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CIMB Daybreak - 28 April 2015

RHB Capital Bhd (RHBCap) has appointed Datuk Khairussaleh Ramli as CEO

RHB Capital Bhd (RHBCap) has appointed Datuk Khairussaleh Ramli as CEO and managing director with effect from May 5, 2015, following the approval of Bank Negara Malaysia. Khairussaleh takes over the reins from Kellee Kam, who will be leaving RHBCap soon. Khairussaleh joined the group in December 2013 as deputy group managing director and managing director of RHB Bank Bhd. He will continue to hold his position as managing director of RHB Bank. (Sun)

The above does not surprise us as we have highlighted in our report dated 13 Feb 15 that Dato' Khairussaleh Ramli (DKR) is the most likely candidate to replace Kellee Kam as the Group MD of RHB Capital. DKR has a strong working experience in Maybank previously as its Group CFO and the President Director of Bank Internasional Indonesia, Maybank's unit in Indonesia.

Bursa Malaysia has launched a new listing information  network system, Bursa Link

Bursa Malaysia has launched a new listing information  network system, Bursa Link, and an online listing enquiry service, AskListing@Bursa, for the marketplace. Bursa said in a statement that the new eServices would serve as channels for it to move all enquiries for listed issuers online as well as digitise the disclosure and submission processes. (StarBiz)

QL Resources Bhd clarified it was not investing in property developer Sunsuria Bhd

QL Resources Bhd clarified it was not investing in property developer Sunsuria Bhd. The investment was made by its substantial shareholders CBG Holdings Sdn Bhd and Farsathy Holdings Sdn Bhd. The agro-food manufacturer, in its exchange filing yesterday, said the investment was done through the shareholders' private investment company called Ruby Technique Sdn Bhd that bought a 5% stake in Sunsuria. QL Resources directors Chia Song Kun, Chia Seong Fatt and Chia Seong Pow are deemed interested via their shareholdings in CBG and Farsathy pursuant to section 6A of the Companies Act, 1965. (Malaysian Reserve)

International roaming will be phased out upon integration of the Asean Economic Community (AEC)

International roaming will be phased out upon integration of the Asean Economic Community (AEC), said Axiata Group Bhd president and chief executive officer Datuk Seri Jamaludin Ibrahim. Jamaludin said he is not worried that AEC integration would pose a threat to Axiata as it has already established its presence in the Asean region ahead of the regional integration. (Financial Daily)

Malaysian palm oil continues to be the main source of import for South Korea

Malaysian palm oil continues to be the main source of import for South Korea, with 374,000 tonnes of the commodity imported last year, said Minister of Plantation, Industries and Commodities, Datuk Amar Douglas Uggah Embas. He said this was equivalent to 85% of the total palm oil imported by the country. He said refined, bleached and deodorised (RBD) palm oil was the main palm product imported at 157,000 tonnes, followed by palm olein and palm stearin at 77,000 tonnes and 73,000 tonnes, respectively.

• "Palm oil is mainly used by food manufacturing industries and therefore it is easy to see why palm oil imports into (South) Korea is envisaged to grow in the future in tandem with the population growth and increased disposable income," Uggah said. Other than the food sector, he said, palm oil could also be used in various sectors in the South Korean market.

• "The South Korea government's plans to increase the biodiesel blend to 2.5% will give opportunities for Malaysia to provide palm-based biodiesel or palm methyl ester for blending," he said. (Bernama)

Palm oil shipments rose 5.6% from 856,474 tons in March. 1-25, according to
Intertek Testing Services (Bloomberg)

Indonesia  sets crude palm oil base  price for  May at US$600/mt, Trade

Ministry publishes palm oil export tax on website on Monday. (Bloomberg)

The Ministry of International Trade and Industry (Miti) has initiated a preliminary investigatio

The Ministry of International Trade and Industry (Miti) has initiated a preliminary investigation into imports of cold rolled stainless steel (CRSS) and pre painted/painted/colour-coated steel coils, from several countries, including China and Vietnam, which could result in the imposition of anti-dumping duties. (Financial Daily)

Malaysia Steel Works (KL) Bhd (Masteel) will delay the release of its audited financial statement (AFS)

Malaysia Steel Works (KL) Bhd (Masteel) will delay the release of its audited financial statement (AFS) for the year ended Dec 31 2014 as the external auditors require more information to complete the audit works. The steel players said it is working with the external auditors to finalize the audit expeditiously and expected its AFS 2014 to be released on or before May 11 2015. (Malaysian Reserve)

The High Speed Rail (HSR) link between Kuala Lumpur and Singapore could miss its 2020 deadline by two years

The High Speed Rail (HSR) link between Kuala Lumpur and Singapore could miss its 2020 deadline by two years, according to Singapore's Business Times. Citing unnamed sources, the paper said 2022 may be a more realistic deadline as there were many unresolved issues in the project. It added that the EPC contract for the project may be awarded on a negotiated basis but said this had yet to be confirmed. (Financial Daily)

Prasarana Malaysia Bhd has a budget of RM1bn for land acquisitions for the LRT3 project

Prasarana Malaysia Bhd has a budget of RM1bn for land acquisitions for the LRT3 project. Prasarana group managing director Azmi Abdul Aziz said so far, the company has yet to spend the money from this allocation. The company is currently on the lookout for land acquisitions. Updating on the LRT3 status, Azmi said the alignment process of the RM9 billion project is currently being finalised. He said Prasarana, which oversees the project, is in the process of choosing the project delivery partners. (NST)

Two out of the four independent directors of REDtone International Bhd have rejected the takeover offer

Two out of the four independent directors of REDtone International Bhd have rejected the takeover offer launched by Berjaya Corp Bhd (BCorp) for the telecommunications company, as they feel the offer price of 80 sen a share is too low. The rejection by the two independent directors echoes the move by the Sultan of Johor, who is the single largest shareholder with 134 million REDtone shares or 20.13%, to decline the offer much earlier before the independent advice was out. The board comprises 10 directors, of whom four are independent. The two directors who rejected BCorp’s offer were senior independent director Mathew Thomas Vargis Mathews and independent director Jagdish Singh Dhaliwal. The remaining two independent directors are Datuk Mohd Zaini Hassan and Avinderjit Singh. (StarBiz)

Carimin Petroleum has entered into collaboration agreements (COAs) with Makamin Offshore Saudi Ltd Co

Carimin Petroleum has entered into collaboration agreements (COAs) with Makamin Offshore Saudi Ltd Co (MOS) and Petro Allied International DMCEST (PAI) to explore opportunities in Saudi Arabia, the Middle East, Southeast Asia and Australia.

• Under the exclusive COAs, Carimin will provide its expertise in hook-up and commissioning services; topside major maintenance; subsea inspection, repair and maintenance services, including chartering of marine vessels; and the provision of professional manpower. MD Mokhtar Hashim said said the COAs leverage not only on the parties' respective competencies and track records, but also on their knowledge of the target regional markets.

• "These COAs will catapult Carimin onto the international scale, complementing our track record thus far in serving oil and gas majors mainly in Malaysia", he said. (Bernama)

Real estate investment trust (REIT) Amanah Harta Tanah PNB (AHTP) is proposing to acquire a three-storey mall in Seremban

Real estate investment trust (REIT) Amanah Harta Tanah PNB (AHTP) is proposing to acquire a three-storey mall in Seremban for RM240m. Pelaburan Hartanah Nasional Bhd (PHNB), the REIT manager, that a conditional sale and purchase agreement with Mydin Mohamed Holdings Bhd had been signed to acquire the property, which sits on a 13.38-acre freehold plot. (StarBiz)

Mydin Mohamed Holdings Bhd MD Datuk Wira Ameer Ali Mydin says he will continue to tap into Malaysia's REIT market

Mydin Mohamed Holdings Bhd MD Datuk Wira Ameer Ali Mydin says he will continue to tap into Malaysia's real estate investment trust (REIT) market through its build-and-sell strategy, which has seen many of the homegrown shopping tycoon's properties changing hands for a clean sum. "It has been our policy to build a hypermarket, complete it and and then sell it to a REIT. We then take a long-term lease and run the building," Ameer said. He said REITs see value in Mydin properties as a source of recurring income, which coincides with their long-term investment goals. (Malaysian Reserve)

Construction firm Pesona Metro Holdings Bhd has further entrenched its position in the concession business

Construction firm Pesona Metro Holdings Bhd has further entrenched its position in the concession business by entering into a sale of shares agreement with Semarak Korporat Sdn Bhd (SKSB) to acquire a 90% equity stake in Selasih Asli Sdn Bhd (SASB) for RM60m. This would be the company’s second acquisition, after it bought SEP Resources Sdn Bhd for RM29.15m last Dec.SEP Resources has a 22-year concession with University Malaysia Perlis (UniMAP) valued at some RM600m, which was first announced in Feb 2014. SASB, a special-purpose vehicle, was incorporated to enter into a concession agreement with the relevant authorities for the design, development and maintenance of student hostels at a tertiary-level institution in Peninsular Malaysia. (StarBiz)

Agrobank has opened 46 AgroAgent outlets nationwide

Agrobank has opened 46 AgroAgent outlets nationwide as of now since its services were launched last December in its efforts to provide banking services in the rural areas. CEO Datuk Wan Mohd Fadzmi Wan Othman said Agrobank wanted to open 336 outlets by year-end to ensure that its basic banking services were made available to rural communities as soon as possible. "Our goal is to make AgroAgent as the effective banking solution to tackle difficulties faced by those in rural areas seeking financial institution facility," he said. (Bernama)

Borneo Oil Bhd is undertaking a corporate exercise involving the issuance of rights shares and free warrants

Borneo Oil Bhd is undertaking a corporate exercise involving the issuance of rights shares and free warrants which it targets to raise at least RM223.3m. Borneo Oil said on Monday the corporate exercise involved a right issue of up to 2.37bn rights shares at an indicative issue price of 10 sen with up to 1.186bn free Warrants C. The rights issue would on the basis of six rights shares for every one existing share held and the free warrants would be one warrant for every two rights shares subscribed for. (StarBiz)

Malaysia Smelting Corp (MSC) is positive on its financial results ending Dec 15

Malaysia Smelting Corp (MSC) is positive on its financial results ending Dec 15 mostly driven by the smelting business. CEO Chua Cheong Yong said the smelting segment would continue to be profitable this year while the mining business would be price-related. “The mining business is more sensitive to the tin price. The production levels of smelter and mining would be maintained, but the mining division’s profitability will depend much on the tin price,” he said.  

• Chua said with the current tin price at US$15,800 per tonne, MSC’s mining division is likely to struggle, although the smelter business would continue to be profitable. (BT)

The development of Asian Aerospace City's (AAC) first phase is currently 80% completed

The development of Asian Aerospace City's (AAC) first phase is currently 80% completed and the second phase of the aerospace industry hub is expected to begin construction by end of this year. "Our intention is to have a training infrastructure side by side with the business and commercial phase. Currently we are setting up the hangers for Malaysian Institution of Aviation Technology which is within Phase 1 of the entire development. Phase 1 is currently 80% completed. We are looking to kick start Phase 2 by end of this year, said AAC's COO Zulkifri Othman at the Kuala Lumpur International Aerospace Business Convention yesterday. (Malaysian Reserve)

Source: CIMB Daybreak - 28 April 2015
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