<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on March 15, 2019</span></p></div><div class=newsTextDataWrapInner><p><strong>Zelan Bhd (-ve)</strong></p></div>

<div class=newsTextDataWrapInner><p>ZELAN Bhd (fundamental: 0/3, valuation: 0.3/3), which made it into our Stocks with Momentum list yesterday for the second time this year, closed unchanged at 10 sen, which gave the group a market capitalisation of RM84.49 million.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The stock saw 75.01 million shares traded yesterday, compared with its 200-day average trading volume of 2.59 million shares.</p></div>

<div class=newsTextDataWrapInner><p>On Monday, the group announced that it was launching arbitration proceedings against NRY Architects Sdn Bhd to claim for up to RM305.4 million over the construction of buildings for the International Islamic University Malaysia in Kuantan.</p></div>

<div class=newsTextDataWrapInner><p>Zelan said NRY had breached a contract signed in May 2013 with Zelan’s wholly-owned unit Zelan Construction Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>The bulk of the sum it is claiming for is for loss of income (RM261.12 million), with the remainder for payment of rental claims, refunds and other utility costs. It is also seeking a declaration from NRY that the latter had breached its contract with Zelan.</p></div>


Zelan Bhd (-ve)

ZELAN Bhd (fundamental: 0/3, valuation: 0.3/3), which made it into our Stocks with Momentum list yesterday for the second time this year, closed unchanged at 10 sen, which gave the group a market capitalisation of RM84.49 million.

The stock saw...

Stock With Momentum: Zelan

(April 25): 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.

Totaling...

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

(April 25): 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.

Shares of Facebook’s parent were down as much as 19% in after-hours trading and...

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

(April 25): Russia vetoed a United Nations Security Council resolution that would have reaffirmed a global commitment against deploying nuclear weapons in space, rebuffing US efforts to shine a spotlight on Moscow’s reported plans to do so.

The resolution underscored that countries are ...

Russia blocks US bid to reaffirm nuclear-arms ban in space

NEW YORK (April 25): Benchmark S&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.

An auction of a record $70 billion worth of five-year U.S. Treasury notes on We...

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

WOLVERHAMPTON, England (April 25): Bournemouth snapped a three-game winless run in the Premier League with a 1-0 victory at former manager Gary O'Neil's Wolverhampton Wanderers on Wednesday courtesy of a first-half strike from Antoine Semenyo.

The win moved Bournemouth up to 10th place ...

Bournemouth back to winning ways with 1-0 victory over Wolves

LONDON (April 25): Crystal Palace made absolutely sure of Premier League safety with an impressive 2-0 home defeat of Newcastle United on Wednesday with both goals scored by Jean-Philippe Mateta.

It was a well-deserved win for the hosts while Newcastle's European hopes were dealt a blow...

Mateta double fires Palace to win over Newcastle

CAIRO/JERUSALEM (April 25): Israeli warplanes pounded the northern Gaza strip for a second day on Wednesday in a fierce assault that has shattered weeks of comparative calm, and Israel said it was moving forward with plans for an all-out assault on Rafah in the south.

After an abrupt Is...

Israel says Rafah assault looms; massive Gaza airstrikes end weeks of relative calm

MANCHESTER (April 25): Manchester United captain Bruno Fernandes came to his side's rescue with two goals in a 4-2 home victory over the Premier League's bottom club Sheffield United on Wednesday just when more trouble loomed for beleaguered manager Erik ten Hag.

Twice United trailed ag...

Fernandes digs Man Utd out of hole in win over Sheff Utd

NEW YORK/LONDON (April 25): U.S. and European shares finished mixed on Wednesday ahead of more corporate earnings this week, and the yen was mired near 34-year lows, keeping traders wary of intervention from Japan.

An auction of a record $70 billion worth of five-year U.S. Treasury note...

Equities mixed as investors eye earnings; yen on intervention watch

LIVERPOOL, England (April 25): Everton's Jarrad Branthwaite and Dominic Calvert-Lewin scored in a pulsating 2-0 home victory over Liverpool in the Merseyside derby on Wednesday that could prove to be the death of the visitors' withering Premier League title hopes.

Everton's first derby ...

Everton deal Liverpool big blow with shock 2-0 derby victory

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


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

<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>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>(April 25): 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>

<p>Shares of Facebook’s parent were down as much as 19% in after-hours trading and...

<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>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>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.</p>


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

<p>United Plantations Bhd’s (UP) net profit grew 18.54% year-on-year to RM132.87 million for the first quarter ended March 31, 2024 (1QFY2024), mainly due to a sharp drop in finance cost, on the back of slightly higher revenue, thanks to higher crude palm oil (CPO) and palm kernel (PK) prices.</p>


United Plantations kicks off FY2024 on positive note as 1Q profit rises 18.5%

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>GXBank, Malaysia’s first digital bank, said it plans to establish a regional centre of excellence (COE) for shared services in Malaysia, serving Grab-led digital banks and financial and operational services in the region.</p>


Grab-led GXBank to establish regional centre of excellence in Malaysia by year-end

<p>(April 24):&nbsp;Firms making up more than half of Asia’s stock market value are vulnerable to deforestation, species loss and other nature-related risks, according to a new report, as governments ramp up regulations and industries continue to deplete the planet’s resources.</p>


Investors spot new nature-related risk in firms worth half of Asia’s market value

<p>The prosecution succeeded in its appeal at the Federal Court on Wednesday to forfeit RM1,112,700 from 79 investors involved in an illegal deposit-taking scheme.</p>


Apex court allows forfeiture of RM1.11m belonging to investors of illegal deposit-taking scheme

<p>The yen fell on Wednesday to its weakest levels against the dollar since 1990, with markets alert to any signs of intervention from the Japanese authorities to prop up their currency.</p>


Japan's yen hits 155 per dollar, weakest since 1990

<p>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.</p>


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

<p>US President Joe Biden’s recent polling bump in key battleground states has mostly evaporated, as a deep current of pessimism about the trajectory of the US economy hurts his standing with voters.</p>


Biden trails Trump in six of seven key states, poll shows

<p>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.</p>


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

<p>KUALA LUMPUR (April 24): Sapura Industrial Bhd plans to collaborate with Mili Tech Sdn Bhd on feasibility studies for electrified vehicle (EV) products and potentially establish a joint venture (JV) business in Malaysia.</p>


Sapura Industrial inks MOU with Mili Tech for feasibility studies on EVs

<p>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.</p>


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

<p>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.</p>
