Friday, November 23rd, 2018

 

Anti-Brexit Black Friday shop offers ‘worst deal ever’

LONDON, Nov 23 — Campaigners demanding a second Brexit referendum launched a Black Friday pop-up shop offering the “worst deal ever” with mock items highlighting the potential cost of leaving the EU. The “Costupper” shop in Peckham, a…


US stocks fall with oil shares in retreat

NEW YORK, Nov 23 — Wall Street stocks fell early today, with petroleum shares down on diving oil prices and retailers mixed at the start of the holiday shopping season. About 10 minutes into trading, the Dow Jones Industrial Average stood at…


MRCB receives RM1.325b settlement for EDL concession termination

KUALA LUMPUR, Nov 23 — Malaysian Resources Corporation Bhd’s (MRCB) unit, MRCB Lingkaran Selatan Sdn Bhd (MLSSB), has received the RM1.325 billion settlement sum from the government for the mutual termination of the Eastern…


MUI CEO aims to drive group to new heights with lifestyle brands

KUALA LUMPUR, Nov 22 — A year after becoming Malayan United Industries Bhd (MUI) Chief Executive Officer, Andrew Khoo Boo Yeow has set his sights on building lifestyle brands that are relevant and fresh to ensure the group’s continued growth….


Advancecon bags second contract for Serenia City’s Phase 2

KUALA LUMPUR, Nov 23 — Earthworks and civil engineering services specialist Advancecon Holdings Bhd has secured an RM18.8 million contract, its second win related to Phase 2 of Serenia City in Sepang in less than two weeks. In a filing with Bursa…


Gibraltar rocks final stages of Brexit negotiation

BRUSSELS, Nov 23 — Preparations for a summit to endorse Britain’s deal to quit the European Union risked running aground on the rock of Gibraltar today, as Spain defended its veto over the fate of the tiny territory. Britain’s Prime Minister…


FGV sues 14 former directors for losses arising from APL deal

PETALING JAYA: FGV Holdings Bhd is sueing 14 former directors including former group president and CEO Datuk Mohd Emir Mavani Abdullah and former chairman Tan Sri Mohd Isa Abdul Samad (pix).

In a filing with Bursa Malaysia, FGV said the suit is in relation to the company’s acquisition of 100% equity interest in Asian Plantation Limited (APL) via a voluntary conditional cash offer in 2014.

“The company brought this action for loss suffered from their failure to discharge their respective fiduciary duty, duty of fidelity and/or duty to exercise reasonable care, skill and diligence,” it said.

FGV is seeking relief against the defendants for damages totalling RM514 million for loss from the acquisition of APL or alternatively, damages for loss from the acquisition to be assessed by the court.

It is also seeking relief for general damages; interest at the rate of 5% per annum on damages awarded starting from the date of the filing of the suit until the date of full and final settlement; costs; interest at the rate of 5% per annum on the amount of costs awarded for the same period; and any other reliefs that the court deems fit and proper.

FGV said it is now assessing the financial impact of the litigation on the company and assured that its existing operations will not be affected by the litigation.

Besides Mohd Emir and Mohd Isa, some of the other defendants include former senior vice president of business development of downstream cluster (at the material time) Farisan Mokhtar, former senior general manager of downstream cluster Rasydan Alias Mohamed as well as former CFO Ahmad Tifli Mohd Talha, who recently resigned.

In a separate filing, FGV said the legal proceedings against its former board members follows the conclusion of a forensic investigation into the acquisition of APL, which is one of six forensic and internal investigations undertaken by the company.

Three other forensic investigations have been completed and the board of directors is currently reviewing the findings and legal advice. The three cases are the investment in FGV Cambridge Nanosystems Ltd, the acquisition of the Troika condominiums and the lease of company cars.

Meanwhile, forensic investigations into two other cases namely, the investment in FGV Green Energy Sdn Bhd and the acquisition of Yapidmas plantations in Sabah are in progress.

FGV is also in the midst of undertaking internal investigations into six other matters which fall into three categories namely, open credit lines, poor purchasing trading practices and poor palm oil sales that have resulted in bad debts of RM100 million; direct awards of procurement contracts in breach of best practice; and the critical shortage of workers between May 2016 and April 2018 which resulted in financial losses exceeding RM170 million.

FGV said it has taken and is in the process of taking appropriate action in relation to the investigations above.

FGV’s share price fell 1 sen to close at RM1.17 with 6.46 million shares done on Friday.


Oil slides to one-year low at end of volatile trading week

LONDON, Nov 23 — Oil prices slumped to one-year lows today on lingering concerns over high crude supplies, while stocks diverged at the end of another volatile week for global markets. The pound dropped versus the dollar, a day after spiking on…


MRCB receives RM1.32bn settlement for EDL termination

PETALING JAYA: Malaysian Resources Corp Bhd(MRCB) ‘s unit MRCB Lingkaran Selatan Sdn Bhd(MLSSB) has received its settlement sum, amounting to RM1.32billion from the government for the termination of its concession for the Eastern Dispersal Link Expressway(EDL).

The group told the stock exchange that it had received the sum as determined in the termination agreement , today.

“As detailed in Section 7 of the Announcement, MRCB will procure its shareholders’ ratification for the Concession Termination and Termination Agreement within six months from the date of the execution of the Termination Agreement,” it said.

The termination of the agreement for the construction, management, operation and maintenance of the EDL came into effect on Jan 1.

In a filing dated Nov 12, MRCB said MLSSB has ceased the operations, management and maintenance of the EDL and the rights of MLSSB in respect of the EDL Concession has since reverted to and vested in the government.

The stock fell 4.11% to 70sen with 8.98million shares done.


Axiata’s net profit falls to RM132.07m for Q3

KUALA LUMPUR, Nov 23 — Axiata Group Bhd’s net profit fell to RM132.07 million for the third quarter ended Sept 30, 2018 from RM238.53 million recorded in the same period last year. Revenue also declined to RM6 billion from RM6.2…