Friday, January 11th, 2019

 

Dynaciate Engineering emerges as Tatt Giap’s largest shareholder

PETALING JAYA: Dynaciate Engineering Sdn Bhd has emerged as the largest shareholder of Tatt Giap Group Bhd after it raised its stake to 29.74% from 12.95% previously.

According to Tatt Giap, Dynaciate Engineering’s move further reinforces its commitment to elevate Tatt Giap’s growth and performance while delivering more value to shareholders.

Tatt Giap executive director Khoo Song Hen, who is also managing director of Dynaciate Engineering, said it has solid plans and strategies to give a boost to the group’s momentum to progress further.

“However, in order for our plans to be executed seamlessly and materialise successfully, we need to ensure that our voice is strong enough. Thus, we made a decision to increase our stake in the group,” he said in a statement.

“With this, we are confident that the group’s upcoming new ventures and undertakings will prove to be fruitful pairing it together with existing Tatt Giap’s industry experience and expertise,” he added.

He said the group will now have a full stream of businesses, from manufacturing of steel products to engineering and construction of plants and facilities for the oil and gas and refining, chemical and chemical products, oleo-chemicals as well as pharmaceutical and food processing industries.

Dynaciate Engineering made its entry in Tatt Giap on Nov 9, 2018 with a 12.95% stake, after it acquired 22.1 million shares at 31 sen per share via direct business transactions. A few days after Dynaciate Engineering’s entry, the group announced its intention to rebrand itself as Dynaciate Group Berhad.

For the financial year ended June 30, 2017, Dynaciate Engineering registered a revenue of RM236 million, with plant and facility construction contributing 66.6%, workers accommodation and facility construction contributing 25.9%, steel fabrication contributing 4.1% and others contributing 3.4%.


Ringgit ends marginally higher against the US dollar

KUALA LUMPUR, Jan 11 ― The ringgit closed marginally higher against the US dollar today on stronger buying interest following newly-released data which showed better industrial output in November last year, a dealer said. At 6pm, the ringgit was…


Virgin Atlantic consortium agrees to buy Flybe

LONDON, Jan 11 — A consortium led by Britain’s Virgin Atlantic today said it will buy ailing no-frills airline Flybe for £2.2 million. The group, which includes infrastructure specialist Stobart and investment firm Cyrus Capital Partners, said…


Perisai’s regularisation plan rejected by Bursa, to be delisted on Feb 13

PETALING JAYA: Trading in the securities of Perisai Petroleum Teknologi Bhd will be suspended from Jan 22 following the rejection of its proposed regularisation plan.

In a filing with Bursa Malaysia, Perisai said its securities will be delisted on Feb 13 unless an appeal against the rejection of the regularisation plan and delisting is submitted on or before Feb 10.

If Perisai submits an appeal to Bursa Securities within the appeal timeframe, the delisting on Feb 13 will be deferred, pending the authority’s decision on the company’s appeal.

The company triggered the Practice Note 17 (PN17) criteria as it defaulted on debt repayment.

In May last year, it announced plans to cancel off accumulated losses, issue shares and irredeemable and redeemable unsecured loan stocks to settle debt and a rights issue to raise funds.

The proposed plans were to enable it to focus its business on the oil drilling rig and the floating production, storage and offloading unit, Perisai Kamelia, as part of its business rationalisation exercise.


Ghosn hit with more charges, release unlikely

TOKYO, Jan 11 — Tokyo prosecutors today filed two new charges of financial misconduct against former Nissan chief Carlos Ghosn, meaning the auto tycoon is unlikely to be leaving his jail cell soon. Lawyers for the former jet-setting executive…


Leading Brexit donors say Britain will reverse decision to leave EU

LONDON, Jan 11 — Two of the biggest donors to the Brexit campaign say they now believe the project they championed will eventually be abandoned by the government and that the United Kingdom will stay in the European Union. Peter Hargreaves, the…


French court rules against Uber in ‘employment’ contract case

PARIS, Jan 11 — Ride-hailing giant Uber has lost an appeal in France brought by a former driver who wanted his terms of employment recognised as a fully-fledged work contract. Fabien Masson, a lawyer for the plaintiff, hailed yesterday’s ruling…


Asia markets end strong week on positive note

HONG KONG, Jan 11 — The upbeat tone that characterised this week helped Asian markets to fresh gains today, with Hong Kong chalking up a sixth straight day of rises. Investors globally have been riding a wave of optimism since the head of the…


Ideas raises concerns over potential government-led market distortions in the housing market

KUALA LUMPUR: The Institute for Democracy and Economic Affairs (Ideas) has warned the government to be careful of not intervening the housing market directly and creating distortions.

As the National Affordable Housing Council plans to build one million affordable homes in the next 10 years, Ideas senior fellow Dr Carmelo Ferlito’s (pix) concern is not rooted in the targeted numbers of houses per se, but pointed out that the government’s involvement in the industry may hurt the industry in the long run.

He said market information is by nature dispersed into individual minds and therefore not collectable by a single central planner; it is also dynamically created, and modified, through billions of market interactions.

“Therefore, while a central planner can possess the necessary technical knowledge in order to build one million affordable houses, what is impossible to be gathered is the entrepreneurial knowledge about the actual market needs (including the conditions of time and place). This is what makes impossible for the government to know what the market truly needs. It is best to leave the market to the entrepreneurs since they are the players who are continuously engaged with the market process,” said Ferlito in a statement.

He added that development plans need not only to be implemented but also timely revised because of new information acquired via market interactions.

“A central plan would suffer from rigidity and would lack the necessary interaction with market forces in order to discover if it needs to be revised; this would bring about losses which, in the case of government enterprises, fall on taxpayer’s shoulders.”

The government had previously signalled its intention to conduct an open tender to engage the private sectors in providing affordable homes, which Ferlito believed that this could be a move in the right direction (although not optimal), rather than building houses directly through government-linked companies or ministry agencies.

“I believe there is demand for affordable houses and I also believe that only private entrepreneurs can elaborate sound plans in line with the real market needs. This does not necessarily have to be focused on home ownership, but also toward new rental schemes,” said Ferlito.

It said it is quite an ambitious plan to build one million houses by 2028, considering that the entire private sector was only able to provide an average of 200,000 new launches across all price ranges per year during the best years of the property market.


Nissan files criminal complaint against Ghosn

TOKYO, Jan 11 — Nissan Motor Co Ltd said today it had filed a criminal complaint against former Chairman Carlos Ghosn with Tokyo prosecutors, following his indictment the same day for aggravated breach of trust. The Japanese automaker filed the…