<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on November 2, 2017</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Former Magna Prima managing director (MD) Datuk Lee Kian Seng has been appointed the new MD of Jiankun International Bhd, effective yesterday.</p></div>

<div class=newsTextDataWrapInner><p>Lee, now 55, served as Magna Prima MD from 2006 to 2009, but left afterwards to set up his own property development company Wangsa Group, said Jiankun in a Bursa Malaysia filing.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“In 1998, Datuk Lee was appointed as executive director of SEAL Incorporated Bhd, a public-listed company. In the same year, he was also appointed as MD of the Great Eastern Mill, a timber manufacturing mill wholly-owned by SEAL,” it said.</p></div>

<div class=newsTextDataWrapInner><p>Lee holds a bachelor of science in business administration with a major in finance. He currently holds 14.91% in Jiankun.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Jiankun closed half a sen or 1.85% higher at 27.5 sen yesterday, giving the property developer a market capitalisation of RM45.88 million. Over the past 12 months the stock has climbed 10%.</p></div>


KUALA LUMPUR: Former Magna Prima managing director (MD) Datuk Lee Kian Seng has been appointed the new MD of Jiankun International Bhd, effective yesterday.

Lee, now 55, served as Magna Prima MD from 2006 to 2009, but left afterwards to set up his own property development company Wangsa...

Ex-Magna Prima MD Lee Kian Seng is new Jiankun chief

KUALA LUMPUR (April 16): Express carrier GDEX Bhd, which has been in the red for the last two financial years, is planning to diversify into the provision of information technology (IT) services and solutions to enhance its revenue stream.

GDEX plans to diversify into IT

In today’s edition of Evening 5: 0:06 CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive1:34 Local airlines may feel heat from rising oil prices as Middle East tensions simmer2:52 Wealth of Malaysia’s 50 richest individuals on Forbes list rises 2% — Forbes Asia4:21 MyEG and HeiTech Padu form partnership to collaborate on IT projects5:47 GDEX proposes a diversification into the provision of IT services and solutions

EVENING 5: CIMB’s Abdul Rahman Ahmad returns to PNB

Transport Minister Anthony Loke says that private companies are welcome to invest in providing more EV charging facilities nationwide.

NEWS: Loke: Private companies welcome to invest in EV charging facilities

BENGALURU (April 16): UnitedHealth Group said on Tuesday that it was expecting to take a hit of up to US$1.6 billion this year related to a data breach at its Change Healthcare unit, in its first full public disclosure of the financial impact of the cyberattack.

UnitedHealth to take up to US$1.6 bil hit from Change Healthcare hack this year

Cybersecurity software firm Rubrik, backed by Microsoft, said on Tuesday it is targeting a valuation of up to US$5.44 billion (RM26.07 billion) in its US initial public offering (IPO).

Technology companies have been leading a rebound in listings this year, as stronger equity markets and robust debuts including social media platform Reddit and chip firm Astera Labs encourage others to press ahead with their IPO plans.

Microsoft-backed Rubrik targets up to US$5.4b valuation in US IPO

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

Switzerland's UBS raised its forecast for first-quarter combined net interest income (NII) in its wealth management and personal and corporate banking businesses on Tuesday, although its shares fell along with other European banks by more than 3%.

UBS lifts interest income forecast for key businesses

China is urging banks and financial institutions to increase credit support to the advanced manufacturing sector, as part of efforts to become a powerhouse in goods from electric vehicles and wind turbines to aerospace components and semiconductors.

China urges financial institutions to boost credit for advanced manufacturing

Intel will release two artificial intelligence (AI) chips with reduced capabilities for the Chinese market, in order to comply with US export controls and sanctions.

HL-328 is scheduled for launch in June, and HL-388 in September, according to a white paper on the company's website last Friday.

Intel to launch two AI chips for China with reduced capabilities

Kenanga Research maintained its ‘underperform’ call on Bursa Malaysia, though it upped its target price to RM6.70 from RM6.45.

MORNING CALL: 16/4/24

<p>The collective wealth of tycoons listed on the 2024 Forbes Malaysia Rich List increased by a modest 2% to US$83.4 billion (RM398.8 billion), according to <i>Forbes Asia</i>.</p>


Wealth of Malaysia’s 50 richest individuals on Forbes list rises 2% — Forbes Asia 

<p>Datuk Abdul Rahman Ahmad will return to Permodalan Nasional Bhd (PNB) as its president and group chief executive effective July 1, 2024, the government-linked investment company said.</p>


CIMB’s Abdul Rahman Ahmad returns to PNB as president, group chief executive

<p>E-government services providers MyEG Services Bhd and HeiTech Padu Bhd have formed a partnership to collaborate on IT projects in Malaysia.</p>

<p>According to separate bourse filings from both companies on Tuesday, MyEG and HeiTech Padu have inked a teaming agreement for the collaboration.&nbsp;</p>


MyEG, HeiTech Padu form partnership to collaborate on IT projects

<p>Analysts are positive on Malaysia’s pilot green power exports to Singapore using existing infrastructure in both countries, following establishment of the platform enabling cross-border trading of green electricity, the Energy Exchange Malaysia (Enegem).</p>


Analysts positive on pilot green power exports to Singapore; name Tenaga, YTLP as top picks

<p>CIMB Group Holdings Bhd, Malaysia’s second-biggest banking group by assets, said on Tuesday its chief executive Datuk Abdul Rahman Ahmad will step down on June 30.</p>


CIMB says CEO Abdul Rahman Ahmad stepping down on June 30

<p>Alliance Bank Malaysia Bhd’s (ABMB) net profit is expected to jump by 37.3% year-on-year (y-o-y) to RM179 million for the fourth quarter ended March 31, 2024 (4QFY2024), according to AmInvestment Bank Research.</p>


AmInvestment sees Alliance Bank’s 4Q earnings jump by 37% y-o-y

<p>The Ministry of Transport clarified on Tuesday that the higher contract value of RM190.01 million awarded to HeiTech Padu Bhd for Road Transport Department (JPJ) services was only due to a longer extended contract duration.</p>


Loke: Higher contract value awarded to HeiTech Padu due to longer extended duration

<p>The automotive industry is not exactly the place one would want to be in the next few years.</p>

<p>Competition among manufacturers of internal combustion engine vehicles, battery electric vehicles (EVs) and hybrid cars has been ongoing for more than a decade now. Last year, some certainty fin...

Alternative Views: Automotive industry feels heat from intensifying EV price war

<p>Transport Minister Anthony Loke Siew Fook said his ministry has no objection to MMC Corp Bhd divesting a stake in MMC Port Holdings Sdn Bhd, including to foreign entities, as long as it does not contravene the government's policy that requires 51% ownership of major national assets to remain with local companies.</p>


Loke says MMC Port free to sell stake to foreign firms, but govt has to be notified of shareholding changes

<p>Carlo Rino Group Bhd has filed for an initial public offering (IPO) that would raise more funds for the apparel company as part of its listing transfer to the ACE Market from the LEAP Market.</p>


Carlo Rino files draft prospectus for listing transfer to ACE Market

<p>Former prime minister Tan Sri Muhyiddin Yassin has requested for a bench of five Court of Appeal (COA) judges to hear his review against the court’s own decision to reinstate abuse of power charges involving RM232.5 million against him.</p>


Muhyiddin seeks five-judge bench to hear criminal charges review

<p>Singapore’s Prime Minister Lee Hsien Loong is stepping down on May 15 after two decades in office. Lee, 72, will hand the reins over to his deputy Lawrence Wong, 51, in a widely-telegraphed transition.</p>


What observers are saying as Singapore’s Lee paves way for next PM Wong

<p>Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd is in the final stages of discussion with two prospective clients interested in leveraging advanced packaging technology.</p>


Globetronics in final talks with two potential customers for advanced packaging

<p>European Commission President Ursula von der Leyen is unleashing a barrage of trade restrictions against China as she seeks to follow through on a pledge to make the EU a more relevant political player on the global stage.</p>


EU goes on China trade offensive after getting ‘played’ 

<p>KTI Landmark Bhd (KTI) has signed an underwriting agreement with M&amp;A Securities Sdn Bhd for its listing on the ACE Market of Bursa Malaysia Securities Bhd.</p>

<p>In a statement on Tuesday, the Sabah-based integrated property developer said the initial public offering (IPO) comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.</p>


KTI Landmark inks underwriting deal with M&A Securities en route to ACE Market listing

<p>Bursa Malaysia ended the morning session lower on Tuesday, in tandem with the weaker regional performance due to a broad sell-off on Wall Street overnight, said an analyst. &nbsp;</p>


Bursa ends morning session lower along with regional peers

<p>EP Manufacturing Bhd's (EPMB) shares climbed on Tuesday and marked their best day in 10 months after the Shah-Alam based auto parts maker signed an assembly deal with a Chinese carmaker.</p>


EP Manufacturing shares chart best day in 10 months after assembly deal

<p>Gold is set to reach US$3,000 (RM14,381.71) an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup Inc said, adding to a roll call of Wall Street banks that have raised forecasts.</p>


Gold seen hitting US$3,000 at Citi as investor inflows juice rally

<p>China’s rapidly expanding petrochemicals industry is making life increasingly difficult for producers in Asia’s next-biggest exporter of the building blocks for making plastics.<br />
&nbsp;<br />
Asia’s largest economy used to be the major market for South Korean companies like LG Chem Ltd and Lotte Chemical Corp. But the exporters of the chemicals used to make everything from nylon to disposable bottles and car interiors are now being forced to downsize their operations after a frenzy of petchem-plant building in China over the last few years created a supply glut. &nbsp;</p>


China’s growing plastics dominance is squeezing out Asian rivals

<p>Workers in Singapore can now ask for four-day work weeks, more work-from-home days and staggered work timings starting from Dec 1, underscoring the global trend of governments and companies relaxing office arrangements in order to retain talent.</p>
