Sabah & Sarawak
Sarawak Cable accepts HNG offer, details yet to be firmed up
Sarawak Cable Bhd’s (Sarawak Cable) accepted the conditional offier from HNG Capital Sdn Bhd for the proposed acquisition of the latter’s 100 per cent stakes in Universal Cable (M) Bhd and Leader Cable Industry Bhd, with details yet to be confirmed, leaving analysts to maintain a hold on the group’s stock. Sarawak Cable announced to Bursa Malaysia the acceptance of the offer for RM210 million following three months of due diligence conducted.
Palm oil seen dropping as Mistry has buy call on planters
Palm oil’s slump to a five-year low on Tuesday offers investors an opportunity to buy plantation stocks, according to Dorab Mistry, director at Godrej International Ltd, who says producers are still making money. “I am often asked these days if palm plantation and processing company equities should be bought: my answer is a resounding yes,” Mistry said, without identifying stocks. “You invest in plantations when palm oil prices are low.”
GST on petroleum products would depend on savings from subsidy rationalisation
Whether or not the Goods and Services Tax (GST) will be imposed on petroleum products will very much depend on how much savings can be derived from the subsidy rationalisation programme. Deputy Finance Minister Datuk Ahmad Maslan said to date, this matter was yet to be resolved. “We are carrying out a study on the subsidy rationalisation and when it is completed we will be able to see how much we have saved.”
Sabah registers favourable trade, investment as of June
Sabah registered favourable trade and investment figures as of June despite various internal and international challenges faced by Malaysia, said Chief Minister Datuk Seri Musa Aman. On Thursday, Musa said Sabah’s trade registered a five per cent increase in exports from January to June, and a 11.4 per cent increase in imports compared with the same period last year, resulting in a trade surplus of RM4.9 billion.
SEB to supply power for Iwatani-SIG plant in Samalaju
Sarawak Energy Bhd on Friday entered into a Power Purchase Agreement (PPA) with IWATANI-SIG Industrial Gases Sdn Bhd, a one-stop industrial gas solutions and service company, for the supply of power to an industrial gas manufacturing plant located in Samalaju Industrial Park. The signing is a beginning of a new partnership between both sides and reflects the strong demand for energy in Sarawak. To date, Sarawak Energy has signed 13 agreements with a total supply of 2,585 MW.
National
Tech sector to see pent-up demand for GST-compliant software
As the application for Goods and Services Tax (GST) draws nearer, the technology sector will likely see software vendors enjoying brisk sales in anticipation of pent-up demand for GST-compliant software. Despite this notion, the reality is that businesses do not seem to be in a hurry to register for the eventual implementation of the GST scheme, highlighted the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research).
Jauhari stays on as MAS CEO til 2015
Malaysia Airline System Bhd (MAS) will retain Ahmad Jauhari Yahya as its chief executive officer until next year. According to the group’s statement to Bursa Malaysia, Jauhari’s contract has been extended from September 20, 2014 to September 19, 2015.
Pikom hopes govt will exempt ICT products from GST
The National Information and Communications Technology (ICT) Association of Malaysia (Pikom) on Wednesday proposed to the government to exempt ICT products from the Goods and Services Tax (GST). In its submission for the 2015 Budget wishlist to the Finance Ministry, the association also proposed a reduction in personal income tax and corporate tax of between one and two percentage points to cushion off the GST effect.
Outplacement centre for 6,000 redundant MAS staff
Khazanah Nasional Bhd (Khazanah Nasional) is to set up a special centre to provide “outplacement support” to some 6,000 Malaysia Airline System Bhd (MAS) staff to be made redundant as part of its restructuring process. A source Thursday said the focus of the outplacement centre would be to extend all relevant and required support to the various groups of employees leaving the national airline.
GST won’t affect jewellery industry, says union
The Goods and Services Tax (GST) will not affect the jewellery industry although customers are imposed a six per cent tax. Saw Eng Hock, treasurer of the youth division of the Penang Chinese Heng WohGoldsmiths Employees Union on Thursday said although sales of jewellery are expected to decline 20 per cent to 30 per cent in the first two years of the introduction of the GST, demand for jewellery would stabilise afterwards.
GST on insurance to benefit consumers
The implementation of the Goods and Services Tax (GST) in the insurance industry would benefit consumers, said Malaysian Insurance Institute (MII) chief executive officer Datuk Syed Moheeb on Thursday. Over a period of time, the claims cost is expected to go down and will impact upon the overall industry statistics moving forward.
Sarawak Cable accepts HNG offer, details yet to be firmed up
Sarawak Cable Bhd’s (Sarawak Cable) accepted the conditional offier from HNG Capital Sdn Bhd for the proposed acquisition of the latter’s 100 per cent stakes in Universal Cable (M) Bhd and Leader Cable Industry Bhd, with details yet to be confirmed, leaving analysts to maintain a hold on the group’s stock. Sarawak Cable announced to Bursa Malaysia the acceptance of the offer for RM210 million following three months of due diligence conducted.
Palm oil seen dropping as Mistry has buy call on planters
Palm oil’s slump to a five-year low on Tuesday offers investors an opportunity to buy plantation stocks, according to Dorab Mistry, director at Godrej International Ltd, who says producers are still making money. “I am often asked these days if palm plantation and processing company equities should be bought: my answer is a resounding yes,” Mistry said, without identifying stocks. “You invest in plantations when palm oil prices are low.”
GST on petroleum products would depend on savings from subsidy rationalisation
Whether or not the Goods and Services Tax (GST) will be imposed on petroleum products will very much depend on how much savings can be derived from the subsidy rationalisation programme. Deputy Finance Minister Datuk Ahmad Maslan said to date, this matter was yet to be resolved. “We are carrying out a study on the subsidy rationalisation and when it is completed we will be able to see how much we have saved.”
Sabah registers favourable trade, investment as of June
Sabah registered favourable trade and investment figures as of June despite various internal and international challenges faced by Malaysia, said Chief Minister Datuk Seri Musa Aman. On Thursday, Musa said Sabah’s trade registered a five per cent increase in exports from January to June, and a 11.4 per cent increase in imports compared with the same period last year, resulting in a trade surplus of RM4.9 billion.
SEB to supply power for Iwatani-SIG plant in Samalaju
Sarawak Energy Bhd on Friday entered into a Power Purchase Agreement (PPA) with IWATANI-SIG Industrial Gases Sdn Bhd, a one-stop industrial gas solutions and service company, for the supply of power to an industrial gas manufacturing plant located in Samalaju Industrial Park. The signing is a beginning of a new partnership between both sides and reflects the strong demand for energy in Sarawak. To date, Sarawak Energy has signed 13 agreements with a total supply of 2,585 MW.