Friday, May 3rd, 2019


Tesla offering priced at US$244.10 per share

NEW YORK, May 3 — Tesla Inc said today its offering of 3.1 million shares was priced at US$243 (RM1,006.82) per share and Chief Executive Officer Elon Musk will buy shares worth up to US$25 million. Tesla said yesterday it would raise up to US$2.3…

HSS Integrated instructed to resume ECRL work

KUALA LUMPUR, May 3 — HSS Integrated Sdn Bhd (HSSI), an associate company of HSS Engineers Bhd, has been instructed by China Communications Construction (ECRL) Sdn Bhd to resume its services for the East Coast Rail Link (ECRL) project that was…

Bursa publicly reprimands Kinsteel, directors fined RM44,800

PETALING JAYA: Bursa Malaysia has publicly reprimanded Kinsteel Bhd and five of its directors for breach of the stock exchange’s Main Market listing requirements, and imposed total fines of RM44,800 to four directors.

Kinsteel was found to be in breach of the listing requirements when it failed to issue the annual report that included the annual audited financial statements together with the auditors’ and directors’ reports for the financial year ended June 30, 2017 on or before Oct 31, 2017. The annual report was only issued on Dec 15, 2017.

“Five directors of Kinsteel at the material time had breached paragraph 16.13(b) of the listing requirements where they had permitted Kinsteel to commit the above breach of paragraphy 9.23(1) of the listing requirements,” Bursa Malaysia said in a statement.

Kinsteel chairman and managing director Tan Sri Pheng Yin Huah as well as CEO and executive director Datuk Henry Pheng Chin Guan were both publicly reprimanded and fined RM16,000 each.

Executive director Datuk Lew Choon and non-independent non-executive director Pheng Chin Huat were both publicly reprimanded and fined RM6,400 each.

Chong Hoi Sheong @ Chong Hoi Cheong, who was an independent non-executive director and audit committee member at the material time, was also publicly reprimanded. Chong retired on Jan 15, 2018.

To recap, the delay in issuance of the annual report was due to the failure of Kinsteel to settle the outstanding audit fees to the external auditors, which led to the delay in commencement of the audit only on Oct 2, 2017 instead of August 2017 as initially scheduled.

Kinsteel had also failed to resolve the outstanding audit findings/areas regarding the annual report with the external auditors expeditiously.

According to Bursa Malaysia, Yin Huah and Henry had failed to demonstrate reasonable and expeditious efforts taken to pay the outstanding audit fees and resolve the audit issues with the external auditors to enable timely issuance of the annual report, despite numerous notices and reminders from the external auditors.

In addition, Lew, Chin Huat and Chong had merely relied on the management and failed to take reasonable efforts to undertake due enquiry, follow up, monitor, supervise and address/ensure the timely payment of the outstanding audit fees and resolution of the audit issues to enable timely issuance of the annual report.

“Bursa Malaysia views the contravention seriously as the timely and accurate submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions,” it said.

Bursa Malaysia ends on positive note ahead of weekend

KUALA LUMPUR: Bursa Malaysia recouped earlier losses to close on a positive note today, ahead of the weekend on bargain-hunting activities mostly in blue chips, as well as lower liners and small caps, despite rising concerns over the global and local economy.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.06 points to 1,637.30 from Thursday’s close of 1,632.24.

After opening 0.71 of-a-point lower at 1,631.53, the benchmark index moved between 1,625.56 and 1,637.41 throughout the session.

On the broader market, gainers led losers 447 to 395 with 383 counters unchanged, 680 untraded and 18 others suspended.

Turnover rose to 2.82 billion shares worth RM2.11 billion from 2.68 billion shares worth RM1.95 billion on Thursday.

The gainers included United Plantation which added 40 sen to RM26.60, BLD Plantation advanced 29 sen to RM6.96, Amway rose 21 sen to RM6.17, Nestle increased 20 sen to RM146.50, Thong Guan Industries gained 16 sen to RM2.81 and Ekovest perked up 13 sen to 95.5 sen.

Asian shares market were mostly lower on Friday due to the weaker oil prices, as well as caution ahead of the US non-farm payroll data which is due later today which will give further market direction over the path of the US interest rates.

Hong Kong stocks climbed 0.46% to 30,081.55, Korea’s KOSPI slipped 0.74% to 2,196.32, Jakarta Composite Index eased 0.86% to 6,319.46 and Singapore’s Straits Times Index reduced 0.03% to 3,392.29.

Meanwhile, China and Japan remained closed for holidays.

Back home, investors were also waiting for the release of the first quarter of 2019 (Q1 2019) gross domestic product (GDP) numbers which is due on May 16 and Bank Negara Malaysia’s monetary policy announcement on May 7.

Among heavyweights, Axiata gained nine sen to RM4.04, Maybank rose one sen to RM9.26 and Public Bank improved six sen to RM22.54.

Of the actively-traded stocks, IWCity jumped 10.5 sen to RM1.05, Lambo Group was half-a-sen lower at 9.5 sen and Bumi Armada was flat at 22 sen.

The FBM Emas Index was 38.10 points higher at 11,611.76, the FBMT 100 increased 37.02 points to 11,431.96 and the FBM 70 advanced 53.70 points to 14,521.39.

The FBM Emas Shariah Index was 54.39 points firmer at 11,779.77 and the FBM Ace Index rose 41.90 points to 4,646.03.

Sector-wise, the Financial Services Index was up 18.21 points to 16,932.93, the Industrial Products and Services Index was 0.26 of-a-point better at 169.34 while the Plantation Index eased 4.06 points to 7,201.87.

Main Market volume improved to 2.02 billion shares valued at RM1.96 billion against 1.91 billion shares valued at RM1.80 billion on Thursday.

Warrants turnover increased to 404.02 million units worth RM91.14 million from 347.54 million units worth RM86.49 million previously.

Volume on the ACE Market decreased to 382.70 million shares valued at RM55.54 million versus 414.73 million shares valued at RM62.67 million yesterday.

Consumer products and services accounted for 233.42 million shares traded on the Main Market, industrial products and services (349.08 million), construction (590.89 million), technology (96.53 million), SPAC (nil), financial services (42.46 million), property (242.24 million), plantation (29.11 million), REITs (12.06 million), closed/fund (nil), energy (342.83 million), healthcare (24.03 million), telecommunications and media (27.20 million), transportation and logistics (12.91 million), and utilities (21.08 million). – Bernama

FGV to liquidate two companies as part of transformation programme

KUALA LUMPUR, May 3 — FGV Holdings Bhd (FGV) is liquidating two companies by end-2019 as part of its transformation programme and the renewed focus on efficiency, accountability and profitability. In a statement today, FGV said the two companies…

Record quarter for Norwegian wealth fund

OSLO, May 3 — Norway’s sovereign wealth fund, the largest in the world, more than covered the losses its suffered last year with a record performance in the first three months of this year. The fund, which receives the state’s oil revenues to…

German car sales stuck in reverse gear

FRANKFURT, May 3 — New car registrations in Germany fell back in April, official data showed today, in a sign the vital industry is still grappling with tougher emissions tests and a broader economic slowdown. The KBA transport authority said it…

European shares take strength from banks, Adidas hits record high

LONDON, May 3 — European shares rose today, propped up by bank stocks amid a slew of corporate earnings reports, as the regional index licked its wounds a day after its worst loss in six weeks. The pan-European STOXX 600 index was up 0.4 per cent…

Cagamas records RM15.8b issuances in 2018, highest since 2008

PETALING JAYA: Cagamas Holdings Bhd achieved its highest total aggregate issuances since 2008 worth RM15.8 billion last year, comprising 22 new Cagamas debt securities and five new Cagamas foreign currency issuance exercises.

“The company’s issuances were well subscribed at competitive levels which evidenced continued resilience and strength of the domestic fixed income markets as well as investor confidence in the company’s credit rating profile,” chairman Nik Mohd Hasyudeen bin Yusoff said in a statement.

For the financial year ended Dec 31, 2018 (FY18), the group – including Cagamas Bhd, Cagamas MBS Bhd and Cagamas SRP Bhd – achieved a profit of RM416.5 million compared with RM414.3 million in 2017.

Cagamas and Cagamas MBS remained as key contributors to the financial results of the group.

Cagamas said its initiative to continue innovating new foreign currency offerings were well received by investors leading to successful issuances in Hong Kong dollars, Singapore dollars as well as an inaugural issuance of US dollar floating rate notes.

“Our accomplishment in maintaining the international ratings of A3 by Moody’s Investors Service and domestic ratings of AAA by both Malaysian Rating Corp Bhd and RAM Rating Services Bhd is testament to Cagamas’ track record of consistent strong capital base, robust asset quality and stable profitability,” said Nik Mohd Hasyudeen.

He said Cagamas is well placed to carry through its mandate and social objectives of supporting government-driven home financing schemes to ensure accessibility of financing to house borrowers in the lower middle 40% group (M40) and bottom 40% group (B40).

The company is currently exploring new business initiatives to address the gap of those in the M40 group with good credit standing but without enough savings for the required deposit thus promoting homeownership among Malaysians.

Eurozone inflation jumps in April

BRUSSELS, May 3 — Inflation in the eurozone jumped to 1.7 per cent in April, the Eurostat data agency showed today, fuelled by a surprise surge in prices in Germany. Analysts surveyed by data company Factset had predicted a more modest rebound to…