Thursday, October 3rd, 2019
BRUSSELS, Oct 3 — The European Union has warned London not to overdo its campaign to independently negotiate trade deals around the world while still being a member of the bloc, according to a letter to the British ambassador to Brussels seen by…
LONDON, Oct 3 — Sterling jumped to an eight-day high today after the head of a group of eurosceptic lawmakers in Prime Minister Boris Johnson’s Conservative Party said the government’s latest Brexit proposals offered the possibility of a…
SINGAPORE, Oct 3 — With the rise of e-commerce, ride hailing and online gaming in South-east Asia, the region’s Internet economy could swell to US$300 billion (RM1.25 trillion) by 2025, three times its current annual size, a report by Temasek,…
WASHINGTON, Oct 3 — US services sector activity slowed to a three-year low in September amid rising concerns about tariffs, the latest sign that trade tensions were eroding economic momentum. Despite the rising risks of a recession, the economy…
MOSCOW, Oct 3 — Saudi Arabia has fully restored oil output after attacks on its facilities last month and is now focused on the listing of state oil giant Saudi Aramco, its energy minister Prince Abdulaziz bin Salman said today. The kingdom’s…
KUALA LUMPUR, Oct 3 — The Domestic Trade and Consumer Affairs Ministry has taken the initiative to work with e-commerce industry players in promoting local products through the Buy Malaysia campaign, its minister Datuk Seri Saifuddin Nasution…
NEW YORK, Oct 3 — US stocks treaded water today after losing three per cent in the past two sessions on data that pointed to the risk of a slide into recession, with investor attention now squarely on services data. The ISM’s non-manufacturing…
PETALING JAYA: Eastland Equity Bhd is expected to raise up to RM2.65 million from a private placement exercise of up to 10% of its total issued share.
The property developer told Bursa Malaysia that the estimated figure is based on an indicative price of 9 sen for 29.48 million shares.
Of the proceeds raised, some RM772,000 will be utilised towards repayment of bank borrowings; RM1.45 million for property development activities; RM327,000 for general working capital; and RM100,000 for private placement expenses.
However, Eastland said the private placement will not address the group’s current financial concerns as the estimated gross proceeds would not be sufficient to meet its funding requirements in the long-term or to improve its financial performance.
“However, the proposed private placement serves as an interim measure for the group to address its impending cash flow requirements whilst allowing the group to explore the acquisition of land/joint development rights.”
“In the event such acquisition (when materialised) requires additional funding, the company will explore other funding options, including debt and/or equity.“
PETALING JAYA: MCIS Insurance Bhd, now known as MCIS Life, unveiled a new corporate identity today following a rebranding exercise which will see the company repositioning itself among Malaysian consumers.
MCIS Life CEO and managing director Prasheem Seebran said the exercise began in 2014, when South Africa-based Sanlam Group acquired a majority stake, and was completed on Oct 1.
“We intend to take this company to new heights in Malaysia. We are a very ambitious company and we have plans to grow even further over the next three to five years.
“Our brand-new identity is all about empowering people to be a part of something bigger than themselves and what better way than contributing towards a better environment for everyone,” he told the media at the brand launch today.
The rebranding of the life insurer marks a new era of mutual assistance and protection as the company also unveiled its brand promise of “People Helping People”.
According to Prasheem, MCIS was top among life insurers in Malaysia in 1H19 in terms of new business growth, and going forward, the company will target previously underserved segments.
“There will be expansion over all of Malaysia whether it’s new territories that we enter or whether it’s new markets like the underserved segments in Malaysia, MCIS wants to play its part,” he said.
Looking ahead, Prasheem said the company had set ambitious growth targets but declined to provide details, saying only that the company would maintain a growth target of between 40% and 60%.
“I don’t want to give exact numbers right now, but our targets are very high and ambitious. We want to penetrate areas that Malaysia has not historically penetrated before, such as the B40 segment, and it’s up to us to provide protection to these communities,” he said.
Meanwhile, in conjunction with the rebranding, Prasheem announced MCIS’ corporate social responsibility initiative in which the company pledged to support and nurture, over a period of five years, some 500,000 seedlings consisting of six endemic species of rainforest trees.
“We want to contribute to the rehabilitation and restoration of our natural ecosystem in Malaysia. Our humble efforts will begin with the initial planting of 1,200 trees (of the identified six species) and we will nurture the trees and the seedlings produced by the trees in two separate locations in Selangor,” he said.
Over a period of five years, the initial 1,200 trees are expected to produce new seedlings, which will continue to be planted in identified locations through a smart collaboration with Majlis Perbandaran Sepang.
Energy, Science, Technology, Environment and Climate Change Minister Yeo Bee Yin said MCIS would receive the government’s full support in its initiative.
“The government supports all efforts by corporates, the private sector, NGOs and other agencies to plant trees as well as preserving green lungs and forests. This is in line with the government efforts to keep our 1992 Rio de Janeiro commitment of maintaining our forest cover at least 50%,” she said at the launch.