<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on November 6, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Velesto Energy Bhd said its unit has bagged a contract worth US$131 million (RM541.17 million) from Carigali Hess Operating Company Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Carigali Hess, an oil and gas joint venture between PCJDA Ltd and Hess Oil Company of Thailand Ltd, is involved in gas production in the joint development area administered by the Malaysian-Thailand Joint Authority.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Velesto said in an exchange filing yesterday that the contract, awarded to its indirect wholly-owned unit Velesto Drilling Sdn Bhd, is for the provision of a 10K jack-up drilling rig.</p></div>

<div class=newsTextDataWrapInner><p>The contract will commence in the second half of 2020 for a duration of three years, with three extension options of six months each.</p></div>

<div class=newsTextDataWrapInner><p>Velesto said its Naga 8 premium independent-leg cantilever jack-up rig will be used. It has a drilling depth capability of 30,000ft (9.14km) and a rated operating water depth of 400ft.</p></div>

<div class=newsTextDataWrapInner><p>Velesto said the provision of the services is expected to contribute positively to its earnings and net assets during the contract period for the financial period ending Dec 31, 2020.</p></div>

<div class=newsTextDataWrapInner><p>The stock closed unchanged yesterday at 36 sen after 75.49 million shares changed hands, valuing it at RM2.96 billion.</p></div>


KUALA LUMPUR: Velesto Energy Bhd said its unit has bagged a contract worth US$131 million (RM541.17 million) from Carigali Hess Operating Company Sdn Bhd.

Carigali Hess, an oil and gas joint venture between PCJDA Ltd and Hess Oil Company of Thailand Ltd, is involved in gas production in...

Velesto bags RM541m Carigali Hess contract

OCR Group Bhd on Wednesday entered into a deal with a landowner to jointly develop a residential project on 18.37 acres (7.43 hectares) of freehold land in Templer, Rawang, with an estimated gross development value of RM313 million.

OCR Group inks JV agreement for residential development in Rawang

The ringgit closed marginally lower on Wednesday on firmer US dollar Index (DXY) despite the US’ sluggish manufacturing purchasing managers' index (PMI) data on Tuesday.

Ringgit ends marginally lower on firmer US dollar index  

Malaysia's trade with China rose 3% year-on-year (y-o-y) in the first quarter of 2024 (1Q2024), following a better-than-expected gross domestic product (GDP) growth seen in the world's second largest economy during the quarter, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Malaysia-China trade improved amid China's better-than-expected 1Q growth 

Mah Sing Group Bhd's land acquisition for its third development in Setapak, 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.

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

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.

Miti to finalise comprehensive strategic semiconductor plan by next month

1Malaysia Development Bhd (1MDB) on Wednesday failed in its bid to have its US$250 million suit against Riza Aziz, Red Granite Pictures Inc, and Red Granite Capital Ltd heard by the same High Court, where a related 1MDB claim involving Riza's stepfather Datuk Seri Najib Razak is set to commence.

1MDB fails in bid to transfer suit against Riza Aziz and Red Granite to another court

Chin Hin Group Property Bhd said on Wednesday it had signed two agreements to develop two separate residential projects in Kuala Lumpur worth RM1.08 billion in combined gross development value (GDV).

Chin Hin Group Property to develop two residential projects worth RM1.08 bil

There is no issue of payment arrears by Syarikat Perumahan Negara Bhd (SPNB) to the contractors appointed to complete housing projects under the company as has been circulating on social media recently.

SPNB chairman Datuk Husam Musa said the issue of payment of arrears had been resolved in 2021, and the video that is being viralled now is an old one from 2019.

No payment arrears to contractors, says SPNB

UBS Group AG chairman Colm Kelleher said that the Swiss government’s proposal to require the bank to hold substantially more capital is the “wrong remedy” to the failings that brought down Credit Suisse over a year ago. 

“We are seriously concerned about some of the discussions related to additional capital requirements,” Kelleher said in the bank’s annual general meeting in Basel, Switzerland, on Wednesday. “It is imperative that our regulatory policies ensure a level playing field. In other words, Switzerland’s regulation must remain broadly aligned with global standards.”

UBS chairman says Swiss capital plan is ‘wrong remedy’

KUALA TERENGGANU (April 24): The Terengganu state government needs to formulate a medium and long-term plan to optimise its non-radioactive rare earth elements (NR-REE) resources to obtain high returns.

Terengganu needs a plan to optimise non-radioactive rare earth elements resources, state assembly told

<p>The Edge covers former Malaysian Prime Minister Datuk Seri Najib Razak's 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial live.</p>




Najib's 1MDB-Tanore trial live reporting (April 24)

<p>Farm Price Holdings Bhd on Wednesday began taking orders from investors for its initial public offering (IPO) on the ACE Market to raise up to RM32.4 million.</p>

<p>The IPO, priced at 24 sen apiece, involves a public issuance of 102 million new shares as well as an offer for sale of 33 million existing shares, according to its prospectus. All in, the listing offers investors a 30% stake in the Johor-based wholesalers and vegetables distributor.</p>


Farm Price starts taking orders for ACE Market IPO to raise up to RM24.48 mil

<p>Capital A Bhd’s unit AirAsia Consulting Sdn Bhd is the entity that is bidding to acquire SriLankan Airlines, and if it materialises, will raise its own capital for the acquisition, according to chief executive officer Tan Sri Tony Fernandes.</p>


AirAsia Consulting, not AirAsia, is bidding for SriLankan Airlines, says Fernandes

<p>Analysts predict a decline in earnings for Malaysian automotive companies in 2024, attributed to lower sales volumes and higher operating costs, coupled with the emergence of several Chinese original equipment manufacturers (OEMs) offering attractive pricing.</p>


M'sian automakers expected to feel pinch from lower sales, higher costs, rise of Chinese OEMs

<p>With Malaysia’s 5G outdoor coverage having reached the 80% target for coverage of populated areas (CoPA) at the end of 2023 and after the signing of the share subscription agreements (SSAs) by five mobile network operators (MNOs) on Dec 1, 2023, what’s next for the next stage of 5G deployment in Malaysia?</p>


What’s next for 5G deployment in Malaysia?

<p>E-government services provider MyEG Services Bhd has inked an agreement to collaborate on the launch of a virtual asset fund or Hong Kong virtual assets exchange-traded fund (ETF) products.</p>


MyEG inks partnership to launch Hong Kong virtual assets

<p>One of the world’s busiest land checkpoints is set to become less congested as Malaysians travelling to Singapore on factory buses will be able to clear immigration through QR code.</p>


Malaysia to start using QR code at checkpoints with Singapore, report says

<p>Carlsberg Brewery Malaysia Bhd, the locally-listed unit of the Danish brewer, confirmed the price increases for its beer products starting this month.</p>


Carlsberg Malaysia raises prices of beers to preserve margin

<p>Bursa Malaysia remained in positive territory at the midday break on Wednesday, supported by continuous buying in selected heavyweight counters, especially in the telecommunications and media sectors.&nbsp;</p>


Telco shares lift Bursa higher at midday

<p>Capital A Bhd’s board of directors has decided to extend Tan Sri Tony Fernandes'&nbsp;tenure as the chief executive officer for another five years, and as a strategic adviser to the airlines business, which is poised to be merged into AirAsia X Bhd.</p>


Fernandes to be CEO of Capital A for another five years

<p>Rakuten Trade said NationGate Holdings Bhd may extend its upward trajectory after breaking out from its one-month rectangular pattern on Tuesday.</p>


NationGate may extend upward trajectory, says Rakuten Trade 

<p>JASMINE Loo was the third individual wanted by the authorities, on the Interpol Red Notice list, &nbsp;to return to Malaysia.</p>

<p>More than 10 years on from the first signs of trouble at 1Malaysia Development Bhd (1MDB), there are still a number of individuals who remain on the run, sought ...

Most yet to return to face the music

<p>Shares of DXN Holdings Bhd surged on Wednesday to its highest in more than a month as analysts continued to urge investors to buy the stock after the health supplement company’s fourth-quarter (4Q) results.</p>


DXN climbs over one-month high, analysts see positive outlook

<p>The Malaysian Anti-Corruption Commission investigating officer (MACC IO) probing Datuk Seri Najib Razak in relation to the 1Malaysia Development Bhd (1MDB) debacle never asked the former prime minister if he had instructed for the controversial transfer of US$700 million to a company linked to fugitive Low Taek Jho (Jho Low), the court heard on Wednesday.</p>


MACC officer did not ask Najib if he instructed controversial transfer of US$700m to Good Star

<p>Haily Group Bhd shares continued their uptrend on Wednesday to a near all-time high, after the construction outfit won a RM109.5 million contract for terrace houses in Pontian, Johor.</p>


Haily shares near all-time high after securing RM109.5m housing job

<p>Gold’s record-setting rally this year has puzzled market watchers, as bullion has roared higher, despite headwinds that should have held it back. With prices sagging this week, the explanation may lie in China.</p>


Gold’s record-setting rally may have its roots in Chinese frenzy

<p>KUALA LUMPUR (April 24): Dataprep Holdings Bhd said on Wednesday that Tan Sri Muhammad Ikmal Opat Abdullah has ceased to be the substantial shareholder in the IT products and services company.</p>


Muhammad Ikmal of Widad ceases to be Dataprep’s substantial shareholder as shares sale continues

<p>Several important developments related to Digital Nasional Bhd (DNB), including the appointment of its board members and the direction of the agency, will be announced on Thursday, said Communications Minister Fahmi Fadzil.</p>


Digital minister to unveil DNB board, announce new developments tomorrow — Fahmi

<p>French electronic manufacturing service firm eolane has launched a new manufacturing plant in Kulim Hi-Tech Park, Kedah involving an investment of €8.7 million (RM45 million) for the first phase of the project.</p>


France-based eolane launches RM45 mil facility in Kulim Hi-Tech Park

<p>Meta Bright Group Bhd said its wholly owned subsidiary FBO Land (Serendah) Sdn Bhd and Doople Tech Sdn Bhd have entered a solar supply agreement with Cherengin Hills Sdn Bhd, following its recent collaboration with Doople to form a joint venture (JV) company to bid for renewable energy (RE) projects with a Bumiputera equity requirement.</p>
