Genting sells UK unit for £34.6 million

PETALING JAYA: Genting Malaysia Bhd’s indirect wholly owned subsidiary Genting UK Plc is disposing of its entire stake in Coastbright Limited to Sonco UK BidCo Limited for £34.6 million (about RM185 million) cash.

In a filing with Bursa Malaysia, Genting Malaysia said the disposal will allow Genting UK to streamline its operations.

Genting Malaysia is expected to realise a gain arising from the disposal. Based on its audited consolidated financial statements for the financial year ended Dec 31, 2018 and assuming the disposal had taken place at the beginning of the year, the disposal would result in a gain of about £23 million (about RM123 million).

The proceeds from the disposal will be used to reduce Genting UK group’s borrowings and for other potential investment opportunities.

The disposal is not expected to have a material effect on the consolidated earnings, net assets and gearing of Genting Malaysia for the financial year ending Dec 31, 2019.

Coastbright is an indirect wholly owned subsidiary of Genting UK. It operates the Maxims casino in Kensington, London in the UK.

Following the disposal, Coastbright will cease to be an indirect wholly owned subsidiary of Genting Malaysia.

Sonco represents a consortium of investors led by Sonco Gaming Inc., a Canadian group involved in the ownership, operation and development of gaming properties.

Genting to sell entire stake in London subsidiary for GBP34.6m

KUALA LUMPUR, March 22 — Genting Malaysia Bhd’s (GENM) indirect wholly-owned subsidiary, Genting UK Plc is disposing of its entire equity interest in London-based company Coastbright Limited for GBP 34.6 million (RM185.0 million). In a filing…

Petronas awards two offshore blocks in Peninsular Malaysia

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has awarded Block PM407 and Block PM415 to PTT Exploration and Production Hong Kong Offshore Limited (PTTEP HKO) and Petronas Carigali Sdn Bhd.

PTTEP HKO, a wholly owned subsidiary of PTT Exploration and Production Public Company Limited (PTTEP), is the operator for both blocks with a participating interest of 55% for Block PM407 and 70% for Block PM415.

Petronas Carigali, a wholly owned subsidiary of Petronas, owns the remaining 45% and 30% in the respective blocks.

The two blocks, located about 160km offshore Peninsular Malaysia, were awarded as part of the 2018 Malaysia Bidding Round, an event organised by Petronas to market Malaysia’s acreages to existing and new companies who are interested in conducting exploration and production in Malaysia.

Wah Seong secures exclusive distributorship for Doosan products in Malaysia

KUALA LUMPUR: Wah Seong Corp Bhd’s indirect 60%-owned subsidiary WDG Resources Sdn Bhd has been made the exclusive distributor for South Korea’s Doosan Infracore Co Ltd construction equipment throughout Malaysia, paving the way for the company to tap vast business opportunities in East Malaysia.

This follows the signing of an exclusive distributorship agreement today between WDG and Doosan, which is South Korea’s global leader in infrastructure support equipment.

The agreement extends WDG’s exclusive distributorship rights to also cover Sabah and Sarawak from just Peninsular Malaysia previously.

In June 2017, WDG had been appointed the exclusive distributor of Doosan range of equipment including excavators, wheel loaders and articulated dump trucks within Peninsular Malaysia.

Wah Seong managing director and group CEO Chan Cheu Leong said the expanded distributorship provides an opportunity for WDG to participate in infrastructure and construction projects in Sabah and Sarawak, including the Pan Borneo Highway.

“The extension of the Doosan distributorship will double the sales potential for WDG. WDG is confident of riding on its excellent track record to break new grounds in Sabah and Sarawak,” Chan said in a statement.

The distributorship is expected to contribute positively to the earnings of WSC group over the period of the distributorship agreement.

Traditionally, Wah Seong group’s industrial trading and services division is mostly entrenched in Peninsular Malaysia; this latest partnership gives the division an opportunity to reach out to Sabah and Sarawak in terms of trade and new opportunities.

Under the two-year distributorship agreement, WDG can leverage on Doosan’s machinery and equipment to take part in infrastructure projects in Sabah and Sarawak. In the past, its focus has been mainly in Peninsular Malaysia.

Doosan vice president of sales and marketing Chris Jeong Kwan Hee said the partnership with WDG will further establish Doosan brand in Malaysia.

“WDG has been effectively and successfully promoting Doosan products in the Malaysian construction industry since 2017. With the exclusive distributorship given to WDG, we are confident to establish a strong presence in the local infrastructure project business,” he added.

Doosan was established as Cho SunMachine Works in 1937 and was renamed Doosan Infracore in 2005. Apart from its own brand of construction equipment and power generation equipment, it also acquired the Bobcat brand in 2015.

WDG is principally involved in the distribution and service of industrial machinery, equipment and parts. It is also an authorised distributor of Mitsubishi Heavy Industries range of diesel generator sets.

After first securing the sole distributorship of Doosan range of construction equipment in Peninsular Malaysia, WDG has established a firm footing in providing its products and services to the local infrastructure and construction sectors.

The distributorship with Doosan also resulted in the group securing contracts to supply construction equipment to the Bandar University Pagoh Project, the Northern Free Trade Zone in Bukit Kayu Hitam, Kedah, the Gemas Double Track Project, Elmina Township in Subang and MCKIP in Kuantan.

Poll: Japan firms see prolonged Sino-US trade war, China slowdown to persist

TOKYO, March 22 — Three in four Japanese companies expect US-China trade frictions to last until at least late this year, a sharp contrast to market hopes that presidents Donald Trump and Xi Jinping might soon strike a deal to end their damaging…

Trump says tariffs on Chinese goods may remain for ‘substantial period’

WASHINGTON: President Donald Trump warned on Wednesday that the United States may leave tariffs on Chinese goods for a “substantial period” to ensure that Beijing complies with any trade agreement.

The stance could complicate US-China trade talks set to resume next week, as Chinese officials have been pressing for a full lifting of US tariffs as part of any deal, people familiar with the talks have said.

Trump said his top negotiators, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, would leave for Beijing this weekend, confirming plans for talks next week disclosed on Tuesday by an administration official.

The face-to-face talks will be the first since Trump delayed a March 1 deadline to avert a rise in tariffs on US$200 billion (RM812 billion) worth of Chinese imports to 25% from the current 10%.

“The deal is coming along nicely,” Trump said to reporters at the White House, adding that the China trip was intended “to further the deal.”

But when asked about lifting US tariffs on Chinese goods, Trump said: “We’re not talking about removing them. We’re talking about leaving them for a substantial period of time because we have to make sure that if we do the deal, China lives by it.”

Trump did not elaborate on his plans for the tariffs. His negotiators have demanded that China agree to an enforcement mechanism to ensure that Beijing follows through on any reform pledges in any deal.

Washington is demanding that China end practices it says force the transfer of American technology to Chinese companies, improve access for American companies to China’s markets and curb industrial subsidies.

Since July 2018, the United States has imposed duties on US$250 billion worth of Chinese imports, including US$50 billion in technology and industrial goods at 25% and US$200 billion in other products including furniture and construction materials, at 10%. China has hit back with tariffs on about US$110 billion worth of US goods, including soybeans and other commodities.

The eight-month trade war between the world’s two largest economies has raised costs, roiled financial markets, shrunk US farm exports and disrupted manufacturing supply chains.

Top bankers back London as financial hub whatever Brexit outcome

LONDON, March 21 — London will be central to global financial markets whatever shape Britain’s exit deal from the European Union (EU) takes, senior players in British banking said today. Barclays chairman John McFarlane said he was confident…

No-deal Brexit fears sends pound to a one-week low

LONDON, March 21 — The pound extended losses today and derivatives markets signalled more weakness as fears grow of a catastrophic “no-deal” Brexit should lawmakers hold firm in their rejection of Prime Minister Theresa May’s divorce deal…

MCE eyes RM51m revenue from component supply contract with Proton, Perodua

KUALA LUMPUR, March 21 — MCE Holdings Bhd (MCE) eyes RM51 million in total revenue from two different contracts to supply various electronics and mechatronic components and parts for Proton and Perodua’s new car models. The contract from Proton…

In post-coup election, Thai rice, rubber farmers rethink old divide

KHON KAEN/SONGKHLA (Thailand), March 21 — In the rice-growing heartland of Thailand’s northeast, Kamol Suanpanya, 80, meets in the off season with fellow farmers at a community centre, where they discuss Sunday’s election, the first after…