Thursday, August 24th, 2017

 

US existing home sales unexpectedly fall in July

WASHINGTON, Aug 24 — US home resales unexpectedly fell in July to their lowest monthly level of the year due to a lack of properties for sale, which also continued to push up prices. The National Association of Realtors said on Thursday…


North Korea’s trade with China hit by sanctions

BEIJING, Aug 24 — China’s imports from North Korea slowed in July while its exports to the sanctions-hit country dwindled after surging in recent months, according to official Chinese statistics. Overall, bilateral trade between the two…


Iran secures €8b loan from Korea Eximbank

TEHRAN, Aug 24 — Iran has secured an eight-billion euro credit line from South Korea’s Eximbank, the Islamic republic’s biggest loan deal since its 2015 nuclear accord, the Iranian central bank announced today. “The biggest contract…


AirAsia X 2Q net profit soars on forex gains

KUALA LUMPUR (Aug 24): AirAsia X Bhd’s (AAX) net profit surged 4,550% to RM47.44 million for the second quarter ended June 30, 2017 (2QFY17) from…


Daimler plans new holding structure for 2019, reports Manager Magazin

LONDON, Aug 24 — German car and trucks maker Daimler is working on a corporate holding structure which could be ready by the company’s annual general meeting on April 5, 2019, Manager Magazin said today. The magazine said Chief Executive…


World Bank raises Thailand 2017 growth forecast to 3.5pc

BANGKOK, Aug 24 — Thailand’s economy is expected to grow 3.5 per cent this year, up from 3.2 per cent initially predicted in April, and rising to 3.6 per cent next year, the World Bank said today. South-east Asia’s second-largest economy is…


AirAsia X returns to profit in Q2 2017

KUALA LUMPUR, Aug 24 — Long-haul budget airline, AirAsia X Bhd, returned to the black with a pre-tax profit of RM27.95 million in the second quarter ended June 30, 2017 (Q2 2017), from a pre-tax loss of RM9.23 million registered in the same…


‘Consider the listing cost before you LEAP’

KUALA LUMPUR: Corporates that plan to go for a listing on the Leading Entrepreneur Accelerator Platform (LEAP) Market are advised to take the cost of the exercise into consideration as it could come to about RM700,000, said CIMB Investment Bank Bhd’s regional head of financial solutions, Datuk Christopher Chan. The cost, however, is not standard but unique to the case of each potential listee.

Speaking at a seminar on the LEAP Market listing organised by The Associated Chinese Chambers of Commerce and Industry (ACCCIM), Chan said Bursa Malaysia has taken the initiative to reduce the cost by trimming the requirements, such as the need for independent directors, among others.

As at June 2017, some 11 small and medium enterprises (SMEs) have expressed their keenness to list, according to information from Deloitte Corporate Advisory Services Sdn Bhd.

SMEs in various stages of growth, including start-ups, can opt to list on the LEAP market, on condition that they assume public limited status and are incorporated in Malaysia.

According to Chan’s rule of thumb, a company suitable for listing on LEAP is one that could generate RM4 million to RM5 million in net profit within three to five years upon listing.
The company will need to go through due diligence conducted by advisers and sponsors, who will assess its suitability to be listed.

A listee is required to have a sponsor for at least three years upon listing. The role of a sponsor is also to ensure ongoing compliance with listing rules and regulations after listing.

The LEAP market is only open to sophisticated investors such as high net worth individuals, with more than RM3 million in personal assets excluding primary residence or a gross income of more than RM300,000 a year. Besides that, it is open to corporate bodies with more than RM10 million in assets under management.


“Consider listing cost before going for LEAP Market”

KUALA LUMPUR: Corporates that plan to go for the Leading Entrepreneur Accelerator Platform (LEAP) Market listing are advised to take listing cost into consideration as it could cost about RM700,000, said CIMB Investment Bank Bhd's regional head of financial solutions Datuk Christopher Chan.

However, Chan said Bursa Malaysia has taken the initiative to reduce the cost by trimming down the requirements such as the need for independent directors, among others.

He was speaking at a seminar on the LEAP Market listing organised by The Associated Chinese Chambers of Commerce and Industry (ACCCIM).

Small and medium enterprises in various stages of growth, including start-ups can opt to list on the LEAP market, but have to go through due diligence conducted by advisors and sponsors.

Bursa Malaysia will be the approving authority for the listing.


AmBank’s net interest income lifts 1Q net profit by 1.6%

KUALA LUMPUR (Aug 24): Higher net interest income (NII) of RM23.9 million pulled up AMMB Holdings Bhd (AmBank Group)’s net profit by 1.6% in the…