Friday, December 8th, 2017

 

Inside banks, bitcoin futures are riling trading executives

NEW YORK, Dec 8 — Bitcoin is coming to Wall Street on Sunday, and some executives at the world’s biggest banks aren’t sleeping well. With just a few days left until Cboe Global Markets Inc debuts futures contracts on the cryptocurrency,…


Inside banks, bitcoin futures are riling trading executives (VIDEO)

NEW YORK, Dec 8 — Bitcoin is coming to Wall Street on Sunday, and some executives at the world’s biggest banks aren’t sleeping well. With just a few days left until Cboe Global Markets Inc debuts futures contracts on the cryptocurrency,…


US stocks climb after solid jobs data, Brexit deal

NEW YORK, Dec 8 — Wall Street stocks rose early today following a solid US jobs report and a breakthrough in the Brexit talks between Britain and the European Union. The US added a better-than-expected 228,000 jobs last month, as unemployment…


Lenders have billions at risk as Steinhoff crisis deepens

JOHANNESBURG, Dec 8 — US and European banks and creditors, some of whom are meeting with Steinhoff International Holdings NV on Monday, are among creditors with billions in exposure to the global retailer whose asset value has plummeted amid an…


Brexit breakthrough boosts European stock markets, pound

LONDON, Dec 8 — Europe’s stock markets rose today and the pound briefly topped US$1.35 on news of Britain’s breakthrough Brexit deal. Asian stock markets rallied after overnight gains on Wall Street and before key US non-farm payrolls data…


Britain, EU in historic deal to open Brexit trade talks

BRUSSELS, Dec 8 — Britain and the European Union reached a historic deal on Brexit divorce terms today that allows them to open up talks on a future relationship after the split. Prime Minister Theresa May rushed to Brussels for early morning…


WCT bags RM211.52m contract from DBKL

PETALING JAYA: WCT Holdings Bhd said its unit WCT Bhd has bagged a contract worth RM211.52 million from Kuala Lumpur City Hall (DBKL) to undertake an elevated highway project at the Sprint Expressway.

WCT told the stock exchange that the scope of works for the contract includes site clearance and demolition works, earthworks, drainage, pavement works, road furniture and miscellaneous, as well as elevated highway construction.

The group said the contract, which is set to commence on Dec 11, 2017, is expected to be completed within 30 months.

WCT closed 1 sen or 0.67% higher to RM1.51 on Friday with 2.15 million shares traded.


ML Global terminates RM76.44m contract with Pelangi Kolonel

PETALING JAYA: ML Global Bhd and Pelangi Kolonel Sdn Bhd (PKSB) have agreed to terminate a contract worth RM76.44 million in relation to the proposed development project in Cameron Highlands comprising service apartments, hotel and office.

In a filing with Bursa Malaysia, ML Global said the contract termination was due to the request from PKSB to temporarily stop the work since February 2017 as it decided to delay the development of the project with no specific date for commencement work.

ML Global said both parties agreed to not make any claim due to the contract termination for the settlement of balance outstanding amount of about RM1.54 million for the progress of design works done.

The group said the contract termination will have no effect on its issued share capital but it will cease to contribute to the future revenue and profit of the group.

Upon termination of the contract, ML Global’s current outstanding order book stood at RM2.3 billion.

ML Global gained 2 sen or 1.16% to RM1.74 on Friday with 554,000 shares traded.


JKG Land to develop 130 acres in Bukit Cherakah

PETALING JAYA: JKG Land Bhd’s subsidiary Bonava Sdn Bhd plans to develop a residential and commercial project on a 130-acre leasehold land in Bukit Cherakah, Selangor.

The group told Bursa Malaysia that Bonava has entered into a conditional agreement with ISY Holdings Sdn Bhd, who was alienated the land from the Petaling District Land Office in 2001. The issue document of title for the land has not been issued by the relevant authorities.

JKG said the proposal is part of the group’s objective and long term plan to invest in strategic land bank with development potential in the future.

The proposal is also in line with JKG’s strategy of expanding its land bank in the Klang Valley to further strengthen its position, market presence and gain a meaningful exposure to future upside potential of these land bank.

Subject to the terms and conditions of the agreement, Bonava will pay the consideration of RM55 million to ISY, which includes the alienation premium. ISY will bear the alienation premium up to a maximum of RM25 million.

Bonava will fund the consideration by way of cash payment through internally generated funds.

The proposal is expected to be completed within 24 months. It is expected to contribute positively to the group’s future revenue and earnings, and enhance shareholders’ value in the long term.

The proposal is subject to approvals from the Shah Alam City Council for the development of the land and if required, the Department of Environment, Natural Resources and Environment Ministry and other necessary approvals, consent, licences and permits for the development of the land.

JKG closed unchanged at 9 sen with a total of 910,300 shares traded today.


TNB to acquire IT firm, SHTech

PETALING JAYA: Tenaga Nasional Bhd (TNB) has proposed to acquire the entire stake in Setia Haruman Sdn Bhd’s wholly owned information technology (IT) firm SHTech, for RM28 million.

TNB's board of directors said in a Bursa Malaysia filing that it had on Dec 7 entered into a conditional sale and purchase agreement (SPA) in relation to the sale with township developer, Setia Haruman.

Following the completion of the proposed acquisition, SHTech will become a wholly-owned subsidiary of TNB, which will continue to carry out the IT firm’s existing business.

“Upon the completion of the proposed acquisition, SHTech will become a wholly-owned subsidiary of TNB and thereafter will continue to carry out the existing business of SHTech as an IT related services provider,” TNB said.

The purchase is to be satisfied in cash generated from internal funds.

Commenting on the proposed acquisition, TNB said Reimagining TNB is a strategic initiative introduced to empower TNB to pursue further growth in complementary and strategic service offerings.

“Under this initiative, TNB plans to venture into various services such as Smart Meters, Smart Homes, Smart Building, Smart Industries and Smart Cities,” it said.

The proposed acquisition which is expected to be completed in the first quarter of 2018, will not affect TNB's earnings for its financial year ending Dec 31, 2018.

TNB's shares fell 0.39% to close at RM15.52 with some 19.92 million shares done, on Friday.