Tuesday, July 2nd, 2019

 

CNBC: White House’s Navarro says China trade deal will take time

WASHINGTON, July 2 — White House trade adviser Peter Navarro said today US trade talks with China are heading in the right direction and any concessions to Beijing on Huawei Technologies was small in the context of a larger trade deal. “We’re…


Credit Suisse wealth boss Khan quits in pursuit of top job

ZURICH, July 2 — Credit Suisse wealth management boss Iqbal Khan is leaving Switzerland’s second-largest bank in the latest high-level departure under Chief Executive Tidjane Thiam. Khan’s surprise move “to pursue other opportunities”…


Stocks cautious as investors focus on weak economic data

LONDON, July 2 — Investors were sticking to the sidelines today as positive sentiment over a resumption of US-China trade talks was offset by weaker global economic data, traders said.  In Europe, both the French blue-chip CAC 40 index and…


EU open to talks with US in aircraft subsidies dispute

BRUSSELS, July 2 —The European Union said today it was open to talks with Washington in a dispute over aircraft subsidies after the United States threatened an additional US$4 billion (RM16.6 billion) in tariffs on EU goods including olives,…


Kumpulan Perangsang Selangor accepts MoF’s offer to acquire Sprint Highway

PETALING JAYA: Kumpulan Perangsang Selangor Bhd (KPS) has decided to accept the Minister of Finance (Incorporated)’s (MoF Inc) offer to acquire all the securities of toll highway concessionaire Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint).

In a filing with Bursa Malaysia, KPS said its board of directors has deliberated on the offer and has resolved to vote in favour of accepting it.

Sprint is fully owned by Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings), which in turn is a 20% associate company of KPS.

“The board will make the appropriate announcements in due course after going through the relevant due process with Sprint Holdings,” KPS said.

To recap, MoF Inc offered to acquire four toll concessionaires with an enterprise value of RM6.2 billion.

The four toll highways are the Damansara-Puchong Highway (LDP), Sprint, Shah Alam Expressway (Kesas) and the Stormwater Management and Road Tunnel (Smart), with offer prices of RM2.47 billion, RM1.98 billion, RM1.38 billion and RM369 million, respectively.

If the acquisition process is successful, the government is expected to acquire the highway concessionaires via a special purpose vehicle (SPV) wholly owned by MOF Inc. The SPV will finance the RM6.2 billion by way of bond issuance.

Gamuda Bhd, which owns 43.6% in Lingkaran Trans Kota Sdn Bhd (Litrak), Kesas (70%), Sprint (51.8%) and Smart (50%), was the first to accept MoF Inc’s offer.


Bitcoin’s losses grow; recoils 30pc from 2019 highs

LONDON, July 2 — Bitcoin skidded as much as 9 per cent today, falling below the US$10,000 (RM41,418) mark and pushing losses to over 30 per cent since the original cryptocurrency hit an 18-month-high last week. In volatile trading, bitcoin…


Italy PM says deficit back on track this year, EU wants more on 2020

STRASBOURG, July 2 (Reuters) – Italy’s 2019 budget deficit was smaller than forecast, meaning the country probably complied with European Union fiscal rules this year, but doubts remain over next year, Prime Minister Giuseppe Conte said today….


Sumatec: Kazakhstan’s Supreme Court rules in favour of CaspiOilGas

PETALING JAYA: Practice Note 17 (PN 17) company Sumatec Resources Bhd’s business partner CaspiOilGas LLP (COG) has successfully defended against claims from creditors at the Supreme Court of the Republic of Kazakhstan.

In a filing with Bursa Malaysia, Sumatec said it received a letter from COG informing it of the Supreme Court’s decision in favour of COG to clear COG’s disputes with a group of creditors.

COG general director Ilyas Madimov said that the Supreme Court’s decision, which denied all legal redress sought by the group of creditors against COG, is final and binding, without further avenue for appeal as it is issued by the highest competent court of the country.

“This favourable court’s decision has paved the way forward for COG to soldier on with bigger strikes for the development of Rakushechnoye Oil & Gas field,” he said in the letter to Sumatec.

Following the court’s decision, Madimov said COG can now move forward to focus on its oil production and finalise the full commercial Field Development Plan (FDP) for Rakushechnoye, including the development of its condensate-rich gas resources.

Madimov said the court’s decision reinforces the stand taken by COG and its ultimate controlling shareholder Tan Sri Halim Saad, not to negotiate or give in to the alleged false debt claims in the creditors’ dispute.

Halim was also a substantial shareholder in Sumatec prior to disposing of 197.3 million shares in January this year.

COG is currently working on well workovers programme which involves eight wells, with a target of resuming production to around 921 barrels per day by end-2019 and further increase to around 1,600 barrels per day by mid-2020.

The well workovers programme is being carried out by COG on its own funding initiative.

“This is done in the spirit and mechanism of the joint investment agreement (JIA), whereby either party can advance money to fund the petroleum operation at the Rakushechnoye field, in this case, COG is funding the JIA on behalf of Sumatec,” said Madimov.

On the full field development and gas utilisation plan for Rakushechnoye, he said COG is in advance stage of developing the investment plan for the proposed gas condensate processing plant (GPU) with China parties.

The estimated investment for Phase 1 is around US$200 million (RM826 million). The GPU plan is aimed at producing LPG and increase oil/condensate production.


Scotch Whisky Association urges US and EU to end trade stand-off

LONDON, July 2 — The Scotch Whisky Association (SWA) urged the United States and the European Union today to end a trade dispute after Washington threatened tariffs on US$4 billion (RM16.6 billion) of goods including Scotland’s most famous…


Cypark plans RM550m sukuk to fund solar projects

PETALING JAYA: Cypark Resources Bhd proposes an Islamic Medium-Term Notes Programme of up to RM550 million to finance three solar photovoltaic power plant projects.

It includes the costs and expenses associated with the design, engineering, procurement, construction and commissioning, ownership, operation and maintenance of the three 30MWAC solar photovoltaic power plant projects.

In addition, proceeds from the sukuk will also be used to finance the profit payments of the sukuk during the construction period and to pre-fund the initial minimum required balance to be deposited into the finance service reserve account.

The sukuk will have a tenure of up to 22 years from the date of first issuance.

Maybank Investment Bank has been appointed as the principal adviser, lead arranger and lead manager for the sukuk programme.