<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on February 22, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Scomi Group Bhd said yesterday it has not defaulted on Scomi Rail Bhd’s (SRB) RM113.96 million loan from Malayan Banking Bhd (Maybank) under a notice of demand dated Jan 31, 2019 since the parties involved have agreed to an extension of time until March 8, 2019 for Scomi Group to revert on the matter.</p></div>

<div class=newsTextDataWrapInner><p>“We refer to our announcements dated Feb 13, 2019 and Feb 15, 2019,” oil and gas support services provider Scomi Group said in a statement to Bursa Malaysia.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Last Wednesday, Scomi Group said it had on Feb 8 received the notice of demand dated Jan 31, 2019 from Maybank for the RM113.96 million “due to failure by SRB to pay the default”.</p></div>

<div class=newsTextDataWrapInner><p>Scomi Group said Maybank reserves the right to take steps to dispose of the shares in a Scomi Group subsidiary that were secured against the bank facilities in the event the amount demanded is not paid.</p></div>


KUALA LUMPUR: Scomi Group Bhd said yesterday it has not defaulted on Scomi Rail Bhd’s (SRB) RM113.96 million loan from Malayan Banking Bhd (Maybank) under a notice of demand dated Jan 31, 2019 since the parties involved have agreed to an extension of time until March 8, 2019 for Scomi Group to re...

Scomi Group says it has not defaulted on Scomi Rail's RM113.96m loan

China passed a law on Friday strengthening its trade defence capabilities as the US and the European Union take aim at Beijing over excess industrial capacity.

China passes tariff law amid tensions with trading partners

FRANKFURT/BERLIN/PRAGUE (April 26): Thyssenkrupp will sell a 20% stake in its steel business to the energy holding controlled by Czech billionaire Daniel Kretinsky, a major breakthrough for the German conglomerate after years of unsuccessful attempts to divest the unit.

Thyssenkrupp sells stake in steel unit to Czech billionaire Kretinsky

Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.

BCorp, Capital A, AAX, YNH, Sam Engineering, Turiya, Gadang, Microlink, Nestle, Wiradani, D&O, Homeritz, Unisem

(April 26): HSBC Holdings Plc successfully fought off a London court claim brought by a group of investors in a £1.3 billion (US$1.6 billion) lawsuit over tax breaks linked to Walt Disney Co film financing.

HSBC wins £1.3 bil suit over Disney film finance scandal

KUB Malaysia Bhd has extended the deadline for its mandatory general offer for Central Cables Bhd (CCB) a second time to May 20 from April 30, according to its latest filing on Bursa Malaysia.

KUB extends deadline for CCB MGO a second time

EVENING 5: Five things you need to know today

KUALA LUMPUR (April 26): KPJ Healthcare Bhd, through its premier educational institution KPJ Healthcare University (KPJU), has entered into a memorandum of understanding (MOU) on Friday with Trusx Malaysia Sdn Bhd (Trustr), a global digital health organisation, as an initiative to revolutionise healthcare.

KPJ Healthcare, Trusx Malaysia collaborate for AI-driven healthcare solutions

Wall Street's main indexes advanced on Friday as most megacap growth stocks rose after robust quarterly results from Alphabet pushed its market value over US$2 trillion (RM9.5 trillion), while an in-line inflation reading calmed interest rate jitters.

Wall Street rises as Big Tech charges higher

In today’s edition of Evening 5: 00:00 Merger of airlines enough to reverse negative equity - Fernandes 02:16 Govt set to unveil second 5G network next week  03:26 Unisem’s 1Q hit by margins, forex 04:30 Berjaya Corp denies Forest City casino talks   05:30 Homeritz’s 2Q earnings spike on stronger greenback

EVENING 5: Merger of airlines enough to reverse negative equity - Fernandes

A weekly round-up of tanker and dry bulk market (April 26, 2024)

Baltic Exchange shipping updates: April 26, 2024

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>Malayan Banking Bhd (Maybank) has obtained a summary judgement at the High Court here against ACE Credit (M) Sdn Bhd, ACE Corporation (M) Sdn Bhd, and the company directors Datuk Choong Chee Meng and Chang Ai Nee, for defaulting on a RM46.47 million loan given to them by the bank.</p>


Maybank obtains summary judgement against ACE Corporation, three others for RM46m loan default

<p>KUALA LUMPUR (April 26): Gamuda Land, the property arm of Gamuda Bhd, has unveiled partners for Gardens Square, the latest commercial development at the 810-acre Gamuda Gardens in Sungai Buloh.</p>


Gamuda Land announces retail partners for upcoming commercial development in Gamuda Gardens

<p>The Employees Provident Fund (EPF) has emerged as the second largest shareholder of aero-engine components manufacturer Sam Engineering &amp; Equipment (M) Bhd, after Singapore's sovereign wealth fund Temasek Holdings Pte Ltd.</p>


EPF emerges as second largest shareholder of Sam Engineering

<p>Prime Minister Datuk Seri Anwar Ibrahim on Friday suggested all parties mentioned in a recent report&nbsp;alleging that the government is planning to issue&nbsp;a licence for a casino in&nbsp;Forest City, Johor, to take necessary action&nbsp;against the foreign news agency.</p>


Anwar wants action taken against Forest City casino licence news report

<p>Shares of AirAsia X Bhd (AAX) rose to a six-month high as investors cheered a restructuring plan that would make the company the largest low-cost carrier in Southeast Asia.</p>


AirAsia X logs best day in six months on Capital A restructuring

<p>YNH Property Bhd (YNH) issued a clarification to bondholders via Malaysian Trustee Bhd on the technical default of its Islamic notes, as well as the status of its mall sale and the appointment of a new auditor.</p>


YNH says it has remedied 'technical default' involving sukuk programme

<p>Nestle (Malaysia) Bhd is slated to raise prices for 22 of its products starting July 1, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).</p>


Nestle Malaysia to adjust prices of 22 products starting July 1

<p>Gadang Holdings Bhd has secured a RM280 million contract to design and develop the Klang Valley Data Centre&nbsp;Block 2 in Cyberjaya from TM Technology Services Sdn Bhd, a business entity of Telekom Malaysia Bhd.</p>


Gadang wins RM280 mil Klang Valley data centre jobs from TM Technology

<p>MYAirline Sdn Bhd will continue to retain its nominated post holders as well as key personnel, while ensuring that its air operator’s certificate (AOC) documentation remains as current as possible.</p>


MYAirline seeking multiple investors, to retain nominated post holders

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Friday.</p>


<p>Penang Chief Minister Chow Kon Yeow&nbsp;has announced that he is in talks with a group of companies which have recently participated in Selangor’s integrated circuit (IC) design park.</p>


Integrated circuit design firms to announce investments in Penang on Saturday, says Chow

<p>Wiradani Development Sdn Bhd — a property developer linked to the son of former finance minister Tun Daim Zainuddin — has filed a fresh winding-up petition against SPNB Aspirasi Sdn Bhd, a wholly-owned subsidiary of Syarikat Perumahan Negara Bhd (SPNB).</p>


SPNB unit faces fresh winding-up petition on failure to complete payment to Wiradani after settlement

<p>S P Setia Bhd will launch Casaville, which comprises 38 single-storey bungalows, in its Setia EcoHill township in Semenyih at end-April.</p>

<p>With a gross development value (GDV) of RM50 million, the homes measure 52ft by 90ft each, with built-ups from 1,994 to 2,074 sq ft, and a three-bedroom, three-bathroom layouts. The selling price starts from RM1.376 million. It is slated for completion in the second quarter of 2026.</p>


S P Setia to launch single-storey bungalows in Setia EcoHill at end-April

<p>KUALA LUMPUR (April 26): Software company Microlink Solutions Bhd said on Friday that it has secured a contract worth RM56.45 million to implement and maintain a new core banking system for Bank Islam Brunei Darussalam Bhd.</p>


Microlink gets RM56.45 mil contract from Bank Islam Brunei

<p>Malaysia is poised to be the next home of Zhejiang Geely Holding Group Co Ltd’s (Geely) methanol-powered vehicles, after China and the European market.&nbsp;</p>


Malaysia the next market for Geely’s methanol vehicle

<p>Hong Kong and China stocks extended gains on Friday, with the Hang Seng Index logging its best week since October 2011, as sentiment recovered further after strategists from global investment houses upgraded their views on Chinese shares.</p>


Hong Kong stocks notch best week in more than 12 years; China attracts record inflow 

<p>KUALA LUMPUR (April 26): China will firmly support Malaysia in pursuing a development path suited to its national conditions, and support Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim in promoting the principle of "Malaysia Madani" in governance.</p>

<p>China’s Foreign Minister Wang Yi sa...

China backs Malaysia firmly in pursuing its development, role in global arena — Wang Yi

<p>Huawei Technologies Co’s latest smartphones carry a version of the advanced made-in-China processor it revealed last year, independent analysis revealed, underscoring the Chinese company’s ability to sustain production of the controversial chip.</p>


Huawei’s new phone runs latest version of made-in-China chip

<p>Homeritz Corporation Bhd’s net profit surged by 65.9% in the second quarter ended Feb 29, 2024 (2QFY2024) to RM9.24 million, due to increased sales volume and a stronger US dollar.</p>
