Celcom Axiata Forms JV With SK Planet
Celcom Axiata, one of the members of Axiata’s group of companies, has entered into a joint venture (JV) with South Korea’s SK Planet to pursue e-commerce opportunities in Malaysia.
The JV, Celcom Planet, aims to be a market leader in the country’s e-commerce industry, which is poised to grow as shoppers seek out a wider variety of products at competitive prices.
SK Planet, part of SK Telecom, a leading mobile operator in South Korea, has successfully ventured into the e-commerce domain with a gross merchandise value of US$5 billion (RM16.6 billion) in 2013.
Significance: The move will allow the Celcom Axiata to further participate in the digital industry and build long-term capabilities in the digital space.
MBSB 3Q14 Earnings Soar 45%
For the third quarter ended 30 September, Malaysia Building Society (MBSB) reported a 44.9 percent increase in net profit to RM192.4 million, attributable to higher operating income from Islamic banking operations and conventional business as well as lower impairment losses on loans, advances and financing.
Revenue for the quarter rose 5.4 percent to RM679 million as the group maintained its growth momentum by remaining focused on the expansion of the corporate segment, where earnings contribution is expected to increase, backed by quality assets.
Cost-to-income ratio stood at 20.3 percent as at 30 September 2014, up slightly from 19.6 percent, partly attributable to higher interest costs due to an increase in the overnight policy rate. However, the group’s cost-to-income ratio remains impressive compared to the industry average of 46.6 percent.
Significance: While the proposed merger with CIMB Group Holdings and RHB Capital is underway, MBSB shared that it will continue to strengthen its corporate and retail businesses, and explore new business strategies to maintain its competitiveness.
MHB Bags Contracts Worth RM350m
Malaysia Marine and Heavy Engineering Holdings (MHB) has won two contracts for fabrication and other associated works for exploration and production projects in Peninsular Malaysia, worth RM350 million.
The first contract involves the fabrication of well head platform and its jacket, the connecting bridge and heavier jacket for the central processing platform for the North Malay Basin Bergading Complex.
The second contract is a procurement, construction, hook up and commissioning contract for the Besar–A well head platform and its jacket as well as the associated host tie-in work.
Significance: Scheduled for completion by 2016 and end 2015, these contracts were secured from Hyundai Heavy Industries Co and Petronas Carigali. The award is a reflection of MHB’s improved competitiveness, thanks to a number of initiatives and stronger management focus on the offshore business segment.
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