MyEG rubbishes MACC probe claims

PETALING JAYA: MyEG Services Bhd has denied rumours that it is being investigated by the Malaysian Anti Corruption Agency (MACC).

“The board reiterates that the company is not the subject of any investigation whatsoever, past or present, being carried out by MACC on it or on any of its directors,” it said in a filing with the stock exchange.

Citing the allegations are completely baseless and fictitious, MyEG stressed that the board takes a serious view of the spreading of erroneous rumours and accordingly, appropriate action has been taken against the irresponsible acts, including the lodging of a report with the Royal Malaysian Police.

“Any material developments pertaining to the company or its board have been and will continue to be disclosed in a timely manner through official proper channels.

“In this respect, the public is advised to disregard any information about the company or its board that are unverified and not released through the proper channels.” 

MyEG's share price closed 3 sen or 3.77% lower at 76.5 sen on some 106.39 million shares traded, being the second most actively traded stock.

Sime Darby Q3 net profit drops to RM135m

KUALA LUMPUR, May 25 — Sime Darby Bhd’s net profit for the third quarter ended March 31 2018 (3Q18) fell to RM135 million from RM692 million in the corresponding period last year. Revenue, however, rose to RM8.29 billion from RM7.87…

E&O notches higher earnings, revenue

KUALA LUMPUR, May 25 — Lifestyle property developer Eastern & Oriental Bhd’s (E&O) net profit rose to RM116.26 million in the financial year ended March 31, 2018 from RM90.92 million a year earlier. The group also achieved a pre-tax…

Malaysia's RM1t government debt explained

KUALA LUMPUR, May 25 — Malaysia’s new Finance Minister Lim Guan Eng yesterday gave a breakdown of government debt and liabilities exceeding RM1 trillion, a figure that’s fueled market worries and raised the prospect of a credit-rating…

IHH Healthcare’s Q1 net profit nosedives 87.82% on forex losses, higher costs

PETALING JAYA: IHH Healthcare Bhd's net profit plummeted 87.82% to RM57.24 million in the first quarter ended March 31, 2018 against the RM470.05 million recorded a year ago, due to foreign exchange losses arising from the weakened greenback and the incremental depreciation, amortisation and finance costs incurred from the opening of the two new hospitals in March 2017, as well as the absence of a one-off disposal gain.

Revenue for the period under review grew 6.34% to RM2.85 billion from RM2.68 billion, driven by organic growth from existing operations, and the continuous ramp up of Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital, both of which were opened in March 2017.

IHH expects pre-operating costs and start-up costs of new operations to partially erode its profitability during the initial stages, which it seeks to mitigate by ramping up patient volumes in tandem with phasing in the opening of wards at these new facilities in order to achieve optimal operating leverage.

“In addition, significant currency volatility against the group's reporting currency may affect the comparability of the group's financial performance across periods. The group constantly reviews its portfolio of investments with a view of rebalancing them to optimise returns,” its board of directors said.

IHH said it continues to believe in the sustained demand for quality private healthcare in its home markets – Malaysia, Singapore, India and Turkey, and key growth market of Greater China.

“This is based on shifting favourable population demographics and a fast-growing middle and upper class in its home and key markets, as well as its centres of excellence in established medical hubs. The group will continue to draw on its rapid growth over the past few years to enhance service offerings at existing hospitals. It will also ramp up newer hospitals to further optimise operating leverage, consolidate acquired assets and prepare for the progressive opening of its slate of greenfield and expansion projects,” it noted.

In a separate stock exchange filing, IHH said it has issued a second extension letter to the board of directors of Fortis Healthcare Ltd, in which it has extended the acceptance period until 11.59 pm on June 30, 2018.

Worth to note is that the previous enhanced revised proposal expired on May 15, after which IHH issued a letter to the board of Fortis extending the acceptance period until 11.59 pm on May 29.

IHH's share price gained 1.29% to close at RM6.26 with 9.31 million shares changing hands.

FBM KLCI stages rebound, foreign selling bottoms out

KUALA LUMPUR, May 25 — The market barometer FBM KLCI today staged a rebound after 12 days of decline when it closed 21.7 points higher  at 1,797 points. There were 506 counters up and 397 down, with the value of shares traded valued at RM2.9…

CIMB records RM920m gain from ownership realignment in asset management units


KUALA LUMPUR (May 25): CIMB Group Holdings Bhd has completed the realignment of ownership stakes with Principal Financial Group in its CIMB-Principal joint ventures (JVs) across Asean. The exercise sees CIMB recording a gain of RM920 million and about 15-basis-point increase in its common equity Tier 1 ratio. Principal has now increased its stake to 60% in both CIMB-Principal Asset Management Group and CIMB-Principal Islamic Asset Management, with CIMB holding the rest. CIMB previously had 60% ownership in CIMB-Principal Asset Management and 50% in CIMB-Principal Islamic Asset Management. The JVsRead More

Bursa Malaysia snaps three days of losses to end higher

KUALA LUMPUR: Bursa Malaysia snapped three days of losses to close higher today on renewed buying interest as the over-reaction to the national debt level eases, despite the mixed performance by regional peers, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed at 1,797.40, up 21.74 points from Thursday's close of 1,775.66.

The index opened 17.14 points higher at 1,792.82 and moved between 1,785.12 and 1,897.81 throughout the day.

Hermana Capital Bhd's Chief Executive Officer and Chief Investment Officer Datuk Dr Nazri Khan Adam Khan said investors heaved a sigh of relief at the over-reaction rally today after the market sank on concerns over the national debt level of about RM1 trillion.

“The statement from the Chinese investors recently saying that they are confident and looking forward to continue their businesses under the new government has also provided some support to the market and this would likely continue into next week,” he told Bernama today.

On the regional front, another dealer said Asian markets were traded mixed in the early session today due to fresh concerns after the US President Donald Trump cancelled his upcoming summit with North Korean leader Kim Jong-Un.

Among heavyweights, Maybank was flat at RM10.26, Public Bank jumped 56 sen to RM24.92, TNB rose 28 sen to RM15.04, CIMB gained seven sen to RM6.12 while Petronas Chemicals slipped two sen to RM8.32.

Among actives, NETX and Sapura energy earned half-a-sen each to three sen and 69.5 sen, respectively, YTL Power added 5.5 sen to 80.5 sen, while MyEG slipped three sen to 76.5 sen and Berjaya Corp eased half-a-sen to 30 sen.

Market breadth was positive with gainers trouncing losers 506 to 397, with 407 counters unchanged, 597 untraded and 26 others suspended.

Volume decreased to 2.20 billion units valued at RM2.95 billion from Thursday's 2.87 billion units valued at RM3.86 billion.

The FBM Emas Index increased 144.82 points to 12,540.78, the FBM Ace put on 37.54 points to 5,189.61 and the FBMT 100 Index went up 150.72 points to 12,348.68.

The FBM Emas Shariah Index perked 140.35 points to 12,608.30 and the FBM 70 bagged 185.79 points to 14,840.62.

Sector-wise, the Finance Index surged 156.67 points to 17,879.56, the Industrial Index advanced 15.46 points to 3,213.41 while the Plantation Index rose 6.58 points to 7,844.11.

Main Market volume declined to 1.35 billion shares worth RM2.80 billion from Thursday's 1.80 billion shares worth RM3.69 billion.

Warrants volume shrank to 562.02 million units valued at RM116.83 million from 812.43 million units worth at RM127.46 million.

Volume on the ACE Market improved to 280.26 million shares worth RM34.72 million from 253.96 million shares worth RM46.95 million recorded yesterday.

Consumer products accounted for 63.30 million shares traded on the Main Market, industrial products (181.22 million), construction (78.17 million), trade and services (665.37 million), technology (58.68 million), infrastructure (103.44 million), SPAC (993,200), finance (69.96 million), hotels (6.23 million), properties (77.63 million), plantations (34.51 million), mining (14,700), REITs (15.42 million) and closed/fund (nil). — Bernama

Bursa snaps three-day loss to end higher

KUALA LUMPUR, May 25 — Bursa Malaysia snapped three days of losses to close higher today on renewed buying interest as the over-reaction to the national debt level eases, despite the mixed performance by regional peers, dealers said. The…

MISC receives long-term charter contracts from Petrobras

PETALING JAYA: MISC Bhd has bagged a long-term charter contracts to own and operate four specialist DP2 Suezmax size shuttle tankers for operations in international and Brazilian waters.

The group told Bursa Malaysia that the contracts were awarded to its wholly owned subsidiary AET Tanker Holdings Sdn Bhd by Petróleo Brasileiro S.A. – Petrobras.

The firm charter period is ten years and is expected to commence in 2020. These new vessels will be in addition to the two AET DP2 ships currently on charter in the Brazilian Basin for Petrobras.

AET is the petroleum shipping unit of MISC and specialises in the global ocean transport of petroleum.

Meanwhile, Petrobras is headquartered in Rio de Janeiro, Brazil and is an international energy company and present in the oil exploration and production, refining, natural gas, electric energy, logistics, trade, distribution, petrochemicals, fertilisers and biofuel segments.

MISC shares declined 10 sen or 1.65% to close at RM5.96, with some 2.95 million shares changing hands.