Sabah & Sarawak
Borneo Oil sees overwhelming response for rights issue
Borneo Oil Bhd (Borneo Oil), which has successfully transformed itself into a major gold mining player in Malaysia, saw its recent rights issue subscribed by 112.53 per cent. Borneo Oil had embarked on a renounceable rights issue entailing up to 2.373 billion rights shares at an issue price of RM0.10 per rights share on the basis of six rights shares for every one existing Borneo Oil Share held, together with up to 1.186 billion free detachable Warrants C on the basis of one free Warrant C for every two rights shares subscribed.
Analysts peg Samalaju Port as potential gravy train for Bintulu Port’s earnings
Analysts expect Samalaju Port, which can handle 18 million tonnes of cargo, to be fully completed by the final quarter of 2016 (4Q16) and ready for full operations by 1Q17. It is currently operating with some interim facilities.
Plenty of job opportunities in SCORE for Sarawakians
The Regional Corridor Development Authority noted that there is still plenty of opportunities for local companies to tap into when it comes to the Sarawak Corridor of Renewable Energy.
This falls back on the eight major investment components in the SCORE initiative – namely energy, physical infrastructure, targeted industries, manpower, new growth nodes, marine engineering/shipbuilding, halal hub and tourism as well as environmental management.
KPMG launches new office in Miri
KPMG Malaysia has launched a new office in Miri as part of its sustainable growth journey to enable us to expand our reach to serve our clients more effectively within East Malaysia.
Instacom changes name to Vivocom Intl Holdings Bhd, bags China contract
Instacom Group Bhd is changing its name to Vivocom Intl Holdings Bhd, to signal group’s transformation into a domestic and regional construction powerhouse.
Meanwhile, the group has successfully secured additional works from China’s construction behemoth China Railway Construction Corporation Ltd, via its Malaysian arm, CRCC Malaysia Berhad, for an amount of RM231 million.
Ministry identifies two steps to reduce high stocks
The Ministry of Plantation Industries and Commodities has identified two measures to halt the rise in stockpiles of the crude palm oil in the country. The first step we will table it in cabinet to increase the percentage of the usage of bio-diesel from B7 and extended to B10. The second approach is through a RM100 million scheme by the Malaysian Palm Oil Board to encourages big scale growers to replace old, low-yielding oil palms with new saplings on some 83,000ha of plantations.
Plaza Shell shows importance of O&G sector in Sabah
Plaza Shell, the new office for Shell here, is a testament to the importance of the oil and gas sector in Sabah’s growing economy, Chief Minister Datuk Seri Musa Aman said on Friday.
Shell Malaysia chairman Datuk Iain Lo said Sabah produces almost 50 per cent of the oil in Malaysia. Sabah is also the biggest producer of crude palm oil.
Sabah, Sarawak have tremendous potential for biomass activity
Sabah and Sarawak, which account for 50 per cent of Malaysia’s total oil palm hectarage, have tremendous potentials in growing the biomass sector, says the Innovation Agency of Malaysia (AIM). Its chief executive officer, Mark Rozario, said industry players should undertake extensive efforts to promote the sector, particularly in the downstream which had a wide source of feedstocks.
—
National
Minor TPPA benefits for plantation sector
Preliminary assessment on the Trans Pacific Partnership Agreement (TPPA) shows incremental impact on Malaysia’s plantation sector which will be largely neutral-to-marginally positive, with downstream operators to benefit the most. The TPPA is an expanded free trade agreement negotiated en-bloc among 12 nations – Malaysia, Singapore, Brunei, Vietnam and Japan in the Asian continent; Australia and New Zealand in the Pacific; USA, Canada, Chile, Mexico and Peru in the US.
Vietnam keen to emulate Malaysia bond market
Vietnam wants to emulate Malaysia’s model in developing the bond market to fund its expanding economy and growing appetite for long-term infrastructure funds, said Vietnam Bond Market Association (VBMA) General Secretary, Do Ngoc Quynh.
MICE industry players urged to bring more international conferences
Malaysian MICE (meetings, incentives, conferencing and exhibitions) industry players must step up their game and bring more international conferences to Malaysia.
Fairs & Events Management Sdn Bhd chief executive officer, Jonathan Kan Thai Kim, said the industry contributed significantly to the economy as it has spillover effects on the tourism industry’s sub-sectors such as restaurants, transportation and hotels.
Malaysia, Thailand and China among top emerging market household debt
An estimated US$6.2 trillion jump in emerging market household debt should stir regulators into action, given the red flags raised by rising problem loans and slowing economic growth, the Institute of International Finance said in a report.
The IIF estimated that combined global household debt was now more than 44 trillion and that US$6.2 trillion of a US$7.7 trillion rise in the amount since 2007 – prior to the global financial crisis – was in emerging markets.