Friday, July 5th, 2019
NIAMEY (Niger), July 5 — Heads of state will meet for an African Union (AU) summit in Niger Sunday to usher in a landmark free trade agreement and consider looming security and migration crises. In a “historic” moment for the 55-member bloc,…
LONDON, July 5 — Britain’s competition authority said today it was looking into the acquisition by US online giant Amazon of a stake in Deliveroo, an app-based service firm that delivers restaurant meals to clients using bicycle or moped riders….
FRANKFURT, July 5 — Deutsche Bank said its investment bank head agreed to step down today in a sign of the division’s waning influence as Germany’s largest lender readies a multi-billion dollar restructuring aimed at reversing a decline in its…
KUALA LUMPUR, July 5 — The Securities Commission Malaysia will facilitate closer collaboration between the Malaysian and Chinese capital markets to mutually benefit both economies, following its visit on July 4 to the Shenzhen Stock Exchange…
WASHINGTON, July 5 — Job creation roared back to life in the US economy in June, wiping away fears of a slowdown as employers rushed to hire in transportation, construction and other areas, the government reported today. The US jobs engine added…
PETALING JAYA: The Securities Commission Malaysia (SC) will facilitate closer collaboration between the Malaysian and Chinese capital markets, which will mutually benefit both economies.
“The SC, along with Bursa Malaysia have had numerous engagements with the Shenzhen Stock Exchange (SZSE) in recent months to discuss initiatives for greater cross-border connectivity, exchange of technical expertise and human capital development. We look forward to deepening the ties between Malaysia and China through this collaboration,” said SC chairman Datuk Syed Zaid Albar.
The SC visited the SZSE yesterday and during discussions, SZSE chairman Wu Lijun emphasised the strong success of SZSE in financing innovative Chinese companies and SMEs, including those in the technology and advanced manufacturing sectors, which are closely aligned to Malaysia’s economic priorities.
The SC also noted that a number of SZSE-listed companies are already operating in Malaysia under the Belt and Road Initiative (BRI), creating natural synergies and opportunities for collaboration between both countries’ capital markets.
Following this working visit, SZSE, the SC and Bursa Malaysia will hold further in-depth discussions to define and sharpen the value proposition of the collaboration and work towards implementing these initiatives.
SZSE was established on Dec 1, 1990 as a self-regulated legal entity under the supervision of the China Securities Regulatory Commission (CSRC). It is one of two main stock exchanges in mainland China, with a market capitalisation of US$3 trillion as at May 2019.
PETALING JAYA: Gamuda Bhd’s 50% joint venture company Projek Smart Holdings Sdn Bhd (Smart Holdings) has decided to accept Minister of Finance Inc’s (MOF Inc) offer to acquire all the securities of Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).
In a filing with Bursa Malaysia, Gamuda said that the board of directors of Smart Holdings had deliberated on the offer and unanimously found it fair and reasonable, and as such, has resolved to accept the offer.
“With respect to the inter-conditionality of the offers, all the concession holding companies have accepted the offers and following therefrom the offers as a whole will be subjected to shareholders approval of Gamuda requiring a simple majority vote,” it said.
The offers for Lingkaran Trans Kota Sdn Bhd (Litrak) and Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) collectively will be subjected to shareholders’ approval of Lingkaran Trans Kota Holdings Bhd (Litrak Holdings) requiring a 75% majority vote, as the two offers will result in a major disposal by Litrak Holdings.
The concession holding companies expect to commence negotiations with MOF Inc to finalise the terms and conditions of the definitive agreements and to execute the definitive agreements with MOF Inc’s special purpose vehicle by Aug 30, 2019.
The execution of the definitive agreements is subject to the satisfactory due diligence findings by MOF Inc and Cabinet’s approval.
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, Sprint, Shah Alam Expressway and Stormwater Management and Road Tunnel, with offer prices of RM2.47 billion, RM1.98 billion, RM1.38 billion and RM369 million, respectively.
PETALING JAYA: Seacera Group Bhd has announced that it is unable to fully settle the loan default amount of RM31.82 million or provide the additional properties as collateral within seven days as requested by Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).
“The company is currently seeking legal advice and any material development will be announced in due course,“ Seacera said in a stock exchange filing today.
SME Bank had commenced legal actions against Seacera, a corporate guarantor for facilities granted to its 20% associate company SPAZ Sdn Bhd, after it defaulted on its payment of RM31.82 million under the Bank Guarantee (Kafalah) and Commodity Murabahah Revolving Financing-i (CMRF-i).
In April, Seacera said it was in dire need for funds to address its liquidity concerns, including for the repayment of its current debt obligations towards various stakeholders including trade payables, other payables and financial institutions as well as its ongoing working capital requirements.
KUALA LUMPUR, July 5 — Khazanah Nasional Bhd’s divestment of almost RM50 billion worth of assets in less than 10 years is to enable the sovereign wealth fund to crystallise the value of its investments and to fund its operations as well as…
NEW DELHI, July 5 — India’s newly re-elected government promised today an easing of foreign investment rules and more infrastructure spending in an effort to boost flagging growth rates and create jobs. India has been leapfrogged by China as the…