Tuesday, January 9th, 2018


PDZ expands regionally with Indonesian venture

PETALING JAYA: PDZ Holdings Bhd said it has signed a memorandum of understanding (MoU) with an Indonesian shipping company PT Indonesia Bulk Carrier (IBC Group) to provide total maritime logistic solutions, as part of its plans for regional expansion.

“Our focus is to expand our footprint regionally, partnering with a reputable maritime industry leader, who shares the same vision to take advantage of the growing trade in Asean. PDZ has been waiting for a long time to penetrate into the Indonesian shipping market,” its CEO-cum-executive director Tan Chor How said in a statement.

Tan added the partnership with IBC Group opens up the group’s expansion into the Indonesian market and is expected to contribute positively to its profitability with its favourable tax regimes and government initiatives.

With the strong business sentiments worldwide, he said the group believes that 2018 is the best time for the group to expand its services.

“We are optimistic that 2018 will be a very fruitful year for our company and we don’t want to miss the ship,” he said.

The group said the solutions under the partnership will include container liner, bulk cargoes, tug and barge, self-propelled barge, oil and gas support vessels coupled with other related services such as vessel chartering, pooling management, shipping consultancy and crew management.

Meanwhile, PDZ said the group is undertaking a cash call exercise, via a rights issue with free warrants, to raise up to RM43 million to support its regional business.

It said the proceeds will be used for acquisition of vessels, container tug and barge, dry docking expenditure, containers, security deposits, acquisition/investment into other complementary businesses/assets and working capital.

PDZ closed at half a sen lower to 13 sen today with 5.3 million shares traded.

NAP 2014 made industry stronger, to be updated this year: Frost & Sullivan

KUALA LUMPUR: Business consulting firm Frost & Sullivan believes the National Automotive Policy (NAP) 2014 has led to a stronger local automotive industry which is ready to open its market, but a revision or update is expected in the first half of 2018.

“(In) Two to three years time, the national players will no longer require any protectionism and will be able to compete in the market on their own,” said Frost & Sullivan senior vice-president of mobility Vivek Vaidya.

He was speaking during a presentation on the Malaysian automotive outlook for 2018 today.

Vivek said the update on NAP expected this year is to focus on aligning green vehicles and advanced manufacturing with global requirements.

Central to NAP 2014 is the vision for Malaysia to become an EEV hub in Asean, including the production of hybrids and electric vehicles.

“Under the current definition, most in the Malaysian automotive industry can easily be classified as EEV. We don’t see the clear benefit why someone should invest in new model and quality EEV.

“We want to watch out for NAP on any specific provisions made for hybrids and battery electric vehicles. The current EEV is a good start, we definitely need to see the next steps (for EEV) in NAP 2018,” said Vivek.

To attract more EEV manufacturers, he said Malaysia needs to offer new value propositions and clear benefits to car players on why they should invest here.

“If you provide a strong value proposition, Malaysia is still an attractive proposition for global players to invest in high tech manufacturing,” said Vivek.

Ringgit eases on profit-taking

KUALA LUMPUR: The ringgit continued its morning downtrend to end lower against the US dollar today on profit-taking amid a firmer greenback.

At 6pm, the local note finished at 4.0090/0120 against the greenback from 3.9950/9990 on Monday.

A dealer said profit-taking was seen after the local unit touched a 19-month high versus the greenback yesterday.

“Besides, the US dollar has also started to gain ground amid rising expectations of a March interest rate increase by the Federal Reserve,” he said.

Meanwhile, Oanda Corp Head of Trading for Asia Pacific, Stephen Innes, told Bernama the ringgit remained relatively undervalued on a trade-weighted basis despite a downtrend seen today.

“The broader picture remains favourable for further ringgit appreciation, especially against the backdrop of surging crude oil prices.

“But it is still up to the Bank Negara Malaysia's policy decision later in the month,” he said.

Against a basket of major currencies, the ringgit was traded mostly lower, except versus the euro.

It depreciated against the Singapore dollar to 3.0023/0052 from Monday's 3.0008/0043, fell against the yen at 3.5512/5548 from 3.5298/5342 yesterday and slid against the pound to 5.4238/4294 from 5.4036/4106 yesterday.

However, vis-a-vis the euro, the local note strengthened to 4.7863/7903 from 4.7896/7952 on Monday. — Bernama

Securities Commission issues cease and desist order on blockchain startup CopyCash

KUALA LUMPUR, Jan 9 — The Securities Commission (SC) has issued a cease and desist order against Singapore-based blockchain startup CopyCash, prohibiting its plan to launch an Initial Coin Offering (ICO) tomorrow. The SC said its directive…

Bursa Malaysia’s four-day rally comes to a halt

KUALA LUMPUR: Bursa Malaysia's four-day rally came to a halt today on profit-taking correction, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI ended at 1,826.95, down 5.2 points from yesterday's close of 1,832.15, after opening 5.11 points better at 1,837.26.

The market barometer moved between 1,823.52 and 1,840.35 throughout the day.

A dealer, however, was upbeat that the rally mode on the local stock market was still ongoing bolstered by positive external factors.

Affin Hwang Investment Bank Vice-President/Head of Retail Research, Datuk Dr Nazri Khan Adam Khan, said the inflows of foreign funds showed that foreign investors were positioning themselves in the local stock market which has been lagging behind regional peers for many years.

“If we can keep the momentum for the rest of the year, we can be the best performer this year,” he told Bernama.

He said among the factors contributing to the rally were strong commodity and crude oil prices, improvements of the ringgit, solid global economic growth and strong performance on the Wall Street as well as regional markets.

Among heavyweights, Maybank lost two sen to RM9.83, Petronas Chemicals slipped one sen to RM8.14 and CIMB fell seven sen to RM6.75.

TNB perked 18 sen to RM15.88 while Public Bank was flat at RM20.82.

Of the actives, UMW O&G lost three sen to 42.5 sen and Sapura Energy fell four sen to 93.5 sen.

Sumatec and Borneo Oil added half-a-sen each to 6.5 sen and 9.5 sen respectively while Priceworth was flat at 31 sen.

The FBM Emas Index fell 45.18 points to 13,270.33, FBMT 100 Index shed 42.721 points to 12,903.77, FBM Emas Syariah Index declined 35.46 points to 13,771.74 and the FBM 70 was 75.43 points lower to 16,716.92.

The FBM Ace put on 11.73 points to 7,009.66.

Sector-wise, the Finance Index shed 92.17 points to 17,148.3, Industrial Index declined 23.64 points to 3,412.67 and the Plantation Index slipped 0.34 of-a-point to 8,094.73.

The overall market breadth was bearish as losers outnumbered gainers 714 to 386, while 364 counters were unchanged, 339 untraded and 20 others suspended.

Total turnover fell to 6.47 billion units worth RM4.41 billion from yesterday's 6.96 billion units worth RM4.58 billion.

Main Market volume fell to 4.41 billion units worth RM4.72 billion from 4.81 billion units worth RM4.23 billion on Monday.

Volume on the ACE Market increased to 1.18 billion shares valued at RM215.18 million from yesterday's 1.17 billion shares valued at RM234.05 million.

Warrants volume decreased to 873.81 million units worth RM123.85 million from 964.8 million units worth RM111.98 million previously.

Consumer products accounted for 107.15 million shares traded on the Main Market, industrial products (1.08 billion), construction (158.7 million), trade and services (2.51 billion), technology (213.13 million), infrastructure (8.42 million), SPAC (7.45 million), finance (75.13 million), hotels (691,400), properties (200.55 million), plantations (42.41 million), mining (147,500), REITs (5.63 million), and closed/fund (90,300).

The physical price of gold as at 5pm stood at RM163.79 per gramme, up 23 sen from RM163.56 at 5pm yesterday. — Bernama

AmBank Group to cut jobs via MSS

KUALA LUMPUR: AMMB Holdings Bhd (AmBank Group) has launched a mutual separation scheme (MSS) for its employees in a bid to improve efficiency and get…

Blockchain firm CopyCash issued cease order by Securities Commission

PETALING JAYA: Singapore's CopyCash Foundation has been directed by the Securities Commission of Malaysia (SC), to stop promoting investment schemes in the country.

The regulator said in a statement earlier, it told CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an initial coin offering (ICO) on January 9.

The SC said the directive covers all activities as described in or incidental to CopyCash Foundation's white paper pursuant to the ICO, including any roadshows, seminars or promotional events related to the scheme.

“The directive was issued by the SC following its inquiry after it found that there is a reasonable likelihood that disclosures in CopyCash Foundation's white paper and representations to potential investors will contravene relevant requirements under securities laws.”

The regulator advised investors to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes.

“While the SC continues to facilitate use cases of digital assets in the capital market, it remains vigilant in monitoring ICO schemes given the heightened risks, and will not hesitate to take action where necessary.”

R&A Telco denies approving withdrawal of previous police report

KUCHING: R&A Telco announced in a Bursa filing today that neither the company nor its wholly-owned subsidiary R&A Telecommunications Sdn Bhd (RASB) had given approval or passed any resolution to authorise the withdrawal of a police report dated April 5, 2017. R&A Telecommunications Group Bhd (R&A),  a Guidance Note 3 company, has lodged a police report on […]

Bursa ends lowers as rally comes to a halt

PUTRAJAYA, Jan 9 — Bursa Malaysia’s four-day rally came to a halt today on profit-taking correction, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI ended at 1,826.95, down 5.2 points from yesterday’s close of 1,832.15, after…

Malaysia oil palm industry faces ‘tough’ year, USDA FAS says

NEW YORK (Jan 9): “Long-standing labor shortages, lack of mechanization in the collection of fresh fruit bunches, rising operational costs, lower demand from traditional export…