<div class=newsTextDataWrapInner><p>KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak told Parliament yesterday the Ministry of Finance (MoF) Inc did not pay any cash to take over SRC International Bhd from 1Malaysia Development Bhd (1MDB).</p></div>

<div class=newsTextDataWrapInner><p>Najib, who is also the finance minister, said the MoF took over SRC from 1MDB on Feb 14, 2012. Najib is chairman of 1MDB’s board of advisers.</p></div>

<div class=newsTextDataWrapInner><p>“The transfer of ownership of SRC from 1MDB to the MoF was done via dividend in specie by 1MDB that paid dividends to the MoF in the form of a 100% equity shareholding belonging to SRC worth RM1 million.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“MoF did not make any cash payment for the takeover,” said Najib in his written reply to Kulim Bandar Baru Member of Parliament Datuk Abd Aziz Sheikh Fadzir.</p></div>

<div class=newsTextDataWrapInner><p>Earlier, Abd Aziz had asked Najib to specify the date of the MoF’s takeover of SRC from 1MDB and the transaction value. Abd Aziz also asked Najib to disclose the debt incurred by SRC.</p></div>

<div class=newsTextDataWrapInner><p>Yesterday, Najib said SRC will file its latest liability/debt numbers after the company’s accounts for the financial year ended March 2015 are audited. He said SRC does not have additional debt since FY14.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>This article first appeared in <em>The Edge Financial Daily</em>, on June 11, 2015.</p></div>


KUALA LUMPUR: Prime Minister Datuk Seri Najib Razak told Parliament yesterday the Ministry of Finance (MoF) Inc did not pay any cash to take over SRC International Bhd from 1Malaysia Development Bhd (1MDB).

Najib, who is also the finance minister, said the MoF took over SRC from 1MDB on...

Najib: MoF did not pay cash for SRC

The Civil Aviation Authority of Malaysia (CAAM) has revoked the air operator's certificate (AOC) of cash-strapped low-cost carrier MYAirline Sdn Bhd, effective April 15, after it failed to find a new investor before the April 14 deadline.

MYAirline loses licence to operate as commercial airline as CAAM revokes AOC

Chin Hin Group Property Bhd on Wednesday announced that troubled developer YNH Property Bhd has appointed it to develop a 6.49-acre plot of land in Segambut, featuring a potential gross development value (GDV) of RM685.1 million.

YNH aborts sale of Segambut land, appoints Chin Hin Group Property to develop it instead

Eden Inc Bhd’s major shareholder Tan Sri Abd Rahim Mohamad is proposing to settle a RM45.65 million debt his company owes Eden by transferring the ownership of a 2.4 million sq ft (about 55 acres) leasehold land to the listed entity.

Eden's major shareholder proposes land transfer to settle RM45.65m debt owed to company

TikTok's chief executive said on Wednesday that the company expects to win a legal challenge to block legislation signed into law by President Joe Biden that he said would ban the popular short video app used by 170 million Americans.

TikTok CEO expects to defeat US restrictions: 'We aren't going anywhere'

CapitaLand Malaysia Trust (CLMT) reported a 63% in its first quarter net property income to RM63.98 million from RM39.24 million a year ago, driven by full quarter revenue contribution from Queensbay Mall, higher occupancies and positive rental reversions.

CLMT’s 1Q net property income jumps 63% to RM64m, DPU up 37%

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

KLCCP, Suria Capital, Capital A, Calsberg, Hibiscus Petroleum, Chin Hin, OCR, Fajarbaru, I-Bhd, Farm Price, United Plantations, AME REIT, Axis REIT, MyEG

The strategic collaboration between Sabah Ports Sdn Bhd (SPSB) and DP World, a global port terminal operator, will be a boon to Sabah’s aspiration to promote the Sepangar Bay Container Port (SBCP) as a key transshipment hub in the region, said Chief Minister Datuk Seri Hajiji Noor.

Hajiji: Tie-up between Sabah Ports, DP World to boost state’s aim to become transshipment hub

The High Court here on Wednesday dismissed a judicial review application by Musang King durian planters around Raub to challenge the Pahang government's decision to issue eviction notices against them.

High Court bins Musang King farmers’ bid to challenge land eviction notice in Pahang

KUALA LUMPUR (April 24): A meeting with 70 financial fund investors and corporate members at the recently concluded joint investors meeting in London has touched on the Madani government’s immediate action to stimulate strategic investment in important technologies, according to the Ministry of Finance (MOF).

MOF: Meeting with 70 fund investors highlights Madani govt’s action to spur strategic investments

In today’s edition of Evening 5: 00:00 MYAirline loses licence to operate 01:41 New developments, new board to be announced for DNB 02:59 Fernandes to be CEO of Capital A for five more years 04:09 ACE Market-bound Farm Price eyes Singapore expansion05:33 Suria KLCC shrugs off the competition

EVENING 5: MYAirline runs out of time, loses licence to operate

<p>The Civil Aviation Authority of Malaysia (CAAM) has revoked the air operator's certificate (AOC) of cash-strapped low-cost carrier MYAirline Sdn Bhd, effective April 15, after it failed to find a new investor before the April 14 deadline.</p>


<p>Chin Hin Group Property Bhd on Wednesday announced that troubled developer YNH Property Bhd has appointed it to develop a 6.49-acre plot of land in Segambut, featuring a potential gross development value (GDV) of RM685.1 million.</p>


<p>OYO plans to add 100 self-operated hotels in Malaysia in 2024 and will be looking to secure annual to long-term management contracts on a revenue-sharing basis for these properties. This is part of OYO's programme aimed at fostering economic growth in communities via partnerships.&nbsp;</p>


OYO plans to launch 100 self-operated hotels in Malaysia for 2024, with the first in Kota Damansara

<p>Bursa Malaysia closed at a two-year high on Wednesday with the key index rising 0.63%, driven by a positive outlook on the local bourse and amid an upbeat performance by regional peers.&nbsp;</p>


Bursa races to two-year high as investors turn bullish

<p>The daughter of a Chinese nickel billionaire purchased a multimillion-dollar mansion in Singapore, adding to the list of wealthy people seizing buying opportunities during the market lull.</p>

<p>Xiang Yangyang, the daughter of Xiang Guangda, who owns Tsingshan Holding Group Co, the world’s largest nickel and stainless steelmaker, agreed to buy the 2,612 sq m (28,111 sq ft) house in the country’s Bin Tong Park enclave, according to a property record seen by <em>Bloomberg News.</em></p>


Chinese metal tycoon’s heir buys US$62m Singapore mansion

<p>Mah Sing Group Bhd's land acquisition for its third development in Setapak,&nbsp;Kuala Lumpur, namely M Azura, has become unconditional. The developer has three months to pay the balance purchase price of about RM59 million. The land for M Azura was acquired on Dec 8, 2023 for a total cost of RM74.3 million.</p>


Mah Sing's land acquisition for M Azura has become unconditional

<p>Some of the world’s biggest energy trading companies are returning to metals, years after getting burnt in the notoriously difficult markets.</p>


World’s biggest energy traders are returning to metals

<p>KUALA LUMPUR (April 24): Construction outfit Fajarbaru Builder Group Bhd has bagged a RM252.26 million contract from WCT Holdings Bhd to undertake Phase 1 of a two-phase development of two blocks of serviced apartments in Johor Bahru.</p>


Fajarbaru Builder bags RM252m construction job in Johor Bahru from WCT

<p>KUALA LUMPUR (April 24):&nbsp;Petronas&nbsp;Chemicals Group Bhd&nbsp;is focused on advancing its growth initiatives and strengthening its operational performance, despite the expectation that 2024 will continue&nbsp;to be a challenging year.</p>


Petronas Chemicals to focus on advancing growth initiatives, strengthening operational performance

<p>KUALA LUMPUR (April 24): A meeting with 70 financial fund investors and corporate members at the recently concluded joint investors meeting in London&nbsp;has touched on the Madani government’s immediate action to stimulate strategic investment in important technologies, according to the Ministry of Finance (MOF).</p>


<p>KLCCP Stapled Group, controlled by national oil and gas company Petroliam Nasional Bhd, said on Wednesday that it is still actively pursuing and exploring opportunities.</p>


KLCCP Stapled Group on active lookout to expand portfolio

<p>Hibiscus Petroleum Bhd said it has completed the drilling of the Bunga Aster-1 exploration well and is expecting its first oil production to begin in May.</p>


Hibiscus Petroleum completes drilling at Bunga Aster-1 well, first oil production set for next month

<p>Suria KLCC's established reputation as a premier shopping destination has set it apart from other malls in the same vicinity, which provided it an effective buffer against new competition, according to KLCCP Stapled Group chief executive officer Datuk Md Shah Mahmood.</p>


Suria KLCC shrugs off competition from new malls, with occupancy rate hitting 98% at end-2023

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


<p>The potential imposition of plain packaging for cigarette and vape products, together with a ban on the display of such products in stores, will incur a "huge financial burden" on privately owned sundry shops, according to the Federation of Sundry Goods Merchants Associations of Malaysia (FSGMAM).</p>


Potential ban on display of cigarettes, vape products will burden retailers, on top of proposed plain packaging — sundry goods merchants

<p>KUALA LUMPUR (April 24): Suria Capital Holdings Bhd’s wholly owned Sabah Ports Sdn Bhd has roped in DP World, an Emirati multinational logistics company based in Dubai, to manage Sapangar Bay Container Port (SBCP), in a bid to cement the port’s position as a regional trade hub for the East Asean growth area spanning Brunei, Indonesia, Malaysia and the Philippines (BIMP-EAGA).</p>


Suria Capital’s Sabah Ports ropes in Dubai’s DP World to manage Sapangar Bay Container Port

<p>Immigration officers are not allowed to reject any passport renewal or first-time application solely because the applicant fails to master the national language, said Immigration director general Datuk Ruslin Jusoh.</p>

<p>“I would like to clarify that in fulfilling their responsibilities, immigration officers will conduct random checks in various aspects to verify applications.</p>


Immigration officers not allowed to reject passport renewals based on language fluency, says DG

<p>Zeekr, a luxury electric vehicle (EV) brand under the Geely group, is mulling about entering Malaysia's automotive market with its newly developed right-hand drive (RHD) vehicles.</p>


Zeekr mulling entry into Malaysian market 

<p>The Ministry of Investment, Trade and Industry (Miti) will finalise a comprehensive strategic plan for the semiconductor industry to ensure Malaysia remains competitive in the sector.</p>


Miti to finalise comprehensive strategic semiconductor plan by next month

<p>Axis Real Estate Investment Trust (Axis REIT), which focuses on industrial assets, is disposing of its property in Nusajaya, Johor, for RM162 million cash to a data centre operator. It did not disclose the identity of the purchaser.</p>
