Friday, July 14th, 2017


JPMorgan Q2 profits up on loan growth

NEW YORK, July 14 — JPMorgan Chase reported higher second-quarter earnings today, boosted by loan growth and the benefits of increased interest rates that compensated for declines in trading performance. JPMorgan chief executive Jamie Dimon…

Amcorp Properties buys two properties in Spain

PETALING JAYA:Amcorp Properties Bhd and its joint venture (JV) partner Grosvenor Europe Investments Ltd has acquired two new properties in Madrid, Spain at an undisclosed sum.

In a filing with Bursa Malaysia, Amcorp said the two properties located at Modesto Lafuente and Santa Engracia streets will be converted into high-end residential and commercial spaces.

A 10-storey office building measuring 3,000 sqm (32,292 sq ft) located in Modesto Lafuente street in the Rios Rosas neighbourhood, will be converted into 13 apartments equipped with an underground parking facility.

Meanwhile, a six-storey corner building measuring 1,800 sqm (19,375 sq ft) located in the intersection between Santa Engracia and General Arrando, in the affluent Almagro neighbourhood, will be turned into a residential space with 18 apartments.

The development will also include two terraced penthouses, with common facilities such as gym and concierge and a ground floor commercial space which can be occupied by retailer, restaurant or bistro.

In addition, the JV will also be developing another apartment project on a plot of residential development land located at Jorge Juan Street, Salamanca district, which was acquired in February. This maiden investment for the JV will be developed into six apartments with a penthouse, underground parking and common facilities.

Amcorp's shares closed at 78.5sen on Friday, up one sen or 1.29% with some 31,400 shares changing hands. It has a market capitalisation of RM476.87 million.

Britain puts on paper there will be financial settlement with EU

LONDON, July 14 — The UK acknowledged for the first time on paper that it will have to pay money to the European Union when it withdraws from the bloc, seeking to damp down a row over the country’s so-called Brexit bill. “The government…

XOX proposes private placement to raise RM9.37 million

PETALING JAYA: Mobile virtual network operator XOX Bhd proposes a private placement to raise RM9.37 million for its branding and marketing expenses.

In a filing with Bursa Malaysia, the group said based on an illustrative issue price of 11 sen per placement share and issuance of up to 85.18 million placement shares, the exercise is expected to generate gross proceeds of up to RM9.37 million.

Of the proceeds raised, RM9.22 million has been allocated for branding and marketing expenses and the rest for the proposed private placement expenses.

“The board is of the view that the branding, marketing and pricing strategies above will be able to garner more brand awareness from consumers and increase its subscriber base and market share,” it noted.

XOX said its earnings per share is expected to be diluted as a result of the increase in the number of shares pursuant to the issuance of placement shares.

Nonetheless, it said the proposed private placement is expected to contribute positively to its earnings. It is expected to be completed by the fourth quarter of 2017.

XOX closed unchanged at 10.5 sen, with some 3.85 million units traded. It has a market capitalisation of RM89.44 million.

Singapore shares rise to two-year high

SINGAPORE, July 14 — Singapore shares closed at their highest level in nearly two years today, propped by warehouse operator Global Logistic Properties and as investors heaved a sigh of relief after quarterly economic growth data showed the…

Mlabs Systems announces distribution and technology collaboration with Singaporean firm after UMA query

PETALING JAYA: Multimedia conferencing system software developer Mlabs Systems Bhd, whose share price hit a record of 46.5 sen today, said the recent sharp rise in its share price and trading volume could be due to its collaboration with Singapore's e-horizon Asia Pte Ltd to distribute its multimedia videoconferencing and mobile application products.

In response to an unusual market activity (UMA) query by Bursa Malaysia, the company said it had entered into a distribution and technology collaboration memorandum of intent with e-horizon Asia Pte Ltd.

Mlabs told Bursa Malaysia that both parties will cooperate and collaborate by sharing technology and jointly undertake research and development to improve existing mobile applications. The memorandum is valid for a year.

In addition, Mlabs said it is also in discussion with a few other companies to undertake similar distribution and technology collaboration and related businesses.

“All of these collaborations will be undertaken in the ordinary course of the company's business,” it added.

Mlabs reported a narrowed net loss of RM217,000 for the financial year ended March 31, 2017 against RM438,000 a year ago.

The stock was up by 3.5 sen or 9.5% to close at 40.5 sen on some 60.09 million shares done, giving it a market capitalisation of RM75.68 million. Its share price has more than tripled over the past two weeks.

IHH Healthcare unit to issue up to U$2b multi-currency bonds

PETALING JAYA: IHH Healthcare Bhd's indirect wholly owned subsidiary Parkway Pantai Ltd has established a US$2 billion (RM8.58 billion) multi-currency bonds for the group's general corporate requirements.

Proceeds raised from the medium term note programme will also be used for the group's investments, working capital requirements, capital expenditure and refinancing its indebtedness.

On a separate note, the group said its indirect unit Pantai Medical Centre Sdn Bhd has completed the proposed acquisition of a parcel of freehold land, on which Pantai Hospital Manjung sits, from YNH Hospitality Sdn Bhd for RM63 million.

IHH's share price gained three sen or 0.5% to RM5.98, with 2.26 million shares changing hands. The group has a market capitalisation of RM49.3 billion.

Natural gas tariff up 0.57% for July-Dec period

PETALING JAYA: The effective average tariff for natural gas for the non-power sector in Peninsular Malaysia will rise 0.57% to RM26.46/MMBtu for July-December period, from RM26.31/MMBtu (million British thermal units) for January-June period, as prescribed under the Incentive-Based Regulation (IBR) framework.

Gas Malaysia Bhd said in a filing with the stock exchange that the government had approved the revision gas tariff.

The average gas base tariff will be adjusted to RM28.05/MMBtu from RM26.71/MMBtu.

However, under the Gas Cost Pass Through (GCPT) mechanism, a rebate of RM1.59/MMBtu will apply to all tariff categories for the period beginning July to December 2017, translating to an average effective tariff of RM26.46/MMBtu, up 0.57% from RM26.31/MMBtu in the first half of the year.

Under the government's IBR framework, a base tariff is set for a regulatory period of three years from January 2017. The framework allows for changes in GCPT mechanisms for every six months.

Gas Malaysia expects the tariff revision to contribute positively to its earnings for the financial year ending December 31, 2017.

Its shares was up 4 sen to close at RM2.99 on some 156,800 shares traded, giving it a market capitalisation of RM3.84 billion.

Bursa issues show cause notice to China Automobile Parts

PETALING JAYA: Bursa Malaysia Securities Bhd has issued a notice to show cause to China Automobile Parts Holding Ltd (CAP) on the commencement of trading suspension, as the company failed to reissue its audited financial statements.

In a filing with the stock exchange, CAP said it is required to reissue the financial reports within six months from July 5 on or before Jan 4, 2018, failing which the regulator would commence de-listing procedures against it.

The company had failed to re-issue the audited financial statements for the financial year ended Dec 31, 2015 within one month from June 5, 2017.

Last month, the local bourse ordered the company to have its first-quarter financial report ended March 31, 2017 reviewed by its external auditor.

CAP had said it was unable to release its first quarterly report ended March 31, 2017 by May 31, 2017, as it was unable to finalise it within the stipulated time frame.

Trading its CAP shares has been suspended since June 8.

ECB wary of putting end-date on quantitative easing, say sources

FRANKFURT, July 14 — The European Central Bank is keen to keep its asset purchases open-ended rather than setting a potentially distant date on which bond-buying will stop, to retain flexibility in case the outlook sours, three sources familiar…