Friday, November 3rd, 2017

 

Cryptocurrencies’ market cap hits record US$200b as bitcoin soars (VIDEO)

LONDON, Nov 3 ― The aggregate value of all cryptocurrencies hit a record high of over US$200 billion (RM846.3 billion) on Wednesday, according to industry website Coinmarketcap, putting their reported market value at more than that of US banking…


Air France-KLM shares slump as costs take shine off profits

PARIS, Nov 3 ― Shares in Air France-KLM, Europe’s second-biggest airline, retreated today as concerns about its cost cutting targets overshadowed higher third quarter profits. The shares initially rose more than 5 per cent on news that…


World stocks take breather, dollar inches up ahead of payrolls

LONDON, Nov 3 ― World shares took a breather and the dollar crept up today, as investors turned their attention to monthly US jobs data after welcoming the appointment of a centrist to the helm of the country’s central bank, the Federal Reserve….


Maxis CEO Morten Lundal is leaving the company in early 2018

KUALA LUMPUR, Nov 3 — Maxis CEO, Morten Lundal will be leaving the company after almost 5 years on the job. He joined Maxis in 2013 and had played a major role in transforming Maxis into what it is today. He will be leaving Maxis on 31 March…


Apple sees strong holiday sales, smooth sailing for iPhone X (VIDEO)

SAN FRANCISCO, Nov 3 ― Apple Inc yesterday reported better-than-expected earnings and offered a rosy forecast for the holiday shopping season, allaying investor concerns about production delays on the new iPhone X and demonstrating remarkable…


Apple sees strong holiday sales, smooth sailing for iPhone X

SAN FRANCISCO, Nov 3 ― Apple Inc yesterday reported better-than-expected earnings and offered a rosy forecast for the holiday shopping season, allaying investor concerns about production delays on the new iPhone X and demonstrating remarkable…


iPhone X seen taking Apple closer to trillion-dollar valuation

NEW YORK, Nov 3 ― Apple Inc took a step closer to becoming a trillion dollar company after the tech giant reported a blowout third quarter yesterday and shrugged off concerns related to the US$999 (RM4,227) iPhone X. Its shares rose almost 4…


iPhone X seen taking Apple closer to trillion-dollar valuation (VIDEO)

NEW YORK, Nov 3 ― Apple Inc took a step closer to becoming a trillion dollar company after the tech giant reported a blowout third quarter yesterday and shrugged off concerns related to the US$999 (RM4,227) iPhone X. Its shares rose almost 4…


Tasco buys land owner in Port Klang for RM15.71 million

PETALING JAYA: Tasco Bhd is acquiring the entire equity interest in Meriah Selalu Sdn Bhd (MSSB) for an indicative cash consideration of RM15.71 million, subject to a maximum purchase consideration of RM16 million.

In a filing with Bursa Malaysia, Tasco said it had entered into a share sale agreement (SSA) with NYK Line Holdings (Malaysia) Sdn Bhd, a wholly-owned subsidiary of Nippon Yusen Kabushiki Kaisha (NYKK) for the acquisition.

MSSB is principally engaged in operating a container depot and providing services of storing, handling, cleaning and repairing of containers. It also owns a 2.41ha leasehold land with a single-story site building in Port Klang, which is being used as a container depot.

The land's market value is RM16 million as appraised by CCO & Associates based on a valuation report dated Oct 3, 2017. The property fetches an annual rent of RM24,792.

The property is located adjacent to an existing warehouse owned and operated by Tasco. Due to the close proximity, Tasco said it may use it to complement its existing warehousing operations and to cater for additional future demand, should the need arise.

The two parties have agreed that NYK Line will continue to have actual site possession of the property and will rent the property with the leasing of all equipment and machineries as well as the secondment of all existing manpower of MSSB on a month-to-month basis.

The monthly charges and fees payable by NYK Line to Tasco will be RM235,000 only.

Tasco expects to fund the acquisition via borrowings and/or internally generated funds. The acquisition is expected to completed by first quarter of 2018.

Tasco's share price rose 2.17% or 5 sen to close at RM2.35 on Friday with a total of 21,900 shares traded, giving it a market capitalisation of RM470 million.


Takaful Malaysia to sell Indonesian unit for RM2.18 million, estimated losses at RM4.8 million

PETALING JAYA: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) proposes to dispose of its 64.7%-indirect owned PT Asuransi Takaful Umum (ATU) for 7 billion rupiah (RM2.18 million), a deal that is expected to incur a disposal loss of RM4.8 million.

ATU is held via Takaful Malaysia's indirect subsidiaries PT Syarikat Takaful Indonesia (STI) (29.49%) and PT Asuransi Takaful Keluarga (ATK) (35.21%).

Earlier in August 2016, Takaful Malaysia announced that it will proceed with the proposed members' voluntary liquidation of ATU due to the challenging business operations.

However, it told the stock exchange today that due to several indication of interests from potential investors to acquire ATU, the group has decided to accept an offer from Koperasi Simpan Pinjam Jasa (KOSPIN), M Andy Arslan Djunaid SE and Bahroji for the disposal of ATU. A conditional shares sale and purchase agreement (CSPA) was entered on October 27, 2017.

Takaful Malaysia said the proposed disposal is due to the constraints and limitations faced by ATU, especially in term of capital requirement in order to compete with other general insurers due to the presence of the numerous takaful “Islamic window” operations in Indonesia.

“Without an expanded capital base coupled with the lack of technical resources and expertise, ATU is no longer viable to sustain its activities,” it added.

Takaful Malaysia noted that the group's expected loss from the proposed disposal would be approximately RM4.8 million, based on its indirect cost of investment of RM9.8 million with the carrying value of RM6.3 million as at September 30, 2017.

Nonetheless, the group said the proposed disposal will not have any material financial and operational effects on the current financial year ending December 31, 2017.

Takaful Malaysia shares slipped slightly by 0.26% to RM3.81 on Friday with 17,000 shares traded.