KUALA LUMPUR (Jan 17): Based on corporate announcements and news flow today, stocks in focus on Thursday (Jan 18) may include the following: Vizione Holdings…
SYDNEY: Saudi Telecom Co (STC) has obtained a RM1.51 billion Islamic loan through its Malaysian subsidiary, according to a document from arranging banks.
Saudi Telecom, the Gulf’s largest telecommunications operator by market value, will use the Islamic loan to refinance existing debt originally used to acquire a stake in telco firm Maxis.
STC, through its subsidiary STC Malaysia Holdings, owns a 25% stake in Binariang GSM Holdings, which in turn holds a controlling stake in Maxis, according to the company’s financial statements.
STC Malaysia Holdings hired Bank of Tokyo-Mitsubishi UFJ (Malaysia), HSBC Amanah Malaysia and Standard Chartered Bank Saadiq to arrange the deal.
The syndicated financing uses a syariah-compliant structure known as commodity murabaha, where one party agrees to purchase merchandise from a counterparty, which promises to buy it back at an agreed mark-up at a later date.
Bank of Tokyo-Mitsubishi UFJ (Malaysia) will act as the investment agent to manage the cash flows of the facility and to execute the commodity murabaha transactions.
Malaysia is one of the largest markets for Islamic finance, which follows religious principles such as bans on interest and monetary speculation. – Reuters
KUALA LUMPUR: Global semiconductor sales growth is expected to moderate to seven per cent in 2018 as the demand-supply dynamics for memory products normalise. Citing the World Semiconductor Trade Statistics (WSTS), Alliance DBS Research said global semiconductor sales posted a phenomenal growth of 21 per cent in 2017, largely driven by strong gains in memory […]
NEW YORK, Dec 30 — After a banner year for US stocks, that saw the Dow hitting repeated records, Wall Street strategists predicted 2018 would see more moderate gains and increased volatility as markets retreated in the final session of 2017…
PETALING JAYA: Advancecon Holdings Bhd has been appointed as the main contractor for a development in Alam Perdana, Kuala Selangor with a contract sum of RM45.83 million.
It told Bursa Malaysia that its wholly owned subsidiary Advancecon Infra Sdn Bhd (AISB) had on December 28 received and accepted the letter of award from Worldwide Property Management Sdn Bhd to to carry out earthworks and ancillary works for the project.
AISB is principally involved in earthworks and civil engineering services. The scope of works for the contract includes preliminaries, site clearance and earthworks at Phase 1 and Phase 2 of the development, ground treatment works, detention pond and drainage diversion and arch culvert.
The contract will begin on January 15, 2018 and is expected to be completed in sections. Phase 1A of the project is slated for completion on July 14, 2018 while Phase 1B is scheduled for November 14, 2018 and Phase 2 on July 14, 2019.
Advancecon said the contract expense will be financed via its internally generated funds and the job is expected to contribute positively towards the group's future earnings for the duration of the contract.
At 2.48 pm, Advancecon's shares gained 3.57% to 87 sen with some 348,800 shares done.
KUALA LUMPUR, Dec 21 — AmBank Research said today that the overall earnings prospects are looking positive for local semiconductor companies although valuations are unattractive. It was “neural” on the technology sector over the next 12…
US Market : U.S. equities closed little changed on Wednesday as Congress approved a bill that would cut corporate taxes. Investors have been eagerly waiting for lawmakers to move forward with the bill, sending the major stock indexes to record highs this year. Europe Market : European markets closed lower Wednesday afternoon as the long-awaited U.S. tax overhaul wound its way through Congress. Precious Metal Gold : Gold prices rose on Wednesday for a fourth straight session to reach a two-week high as U.S. data showing solid home sales butRead More
US Market : U.S. stocks rose on Tuesday amid growing optimism that Republican lawmakers would be able to revamp the corporate tax system. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off. Europe Market : European stocks closed higher Tuesday, as investors monitored upcoming policy meetings from the U.S. Federal Reserve and the European Central Bank (ECB). Precious Metal Gold : Gold prices retreated to a near five-month low on Tuesday as investors braced for a widely expected U.S. interest rate increase this weekRead More
PETALING JAYA: Anzo Holdings Bhd's wholly-owned subsidiary Anzo Construction Sdn Bhd (ACSB) has accepted a letter of award from QuicBuild System Sdn Bhd (QBSB) for the appointment of ACSB as sub-contractor for a RM28.92 million job for a 14-storey new office building at Jalan Hospital Ipoh, Perak.
The job relates to the supply materials, labour, tools equipment, workmanship and machineries for the execution of building and infrastructure works.The scopes of works of ACSB includes preliminaries and general conditions; building works; infrastructure works; and prime cost and provisional sums.
In a stock exchange filing, Anzo said the date of site possession is Dec 15, 2017. The contract has a duration of 19 months and the completion date is June 14, 2019.
“The liquidated ascertained damages amount for non-completion of the works limit to maximum of RM7,397.70 per day for each delay inclusive of festive holidays,” it said.
ACSB is principally involved in the business of construction and its related maintenance services. QBSB's principal activities are in building construction and development.
The group intends to fund the contract via internally generated funds and/ or external borrowing.
Anzo closed up 6.25% at 8.5 sen with 6.08 million shares traded.