Friday, January 5th, 2018

 

Caely responds to unexplained 38 per cent share price rally

  KUCHING: Caely Holdings Bhd (Caely), primarily involved in the manufacturing and selling of women’s undergarments, has experienced some unusual market activity of late as it share prices rallied 38.46 per cent on Thursday from 78 sen to RM1.08. Caely’s closing price of RM1.08 on Thursday was highest it has ever been since the stock’s […]


Malaysian ringgit firms to over 16 month-high as oil prices rally

KUALA LUMPUR, Jan 5 — The Malaysian ringgit strengthened today to its highest level against the US dollar since August 2016, boosted by higher oil prices. The ringgit advanced about 0.2 per cent to 3.998 to the dollar, breaking the…


Bull run sees Bursa close higher

KUALA LUMPUR, Jan 5 — The bull run on Bursa Malaysia continued today, pushing the Composite Index (CI) to end at an intra-day high of 1,817.97, while driven by persistent buying momentum across the board, dealers said. The benchmark FTSE Bursa…


Malaysia’s solid fundamentals see ringgit soar

KUALA LUMPUR, Jan 5 — It seems like a bull run for the ringgit as it has been hitting new highs amid the country’s solid fundamentals, backed by export growth with expectations riding high that the local currency will continue to strengthen…


Maybank upgraded to overweight at Morgan Stanley

KUALA LUMPUR (Jan 5): Morgan Stanley analyst Nick Lord upgraded the recommendation on Malayan Banking Bhd to overweight from equal-weight. Lord raised the target price to…


CopyCash drops ICO launch after coming under scrutiny

PETALING JAYA: Singapore’s CopyCash has shelved its initial coin offering (ICO) launch slated to take place this afternoon after the Securities Commission said it would be meeting with promoters of the digital token-based investment.

Last Friday, the Securities Commission (SC) Malaysia stated that it is looking into the Singapore-based blockchain platform ahead of a planned launch amid growing craze for digital currencies. Digital currencies are not recognised and regulated in the country.

The regulator said it will meet up with CopyCash’s key officers to enquire into its activities, including the planned ICO launch.

Attempts to reach the company were unsuccessful.
The SC in its release had said that it is aware of the talks and seminars organised by CopyCash in major cities across the country, including Penang and Kuala Lumpur.

The regulator stressed that it continues to work with Bank Negara Malaysia and other enforcement agencies, including foreign counterparts to closely monitor such activities and will take appropriate action where necessary.

CopyCash’s top management, including CEO Bobby Lieu, were supposed to have a press conference on its ICO at Hilton Petaling Jaya today. It had planned an ICO of 30 million CopyCashCoin. – By Lee Weng Khuen


Securities Commission to query CopyCash key officers on ICO launch

PETALING JAYA: The Securities Commission Malaysia (SC) will be calling in key officers of Singapore's blockchain startup CopyCash to inquire into its activities, including its initial coin offering (ICO) launch set for next Tuesday.

The move is because the activities by CopyCash may fall within the remit of securities laws.

The SC said in a statement that it is aware that CopyCash has organised talks and seminars in major cities in Malaysia, including Penang and Kuala Lumpur at various venues, including cafes and hotels.

The regulator stressed that it continues to work with Bank Negara Malaysia and other enforcement agencies, including the foreign counterparts to closely monitor such activities and will take appropriate action where necessary.

Recently, CopyCash sent out an media invite for its ICO launch, whereby 30 million CopyCashCoin (CCC) will be made available through ICO, which forms part of the total issuance of 50 million, with the balance 20 million CCC via private and public pre-sale.

CCC is a standard Ethereum ERC20 token and it serves as the mechanism for payment in the CopyCash ecosystem. Ethereum is the second biggest digital currency by market capitalisation after Bitcoin. As at 4pm, Ethereum price traded at US$1,057.

CopyCash, which claims to be the world's largest blockchain-based social travesting platform, is helmed by CEO Bobby Lieu, who is also the co-founder of the Shenzhen Digital Assets Exchange.

Seeing an increase in activities by new ICOs to solicit investments in cryptocurrencies from the public at large, including senior citizens, the SC advided the public to seek legal or professional advice if they are in doubt about the applicable legal and regulatory requirements.

“Investors should be mindful of the potential risks involved in ICOs and investment arrangements involving digital tokens.

“Investors should seek to understand the product and find out more about the underlying projects, business and assets of the operator and the schemes, especially when there is insufficient information on the company or its legal structure.”

SC also said investors should be cautious and be wary of being exposed to heightened risks of fraud as the ICO operates online and may not be regulated.


MAHB still seeking partner for Istanbul airport

PETALING JAYA: Malaysia Airports Holdings Bhd (MAHB), which is expecting overall passenger traffic volume growth to recede to 6.3% in 2018 from 8.5% in 2017, is still on the lookout for a partner for its 100%-owned Istanbul Sabiha Gokcen International Airport (ISGIA).

Passenger traffic volume for international routes is expected to grow by 8.3%, which is slower than the 8.5% registered last year, while domestic routes growth could moderate to 4.3% from 6.5%.

Last year, total passenger traffic volume stood at 96.5 million. MAHB’s airports in Malaysia are expected to see a passenger volume of 103 million this year, while Turkey is expected to see 33 million.

MAHB managing director Datuk Badlisham Ghazali told reporters at a media briefing on Friday that international traffic is expected to grow more than domestic traffic due to expansion of flight routes and carriers receiving new aircraft.

Meanwhile, growth momentum for domestic routes will ease due to the introduction of more direct international flights from Penang, Langkawi and Kota Kinabalu.

Badlisham confirmed that the airports operator is still on the lookout for a partner for ISGIA and that MAHB will maintain its majority shareholding in the event of a stake sale.

MAHB’s Turkish operations recorded a pre-tax loss of RM47.3 million in the third quarter ended Sept 30, 2017 and are expected to return to the black this year, on the back of improved infrastructure, and shorter distance of ISGIA from the capital compared with the new airport in Istanbul.

The group is planning to separate its international operations, which are currently housed under the group, to a new arm named Malaysia Airports International Sdn Bhd.

With fewer than 10 of the 39 airports profitable, Badlisham said managing profitable and unprofitable airports has been part of the conditions of the concession agreement since day one, which its shareholders acknowledge.

“We manage on a portfolio perspective. In terms of revenue, obviously, the government recognises that. The government is also encouraging MAHB to generate income from non-aeronautical revenue streams such as retail, palm oil … we develop the land for other economic activities like Aeropolis that generates income and obviously, that’s why international is also another pillar of income other than non-aero revenue in Malaysia,” he said.

This additional income stream, he said, has assisted the government in making sure that there is no constant pressure on raising passenger service charges or airport taxes.

MAHB has plans to upgrade the capacity of more than 10 airports this year. Among those slated to undergo upgrades are KL International Airport, Penang International Airport, Langkawi International Airport, Subang Airport and Kota Baru Airport.

A total of RM52.6 million has been budgeted to upgrade six airports. This however, does not include the budget allotted for upgrade works at KLIA.

While declining to disclose the group’s capital expenditure budget for 2017, Badlisham said the allocation is expected to see a yearly increase of 30% over the next three years.


MAHB: Passenger traffic growth to ease to 6.3% this year

PETALING JAYA: Malaysia Airports Holdings Bhd (MAHB) is is expecting overall passenger traffic volume to recede to 6.3% in 2018 from 8.5% in 2017.

Passenger traffic volume for international routes is expected to grow by 8.3%, which is slower than the 8.5% registered last year, while domestic routes growth could moderate to 4.3% from 6.5%.

MAHB managing director Datuk Badlisham Ghazali told reporters at a media briefing earlier today, that international traffic is expected to grow more than domestic traffic due to expansion of flight routes and as carriers receive their new aircraft.

Meanwhile, growth momentum for domestic routes will ease due to the introduction of direct international flights from Penang, Langkawi and Kota Kinabalu, which will reduce the traffic between the aforesaid points and KLIA or Klia 2 as passengers will no longer have to fly to Kuala Lumpur to board their international flights.

Meanwhile, MAHB has budgeted a total of RM52.6 million for the upgrade of six airports. However, it is not known how much the upgrading work for all airports would cost.

On the international front, MAHB is still on the lookout for a strategic partner for its Istanbul Sabiha Gockchen International Airport.


BNM international reserves at US$102.4b as of Dec 29, 2017

KUALA LUMPUR, Jan 5 — Bank Negara Malaysia’s (BNM) international reserves amounted to US$102.4 billion as at Dec 29, 2017 compared with US$94.5 billion recorded as at end-2016. In a statement today, the central bank said the reserves…