Friday, September 7th, 2018

 

S&P drops as strong jobs data raise rate hike fears, techs buoy Nasdaq

WASHINGTON, Sept 7 ― The S&P 500 and Dow Industrials dropped today after strong August jobs data raised concerns about the possibility of faster interest rate hikes, but a rebound in chip stocks helped the Nasdaq trade higher. US job growth…


White House: US, China continuing talks to resolve trade dispute

WASHINGTON, Sept 7 ― Washington and Beijing continue to hold discussions to try to resolve the ongoing dispute over a China’s trade policies, the top White House economic adviser said today. With financial markets and US businesses bracing for…


US employment jumps 201,000 in August, jobless rate steady at 3.9pc

WASHINGTON, Sept 7 ― Hiring surged in the United States last month, and employers increased wages by the most in nearly a decade as the jobs markets showed no sign of slowing, the government reported today. The unexpected hiring spree, which…


Tesla chief accountant resigns one month after joining

NEW YORK, Sept 7 ― Tesla Inc Chief Accounting Officer Dave Morton resigned on Tuesday, citing discomfort with the level of public attention in the company and pace of work just a month after he joined the electric car maker. “I want to be clear…


Serba Dinamik buys stakes in Dutch companies for RM6.5m

PETALING JAYA: Serba Dinamik Holdings Bhd has proposed to acquire a 25% stake in Psicon BV for 400,000 euro (RM1.93 million) cash and the entire 100% equity interest in Psicon AVV for US$1.1 million (RM4.56 million) cash.

Serba Dinamik said in a filing with the stock exchange that its wholly owned subsidiary Serba Dinamik International Ltd (SDIL) had entered into two separate share sale agreements, including with Liberty Industries B.V. for the Psicon BV acquisition; and with Frank Koper for the Psicon AVV acquisition.

Psicon BV and Psicon AVV are primarily engaged in the business of process improvement, rotating equipment performance upgrading, advisory and trading of steam turbines and spare parts within Europe, Africa, the Middle East and the Far East.

The purchase considerations will be satisfied entirely in cash, which will be financed through the proceeds from the initial public offering (IPO) of Serba Dinamik which was completed on Feb 8, 2017. About RM95 million from the IPO proceeds has been identified for business expansion through investment and acquisition.

Serba Dinamik said the acquiree companies have over the years developed a range of intellectual properties which enabled them to become a total solution provider in the global power and oil & gas industries.

“The proposed acquisitions are part of the group’s strategy to further develop its capabilities in the maintenance, repair and overhaul of rotating equipment as well as gain access to projects and markets which are complementary to the group’s operations,” it added.


Sunsuria to set up Concord College at Sunsuria City for RM70m

PETALING JAYA: Sunsuria Bhd proposes to set up a private educational institution to be known as “Concord College (Malaysia)” at Sunsuria City, Sepang with an estimated cost of RM70 million.

Sunsuria told Bursa Malaysia that its wholly-owned subsidiary Sunsuria Education Sdn Bhd (SESB) had entered into an agreement with Concord College International Ltd for the establishment and operation of the college.

The RM70 million project cost (excluding land cost) will be fully borne by SESB.

Concord is a wholly owned subsidiary of The Bell Concord Educational Trust Ltd, a UK-based educational charity, which owns and runs Concord College, an independent international day/boarding school.

SESB would collaborate with Concord in relation to the development of the school wherein Concord will provide support and certain intellectual property rights in relation to the school. The collaboration agreement is conditional upon SESB having secured the approval from the Ministry of Education of Malaysia for the establishment and operation of the school.

The collaboration agreement will apply from the date of the agreement and continue until Aug 31, 2035 unless terminated early or extended/renewed in accordance with the terms of the collaboration agreement.

“The school with both day and boarding school options is expected to attract and target students from all over Malaysia, Asean countries or Asian countries at large which will help drive enrolment for the school. The presence of Concord College Malaysia would set to elevate the Sunsuria City development by providing a more holistic and liveable environment that meets the growing communities,” Sunsuria said.


Chemical Company to sell Seremban land for RM21.5m

PETALING JAYA: Chemical Company of Malaysia Bhd (CCMB) has proposed to dispose of a vacant industrial leasehold land in Seremban, Negri Sembilan measuring 73,705.1 square metres for RM21.5 million.

A sale and purchase agreement (SPA) was entered with Rock Link Sdn Bhd (RLSB) for the exercise.

The gross proceeds arising from the proposed disposal of the property will be primarily used to pare down borrowings in line with the company’s de-gearing initiatives. About RM20.9 million will be utilised for the repayment of loan and RM600,000 for the real property gain tax.

Over the years, CCMB has sought to continuously review its portfolio of assets and businesses to strengthen its balance sheet. As part of its growth strategy, the group continues to pare down its borrowings and improve its gearing in line with its strategy to spur growth of the existing businesses.

“The proposed disposal of property is in line with CCMB’s strategy and provides opportunity for the company to unlock the value of the property, which is not gainfully employed, to pare down the company’s borrowings thereby resulting in interest cost savings to the company,” it added.

The proposed disposal is expected to be completed by the first quarter of 2019.


Alam Maritim forms JV for offshore underwater segment

PETALING JAYA: Alam Maritim Resources Bhd’s wholly owned subsidiary Alam Hidro (M) Sdn Bhd (AHSB) has entered into a shareholders’ agreement with AME Subsea Sdn Bhd for the purpose of venturing and providing offshore underwater and subsea services.

The services include a complete work programme of underwater, structural and topside inspection, repair and maintenance, particularly in the international markets.       
                       
In line with the agreement, AHSB and AME had incorporated a joint venture company known as Subsea Worldwide Solutions Sdn Bhd, which is expected to contribute positively to Alam Maritim’s earnings and net tangible assets for the year ending 31 December 2018 and beyond.


Eurozone warns Italy against breaking EU budget rules

ROME, Sept 7 ― The eurozone warned today that Italy must meet the EU’s strict budget rules, after calls for a major spending boost by the anti-establishment government in Rome. Italy is fast becoming a major concern for eurozone finance…


Bursa closes higher despite trade uncertainties

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KUALA LUMPUR, Sept 7 ― Bursa Malaysia ended marginally higher on Friday despite the bearish tone for a better part of the day and the market suffering jitters over US President Donald Trump’s trade deficit war, coupled with uncertainties in the emerging economies, a dealer said. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.60 of-a-point to end at 1,799.17, after fluctuating between 1,795.29 and 1,802.12 throughout the day. The index opened 2.71 points higher at 1,801.28 from closing at 1,798.57 on Thursday. Bank Islam Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid saidRead More