US sets new March 2 date for China tariff increases amid talks

WASHINGTON, Dec 15 ― The US Trade Representative's office yesterday officially changed the scheduled date of a tariff rate increase on US$200 billion (RM837 billion) worth of Chinese goods to 12.01am EST (0501 GMT) on March 2, 2019 as the United…

Malaysia’s GDP growth to expand to 4.8 per cent in 4Q18

KUCHING: Manufacturers in Malaysia are likely to sustain production in the domestic oriented industries, analysts observe. They projected that Malaysia’s real gross domestic product (GDP) could expand by 4.7 or 4.8 per cent year on year (y-o-y) in the fourth quarter of 2018 (4Q18). According to the Department of Statistics Malaysia’s latest update on the […]

China’s Huawei fights US spying allegations on crucial European front

SHANGHAI/HONG KONG: Even before the arrest of its CFO last week, pressure from the US had forced China’s Huawei onto the back foot in markets from London to Tokyo. But the detention of Meng Wanzhou in Canada over US allegations she misled banks about Huawei’s control of a firm operating in Iran could encourage more […]

Manforce up 28% in LEAP Market debut

KUALA LUMPUR: Manforce Group Bhd, which debuted on the Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia Securities Bhd today, closed its first day of trading with a 5 sen or 27.8% premium at 23 sen with 925,000 shares changing hands.

This gives the company a market capitalisation of RM73.6 million.

Manforce offers workforce solutions and services in Malaysia, with its business activities principally involved in the provision of foreign workers management services, manual labour services as well as foreign workers insurance products and services.

Manforce managing director Datuk Paul Wong Boon Ming said it has raised RM8.6 million through the private placement at an issue price of 18 sen per placement share.

About 87.3% or RM7.5 million of the proceeds raised from the initial public offering (IPO) will be utilised for working capital and the balance 12.7% or RM1.1 million will be used to defray the estimated listing expenses.

“Our board of directors and management team will provide our commitment in growing the company. The first step in doing so is by hiring and/or managing up to 1,800 additional foreign workers, and we hope to complete this within 24 months. The industry we are in is a volume game and there is always a mismatch between the supply and demand. We intend to grow our market share further by addressing the mismatch through our existing and upcoming business strategies,” Wong added.

Besides that, the company intends to diversify its customer market segments, by penetrating into construction, automotive and semiconductor segments, from the current focus on electrical and electronics and plastic manufacturing as well as the services sectors. There are also plans to enhance the company’s service offerings by improving workers’ service quality and through continuous development of the IT infrastructure as well as expansion of support team.

Manforce debuts 11.11% higher on LEAP Market

PETALING JAYA: Manforce Group Bhd, which debuted on the Leading Entrepreneur Accelerator Platform (LEAP) Market this morning, was up 11.11% to 20 sen at 11.43am with 610,000 shares changing hands.

Founded in 2004, the company is involved in the provision of foreign workers management services, manual labour services as well as foreign workers insurance products and services as ancillary services.

The company is raising RM8.6 million through this listing exercise at an issue price of 18 sen per placement share, which contributes to a market capitalisation of RM57.6 million upon listing.

Contrary to an ordinary agent in the market that merely arranges the placement of foreign workers, Manforce is a comprehensive or a “one-stop” solutions provider in the provision of foreign workers. Currently, it provides services to the manufacturing and services sector, but post-listing, the company is eyeing to expand into the construction, automotive and semiconductor sectors.

Malaysia’s E&E industry well positioned

KUCHING: With the global semiconductor industry expected to record another healthy year, driven by the rapid expansions of the internet of things (IoT) industry, analysts viewed Malaysia’s electrical and electronics (E&E) sector as “well positioned” in this highly demanding global tech supply chain. The research team at AmInvestment Bank Bhd (AmInvestment) highlighted that the global […]

Wall St week ahead: Licking their wounds, fund managers prep for rally in ‘19

NEW YORK, Dec 9 — With bond and equity markets from the United States to emerging markets all on pace to lose money this year, investors have not seen this much red on their screens since 1972, the last time no asset class returned at least 5 per…

RAM Ratings expects Malaysia’s exports to grow at 10.8pc in October

KUALA LUMPUR, Dec 4 — RAM Rating Services Bhd expects Malaysia’s exports to grow at 10.8 per cent in October 2018. This is as global value-chain activities will likely be sustained by front-loaded orders, amid greater concerns (up until the…

Contrasting Chinese, US statements on trade war agreement

WASHINGTON, Dec 4 — China and the United States agreed on Saturday to a truce in their trade war following talks between Chinese President Xi Jinping and US President Donald Trump on the sidelines of the G20 summit in Argentina. The United States…

Trump says China to cut tariffs on US-made autos

WASHINGTON/BEIJING: China has agreed to ‘reduce and remove’ tariffs below the 40 per cent level that Beijing is currently charging on US-made vehicles, US President Donald Trump said, as a trade war truce between the two countries gathers pace, cheering markets. Trump and Chinese President Xi Jinping agreed to halt new tariffs during talks in […]