MARKET DEVELOPMENT
The Week at A Glance 5 October 2014
The Week at A Glance 5 October 2014
06/10/2014 (Borneo Post) - The week at a glance 5 October 2014
Sabah & Sarawak
Nam Cheong to invest us$30.7 mln for 30 pct stake in bbr
Nam Cheong Ltd (Nam Cheong) will invest US$30.7 million to subscribe to about 30 per cent of the enlarged share capital of PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), an indirect subsidiary of Marco Polo Marine Ltd (MPML).
In a statement Monday, the group said it had entered into a binding Heads of Agreement with MPML to subscribe 1.6 million new shares in the BBR rights issue at an issue price of IDR230 a share and to be funded through internal resources.
Coastal Contracts orderbook now at record RM2.6 billion
With the securing of the sale of seven units offshore support vessels (OSV) for an aggregate value of RM444 million, Coastal Contracts Bhd’s (Coastal Contracts) orderbook now stands at a record RM2.6 billion.
Of this, RM1.4 billion consists of OSVs while the remainder RM1.2 billion is for a gas compression unit to be chartered to Mexico’s Pemex starting mid-2015 for a fixed term of eight years.
Sarawak Plantation procures RM180 million banking facilities
Sarawak Plantation Bhd (Sarawak Plantation) has requested for general banking facilities from AmIslamic Bank Bhd (AmIslamic Bank) totalling RM180 million.
The company in a filing to Bursa Malaysia said its wholly-owned subsidiary Sarawak Plantation Agriculture Development Sdn Bhd (SPAD) had executed a facility agreement and memorandum of charge with AmIslamic Bank for the general banking facilities.
Indonesia passes plantations bill, drops clause on foreign ownership
Indonesia has approved a plantations bill that aims to maximise land usage and open up the sector to smallholders, a government official said on Tuesday, with a controversial foreign ownership clause dropped from the final version.
The draft of the bill, which was drawn up by members of Indonesia’s parliament, would have retroactively limited foreign ownership of plantations to no more than 30 per cent, down from the current maximum of 95 per cent.
Perfect Livin Home and Lifestyle Exhibition aims for RM20 mln sales
The four-day Perfect Livin Home and Lifestyle Exhibition from October 2 to 5 targets to generate sales of RM20 million this year which is a RM2 million increase from its previous instalment.
According to event organiser i.Star Ideas Factory Sdn Bhd business development manager Janice Yam, they are confident of achieving this target judging by the overwhelming response they received earlier this year.
Contribution from cement division congeals concrete earnings for CMS in 2H
Cahya Mata Sarawak Bhd’s (CMS) earnings in the second half of 2014 (2H14) is expected to be driven by higher contribution from its cement division.
RHB Research Institute Sdn Bhd (RHB Research) in a recent report said CMS’s financial performance in 2H14 will be boosted by the upward revision of cement prices announced earlier this year.
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National
Unaffected by atm tampering
Affin Bank Bhd and Affin Islamic Bank Bhd on Monday assured customers that there has been no breach or compromise of their accounts following the recent incident of stolen cash from six automated teller machines (ATMs).
The banks said pending the outcome of police investigation, they have put in place additional control measures at all ATMs at branches and offsite locations.
Khazanah hopes govt enacts mas act early next year
Khazanah Nasional Bhd hopes the government will enact the ‘MAS Act’ early next year, before MAS NewCo is set up in the middle of next year.
According to the RM6 billion recovery plan for MAS, its shares will be delisted from Bursa Malaysia by year-end and a new company (Newco) will be created to carry on the airline’s business.
Sime Darby aborts deal to buy Kulim’s shares in nbpol
Sime Darby Bhd has decided not to proceed with the proposed acquisition of Kulim (Malaysia) Bhd’s equity interest in New Britain Palm Oil Ltd (NBPOL).
In a filing to Bursa Malaysia yesterday, Sime Darby said the exclusivity period under the agreement had expired on Sept 28.
In July, Sime Darby was selected as the preferred bidder for the sale of all of Kulim’s shares in NBPOL.
Gst registration exercise draws 71,916 companies
The registration exercise for the Goods and Services Tax (GST) has attracted about 71,916 companies as of Oct 1. Royal Malaysian Customs Department Deputy Director General (GST) Datuk Zainul Abidin Taib said on Sept 30, the number of registrations jumped by 6,000 companies.
“The figure is very encouraging based on the GST awareness and other overall programes being undertaken by the Customs Department in relation to it.
Only marginal impact on inflation rate with latest fuel subsidy cut – Analysts
The latest fuel subsidy cut by 20 sen for RON95 petrol as well as diesel is expected to have a marginal impact on inflation rate this year. Nonetheless, analysts forecast the inflation rate to escalate to four per cent next year on higher prices of consumer goods and the implementation of Goods and Services Tax (GST).
The research arm of Maybank Investment Bank Bhd (Maybank Research) said the move to reduce the fuel subsidy has sent a clear message of the government’s commitment to fiscal reform.
More glove orders may flood in from first Ebola case in the US
Rubber gloves players may see an increase in demand following the first confirmed case of Ebola outside of Africa.
According to historical epidemics episodes, analysts at MIDF Amanah Investment Bank Bhd (MIDF Research) said the surge in demand for rubber gloves usually occurs before an epidemic.
This is due to the belief that health providers will stock up on gloves as a preventive measure when dealing with the disease.
Sabah & Sarawak
Nam Cheong to invest us$30.7 mln for 30 pct stake in bbr
Nam Cheong Ltd (Nam Cheong) will invest US$30.7 million to subscribe to about 30 per cent of the enlarged share capital of PT Pelayaran Nasional Bina Buana Raya Tbk (BBR), an indirect subsidiary of Marco Polo Marine Ltd (MPML).
In a statement Monday, the group said it had entered into a binding Heads of Agreement with MPML to subscribe 1.6 million new shares in the BBR rights issue at an issue price of IDR230 a share and to be funded through internal resources.
Coastal Contracts orderbook now at record RM2.6 billion
With the securing of the sale of seven units offshore support vessels (OSV) for an aggregate value of RM444 million, Coastal Contracts Bhd’s (Coastal Contracts) orderbook now stands at a record RM2.6 billion.
Of this, RM1.4 billion consists of OSVs while the remainder RM1.2 billion is for a gas compression unit to be chartered to Mexico’s Pemex starting mid-2015 for a fixed term of eight years.
Sarawak Plantation procures RM180 million banking facilities
Sarawak Plantation Bhd (Sarawak Plantation) has requested for general banking facilities from AmIslamic Bank Bhd (AmIslamic Bank) totalling RM180 million.
The company in a filing to Bursa Malaysia said its wholly-owned subsidiary Sarawak Plantation Agriculture Development Sdn Bhd (SPAD) had executed a facility agreement and memorandum of charge with AmIslamic Bank for the general banking facilities.
Indonesia passes plantations bill, drops clause on foreign ownership
Indonesia has approved a plantations bill that aims to maximise land usage and open up the sector to smallholders, a government official said on Tuesday, with a controversial foreign ownership clause dropped from the final version.
The draft of the bill, which was drawn up by members of Indonesia’s parliament, would have retroactively limited foreign ownership of plantations to no more than 30 per cent, down from the current maximum of 95 per cent.
Perfect Livin Home and Lifestyle Exhibition aims for RM20 mln sales
The four-day Perfect Livin Home and Lifestyle Exhibition from October 2 to 5 targets to generate sales of RM20 million this year which is a RM2 million increase from its previous instalment.
According to event organiser i.Star Ideas Factory Sdn Bhd business development manager Janice Yam, they are confident of achieving this target judging by the overwhelming response they received earlier this year.
Contribution from cement division congeals concrete earnings for CMS in 2H
Cahya Mata Sarawak Bhd’s (CMS) earnings in the second half of 2014 (2H14) is expected to be driven by higher contribution from its cement division.
RHB Research Institute Sdn Bhd (RHB Research) in a recent report said CMS’s financial performance in 2H14 will be boosted by the upward revision of cement prices announced earlier this year.
——
National
Unaffected by atm tampering
Affin Bank Bhd and Affin Islamic Bank Bhd on Monday assured customers that there has been no breach or compromise of their accounts following the recent incident of stolen cash from six automated teller machines (ATMs).
The banks said pending the outcome of police investigation, they have put in place additional control measures at all ATMs at branches and offsite locations.
Khazanah hopes govt enacts mas act early next year
Khazanah Nasional Bhd hopes the government will enact the ‘MAS Act’ early next year, before MAS NewCo is set up in the middle of next year.
According to the RM6 billion recovery plan for MAS, its shares will be delisted from Bursa Malaysia by year-end and a new company (Newco) will be created to carry on the airline’s business.
Sime Darby aborts deal to buy Kulim’s shares in nbpol
Sime Darby Bhd has decided not to proceed with the proposed acquisition of Kulim (Malaysia) Bhd’s equity interest in New Britain Palm Oil Ltd (NBPOL).
In a filing to Bursa Malaysia yesterday, Sime Darby said the exclusivity period under the agreement had expired on Sept 28.
In July, Sime Darby was selected as the preferred bidder for the sale of all of Kulim’s shares in NBPOL.
Gst registration exercise draws 71,916 companies
The registration exercise for the Goods and Services Tax (GST) has attracted about 71,916 companies as of Oct 1. Royal Malaysian Customs Department Deputy Director General (GST) Datuk Zainul Abidin Taib said on Sept 30, the number of registrations jumped by 6,000 companies.
“The figure is very encouraging based on the GST awareness and other overall programes being undertaken by the Customs Department in relation to it.
Only marginal impact on inflation rate with latest fuel subsidy cut – Analysts
The latest fuel subsidy cut by 20 sen for RON95 petrol as well as diesel is expected to have a marginal impact on inflation rate this year. Nonetheless, analysts forecast the inflation rate to escalate to four per cent next year on higher prices of consumer goods and the implementation of Goods and Services Tax (GST).
The research arm of Maybank Investment Bank Bhd (Maybank Research) said the move to reduce the fuel subsidy has sent a clear message of the government’s commitment to fiscal reform.
More glove orders may flood in from first Ebola case in the US
Rubber gloves players may see an increase in demand following the first confirmed case of Ebola outside of Africa.
According to historical epidemics episodes, analysts at MIDF Amanah Investment Bank Bhd (MIDF Research) said the surge in demand for rubber gloves usually occurs before an epidemic.
This is due to the belief that health providers will stock up on gloves as a preventive measure when dealing with the disease.