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MMC to privatise AIRB at RM1.84 a share

MMC Corporation Bhd is privatising its 62.82% owned Aliran Ihsan Resources Bhd (AIRB) by acquiring the outstanding shares at RM1.84 each for RM181.12mil.

Coastal Contracts gets RM446m sales

Coastal Contracts Bhd's sales received a big boost after it secured contracts for the sale of 12 vessels worth RM446mil, boosting the sales orders to RM583mil.

Lysaght secures subcontracts worth RM22.75m

Lysaght Galvanized Steel Bhd has secured additional contracts worth RM22.75mil from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd for the supply of antenna poles.

KLCI snaps 4-days of gains

The FBM KLCI snapped its four-straight days of record close to end Monday in the red, as sentiment turned cautious following the weaker regional and European markets.

MPHB's 11.9m shares crossed valued at RM15.53m

Multi-Purpose Holdings Bhd's (MPHB) 11.94 million shares were transacted off-market at an average price of RM3.59 on Monday.

Hong Leong Bank's RM40m strategy to attract Gen Y customers

Hong Bank Bhd (HLB) will invest RM40mil in the next two years to open 20 new branches for its new sub-brand, Mach by Hong Leong Bank, group managing director Datuk Yvonne Chia said.

RM600m fund for Bumi firms to take part in infrastructure projects

The government has allocated RM600mil for a facilitation fund to help Bumiputera companies implement infrastructure projects costing a minimum of RM5mil, with a maximum funding of 15% of the overall cost of the project.

Growth, European worries pressure shares and euro

LONDON: The euro hovered near a two-year low on Monday as the darkening global growth outlook kept risk assets under pressure, and with investors not hopeful of progress on the euro zone debt crisis at a meeting of finance ministers later in the day.

Maybank targets RM32m investments with 'Silver Account'

Malayan Banking Bhd aims to attract RM32mil in investments within the first year of its "Maybank Investment Silver Acccount" as part of its portfolio of its precious materials offerings to consumers.

LPI Capital Q2 earnings up 28.6% to RM40.43m

LPI Capital Bhd kicked off the March-June earnings season, with net profit up 28.6% to RM40.43mil from RM31.42mil a year ago due to its focus on risk selection and its diversified business model.

Prudential, Manulife advance in Aviva Malaysia unit sale

SINGAPORE/HONG KONG: Four potential buyers, including Prudential Plc and Manulife, have made it through to a second stage of bidding for Aviva's insurance business in Malaysia in a deal worth about US$500mil, sources said.

Boustead Holdings to issue up to RM900m bonds

Boustead Holdings Bhd's unit Mecuro Properties Sdn Bhd has proposed to issue up to RM900mil in nominal value of bonds.

Asian markets in the red at midday

Asian markets fell in the morning session on Monday, as investors' sentiment turned cautious on concerns about the sluggish US jobs data and cooling inflation in China.

OSK Research upgrades plantation sector to Overweight

OSK Investment Research is upgrading the plantation sector to Overweight on expectation of palm oil price entering a new three-year price upcycle, fuelled by increasing probability of a drought-inducing El Nino weather phenomenon.

Genting slips on concerns over Singapore casino fine

Shares of Genting Bhd slipped on Monday amid profit taking and also concerns about the impact on its 52%-owned Genting Singapore following a stricter Casino Control Act proposed by the island republic.

China June inflation cools further to 2.2%

BEIJING: China's annual consumer inflation cooled to 2.2 percent in June, from May's 3.0 percent, official data showed on Monday, giving Beijing more scope to ease monetary policy to support growth without stoking upward price pressures.

KLCI opens lower, Genting weighs

Blue chips started the week on Monday on a cautious note, in tandem with the regional markets, on mild profit taking after the four straight days of record closing highs last week.

Shares, euro slump on growth worry after weak US jobs

TOKYO: Asian shares slumped on Monday after sluggish U.S. jobs data deepened worries about slowing global economic growth, and reinforced risk aversion ahead of China inflation figures and a meeting aimed at defining steps to shore up Europe's banks.

CIMB Research maintains Outperform on DRB-Hicom

CIMB Equities Research is maintaining its Outperform recommendation on DRB-Hicom and its target price of RM4.10.

JF Apex Research FV for IHH Healthcare at RM3

JF Apex Research has accorded a fair value of RM3 for IHH Healthcare Bhd, which will be listed on Bursa Malaysia end-July.

HDBSVR expects lack of follow-through buying on Bursa

Hwang DBS Vickers Research expects the FBM KLCI to enter a consolidation phase after closing at a new all-time high of 1,620.55 on Friday.

Felda Global venturing into Africa next year

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) is in talks with the relevant parties and is optimistic of entering the African market early 2013.

New A380 aircraft icon of change for Malaysia Airlines

PETALING JAYA: Last week’s launch of its first Airbus A380 aircraft by Malaysia Airlines (MAS) was a thumping affair, attended by dignitaries and enthusiasts enthralled at being the first to be on the inaugural flight from Kuala Lumpur to London.

Felda Global units also eye cross-border expansion

PASIR GUDANG: Aside from the expansion of its core business in oil palm plantation, Felda Global Ventures Holdings Bhd’s fully-owned subsidiaries are also looking beyond the Malaysian shores.

Malaysian stock index hits all-time high; is there enough steam to keep the rally to end of the year

THE gravy train may just be what the local FBM KLCI is riding on right now, after it propelled to hit an all-time high of 1,620.55 points last Friday.

Consultation needed on new gold and silver trading law

PETALING JAYA: A proposed law to regulate trading in gold and silver has yet to be formally discussed with industry participants, according to Tomei Consolidated Bhd group managing director Ng Yih Pyng.

Malaysian stock market to see more upside this week

KUALA LUMPUR: THE FTSE Bursa Malaysia KLCI (FBM KLCI) will see more upside this week, tracking the rebound in the commodities market and liquidity-driven rally in the US and European markets.

Chip-makers see good third quarter

GEORGE TOWN: Local automated semiconductor equipment and chip-assembly companies expect a relatively healthy third quarter (Q3) but a sluggish fourth quarter (Q4) ahead, in which the book-to-bill ratio is expected to dip to below one.

Takaful Malaysia confident of over 30% growth

KOTA KINABALU: Syarikat Takaful Malaysia Bhd is confident of surpassing the 30% growth projected for the takaful industry this year, says its general manager (retail agency) Mohd Suhaimi Ahmad.

Auto

Analysts say transparency important for the growth of the auto industry

PETALING JAYA: The lack of authorised vehicle sales data could have an adverse impact on various industry stakeholders and potential investors, say analysts and industry observers.

Naza Quest plans more 3S centres

MIRI: Naza Quest Sdn Bhd, the sole authorised distributor of the Chevrolet brand in the country, plans to open more sales, services and spare parts (3S) centres in Sarawak.

Stocks

Bio Osmo ex-MD says company to maintain water business

PETALING JAYA: Former Bio Osmo Bhd managing director Datuk Seri Krishna Kumar Sivasubramaniam (pic) has come out to address speculation that he is selling out of the company and that the business direction of the company is changing.

Bonus/Rights Issues

Stable ratings for SP Setia, Sime

FOLLOWING last month’s joint bid by SP Setia Bhd and Sime Darby Property Bhd to acquire the Battersea Power Station for £400mil (RM1.97bil), the two companies have now formed a 40:40:20 joint venture (JV) with the Employees Provident Fund to develop the London-based site.

TA Securities to consider M&A if there is effort to build brand

KUALA LUMPUR: Joint ventures are welcomed but TA Securities is not in a hurry to jump on the consolidation band wagon, said TA Enterprise Bhd managing director cum chief executive officer Datin Alicia Tiah.

Wall Street running in circles may continue

NEW YORK: Wall Street has been running in circles for the past two months, and the pattern may continue despite the upcoming start of the earnings season.

Tokyo shares likely to trade in narrow range this week

TOKYO shares are likely to trade in a narrow range this week amid investor uncertainty over the outlook for the global economy, dealers said last Friday.

Tax Issues

US-M’sia tax treaty should be initiated soon given its benefits

ON 25 April 2012, Malaysia finally signed a comprehensive double tax agreement (DTA) with Hong Kong. With this, Malaysia can now be considered a country with a wide treaty network, having more than 60 treaty partners.

Commodities

Palm oil prices expected to remain volatile this week

KUALA LUMPUR

Rubber market expected to remain firm this week

KUALA LUMPUR: The Malaysian rubber market is expected to remain firm this week amidst higher oil prices, dealers said.

Tin market expected to hover around US$18,800-US$19,000

KUALA LUMPUR: The tin price on the Kuala Lumpur Tin Market (KLTM) is expected to hover around the US$18,800-US$19,000 levels this week, said a dealer.

Banking

Changes in asset rules during a crisis will provide banks better control over risks, capital

PETALING JAYA: Industry observers are positive on the Basel Committee’s move to tentatively agree on changes to a planned rule for assets that can easily be sold in the event of a financial crisis.

New South Africa banking rules?

JOHANNESBURG: The South African government plans new measures to regulate banks and financial services to avoid risky behaviour while expanding services, according to Finance Minister Pravin Gordhan.

Philippine central bank tightens liquidity rules

SUBIC BAY, PHILIPPINES: The Philippine central bank said on Saturday it had tightened the rules on its short-term special deposit instrument that has attracted funds amounting to 1.7 trillion pesos (US$40bil), to help tackle speculation that could heighten volatility in the foreign exchange market.

Business

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