Friday, January 4th, 2019


KUB unaware of reason behind share price spike

PETALING JAYA: KUB Malaysia Bhd is not aware of any corporate development in relation to the group’s business and affairs that has not been previously announced that may account for the unusual market activity.

KUB’s share price has jumped some 70% to 41 sen at 2.36pm today from 24 sen two days ago.

It added that it also not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual market activity; and any other possible explanation to account for the trading activity.

Nissan’s Ghosn to appear in Japanese court within five days, report says

TOKYO, Jan 4 — Ousted Nissan Motor Co Chairman Carlos Ghosn is set to appear in court within five days after he requested an open hearing to hear the reason for his detention, NHK reported today. It would be Ghosn’s first public appearance since…

US job gains seen picking up, may soothe jittery markets

WASHINGTON, Jan 4 — US job growth likely picked up in December with wages expected to have increased solidly, which could help to allay a recent upsurge in fears about the economy’s health that have roiled financial markets. The Labour…

LBS Bina Group sets RM1.5b sales target for 2019

PETALING JAYA, Jan 4 — Leading township developer LBS Bina Group Berhad (LBS) has set a sales target of RM1.5 billion for 2019. LBS will also be launching new projects worth RM1.82 billion mainly catering to affordable homes for Malaysians, which…

Bursa Malaysia in the red at mid-day

KUALA LUMPUR, Jan 4 ― Concerns over the slowing global economy and corporate growth dragged down Bursa Malaysia at midday, dealers said. At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.14 points to 1,673.69 from yesterday's…

Ho Wah Genting to raise up to RM3.42m via private placement

PETALING JAYA: Ho Wah Genting Bhd has proposed a private placement to raise up to RM3.42 million.

The proceeds will be utilised for the repayment of borrowings and for working capital.

The exercise will involve the issuance of up to 10% of the total number of issued shares of the company, at an issue price to be determined and announced later. The placement shares are intended to be placed out to third party investor(s) to be identified at a later date.

“The proposed private placement is currently the most appropriate avenue of fund raising as it will enable the company to raise funds expeditiously and allow the company to raise funds without incurring interest costs and having to service principle repayments as compared to bank borrowings, which would allow the company to preserve cash flow for operational purposes,“ Ho Wah said a stock exchange filing.

It will also strengthen the financial position of the company by virtue of an increase in the capital base of the company, which will also improve the gearing position of the group.

The earnings per share of the group moving forward is expected to be correspondingly diluted as a result of the increase in the total number of shares in issue.

The exercise is subject to approvals being obtained from Bursa Securities for the listing of and quotation for the placement shares to be issued.

Malaysia’s November exports post 1.6pc growth, imports up 5pc

KUALA LUMPUR, Jan 4 — Malaysia’s November 2018 exports grew 1.6 per cent year-on-year (y-o-y) to RM84.79 billion, while imports increased five per cent to RM77.24 billion. According to the Malaysia External Trade Statistics report, this resulted…

Malaysia’s November trade surplus narrows to RM7.6b as export growth slows down to 1.6%

PUTRAJAYA: Malaysia’s trade surplus declined 24% year-on-year to RM7.6 billion in November 2018 as export growth moderated to 1.6% while imports expanded 5%, according to the Statistics Department.

Exports and imports stood at RM84.8 billion and RM77.2 billion, respectively.

Total trade, which was valued at RM162.0 billion, increased 3.2% from a year ago.

Export growth was due to higher exports to Taiwan (+RM1.1 billion), Vietnam (+RM938.5 million), Hong Kong (+RM876.8 million), Singapore (+RM872.2 million) and China (+RM435.3 million).

The main products that contributed to the expansion in exports were refined petroleum products (+RM2.2 billion), liquefied natural gas (LNG) (+RM953.0 million) and crude petroleum (+RM430.4 million).

However, a decline was recorded for palm oil and palm oil-based products (-RM1.3 billion), electrical & electronic products (-RM528.2 million), timber and timber-based products (-RM146.8 million), and natural rubber (-RM8.5 million).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said re-exports was valued at RM15.9 billion registering an increase of 24.5% and accounted for 18.7% of total exports. Domestic exports declined 2.6% to RM68.9 billion.

Meanwhile, higher imports were mainly attributed to consumption goods (+RM59.0 million) and capital goods (+RM39.6 million). However, imports of intermediate goods declined RM137.5 million.

LBS Bina sets RM1.5b sales target for 2019

KUALA LUMPUR: Property developer LBS Bina Group Bhd has set a sales target of RM1.5 billion for 2019 as the company will launch new projects worth RM1.82 billion this year.

Managing director Tan Sri Lim Hock San (pic) told a media briefing today that the group is confident of sustaining its RM1.5 billion sales target this year driven by the right product offerings and new launches mainly in the Klang Valley.

These include the LBS Alam Perdana township in Puncak Alam, Kita @ Cybersouth township in Dengkil and Residensi Bintang Bukit Jalil condominium which are expected to contribute about RM1.2 billion to its overall sales target this year.

As at Dec 31, 2018, the group’s total unbilled sales stood at RM1.75 billion.

Markets now wagering on Fed rate cut, China-US trade talks calm nerves

SYDNEY, Jan 4 — Financial markets were on edge today as weak US economic data added to fears of a global slowdown and pushed investors to bet the Federal Reserve could reverse policy and start cutting interest rates before the end of this year….