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): 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

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

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

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

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

KUALA LUMPUR (May 10): Ajiya Bhd (KL:AJIYA) has&nbsp;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.

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

KL Sentral Station redevelopment project to commence by year end — Loke

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

At the close of Chin Hin Group Bhd's (KL:CHINHIN) mandatory takeover offer (MGO) for all the remaining stakes in Signature International Bhd (SIB) (KL:SIGN), Chin Hin received acceptances for over 245.53 million shares, or the equivalent of a 38.69% stake.

Chin Hin ups stake in Signature International to 72.18% at close of MGO

Lim Oon Kuin, founder of collapsed oil firm Hin Leong Trading Pte., has been convicted of three criminal charges after a lengthy trial in Singapore, the Business Times reported.

Singapore’s oil veteran OK Lim convicted of criminal charges

Mi Technovation Bhd (KL:MI) saw its net profit more than quadruple to RM26.79 million in the first quarter ended March 31, 2024 (1QFY2024), compared to RM6.4 million in the same period last year.

Mi Technovation’s 1Q net profit jumps over fourfold on higher revenue, forex gains 

Dewan Negara president Datuk Mutang Tagal died at the National Heart Institute (IJN) here at 11.46am on Friday. He was 69.

Dewan Negara president Mutang Tagal passes away

Kobay Technology Bhd has received an unusual market activity (UMA) query from Bursa Malaysia after its share price hit limit-up on Friday.

Kobay gets UMA query as share price hits limit up

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

KUALA LUMPUR (Sept 6): Hektar REIT was named the first runner-up in the Asean Energy Efficient Building: Retrofitted Building category at the Asean Energy Awards & Gala Dinner held in Bangkok, Thailand on Wednesday.

The award was presented to Hektar Asset Management Sdn Bhd CEO Datuk Hisham Othman by Thailand Minister of Energy Sontirat Sontijirawong and witnessed by Malaysia’s Minister of Energy, Science, Technology, Environment and Climate Change Yeo Bee Yin.

Hektar REIT bags Asean energy efficient building award for Subang Parade

PETALING JAYA (Sept 6): Chin Hin Property Development has partnered with early childhood education service provider Melody Kindyland to bring in the latter’s kindergarden and daycare centre to its 8th & Stellar development in Sri Petaling, Kuala lumpur and possibly to another project in Seri Kembangan, Selangor.

Represented by Chin Hin group managing director Chiau Haw Choon and Melody Kindyland CEO Samuel Swea, both parties inked a joint venture agreement today at 8th & Stellar Sales Gallery witnessed by Chin Hin group deputy group executive chairman Datuk Seri Chiau Beng Teik, Chin Hin Property Development managing director Datuk Yeo Chun Sing and Melody Kindyland founder Adrian Swea.

Chin Hin partners education service provider for 8th & Stellar project

PETALING JAYA (Sept 5): In view of the recent tragic fire at the Sungai Lembing heritage town, the Malaysian Institute of Architects (PAM) has called for upgrades to fire and life-safety measures at all heritage buildings, particularly older buildings.

Fire safety upgrades are particularly important for timber buildings that are constructed in terraced form or in very close proximity as they are deemed at risk of rapid fire spread, said PAM president Lillian Tay and the institute’s heritage and conservation committee chairman Steven Thang in a joint statement yesterday.

PAM calls for better fire safety measures for heritage buildings

KUALA LUMPUR (Sept 5): The difficulty in reaching public transport is hindering commuters from making full use of buses and trains, transportation experts said.

According to an article by The Malaysian Insight today, commuters are holding back from using public transport because of the government’s and service providers' failure to address last-mile connectivity issues.

Getting to public transport still a hassle

KUALA LUMPUR (Sept 4): Country Garden Malaysia is looking to launch the first phase of its Lake City @ KL North development in Taman Wahyu, Kuala Lumpur soon. 

The 80-acre township is a joint development with Perdana Park City Sdn Bhd.

Dubbed Aradia, it offers 1,003 condominium units and 23 shoplots located within three 43-storey high blocks.

Country Garden to launch Aradia, first phase of Lake City

PETALING JAYA (Sept 4): Office rents in Kuala Lumpur city centre (KL City) saw a marginal decline of 0.2% in the second quarter of 2019 (2Q2019) from the previous quarter and  0.7% compared with a  year ago, according to Knight Frank’s Asia-Pacific (APAC) Prime Office Rental Index Q22019.

“Faced with the high impending office supply driven by new construction, prime grade office rents in KL City continue to be under pressure with landlords competing to attract new occupiers as well as to retain existing tenants,” Knight Frank Malaysia executive director of corporate services Teh Young Khean said in a press release today.

Challenging outlook for office sector, KL City rents under pressure

Japan’s Tokyo (pictured) is the safest city globally, according to the Safe Cities Index (SCI) by The Economist Intelligence Unit, a research and analysis division under The Economist Group.

This is the third edition of the SCI, which was released today at the Safe Cities Summit in Singapore. The index gauges urban safety of 60 cities across five continents using 57 indicators organised across four pillars — digital, infrastructure, health and personal security.

Tokyo remains the safest city in the world

Sime Darby Property has signed a memorandum of understanding (MoU) with Tropical Rainforest Conservation & Research Centre (TRCRC), to jointly operate the Elmina Rainforest Knowledge Centre (ERKC) and an Endangered, Rare and Threatened (ERT) Native Tree Nursery in the City of Elmina, Shah Alam.

The ERKC and ERT will be set up at the 300-acre Central Park in the City of Elmina.

City of Elmina: Sime Darby Property inks deal to set up rainforest knowledge centre

By mid-October, the Ministry of Housing and Local Government (KPKT) hopes to launch around six home financing schemes, specifically for the B40 income group.

“We are looking at about six different schemes with about 15 banks and financial institutions on board,” said KPKT Minister Zuraida Kamaruddin at a joint press conference with Cagamas Bhd president and CEO Datuk Chung Chee Leong here today.

KPKT to announce home financing schemes for B40 in mid-October

Bank Negara Malaysia’s easing of eligibility requirements for its RM1 billion Fund for Affordable Homes should lead to at least a 20% increase in home loan approvals for first-time homebuyers, said Finance Minister Lim Guan Eng.

He added that it will help first-time homebuyers see a 20% reduction in their monthly housing loan repayments amid an extended repayment duration to 40 years from the previous 30 years under the fund.

EdgeProp.my

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

EdgeProp.my

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌

‌
‌