia may allow a weaker currency to spur growth amid global economic slowdown.
Japan's Itochu Corporation is acquiring a 25% stake in one of Malaysia's major fertiliser manufacturers, Agromate Holdings Sdn Bhd, for an undisclosed sum.
India International Bank Malaysia Bhd (IIBM) aims to open five commercial banking branches in its first year of operations in Malaysia.
Malaysian crude palm oil futures slipped on weaker exports data, although losses were curbed by a tight global oilseed supply at a time when festival demand is supposed to rise.
Fund buying of Axiata, plantations and selected bank stocks saw the FBM KLCI advancing to an all-time intra-day high of 1,629 while other regional markets were in the red.
Malaysia's industrial production index (IPI) for May increased by 7.6% from a year ago, powered by the manufacturing sector, exceeding consensus' expectations.
Syarikat Prasarana Negara Bhd has teamed up with the Naza TTDI to undertake a residential project in Taman Tun Dr Ismail, Kuala Lumpur.
Standard & Poor's Ratings Services' counterparty credit ratings on AmBank (M) Bhd (AmBank; BBB+/Stable/A-2) and AmInvestment Bank Bhd (BBB+/Stable/A-2) were unaffected by AMMB Holdings Bhd's (AMMB; unrated) proposed acquisition of MBF Cards (Malaysia) Sdn Bhd.
Malaysia's key 30-stock index, the FBM KLCI, continued to buck the cautious regional markets, with the index climbing to an all-time intra-day high of 1,629.33.
Jaya Tiasa Holdings Bhd plans to raise RM332.15mil from a proposed share placement exercise, of which RM225.85mil would be used to build palm oil mills.
Shares of glove maker Adventa Bhd surged to RM1.85 in early trade on Wednesday after it received a takeover offer at RM2.10 a share.
CIMB Equities Research remains Neutral on AMMB due concerns about its weak loan growth and margin compression.
CHICAGO: Farmers on Tuesday fumed at the prospect of financial losses, or at a minimum a lengthy wait for the return of frozen funds, due to alleged mismanagement at brokerage PFGBest, and some said they had been burned for the last time.
CIMB Equities Research has raised Adventa’s rating to Trading Buy from Underperform after it received an offer of RM2.10 per share for the glove making business.
NEW YORK: The euro fell to a two-year low against the dollar on Tuesday as investors were wary that a German court could delay Europe's new bailout fund, while a series of profit warnings from U.S. companies took Wall Street lower.
Hwang DBS Vickers Research expects the FBM KLCI, which surged on Tuesday to end higher in seven of the last eight days, could pull back a little on Wednesday.
PETALING JAYA: All signs still point to a rather rough road ahead for the local economy as leading indicators in the region continue to show weakness in economic activity with economists expecting an improvement only towards the end of the year.
KUALA LUMPUR: Telekom Malaysia Bhd’s (TM) customer base for its Unifi services has swelled to 393,000. But, with impending competition from the cellular players that are entering its home services turf, its lion market share of high-speed Internet broadband will come under pressure soon.
KUALA LUMPUR: Genting Bhd’s subsidiary is undertaking a coal-fired power plant project in Banten province, West Java, which is estimated to cost about US$1bil (RM3.19bil).
PETALING JAYA: Talk that Malaysia Building Society Bhd (MBSB) is to be taken private by the Employees Provident Fund (EPF) has surfaced yet again, with industry sources saying the deal could happen as soon as this month.
KUALA LUMPUR: AMMB Holdings Bhd has proposed to acquire MBf Holdings Bhd’s subsidiary MBF Cards (M) Sdn Bhd for a total cash consideration of RM623.4mil.
IT will be interesting to gauge the feedback from the local steel players based on the recommendations made by the Boston Consulting Group (BCG) which has completed a comprehensive study on the strategic RM40bil steel industry.
PETALING JAYA: KPJ Healthcare Bhd’s acquisition of PT Khidmat Perawatan Jasa Medika (PT KPJ Medika) in Indonesia for RM15.84mil is “reasonable” and deemed a positive deal.
PETALING JAYA: Having positioned itself as a long-term strategic investor in listed companies, global investment management group Aberdeen Asset Management thinks it is essential to ignore market noises and focus on what really counts – the underlying fundamentals of companies.
KUALA LUMPUR: Sabah-based stock market participant Datuk Raymond Chan Boon Siew has exited two of the companies that he had recently acquired substantial stakes in, raising questions over whether he is going to see through his plans, one of them a turnaround plan for the two other companies that he had also bought into.
KUALA LUMPUR: Stockbroker Apex Equity Holdings Bhd’s 13.49 million shares were transacted in several off-market deals yesterday at 92 sen each, which was sharply below the current market price.
PETALING JAYA: PJBumi Bhd, a waste management solutions service provider, is proposing to dispose its entire 15.79% stake or 12 million shares in Alam Flora Sdn Bhd to DRB-Hicom Bhd for RM20.4mil cash that support its efforts to reduce bank borrowings and for working capital.
KUALA LUMPUR: Adventa Bhd’s board has received an offer letter from Aspion Sdn Bhd to acquire all of the business and undertakings, including all assets and liabilities, of the former for RM320.85mil or RM2.10 per share.
KUALA LUMPUR: Malaysia’s Jaya Tiasa Holdings Bhd, a palm oil plantations and timber company, is selling up to 42 million new shares worth some RM330mil, according to a source familiar with the deal.
LPI CAPITAL BHD's profit after tax of RM71.9mil for the first half ended June 30, 2012, was marginally below ours (37%) and consensus expectations (34%). However, the profit after tax for the second quarter (Q2) at RM40.4mil, which represented an increase of 28.7% year-on-year and 28.3% quarter-on-quarter, was encouraging, as we have guided in our preview note.
NEW YORK: A US judge bolstered protection for corporate whistleblowers on Monday by ruling the DoddFrank law gave retroactive protection to employees of subsidiaries, not just people who work directly for the parent companies.
TOKYO: Mitsubishi UFJ Financial Group has suspended two London-based traders amid a growing investigation into the suspected manipulation of the Libor interbank lending rate.
NEW YORK: If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.
SINGAPORE: The Monetary Authority of Singapore is studying the possibility of issuing the first inflation-linked bonds as part of measures to help savers cope with high inflation and low interest rates, the Straits Times reported yesterday.
DEVELOPING the pure play engineering sector into a booming industry is indeed ambitious and commendable, but it won’t be without its fair share of challenges.
Participants of the Economic Transformation Programme Lab identified that Business Services will be a key catalyst in transforming Malaysia into a knowledge economy. One of the Entry Point Projects (EPP) under this NKEA is the aspiration to grow large pure play engineering services.
KUALA LUMPUR: UOA Development Bhd, through wholly-owned unit, Lencana Harapan Sdn Bhd, has proposed to dispose of a 13-storey boutique office building to Lembaga Tabung Haji for RM102.2mil.
HONG KONG: Property prices in Hong Kong grew at a slower pace and sales fell in the second quarter as global stock markets weakened, but the city’s financial chief warned yesterday that risk of a bubble will remain as long as interest rates stay low.
PETALING JAYA: JP Morgan Treasury Services plans to increase its staff strength in Malaysia by 65% by end-2014 as it expands its presence to support its onshore and offshore corporate and financial institution clients.
KUALA LUMPUR: HSBC Bank Malaysia Bhd has appointed Roni L. Abdul Wahab its managing director head of global banking Malaysia.
PETALING JAYA: Bursa Malaysia market and issuers strategy head, Arulnathan Michael Dass, has left the exchange to join Standard Chartered Bank Malaysia as a business planning director, industry sources said.
KUALA LUMPUR: The inaugural review of the Roundtable for Sustainable Palm Oil’s (RSPO) principles and criteria for sustainable palm oil will be a highlight of the 10th annual Roundtable Meeting on Sustainable Palm Oil (RT10) to be held in Singapore from Oct 30 to Nov 1.
PETALING JAYA: Malaysian palm oil stocks fell to its lowest level in more than a year mainly due to adverse weather, suggesting a boost in palm oil prices in the near future.
KUALA LUMPUR: Malayan Banking Bhd (Maybank) has teamed up with DiGi.Com Bhd’s unit to boost over-the-counter (OTD) remittance service, which is part of the banking group’s strategy to achieve RM3.37bil remittances from the Maybank Money Express service this year.
DUBAI: Royal Bank of Scotland and two other banks have abandoned talks on restructuring Dubai Group’s US$10bil debt and threatened to bring unprecedented legal action against the investment vehicle of Dubai’s ruler, sources close to the matter said.
NEW YORK: Less than nine months after MF Global’s collapse sent shockwaves through US futures brokerages, news that more than half the customer funds at Iowa-based PFGBest are missing is threatening to shatter the fragile confidence in the industry.
BRUSSELS: Eurozone finance ministers claimed new progress in fighting the debt crisis, saying measures agreed to help Spain and its stricken banks put in place plenty of firepower.
BEIJING: China’s June trade data released yesterday stoked anxiety about the strength of domestic demand in the world’s second biggest economy as imports rose at only half the pace expected, signalling a need for Beijing to do more to bolster growth.
BOSTON: Hopes are evaporating that top U.S. technology companies will offer a safe harbor this year from the economic storms swirling across Europe, Asia and the United States.
NEW YORK: The parent of American Airlines will go ahead with plans to evaluate potential mergers and other strategic options and will reach out to interested parties, Chief Executive Tom Horton said on Tuesday.
LONDON: The American wife of an heir to the Tetra Pak drinks carton fortune has been found dead in London, police said on Tuesday, and a man who may be Eva Rausing's husband was arrested in connection with her death and on suspicion of drugs possession.
CHICAGO: Russell Wasendorf Sr., the sole owner and chairman of stricken futures broker Peregrine Financial Group, Inc., intercepted and forged bank documents for more than two years to cover up hundreds of millions of dollars in missing money, a person close to the situation told Reuters.
NEW YORK: A trustee representing creditors of SemGroup LP sued Barclays Bank Plc and Barclays Capital, seeking to be repaid a $143 million fee the bank collected when it took over the energy company's commodities trading positions during its 2008 collapse.
LONDON: British lawmakers on Tuesday accused Barclays former chief executive Bob Diamond of misleading a parliamentary inquiry into an interest rate-fixing scandal that has forced him to resign and give up bonuses worth up to 20 million pounds ($30 million).
FARNBOROUGH, England: Several countries are competing to become the first foreign buyer of the U.S. military's V-22 tilt-rotor aircraft, which flies like a plane but takes off and lands like a helicopter, according to the Marine Corps colonel who runs the program.
FARNBOROUGH, England: Airbus has won a potential $4.2 billion order for its A350 passenger jet, its first major deal at a subdued Farnborough Airshow, where a faltering global economy is casting clouds as dark as the skies over southern Britain.
LONDON: The Bill and Melinda Gates Foundation is set to unveil funding a sum in the hundreds of millions of dollars for a campaign to improve access to contraception in the developing world.
LONDON: Top Barclays shareholders are calling for the appointment of an external chairman to repair the bank's reputation after an interest rate-fixing scandal led authorities to impose a fine of more than $450 million, the Financial Times reported.