INTEGRATED Marine Works Sdn Bhd (IMW) — a privately held company that was granted a 15-year extension of its concession to provide dredging and reclamation works to all federal ports owned by the government in May 2022 — is understood to have fallen into financial distress, resulting in receivers...

Port dredging concessionaire Integrated Marine Works could go into receivership 

IF all goes as planned, facilities and waste management services company AWC Bhd could be a very different animal in a few short years.

The company’s group CEO and president Datuk Ahmad Kabeer Mohamed Nagoor is in high spirits when we meet at his office in Subang Jaya, Selangor. He says...

AWC looks to Indonesia and Saudi Arabia for bigger opportunities 

A plan is being hatched by a couple of substantial shareholders of Malaysia Airports Holdings Bhd (MAHB) to privatise the airport operator, sources familiar with the matter tell The Edge.

It is understood that both sovereign wealth fund Khazanah Nasional Bhd, which has a 33.24% stake in...

Newsbreak: Plan to privatise MAHB in the works?

A barrage of questions has arisen after the Lim family, led by patriarch Lim Han Weng — who controls oil and gas floating production storage and offloading player Yinson Bhd — acquired a controlling 50.2% stake in Icon Offshore Bhd, an offshore support vessel (OSV) provider for the O&G sector...

Ekuinas explains Icon Offshore sale

Notable filings

For the week of March 18 to 22, notable changes in the shareholding of companies publicly traded on Bursa Malaysia included that at stationery distributor Pelikan International Corp Bhd.

Merit Plus Ventures Ltd, a unit of Ikhlas Capital Singa...

Insider Moves: Pelikan International Corp Bhd, IJM Corp Bhd, Eversendai Corp Bhd, Hong Seng Consolidated Bhd, Malaysia Airports Holdings Bhd, Kossan Rubber Industries Bhd

FORMER Permodalan Nasional Bhd (PNB) president and CEO Datuk Abdul Rahman Ahmad is expected to make a comeback at the country’s largest unit trust fund manager after being coaxed to return by chairman Raja Tan Sri Arshad Raja Tun Uda.

It is understood that while Abdul Rahman was hesitan...

Abdul Rahman said to return to PNB, team up with Raja Arshad again

THE share price of MSM Malaysia Holdings Bhd, which posted a quarterly net profit after being in the red for eight consecutive quarters, is rallying. Judging by the steepness of the climb, it is probably the most powerful rally since the sugar refiner was listed in June 2011.

The stock ...

Will MSM’s earnings catch up with its share price rally?

UEM Group Bhd is understood to have called off a tender for the sale of its wholly-owned Cement Industries of Malaysia Bhd (CIMA). The U-turn comes on the back of a turnaround in losses and increasing profits at the cement producer.

It is understood that the six parties shortlisted to b...

UEM calls off tender to sell CIMA, may be considering partial sale instead

Notable filings

During the week of March 4 to 8, notable changes in the shareholding of companies publicly traded on Bursa Malaysia included those at Pan Malaysia Holdings Bhd.

Exsim Hospitality Holdings Sdn Bhd triggered a mandatory general offer (MGO) afte...

Insider Moves: Pan Malaysia Holdings Bhd, AMMB Holdings Bhd, Eden Inc Bhd, Econpile Holdings Bhd, Public Bank Bhd,  Matrix Concepts Holdings Bhd

BOUSTEAD Plantations Bhd (BPlant), a wholly-owned subsidiary of Lembaga Tabung Angkatan Tentera (LTAT)-controlled Boustead Holdings Bhd, is in talks to sell 1,200 acres of plantation land in Kulim, Kedah, to Kulim Technology Park Corp Sdn Bhd (KTPC), according to sources.

It is understo...

BPlant selling land to Kulim Technology Park

LONDON (April 26): One fixture lurking like a troll in Arsenal's Premier League title run-in has probably consumed the thoughts of the club's fans more than any other -- Sunday's short trip to arch-rivals Tottenham Hotspur.

Like all big city derbies, pride and bragging rights are always...

Arsenal face derby test with title up for grabs

(April 26): Foreign states are using UK universities to “steal advantage” by covertly acquiring British intellectual property, the government warned, saying it would explore proposals to protect cutting-edge research and technology.

After an internal review found other countries are tar...

UK warns universities about research threat from foreign states

(April 26): The Tesla Inc. shareholder who won a court order in Delaware killing co-founder Elon Musk’s US$56 billion pay package is premature in asking the judge to bar the billionaire from moving the executive-compensation dispute to Texas, the car company’s lawyers argue.

Tesla inves...

Tesla fires back at investor who doesn’t want pay fight in Texas

(April 26): Former President Donald Trump’s economic advisers are considering ways to actively stop nations from shifting away from using the dollar — an effort to counter budding moves among key emerging markets to reduce exposure to the US currency, according to people familiar with the matter....

Trump advisers discuss penalties for nations that move away from the dollar

NEW YORK/LONDON (April 26): Stocks snapped a three-day winning streak on Thursday as disappointing forecasts from Facebook and Instagram owner Meta hammered the tech sector, and Japan's yen sank through 155 per dollar for the first time since 1990.

Tepid U.S. GDP data pushed Wall Street...

Equities fall amid earnings gloom, as persistent inflation lifts Treasury yields

(April 26): Boeing's credit rating faced pressure for a second time this week as S&P brought the company one step closer to a junk rating on Thursday after a January mid-air blowout of a cabin panel led the planemaker to slow production of its best-selling jet.

The rating agency cha...

S&P slashes Boeing credit outlook as rating hovers above junk status

WASHINGTON (April 26): The Federal Communications Commission said on Thursday it is ordering the U.S. units of China Telecom, China Unicom and China Mobile to discontinue fixed or mobile broadband internet operations in the United States.

The FCC said it was requiring the Chinese carrie...

Agency bars Chinese telecom carriers from offering US broadband services

NEW YORK (April 26): Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms META.O.

Data on...

Wall Street stocks fall as weak GDP growth spreads rate-cut gloom

(April 26): Alphabet announced its first-ever dividend on Thursday and a $70 billion stock buybuck, cheering investors who sent the stock surging nearly 16% after the bell.

The Google parent is returning capital while spending billions of dollars on data centers to catch up with rivals ...

Google parent Alphabet announces first-ever dividend, shares soar

BRIGHTON, England (April 26): Phil Foden struck twice as Manchester City stepped up their bid for a fourth Premier League crown in a row with a ruthless 4-0 victory at Brighton & Hove Albion on Thursday.

A day after Liverpool's title challenge suffered a huge blow with a 2-0 defeat ...

Man City humble Brighton to keep pressure on Arsenal

AirAsia X Bhd (AAX), which will be taking over Capital A Bhd's aviation business, has announced the mechanics of its plan via a bourse filing on Thursday.

AirAsia X to buy Capital A's aviation business for RM6.8b via share and debt deal 

Chin Teck Plantations Bhd’s net profit surged sevenfold for the financial quarter ended Feb 29, 2024 (2QFY2024) thanks to higher palm oil production as well as lower operating and administrative expenses.

Chin Teck’s 2Q net profit up sevenfold

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

AirAsia X, Capital A, ViTrox, PavREIT, Luxchem, Chin Teck, MKHOP, TAS Offshore, Inta Bina, Heineken, Pantech and Infoline Tec 

Practice Note 17 (PN17) company Khee San Bhd will increase the allotment underwritten in its proposed rights issue after Ng Meng Kee ceased to be a substantial shareholder and requested to discharge his undertaking.&nbsp;

Khee San revises underwriting of rights issue after substantial shareholder ceases to be, withdraws undertaking

Pavilion Real Estate Investment Trust (PavREIT) reported that its first quarter net property income (NPI) jumped 33.2% year-on-year, thanks largely to contribution from its newly acquired mall, Pavilion Bukit Jalil. The increase was also attributed to higher occupancy rates and higher revenue rent from its other retail malls.

PavREIT’s 1Q NPI jumps 33%, pays 2.48 sen distribution per unit

US economic growth slowed more than expected in the first quarter, but an acceleration in inflation suggested that the Federal Reserve would not cut interest rates before September.

US economic growth slows more than expected in first quarter

The Malaysian Anti-Corruption Commission (MACC) has served a senior police officer arrested on suspicion of protecting an illegal syndicate in the country's capital a notice to declare his assets before April 28.

Senior police officer arrested for alleged corruption given until April 28 to declare assets to MACC

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EVENING 5: Five things you need to know today

TAS Offshore Bhd’s net profit has leapt by nine-fold year-on-year for the financial quarter ended Feb 29, 2024 (3QFY2024) due to more vessels delivered.

TAS Offshore’s 3Q net profit up nine-fold, shares surge to eight-year high

US economic growth for the first quarter could be revised higher and inflation will ease to more normal levels, Treasury Secretary Janet Yellen told Reuters on Thursday after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.

US growth may get revised up, inflation will ebb

Prime Minister Datuk Seri Anwar Ibrahim on Thursday gave assurance that the revised Public Service Remuneration System (SSPA), which will be announced soon, will be the best ever introduced in the country.

Revised public service remuneration system will be the best ever introduced — Anwar

As part of its continuing quest to add long-haul destinations to its routes over the long term, AirAsia X is exploring possible destinations in Eastern European countries such as Poland and Hungary, and the airline is not ruling out revisiting London and exercising its landing rights to Orlando in the United States.

AirAsia X mulls flying to Poland, Hungary, London and Orlando

Hulu Selangor Bersatu action division head has been named as Perikatan Nasional's (PN) candidate for the Kuala Kubu Baharu (KKB) state by-election on May 11.

PN names Hulu Selangor Bersatu acting division head as candidate for KKB by-election

Infoline Tec Group Bhd has proposed to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia as it has met the profit requirements for the transfer.

Infoline Tec seeks transfer from ACE Market to Main Market

The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives hit a two-month low on Thursday, due to weaker soybean oil futures on the Chicago Board of Trade (CBOT), said a dealer.

Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said the market sentiment was also weighed down by the Dalian Commodity Exchange’s refined, bleached, and deodorised palm olein during Asian trading hours.

CPO futures hit two-month low at the close, in line with weaker rival oils

NEW YORK (April 26): Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms META.O.

Data on...

Harvey Weinstein's 2020 conviction for sexual assault and rape was overturned by New York's highest court, reopening the landmark case that fuelled the #MeToo movement and highlighting the challenges of holding powerful men accountable.

Harvey Weinstein's rape conviction overturned by top New York court

Heineken Malaysia Bhd announced on Thursday that it has nominated Martijn Rene van Keulen as its new managing director (MD).

Heineken nominates Martijn Rene van Keulen as new MD to succeed Roland Bala

Al-’Aqar Healthcare Real Estate Investment Trust (Al-’Aqar REIT) is actively targeting to acquire yield-accretive properties from KPJ Healthcare Bhd as part of its asset expansion plan.

The proposed exercise will be funded through a combination of unit issuance and cash via bank borrowings, it said in a filing with Bursa Malaysia on Thursday.

Al-`Aqar Healthcare REIT aims to acquire yield-accretive properties from KPJ Healthcare

EUPE Corp Bhd's net profit surged by 28.9% to RM14.54 million in the fourth quarter ended Feb 29, 2024 (4QFY2024) from RM11.28 million a year ago, underpinned by a higher contribution from the property development division.

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