Friday, January 12th, 2018

 

MAA Group secures time extension to submit regularisation plan

PETALING JAYA: Practice Note 17 (PN17) company MAA Group Bhd has been granted by Bursa Malaysia Securities Bhd an extension of time up to June 30, 2018 to submit its regularisation plan.

However, its shares will be suspended and delisted in the event it fails to submit its regularisation plan by June 30, 2018.

MAA has been classified a PN17 company since 2011, following the sale of its conventional insurance arm Malaysian Assurance Alliance Bhd to Switzerland-based Zurich Insurance Co Ltd.

Its shares closed slightly higher by 0.65% or half a sen to 77.5 sen today on some 46,000 shares done.


Ringgit continues upward momentum to end higher against US dollar

KUALA LUMPUR, Jan 12 — The ringgit continued its strong upward momentum to end higher against the US dollar today, supported by better-than-expected manufacturing data and strong crude oil prices amid a softer US dollar. At 6pm, the local note…


Paramount buys Cyberjaya land for RM570 million GDV project

PETALING JAYA: Paramount Corp Bhd is buying a piece of freehold residential land measuring approximately 41.406 acres in Cyberjaya, Selangor for RM149.7 million to embark on a property project with a gross development value (GDV) of RM570 million.

In a Bursa Malaysia filing, Paramount said its wholly-owned subsidiary Paramount Property (Lakeside) Sdn Bhd has entered into a sale and purchase agreement (SPA) with Makmur Asiamaju Sdn Bhd (MASB), which is in the business of property development, for the proposed acquisition.

Paramount said the land has been approved for a stratified landed residential development, comprising 418 residential units pursuant to a development order dated Feb 24, 2014 granted by Majlis Perbandaran Sepang to MASB.

With a projected RM570 million GDV to be generated from this development over a period of six years, Paramount said the proposed acquisition will further strengthen the group's current total GDV of RM8.6 billion and contribute positively to its future earnings.

Furthermore, the group said the acquisition is in line with its strategy of replenishing its land bank at locations with strong growth potential and to scale up its property development activities to generate long-term sustainable income.

Barring any unforeseen circumstances, it said the proposed development is expected to commence next year, while the proposed acquisition is expected to be completed within nine months from the date of the SPA.

The purchase consideration will be funded through a combination of internally generated funds and bank borrowings.

Paramount closed four sen or 2.13% higher at RM1.92 with some 363,500 shares traded.


T7 Global partners Chinese firm for mega projects

PETALING JAYA: T7 Global Bhd's subsidiary T7 Kemuncak Sdn Bhd is forming a joint venture (JV) with China Construction Third Engineering (M) Sdn Bhd (CCTE Malaysia) in order to tender for infrastructure and construction projects in Malaysia.

Known as T7 China Construction Third Engineering Sdn Bhd , the JV will bid for East Coast Rail Link (ECRL), Mass Rapid Transit (MRT), Light Rail Transit (LRT) projects and construction business in Malaysia.

T7 and CCTE Malaysia own 51% and 49% equity interest in the JV respectively.

CCTE Malaysia is is an indirect wholly-owned subsidiary of China State Construction Engineering Corporation Ltd (CSCEC) held via China Construction Third Engineering Bureau Co Ltd.

CSCEC is the largest construction and real estate conglomerate in China with extensive experience and expertise in buildings, design and engineering, industrial facilities and infrastructure projects.

Listed on the Shanghai Stock Exchange with a market capitalisation of over RMB300 billion (RM191 billion), CSCEC is involved in the business of implementation and supervision of infrastructure works including railways, highways, bridges, harbours, refineries, dams and other related facilities for more than 50 years.

T7 said the JV is in line with its plans to explore businesses in areas with growth potential and will allow the group to leverage on CCTEB's advantage as a construction industry leader.

T7's share price was down by 1.1% to close at 45 sen on some 1.56 million shares done.


FBM KLCI up as ringgit strengthens after oil tops US$70

KUALA LUMPUR (Jan 12): The FBM KLCI closed 5.79 points or 0.3% higher as the ringgit strengthened after crude oil prices topped US$70 a barrel. At…


Ringgit rises strongly against greenback on solid economic data

ringgit (1)

KUALA LUMPUR: The ringgit was significantly higher against the US dollar this morning, touching a level it had not seen since July 2016, as sentiment towards the local unit improved on the back of the country’s solid economic growth. At 9.16 am, the local unit stood at 3.9750/9780 against the greenback from 3.9850/9900 at the close yesterday. A dealer said the ringgit has been undervalued for quite some time and given the release of promising economic data recently, it had started to trade towards its fair value. Meanwhile, Kenanga ResearchRead More


Khazanah’s deputy managing director appointed to Axiata board

PETALING JAYA: Khazanah Nasional Bhd deputy managing director Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz has been appointed as non-independent non-executive director of Axiata Group Bhd effective today.

In a statement earlier, Axiata said Tengku Azmil replaces Kenneth Shen, who has served on the Board of Axiata as Khazanah nominee since 2011.

Joining Khazanah in 2011 as executive director of investments, Tengku Azmil managed Khazanah’s investments in a number of areas, including innovation and technology as well as oversight for its offices in San Francisco and Khazanah Koridor Utara in Penang.

Prior to that, he was the managing director/ CEO of Malaysia Airlines, having served as the airline’s executive director/ CFO in August 2005.

“As we undergo a period of transformation in the telecoms industry, we welcome Tengku Azmil who brings with him a breadth of knowledge from competitive industries that has seen similar revolutionary changes,” Axiata’s president and group CEO Tan Sri Jamaludin Ibrahim said.


Prospects for aviation looks bright coming into 2018

KUCHING: The prospect for aviation sector looks bright coming into 2018, despite the challenges such as rising fuel prices, analysts observed. In a report, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) said the prospect for aviation sector looks bright coming into 2018. “Despite the challenges such as rising fuel prices, we believe airlines like AirAsia Bhd (AirAsia) and AirAsia X Bhd (AAX) to remain buoyant, underpinned by its continuous improvement in operational cost coupled with aggressive capacity expansion,” it said in a report yesterday. It pointedRead More


Bursa rebounds to open higher

bursa-up-signpost-200x200

KUALA LUMPUR, Jan 12 — Bursa Malaysia rebounded to open higher today on buying interest after three consecutive days of losses, dealers said. At 9.20am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,823.62, up 6.74 points, from yesterday’s close of 1,816.88, and after opening 8.13 points higher at 1,825.01. A dealer said rotational speculative trading plays on lower-priced and ACE Market stocks should continue to highlight active trade. “Important supports are at 1,807, the falling 10-day moving average, and 1,796, the breakout level, while immediate resistance forRead More


Top Glove acquires Adventa Capital unit for RM1.37b

KUALA LUMPUR, Jan 12 — Malaysia’s Top Glove Corp Bhd said on today that it has acquired a surgical glove business owned by Adventa Capital Pte Ltd for RM1.37 billion. The acquisition of Aspion Sdn Bhd makes Top Glove one of the world’s largest…