New Indonesian rules to have minimal impact

KUCHING: Indonesia’s move to stop issuing planting permits for three years is not expected to impact Malaysian-listed planters with operations in Indonesia as most of these companies have already cut down on new plantings of palm oil in compliance with terms under the Roundtable on Sustainable Palm Oil (RSPO). The Indonesian government on Thusday issued […]

Bursa closes higher for third straight day, Chinese markets rally


KUALA LUMPUR: Bursa Malaysia saw third consecutive day of gains as it was lifted by a rally in global stocks following a change in sentiment over the current state of the world’s economy. Chinese shares rallied on Friday with the Shanghai Composite Index rising 2.5% to 2,797.48 and the CSI 300 gaining 3% to 3,410.49. Hong Kong’s Hang Seng followed suit with a 1.7% rise to 27,953.58. Japan’s Nikkei, meanwhile, closed up 0.8% to 23,869.93 while South Korea’s Kospi rose 0.68% to 2,339.17. At 5pm, the FBM KLCI was upRead More

KLCI falls 0.57% as Trump slaps more tariffs on Chinese goods


KUALA LUMPUR (Sept 18): The FBM KLCI got off to a poor start upon resuming trade this morning after the extended weekend and fell 0.57% in line with the global markets that came under pressure after US President Donald Trump slapped further tariffs on China. At 9.05am, the FBM KLCI fell 10.27 points to 1,793.49. U.S. stock futures dropped and Asian shares are expected to come under renewed pressure on Tuesday after Trump said he will impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports, accordingRead More

IOI Properties raises RM1.2b via third sukuk issuance


PETALING JAYA: IOI Properties Group Bhd’s wholly-owned subsidiary Fortune Premiere Sdn Bhd has made its third Sukuk Murabahah issuance of RM1.2 billion in nominal value under its Sukuk Murabahah Programme.

Proceeds raised from the third issuance will be utilised for capital expenditure, working capital requirements, refinancing of existing borrowings and general corporate purposes.

The sukuk issuance consists of two tranches with an issue size of RM300 million and RM900 million each. The first tranche of RM300 million has a tenure of five years and 4.85% profit rate per annum, while the second tranche of RM900 million has a longer tenure of seven years and 5.05% profit rate per annum.

The joint lead managers for the third issuance are AmInvestment Bank Bhd, CIMB Investment Bank Bhd, Maybank Investment Bank Bhd and RHB Investment Bank Bhd.

At the noon break, IOI Properties shares were down 4 sen 2.3% to RM1.73 on 110,500 shares done.

KL shares 0.3pc easier at mid-day


KUALA LUMPUR, Sept 5 — The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended the morning session 0.3 per cent easier at 1,807.26 on persistent selling pressure in most index-linked counters, while tracking…

Aeon to shut down Index Living Mall stores

PETALING JAYA: Aeon Co (M) Bhd’s net profit plunged 64.5% to RM9.79 million for the second quarter ended June 30 compared with RM27.55 million in the previous corresponding period, due to the recognition of impairment loss on investment in its associate company Index Living Mall Malaysia Sdn Bhd (ILMM).

Its revenue however, rose 5.4% to RM1.06 billion from RM1.01 billion.

Aeon said in a filing with the stock exchange that ILMM will be closing down the remaining of its furniture outlets in Malaysia by the third quarter of 2018. The outlets are located at Aeon Shah Alam and Kota Baru, IOI City Mall, Putrajaya as well as Aeon Mall Tebrau City, according to its website.

“As such, for the second quarter result, the company has recognised the impairment loss on its investment in the associate company which amounted to RM8.01 million and also share of its year-to-date operating loss which amounted to RM13.7 million.”

ILMM is a 49:51 joint venture company between Aeon and Index Living Mall Company Ltd which was incorporated in Thailand.

Aeon said the outlet closures are expected to reduce its earnings per share and net assets per share by about 2 sen for the financial year ending Dec 31.

For the first six months of the year, the group’s net profit contracted 29.8% to RM37.73 million from RM53.75 million on the back of a 4.4% rise in revenue to RM2.18 billion from RM2.09 billion.

Looking ahead, Aeon said the sales and services tax implementation will have an impact on consumer spending and product pricing.

“With such outlook, the board expects the performance for the current year to remain challenging.”

For the retail business, the group said it will continue to refurbish its selected stores and employ appropriate marketing and pricing strategies.

Meanwhile, Aeon foresees the occupancy and rental rates for the property management services to remain stable and sustainable.

Aeon’s share price closed unchanged at RM2.10 on 590,400 shares done.

KLCI snaps winning streak as Digi, Hartalega slump


KUALA LUMPUR: The FBM KLCI closed lower on Wednesday as funds took profit on Digi, Hartalega and IHH Healthcare amid a weaker broader market but stocks in focus were Bumi Armada rose, FGV Holdings and Supermax. At 5pm, the KLCI was down 6.26 points or 0.34% to 1,820.64. Turnover was 2.69 billion shares valued at RM2.63bil. Decliners beat advancers 629  to 355 while 337 counters were unchanged. Global stocks faltered on Wednesday as optimism over a US-Mexico trade deal faded with investors anxious about Canada’s acquiescence and eyeing a deadline for theRead More

IOI Properties FY18 net profit falls to RM783.63m

KUALA LUMPUR, Aug 27 — IOI Properties Group Bhd’s net profit fell to RM783.63 million for the financial year ended June 30, 2018 (FY18) from RM920.87 million in the previous year. Revenue slipped 33 per cent year-on-year to RM2.79 billion from…

Public Bank soars as KLCI closes at three month high


KUALA LUMPUR: Late fund buying of Public Bank – sending it to a record close — underpinned the FBM KLCI’s advance on Thursday as it closed at a three month high of 1,810. At 5pm, the KLCI was up 12.76 points or 0.71% – the highest since May 23 – as investors draw confidence in the government’s moves to strengthen the economy. Turnover was 2.25 billion shares valued at RM2.46bil. There were 485 gainers, 419 losers and 430 counters unchanged. UOB Kay Hian Malaysia Research said there was no changeRead More

KLCI gains momentum going into midday, PetChem lifts


  KUALA LUMPUR: After a slow start at the open, the FBM KLCI moved higher into positive territory, lifted by Petronas Chemicals, and ended the morning session up 4.5 points to 1,787.97. Trading volume was 1.18 billion shares valued at RM851.41mil. There were 335 gainers versus 417 decliners and 377 counters unchanged. Asian markets were cautiously optimistic as investors awaited more details on proposed trade talks about the US and China. Japan Nikkei moved between positive and negative territory, and traded 0.33% lower at midday. Shanghai’s Composite Index was upRead More