Friday, June 29th, 2018


SSM: Company profile service not suspended

PETALING JAYA: The Companies Commission of Malaysia (SSM) has denied that its company profile service has been suspended as reported by an online news portal.

“SSM would like to deny the claims made in the article. To set the record straight, SSM currently engages two service providers named Raffcomm Sdn Bhd and Big Dataworks Sdn Bhd to supply SSM corporate information to the public. Raffcomm Sdn Bhd provides its service via e-info portal while Big Dataworks Sdn Bhd provides its service via MyData portal,” the companies house said in response to the portal's news report.

“Company profile of all companies and business entities in Malaysia can still be purchased by the public through both service portals. It was never suspended and the public can continue to buy information freely,” it added.

The report said that a notice on the SSM website read: “Temporarily suspended until future notice – ACGS (attestation of company good standing), company watch, particulars of share capital and particulars of shareholders.”

SSM said the notice referred to in the news article was wrongly worded by one of the service providers and was published on its e-info portal, clarifying that the ACGS and company watch are actually undergoing product enhancement exercise and are expected to be available again in July 2018.

The other two products, particulars of share capital and particulars of shareholders mentioned in the notice, are new products currently available on the MyData portal which are presently being tested for final release on the e-info portal.

Take over offer for GSB Group falls through

PETALING JAYA: Jawavana Sdn Bhd's bid to take over GSB Group Bhd fell through as it did not accept valid acceptances of more than 50% of the voting shares.

Surprisingly, none of the minority shareholders accepted the offer.

GSB told Bursa Malaysia that the offeror only had about 40.17% or some 215 million voting shares as at 5pm of June 29, hence the acceptance condition has not been fulfilled.

“Accordingly, the offeror shall return all the GSB shares which have been transferred into the central depository account of the offeror pursuant to the offer to the respective holders who have accepted the offer,” it said.

Javawana had in May launched a mandatory general offer for GSB for 13 sen per share after its shareholding increased to 40.71% following the acquisition of 24.05% equity interest.

GSB shares gained 2.33% to 22 sen with 8.69 million shares done.

China's Xiaomi raises US$4.72b after pricing HK IPO at bottom of range, say sources

HONG KONG, June 29 ― China's Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising US$4.72 billion (RM19.06 billion) in the world's biggest tech float in four years, people close to the…

Green Packet to undertake capital reduction to remove RM455m losses

PETALING JAYA: Green Packet Bhd proposes to undertake a capital reduction exercise to eliminate the entire accumulated losses via the cancellation of its issued share capital, in line with the group's turnaround plan.

The group said in a bourse filing that the capital reduction exercise is to reduce its issued share capital by an amount equivalent to the entire accumulated losses of RM455.51 million as at December 31, 2017.

The proposed capital reduction will allow Green Packet to rationalise its financial position and to enable it to pay dividends out of its retained earnings in the future when it returns to profitability.

In addition, the group will also implement a share grant scheme of up to 15% of its total number of issued shares to reward and retain the
executive directors and employees.

Green Packet's share price gained 1.35% to close at 37.5 sen with 732,100 shares done.

Oil steadies as market tightens on lost supply

LONDON, June 29 ― Oil prices steadied today as an escalating trade dispute between the United States and other major economies cast doubt on future demand growth, but markets stayed tight due to supply disruptions and looming US sanctions against…

Cypark sees higher earnings in Q2

PETALING JAYA: Cypark Resources Bhd saw its net profit for the second quarter ended April 30, 2018 rise 61.5% to RM18.75 million compared with the RM11.61 million registered in the previous year's corresponding quarter, due to the absence of the employers share option scheme expenses.

Revenue rose 18.1% to RM99.08 million from RM83.93 million in the same quarter last year, driven by the environmental engineering
division and landscaping & infrastructure division.

For the period of six months, the group's net profit rose 35.1% to RM31.01 million from RM22.95 million, while revenue grew 12.7% to RM183.1 million from RM162.41 million.

Looking ahead, Cypark foresees a continued boost in its financial performance and it will focus on managing cost and investment, optimising manpower and operation, and increasing productivity and efficacy in the next phase of the business transformation.

“Cypark will continue to enhance its resources in research and development for continuous innovations and creativity as a solution provider in environmental engineering, green technology, and renewable energy.”

Its shares edged up 4 sen or 1.8% to close at RM2.29 on 77,500 shares changing hands.

Most Southeast Asian markets rise, Malaysia jumps most in nearly two-and-a-half-years

KUALA LUMPUR, June 29 ― Most Southeast Asian stock markets rose today, with Malaysia posting its sharpest jump in nearly 2-1/2 years, as strong overnight gains on Wall Street helped boost investor sentiment. But for the quarter, all markets logged…

Sapura Energy falls into the red in Q1, weighs E&P listing

PETALING JAYA: Sapura Energy Bhd fell to the red in the first quarter ended April 30,2018 with a net loss of RM135.73 million against a net profit of RM27.53 million recorded in the same quarter a year ago, due to lower contribution from its engineering and exploration and production (E&P) segment while its drilling recorded losses as certain rigs went off contract.

Revenue, on the other hand, fell 40.38% to RM1.05 billion from RM1.77 billion.

Commenting on its prospects, the group said it is optimistic that the gradual recovery in the industry will improve the medium- to long-term outlook. It also remains committed to strengthening the financial position and has identified several initiatives, including the potential listing of the E&P business and a possible capital raising exercise.

Sapura Energy's services segment has witnessed a significant increase in new orders and the recent contract wins have brought the group's total new wins to date to RM4.5 billion, which is expected to contribute positively towards its earnings from the current financial year and beyond.

Notable contract wins for the engineering and construction (E&C) segment are the EPCIC Pegaga Gas Development contract in Malaysia and the EPC gas pipeline (Ayatsil Line 16) contract in Mexico.

Meanwhile, it said the E&P segment has marked significant milestones including taking final investment decision to develop Gorek, Larak and Bakong as phase 1 of its SK408 gas fields which represents a critical milestone in unlocking value and providing visibility of our long-term gas monetisation plans.”

“The recent ninth discovery in the Pepulut field further reinforces our commitment to realise the full potential of our highly prospective gas fields in SK408. Additionally, our entry into Mexico's Block 30 with the recent PSC signing and farm-ins into five offshore exploration permits in New Zealand provide new growth opportunities for the business in the long term.”

Sapura Energy's share price fell 1.54% to 64 sen with 65.13 million shares done.

Tun M is now Yayasan Pelaburan Bumiputra chairman, Zeti to helm PNB

PETALING JAYA: Prime Minister Tun Mahathir Mohamad has assumed the position of Yayasan Pelaburan Bumiputra (YPB) chairman with effect from June 28, while former central bank governor Tan Sri Zeti Akhtar Aziz has been appointed as Permodalan Nasional Bhd (PNB) chairman effective July 1.

Zeti's appointment is to succeed Tan Sri Abdul Wahid Omar, who will step down as PNB chairman and trustee from June 30 after nearly two years at the helm.

PNB is the investment subsidiary for YPB.

Following the leadership changes, YPB also noted that the composition of its board of trustees has been restructured to comprise Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali (appointed also as YPB alternate chairman), Zeti and former auditor-general Tan Sri Setia Ambrin Buang.

“YPB and PNB welcome the appointment of Zeti and expressed confidence that given her longstanding and vast experience, she will continue to provide strong leadership to the PNB group in pursuing its founding mandate to enhance corporate wealth for the benefit of Malaysians,” PNB said in a statement today.

Zeti is presently one of the members of the Council of Eminent Persons, entrusted to advise the government on matters pertaining to economic and financial matters.

“PNB appreciates the leadership provided by Abdul Wahid and the guidance that he has provided to the board and management of PNB, and its investee companies since his appointment in August 2016,” PNB commented on the departure of Abdul Wahid.

“During his time with PNB, Abdul Wahid has set a roadmap for PNB to achieve three broad mandate deliverables; delivering enhanced sustainable returns for PNB's portfolio, increasing Bumiputera economic wealth and participation, and utilising part of PNB's gains for socially impactful initiatives,” it added.

Abdul Wahid's departure comes on the heels of a major shake-up in government-linked company (GLC) leadership recently. He joined PNB as chairman on Aug 1, 2016, replacing Tun Ahmad Sarji Abdul Hamid. 

Meanwhile, PNB announced that Datuk Dr. Awang Adek Hussin will be retiring as PNB director and PNB Research Institute Sdn Bhd chairman effective June 30.

Euro zone inflation rises past ECB target on energy, food costs

BRUSSELS, June 29 ― Euro zone inflation rose to its highest rate in more than a year this month as surging energy prices pushed price growth above the European Central Bank's target, even if only temporarily, data from Eurostat showed today….