RIO DE JANEIRO, Dec 6 — Leading global oil traders Vitol, Trafigura and Glencore paid more than US$30 million (RM124.35 million) in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors…
PETALING JAYA: A day after Tan Sri Datuk Tan Hua Choon (pix) upped his offer for Computer Forms (Malaysia) Bhd (CFM) to RM1.35 a share, the independent adviser, Maybank Investment Bhd, maintained that the new offer is not fair and not reasonable, and shareholders reject it.
The revised offer price represents a discount of RM0.69 or 33.82% to the fair value of the company of RM2.04 per CFM share.
The board of directors of the company concurred with the recommendation of the adviser. The revised offer is open for acceptance until 5pm, on Tuesday, Dec 18.
An earlier offer of RM1.25 a share, was RM0.79 or 38.73% lower than the estimated fair value per CFM Share. The revised offer represents a 6.29% premium to Tuesday’s closing price of RM1.27.
Tan’s offer for CFM is to increase his shareholding in the company to have better management of the CFM Group’s business which include strategy and operational planning and implementation.
The move is to allow Tan to undertake a detailed review and evaluation of the CFM Group’s operations which had recorded a loss after tax of RM1.16 million, RM0.51 million and RM2.41 million for the past three financial years, and drive the future business direction of the CFM Group.
Tan has no definitive business plans or strategies to turnaround the CsFM Group at this juncture and plans to maintain the listing status of the company.
KUALA LUMPUR, Nov 26 — The Malaysia External Trade Development Corporation (Matrade) will be organising its inaugural Youth Export Day 2018 on December 8, 2018 as an initiative to encourage youth active participation in international trade….
KUCHING: Five entrepreneurs were made winners of the 2018 Sarawak Shell LiveWIRE programme were awarded a RM15,000 seed grant from Shell Malaysia and Tabung Ekonomi Gagasan Anak Bumiputera Sarawak (TEGAS) Digital Innovation Hub on Wednesday. The winners were chosen after going through a series of workshops and a business model assessment competition. Together with the […]
KUCHING: Commerce DotAsia Ventures Sdn Bhd (Commerce.asia), an omnichannel ecosystem builder that invest into commerce enablers has set a new record for raising the Largest Equity Crowdfunding Round in Malaysia recognized by the Malaysian Book of Records. A total of 92 Malaysian and international investors participated in the online fund raising exercise to invest into […]
PETALING JAYA: The proposed Regulated Asset Base (RAB) framework is viewed as positive as it will make aeronautical charges more transparent and airport operators more accountable, while ensuring that Malaysia Airports Holdings Bhd (MAHB) will be remunerated for the development of its assets, according to MIDF Research.
Based on preliminary analysis, the research house estimates that MAHB have undercharged its passenger service charge (PSC), landing and parking fees previously, based on comparing the historical FY17 financial, on an actual basis and the price cap, should the RAB be implemented in FY17.
“Furthermore, MAHB would have to undergo an institutionalised consultation process for capex planning, requiring inputs from all stakeholders. As such, a push for efficiency exists as only efficient costs would be considered under the RAB framework,” MIDF said.
It made no changes to its earnings forecasts for MAHB for now as the RAB is at proposal stage.
It maintained a buy call on MAHB with unchanged target price of RM9.88 per share.
“Although we are positive on the RAB framework, it is still in progress. Hence, we premise our buy call on the expectation of continuing strong tourist arrivals. The expected headwinds from rising fuel prices will be muted as MAHB has minimal exposure to changes in fuel price,” explained MIDF.
The Malaysian Aviation Commission (Mavcom) had released a consultation paper laying out draft
proposals for the level of aeronautical charges expected in 2019. The crux of the draft proposal was the RAB framework, which provides a direct link between capital investment and the level of charges. The framework also emphasises a “user-pay principle” instead of burdening taxpayers, some of whom may not be air travellers.
Mavcom will first assess the business plan and capital investment submitted by MAHB while considering components such as the regulated asset base; operating costs; and non-regulated revenues. The required regulated revenue yield per passenger from PSC, landing fees and parking charges will subsequently be calculated.
In essence, the RAB is premised on assets used for the provision of aeronautical related services that include commercial activities under a single till regime. Meanwhile, assets for ancillary operations and those held overseas are excluded from the RAB.
Currently, tariffs are standardised for all airports in Malaysia. With a RAB framework in place, an airport operator can determine the structure and charges as long as it meets the cap designated by Mavcom. Therefore, there is an option for airport operators to set tariffs at a national level or via groupings based on size or level of facilities and services; or geographic locations.
To control charges moving forward from mid-2019 to 2022, Mavcom is considering the price control mechanism over the revenue control and hybrid control. The price control has the advantage of being simple to understand.
KUCHING: Pacific Construction Group Limited (CPCG) yesterday announced an investment of up to RM10 billion over 10 years in Malaysia in the areas of infrastructure development, high technology machineries, knowledge transfer and education. CPCG ranked No 96th in 2018 Fortune Global 500 with a total revenue of RM319 billion, is the biggest private-owned construction company […]