Friday, April 27th, 2018

 

Ringgit ends lower as GE14 looms

KUALA LUMPUR, April 27 — The ringgit closed lower against the US dollar today in the absence of foreign fund managers and ahead of the upcoming 14th General election, a dealer said. At 6pm, the ringgit was quoted at 3.9170/9205 compared with…


Genting Malaysia plans RM3b bond sale

PETALING JAYA: Genting Malaysia Bhd is undertaking a RM3 billion medium-term note (MTN) programme to fund the development and redevelopment of its properties and resorts.

Genting Malaysia told Bursa Malaysia that its wholly owned subsidiary GENM Capital had made a lodgement with the Securities Commission Malaysia for the establishment of the fund raising programme.

It will have a tenure of 20 years from the date of first issuance.

Genting Malaysia said the MTN programme is expected to provide the group with the flexibility to time its fund-raising exercises with varying nominal value and tenures in accordance with its funding requirements.

“The group will also be able to have access to a diversified pool of investors in the local capital markets.”

The counter gained 10 sen or 2% to close at RM5.03 on some 1.52 million shares done.


Multi Sports to issue 2017 annual report by end-May

PETALING JAYA: Multi Sports Holdings Ltd is looking to issue its 2017 annual report to Bursa Securities and shareholders within one month from April 30, 2018.

The delay was due to the fact that the company and the external auditors Messrs RT LLP require additional time to complete the annual report, it said in the stock exchange filing.

“The management of the company is working closely with Messrs RT LLP to expedite the completion of the annual report 2017,” it added.

The company's securities have been suspended from trading since May 10, 2016, and will continue to be suspended until the announcement/issuance of the annual report.

On a separate filing, Multi Sports said as to date, the company is actively formulating a plan to regularise its financial condition. It has less than seven months to submit its regularisation plan.

On Wednesday, the company recently issued seven pending quarterly financial reports up to December 31, 2017 after numerous extensions of time.

For the full-year of 2017, it registered a narrowed net loss of RM148,000 compared with RM585.71 million in 2016.


Inta Bina seeks to transfer to Main Market

PETALING JAYA: Inta Bina Group Bhd has proposed to undertake a transfer of its listing from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd.

Inta Bina said the group and its subsidiary Inta Bina Sdn Bhd (IBSB) have satisfied the requirements for the transfer listing, including profit requirements, healthy financial position and public shareholding spread.

IBSB's aggregate net profit for the past three years is RM39.84 million with RM15.6 million for FY17, being the most recent financial year.

As at Dec 31, 2017, Inta Bina's current assets stood at RM174.73 million while current liabilities were at RM130.69 million. Its current ratio, which is calculated as current assets over current liabilities, was at 1.34 times, reflecting the ability to meet short-term obligations.

It is also in a healthy financial position with no accumulated losses.

Inta Bina expects the proposed transfer listing will enhance its prestige and reputation, and accord the group with greater recognition and acceptance among the investors, in particular, institutional investors.

Currently it has a market capitalisation of RM176.64 million.

The stock was up 1.6% to close at 32.5 sen on some 206,600 shares done.


Aeon Credit Service Q4 earnings up 2.8%, declares 20 sen final dividend

PETALING JAYA: Aeon Credit Service (M) Bhd's net profit for the fourth quarter ended Feb 28, 2018 rose 2.8% to RM82.31 million from RM80.05 million a year ago driven by its consumer financing business.

Revenue grew 6.3% RM309.17 million compared with RM290.84 million in the previous corresponding quarter.

It has proposed to declare a final dividend of 20 sen per share, payable on July 19.

For the full year period, Aeon Credit's net profit rose 13.2% to RM300.06 million from RM265.03 million a year ago, while revenue grew 12.1% to RM1.24 billion compared with RM1.10 billion.

“The company expects to be able to sustain its financial performance for the year ending Feb 28, 2019 based on the scheduled implementation of its business plan,” it said.

Aeon Credit's share price closed unchanged at RM12.82, with some 19,500 shares done.


Petronas Dagangan names Syed Zainal Abidin as new MD, CEO

KUALA LUMPUR, April 27 — Petronas Dagangan Bhd (PDB) is appointing Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir as its new managing director and chief executive effective June 1. According to a filing with Bursa Malaysia today, the firm said…


Changes to global supply chains would be ‘quite important’ for Norway fund — CEO

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OSLO (April 27): The CEO of Norway’s US$1 trillion sovereign wealth fund said on Friday that any changes to global supply chains would be quite important for the fund. “Any change to global supply chain will be quite important for this fund,” Yngve Slyngstad told reporters after presenting the fund’s first-quarter earnings. The fund invests in over 9,000 companies, including most of the world’s multinational companies. Source: The Edge No tags for this post.


Bursa ends higher on purchasing sentiment

KUALA LUMPUR, April 27 — Bursa Malaysia ended broadly higher today, with buying support across the board and in tandem with the positive performance of regional bourses, dealers said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at…


Britain suffers severe slowdown one year before Brexit

LONDON, April 27 — Britain’s economy suffered a sharp slowdown in the first quarter with the weakest growth rate since 2012, official data showed today in a gloomy sign one year before Brexit.  Gross domestic product expanded 0.1 per cent…


Maybank eyes RM10b mortgage issuance

KUALA LUMPUR, April 27 — Malayan Banking Bhd (Maybank) is aiming to provide RM10 billion in mortgages under its MaxiHome Ezy scheme this year. Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said the scheme was launched to…