Top 10 Malaysia Finance & Bursa News (30 July – 5 August 2017)

Malaysia Top 10 Finance and Bursa news
Federal govt incurs RM38.4 bln deficit in 2016

The federal government incurred a deficit of RM38.4 billion with the ratio to the Gross Domestic Product at 3.12 per cent. According to the 2016 Auditor General’s Report, the deficit was financed by internal and external loans of RM99.85 billion.

AMMB hopes to reach merger agreement with RHB Bank by SEPT

AMMB Holdings Bhd hopes to reach a merger agreement with RHB Bank Bhd and send the papers to the relevant authority by September. AMMB’s Group chief executive officer, Datuk Sulaiman Mohd Tahir, said talks were still ongoing and both parties had received exclusive negotiations period from Bank Negara () which would end on Aug 31, 2017.

CPO price could hit RM3,000 per MT

Crude palm oil (CPO) prices could surge to RM3,000 per metric tonne (MT) should dry weather conditions in the United States continue throughout August. This led MIDF Amanah Investment Bank Bhd (MIDF Research) to maintain its neutral view on the sector with average CPO price of RM2,750 per MT for 2017.

Confidence in Malaysia’s future output remains positive’

Confidence over Malaysia’s future output remained in positive territory in July 2017, despite the deterioration of operating conditions that were lower than the average for the first half of the year,according to the latest Purchasing Managers’ Index (PMI) survey data.

AirAsia, Indonesia commemorates partnership

The Ministry of Tourism Republic of Indonesia and AirAsia unveiled a collaboration to drive tourism efforts in promoting the wonders of Indonesia in Malaysia through the vast connectivity the airline offers across the Indonesian archipelago.

Trade surplus widens to RM9.88 bln, exports up 10 pct

Malaysia’s export growth continued to outpace import, with June 2017 trade surplus at RM9.88 billion, marking the 236th consecutive month of trade surplus since November 1997 and the highest surplus since April 2016.

Sabah’s WMG to launch RM1.3 billion new projects post-listing

Sabah-based WMG Holdings Bhd is set to expand its land bank and launch more development projects in Sabah upon its successful listing on the Main Market of Bursa Malaysia via a reverse take-over of Tekala Corporation Bhd. Currently, WMG has a total undeveloped land bank of approximately 620 acres, of which 442 acres are in Sandakan while the remaining 178 acres are in Kota Kinabalu.

Inefficient system to standardise prices of controlled goods in rural

A lack of monitoring and enforcement is the cause behind the unsatisfactory performance behind in the distribution of controlled goods to rural and remote areas in Sarawak. This is according to the Auditor General’s Report 2016: Management of the Federal Government and Government Agencies’ Companies (AG Report 2016).

Malaysia to send 6 MPS to Europe to seek support for palm oil

Malaysia is sending six lawmakers to Europe in September to meet and seek support from Members of the European Parliament in relation to palm oil.

Plantation Industries and Commodities Minister, Datuk Seri Mah Siew Keong, said the six Members of Parliament (MPs) chosen for the delegation would come from Barisan Nasional and non-BN representatives.

RAM reaffirms stable rating of Sabah’s RM1 billion bonds

RAM Ratings on Wednesday reaffirmed the AAA/stable rating of the state government of Sabah’s RM1 billion Bonds (2014/2019). The rating is based on the Constitution of Malaysia’s requirement that any borrowing by state governments be subject to the approval of the federal government.

Good first half of the year for Delta Leasing

Delta Leasing Sdn Bhd came in with a good set of financial results for the first half of this year despite a tough operating economic environment. According to its press release here, its’ after-tax operating profit for the first half (1H) of 2017 enjoyed a growth rate of 14 per cent, coming in at RM1 million as compared with RM905,000 in in 1H2016.

Labuan Liberty Port played big role in island’s O&G sector

It may be small, but the Labuan Liberty Port played a major role in the heydays of the oil and gas (O&G) sector of Malaysia’s International Financial Centre (IFC) here. The port is managed by the long-serving operator, Labuan Liberty Port Management Sdn Bhd (LLPM).

Source: Borneo Post Online

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