Bloomberg vice index shows cost of drugs, alcohol around world

NEW YORK, April 4 — The cost of maintaining a drugs, booze and cigarettes habit got a lot more expensive in the US last year, rising the most of almost anywhere in the world, the annual Bloomberg Global Vice Index shows. Americans had to fork…

Sumatec to build condensate extractions plant in Kazakhstan for RM480m

PETALING JAYA: Sumatec Resources Bhd has been given the right by Markmore Energy (Labuan) Ltd (MELL) to construct a condensate extractions plant (CEP) in Kazakhstan for US$120 million (RM480 million).

Sumatec told Bursa Malaysia that it intends to fund the cost through a rights issue to raise a minimum proceeds of US$40 million (RM160 million), US$60 million (RM320 million) of bank borrowings/internal cashflow and the balance US$20 million (RM80 million) via inter-company offset.

The plant facilities consist of a gas and liquid separator, contaminant removal unit , methane and ethane separation unit, CEP fractionation unit and propane and butane treater. It will be completed within 18 months from the date of signing of the gas supply agreement.

Sumatec's major shareholder Tan Sri Halim Saad is the director and 99.9% shareholder of MELL, which holds the entire interest in CaspiOilGas LLP (COG). COG is the concession owner and operator of the Rakushechnoye oil and gas field located in Kazakhstan. 

Meanwhile, Sumatec also has to pay US$155 million (RM620 million) as entry cost to MELL in consideration for the gas feedstock.

The cost, however, is subject to negotiation and adjustment, will be payable via a combination of cash as well as the issuance of redeemable convertible preference shares and new Sumatec shares for the sum of up to US$25 million and RM100 million, respectively.

Sumatec said its share of final products from the plant will be 332 metric tonnes of liquefied petroleum gas and 5,000 barrels of condensate per day. The detailed terms will be determined in the gas supply agreement subject to the plant achieving a minimum internal return rate of 20% per annum.

At  2.45pm, Sumatec's share price fell half a sen or 7.7% to 6 sen, with some 7.29 million shares changing hands.

Market shaken but not stirred

The market started on a bullish note last week but pulled back on Friday after the US Federal Reserve increased key interest rates to a highest level in a decade at 1.75 per cent. This caused Wall Street to fall sharply at the end of the week and this has shaken markets globally including Malaysia. […]

Stocks In Focus (22-3-2018)

KUALA LUMPUR (March 21): Based on corporate announcements and news flow today, companies in focus on Thursday (March 22) may include: Sapura Energy Bhd, IOI…

US spending bill tackles border, election security, says source

WASHINGTON, March 21 — A federal government spending deal being worked out in the US Congress includes additional funding to boost border security, protect the upcoming elections in November and rebuild aging infrastructure, a source familiar…

Market to likely turn bullish after correction

It was another directionless week for the market last week. The FBM KLCI started on a bullish note but fell and erased most earlier gains. The index managed to close marginally higher. The movement in the past one week was within the sideways trend support and resistance levels between 1,800 and 1,870 points and hence […]

IOI Properties secures S$1.6b long-term financing for S’pore JV, say sources


PETALING JAYA (March 10): IOI Properties Group Bhd has secured S$1.6 billion (RM4.7 billion) out of S$1.9 billion needed for its proposed joint venture in Singapore worth at least S$2.84 billion, making progress in its race against time to get the project off the ground. Sources told The Edge weekly that the developer had secured the funding from five banks, namely DBS Bank, Bank of Tokyo-Mitsubishi UFJ, OCBC and Sumitomo Mitsui; the remaining S$300 million it requires is being negotiated with Bank of China. The money will be used toRead More

CIMB introduces 1-Minute Home Financing

KUALA LUMPUR: CIMB Bank Bhd yesterday launched its 1-Minute Home Financing as part of CIMB’s InstaApproval platform.

The CIMB 1-Minute Home Financing facilitates complete approval within a single minute upon full submission of information and documents, for salaried customers.

The instant approval process is considered a full approval and the letter of offer can be generated immediately for customer’s signature, as opposed to a conditional or “in-principle” approval.

CIMB senior managing director and regional head of cards, retail assets and deposits for consumer banking Vipin Agrawal said its market share for mortgage stood at 12%-13%.

“We’re growing faster than the market, and we can continue to grow faster,” he told a press conference after the launch of the CIMB 1-Minute Home Financing InstaApproval. He said the bank uses the customer’s identification card to verify the person’s identity, pull statements from Employees Provident Fund and capture demographic information to affect the instant approval.

Currently eight developers are participating in the CIMB 1-Minute Home Financing InstaApproval, through a total of 60 projects. The developers are Eco World Development Group Bhd, IJM Land Bhd, IOI Properties Group Bhd, Mah Sing Group Bhd, Sime Darby Property Bhd, SP Setia Bhd, Tropicana Corp Bhd and UEM Sunrise Bhd. More developers and projects will be added to this platform and by May 1, it will be extended to more property projects outside the Klang Valley.

The CIMB InstaApproval platform is already facilitating applications for personal financing, Amanah Saham Bumiputera financing and credit cards. Vipin said CIMB will next roll out InstaApproval for auto loans.

The CIMB InstaApproval enables a secure, paperless process involving, among others, biometric fingerprint identification and other verification steps completely online.

Currently, Vipin said the 1-Minute Home Financing using CIMB’s InstaApproval platform is only for salaried Malaysians, self-employed applicants will need to go through the normal process of loan application and submitting documents, of which approval will take two days.

Bursa stays positive at mid-day

KUALA LUMPUR, March 1 — Bursa Malaysia ended the morning session in positive territory today, supported by continuous buying momentum in plantation and trade/services-related blue-chip counters. At 12.30pm, the benchmark FTSE Bursa Malaysia…

IOI share price unchanged on strong Q4 results

PETALING JAYA: IOI Corp Bhd's share price remained unchanged this morning after its net profit for the second quarter ended Dec 31,2017 jumped 38-fold to RM595.9 million from RM15.6 million a year ago, due to significant forex translation gains amounting to RM196.4 million as opposed to forex losses of RM330 million in the preceding year's corresponding quarter.

As at 10.56am, IOI’s share price stood at RM4.79 with 711,600 shares changing hands.

The group's revenue fell 4.3% to RM2.4 billion in the quarter under review from RM2.51 billion in the quarter ended December 31, 2016.

As for the first two quarters of the financial year, its net profit also surged almost eight times to RM955.9 million from RM120.4 million reported for the same period last year, while revenue for the cumulative period of six months declined 4.8% from RM4.8 billion to RM4.6 billion.