malaysia

 
 

Rohas unit gets RM249m TNB contracts

PETALING JAYA: Rohas Tecnic Bhd’s 75%-owned subsidiary HG Power Transmission Sdn Bhd has bagged two contracts from Tenaga Nasional Bhd to supply and install transmission lines for a combined contract value of RM249.63 million.

The company’s board of directors told the stock exchange that it received the contract awards on Feb 14.

The first contract entails the supply and installation of 31.8km of 500kV double circuit transmission line and 22.3km of 275kV double circuit transmission line on a turnkey basis for the proposed 500kV double circuit transmission line from the Bentong South Main Intake Station(PMU) to PMU Lenggeng (Point M to Point L) and proposed 275kV double circuit transmission line from PMU Lenggeng to PMU Makhota Cheras (Ampe to Point L).

The second contract involves the supply and installation of 31.9km of 500kV double circuit transmission line and 32km of 275kV double circuit transmission line on a turnkey basis, for the same transmission lines.

Work on the projects is expected to take 723 days to complete.

On Bursa Malaysia today, Rohas shot up 2.19% to close at RM1.40 on volume of 16,800 shares.


Brite-Tech sued by ex-director for negligence, breach of duty of care

PETALING JAYA: Brite-Tech Bhd (BTech) and its wholly owned subsidiary Brite-Tech Corp Sdn Bhd (BCSB) are both being sued by a former executive director of BTech and a former director of BTech's wholly owned subsidiary Hooker Chemical Sdn Bhd (HCSB) for negligence and breach of duty of care.

BTech and BCSB were served with a writ of summons and statement of claim, dated Jan 22, 2018, in the High Court of Kuala Lumpur by Chan Ah Kien. The writ of summons and statement of claim were received by BTech on Jan 26, 2018 and by BCSB on Jan 25, 2018. The amount claimed was not revealed.

The plaintiff is claiming for general damages for negligence and breach of duty of care; general damages for breach of confidence; general damages for breach of privacy; aggravated damages; and exemplary damages.

BTech and BCSB are also to be instructed to disclose all the personal data in all agreements or contracts signed by the plaintiff thus far; and are to apologise publicly admitting the mistake in all major national newspapers in Malaysia.

The plaintiff also claims for interest of 5% on all the amount stated.

In his statement of claim, the plaintiff alleged that BTech, BCSB and HCSB had via its employees, during June 19 to 22, 2017 negligently divulged a letter from the Inland Revenue Board containing his personal data to certain employees in BTech, BCSB, HCSB and also to the tax agent, namely CAS Tax Services Sdn Bhd.

The plaintiff stated that the actions by the employees of BTech and its subsidiaries had breached their duty of care in preserving his personal data as an ex-director of the group and did not obtain his prior consent before releasing his personal information to third parties.

The plaintiff claims that the incidents have directly and indirectly caused the breach of confidence, breach of privacy, infringed his privacy by divulging his personal information such as salaries and director fees to staff, ex-staff and third parties in which as a result has caused embarrassment, anguish, humiliation, disappointment, frustration, loss of dignity and anxiety to the plaintiff.

BTech and BCSB have appointed solicitors to file the response and defence against the litigation.


U.S. signals new trade blow with metal tariff proposals

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(Feb 17): The U.S. Commerce Department revealed its recommendations that the U.S. impose tariffs or quotas on imports of aluminum and steel, in the strongest indication yet the administration intends to see through its protectionist agenda. Commerce “found that the quantities and circumstances of steel and aluminum imports threaten to impair the national security,” Secretary Wilbur Ross said Friday. The news spurred gains in metal prices as well shares in Alcoa Corp, Century Aluminum Co and U.S. Steel Corp. An increase in tariffs could impact consumer prices of everything fromRead More


Bursa M’sia ends on a firm note

KUALA LUMPUR: Bursa Malaysia ended on a firm note today, lifted by buying interest across the board and the performance of regional bourses, dealers said.

At the close, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was 19.04 points higher at 1,857.32, after moving between 1,841.78 and 1,858.23 throughout the day.

It opened 4.74 points better at 1,843.02 from Thursday's close of 1,838.28.

On the broader market, gainers outpaced losers by 824 to 193 with 288 counters unchanged, 587 untraded and 19 others suspended.

Volume increased to 2.36 billion units worth RM1.89 billion from 1.11 billion shares, worth RM1.07 billion on last Thursday.

A dealer said Asian stocks closed broadly higher in thin trading as markets in China, Hong Kong and the United States remain shut for the Lunar New Year holiday and for the Presidents' Day holiday.

“The rise on Asian bourses indicates improved confidence in global equities following a correction earlier in Feb, sparked by fears about rising inflation. Investors are focusing now on strong corporate earnings,” he added.

On the local front, positive sentiment continued to lift the market on the back of Malaysia's strong gross domestic product growth in the last quarter of 2017 as well as a firmer crude oil prices.

The price of Brent oil stood at US$65.30, up from US$64.84 a barrel and US West Texas Intermediate was at US$62.23, from US$61.55 previously.

Regionally, Japan's Nikkei 225 rose 1.97% to 22,149.21, South Korea's Kospi improved 0.87% to 2,442.82 and Singapore Straits Times Index gained 1.24% to 3,486.22.

Of heavyweights, Maybank and Tenaga bagged four sen each to RM10.14 and RM14.74, respectively, Public Bank rose 14 sen to RM21.98, CIMB Group increased eight sen to RM7.09 while Petronas Chemicals was flat at RM8.10.

Among actives, PUC added two sen to 28 sen, Hibiscus warrant gained 1.5 sen to nine sen, Sino Hua-An rose five sen to 56 sen, Sapura Energy improved 3.5 sen to 72 sen and Hibiscus Petroleum bagged 9.5 sen to RM1.04.

The FBM Emas Index rose 149.51 points to 13,267.0, the FBMT 100 Index added 140.01 points to 12,969.59 and the FBM 70 jumped 200 points to 16,305.29.

The FBM Emas Shariah Index surged 169.62 points to 13,604.72 and the FBM Ace increased 166.04 points to 6,408.60.

Sector-wise, the Finance Index was 185.81 points higher at 17,780.22, the Industrial Index bagged 75.58 points to 3,278.24 and the Plantation Index advanced 51.14 points to 8,048.11.

The Main Market volume increased to 1.37 billion units, worth RM1.69 billion, compared with 601.53 million units, worth RM979.37 million, recorded last Thursday.

Volume on the ACE Market rose to 459.29 million shares, valued at RM110.72 million, from 221.85 million shares, worth RM45.74 million, previously.

Warrants volume was higher at 518.40 million units worth RM84.66 million from Thursday's 286.69 million units worth RM45.93 million.

Consumer products accounted for 53.03 million shares traded on the Main Market, industrial products (389.95 million), construction (58.52 million), trade and services (623.99 million), technology (79.98 million), infrastructure (4.25 million), SPAC (646,000), finance (44.96 million), hotels (369,200), properties (87.03 million), plantations (23.25 million), mining (405,700), REITs (5.08 million), and closed/fund (nil).

The physical price of gold as at 5.00pm stood at RM162.95/g, down 97 sen from RM163.92 at 5.00pm last Thursday. — Bernama


Malaysia’s timber exports to increase 5pc this year

JITRA, Feb 19 — Malaysia’s timber exports are expected to increase five per cent this year from RM23.22 billion in 2017, Malaysian Timber Industry Board (MTIB) Director-General Datuk Dr Jalaluddin Harun said. He attributed this to high…


Semicon sector to see 8% net profit growth in 2018, says CIMB Research

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KUALA LUMPUR (Feb 19): The semiconductor sector is expected to record an 8% net profit growth in 2018 on higher radio frequency (RF) component shipment volume, according to CIMB IB Research. However, the strengthening of ringgit against the US dollar would impact earnings, said analyst Mohd Shanaz Noor Azam in a sector update Feb 15. He expects the demand for RF components to continue to outgrow the demand for smartphones, due to higher RF filter requirements to support additional frequency bands. Market researcher Yole Development SA projects RF front-end moduleRead More


Asian currencies consolidate in holiday-thinned trade; peso hits 11-1/2 year low

BENGALURU, Feb 19 — Most Asian currencies consolidated today as low liquidity and an absence of currency market catalysts limited gains, but strong regional equity markets propped them up. South Korea’s KOSPI index rose 0.9 per cent, while…


TM Appoints Mohd Rais Azhar as CTIO

KUALA LUMPUR, Feb 19 — Telekom Malaysia Bhd (TM) today announced the appointment of Datuk Mohd Rais Azhar as Chief Technology & Innovation Officer (CTIO), effective Feb 18, 2018, following the retirement of his predecessor Datuk Rafaai Samsi on…


Foreign buyers return to Bursa, bought RM4.50m local equity last week, says MIDF Research

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KUALA LUMPUR (Feb 19): Foreign investors returned to Bursa Malaysia last week after the huge sell off totaling RM1.75 billion in the preceding week, and bought RM4.50 million of Malaysian equity ahead of the Chinese New Year break, according to MIDF Amanah Investment Bank Bhd Research. In his weekly fund flow report today, MIDF Research’s Adam M Rahim said foreign funds were net buyers on all trading days except Monday, which saw an attrition of RM230.3 million net. “Meanwhile, foreign buying was the highest on Tuesday at RM112.7 million netRead More


U Mobile announces new CIO, adds DCTO

KUALA LUMPUR: This month, U Mobile introduces new chief information officer (CIO) Neil Tomkinson and strengthens its senior management by adding Woon Ooi Yuen to the team as deputy chief technology officer (DCTO).

Neil joins U Mobile from MTN Next!, a telecoms multinational based in South Africa, which operates in 22 countries and has an annual turnover of US$14 billion. He was responsible for leading the development and implementation of MTN Group’s Global’s
back office transformation strategy. Neil replaces Tan Chen Sen, who was U Mobile’s CIO for the past five years.

With the increased spectrum allocation and ongoing 3G RAN share exit, U Mobile is doubling up its efforts on the network front with Woon coming on-board as DCTO. He joins the telco with two decades of related experience with companies such as Total Access Communication (Dtac) in Thailand, Digi Telecommunications, Malaysia as well as Ericsson, Malaysia.

Woon will be working together with the current chief technology officer, Too Tian Jen, to oversee and roll out U Mobile’s robust network expansion strategy with the goal of making U Mobile the leading telco for customer experience.