Friday, December 29th, 2017


US stocks dip early in last session of 2017

NEW YORK, Dec 29 — Wall Street stocks declined modestly early today in what was shaping up to be a muted finale to a heady year for US equities. About 35 minutes into trading, the Dow Jones Industrial Average was down less than 0.1 per cent at…

Tony Fernandes redesignated as Executive Director, Co-Group CEO of AirAsia X

KUALA LUMPUR, Dec 29 — AirAsia X Bhd’s Non-Executive Director Tan Sri Tony Fernandes has been redesignated as Executive Director and Co-Group Chief Executive Officer of the airline, effective Jan 1, 2018. Following the redesignation, he…

MMC receives notices of assessment from IRB

KUALA LUMPUR, Dec 29 — MMC Corp Bhd has received Notices of Assessment from the Inland Revenue Board of Malaysia (IRB) pursuant to a tax audit for the years of assessment 2011 to 2013 for additional income tax and penalties in the sum of RM45.91…

FGV sells stake in APL to wholly-owned unit for RM567.89m

KUALA LUMPUR, Dec 29 — Felda Global Ventures Holdings Bhd (FGV) has signed a share sale agreement to sell the its stake in Asian Plantations Ltd (APL) to its wholly-owned unit, Felda Global Ventures Plantations Sdn Bhd (FGVP), for RM567.89…

Destini sells stake in Green Pluslink for RM4.4 million

PETALING JAYA: Destini Bhd is disposing of its entire 51.92% interest in its waste tyre extrusion and recycling subsidiary Green Pluslink Sdn Bhd for RM4.4 million.

The group said it had on December 29 entered into a share sale agreement with Terokadana Sdn Bhd for the disposal of its interest comprising 2.7 million shares, following which Green Pluslink will cease to be a subsidiary of Destini.

Destini, which is an integrated engineering solutions provider mainly involved in the aviation, marine, oil & gas and automotive industries, sees the disposal as a strategic move to remain aligned and focused on its core businesses.

The group is also expected to recognise a gain of disposal of approximately RM4.1 million.

Destini's advances to Green Pluslink amounting to RM11.81 million will be converted into a long-term loan with a 6% interest rate per annum and will be payable by December 31, 2020.

The proceeds from the disposal and long-term loan will be used by Destini as working capital.

Destini's shares fell 2.8% to close at 52 sen with some 5.25 million shares done.

MyCC’s fine against MyEG rises to RM6.41m

PETALING JAYA: Malaysia Competition Commission (MyCC) said its fine against MyEG Services Bhd has increased to RM6.41 million from RM2.272 million previously, as it includes an additional daily penalty of RM7,500 from June 25, 2016 to Dec 28, 2017 amounting to RM4.14 million.

This came after MyEG's appeal against the penalty for abusing its dominant position in the online foreign workers permit (PLKS) renewals was dismissed by the Competition Appeal Tribunal (CAT) yesterday.

MyEG stated that the company will file a judicial review of the CAT's decision.

MyCC said in a statement that the total penalty amount may increase if MyEG failed to comply with CAT's directions.

MyCC CEO Datuk Abu Samah Shabudin said the commission welcomed the tribunal's decision, saying that “it has been MyCC's objective to ensure that companies in a dominant position do not abuse their position as this could have a very negative impact on consumers and the national economy as a whole.”

“MyCC had previously investigated several dominant players such as Megasteel Sdn Bhd, Giga Shipping Sdn Bhd and Nexus Mega Carriers Sdn Bhd in the steel and logistics industry respectively.

“Although not all of these investigations resulted in financial penalties being imposed on the said parties due to non-infringement of the Competition Act, MyCC will continue, without fear or favour, to be vigilant in ensuring competition law is adhered to and will not hesitate to take firm action against those who violate the law,” he added.

MyEG shares slipped one sen or 0.45% to RM2.23 today with 6.92 million shares traded.

Nexgram’s Q1 net loss widens to RM2.9 million

PETALING JAYA: Nexgram Holdings Bhd remained in the red in the first quarter ended October 31, with its net loss widening to RM2.9 million from RM2.3 million a year ago as a result of increased losses mainly from the ICT division.

Its revenue for the period under review declined 21.2% to RM10.58 million from RM13.43 million due to lower contribution from its property division and a subsidiary involved in dealing with a wide-ranging choice of security and video surveillance equipment.

Nexgram said the group remains focused on the ICT segment and it is in the midst of discussion on several material projects with the potential customers from government and non-government sectors.

It also noted that the group has restructured the Angkasa Icon City Project by engaging its own project management team to ensure cost effectiveness and work efficiency.

The stock remained unchanged at 3.5 sen with some 680,000 shares done.

Ringgit ends 2017 on year-high

KUALA LUMPUR: A strong rally by the ringgit against the US dollar pushed the local unit to end 2017 at a year high on Friday, alongside the bullish sentiment for it, and amid a broadly weaker greenback, dealers said.

With a persistent upward momentum, the ringgit finished the last trading day at 4.0440/0500 versus the US dollar against 4.0650/0680 recorded yesterday.

Affin Hwang Investment Bank Vice President/Head of Retail Research Datuk Dr Nazri Khan Adam Khan said the buoyant ringgit was fuelled by the recovery in commodities, especially crude oil, crude palm oil and copper.

He said the upbeat performance was also influenced by the numerous positive local developments, including bullish foreign fund inflows into Malaysia, a strong equity market performance alongside upbeat economic data, as well as, prospects of a higher overnight policy rate.

“We have a lot of strong catalysts driving the ringgit, with our reserves showing an increasing trend. These all bode well for the ringgit,” he told Bernama.

The central bank's international reserves amounted to US$102.2 billion (RM431.6 billion) as at Dec 15, 2017, compared with US$101.9 billion (RM430.4 billion) as at Nov 30, 2017.

The US dollar remained under pressure, closing Friday at a near one-month low, with the recent steep fall in the US Treasury bond yields and weaker-than-expected economic data as among the key reasons.

Meanwhile, the ringgit also traded firmer against a basket of major currencies.

It climbed against the Singapore dollar to 3.0265/0323 from 3.0372/0401 and appreciated vis-a-vis the yen to 3.5912/5968 from 3.6002/0041 yesterday.

The local unit rose against the euro to 4.8451/8535 from 4.8495/5543 and strengthened versus the British pound to 5.4602/4687 from 5.4654/4711. — Bernama

SC Estate Builder bags RM22 million construction contract

PETALING JAYA: SC Estate Builder Bhd has bagged a contract worth RM22 million from Visi Sempena Sdn Bhd to undertake project management services and turnkey contract works.

In a filing with Bursa Malaysia, the group said the contract work is to complete the 18-storey proposed development of 357 apartment units and 14 shoplot units in Alor Setar, Kedah.

The contract is expected to commence on February 28, 2018 and complete on February 27, 2020. It is expected to contribute positively to the SC Estate Builder's earnings and earnings per share for the financial year ending January 31, 2019.

The counter closed unchanged at 3.5 sen with some 1.08 million shares done.

Cypark Resources Q4 earnings jump 40.4% on better margin

PETALING JAYA: Cypark Resources Bhd's net profit jumped 40.4% to RM18.16 million in the fourth quarter ended Oct 31, 2017, from RM12.94 million in the previous corresponding quarter, mainly due to better margin generated from new projects.

Revenue for the quarter decreased 5.1% from RM67.6 million to RM64.18 million.

Cypark's full-year net profit increased 11.4% to RM57.6 million from RM51.7 million a year ago, while revenue grew 6.6% from RM282.93 million to RM301.68 million.

Cypark said the higher revenue was mainly attributed to the increase in income generated from the group's environment engineering division, adding the newly secured projects in this division also contributed to the higher profit in current financial year.

However, it noted that the significant increase in profit was partly offset by the requirement of the recognition of accounting expenses on the grant of equity-settled share options to employees of RM5.2 million for current financial year.

On its prospects, Cypark said the group expects its 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 on our resources and explore opportunities in the respective segments both locally and regionally either by competitive bidding or proposals,” it said.

The group's shares slipped 1 sen or 0.42% to close at RM2.37 with some 48,200 shares traded.