KUALA LUMPUR: Gamuda Bhd has accepted the proposed offer by the Minister of Finance (Incorporated) (MOF Inc) to purchase all of the group’s equity stake in four companies.
In a filing with Bursa Malaysia today, it said the companies were Kesas Sdn Bhd (Kesas), Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint), Lingkaran Trans Kota Sdn Bhd (Litrak) and Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).
“The board of Gamuda will make the appropriate announcements in due course after the going through the relevant due process with its respective associated companies and joint venture company,“ it said.
Finance Minister Lim Guan Eng had recently announced that the government had made a RM6.2 billion bid to take over four concessions of toll highways, which could save taxpayers RM5.3 billion in compensation to the concessionaires.
Gamuda has a significant stake in all four highways.
PETALING JAYA: Sapura Energy Bhd’s net loss for the first quarter ended April 30 narrowed to RM109.1 million from RM135.73 million a year ago, mainly due to lower depreciation and amortisation and net forex gain.
The group revenue of RM1.63 billion was 93.2% higher than the RM845.17 million in the corresponding quarter of the preceding year, mainly attributable to the higher revenue from engineering & construction and drilling business segment.
Sapura Energy said the oil and gas industry is expected to continue to operate in a challenging environment arising from market uncertainties and geopolitical risks. However, tendering activities remained robust in many of its key markets with the group aggressively pursuing new opportunities in the Middle East, Africa, Asia Pacific, Europe, the Caspian and the Americas.
The group has been able to grow its orderbook of RM17.3 billion as demonstrated by its cumulative new contract wins to-date in FY2020 of RM2.3 billion.
The group said it will remain focused on growing the orderbook and maintaining strong operational performance.
Meanwhile, Sapura Energy has been awarded 10 new contracts for its engineering & construction and drilling segments, valued at RM1 billion.
The new contract wins, secured across Malaysia, Thailand, Taiwan and Australia, include its first offshore wind farm contract. In addition, the group has been selected for a frame agreement with Petronas for fixed offshore structure works.
PETALING JAYA: Gamuda Bhd posted a net profit of RM175.99 million in the third quarter ended April 30, 2019, 14.6% lower compared with RM206.1 million for the same quarter last year mainly due to the loss of earnings from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) profits after the disposal last year.
Its revenue also dropped 16.1% to RM1.04 billion from RM1.24 billion previously. It has proposed to declare a second interim dividend of 6 sen per share.
Gamuda’s net profit declined 17.8% to RM521.17 million for the nine-month period compared with RM633.82 million for the same period last year, while revenue increased 2% to RM3.07 billion from RM3 billion previously.
The group anticipates this year’s performance to be driven by overseas property sales especially Vietnam, the swift progress of MRT Line 2 and steady earnings from the expressway division.
LONDON, June 27 — Opec is expected to roll over a deal on cutting supplies at a meeting next week and discuss deepening the curbs that have been in place since January 1, Iraq’s oil minister today. A deal between the Organisation of Petroleum…
KUALA LUMPUR, June 27 — Gamuda Bhd posted a lower net profit of RM175.98 million in the third quarter (Q3) ended April 30, 2019 compared with RM206.10 million in the same quarter a year ago. In a filing with Bursa Malaysia, it said…
PETALING JAYA: Malaysia Airlines Bhd (MAB) and Singapore Airlines (SIA) will jointly explore a wide-ranging strategic partnership to build on their existing codeshare agreement that covers flights between Singapore and Malaysia.
Under the memorandum of understanding (MoU) inked yesterday, the enhanced ties between the two airlines could include a significant expansion of codeshare flights beyond Singapore-Malaysia routes, as well as enhancements on the frequent flyer programme front.
Other potential co-operation could involve cargo as well as maintenance, repair and overhaul services. However, all these are subject to the necessary regulatory approvals, said SIA and MAB in a joint statement yesterday.
The two parties intend to finalise a formal agreement in the coming months, which will also include SIA subsidiaries SilkAir and Scoot, as well as MAB’s sister airline Firefly.
PETALING JAYA: RHB Group Asset Management (RHBGAM) is targeting to achieve fund subscription of RM100 million by the end of the year for its newly launched China Bond Fund.
It is a feeder growth fund that invests at least 95% of the net asset value in BlackRock Global Funds – China Bond Fund.
RHBGAM managing director and CEO Eliza Ong said the partnership with BlackRock demonstrates its commitment to expand investors’ access to other markets and various asset class.
“Through this fund, investors will be able to tap on the opportunities and potential of the China market, capitalising on China’s growth as one of the fastest growing economies in Asia. We target to achieve a subscription of funds of approximately RM100 million by the end of 2019.”
The target BlackRock funds primarily invest in renminbi-denominated fixed income and non-renminbi denominated securities issued by entities with predominant economic activity in China.
The fund was launched in May this year with five currencies classes, namely ringgit class, ringgit-hedged class, renminbi class, US dollar-hedged class and Australian dollar-hedged class.
RHBGAM offers both conventional and Islamic products with asset under management of RM49.2 billion as at May 31.
KUALA LUMPUR: Malaysia’s business outlook is looking positive in the near future with 80% of the businesses expecting growth in the next one to two years, according to the latest survey by HSBC.
HSBC Malaysia Sdn Bhd in a statement said the survey titled ‘Navigator: Made for the Future’ revealed that 16 per cent of exporters expect their business to grow over five per cent during the period and a further half (51%) expecting a 3% to 5% increase.
It said local companies expected that growth would be driven by an increasing or stable customer base (34%) and the availability of quality suppliers and raw materials (25%).
Of these, increasing sustainability demands (30%) is considerably above the global average (22%).
“There is a clear balance in favour of those seeing more opportunities than threats (50% versus 16%), and one-third seeing them as being equally balanced (34%).
“However, new competitors and competitors’ performance (32%) is seen as the main threat for businesses. The proportion of businesses who feel this way in Malaysia is one of the highest across all markets, with the global average being 25%,” it said.
The survey said although almost all (98%) of Malaysian businesses feel that innovation is important, they also see three key barriers which are similar to those seen globally, namely cost (53%), skill shortage (34%) and uncertain return on investment (32%).
HSBC Malaysia chief executive officer Stuart Milne said by improving productivity and integrating technologies into their business models, companies in Malaysia can improve the quality of their goods and services and better meet the needs and expectations of their evolving customer base.
“Businesses in Malaysia are putting their people at the heart of what they do, with 24% of Malaysian companies sharing that they will be investing in the skills of their workforce to ‘future proof’ for success.
“Compared to other markets in Asean, Malaysia scores the highest (26%) when it comes to bringing skills and experience into the business,” said Milne.
The survey report surveyed over 2,500 businesses with turnover of US$5 million or above from 14 key markets globally, including 200 from Malaysia.
OSAKA, June 27 — World leaders are descending on Osaka, west Japan, for a summit tomorrow and Saturday of the Group of 20 (G20) big economies. Here are five issues likely to dominate the meeting, hosted by Japanese Prime Minister Shinzo Abe….