Friday, September 29th, 2017
NEW YORK, Sept 29 — Gains in technology stocks helped the S&P 500 eke out another record on the last trading day of the month, while the Dow was dragged down by losses in industrial stocks. Nvidia was up 2.13 per cent and was among the top…
LONDON, Sept 29 — Three former Tesco executives abused their positions of trust to encourage the manipulation of profit figures, lied to auditors and misled the stock market, prosecutors told a London court today. The senior executives were…
FRANKFURT, Sept 29 — Women may be vastly outnumbered in the boardrooms of Germany’s top firms, but they earn on average five percent more than their male counterparts as large corporations pony up to reduce gender imbalances, a consultancy…
KUALA LUMPUR: Bursa Malaysia Securities Bhd has reprimanded Scanwolf Corp Bhd on the grounds of breaching paragraph 9.16(1)(a) of the Main Market Listing Requirements (Main LR) as it failed to take into account the 384% deviation between its audited and unaudited accounts in its fourth quarter (Q416) results ended June 30,2016.
The stock exchange regulator said in a statement that Scanwolf had failed to ensure that it took into account the adjustments made in relation to its financial results in Q416 as stated in its announcement dated October 19, 2016, which revealed that there was a difference of RM1.63 million or 384% between the net loss recorded in its audited (RM2.05 million) and unaudited accounts (RM424,605).
The adjustment was mainly due to the consolidation adjustment for elimination of unrealised revenue and property development costs between two subsidiaries of the company.
“There was no reasonable justification for the company’s failure to take into account the adjustment that was made in accordance with clear accounting standard under MFRS 10 which requires consolidated financial statements to eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group,” Bursa Malaysia noted.
As a result, the company will have to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions, which has to be performed by the company's external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended December 31, 2017.
In addition, Scanwolf must also ensure that all its directors and relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements.
“While Bursa Malaysia Securities has not found any of Scanwolf's directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR,” it added.
Paragraph 9.16(1)(a) of the Main LR stipulates that a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
Scanwolf's shares fell 4.84% on Friday to 29.5 sen with some 70,000 shares changing hands.
PETALING JAYA: Berjaya Land Bhd's (BLand) wholly-owned subsidiary Berjaya Leisure (Cayman) Ltd (BL Cayman) has entered into an agreement for the proposed disposal of its entire 100% stake in Berjaya Investment Holdings Pte Ltsd (BIH) to Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH) for S$2.97 million (RM9.21 million), to be satisfied via an issuance of new SIAMH shares.
SIAMH is an associated company of BLand.
BLand told Bursa Malaysia that concurrent with the proposed disposal, BL Cayman will novate the debt owing by BIH of S$11.20 million to SIAMH, to be satisfied via an issuance of new SIAMH shares.
In addition, BL Cayman will subscribe for additional new SIAMH shares for S$3.82 million cash. Upon completion, BL Cayman's stake in SIAMH will increase from its current shareholding of 21.14% to 34.27%.
“The proposed subscription forms part of a capital raising exercise currently being undertaken in stages by SIAMH to raise funds for its capital expansion project in Singapore, which includes the construction of a proton therapy centre,” BLand said.
BIH is principally an investment holding company and owns five medical suites in Singapore. The SIAMH group, meanwhile, is involved in the provision of medical laboratory services and the carrying on the business of clinic and other general medical services, sale of pharmaceuticals, surgical and consumables.
The proton project involves the construction of a cancer treatment centre to be known as the Advanced Medicine Oncology Centre (AMOC) in Biopolis, which is an international biomedical research hub in Singapore. On completion, AMOC is expected to provide world-class imaging, treatment delivery and clinical informatics technologies for healthcare professionals and researchers and is also expected to be the first private centre to have the “Varian Compact Proton Therapy” system in Asean, Australia and New Zealand.
Proton therapy is a form of radiation therapy using proton beam instead of conventional photons or x-rays, which reduces significantly collateral tissue damage with no or mild radiation sickness.
BLand said the corporate exercise, which will result in a gain of about RM11.98 million, represent an opportunity for the group to increase its investment in SIAMH.
BLand closed unchanged at 40 sen on Friday with 145,500 shares traded.
PETALING JAYA: Dayang Enterprise Holdings Bhd's unit Dayang Enterprise Sdn Bhd (DESB) was awarded a contract from Petronas Carigali Sdn Bhd for the provision of maintenance, construction and modification (MCM) services for package A (Offshore) – Sarawak Oil.
The group told the stock exchange that the contract duration will be for a period of five years with one year extension option effective Sept 20, and will expire on Sept 19, 2022 at an agreed fixed schedule of rates.
It said the details of the scope of work will be addressed in a work order which will be issued by Petronas Carigali and will include any or all other work or services related to topside structural maintenance, workover preparation and facilities improvement project.
Dayang shares closed 0.5% lower at 99 sen on Friday with a total of 545,400 shares traded.
PETALING JAYA: Cypark Resources Bhd's net profit for the third quarter ended July 31 increased by 24.1% to RM16.5 million from RM13.3 million in the same quarter last year, due to better performance by its environmental engineering, green tech & renewable energy segments.
Revenue on the other hand rose 7% to RM75.1 million in the quarter under review against the RM70.2 million recorded in the same quarter last year.
'We expect all our current business segments will continue to generate sustainable income in 2017 and the coming years. In our second phase of business transformation, we will continue to focus our resources and explore opportunities in the respective segments both locally and regionally either by competitive bidding or proposals,” the group said in a filing with the stock exchange.
“With our impressive track record coupled with our continuous innovation and R&D, we will be able to maximise our resources to create a sustainable business. In fact, our current successes have made Cypark as the preferred partner for many world renowned green technology providers such as Hitachi (Japan), TESCO (Japan) and Ciel Terre (France),” it added.
As plans forward, the group will be increasing its investment in in renewable energy projects with expectation of having a bigger revenue contribution from the sales of green power as the segment is expected to contribute more than RM300 million in recurring revenue.
It will also be focussing on research & development resources in developing business opportunities from energy storage, exportable biomass solid fuels and energy efficiency projects.
Meanwhile, the environmental engineering & solutions segment is expected to continue to steer growth forward.
Cypark's net profit for the first nine months of the financial year stood at RM39.45 million, 1.7% higher than the RM38.78 million recorded in the same period a year ago. Revenue on the other hand rose by 10.3% to RM237.51 million from RM215.33 million
Its shares gained 2% to close at RM2.55 on Friday with some 248,800 shares changing hands.
PETALING JAYA: Popularity of online shopping amongst Malaysians has increased 9% compared to last year, with 76% of Malaysians indicating they shop online at least once a month, according to the Visa Consumer Payment Attitudes survey.
This trend is even higher amongst millennials as 82% of them shop online at least once a month, the company said in a statement.
The survey was conducted by Toluna on 500 Malaysians to gain insights and assess their attitudes towards cash and card usage, mobile banking, contactless payments and online shopping.
Visa said the survey showed that the top categories for purchases online are bill payments (58%), fashion and accessories (52%) and travel (52%).
It said this is similar to the data from VisaNet, where top categories of spend by Malaysians include travel, insurance payments and telecommunication payments.
“Popularity in online shopping has definitely grown amongst Malaysians, where we are seeing more than 20% growth in spend on eCommerce,” Visa Country Manager for Malaysia KB Ng said.
Ng noted that there is also an increasing trend of more Malaysians using their mobile devices to shop online. The study showed that 57% of Malaysians are using their mobile phones to shop at least once a month online, up 9% from last year.
“Shopping online has evolved with the introduction of on-demand service providers such as Uber, Grab and Food Panda. 54%of Malaysians have used these services in the past year and convenience is the main reason cited for using such services, followed by being able to shop in the comfort of their own homes.”
Ng said the company believes that the consumers' payments experience will continue to evolve for the better as it sees more payment providers striving to enhance the payment experience for Malaysians.
PETALING JAYA: Alliance Islamic Bank Bhd, a wholly-owned subsidiary of Alliance Bank Malaysia Bhd (ABMB), has completed its first issuance of subordinated sukuk murabahah of RM130 million in nominal value.
The subordinated sukuk issuance has a tenure of 10-years non-callable five-years with a profit rate of 5.5% per annum.
The sukuk programme is part of Alliance Financial Group Bhd's proposed subordinated sukuk murabahah programme of up to RM180 million in nominal value under the syariah principle of murabahah via tawarruq arrangement.
The subordinated sukuk issued under the sukuk programme will qualify as Basel III compliant Tier 2 regulatory capital of Alliance Islamic in accordance with the Capital Adequacy Framework for Islamic Banks (Capital Components) issued by Bank Negara Malaysia (BNM) on Aug 4, 2017. The approval from BNM for the subordinated sukuk issuance had been obtained on Aug 24, 2017.
ABMB shares closed 2.63% higher at RM3.90 on Friday with 611,000 shares traded.