Friday, February 19th, 2016

 

Zelan slips into loss in 4Q on lower gross margin, higher fees

KUALA LUMPUR (Feb 19): Zelan Bhd reported a net loss of RM18.53 million in the fourth financial quarter ended Dec 31, 2015 (4QFY15), compared with a net profit of RM12.57 million a year earlier. The engineering and construction company said the reversal to its profitability was mainly due to lower gross profit from local projects, as well as reversal of accretion of interest of RM4.2 million due to forfeiture in cash flow from the International Islamic University Malaysia project and higher administrative expenses.Categories: Latest NewsCorporate Source: The Edge Tags: cashRead More


China's top securities regulator stepping down – WSJ

BENGALURU/BEIJING (Feb 19): The chairman of the China Securities Regulatory Commission (CSRC), Xiao Gang, is stepping down, the Wall Street Journal reported, citing Chinese officials with direct knowledge of the matter. Xiao will be replaced by Liu Shiyu, current chairman of the Agricultural Bank of China Ltd (AgBank) and a former deputy governor of the People’s Bank of China, the central bank, the WSJ reported on Friday.Categories: Latest News Source: The Edge Tags: central bank, china, chinese, wall street


Firming U.S. inflation keeps Fed rate hike on the table

WASHINGTON (Feb 19): Rising rents and medical costs lifted underlying U.S. inflation in January by the most in nearly 4-1/2 years, signs of a pick-up in price pressures that could allow the Federal Reserve to gradually raise interest rates this year. The Labor Department said on Friday its Consumer Price Index, excluding the volatile food and energy components, increased 0.3% last month. That was the biggest gain since August 2011 and followed a 0.2% rise in December.Categories: Latest News Source: The Edge Tags: inflation, january


Rohaida Ali Badaruddin is Scomi Engineering's new CEO

KUALA LUMPUR (Feb 19): Scomi Engineering Bhd has appointed Rohaida Ali Badaruddin as its chief executive officer (CEO). Rohaida started her career with Scomi in 2000, and was one of the key team members in the listing of the Scomi Group Bhd in 2003 and various acquisitions by Scomi. She has served various roles in the group, including as head of corporate services and chief of staff.Categories: Latest NewsCorporate Source: The Edge Tags: kuala lumpur


US firm makes additional RM2b investment in Penang plant

SAN FRANCISCO, Feb 19 — P Linear Technology Corporation, a US-company, has invested an additional RM2 billion in its Penang plant, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed. An advanced integrated circuit manufacturer, Linear Technology, owns Linear Semiconductor Sdn Bhd. This is a big success for the Malaysian business ecosystem, he told Malaysian journalists here yesterday. “It is a great recognition for Malaysia as the Silicon Valley of the East,” he said. However, he did not furnish further details of the additional investment put up by theRead More


Java's auditor says unable to give opinion on FY15 financial accounts

KUALA LUMPUR (Feb 19): The external auditors of Java Bhd have expressed a qualified opinion on the group’s financial statements for the year ended Dec 31, 2015 (FY15). In a report filed on Bursa Malaysia today, Messrs Baker Tilly Monteiro Heng (BTMH) said the basis for its qualified opinion was due to the fact that it was unable to obtain sufficient and appropriate audit evidence regarding the plans for the group to achieve sustainable and viable operations and generating adequate cash flows from its operating activities.Categories: Latest NewsCorporate Source: TheRead More


Sunway to acquire four parcels of land for RM68.54m

KUALA LUMPUR, Feb 19 — Property developer, Sunway Bhd, is acquiring four parcels of land in Selangor for RM68.54 million. In a filing to Bursa Malaysia, it said Sunway Dimension Stones Sdn Bhd (SDSSB), a wholly-owned subsidiary of Sunway Holdings Bhd, had entered into a Sale and Purchase Agreement (SPA) with Tamura Electronics (M) Sdn Bhd to acquire freehold land in Petaling, Selangor, measuring about 210,790 square feet together with the buildings erected thereon for RM35.820 million.    Sunway also announced that Ekuiti Meranti (M) Sdn Bhd, a wholly-owned subsidiaryRead More


Sunway to acquire four parcels of land for RM68 million

​Property developer, Sunway Bhd, is acquiring four parcels of land in Selangor for RM68.54 million. In a filing to Bursa Malaysia, it said Sunway Dimension Stones Sdn Bhd (SDSSB), a wholly-owned subsidiary of Sunway Holdings Bhd, had entered into a Sale and Purchase Agreement (SPA) with Tamura Electronics (M) Sdn Bhd to acquire freehold land… Source: The Malaysian Insider Tags: malaysia, property developer, ubs


PetDag's 4Q net profit surges 206-fold, pays 20 sen dividend

KUALA LUMPUR (Feb 19): Petronas Dagangan Bhd (PetDag) saw its net profit surge 206-fold to RM92.11 million or 9.3 sen per share in the fourth quarter ended Dec 31, 2015 (4QFY15), from RM445,000 or 0.04 sen per share a year ago, on higher margin contribution from the retail segment and higher other income by RM47.6 million. In a filing with Bursa Malaysia today, PetDag explained that the higher other income was mainly due to an accounting reclassification from the goods and services tax (GST) implementation which has no profit impact,Read More


US firm adds RM2 billion investment in Penang semiconductor plant

Linear Technology Corporation, a US-company, has invested an additional RM2 billion in its Penang plant, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed. An advanced integrated circuit manufacturer, Linear Technology, owns Linear Semiconductor Sdn Bhd. This is a big success for the Malaysian business ecosystem, he… Source: The Malaysian Insider Tags: malaysia