Friday, September 7th, 2018
SYDNEY, Sept 7 — Asian shares carved out a 14-month trough today as investors feared a new salvo of Sino-US tariffs could come at any moment, while a slump in US chip stocks rippled through the tech-heavy region. Spreadbetters pointed to a firm start for European markets with futures for Eurostoxx 50, Germany’s Dax and London’s FTSE reversing early losses to be last up 0.1-0.3 per cent. EMini futures for the S&P were a tad higher too. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3 per cent, havingRead More
SYDNEY, Sept 7 — When Australia's deadliest cyclone in a quarter century ripped through the country's northeast, it blew out the windows of power technician Luke Read's house and flooded it, damaging walls and making his family sick from mould…
(Sept 7): Most Southeast Asian stock markets fell on Friday in line with broader Asia, as investors feared a new round of Sino-U.S. tariffs, while lingering economic woes in emerging markets also hit sentiment. The public comment period on the Trump administration’s plan to impose tariffs on US$200 billion more of Chinese goods was set to end by midnight in Washington on Thursday, and investors were edgy as the tariffs could go into effect shortly afterward. Emerging market stocks have been rattled this week as currencies in Argentina, Turkey andRead More
PETALING JAYA: IOI Properties Group Bhd’s wholly-owned subsidiary Fortune Premiere Sdn Bhd has made its third Sukuk Murabahah issuance of RM1.2 billion in nominal value under its Sukuk Murabahah Programme.
Proceeds raised from the third issuance will be utilised for capital expenditure, working capital requirements, refinancing of existing borrowings and general corporate purposes.
The sukuk issuance consists of two tranches with an issue size of RM300 million and RM900 million each. The first tranche of RM300 million has a tenure of five years and 4.85% profit rate per annum, while the second tranche of RM900 million has a longer tenure of seven years and 5.05% profit rate per annum.
The joint lead managers for the third issuance are AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd.
At the noon break, IOI Properties shares were down 4 sen 2.3% to RM1.73 on 110,500 shares done.
KUALA LUMPUR: Cagamas Bhd, the National Mortgage Corporation of Malaysia, announced its RM1.10 billion issuance comprising RM50 million two-year, RM550 million three-year conventional medium term notes (CMTN) and RM500 million three-month conventional commercial papers (CCP).
Proceeds from the respective issuances will be used to fund the purchases of mortgage loans from the financial system.
President and CEO Datuk Chung Chee Leong said both the two-year and three-year CMTNs secured a competitive price of 3.95% and 4.05%, which represents a spread of 50 and 55 bps respectively against the corresponding Malaysian Government Securities (MGS).
“The RM50 million two-year tenured CMTN was concluded via private placement whereas the RM550 million three-year tenured CMTN was concluded through a book building exercise. The order book received interest from a diverse group of investors including financial institutions, insurance companies, pension funds, asset management companies, corporations as well as globally renowned foreign asset managers,” said Chung.
“With heightened volatility in rates domestically as well as globally, high grade shorter tenured investment instruments continues to be in demand. The RM500 million three-month CCP was concluded via private placement and priced competitively five basis points below the corresponding three-month KLIBOR benchmark rate, receiving a subscription rate of 60% by foreign investors for the company’s local currency commercial papers.’’
The papers, which will be redeemed at their full nominal value upon maturity, are unsecured obligations of the company, ranking pari passu among themselves and with all other existing unsecured obligations of the company. They will be listed and tradable under the Scripless Securities Trading System.
KUALA LUMPUR: Prasarana Malaysia Bhd has appointed Ang Yoke Kee as group COO (strategy and transformation) and Muhammad Nizam Alias as group COO (operations).
In a statement issued today, Prasarana said the three-man executive team, including president and group CEO Datuk Mohamed Hazlan Mohamed Hussain, had been appointed by the Ministry of Finance to undertake changes in the organisational structure and turnaround the asset owner and operator of public transport systems and services in major cities in Malaysia.
Mohamed Hazlan was previously group director of organisational support at DRB Hicom Bhd before his latest appointment in Prasarana group on Monday.
He has extensive experience and expertise in trust management and audit and had served as group director of services & education DRB-Hicom until Jan 20, 2016. He had also served as group director for transport planning and commercial division at Prasarana, then known as Syarikat Prasarana Negara Bhd until 2012. Between January and November 2011, he was the COO of bus division and group director of bus division at Prasarana.
In steering the group towards improved performance, Mohamed Hazlan said Prasarana group would focus on three key areas – increasing the ridership of public transport services; enhancing the management and delivery of quality services, and improving the
management of revenue and cost.
In his message to the employees of Prasarana group today, Mohamed Hazlan hoped that the 10,000-strong staff of Prasarana would rally closely behind him and the new management team as well as working together in support of fresh initiatives and programmes.
Meanwhile, Ang, a Masters degree holder in Financial Engineering from Carnegie Mellon – National Technological University, brings with him an extensive regional investment and consulting experience with Boston Consulting Group, Softbank and McKinsey to help transform and turnaround the company.
On the other hand, Muhammad Nizam Alias, a graduate of Monash University who is currently pursuing his PhD in Islamic Finance with INCEIF, returns to Prasarana with the responsibility to enhance operational efficiency and productivity. Nizam previously
served as a general manager in the Prasarana group MD’s office, after stints in the Renong Group and Pos Malaysia.
KUALA LUMPUR, Sept 7 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended the morning session lower in an attempt to re-enter the established uptrend channel, a dealer said. The index was 2.27 points weaker at 1,796.30 and moved between 1,795.29 and 1,802.12 throughout the morning session. Market breadth was still negative with 443 losers to 230 gainers, with 365 counters unchanged, 846 untraded and 36 others suspended. Public Investment Bank Bhd in a note said the index’s fast-paced weekly moving average convergence/divergence remains bullish, but still with aRead More