KUALA LUMPUR, June 22 — MY E.G. Services Bhd’s (MyEG) wholly-owned subsidiary, MY EG International Sdn Bhd, today incorporated a wholly-owned subsidiary that is intended to be the holding company for investments in Indonesia. In a filing with…
KUCHING: BMW Group Malaysia yesterday appointed Regas Premium Sabah as its newest dealer representative for the brands BMW, MINI and BMW Motorrad in the state of Sabah. Harald Hoelzl, managing director and chief executive officer of BMW Group Malaysia said East Malaysia has long been a contributing market to its growth and that they were […]
SINGAPORE (June 20): Shell Gas Holdings (Malaysia), a subsidiary of Royal Dutch Shell, completes sale of its 15% stake in Malaysia LNG (MLNG) Tiga, Shell says on Wednesday, The stake was sold to the Sarawak State Financial Secretary for US$750 million, The net amount paid to Shell after adjustments for dividends the company received up to completion is about US$640 million. Sarawak State Financial Secretary is an existing shareholder of MLNG Tiga and will increase its stake to 25% once the transaction is complete, says Shell. Other shareholders are majorityRead More
TOKYO: Japanese technology giant Fujifilm said yesterday it was suing US firm Xerox, seeking more than US$1 billion in damages after a merger between the two firms was scrapped last month. Fujifilm slammed what it said was a “unilateral decision to terminate without legitimate cause” the planned merger announced in January. The merger was shelved […]
KUALA LUMPUR: AirAsia Group Bhd (AAGB) has strongly refuted all allegations made in a first information report (FIR) by the police in India, including any impropriety in obtaining government approvals. The group said it would pursue all legal remedies to address the allegations against AirAsia Bhd, AirAsia India Pte Ltd, AAGB Group chief executive officer […]
PETALING JAYA: AirAsia Group Bhd (AAGB) lambasted the Indian Central Bureau of Investigation’s (CBI) first information report (FIR) lodged against the low-cost airline, based on information from an unnamed “reliable source.”
“We question the motives of the unnamed person, persons or organisation that lodged this FIR but we will cooperate fully with the Indian authorities in accordance with due process provided in law,” it said in a filing with the stock exchange.
AAGB refuted strongly all the allegations made in the FIR as baseless, unsupported and unjustified and will vigorously challenge these allegations.
The FIR claimed that unknown public servants have engaged in a criminal conspiracy involving AAGB, AirAsia India, group CEO Tan Sri Tony Fernandes, deputy CEO Bo Lingam, four other named parties and unknown public servants and unknown private persons, to expedite the approval process and change in aviation policies to suit AirAsia India, by lobbying with stakeholders in the Indian government through non-transparent means.
AAGB explained that its move, together with other aviation players, to lobby the Indian government to remove the 5/20 rule was done in compliance with the law and without any unlawful payments. The 5/20 rule inhibits competition and the development of a healthy aviation sector that endures for the benefit of the Indian consumer.
“Further, AAGB has had an internal review and concluded that there has been no wrongdoing by either Fernandes or Lingam.”
AAGB said the joint venture with Tata Sons Ltd to set up its low cost carrier in India carrying the AirAsia brand, was primarily due to the sterling reputation and integrity of Tata Sons in India.
“All required approvals were obtained through normal channels and it took more than a year to get these approvals. Given Tata’s more than 100 years track record and that of AirAsia’s reputation, we refute any inference of impropriety in obtaining these approvals.”
AirAsia Investments Ltd holds 49% equity in AirAsia India, while the remaining 51% is owned by Tata Sons (49%) and two individuals on the board (2%) who are Indian nationals.
AAGB reiterated that all the allegations in the FIR are unfounded and are without any rational basis and are wholly inconceivable in the context of corporate governance norms in Malaysia.
“Accordingly AAGB denies all allegations of wrongdoing and will pursue all legal remedies available to address these allegations.”
Meanwhile, AAGB said AirAsia India lodged an FIR against former CEO Mittu Chandilya last year over the contract with HNR Trading Pte Ltd which was unauthorised by the company.
It also submitted a forensic audit report by an accounting firm in India to show that funds were illegally siphoned out of the company through that unauthorised contract.
“We believe that the Bangalore police are still investigating although much time has lapsed.”
PETALING JAYA: Top Glove Corp Bhd's net profit jumped 51.3% to RM117.57 million for the third quarter ended May 31, 2018 against RM77.71 million in the previous corresponding period, underpinned by increased demand for gloves.
It also achieved the highest ever quarterly revenue of RM1.1 billion, 26.6% higher than the RM869.64 million made in the same quarter a year ago.
Top Glove has proposed to declared an interim dividend of 7 sen per share for the quarter under review, payable on July 17.
It said in a filing with Bursa Malaysia that the stronger glove demand led to better cost efficiencies resulting from a higher utilisation rate, thereby contributing to the group's good performance.
“Top Glove's focus on continuous quality and cost improvement initiatives, and harnessing technological advances to address business challenges also accounted for the improved profitability.”
Nonetheless, it said this was offset by a marked increase in the natural gas tariff, while the upward trend in nitrile latex prices compared with Q2 also caused some pricing pressure.
Raw material prices were mixed against Q2, with the average nitrile latex price rising 8.5% to US$1.15/kg, while the average natural rubber latex price eased 0.5% to RM4.38/kg.
Top Glove said it will continue to expand its manufacturing capabilities, organically as well as through mergers and acquisitions and joint ventures.
The construction of Factory 31 (operational by July 2018) and Factory 32 (operational by early 2019) is underway. Upon completion, it will increase the group's total number of production lines by an additional 74 lines and production capacity by 7.4 billion gloves per annum.
Its condom manufacturing facility is also expected to be operational by the end of this month.
While the US dollar shows signs of strengthening, Top Glove executive chairman Tan Sri Lim Wee Chai opined that the operating environment continues to be challenging, but he remains upbeat on the group's outlook.
“As we continue to undertake quality improvement and cost-saving projects, and leverage advanced technology, I am confident we will be able to conclude our financial year on a healthy and positive note.”
The group's nine-month net profit soared 41.8% to RM332.03 million from RM234.08 million on the back of a 19.6% increase in revenue to RM3 billion from RM2.51 billion.
On Bursa Malaysia today, Top Glove shed eight sen or 0.7% to RM11.32 on volume of 7.44 million shares.
WASHINGTON, June 15 ― US President Trump has made up his mind to impose “pretty significant” tariffs on Chinese goods, an administration official said yesterday, as Beijing warned that it was ready to respond if Washington chose to ratchet up…
BANGKOK: Malaysian-owned AAPICO Hitech Public Company Ltd is partnering VINFAST Trading and Production LLC to set up a press shop and assembly operations in VINFAST’s Supplier Park in Haiphong, Vietnam. The joint venture is to supply Body-in-White (BIW) parts for the first two models of VINFAST vehicles – a sedan and a Sport Utility Vehicle […]