KUALA LUMPUR, Aug 20 — Bursa Malaysia closed higher today on continued buying in selected heavyweights led by Petronas Chemicals, as well as mid and small-cap stocks, in sync with most regional peers, dealers said. At 5pm, the benchmark FTSE Bursa…
KUCHING: X-FAB Sarawak Sdn Bhd was awarded with Asia’s Best Employer Brand Award 2018 once again, recognising X-FAB Sarawak for its excellence and outstanding employer branding activities. The semiconductor manufacturer that is part of the X-FAB group employing 4,000 people worldwide and about 1,300 people in its Malaysia facility, received recognition for its relentless efforts […]
KUALA LUMPUR, Aug 17 — Bursa Malaysia ended on a positive note today following continued buying momentum in selected heavyweights led by Public Bank, and lower liners, dealers said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM…
KUALA LUMPUR: Bursa Malaysia ended on a positive note today following continued buying momentum in selected heavyweights led by Public Bank, and lower liners, dealers said.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 6.20 points or 0.35% firmer at 1,783.47 from Thursday's close of 1,777.27.
The index opened 3.37 points higher at 1,780.64 and moved between 1,780.26 and 1,785.03 throughout the trading session.
On the broader market, gainers outpaced losers 466 to 403 with 451 counters unchanged, 561 untraded and 30 others suspended.
Volume eased to 2.0 billion units valued at RM2.03 billion from 2.10 billion units worth RM1.91 billion on Thursday.
M&A Securities Sdn Bhd Chief Dealing Officer R Sundararajah said market sentiment was boosted by news on the revival of trade talks between the US and China later this month and stronger corporate earnings by some companies in the US equity market.
“Closer to home, markets have yet to react on Bank Negara Malaysia's (BNM) announcement on the second-quarter gross domestic product (GDP) growth, which grew at 4.5% compared with 5.8% in the same period last year,” he told Bernama today.
Meanwhile, BNM had revised downwards the country's full-year GDP growth for 2018 to five per cent from the 5.5-6.0% projected earlier, due to prolonged disruptions in oil and gas production, and low production in the agriculture sector.
On the local bourse, heavyweights, Public Bank rose two sen to RM24.50 and CIMB added one sen to RM5.89.
Maybank was down one sen to RM9.78, Tenaga eased four sen to RM15.70 and Petronas Chemicals lost 10 sen to RM9.14.
Of the actives, QES perked two sen to 26.5 sen, Inari gave up 12 sen to RM2.28 while Euro bagged 2.5 sen to 23.5 sen.
Among top gainers, BAT increased 56 sen o RM35.90, IQ Group advanced 43 sen to RM1.88 and MPI was 34 sen higher at RM12.14.
The FBM Emas Index improved 40.84 points to 12,619.57, the FBMT100 Index climbed 41.38 points to 12,389.40 and the FBM 70 put on 44.98 points to 15,383.45.
The FBM Emas Shariah Index gained 46.19 points to 12,781.04 and the FBM Ace was 29.36 points higher at 5,552.40.
Sector-wise, the Finance Index shed 0.42 of-a-point to 17,388.79 but the Plantation Index was up 55.55 points to 7,627.19 and the Industrial Index rose 8.65 points to 3,232.90.
Main Market volume slipped to 1.25 billion shares worth RM1.84 billion, from 1.39 billion shares valued at RM1.72 billion on Thursday.
Warrants turnover declined to 329.55 million units valued at RM80.25 million, against 372.13 million units valued at RM105.98 million recorded yesterday.
Volume on the ACE Market increased to 412.33 million shares valued at RM106.64 million, versus Thursday's 339.35 million shares valued at RM80.82 million.
Consumer products accounted for 125.38 million shares traded on the Main Market, industrial products (271.68 million), construction (111.78 million), trade and services (412.80 million), technology (151.27 million), infrastructure (13.94 million), SPAC (3.07 million), finance (44.38 million), hotels (292,300), properties (98.76 million), plantations (21.04 million), mining (10,600), REITs (2.44 million), and closed/fund (5,000). — Bernama
NEW YORK, Aug 17 — Amazon.com Inc is in the running to acquire Landmark Theaters, a move that would vault the e-commerce giant into the brick-and-mortar cinema industry, according to people familiar with the situation. The company is vying with…
KUALA LUMPUR, Aug 15 — Bursa Malaysia closed higher today on continued mild buying in selected heavyweights led by Public Bank, as well as mid and small-cap stocks, amid the weaker trend in most regional peers, dealers said. At 5pm, the benchmark…
PETALING JAYA: AirAsia Group Bhd has divested its remaining 25% stake in its joint venture (JV) company AAE Travel Pte Ltd for US$60 million (RM240 million) to the 75% stakeholder, Expedia Inc's Expedia Southeast Asia Pte Ltd, in a bid to monetise its investment and utilise the proceeds as working capital.
AirAsia divested the other 25% interest it had on March 10, 2015.
The group announced in a bourse filing yesterday that it has executed an agreement for the disposal and the cash purchase consideration is net of AirAsia's concurrent purchase of AirAsiaGo.com domain names and related assets from AAE Travel by Travel 360 Sdn Bhd.
AirAsiaGo.com, which offers a full suite of travel products including AirAsia flight and hotel packages featuring Expedia Group lodging content, will continue to be powered by Expedia Group.
In accordance with the asset transfer agreement, the JV company will transfer its right, title and interest in and to certain assets related to the AirAsiaGo business and brand to Travel360, while the private label and co-brand agreement by Travel360 stipulates that Expedia will provide certain private label services in respect of the AirAsiaGo business to AirAsia Bhd.
“This sale represents the divestment of the last of our non-core investments from the previous round of joint ventures. These proceeds will be used to develop big unicorn products such as BigPay, Travel 360, Redbox Logistics and Ourshop.
“This first set of joint ventures has taught us a tremendous amount and shareholders who have seen huge returns from our first round of partnerships haven't seen anything yet,” group CEO Tan Sri Tony Fernandes said in a separate statement.
“Expedia Group has been a great partner to AirAsia and we look forward to continuing to work very closely in the future, particularly regarding regional and global distribution of AirAsia flights, he added.
Meanwhile, Expedia Group president and CEO Mark Okerstrom said the acquisition of full ownership of AAE Travel reflects the group’s full belief in the immense potential of the Asian travel market of over US$485 billion.
The joint venture was formed on March 29, 2011 to establish an online travel agency with three main brands, namely, AirAsiaGo, GoRooms and Expedia.
PETALING JAYA: YTL Hospitality REIT (YTL REIT) is acquiring The Green Leaf Niseko Village for ¥6 billion cash (RM222.5 million) from Niseko Village KK (Niseko Village), an indirect wholly owned subsidiary of YTL Corp Bhd.
In a filing with Bursa Malaysia today, YTL REIT said its wholly owned subsidiary Starhill REIT Niseko GK (Starhill Niseko) has entered into a conditional sale and purchase agreement with Niseko Village.
YTL REIT said the acquisition is in line with its investment objective to continuously pursue the strategy to acquire and invest in high quality hospitality properties, with a view to provide long-term and sustainable income distribution to unitholders and achieve long-term growth in the net asset value per unit.
Upon completion of the acquisition, Starhill Niseko will lease the property to Niseko Village for 30 years with an option to renew for a further 30 years, at an annual rental rate of ¥315 million for the first five years with 5% rental increase every subsequent five years.
The lease arrangement will provide YTL REIT with a steady and secure income stream and is expected to contribute positively to the trust's future distributable income and distribution per unit.
The property comprises freehold land in Aza-Higashiyama, Niseko-cho, Abuta-gun in Hokkaido, Japan, measuring 2.65 acres on which the five-storey hotel is built. The
35-year-old hotel was substantially renovated, refurbished and reopened in December 2010.
Niseko-cho is a famous resort area that attracts international skiers. Last year, the 200-room hotel achieved an occupancy rate of 53.8%.
The property has a market value of ¥6 billion as at April 30, 2018 as ascribed by Savills Japan Co Ltd. Starhill Niseko expects to finance the purchase consideration and expenses related to the proposals with borrowings and/or internally generated funds.
As the proposed acquisition will be partly financed with borrowings, YTL REIT's gearing ratio is expected to increase from 37.5% to up to 40.2% based on the audited consolidated total assets value and borrowings of YTL REIT Group as at June 30.
The proposals, which will be completed by year-end, are not expected to have any material effect on YTL REIT's distribution policy of at least 90% of the distributable income for each financial year.
For the financial year ended June 30, 2018, YTL REIT declared an income distribution of 7.8683 sen per unit, representing 100% of the income available for distribution.
AmInvestment Bank Bhd has been appointed as the principal adviser for the proposals.
KUALA LUMPUR, Aug 14 — Bursa Malaysia rebounded to close marginally higher today, lifted by buying in selected blue chips, after experiencing heavy selling pressure yesterday. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM…