Cabotage policy reinstatement is top maritime council agenda

KUALA LUMPUR: The reinstatement of the cabotage policy and dealing with freight losses worth billions due to cargoes transported by foreign vessels were among the major issues discussed during the recent National Shipping and Port Council (NSPC) meeting. Lifting the cabotage policy has resulted in loss of business for Malaysian vessels with local freight carried […]

Reinstatement of cabotage policy tops agenda at maritime council meeting

KUALA LUMPUR, Dec 14 ― The reinstatement of the cabotage policy and dealing with freight losses worth billions due to cargoes transported by foreign vessels were among the major issues discussed during the recent…

Insurance claims for latest California wildfires top US$9 billion

LOS ANGELES: Insurance claims from the recent spate of California wildfires, including one ranked as the most deadly and destructive in state history, have topped US$9 billion and are expected to grow, the state insurance commissioner reported. The claims, so far, fall short of the record US$12 billion in wildfire-related insured losses sustained in California […]

TH plans to put a cap on depositor’s fund level

KUALA LUMPUR: Lembaga Tabung Haji (TH) is looking to put a cap on each depositor’s fund in the future as one of the measures to reduce government’s liability and exposure towards the depositors. Group managing director and chief executive officer Datuk Seri Zukri Samat said the move to limit the individual deposits at a suitable […]

Malaysia’s overall online hiring down, O&G industry thrives

PETALING JAYA: While the overall online hiring scene of Malaysia registered a negative growth for the eighth consecutive month, declining by 11% year-on-year (y-o-y) in October, the oil and gas sector showed no sign of slowing down, according to the Monster Employment Index (MEI).

The index noted that the banking, financial services and insurance (BFSI) recorded the steepest plunge of 16% in October, while the retail industry declined 14%.

The online recruitment for the oil and gas industry, which grew 13% in October, showed no signs of slowing down as the sector continued its growth pattern for 19 consecutive months.

“The oil and gas industry has had a tough couple of years, and the recovery and stabilization of oil prices has paved the way for new investments and operations. ‘Smart drilling’ will be key in the future of the oil and gas industry, with business strategies linked inseparably to technology,” said CEO Abhijeet Mukherjee (APAC and Middle East).

Besides oil and gas, another industry which registered positive growth and led the online recruitment activity in October was the information technology, telecom/internet service provider and business process outsourcing/information technology enabled services sector.

After five months of being in the forefront among occupation groups, the demand for hospitality and travel professionals saw the steepest decline of 26% in October.

Customer service role, however, saw the most-notable annual growth among occupation categories with a rise of 25%, the first positive sign since February 2018.

O&G sector recruitment up 13pc in October

KUALA LUMPUR, Dec 12 — The Oil & Gas (O&G) industry showed no signs of slowing down in its online recruitment activity as the sector recorded 19 consecutive months of year-on-year growth in rising 13 per cent in…

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.

Travel insurance explained

KUALA LUMPUR, Dec 10 — Traveling to a foreign country for the very first time can be an exhilarating yet dangerous experience. Accidents can happen at any time and while the fault may not always lie with you, the consequences and subsequent…

Kickstart your financial makeover with RinggitPlus

KUALA LUMPUR, Dec 10 — If the idea of financial management sounds too daunting for you, don’t be scared! You’re not alone. The key to this is to take baby steps, and Auntie will show you how you can learn more about managing your…