Friday, April 14th, 2017


Pesona Metro actively bidding construction jobs

Pesona Metro Holdings Bhd is expected to pick up pace with its ambitious plans to secure more contracts this year. The mid-sized contractor and developer is currently bidding for a hospital construction contract worth RM100 million and several other construction projects worth between RM300 million to RM400 million. In view of these, Hong Leong Investment Bank Bhd views the company is on track in achieving RM500 million in new job wins for 2017. Pesona registered a strong set of earnings for its financial year 2016 at RM20 million, growing 71Read More

Apple considers bidding for Toshiba’s chip business

TOKYO, April 14 — Apple Inc is considering teaming up with its supplier Foxconn to bid for Toshiba Corp’s semiconductor business, public broadcaster NHK said today — the latest twist in the sale of the world’s second-biggest flash memory…

SP Setia to acquire I&P Group for up to RM3.75b

KUALA LUMPUR: SP Setia Bhd is acquiring the entire equity interest in I&P Group Sdn Bhd at an indicative price range of RM3.5 billion to RM3.75 billion.

Post acquisition, the enlarged group will have close to 10,000 acres of land with a combined gross development value of about RM122 billion. SP Setia currently has over 5,000 acres while I&P has over 4,000 acres.

SP Setia president and CEO Datuk Khor Chap Jen said the proposed acquisition would fast track its expansion plan and provide new markets such as Kinrara and South of Klang where I&P has presence.

SP Setia, Permodalan Nasional Bhd (PNB) and Amanahraya Trustees Bhd entered into a non-binding memorandum of intent today to commence negotiations on the proposed acquisition.

SP Setia, via its wholly owned subsidiary KL East Sdn Bhd, also signed a conditional sale and purchase agreement (SPA) with Seriemas Development Sdn Bhd, a subsidiary of PNB Development Sdn Bhd.

The SPA is for the acquisition of 342.5 acres of land in Bangi known as Bangi Estate at a purchase price of RM447.58 million or RM30 psf as well as profit sharing of up to RM3 psf.

Safeguard a burden to builders and contractors, says MBAM

PETALING JAYA: The Master Builders Association Malaysia (MBAM) said the government's imposition of the safeguard duties on some products will definitely increase the cost of construction projects which will ultimately be passed on to the rakyat.

The final determination of the Safeguards Act 2006 effective April 14, 2017 have seen the government imposing final duties on rebar, steel wire rods and deformed bar in coils import for three years namely 13.42% for year one, 12.27% for year two and 11.10 % for year three.

“MBAM is very disappointed at the outcome,” its president Foo Chek Lee said in a statement today.

“The association is strongly against the imposition of these additional duties for three years until April 13, 2020,” he added.

Nevertheless, Foo said MBAM and its members hope that the prices of steel bars will remain stable and not escalate out of hand due to the absence of the free flow of imported steel.

Foo said the association hopes the government would allow an open market to decide on the price of steel bar based on 'supply and demand' especially involving imported steel.

Pharmaniaga earnings ‘uninspiring’, says HLIB

Earnings for Pharmaniaga Bhd, Malaysia’s largest listed integrated pharmaceutical group, has been described as ‘uninspiring’ by Hong Leong Investment Bank (HLIB). The uninspiring FY16 earnings – RM52.9 million, down 40.3 per cent year-on-year, largely reflected the government rationalising its expenditure and shifting towards a leaner procurement model. “We expect the trend of slower government off-takes to follow through in FY17,” HLIB Research said. The research house expects Pharmaniaga to undergo an internal cost recalibration program in FY17, such as inventory optimisation and efficiency drive in its logistics department to addressRead More

Bank Negara said to mull enforcing foreign insurer ownership cap

KUALA LUMPUR, April 14 — Malaysia is weighing tougher enforcement of a cap on foreign ownership of insurers as it seeks to boost local participation in the industry, people with knowledge of the matter said. The central bank is considering…

Bursa opens lower on lack of fresh leads

KUALA LUMPUR, April 14 — Bursa Malaysia opened lower today on lack of fresh leads, dealers said. At 9.21 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,735.36, down 2.82 points from yesterday’s close of 1,738.18. The key…

Bursa Malaysia opens lower on lack of fresh leads

KUALA LUMPUR: Bursa Malaysia opened lower today on lack of fresh leads, dealers said.

At 9.21am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,735.36, down 2.82 points from yesterday's close of 1,738.18.

The key index opened 1.53 points lower at 1,736.65.

A dealer said the absence of strong leads from local institutional players and cautious regional sentiment should see the local market extend correction, before buyers return to cushion downside.

“The immediate support for the index will remain at 1,737 30-day moving average level, while immediate overhead resistance stands at 1,758,” he said.

On the scoreboard, the FBM Emas Index decreased 29.069 points to 12,354.15, FBM Emas Syariah Index shed 23.8 points to 12,828.75 and the FBMT100 Index fell 27.3 points to 11,990.91.

The FBM 70 plunged 62.5 points to 14,594.8 and the FBM Ace went down 28.15 points to 6,078.55.

Sector-wise, the Industrial Index inched up 0.64 of a point to 3,253.3 and the Plantation Index edged up 2.77 points to 7,950.93.

The Finance Index was 25.659 points lower at 15,591.4.

The market breadth was negative as losers led gainers 354 to 95 with 251 counters unchanged, 1,042 untraded while 20 others were suspended.

Turnover stood at 442.38 million shares worth RM117.07 million.

Among heavyweights, Maybank and Sime Darby eased one sen each to RM8.95 and RM9.27 respectively, TNB and Public Bank lost four sen each to RM13.70 and RM19.90 respectively and Petronas Chemicals slipped three sen to RM7.72.

Of the actives, Lion Diversified added 1.5 sen to 7.5 sen while Anzo eased two sen to 58 sen.

Vizione, Tiger Synergy and Compugates were flat at 13 sen, 5.5 sen and 3.5 sen respectively.

The physical price of gold as at 9.30am stood at RM176.44 per gramme, down 22 sen from RM176.66 at 5pm yesterday. — Bernama

Village Grocer acquires 100% stake in BIG

Village Grocer Holdings Sdn Bhd (VGH), the owner of premium supermarket chain Village Grocer, has acquired 100 per cent stake in Bens Independent Grocer Sdn Bhd (BIG) from BIG Sdn Bhd (The Big Group). The company said the move strengthens VGH’s position as the leaders within the premium grocery segment. Both Village Grocer and BIG will continue to exist and operate as two separate brands with BIG’s present management team continuing to run the business. VGH and BIG operate a total of 13 outlets with a combined annual revenue ofRead More

Ringgit opens higher on buying sentiment

KUALA LUMPUR, April 14 — The ringgit opened higher against the US dollar today as investors continued to buy Asian currencies, a dealer said.      At 9.02am, the local note was traded at 4.3960/4010 against the greenback from 4.4100/4150 at…