<div>This article first appeared in <em>The Edge Financial Daily</em>, on October 14, 2016.<br />
<br />
&nbsp;</div>

<div class=newsTextDataWrapInner><p><strong>Hibiscus Petroleum Bhd (-ve)</strong></p></div>

<div class=newsTextDataWrapInner><p>SHARES in Hibiscus Petroleum Bhd (fundamental: 0.8/3, valuation: 0.9/3) triggered our momentum algorithm for two consecutive days as they fell 7.55% to 24.5 sen yesterday, with 70.69 million shares traded. On Wednesday, the stock was trading at 27 sen, its highest level in 2016 so far.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>On Wednesday, Hibiscus announced that its wholly-owned subsidiary, SEA Hibiscus Sdn Bhd, will buy Shell’s 50% interest and operatorship in the 2011 North Sabah Enhanced Oil Recovery production sharing contract for US$25 million (about RM105.5 million).</p></div>

<div class=newsTextDataWrapInner><p>In its filing with Bursa Malaysia, Hibiscus said the funding will be a mix of internal funds and credit facilities. The group believes the acquisition is in line with its growth strategy to invest in development and producing assets, as these have become more affordable with the current softening oil prices.</p></div>

<div class=newsTextDataWrapInner><p>It expects that the proposed acquisition to contribute positively to the future earnings of the group once the transaction is completed.</p></div>


This article first appeared in The Edge Financial Daily, on October 14, 2016.

 

Hibiscus Petroleum Bhd (-ve)

SHARES in Hibiscus Petroleum Bhd (fundamental: 0.8/3, valuation: 0.9/3) triggered our momentum algorithm for two conse...

Stock With Momentum: Hibiscus Petroleum

Prime Minister Datuk Seri Anwar Ibrahim on Thursday denied claims that the government will issue a licence for the operation of a casino in Forest City, Johor.

PM denies claims that govt issuing casino licence for Forest City

Former prime minister Tun Abdullah Ahmad Badawi was admitted to the National Heart Institute (IJN) at 3pm on Wednesday to undergo his weekly physiotherapy session and is in good and stable condition.

Former PM Badawi admitted to IJN, in stable condition

Nissan Motor and Mazda Motor unveiled new cars tailored for Chinese drivers on Thursday, signalling a fresh push by Japanese automakers to regain ground in the world's largest auto market.

Nissan, Mazda roll out new models for China as they target comeback

KUALA LUMPUR (April 25): Former prime minister Datuk Seri Najib Razak had never instructed 1Malaysia Development Bhd’s (1MDB) management to transfer a total US$1.03 billion to Good Star Ltd, a company linked to the fugitive Low Taek Jho (Jho Low), the court heard on Thursday.

Najib never instructed 1MDB management to transfer monies to Good Star — witness

The Malaysian Anti-Corruption Commission (MACC) has never stopped investigation into the construction of the littoral combat ships (LCS), said its chief commissioner Tan Sri Azam Baki.

LCS probe never stopped, MACC chief clarifies

Three additional dates have been set for the ongoing 1Malaysia Development Bhd-Tanore (1MDB-Tanore) case, in hopes of wrapping up the prosecution's stage of the trial which began in 2019.

Six years in, additional dates increased to wrap up prosecution's case in 1MDB-Tanore trial

THE expectation that the US Federal Reserve (Fed) will cut interest rates this year in June is increasingly being challenged. Some economists say while their estimates are maintained at three cuts this year, totalling 75 basis points (bps), the risk is now skewed towards later moves and perhaps e...

Cover Story:Rising oil prices add to inflation conundrum

IOI Properties Group broke ground on Thursday for Senna Puteri, its latest township development located in Sepang, Selangor. The developer is looking to launch 386 units of townhouses in its first phase before the end of the second quarter.

Spanning 117 acres in southern Klang Valley, the 12-phase Senna Puteri will be developed over the next 10 years, offering residential, commercial, recreational areas, green spaces, community hall, surau and more. It has a gross development value (GDV) of over RM3 billion.

IOI Properties breaks ground for 117-acre Senna Puteri in Sepang

Wireless carrier Axiata Group Bhd and conglomerate PT Sinar Mas Group are moving forward with plans to merge their telecommunications operations in Indonesia, people familiar with the matter said.

Axiata, Sinar Mas move closer to US$3.5b telco merger, Bloomberg reports

When it comes to Chinese real estate, John Lam is a lone wolf.

UBS analyst who took on Evergrande now bullish on China property

<p>KUALA LUMPUR (April 25): The Employees Provident Fund (EPF) members, who are below 55 years old, will have an Account 3, in addition to the existing two accounts for their retirement savings, starting May 11.&nbsp;</p>


EPF members under age 55 will have Account 3 starting May 11

<p>Malaysia is in early discussions with tycoons on opening a casino in Forest City, people familiar with the matter said, in a bid to revive the beleaguered US$100 billion (RM478.35 billion) property project that counts the country’s monarch as one of its shareholders.</p>


Malaysia is said to mull casino resort to revive Forest City

<p>Binance co-founder Changpeng Zhao is facing up to three years in prison if efforts by US prosecutors to secure his sentencing prove successful. More than 160 friends, colleagues and investors are determined for the crypto executive to escape incarceration entirely.</p>


Friends, family, royalty seek mercy for crypto’s richest man

<p>Shares of YTL Corp Bhd rallied to a new all-time high on Thursday after Hong Leong Investment Bank (HLIB) flagged more upside even after a 42% year-to-date surge.</p>


YTL Corp rallies to new all-time high after HLIB flags more upside

<p>Digital Nasional Bhd (DNB), the state-owned company in charge of the 5G network infrastructure rollout, on Thursday named five new board members, comprising senior leaders from the telecom and technology industries.</p>


Digital Nasional names senior telco and tech leaders as new directors

<p>A made-in-China electric vehicle (EV) will hit US dealers this summer offering power and efficiency similar to the Tesla Model Y, the world's best-selling EV, but for about US$8,000 (RM38,228) less.</p>


How Volvo landed a cheap Chinese EV on US shores in a trade war

<p>Wireless carrier Axiata Group Bhd and conglomerate PT Sinar Mas Group are moving forward with plans to merge their telecommunications operations in Indonesia, people familiar with the matter said.</p>


<p>A disappointing earnings report from Meta Platforms Inc has technology investors on edge with results from some of the stock market’s biggest and most important companies due in the coming days.</p>


Meta’s miss sparks fear in tech world with big earnings looming

<p>KUALA LUMPUR (April 25): Mega First Corp Bhd shares have likely peaked following a recent rally to new all-time highs, and investors should stop buying the stock now, Maybank Investment Bank (Maybank IB) said and downgraded the stock to ‘hold’.</p>

<p>Maybank IB is the first from a total of fi...

Mega First shares likely peaked; Maybank IB the first to downgrade stock

<p>Housing and Local Government Minister Nga Kor Ming’s press secretary Pang Sock Tao was announced as the unity government’s candidate for the Kuala Kubu Baharu by-election on May 11.</p>


Nga's press secretary Pang picked as unity govt's candidate for Kuala Kubu Baharu by-election

<p>Sports retailer Al-Ikhsan Sports Sdn Bhd, in which state-owned private equity firm Ekuiti Nasional Bhd (Ekuinas) owns a 35% stake, has appointed Datuk Hishammudin Hasan as its new chief executive officer effective April 17.</p>


Ekuinas-backed Al-Ikhsan Sports names former 7-Eleven head as CEO

<p>KUALA LUMPUR (April 25): Agricore CS Holdings Bhd, a food ingredients supplier, has obtained approval from Bursa Malaysia Securities Bhd to list on its ACE Market.</p>


Agricore CS Holdings gets Bursa Malaysia nod to list on ACE Market

<p>Malaysia’s consumer inflation came in lower than expected in March from a year earlier as prices of healthcare and food rose at a slower pace, official data on Thursday showed.</p>

<p>The Consumer Price Index — Malaysia’s main gauge of inflation — rose 1.8% year-on-year, according to the Department of Statistics. The headline figure was a tad lower than the median 2% rise predicted in a Bloomberg survey of economists, and unchanged versus February’s 1.8% gain.</p>


Malaysia’s inflation steady at 1.8% in March

<p>RHB Retail Research said Naim Holdings Bhd is likely to resume its uptrend after the recent consolidation above the 97.5 sen breakout level.</p>


Naim Holdings likely to resume its uptrend, says RHB Retail Research 

<p>RHB Retail Research said NationGate Holdings Bhd is observing a technical breakout after climbing above the RM1.70 immediate resistance on surging trading volume.</p>


NationGate is observing technical breakout, says RHB Retail Research 

<p>Asian stocks fell on Thursday as disappointing earnings forecasts from Facebook parent Meta Platforms hammered tech shares, while the yen's slump past 155 per dollar for the first time since 1990 raised the spectre of intervention from Tokyo.</p>


Stocks hit by tech slide; yen flails at intervention zone

<p>Singapore's Keppel said on Thursday its first-quarter net profit excluding the effects of legacy offshore and marine assets was higher, boosted by strong performance in the global asset manager's infrastructure and connectivity segments.</p>


Singapore's Keppel profit rises on strong infra, connectivity performance

<p>The Court of Appeal has allowed a bid by Tan Sri Muhyiddin Yassin to have a bench of five judges to hear his review application to restore his acquittal by the High Court of four of his abuse of power charges last year.</p>

<p>His lawyer Chetan Jethwani said that Court of Appeal deputy registrar Muhammad Noor Firdaus Rosli informed the parties of the matter on Thursday morning during case management.</p>


Appellate court grants Muhyiddin five-member bench for review of charges

<p>Benchmark S&amp;P 500 closed higher in choppy trading on Wednesday, as investors weighed an uptick in Treasury yields amid positive corporate results particularly from technology giants.</p>


S&P 500 ends higher as markets weigh rising yields, upbeat corporate results

<p>Visa Inc recently reported impressive fiscal second quarter 2024 results, with net revenue increasing by 10% and payments volume growing by 8%.</p>
