Sabah & Sarawak
KTC shares oversubscribed by more than 45 times, rate highest in 2015
Sabah-based Kim Teck Cheong Consolidated Bhd’s (KTC) public issue of which 142 million new ordinary KTC Shares were reserved for application by the Public has been oversubscribed, with the balloting of successful applications made on Monday.
The balloting results was signed off by KTC’s independent non-executive director, Tengku Datin Paduka Setia Zatashah Sultan Sharafuddin Idris Shah.
Cheaper electricity woos investors to Samalaju Industrial Park
Competitive packages, in particular cheaper electricity, are the main pull factor attracting anchor investors to the Samalaju Industrial Park (SIP) located about 62km from Bintulu Central Business District. These investors have expressed confidence in the sustainable renewable energy sources from the Bakun and Murum hydroelectricity power plants.
OCBC to expand Islamic banking network in East Malaysia
For the first time, OCBC Bank Bhd (OCBC Bank) is expanding its Islamic banking branch network to East Malaysia through the establishment of its inaugural OCBC Al-Amin branches in Sibu, Sarawak and Sandakan, Sabah next month. The branches will feature a comprehensive range of OCBC Al-Amin Islamic banking products and services including consumer banking offerings, a business banking centre to serve corporate and SME enterprises, safe deposit boxes, and a premier banking centre (in Sibu).
Favourable prospects for Ta Ann earnings
Ta Ann Holdings Bhd’s (Ta Ann) earnings prospects remain favourable supported by its timber division and the strengthening of the US dollar. MIDF Amanah Investment Bank Bhd maintained their ‘buy’ recommendations with a target price ranging from RM5.12 per share to RM6.50 per share following better than expected third quarter 2015 (3Q15) financial results announced by the company on Monday.
Samalaju Park to get RM237.25 mln from federal govt
The federal government has approved an annual allocation budget of RM237.25 million under the 11th Malaysia Plan for the development of Samalaju Industrial Park (SIP). Sarawak State Planning Unit Deputy Director, Buckland Bangik, said SIP, comprising part of the Sarawak Corridor of Renewable Energy, has received investment of RM25 billion so far involving 15 companies.
Sarawak can produce 300 megawatts of electricity from oil palm residues
Sarawak has the potential to generate 300 megawatts of electricity from oil palm residues, says Chief Minister Tan Sri Adenan Satem. To date, 14 power generation licences were issued to companies that produced electricity using biomass, including for self-generation.
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National
Malaysia aims to match or exceed 2014 timber exports
The government targets this year’s timber exports to equal or exceed last year’s exports worth RM20 billion, says Plantation Industries and Commodities Minister Datuk Amar Douglas Uggah Embas. The 2014 exports accounted for close to three per cent of the country’s total merchandise exports.
IKEA mulls Johr Bahru store in 2 years
Swedish furniture giant IKEA plans to open its third Malaysian store in Johor Baharu in the next two years. The company has land in Johor and Perak, and is always open to the idea of setting up a manufacturing plant in Malaysia.
Asean, G20 cooperation can contribute to stronger global economic growth
Prime Minister Datuk Seri Najib Tun Razak said Asean and the Group of Twenty (G20) can cooperate to ensure a higher rate of investments and contribute to stronger global economic growth. The Prime Minister’s comments were made in his position as the current Asean Chairman to G20 leaders at the working session on inclusive growth which discussed the issue of the global economy, growth strategies and investments as well as jobs.
Malaysia needs strong middle class group to grow its economy
Malaysia needs a strong and growing middle class group or M40 to catapult the nation into achieving the high-income advanced economy status by 2020, Datuk Seri Najib Tun Razak said. The prime minister said in any capital market enterprise economy like Malaysia, the middle class is the driver of the economy.