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Sundaily (Asia) 06/01/2020 12:12
PETALING JAYA. :. Companies see opportunities to accelerate acquisitions and transformation, with 47% of Malaysian respondents intend to pursue merger & acquisitions (M&A) transactions in the next 12 months, according to the 22nd edition of the EY Global Capital Confidence Barometer. The survey found that this is higher than the Malaysia Capital Confidence Barometer average of 44% since 2010, adding that despite current social and economic upheavals, executives are maintaining some focus on M&As. Ernst & Young PLT Malaysia transaction advisory services leader George Koshy ( pix ) said across all sectors, companies will need to transform, reboot and reshape themselves, which will give rise to both opportunistic and strategic M&As post Covid-19.
Sundaily (Asia) 06/01/2020 11:54
KUALA LUMPUR:. Sasbadi Holdings Bhd’s wholly-owned subsidiary, Sasbadi Sdn Bhd (SSB), has secured a RM3.9 million contract to publish, translate, print and supply of two textbook packages for Form 5 subjects from the Ministry of Education (MOE). The packages are Sains Tingkatan 5 and Science Form 5 (Science Textbook Contract) and Pendidikan Seni Visual Tahun 5 SJKC (Visual Arts Textbook Contract). The company said the total contract sum for the Science Textbook Contract and Visual Arts Textbook Contract were RM3.34 million and RM561,680, respectively. “Both contracts are for the period from June 1, 2020 to May 31, 2023,“ the company said in a filling with Bursa Malaysia today. Meanwhile, Pelangi Publishing Group Bhd’s wholly-owned subsidiary.
Sundaily (Asia) 06/01/2020 11:37
PETALING JAYA:. K-One Technology Bhd has been granted a non-exclusive license agreement to manufacture and distribute Ventilator Intervention Technology Accessible Locally (Vital) ventilators worldwide, following a competitive assessment via California Institute of Technology (Caltech). The ventilators are designed by Nasa’s Jet Propulsion Laboratory (Nasa-JPL) and targeted for Covid-19, and is not related to the conventional ventilator previously announced by K-One Tech. K-One Tech is one of the 21 global licensees that has been selected by Nasa-JPL, out of the 96 companies from 42 countries that submitted their proposals for the Vital ventilator license.
Sundaily (Asia) 06/01/2020 11:27
PETALING JAYA:. Leong Hup International Bhd is proposing to acquire The Bakers Cottage (TBC) and its retail businesses, via three separate acquisitions, in an effort to integrate its poultry business and improve future profitability. The first proposed transaction (Proposal 1) will involve a share acquisition agreement between Leong Hup (Malaysia) Sdn Bhd and Emerging Glory Sdn Bhd for the purchase of a 100% stake in TBC for RM17.94 million. The second proposed transaction (Proposal 2) entails a business acquisition agreement between Leong Hup Agrobusiness Sdn Bhd (LHASB) and Astaka Shopping Centre (Muar) Sdn Bhd for the acquisition of the TBC brand bakery business owned and operated by Astaka in Melaka, Seremban and Johor for a total of RM1.
Sundaily (Asia) 06/01/2020 11:24
PETALING JAYA:. Berjaya Food Bhd (BFood) registered a revenue of RM158.6 million and a net loss of RM1.4 million in the third quarter ended March 31, 2020, due to the impact from the Covid-19 pandemic. There are no comparative figures as the financial year-end has been changed from April 30 to June 30. BFood said although the movement control order (MCO) was imposed by the Malaysian government from March 18 onwards, which was almost at the end of the current quarter, many consumers had already taken precautions by staying away from places with crowds such as shopping malls, restaurants, and other public spaces. In addition, since January 2020, the pandemic had severely affected the tourism industry resulting in the number of tourists to Mala.
Sundaily (Asia) 06/01/2020 11:04
DUBAI/MOSCOW:. Opec and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three Opec+ sources told Reuters today. Opec+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of Covid-19. Rather than easing output cuts in July, sources told Reuters last week that de-facto Opec leader Saudi Arabia was leading discussions on sustaining them until the end of the year. However, it was yet to win support from Russia, which believes curbs could be eased gradually. “It is the proposal now, but it is
Sundaily (Asia) 06/01/2020 11:01
PETALING JAYA:. It would appear the party is not yet over for Bursa, as the FBM KLCI closed at 1,490.14 – the highest level seen since March this year – a gain of 1.15% or 16.89 points over its previous close of 1,473.25 points on Friday. The overall market breadth was however negative with decliners marginally outpacing gainers 574 to 511.
Sundaily (Asia) 06/01/2020 09:15
KUALA LUMPUR : Lion Industries Corporation Bhd remained in the red in the third quarter ended March 31, 2020 (Q3 2020) but its net loss narrowed to RM57.87 million from RM72.17 million in the same period last year. Revenue declined to RM555.19 million versus RM693.36 million previously due to the lower sales volume of steel products, it said in a filing with Bursa Malaysia today. “However, the group recorded a lower loss from operations of RM27.4 million due to higher sales prices and improved margins,” it said. For the nine-month period (9M FY20), the company’s net loss widened to RM267.32 million from RM96.57 million in the same period last year, while revenue declined to RM1.85 billion from RM2.42 billion previously, mainly due to lower
Sundaily (Asia) 06/01/2020 09:00
KUALA LUMPUR : Parkson Holdings Bhd’s (Parkson) indirectly-owned unit, Nanning Brilliant Parkson Commercial Co Ltd has signed a 20-year tenancy agreement with Wuzhou Sankee Investment Co Ltd for approximately RM51.91 million. Nanning Brilliant Parkson Commercial is a 54.97 per cent-owned subsidiary of Parkson Retail Group Ltd, which is Parkson’s Hong Kong Exchange-listed subsidiary. In a filing with Bursa Malaysia today, Parkson said the tenancy agreement is in respect of the tenancy of the first to fourth floor of Sunshine 100 Sankee City, Wuzhou City, China. “The principal activities of the group are the operation and management of a network of department stores in China. “The tenancy of the property plays an important role in the develop.
Sundaily (Asia) 06/01/2020 08:29
KUALA LUMPUR: Former minister Tan Sri Noh Omar has been appointed as the new chairman of Petronas’ subsidiary MISC Bhd, succeeding Datuk Ab. Halim Mohyiddin. The appointment, effective today, was announced by the shipping company in a filing with Bursa Malaysia. The Tanjung Karang Member of Parliament, 62, served as Entrepreneur and Co-operative Development Minister from 2008 to 2009. Noh was subsequently the Agriculture and Agro-based Industry Minister from 2009 to 2013. From 2014 to 2016, he served as the Selangor Federal Action Council chairman before returning to the Federal Cabinet as Urban Wellbeing, Housing and Local Government Minister from 2016 to 2018. Meanwhile, Ab. Halim, 74, remains on the company’s board as an independent dire.
Sundaily (Asia) 06/01/2020 06:57
KUALA LUMPUR: The ringgit ended higher today as the dollar lost its lustre in the global market amid the Covid-19 economic recovery optimism. At close, the ringgit stood at 4.3150/3200 against the greenback compared with Friday’s 4.3450/3500. AxiCorp global chief market strategist Stephen Innes said the dollar was sold on general global reopening optimism. In addition, local risk sentiment has been improving due to a relief rally as US President Donald Trump’s reaction to a Hong Kong law fell well short of markets fears, as some had even expected tariffs to escalate. “This strengthens the yuan and benefits regional currencies, and the dollar is being sold on general global reopening optimism,” he told Bernama . On Friday, Trump said he woul.
Sundaily (Asia) 06/01/2020 04:47
PETALING JAYA: Eversendai Corp Bhd’s outstanding construction order book hit an all time high of RM2.88 billion with the award of two European offshore wind renewable energy projects, via its wholly-owned subsidiary, Eversendai Offshore. It revealed the first project entails the fabrication and construction of an offshore wind substation platform, jacket and piles in the United Kingdom. The other project is for the fabrication and construction of jacket & piles for the Hollandse Kust Zuid (HKZ) Beta offshore wind substation platform for TenneT in the Netherlands. Eversendai Offshore’s CEO Narish Nathan commented that the awards mark the group’s continued expansion in the offshore wind renewable energy sector; a market that it recognises as
Sundaily (Asia) 06/01/2020 04:29
PETALING JAYA : UMW Holdings Bhd president & group CEO Badrul Feisal Abdul Rahim has passed away yesterday. Badrul Feisal, 50, had served as the president & group CEO of UMW group since his appointment on. Oct 1, 2015. He joined UMW group as senior general manager at the president & group CEO’s office in December 2010 and was appointed as the acting executive director for the UMW oil & gas division from April 2011 to December 2011. He was also the executive director of group corporate development division before being appointed group COO of UMW in January 2013. Prior to UMW, he had been involved in the senior management and directorship of Khazanah Nasional Bhd, Proton, Lotus and the DRB-Hicom group of companies. He acquired vast corporate a.
Sundaily (Asia) 06/01/2020 01:02
KUALA LUMPUR : Proton Holdings Bhd has appointed Roslan Abdullah as vice president, sales and marketing as well as CEO of Proton Edar Sdn Bhd effective today. Proton Edar is a wholly-owned subsidiary of Proton involved in the distribution of Proton cars and providing sales and after sales services to customers. In a statement, Proton said Roslan has close to three decades in the automotive sector. "His stint in the industry covered finance, operations and sales roles.
Sundaily (Asia) 06/01/2020 00:09
PETALING JAYA : Malaysia’s manufacturing sector showed signs of approaching stabilisation midway through the second quarter, with rates of reduction in output, new orders and employment all easing considerably. Nevertheless, in each case, survey data showed further marked declines as the global Covid-19 pandemic and the associated measures taken to stem its spread led to severe supply chain disruption and extended factory shutdowns. The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) rose sharply to 45.6 in May, from April’s survey-record low of 31.3.
Sundaily (Asia) 05/31/2020 23:12
SYDNEY: Japanese stocks rose to a three-month high on Monday, as U.S. President Donald Trump's threats against China over new security laws for Hong Kong were less threatening than feared. The benchmark Nikkei average gained 1.2% to 22,135.75 by the midday break, a high last seen in late February. The rally was led by short-covering as some investors had worried Trump could ditch his trade deal with China or call an immediate end to privileges to Hong Kong after the Chinese parliament passed new security legislation for the semi-autonomous city last week. Investors are now focused on the global economic recovery as more countries gradually move to re-open their economies -- the main driving force of the market's rally since late March. Clou.
Sundaily (Asia) 05/31/2020 22:59
PETALING JAYA: The intensity of foreign net selling activity on Bursa Malaysia softened last week during the holiday-shortened week as international investors sold RM663.8 million net of local equities compared with RM714.7 million disposed in the week before. "For the month of May 2020, foreign investors disposed RM3.0 billion net, the second highest monthly foreign net outflow so far this year after March.
Sundaily (Asia) 05/31/2020 22:31
SYDNEY: Australia's three decades of uninterrupted prosperity are coming to an abrupt end as the global coronavirus pandemic crashes one of its most lucrative sources of income – immigration. The country has been successful in managing the outbreak and reopening its A$2 trillion ($1.33 trillion) economy, thanks in part to an early closure of its borders. But the policy has led to a halt in mass immigration - a key source of consumer demand, labour and growth - in an economy which is facing its first recession since the early 1990s. Net immigration, including international students and those on skilled worker visas, is expected to fall 85% in the fiscal year to June 2021, curbing demand for everything from cars and property to education and

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