Friday, August 11th, 2017

 

Wall Street climbs at opening after tepid inflation data

NEW YORK, Aug 11 — US stock indexes opened higher for the first time in four days today after tepid data pointed to benign inflation that could make the Federal Reserve cautious about raising rates again this year, even as concerns lingered over…


Saudi Arabia favours New York for Aramco listing despite risks, say sources

RIYADH, Aug 11 — Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter…


Saudi Arabia favours New York for Aramco listing despite risks, say sources (VIDEO)

RIYADH, Aug 11 — Saudi Arabia favours New York for the main foreign listing of state oil giant Aramco, even though some financial and legal advisers have recommended London as a less problematic and risky option, people familiar with the matter…


Bursa Malaysia has no plans to list dual-class shares

KUALA LUMPUR, Aug 11 — Bursa Malaysia has no plan to facilitate the listing of dual-class shares. In a statement today, Bursa Malaysia said there have been some misleading reports of late that have caused confusion on Bursa Malaysia’s…


Bursa Malaysia says no plan to implement dual-class shares structure

PETALING JAYA: Bursa Malaysia has denied plans to implement the dual-class shares structure, which has raised concerns over outsized powers that company founders and leaders will have compared with the current one share, one vote system.

“There have been some misleading reports of late which have caused confusion on Bursa Malaysia's position on the listing of dual-class shares. Bursa Malaysia's position has been misunderstood and taken out of context,” the regulator said in response to a wire report that the dual-class shares structure is being considered.

Bursa Malaysia stressed that it does not have plans to facilitate the listing of dual-class shares.

“In Bursa Malaysia's pursuit to remain attractive and competitive, we are committed to upholding market integrity and ensuring sound investor protection in all our market development initiatives,” it added.


IEA says strong oil demand growth helps market’s rebalancing

LONDON, Aug 11 — World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak Opec compliance with output cuts, the International Energy Agency said today. The…


Bumi Armada’s unit gets RM576m additional contract from Lukoil

KUALA LUMPUR, Aug 11 — Bumi Armada Bhd’s wholly-owned unit, Bumi Armada Caspian LLC, has signed a supplementary agreement worth US$134 million (RM576 million) with Lukoil-Nizhnevolzhskneft LLC (Lukoil) for an additional engineering,…


Bumi Armada gets RM576 million additional scope from Lukoil

PETALING JAYA: Bumi Armada Bhd has signed a supplementary agreement with LUKOIL-Nizhnevolzhskneft LLC (Lukoil) for additional scope of work valued at US$134 million (RM576 million).

In a filing with Bursa Malaysia, Bumi Armada said its wholly-owned subsidiary Bumi Armada Caspian LLC (BAC) signed the supplementary agreement with Lukoil for additional engineering, procurement, construction and installation (EPCI) scope.

“The additional scope will involve BAC's marine spread to lay subsea pipelines and undertake post trenching and back-filling works on sections of the Filanovsky field in the Russian sector of the Caspian Sea,” it said.

The additional scope involves the EPCI of about 20km of various pipelines in the field involving the Armada Installer and Armada Constructor vessels. Project preparation activities have started and the works are expected to be completed in the second half of 2018.

“Bumi Armada has been working with Lukoil in the Caspian since 2012 and this supplemental agreement highlights the continuing strong working relationship with our client, and our proven track-record to deliver high quality subsea construction services in the Caspian Sea,” Bumi Armada executive director and CEO Leon Harland said in a statement.

The supplementary agreement is expected to contribute positively to the company's earnings, especially the offshore marine services' segment, during the contract period.

Bumi Armada's share price fell 1.45% to close at 68 sen on Friday with a total of 7.09 million shares traded, giving it a market capitalisation of RM3.99 billion.


Asia Bioenergy Technologies to raise up to RM81.43 million via rights issue

PETALING JAYA: Asia Bioenergy Technologies Bhd (AsiaBio) proposed a renounceable rights issue of up to 1.16 billion new irredeemable convertible preference shares (ICPS) to raise up to RM81.43 million.

The group told Bursa Malaysia that the rights issue comes together with the issuance of up to 116.32 million free detachable warrants on the basis of 10 ICPS together with one free warrant B for every five existing shares held.

Based on an illustrative issue price of 7 sen per ICPS, the proposed rights issue of ICPS with warrants is expected to raise up to RM81.43 million, which will be used for investments in VSolar Group Bhd rights shares, Focus Dynamics Group Bhd ICPS, working capital as well as companies listed or to be listed on the LEAP Market.

AsiaBio shares fell half a sen to close at 13 sen on Friday, on some 14,300 shares changing hands. It has a market capitalisation of RM58.54 million.


Asia Bioenergy Technologies to raise up to RM81.43 million via rights issues

PETALING JAYA: Asia Bioenergy Technologies Bhd (AsiaBio) proposed a renounceable rights issue of up to 1.16 billion new irredeemable convertible preference shares (ICPS) to raise up to RM81.43 million.

The group told Bursa Malaysia that the rights issue comes together with the issuance of up to 116.32 million free detachable warrants on the basis of 10 ICPS together with one free warrant B for every five existing shares held.

Based on an illustrative issue price of 7 sen per ICPS, the proposed rights issue of ICPS with warrants is expected to raise up to RM81.43 million, which will be used for investments in VSolar Group Bhd rights shares, Focus Dynamics Group Bhd ICPS, working capital as well as companies listed or to be listed on the LEAP Market.

AsiaBio shares fell half a sen to close at 13 sen on Friday, on some 14,300 shares changing hands. It has a market capitalisation of RM58.54 million.