Pelangi Publishing Group Bhd’s controlling shareholders have proposed to the board to undertake a capital repayment scheme in order to privatise the school textbook publication firm.

The controlling shareholder, Datuk Sum Kown Cheek, who is also the company’s executive chairman and managing director, has written to Pelangi’s board of directors to notify his intention to take the company private via capital repayment of 36.5 sen per share, according to the bourse filing

Textbook publisher Pelangi to be taken private via capital repayment of 36.5 sen

Proton Holdings Bhd said its September sales totalled 11,935 units, up 4.9% from August and higher by 12.5% compared with the same month last year.  

This is the second highest monthly sales for the marque this year (after July’s 13,216 units) and the fourth consecutive month of positive year-on-year growth, Proton said in a statement.

Proton sales rise 12.5% in September to 11,935 units 

Malakoff Corp Bhd CEO Datuk Ahmad Fuaad Mohd Kenali will resign from his post with effect from Oct 31 to pursue other career opportunities. 

“The Board of Directors of Malakoff will be looking into finding and appointing his successor,” the independent water and power producer said in a filing with Bursa Malaysia.

Malakoff CEO resigns to pursue other career opportunities

DutaLand Bhd’s wholly-owned subsidiary has obtained a money lending licence.

DutaLand unit gets money lending licence from Housing Ministry

OCBC Bank (Malaysia) Bhd will be keeping selected branches open on weekends in October for customers who wish to sign up for post-moratorium loan and financing support.

In a statement, the bank said its branches in Cheras, Kajang, Klang, Petaling Jaya, Puchong and Subang Jaya will stay open on Saturday from 10am to 2.30pm.

Selected OCBC Bank branches open on weekends in October for post-moratorium loan, financing support

Rubber glove manufacturers dominated Bursa Malaysia’s top gainers list at the noon market break.

Glove stocks dominate Bursa’s gainers list after spike in Covid-19 cases

The FBM KLCI finished 8.05 points or 0.53% lower today at 1,496.77 while Bursa Malaysia's Palm Oil Plantation index fell by a larger quantum as investors weighed a confluence of factors including the US Customs and Border Protection's detention order on palm oil produced by FGV Holdings Bhd.

Analysts and remisiers said today the confluence of factors weighing on investor sentiment includes the resurgence of global COVID-19 infections besides the end of Malaysia's loan-repayment moratorium.

KLCI trails palm oil plantation index drop as US bans FGV products    

NTPM Holdings Bhd said it is disposing of its toilet rolls and tissue manufacturing subsidiary, as the firm has continuously incurred losses with little prospects of a turnaround in the near future. 

The group is selling its entire 100% interest in NTMP Paper Mill (Bentong) Sdn Bhd) to XSD International Paper Sdn Bhd for RM27.5 million cash.

NTPM sells loss-making toilet rolls manufacturer for RM27.5 mil

Jernih Padu Sdn Bhd (JPSB), the private vehicle of Eco World Development Group Bhd’s executive chairman Tan Sri Liew Kee Sin, has sold 14.25 million shares, or a 0.48% stake.

JPSB ceased to be the substantial shareholder after the share disposal on Sept 28, according to the latest filing

Liew’s private vehicle ceases to be substantial shareholder of Eco World Development

Based on corporate announcements and news flow today, stocks that are likely to be in focus tomorrow (Friday) are as follows: NTPM Holdings Bhd, Kossan Rubber Industries Bhd, GFM Services Bhd, Tan Chong Motor Holdings Bhd, Matrix Concepts Holdings Bhd, FGV Holdings Bhd and MY EG Services Bhd (MyEG).

NTPM, Kossan Rubber, GFM, Tan Chong Motor, Matrix Concepts, FGV and MyEG

The Ministry of Energy Transition and Water Transformation (Petra), in collaboration with The National Water Services Commission (SPAN), is poised to establish and devise the framework for implementing transformative measures in the water services sector over the next decade.

Fadillah: Petra, SPAN to drive implementation of transformative measures for water services sector

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

KomarkCorp, Topmix, PavREIT, Axis REIT, KIP REIT, Cypark, Crest Builders, Capital A, Gadang, Haily, DXN, Inta Bina, Comfort Gloves, AHB

The fatal collision between two Royal Malaysian Navy helicopters that killed 10 personnel abroad could be due to a failure in the critical points of the aircraft structure, aviation expert Assoc Prof Maj Dr Mohd Harridon Mohamed Suffian said.

Critical point failure could’ve led to fatal Lumut chopper crash, says expert

KOTA BHARU (April 23): The man involved in the shooting incident at the Kuala Lumpur International Airport (KLIA) in Sepang on April 14 will be charged in a Kota Bharu court on Wednesday (April 24), according to the police.

KLIA shooting suspect to be charged in Kota Bharu on Wednesday

Sarawak’s strategic alliances with the UK's leading industry partners in the development of compound semiconductors will drive innovation to increase the capability of microchips to power new technologies and applications, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

Sarawak eyeing partnership with UK companies to boost semicon capabilities

Malaysia's education system must be synonymous with the development of the country, said Higher Education Minister Datuk Seri Zambry Abd Kadir.

Zambry: Education system must be synonymous with country’s development

IPOH (April 23): The post-mortems of 10 victims of the tragedy of two helicopters colliding near the Royal Malaysian Navy (TLDM) base in Lumut, currently being carried out at the Raja Permaisuri Bainun Hospital here, are expected to be completed by Wednesday (April 24) afternoon.

Helicopter tragedy: Victims’ post-mortems expected to be completed on April 24 afternoon

The M503-3 Maritime Operations Helicopter (HOM) that was involved in a crash Tuesday morning was used for the first time in the flyby for the 90th Royal Malaysian Navy (TLDM) Anniversary parade.

Downed HOM chopper used for the first time in flyby, says defence minister 

BENGALURU (April 23): Gold prices extended losses for a second day to hit a more than two-week low on Tuesday, as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key US economic data this week.

Gold drifts lower for second day as Middle East fears subside

Wall Street's main indexes rose on Tuesday as some growth and chip shares gained, while stocks like General Motors and Spotify advanced on upbeat earnings updates ahead of quarterly reports from big technology companies.

Wall Street gains on bright earnings, megacaps' support

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

Najib's 1MDB-Tanore trial live reporting (April 23)

Indonesian President Joko Widodo and his son, incoming vice-president Gibran Rakabuming Raka, are no longer members of the country's largest party after they backed rival candidate and election winner Prabowo Subianto, a party official said on Tuesday.

Indonesia's biggest party confirms President Jokowi no longer a member after backing Prabowo

Moomoo Malaysia, an online trading platform, garnered 100,000 clients within six weeks of its launch, making it one of the most downloaded financial mobile applications in Malaysia.&nbsp;

Moomoo Malaysia surpassed 100,000 clients within six weeks of its debut in Malaysia

ATX Semiconductor Group, a globally renowned semiconductor provider from China, intends to ramp up investment to US$200 million (RM952 million) for its new manufacturing plant in Melaka over the next five years for its second-phase business expansion.

ATX Semiconductor to boost investment in Melaka to RM952m

While Sapura Energy Bhd has resolved one key condition of its reset plan, analysts did not change their recommendations on the group, as there is still an arduous journey ahead for the group to address its balance sheet position.

Sapura Energy not out of the woods yet as large debts still in its way

KUALA LUMPUR (April 23): Malaysia has emerged as the most significant country within Asean for businesses to venture into, as shown by the UOB Business Outlook Study 2024 (SMEs &amp; Large Enterprises).

Malaysia emerges as prime destination for Asean biz expansion — UOB study

KUALA LUMPUR (April 23): Former Sapura Energy Bhd chief executive officer Tan Sri Shahril Shamsudin has settled his defamation lawsuit against Economics Minister Rafizi Ramli out of court.

Ex-Sapura Energy CEO Shahril settles defamation suit against Rafizi

Swatch Group (M) Sdn Bhd&nbsp;said the seizure of its 172 rainbow-themed watches had caused much grief to its international reputation, as the renowned Swiss watch maker had always been dutiful citizens of any state where the watches were sold.

Swatch says advocating compassion for LGBTQ is not a crime, seizure illegal

Cypark Resources Bhd said on Tuesday that its 100MW Large Scale Solar 3 (LSS3) hybrid solar plant project in Merchang, Terengganu, will transition to full commercial operations by next month.

In a statement, the group said the plant consists of 83MWac (megawatt, alternating current) ground-mounted solar photovoltaics and 32MWac floating solar photovoltaics.

Cypark's LSS3 solar plant in Terengganu set for commercial operations next month

<h3>MyEG Services Bhd</h3>

Target price: RM1.15 ADD

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Brokers Digest: Local Equities: MyEG Services Bhd, Mah Sing Group Bhd, Tan Chong Motor Holdings Bhd, Gamuda Bhd 

CONSTRUCTION firm GDB Holdings Bhd — which has been embroiled in disputes with KSK Group in the last two years over the development of the 8 Conlay project in Kuala Lumpur — appears to be back on investors’ radar, judging by the recent upward trend in its share price.

According to marke...

GDB Holdings a front runner for several jobs

Bursa Malaysia continued its upbeat momentum to end higher for the fifth consecutive day on Tuesday, thanks to buying from local and foreign institutions, said an analyst.&nbsp;

Bursa ends higher on buying support from local and foreign institutions

Construction and engineering contractor Crest Builder Holdings Bhd said it had secured a condominium project valued at RM486 million in Mont Kiara. &nbsp;

The project, awarded by Kiaramas Development Sdn Bhd, involves the construction of three blocks of condominiums with car park podiums in Jalan Desa Kiara.&nbsp;The contract period is 42 months from May 2, according to Crest Builder in a filing with Bursa Malaysia on Tuesday.

Crest Builder bags RM486m condominium project in Mont Kiara

PETALING JAYA (April 23): Tropicana Corp Bhd is partnering with Maybank Islamic Bhd to provide a home financing solution called Maybank Islamic’s HouzKEY.&nbsp;

Tropicana partners Maybank Islamic to offer HouzKEY home financing solution

Apple's smartphone shipments in China tumbled 19% in the first quarter of the year, the worst performance since 2020, as its dominance in the high-end segment came under pressure from Huawei's new product launches, market data showed.

Apple's 1Q smartphone shipments in China tumble 19%, data shows

GLOBETRONICS Technology Bhd, an established outsourced semiconductor assembly and test (OSAT) player, is planning to move up the value chain by diversifying into advanced packaging to ride the wave of rising demand for such services.

It also expects advanced packaging to be its future r...

Globetronics to venture into advanced packaging on back of rising demand

High crude oil prices&nbsp;caused by&nbsp;tension in the Middle East&nbsp;will help to boost Malaysia's oil and gas exports. However, escalated fuel&nbsp;prices will dampen the country’s economic growth, according to the Socio-Economic Research Centre (SERC).

SERC: Escalated oil price boon and bane for Malaysia

The defence in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial will contest the 25 abuse of power and money-laundering charges levelled against former prime minister Datuk Seri Najib Razak.

Shafee: 1MDB-Tanore charges 'all wrong', will mount challenge

Following its demerger from CIMB Group Holdings Bhd, CGS International Securities Malaysia (CGS Malaysia) is aiming for a compound annual growth rate (CAGR) of about 15% to 20% in revenue over the next three to five years.

Following demerger, CGS Malaysia aims for 15%-20% CAGR in revenue over next five years

Malaysia still has the advantages for the “China plus one” (China+1) strategy, despite facing rising competition from its neighbouring countries, according to the Socio-Economic Research Centre (SERC).

Arjuna Chandran Shankar

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Arjuna Chandran Shankar

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