KUALA LUMPUR (April 19): Fajarbaru Builder Group Bhd said it has secured a RM13.33 million contract to upgrade fire engineering systems at the Kuala Lumpur International Airport’s Terminal 1 satellite building.

Fajarbaru clinches RM13 mil contract from MAHB

KUALA LUMPUR (April 19): The ringgit ended the week on a positive note on Friday, closing higher against the US dollar for the third consecutive session, boosted by positive sentiments on the advance estimates for Malaysia’s gross domestic product (GDP) that came in better than expected, said an analyst.

Ringgit continues to appreciate vs USD at close on Friday

MISC Bhd, via its petroleum arm AET, has entered into time charter party contracts with PETCO Trading Labuan Company Ltd (PTLCL) for the world’s first two ammonia dual-fuel Aframaxes (tankers with a deadweight of between 80,000 and 120,000 tonnes), as it seeks to reduce overall emissions from its operations.

Both MISC and PTLCL are units of  national oil company Petronas.

MISC enters time charter party contracts with Petronas unit for world's first ammonia dual-fuel Aframax tankers

KUALA LUMPUR (April 19): UEM Sunrise Bhd has launched The Beat 2.0, an extension of The Beat retail hub at its Kiara Bay development in Kepong, during a groundbreaking ceremony held at the Kiara Bay sales gallery on Friday. The Beat 2.0 measures 2.6-acres and will comprise a net lease area (NLA) of 73,566 square feet (sq ft), according to a press statement on Friday.

UEM Sunrise launches The Beat 2.0 at Kiara Bay, welcomes Harvey Norman as anchor tenant

Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.

In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.

MIDF confirms cyber security incident

Fibre optic cables manufacturer Hextar Capital Bhd, formerly known as Opcom Holdings Bhd, said it plans to diversify into the construction and project management business.

The proposed diversification is expected to boost the group’s net profit by about 25%, aligning with its long-term strategy to pursue more engineering, procurement, construction and commissioning (EPCC) projects beyond telecommunications network projects, the group said in an exchange filing.

Hextar Capital plans to diversify into construction business

KUALA LUMPUR (April 19): Prime Minister Datuk Seri Anwar Ibrahim has denied Opposition claims that its Members of Parliament (MPs) will only be given allocations if they pledged support for his leadership.

Anwar: Claims of Opposition MPs needing to support me for allocations baseless

KUALA LUMPUR (April 19): Uzma Bhd plans to raise RM68.35 million via a private placement of 15% of its current share base to help fund the development of a water injection facility (WIF) which it is to lease to a unit of Hibiscus Petroleum Bhd.

Uzma plans RM68.4m private placement to fund O&G support job

BEIJING/SINGAPORE/NEW YORK (April 19): Oil slipped on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease.

Oil slips despite reported Israeli attack on Iran

Westports Holdings Bhd said its new sukuk wakalah programme of up to RM5 billion will provide the group with the flexibility to raise medium to long-term funding to meet business funding requirements and general corporate purposes.

In a bourse filing on Friday, the country’s biggest port operator said its wholly-owned subsidiary Westports Malaysia Sdn Bhd (WMSB) had lodged the documents in relation to the programme with the Securities Commission Malaysia on March 7.

Westports establishes RM5 bil sukuk programme with flexibility to issue sustainability notes

Shares of Sapura Energy Bhd will be suspended from trading pending an announcement, the company said on Friday.

Trading in Sapura Energy suspended pending announcement 

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

Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes, whose decades of shadow war has broken out into the open and threatened to drag the region deeper into conflict.

Israel attacks Iran, Reuters reports, as drones shot down over Isfahan 

Shares of Awanbiru Technology Bhd (Awantec) fell as much as 53% on Friday, prompting Bursa Malaysia to suspend the counter’s intraday short selling (IDSS).&nbsp;

Awantec shares plunge 53%, intraday short selling suspended 

RHB Investment Bank Bhd (RHB IB) on Friday upgraded Public Bank Bhd to “buy” from “neutral”, with a higher target price (TP) of RM4.80 (from RM4.70).

RHB upgrades Public Bank to ‘buy’, raises target price to RM4.80

Malaysia's economy grew by 3.9% in the first quarter of 2024 (1Q2024), as compared to 3.0% in the previous quarter, according to Department of Statistics Malaysia (DOSM) advance gross domestic product (GDP) estimates.

Malaysia's economy grew 3.9% in 1Q2024, advance estimate shows

Apple said on Friday it had removed Meta Platforms' WhatsApp and Threads from its App Store in China after being ordered to do so by the Chinese government, which cited national security concerns.

Apple pulls WhatsApp, Threads from China app store after Beijing order

MKH Oil Palm (East Kalimantan) Bhd’s initial public offering (IPO) has been oversubscribed by 8.43 times, ahead of its listing on the Bursa Malaysia Main Market on April 30.&nbsp;

Main Market-bound MKH Oil Palm’s IPO oversubscribed by 8.43 times

The Malaysian rubber glove industry has demonstrated resilience and adaptability amidst challenging global dynamics, with optimism for a rebound in 2024, with an anticipated surge to approximately 450 billion pieces by 2027 despite a downturn in 2023, according to the Malaysian Rubber Glove Manufacturers Association (Margma).

Margma optimistic of rebound in 2024, expects surge to 450 billion pieces by 2027

The escalating tensions in the Middle East have influenced market sentiment and shifted investors' emphasis to the energy, finance and plantation sectors, which helped boost the FBM KLCI higher by midday on Friday.

KLCI up 0.43% with focus on energy, plantation, financial stocks

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter's subsidiary Airtel Lanka is currently a loss-making company, analysts said.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern — analysts

Bursa Malaysia Bhd’s core net profit may have risen 34% in the first quarter, from a year earlier, on higher securities and derivatives trading activity when the exchange operator reports its results, Hong Leong Investment Bank said.

Bursa Malaysia 1Q earnings likely up 34% y-o-y, HLIB projects

Malaysia’s exports contracted at a slower than expected pace in March mainly due to lower foreign demand for electronics while shipments to China fell, official data Friday showed.

Malaysia’s March exports down 0.8%, imports surge 12.5%

Sime Darby Property Bhd, Malaysia’s biggest developer in terms of landbank, has secured commitment for the remaining 30% of its industrial development fund to close at RM1 billion.

Sime Darby Property gets commitment for balance 30% of RM1b industrial development fund

Kenanga Investment Bank has initiated coverage on soon-to-be listed oil and gas services firm Keyfield International Bhd at RM1.90 — reflecting a 111% premium over its IPO price of 90 sen per share — while giving it an “outperform” rating.

Kenanga sees Main-Market bound Keyfield International cashing in on OSV boom, sets target price at RM1.90

Melaka State Secretary Datuk Zaidi Johari died of a heart attack this morning. He was 54.

According to a statement from the Melaka Chief Minister’s Office, Zaidi breathed his last at about 8.15am at Hospital Melaka here.

Melaka State Secretary Zaidi dies of heart attack

PUTRAJAYA (April 19): Payment of fees&nbsp;for training or classes in esports, equestrian, swimming, motorsports and taekwondo is&nbsp;eligible for&nbsp;tax relief of up to RM1,000 from next year, said Youth and Sports Minister Hannah Yeoh.

Payment of fees for sports training eligible for tax relief from next year — Hannah

Financial services provider MIDF has reported a recent cyber security incident to relevant authorities and is collaborating closely with them on addressing the matter.

In a brief statement issued on Friday, MIDF affirmed that it takes the cyber security incident seriously and reiterated its commitment to safeguarding the privacy and security of customers' information.

Batik Air will suspend its operations to Istanbul, Turkiye, effective May 1, 2024, and affected passengers will be notified via email and text, said the airline operator, Malindo Airways Sdn Bhd.

Batik Air to suspend operations to Istanbul from May 1

KUALA LUMPUR (April 19): Oil-and-gas services firm Yinson Holdings Bhd said on Friday that its indirect wholly owned subsidiary Yinson Production Offshore Pte Ltd (Yinson Production) has successfully placed a US$500 million five-year senior secured bond issue.

Yinson’s unit places US$500 mil five-year senior secured bonds

One of the strategies employed by private-equity investors to gauge the growth trajectory of an emerging market is to count the number of outlets selling diet supplements in a shopping mall.

It is an obscure approach to investing, but in private market investment and more so in less-dev...

The Hedgehog And The Fox: Vitamins, the middle class and economic recovery

Stepping onto the highest floor of the 33-storey Sumurwang Tower in i-City, one is greeted by unobstructed views of Shah Alam and Klang. This is also where the brand-new office of Tan Sri Lim Kim Hong, chairman of i-City ­developer i-Bhd, is located.

The Grade A office tower employs fac...

Cover Story: ‘Creating a place where people want to be’

IT was recently reported that a vacancy tax on unsold properties may be imposed on property developers to reduce the overhang. A tax on the inventory of overhang properties is better described as an “unsold property tax”, rather than a vacancy tax.

As far as we know, the only country that implements an unsold property tax is Singapore, which imposes an ABSD (additional buyer’s stamp duty) of 30% (5% non-remittable upon stamping) on unsold properties after five years from the date of acquisition of the land.

The Edge says: Imposing a tax on unsold and vacant properties will be a disaster

TUN Dr Mahathir Mohamad and the four Bersatu leaders aligned to him are staying firm in Bersatu, making an already difficult situation more difficult for party president Tan Sri Muhyiddin Yassin.

The Bersatu quintet have rejected the termination letters issued to them by the party, sign...

Politics and Policy: Legal route to challenge ‘sacking’ may be Mahathir’s best option

THE international community has expressed grave concern over China’s proposed national security law for Hong Kong. They see it as a “comprehensive assault on Hong Kong’s rights and freedoms” which “cannot be tolerated”.

That is the message of an international memorandum against China’s ...

Politics and Policy: An internal affair for some, an assault on rights for others

TELEKOM Malaysia Bhd and either the KLCCP Stapled Group or QL Resources Bhd could be added to the KLCI in the next semi-annual review of the FTSE Bursa Malaysia Index Series on June 4.

On the other hand, analysts say, Malaysia Airports Holdings Bhd (MAHB) and AMMB Holdings Bhd could be ...

Cover Story: Next KLCI review could see Telekom in, MAHB and AMMB out 

THE FBM KLCI hit a low of 1,219.72 points on March 19 after a sell-off triggered by the oil price slump and fears over the impact of the Covid-19 pandemic on the global economy. Just over two months later, the local bourse is entering bull market territory after rebounding 20.9%, led by gains in ...

Cover Story: Market charges ahead despite dismal 1Q earnings

(This article has been updated.)

THE data looks reassuring as Malaysia passes the first month since May 4 when more businesses were allowed to resume operations by adhering to strict standard operating procedures after 47 days of near-lockdown to curb the spread of Covid-19.

Data looks reassuring as Malaysia passes first month of easing restrictions

THE year was 1996. Casino slot machine distributor RGB International Bhd — then known as RGB Sdn Bhd — was in its 10th year of operations, having begun as a humble business in Penang.

Although the company was already fairly established, with customers in Singapore, Cambodia and the Phil...

‘How Stanley Ho changed my business mindset forever’

IN June 1995, exactly two years before Hong Kong’s handover, I was in my small, windowless office in the territory’s Causeway Bay district, when a colleague plonked a Fortune magazine with the cover story, “The Death of Hong Kong”, on my desk. The piece by the magazine’s then Asia editor, the lat...

The Edge Malaysia Weekly

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