Government-linked companies (GLCs) need to be run by professionals, opined World Bank lead public sector specialist Rajni Bajpai.

Rajni added that moving forward, there is also a need by the government to take a fresh look at what are the businesses that they need to be in and what businesses they need to exit.

GLCs need to be run by professionals, says World Bank's lead public sector specialist

The FBM KLCI gained today on selective buying support, in contrast to regional markets which closed lower.

The index ended 9.51 points or 0.6% higher at 1,587.96, supported by gains in counters like Gentling Malaysia Bhd (GenM), CIMB Group Holdings Bhd and Hap Seng Consolidated Bhd.

KLCI closes higher despite regional losses

Apollo Food Holdings Bhd’s wholly-owned subsidiary in Johor Bahru has temporally stopped operations for disinfection purposes to help curb the spread of Covid-19.

Apollo Food unit ordered to close as part of measures to curb Covid-19

Accountants have an important role in taking the lead in good corporate governance, ensuring integrity, trustworthiness and good reputation of businesses and the country.

At the Malaysian Institute of Accountants (MIA) Conference 2021, its president Dr Veerinderjeet Singh said that one key area of governance that is vital to support the nation’s future sustainability is tax transparency, tax administration and tax governance, as well as highlighting the importance of integrating environmental, social and governance (ESG) into business and corporate reporting to meet market and investor demand.

Accountants have important role in leading good corporate governance — MIA president

The FBM KLCI extended its losses today in line with declines in regional markets, and as market sentiment continued to be affected by the high number of Covid-19 infections in the country.

KLCI falls in line with regional bourses

Serba Dinamik Holdings Bhd’s second-largest shareholder Datuk Abdul Kadier Sahib has continued to accumulate shares in the company.

In a bourse filing, the group announced that Abdul Kadier, who is also the non-independent non-executive director, today bought an additional three million shares in the open market.

Abdul Kadier continues mopping up Serba Dinamik shares despite company facing audit issues

KUALA LUMPUR (June 3): The FBM KLCI came down today after two days of gains on lack of buying support, amid continued high number of Covid-19 infections and the ongoing full lockdown.

The benchmark index opened at 1,599.08 and thereafter remained below the 1,600 psychological level to close 7.37 points or 0.46% lower at 1,590.97.

KLCI stays below 1,600 amid Covid concerns

KUALA LUMPUR (June 3): Tycoon Tan Sri Syed Mokhtar Albukhary is looking to take MMC Corp Bhd private via a selective capital reduction (SCR) at RM2 per share.

In a bourse filing, Syed Mokhtar’s vehicle Seaport Terminal (Johore) Sdn Bhd (STJSB), which owns 51.76% or 1.58 billion shares in MMC, announced that it would be conducting the exercise for the 1.47 billion shares or 48.24% stake it does not own in the company.

Syed Mokhtar to take MMC private via SCR for RM2.94 billion, confirms The Edge’s report

The controlling shareholders of MMC Corp Bhd, whose share price has soared nearly 30% over the past two weeks, are said to be planning to take the conglomerate private through selected capital repayment.

MMC trading suspended, said to be taken private

KUALA LUMPUR (June 3): Serba Dinamik Holdings Bhd’s independent non-executive directors have expressed concern about the audit matters surrounding the oil and gas services group.

In a statement posted on the group's website, the directors said the management, along with the board have taken initiatives to restore the situation including by appointing an independent firm "to assess the veracity and accuracy of the matters raised by the external auditors, independently and objectively, without the element of interference from any party, and to report results of the assessment to the established independent committee".

Serba Dinamik’s independent non-executive directors express concern over audit issue

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

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.

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

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;

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

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.

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

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.

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

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.

Bursa lifts Awantec from affected issuer status after three years

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.

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

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.

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

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.

Elon Musk changes tune on Tesla Superchargers after mass firing

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

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;

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

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).

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

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.

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

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.

CelcomDigi completes 44% in nationwide network modernisation programme

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.

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

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.

Main Market-bound Feytech Holdings' IPO oversubscribed 15.6 times

<h3>Directors’ duties with respect to&nbsp;financial statements</h3>

In 2011, in the case of Australian Securities and Investments Commission v Healy &amp; Ors, the Federal Court of Australia delivered an important ruling and laid down important principles of law on the standard of care for th...

My Say: Court rulings on chairperson’s and directors’ duties raise cautions for holders of these posts

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.

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

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;

Bursa’s all-time high indicates Madani Framework is building investor confidence — Amir Hamzah

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

Arjuna Chandran Shankar

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Arjuna Chandran Shankar

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