Friday, December 28th, 2018

 

Tesla names two directors as part of Musk US fraud settlement

NEW YORK, Dec 28 — Tesla named two more independent directors today and said it completed the requirements of a US settlement of fraud charges involving Chief Executive Elon Musk. The electric car company tapped Oracle co-founder Larry Ellison and…


World stocks at one-week highs as Wall Street extends rebound

LONDON, Dec 28 — World stocks rose to one-week highs today and looked set to snap a three-week losing streak after a late-session bounce overnight on Wall Street filtered into Asian and European markets. Safe-haven assets were also in demand amid…


China customs gives green light for US rice imports

BEIJING, Dec 28 — China’s customs administration announced today it had approved US rice imports, a move that comes during a 90-day tariff truce between the two countries which are engaged in a bruising trade war. US rice that meets inspection…


Vietnam court orders ride-hailing app to compensate taxi firm

HANOI, Dec 28 — A Vietnam court today ordered ride-hailing app Grab to pay a cab company more than US$200,000 (RM833,600) for losses incurred due to competition — a judgement blasted by the firm as “a giant step backwards” for the…


Sterling drifts higher before key vote next month

LONDON, Dec 28 — Sterling drifted a third of a per cent higher today as a generally weak dollar prompted some investors to cut their large bearish bets against the British currency. Against the dollar, the pound rose 0.33 per cent to US$1.2692…


BNM issues policy document on outsourcing

KUALA LUMPUR, Dec 28 — Bank Negara Malaysia (BNM) today issued a policy document on outsourcing aimed at strengthening governance and risk management standards in managing outsourcing risk. In a statement today, BNM said the policy document is…


Oil and Wall St bounce send UK stocks sharply higher

LONDON, Dec 28 — British shares jumped from multi-year lows today thanks to relief spilling over from the United States where stocks sprang back yesterday following steep losses as a turbulent 2018 neared its end. The FTSE 100 rose 1.7 per cent…


BLand to receive RM192m gain from Vietnam hotel disposal

PETALING JAYA: Berjaya Land Bhd (BLand) is expected to receive an estimated gain of about RM192.33 million from the proposed disposal of its entire 75% stake in TPC Nghi Tam Village Ltd (TPC Village) for VND1.24 trillion (RM222.18 million) cash.

BLand told the stock exchange last Friday that its unit TPC Development Ltd had entered into a deposit agreement and a capital transfer agreement with Hanoi Hotel Tourism Development Ltd Liability Company for the disposal.

TPC Village, which operates the Intercontinental Hanoi West Lake Hotel, is a joint venture company that is operating under the Investment Certificate issued by the People’s Committee of Hanoi and Enterprise Registration Certificate issued by Department of Planning and Investment of Hanoi. Its remaining 25% stake is held by Thang Long GTC Joint Stock Company.

BLand said the proposed disposal represents an opportunity for the group to divest its investment in TPC Village.

The cash proceeds from the proposed disposal will be utilised for its working capital.

Barring any unforeseen circumstances, the exercise is expected to be completed by the first half of 2019.


Berjaya Land sells Vietnam hotel stake

PETALING JAYA: Berjaya Land Bhd’s (B-Land) unit TPC Development Ltd has proposed to dispose of its entire 75% stake in TPC Nghi Tam Village Ltd (TPC Village), which operates the Intercontinental Hanoi West Lake Hotel, to Hanoi Hotel Tourism Development Ltd Liability Company for VND1.24 trillion (RM222.18 million) cash.

TPC Village is a joint venture company that is operating under the Investment Certificate issued by the People’s Committee of Hanoi and Enterprise Registration Certificate issued by Department of Planning and Investment of Hanoi. Its remaining 25% stake is held by Thang Long GTC Joint Stock Company.

B-Land said in its filing with Bursa Malaysia that TPC Development had on Dec 25 and 27 entered into the deposit agreement and capital transfer agreement respectively for the proposed stake disposal.

The group said the sale consideration was arrived at on a willing buyer willing seller basis, taking into consideration, amongst others, the business valuation, earnings potential and future prospect of TPC Village.

B-Land said the proposed disposal represents an opportunity for the group to divest its investment in TPC Village, noting the exercise would result in an estimated gain of about RM192.33 million.

The group noted that the cash proceeds from the proposed disposal will be utilised for its working capital.

Barring any unforeseen circumstances, the exercise is expected to be completed by the first half of 2019, it added.


Mesiniaga bags RM27.4m job

PETALING JAYA: Mesiniaga Bhd today bagged a RM27.40 million contract from Xiddig Cellular Communications Sdn Bhd to commence the delivery of the lab equipment and site readiness preparation for the EM-IIG project service testing/verification.

The contract is to be completed within four months.

Mesiniaga said the proposed transaction is expected to contribute positively to the company’s earnings over the period of the contract and will have a positive effect on the earnings per share.

The contract however is not likely to have an effect on the dividend policy, gearing, share capital and the substantial shareholders’ shareholdings of the company for the financial year ending Dec 31, 2018.