<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Feb 2): Abrdn plc has emerged as a substantial shareholder in SKP Resources Bhd after purchasing 78.88 million shares or a 5.05% stake in the electronics manufacturing services (EMS) provider.</p></div>

<div class=newsTextDataWrapInner><p>According to a bourse filing on Friday, Abrdn bought 78.56 million shares (a 5.03% stake) in SKP on Jan 30, followed by another 320,400 shares (0.02%) on Jan 31.</p></div>

<div class=newsTextDataWrapInner><p>The transaction prices were not disclosed, but based on the respective days’ closing prices of 67 sen and 67.5 sen, Abrdn may have paid about RM52.85 million for the shares.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>SKP shares have been on a decline since early 2023, having fallen 58.79% over a 12-month period — from RM1.63 on Feb 2, 2023 to 67 sen on Friday.</p></div>

<div class=newsTextDataWrapInner><p>With its 5.05% stake, Abrdn comes in as SKP’s fifth largest shareholder, behind the late Datuk Gan Kim Huat’s 40.23%, his son and SKP managing director Gan Poh San (21.39%), the Employees Provident Fund (9.1%) and the Retirement Fund Inc (KWAP) (8.74%).</p></div>

<div class=newsTextDataWrapInner><p>Shares in SKP ended half a sen or 0.74% lower to 67 sen, giving the company a market capitalisation of RM1.04 billion.</p></div>


Abrdn plc has emerged as a substantial shareholder in SKP Resources Bhd after purchasing 78.88 million shares or a 5.05% stake in the electronics manufacturing services (EMS) provider.

Abrdn emerges as substantial shareholder of SKP Resources

Anglo American laid out plans on Tuesday to refocus on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off BHP Group's US$43 billion (RM203.55 billion) takeover offer.

Anglo American eyes break-up as it fends off BHP offer

Aluminium stockpiles held in London Metal Exchange (LME) warehouses climbed to the highest since 2021 after a second big delivery into warehouses in Port Klang in a matter of days.

Malaysian inflows bring LME aluminium stocks to highest since 2021

The Real Property Development Bill for Peninsular Malaysia is expected to be tabled in parliament in 2025, said Housing and Local Government (KPKT) Minister Nga Kor Ming.

Govt mulling Real Property Development Act for Peninsular Malaysia, says Nga

The historic opening of the Universiti Kebangsaan Malaysia (UKM) campus in Qatar on Tuesday can elevate the national higher education onto the global stage, said Prime Minister Datuk Seri Anwar Ibrahim.

Opening of UKM campus in Qatar thrusts national higher education onto global stage — PM

Federal Reserve chair Jerome Powell said the US central bank needs to be patient as it awaits more evidence that high interest rates are curbing inflation, doubling-down on the need to keep borrowing costs elevated.

Powell reiterates Fed likely to keep rates higher for longer

Malaysia will be hosting the China-Asean Housing Ministers meeting for the first time on July 3, whereby ministers from member countries will be visiting TRX Residences, among other properties, according to Housing and Local Government Minister Nga Kor Ming.

Malaysia to host first ever China-Asean Housing Ministers summit in July and Asean Property summit in 2025

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

MAHB, MBSB, Cypark, Uzma, Heineken, Taliworks, Teo Seng, Aemulus, Deleum, Kumpulan Jetson, Ageson, Fibromat

Property developer BCB Bhd (KL:BCB) is buying 59 parcels of freehold land in Batu Pahat, Johor, measuring approximately 286.82 acres, for RM83.71 million from oil palm cultivator Lian Hup Seng Sdn Bhd.

BCB buys 286-acre land in Batu Pahat for RM83.71 mil 

MARC Ratings Bhd has affirmed A+IS(s) and AAAIS(bg) ratings on Projek Lintasan Sungai Besi-Ulu Klang Sdn Bhd’s (PLSUKE) sukuk wakalah programme of up to RM2 billion that is guaranteed by Bank Pembangunan Malaysia Bhd for up to RM500 million, with a stable outlook.

MARC maintains ratings on SUKE highway's sukuk wakalah, cites strong support from parent company

Donald Trump's former fixer Michael Cohen resumed testifying on Tuesday at the Republican presidential candidate's criminal trial, a day after telling jurors that Trump personally authorised him to make a hush money payment to a porn star weeks before the 2016 election.

Trump's ex-fixer Cohen testifies about secret hush money payment to porn star

<p>The Ministry of Housing and Local Government is considering the introduction of a new Act called the Real Property Development Act to streamline the real estate market in Peninsular Malaysia, said Housing and Local Government Minister Nga Kor Ming at the Regional Housing Conference 2024 on Tuesday.&nbsp;</p>


Nga: Govt mulling Real Property Development Act to streamline real estate market in Peninsular Malaysia

<p>Cypark Resources Bhd (KL:CYPARK) group chief executive officer Datuk Daud Ahmad has resigned from his post, effective from Tuesday.</p>


Cypark CEO Daud Ahmad resigns to facilitate 'transition into leading renewable energy player'

<p>Prime Minister Datuk Seri Anwar Ibrahim reiterated the need to cut wasteful spending, including reducing excess subsidies to trim government debt levels, while stopping short of committing a timeline to do away with fuel concessions.</p>


PM says to cut fuel subsidy at the ‘right time’

<p>Former TIME dotCom Bhd&nbsp;(KL:TIMECOM) chief financial officer Shahnaz Farouque Jammal Ahmad has joined Malaysia Building Society Bhd (KL:MBSB) as the banking group’s new CFO.</p>


Ex-TIME dotCom CFO Shahnaz Farouque joins MBSB

<p>KUALA LUMPUR (May 14): Vegetable wholesaler and distributor Farm Price Holdings Bhd (KL:FPHB) on Tuesday said it is aiming for at least 10% growth in earnings this year.</p>


Farm Price eyes double-digit earnings growth for FY2024

<p>President Joe Biden is hiking tariffs on a wide range of Chinese imports — including semiconductors, batteries, solar cells, and critical minerals — in an election-year bid to bolster domestic manufacturing in critical industries.</p>


Biden imposes tariffs on Chinese chips, critical minerals, EVs

<p>Aluminium stockpiles held in London Metal Exchange (LME) warehouses climbed to the highest since 2021 after a second big delivery into warehouses in Port Klang in a matter of days.</p>


<p>Petroliam Nasional Bhd (Petronas) said its subsidiary&nbsp;Malaysia LNG Group of Companies (MLNG) experienced an electricity supply disruption last Friday at the Petronas LNG Complex (PLC) in Bintulu.</p>


Petronas reports power outage at Bintulu LNG Complex, actively engages partners to minimise impact

<p>KUALA LUMPUR (May 14): Taliworks Corp Bhd (KL:TALIWRK) has posted a 49.4% year-on-year increase in its first quarter net profit amid an increase in the bulk water supply rate for its water treatment and supply division, and a higher share of results from jointly controlled entity Grand Sepadu (NK) Sdn Bhd, on the back of a toll compensation by the government.</p>


Taliworks starts 2024 on strong footing with 49% jump in earnings

<p>Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, charted a new all-time high and emerged among the top gainers on Bursa Malaysia during Tuesday’s morning trading session.</p>


Rebranded Binastra charts new all-time high since listing in 2004

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


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


EVENING 5: Five things you need to know today

<p>IN the first four months of the year, Malaysian real estate investment trusts (REITs) have announced six acquisitions totalling RM2.65 billion as they look to beef up their portfolio of assets following last year’s tepid deal flow. However, getting their hands on higher-yielding assets could prov...

Appetite for REIT acquisition to improve, but landing decent-yielding assets a challenge

<p>Automated test equipment company Aemulus Holdings Bhd (KL:AEMULUS) remained in the red for its sixth straight quarter even as net losses narrowed in the second quarter from a year earlier on lower expenses and higher revenue.</p>


Aemulus logs sixth straight quarter of losses, flags slowdown in China

<p>Seven districts in the Klang Valley, namely Kuala Lumpur, Gombak, Hulu Selangor, Klang, Kuala Selangor, Petaling and Shah Alam, are expected to experience temporary scheduled water supply disruption from June 5 to 7.</p>


Seven districts in Klang Valley to experience water disruption from June 5 to 7

<p>Malaysian Prime Minister Datuk Seri Anwar Ibrahim said his government won’t consider approving another casino in the Southeast Asian nation.</p>

<p>“Affirmative no,” Anwar told <em>Bloomberg TV</em>’s Haslinda Amin at the Qatar Economic Forum on Tuesday (May 14), when asked if his administration would allow a second casino in Malaysia.</p>


PM says nation has no need for another casino

<p>Tuju Setia Bhd (KL:TJSETIA) said Yeong Sin Khong had become a substantial shareholder after acquiring 18.2 million shares or a 5.74% stake in the construction services group.</p>


Tuju Setia sees new substantial shareholder

<p>theedgemalaysia.com highlighted three stocks with positive momentum and six stocks with negative momentum at Bursa Malaysia's afternoon close on Tuesday. &nbsp;</p>


AME Elite, PTT Synergy, Wong Engineering, Fibon, Aemulus, WMG, YLI, Binastra, SCGM

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.&nbsp;</p>


FBM KLCI rises 0.19% to 1,605.88 on May 14, 2024

<p>THE reverse takeover (RTO) of Ancom Logistics Bhd by Green Lagoon Technology Sdn Bhd, a company that is involved in the development of palm oil mill effluent (POME) anaerobic lagoon biogas-to-power projects, will result in the total decarbonisation of the former’s holding company Ancom Nylex Bhd....