<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 10): About RM2.7 billion of the RM10.5 billion generated from the listing of FGV Holdings Bhd was misused to secure political support ahead of the 13th and14th general elections, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali today.</p></div>

<div class=newsTextDataWrapInner><p>At the tabling of the Federal Land Authority (Felda) white paper in Parliament, he said this, coupled with "shady transactions" worth RM1.4 billion and the purchase of Eagle High from PT Rajawali Capital International, owned by Peter Sondakh, at ridiculously inflated prices, worsened Felda's financial position significantly.</p></div>

<div class=newsTextDataWrapInner><p>The purchase price of Eagle High was 96% higher than the prevailing market price at that time, he said.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Mohamed Azmin pointed out that the 37% stake in the&nbsp;plantation, which Felda paid RM2.3 billion for, was only worth RM500 million as at March this year.</p></div>


About RM2.7 billion of the RM10.5 billion generated from the listing of FGV Holdings Bhd was misused to secure political support ahead of the 13th and 14th general elections, says Economic Affairs Minister Datuk Seri Mohamed Azmin Ali today.

Azmin Ali claims almost RM3b used to buy support in GE13, GE14

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

Awantec, Innature, Paramount, Eco World International, Mi Technovation, MAA, KNM, Pharmaniaga, Jiankun, Nova MSC, Sarawak Cable

Jiankun International Bhd (KL:JIANKUN) has redesignated its president Datuk Saiful Nizam Mohd Yusoff as non-independent and non-executive chairman, effective Friday.

Jiankun redesignates Zahid’s son-in-law Saiful Nizam as chairman 

KUALA LUMPUR (May 10): Bursa Malaysia Bhd expects strong equities market performance in 2024, attributed to positive news on foreign direct investment (FDI), notably Microsoft’s US$2.2 billion investment in a cloud and AI hub.

Bursa sees equities market strengthening in 2024 on FDI inflows; optimistic of hitting IPO targets

Sarawak Cable Bhd says it has identified "a strong alternative party" who is interested in spearheading a resuscitation plan for the group, after its plan to regularise its financials with the help of UK-based Serendib Capital Ltd fell through.

Sarawak Cable says it has 'strong' backup after losing Serendib Capital as white knight

Malaysia is ready to continue strengthening relations with Singapore under incoming prime minister Lawrence Wong, said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia ready to strengthen ties with Singapore under new PM Wong, says Anwar  

US stocks rose on Friday, as investors eagerly awaited comments from Federal Reserve officials to get more clarity on the US monetary policy path, after economic data this week supported bets of interest rate cuts.

Wall Street gains ahead of Fed officials' remarks; Dow nears 40,000 mark

KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has entered into a loan agreement with Chin Hin Group Bhd (Chin Hin)(KL:CHINHIN) to provide a loan of up to RM250 million to Chin Hin.

Ajiya to loan Chin Hin RM250m for acquisition, expansion plans

Muar Member of Parliament (MP) Syed Saddiq Syed Abdul Rahman has filed an application seeking temporary release of his passport to enable him to travel to Singapore and Taiwan.

Syed Saddiq seeking temporary release of passport to travel to Singapore, Taiwan

KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.

Genting Singapore nearly doubles 1Q earnings thanks to China-Singapore visa-free travel

BCM Alliance Bhd’s (KL:BCMALL) largest shareholder Kiu Cu Seng has disposed of his entire shareholding of 305.12 million shares, or a 15% stake, in the company.

BCM Alliance’s largest shareholder sells off 15% stake bought via ESOS

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>KUALA LUMPUR (May 10): Datin Seri Rosmah Mansor faces another legal action, this time revolving around from 1Malaysia Development Bhd (1MDB), SRC International Sdn Bhd and subsidiaries over luxury goods that were allegedly obtained through misappropriated funds.</p>


1MDB, SRC file fresh civil suit against Rosmah over US$350 mil luxury goods

<p>KUALA LUMPUR (May 10): Paramount Corp Bhd (KL:PARAMON) bought a 21.54% stake in Eco World International Bhd (EWI)(KL:EWINT) for RM170.61 million in cash.&nbsp;</p>


Paramount buys 21.5% stake in Eco World International from Quek Leng Chan for RM170.61m, cash

<p>Bank Negara Malaysia (BNM) imposed a RM96,250 compound on Habib Jewels Sdn Bhd for non-compliance with the law on anti-money laundering and counter-terror financing.</p>


BNM slaps Habib Jewels with RM96,250 compound for failing to report suspicious transactions

<p>Shares of Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) rose as much as 76 sen or 15.29% to a new record high on Friday, following news a privatisation bid for Great Eastern Holdings Ltd, in which it owns a 1% stake.</p>


Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

<p>KUALA LUMPUR (May 10): Bursa Malaysia Securities Bhd (Bursa Securities) on Friday lifted AwanBiru Technology Bhd (KL:AWANTEC), formerly Prestariang Bhd, from its status as an affected listed issuer, after three years.</p>


Bursa lifts Awantec from affected issuer status after three years

<p>KUALA LUMPUR (May 10): Personal care products retailer Innature Bhd (KL:INNATURE) said on Friday that it is acquiring the operator of Burger &amp; Lobster restaurants for RM21.25 million in a related-party deal as part of a diversification plan.</p>


Innature to acquire Burger & Lobster operator for RM21.25m from major shareholders

<p>SINGAPORE (May 10): Oversea-Chinese Banking Corporation Ltd (OCBC) has announced a S$1.4 billion voluntary unconditional general offer for the 11.56% stake in Great Eastern Holdings (GEH) that it does not currently own.</p>


Singapore’s OCBC makes privatisation bid for Great Eastern with S$25.60 offer price

<p>KUALA LUMPUR (May 10): Genting Singapore Ltd reported on Friday that its earnings for 1QFY2024 had nearly doubled than that of the year earlier.</p>


<p>Elon Musk touted plans to expand Tesla Inc’s Supercharger network just over a week after firing almost all of the roughly 500 people who ran the business.</p>


Elon Musk changes tune on Tesla Superchargers after mass firing

<p>KUALA LUMPUR (May 10):&nbsp; <a href="https://theedgemalaysia.com/" target="_blank">theedgemalaysia.com</a> highlighted three stocks with positive momentum and five stocks with negative momentum at Bursa Malaysia’s afternoon close on Friday. &nbsp;</p>


Kuchai, VSTECS, AHB, Mclean, Kluang, Prtasco, Skywld, Kobay

<p>Tan Sri Azam Baki's contract as chief commissioner of the Malaysian Anti-Corruption Commission has been extended for another year, starting&nbsp;this Sunday (May 12).</p>


Azam Baki’s contract as MACC chief commissioner extended for another year

<p>KUALA LUMPUR/MUMBAI (May 10): Malaysia’s palm oil stocks increased at the end of April for the first time in six months, as production jumped despite a drop in exports, the industry regulator said on Friday.</p>


Malaysia’s palm oil stocks surge as output jumps despite weak exports

<p>CelcomDigi Bhd has completed 44% of its nationwide network integration and modernisation&nbsp;programme as it modernised over 7,200 sites as at end-April, leading to improved download speeds of 20% to 26% and better signal strength of 13% to 16% in post-consolidation areas.</p>


CelcomDigi completes 44% in nationwide network modernisation programme

<p>Supermax Corp Bhd’s (KL:SUPERMX) plan to take full control of its loss-making Canadian unit will drag on its balance sheet and income statement, Kenanga Investment Bank flagged.</p>


Supermax's full acquisition of Canadian unit will drag on earnings — Kenanga

<p>Automotive cover and seat manufacturer Feytech Holdings Bhd (KL:FEYTECH) said on Friday that investors have snapped up all the 42.16 million shares it made available for application by the public in its initial public offering, ahead of its Main Market debut.</p>


Main Market-bound Feytech Holdings' IPO oversubscribed 15.6 times

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<p>Malaysia should move faster to build a robust ecosystem to drive the development and adoption of artificial intelligence (AI) technology in the current post-normal era, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


Malaysia should move faster to build robust ecosystem to drive AI development, adoption, says PM

<p>Transport Minister Anthony Loke announced that the redevelopment of the Kuala Lumpur Sentral Station (KL Sentral) will begin later this year.</p>


KL Sentral Station redevelopment project to commence by year end — Loke

<p>KUALA LUMPUR (May 10): Bursa Malaysia’s&nbsp;all-time high indicates that measures under the Madani framework are building investor&nbsp;confidence, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan.&nbsp;</p>
