Sabah & Sarawak
Jaya Tiasa to gain from weakness in ringgit, strength in log dynamics
Jaya Tiasa Holdings Bhd (Jaya Tiasa) stands to benefit from current weakness in the ringgit as well as its strength in log dynamics. However, analysts believe this would be offset by losses at its plantations division and weakness in plywood demand and pricing.
CMS could see softer growth in FY15
AllianceDBS Research Sdn Bhd believe Cahya Mata Sarawak Bhd (CMS) may see slower growth in financial year 2015 on stronger US dollar and lower commodity prices.
Thanks to robust infrastructure development activities in Sarawak, it said CMS so far has enjoyed relatively strong earnings growth since 2012 which has re-rated its share price accordingly.
New Sarawak job boosts TRC Synergy’s orderbook
TRC Synergy Berhad via its wholly-owned subsidiary company, Trans Resources Corporation Sdn Bhd, has been awarded by Petronas Carigali Sdn Bhd a contract worth RM61.6 million.
The new job is mainly for infrastructure works located in Sarawak.
Shell’s 60/70 bitumen grade suitable for Sabah roads, says Pairin
Shell Malaysia’s 60/70 penetration grade bitumen is suitable for roads in hot and humid conditions in Sabah.
Sabah Deputy Chief Minister, Tan Sri Joseph Pairin Kitingan, said the state was keen to see the benefits of the product for Sabah roads soon.
Bintulu Port’s tariff restructure may not likely be early next year
Bintulu Port Holdings Bhd’s (Bintulu Port) proposed tariff restructuring, including a 30 per cent hike for non liquified natural gas (LNG) cargoes at Bintulu Port and a reduction of LNG-tariffs, may not likely be implemented by early next year as predicted.
AmResearch Sdn Bhd said if the reduction in LNG tariff rates are implemented, it would be more than offset by increases in the non-LNG cargo rates and the reduction in lease rentals.
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National
AirAsia says no knowledge of privatisation
AirAsia Bhd (AirAsia) on Wednesday clarified that it has no knowledge of any privatisation moves.
“We were first made aware of the privatisation rumour since it surfaced in August this year with the company shares being actively traded,” it said in a statement to Bursa Malaysia. “The company confirms that it is in discussion with certain bankers to partially finance the buy-back of these AirAsia shares.”
Malaysia to develop drought-resistance oil palm breed
Malaysia will be developing its own drought-resistance breed of oil palm that could withstand several seasons of dry spell, including El Nino within 10 years. International Society for Oil Palm Breeders president Dr Ahmad Kushairi said no efforts were made to produce a drought-resistance breed in Malaysia before as the climate then did not warrant such development.
Malaysia’s August 2015 total trade slips 0.8 pct, exports up at RM66.53 billion
Malaysia reported total trade of RM122.86 billion in August 2015, a drop of 0.8 per cent from a year ago. Of this, exports grew 4.1 per cent to RM66.53 billion and imports declined by 6.1 per cent to RM56.34 billion, giving a surplus of RM10.19 billion. This was the 214th consecutive month of trade surplus since November 1997, the Ministry of International Trade and Industry said.
‘BEPS a major international tax revamp seen in years’ – Deloitte
Deloitte Malaysia believes the reports for the Base Erosion and Profit Shifting (BEPS) project is one of the most significant international tax revamp seen in recent years. The OECD Secretariat published 13 final reports and an explanatory statement outlining consensus actions under the Base Erosion and Profit Shifting (BEPS) project on October 5, ahead of the G20 Finance Ministers’ meeting in Lima, Peru.
BNM revokes permissions for three 1MDB investments overseas
Bank Negara Malaysia (BNM) revoked three permissions granted to 1Malaysia Development Bhd (1MDB) under the Exchange Control Act 1953 (ECA) for investments abroad totalling US$1.83 billion. The central bank said it also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount of US$1.83 billion to Malaysia and requested 1MDB to submit a plan to the central bank for that purpose.
Petronas remains committed to Canadian LNG project
Petroliam Nasional Bhd said it is committed to its Canadian liquefied natural gas (LNG) project despite the tumble in oil and gas prices which has hurt the state-owned oil company’s profitability.