Friday, August 18th, 2017
NEW YORK, Aug 18 — US stocks opened lower today, extending losses from a day earlier, as losses in industrial and consumer discretionary stocks weighed. Ten of the 11 major S&P indexes were lower, with the industrial sector’s 0.41 per cent…
PETALING JAYA: Malaysia Building Society Bhd (MBSB) has received Bank Negara Malaysia (BNM) and the Finance Ministry's approval for its proposed merger with Asian Finance Bank Bhd (AFB).
MBSB told Bursa Malaysia that it had received notification from BNM vide its letter dated August 18, that the Minister of Finance has granted approval for the proposed acquisition by MBSB of 100% interest in AFB shares pursuant to the Islamic Financial Services Act 2013.
“Further details will be announced upon the finalisation and execution of the definitive agreement,” the group added.
The proposed merger will create the second largest Islamic bank in the country with total assets of around RM48 billion.
MBSB aims to become an Islamic financial institution by 2020 through its merger with AFB. The full bank licence will allow MBSB to tap into new financial services segments which it cannot offer at the moment, such as trade facilities, collecting current account savings account (CASA) deposits and offering other interbank instruments to expand its business.
AFB, a full-fledged Islamic bank that was incorporated in November 28, 2005, has a branch each in Kuala Lumpur and Johor Baru as well as a representative office in Jakarta, Indonesia, according to its website.
MBSB shares fell one sen to close at RM1.27 on Friday, with some 1.59 million shares done, giving it a market capitalisation of RM7.52 billion.
BEIJING, Aug 18 — China will strengthen rules to defuse risks for domestic companies investing abroad and curb “irrational” overseas investment in its Belt and Road initiative, the state planner said today. The National Development and…
LONDON, Aug 18 — Stock markets have spent the year rising on bets of a resurgence in inflation, while central bankers trying to manage the global economy have spent the same time repeatedly reassuring everyone it’s just around the corner….
ALOR SETAR, Aug 18 — Online entrepreneurs, especially those who sell food products are encouraged to meet international standards, including obtaining halal certification, to penetrate overseas markets. International Trade and Industry Deputy…
PETALING JAYA: Eduspec Holdings Bhd proposes another round of private placement to raise up to RM18.42 million for its business activities after having raised RM20.67 million earlier.
Eduspec said in a Bursa Malaysia filing that the exercise will see the placement of up to 131.55 million new shares, representing up to 10% of its total issued shares. The placement shares will be placed out to third party investors to be identified at a later date.
Proceeds raised will be used for working capital requirements as well as the migration of group’s current information technology learning and robotics classes and to localise the language curriculum for its Science, Technology, Engineering and Mathematics education using Robotics and Computer Science for Schools Programme.
Recall that Eduspec had on July 24 completed the previous placement with the issuance of 84.8 million shares raising RM20.67 million, a shortfall of about RM3.03 million and RM14.98 million under the minimum scenario and maximum scenario, respectively.
At its AGM held on February 27, the group had obtained a new mandate from its shareholders for the issuance of new shares not exceeding 10% of the total issued shares.
Eduspec said at this juncture, the proposed private placement exercise is the most appropriate avenue of fund raising without incurring additional interest expense, and minimising any potential cash outflow as compared with other financing methods such as bank borrowings.
“The proposed private placement will strengthen the group's financial position and capital base and may potentially enhance the liquidity and marketability of Eduspec shares,” it added.
Eduspec's shares remained unchanged at 13.5sen on Friday on some 827,100 shares done. Its market capitalisation stood at RM 125.93 million.
KUALA LUMPUR: Fitch Ratings has affirmed Malaysia’s long-term foreign- and local-currency issuer default ratings at ‘A-’ with a stable outlook. In a statement yesterday, Fitch said…
KUALA LUMPUR, Aug 18 — Malaysia’s economy is expected to maintain its rapid growth this year and the next two years, with full year Gross Development Product (GDP) growth surpassing 5.0 per cent annually, said IHS Markit. IHS Markit Asia…
SINGAPORE, Aug 18 — Asian stock investors joined a global retreat from riskier assets today and the dollar wavered on rising doubts about US President Donald Trump’s ability to deliver his economic agenda. European stock markets are also set…