Beyond Brexit: EU fetes Asian leaders in message to Trump

BRUSSELS, Oct 18 — The European Union will seek Asian support for free trade, the Iran nuclear deal and combating global warming at a regional summit today that includes China, Japan and Russia as a counterbalance to a more protectionist United…

Vizione eyes Indonesia, Vietnam venture next year

KUALA LUMPUR: Vizione Holdings Bhd plans to venture into Indonesia and Vietnam for housing and infrastructure projects by the third quarter of 2019, ahead of its initial plan of 2020.

Managing director Datuk Ng Aun Hooi said it is exploring overseas opportunities sooner due to the weak sentiment in the local construction sector.

“Now we may have to bring forward (our regional expansion plan) a bit, maybe before Q319 to go into Southeast Asia,” he told reporters after its AGM here today.

Vizione has an order book of RM3.3 billion and a tender book of RM2.4 billion.

EU pushes for approval of trade agreement with Vietnam

BRUSSELS, Oct 17 — The European Commission submitted for approval today a free trade agreement with Vietnam, its first comprehensive open markets deals with a developing Asian country. The EU-Vietnam trade and investment agreements will need…

Top Glove to improve Aspion's profit

SHAH ALAM, Oct 17 — Top Glove Corporation Bhd, the world's largest rubber glove manufacturer, aims to improve the profit of its newly-acquired company, Aspion Sdn Bhd, in the next five years. Executive Chairman Tan Sri Lim Wee Chai said the group…

Cambodia's garment workers fear EU trade threat but producers optimistic

PHNOM PENH, Oct 17 — A European Union decision to ramp up trade pressure on Cambodia has alarmed unions in its garment industry, a pillar of the economy that employs about 700,000 people, but a key grouping of manufacturers said the risk would…

Leong Hup to make comeback to Bursa Malaysia, to issue up to 1.6b shares in IPO

PETALING JAYA: Poultry firm Leong Hup International Bhd is set to make a comeback on the Main Market of Bursa Malaysia Securities to raise funds for the repayment of bank borrowings, capital expenditure and working capital.

In a draft prospectus filed with the Securities Commission Malaysia, Leong Hup said the initial public offering (IPO) of up to 1.6 billion shares will consist of an offer for sale of up to one billion existing shares and a public issue of 600 million new shares.

Leong Hup is one of the largest fully integrated producers of poultry, eggs and livestock feeds in Southeast Asia. It operates in Malaysia, Singapore, Indonesia, Vietnam and the Philippines. It was taken private in April 2012 together with its feed miller, Emivest Bhd.

The group owns and operates five feed mills in Malaysia, five feed mills in Indonesia and three feed mills in Vietnam. As at June 30, 2018, its total annual production capacity was 3.12 million tonnes.

It also operates 237 farms and hatcheries spread across four countries (Malaysia, Indonesia, Vietnam and the Philippines) and six slaughtering plants spread across three countries (Malaysia, Indonesia and Singapore). Apart from that, it uses 618 contract farms to increase the capacity.

In 2017, Leong Hup's market share by annual production of livestock feeds was about 10.5% in Malaysia, 5.5% in Indonesia and 4.0% in Vietnam.

Leong Hup is planning to explore acquisitions of other poultry producers or feed mills and expand upstream production capacities in its newer markets of Vietnam and the Philippines in order to achieve greater scale and benefit.

It will continue to reduce reliance on contract farms in Malaysia by investing in increasing the capacity and efficiency of its own broiler farm operations.

Last year, Leong Hup recorded a net profit of RM192.57 million, a 5.5% increase from RM182.48 million in 2016. However, its net profit margin declined from 5.1% to 4.5%. For the first six months of 2018, its net profit stood at RM118.35 million.

Leong Hup is targeting a dividend payout ratio of 30% a year.

Credit Suisse Securities (Malaysia) Sdn Bhd and RHB Investment Bank Bhd are the joint global coordinators and joint bookrunners for the IPO.

Global FDI falls 41pc in H1 2018 after Trump tax reforms, reports UN

GENEVA, Oct 16 — Global foreign direct investment (FDI) fell by 41 per cent to US$470 billion (RM1.95 trillion) in the first six months of this year, the lowest since 2005, preliminary figures from the United Nations trade and development agency…

New businesses in Malaysia not innovating

KUALA LUMPUR: New businesses in Malaysia are not innovating, says the State of Household 2018: Different Realities Report by Khazanah Research Institute. This is despite the average percentage of opportunity-driven firms being five times the average percentage of necessity-driven firms, higher than other advanced economies. The report said from 2011 to 2017, only 16 per […]

OSK unit OCC Cables’ listing in Hong Kong aborted

PETALING JAYA: In a surprise move, OSK Holdings Bhd has aborted the proposed listing of its indirect subsidiary OCC Cables Ltd on the Hong Kong Stock Exchange, a day after its public offer closed.

OSK said in a filing with the stock exchange that in view of the current adverse global market conditions, the board has resolved that the listing will not proceed as originally scheduled.

“Further announcement will be made after the board has made further deliberations.”

OCC Cables’ initial public offering (IPO) was supposed to raise HK$149 million (RM79 million) and it was scheduled to be listed next Friday.

It manufactures power cable products for power transmission and distribution systems in Malaysia and Vietnam.


Vietjet inks financing agreements for fleet expansion worth US$1.2billion in Japan

KUCHING: New-age carrier Vietjet on Wednesday signed and exchanged an aircraft financing agreement in Tokyo with Mitsubishi UFJ Lease & Finance Company Limited (MUL) – a member of Japan’s leading finance group Mitsubishi UFJ Financial Group (MUFG), and France-based banking group BNP Paribas. The signing ceremony was witnessed by Vietnam Prime Minister Nguyen Xuan Phuc […]