Friday, April 27th, 2018

 

China, India, Canada top US list of intellectual property offenders

WASHINGTON, April 27 — The United States today rebuked Nafta-partner Canada, saying the country was not doing enough to clamp down on counterfeit goods, giving it the same ranking as China and India on a list of intellectual property…


US economy slows in Q1 as consumer spending brakes sharply

WASHINGTON, April 27 — The US economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years, but the setback is likely temporary against the backdrop of a tightening labor market and large fiscal stimulus….


Mohammed Rashdan Yusof named Gamuda deputy group MD

KUALA LUMPUR, April 27 — Gamuda Bhd has appointed Mohammed Rashdan Yusof as Deputy Group Managing Director (MD) effective May 1, 2018. In a statement today, it said Rashdan, 47, would lead the group’s property business by providing…


UMW extends offer for MBM Resources, Perodua till end-October

PETALING JAYA: UMW Holdings Bhd has extended its take over offer period for MBM Resources Bhd and Perusahaan Otomobil Kedua Sdn Bhd (Perodua) by another six months till October 31 from April 30.

This is despite MBM's major shareholders Med-Bumikar Mara Sdn Bhd and Central Shore Sdn Bhd reiterating their rejection of the take over bid for RM501 million or RM2.56 per share as the deal is “not reasonable”.

“In light of developments to date, the company has extended the MBM offer and the Perodua offer respectively to October 31, 2018, to enable parties to deliberate on the offers,” UMW said in a filing with Bursa Malaysia, noting that the proposed acquisitions of MBM and Perodua are not conditional upon each other.

Med-Bumikar and Central Shore, which collectively own a 50.07% stake in MBM, are a major stumbling block to UMW's plans to take the company private. Earlier this month, they warned against UMW engaging with MBM's key principals, being brand owners of the distributorship marque.

However, it was reported that major shareholders of Med-Bumikar, including Majlis Amanah Raya (Mara), were keen to accept the offer.

UMW also made a conditional offer to PNB Equity Resource Corporation Sdn Bhd (PERC) for its 10% equity interest in Perodua at RM417.5 million or RM29.80 per share. PERC has yet to respond to the offer.

UWM's share price rose 1.3% to close at RM6.15, while MBM fell 1.6% to RM2.39.


Genting Malaysia looking to raise RM3b via medium-term notes

KUALA LUMPUR, April 27 — Genting Malaysia Bhd, through its unit, GENM Capital Bhd, is launching RM3 billion medium-term note (MTN) programme that will partly be used to finance the development or re-development of the group’s properties and/or…


Malaysia palm oil exports could hit RM80b in 2018

KUALA LUMPUR, April 27 — Malaysia export earnings from palm oil and related products could reach the RM80 billion target this year compared with RM78.8 billion in 2017. Plantation Industries and Commodities Ministry Secretary-General Datuk K….


Uzma gets umbrella contract from Petronas Carigali

PETALING JAYA: Uzma Bhd has received an umbrella contract for the provision of well abandonment integrated services from Petronas Carigali Sdn Bhd.

The umbrella contract has a tenure of two years from March 29, 2018, with an extension option period of one year, it told the stock exchange.

The contract is expected to contribute positively to the group's earnings and enhance net assets per share for the financial year ending June 30, 2018 onwards.

Uzma closed unchanged at RM1.35 today with 73,700 shares done.


Auditor issues disclaimer of opinion on TH Heavy’s FY17 financial reports

PETALING JAYA: Practice Note 17 (PN 17) company TH Heavy Engineering Bhd’s (THHE) independent auditor Messrs Deloitte PLT has expressed a disclaimer of opinion on its audited financial statements ended Dec 31, 2017.

As part of its regularisation plan, THHE proposed to novate the contract for the provision of engineering, procurement, construction, installation and commissioning and leasing for Layang floating, production, storage and offloading (FPSO) facilities awarded to it by JX Nippon Oil & Gas Exploration (Malaysia) Ltd to Yinson Energy Sdn Bhd.

Upon the proposed novation, the FPSO Layang vessel is subject to impairment review. The valuer’s report states an indicative range of fair market value less cost of disposal between US$18.0 million and US$23.0 million (RM73.1 million and RM93.4 million); and estimated scrap value between US$10.0 million and US$15.0 million (RM40.6 million and RM60.9 million).

However, the shortfall between the carrying value and the recoverable amount on the basis of fair value or scrap value was not recognised as impairment loss by THHE in view that the proposed novation has yet to be completed as at year-end.

“As such, we are unable to ascertain whether the carrying value of the FPSO Layang vessel included in the capital work-in-progress as at Dec 31, 2017 at RM745.65 million is fairly stated,” the auditor said.

It also highlighted that the ability of THHE to carry on as a going concern, among others, is dependent on the implementation of the key components of the proposed regularisation plan as well as the ability to achieve sustainable and viable operations with adequate cash flows generate from operating activities.

“In the event that these are not forthcoming, the group may be unable to realise the assets and discharge liabilities in the normal course of business.”

Therefore, the auditor said, THHE’s financial statements may require adjustment to restate the carrying amounts of the assets to their recoverable amounts and to provide further liabilities that may arise.


Independent auditor issues qualified opinion on TH Heavy Engineering’s FY17 financial reports

PETALING JAYA: Practice Note 17 (PN 17) company TH Heavy Engineering Bhd's (THHE) independent auditor Messrs Deloitte PLT has expressed a disclaimer of opinion on its audited financial statements ended December 31, 2017.

As part of the proposed regularisation plan, THHE proposed to novate the contract for the provision of engineering, procurement, construction, installation and commissioning (EPCIC) and leasing for Layang floating, production, storage and offloading (FPSO) facilities awarded by JX Nippon Oil & Gas Exploration (Malaysia) Ltd Yinson Energy Sdn Bhd.

Upon the proposed novation, the FPSO Layang vessel is subject to impairment review. The valuer's report states an indicative range of fair market value less cost of disposal between US$18.0 million (RM73.1 million) and US$23.0 million (RM93.4 million); and estimated scrap value between US$10.0 million (RM40.6 million) and US$15.0 million (RM60.9 million).

However, the shortfall between the carrying value and recoverable amount on the basis of fair value or scrap value was not recognised as impairment loss by THHE in view that the proposed novation has yet to be completed as at year end.

“As such, we are unable to ascertain whether the carrying value of the FPSO Layang vessel included in the capital work-in-progress as at December 31, 2017 at RM745.65 million is fairly stated,” the auditor said.

It also highlighted that the ability of THHE to carry on as going concern, among others, is dependent on the implementation of the key components of the proposed regularisation plan as well as the ability to achieve sustainable and viable operations with adequate cash flows generate from operating activities.

“In the event that these are not forthcoming, the group may be unable to realise the assets and discharge liabilities in the normal course of business.”

Therefore, the auditor said THHE's financial statements may require adjustment to restate the carrying amounts of the assets to their recoverable amounts and to provide further liabilities that may arise.


Eden settles RM3.09m tax bill

PETALING JAYA: Eden Inc Bhd has made the full and final payment of RM3.09 million to the Inland Revenue Board (IRB) after it was slapped with a winding-up petition earlier due to the income tax debt for years of assessment 2013 and 2014.

“This amount payable has been affirmed by the letter received from IRB dated April 27, 2018 of which the petition will be withdrawn on the May 8, 2018 before the Honourable High Court Judge,” it said in Bursa Malaysia filing.

The RM3.09 million payment consists of tax and penalty (RM3.08 million) and cost (RM3,949).

Eden said the tax liability has been fully provided for and reflected in the audited accounts in the respective years and therefore there is no financial effect on the tax liability of the company.

Eden is involved in food and beverage and tourism, energy as well as manufacturing businesses. Its share price closed 15.38% higher at 15 sen today with some 1.2 million shares done.