Sabah & Sarawak
MISC proposes to buy remaining 50 pct stake in Gumusut-Kakap
Shipping company, MISC Bhd has proposed to acquire the remaining 50 per cent stake in Gumusut-Kakap Semi-Floating Production System (L) Limited from E&P Venture Solutions Co Sdn Bhd for US$445 million. E&P Venture Solutions is a unit of Petronas Carigali Sdn Bhd. MISC said the proposed acquisition was a good opportunity for the company to fully own an asset that is under a long-term lease with a strong client, which is a subsidiary of an international oil and gas company.
Oil palm firms can play important role development of renewable energy — Masidi
Oil palm companies can play an important role in the development of renewable energy, says Sabah Tourism, Culture and Environment Minister, Datuk Masidi Manjun. He said the biomass the companies produced could be used to generate electricity.
BornOil ends financial year with higher revenue, profits and gold inventory
For its financial year ended 31st January 2016, Borneo Oil Berhad (BornOil) recorded a sterling set of performance, coupled with its gold inventory touching unprecedented levels.
In an announcement to Bursa Malaysia, the company said that its yearly revenue jumped more than three folds to touch RM279.96 million from the RM84.27 million recorded previously.
MBA to introduce B20 Biodiesel programme by 2017
With the aggressive support from government agencies in implementing higher blends of biodiesel usage, the Malaysian Biodiesel Association (MBA), hopes the next B20 programme in the transport sector can be introduced by 2017.
President UR Unnithan said the move was in line with Malaysia’s commitment to increase the usage of palm oil in biodiesel, which will much benefit the economy in terms of energy security and price support for crude palm oil. The B20 programme involves the blending of 20 per cent palm methyl ester with 80 per cent fossil fuel diesel.
Perdana Petroleum’s termination of vessel delivery an anticipated move
Perdana Petroleum Bhd’s (Perdana Petroleum) termination of the acquisition of a US$84 million 500-men accommodation work barge SK316 was an expected move, said analysts, who viewed this as part of a strategic restructuring process. Public Investment Bank Bhd said it was not fazed by this decision as the group’s new management, Dayang Enterprise Holdings Bhd had been restructuring the Group’s portfolio as its controlling shareholder, and has intended to effectively manage Perdana’s portfolio to ensure a higher fleet utilisation and improved efficiencies.
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National
Tobacco sector feeling the pinch with excise duty, cigarette price hike
Sector players such as British American Tobacco Bhd (BAT), JT International Bhd (JTI) and Phillip Morris International Bhd (PMI) are facing tough times in the forms of an excise freeze and address the issue of illicit cigarettes.
The Confederation Of Tobacco Manufacturers (CMTM), which mainly consists of BAT, PMI and JTI, has urged the government to consider an excise freeze and address the issue of illicit cigarettes, which has escalated to an estimated 45.6 per cent of the total tobacco market as at December 2015.
Bison debuts on main market at RM1.08 per share
Media player Bison Consolidated Bhd (Bison) successfully listed on the main market of Bursa Malaysia on Tuesday, opening at a two sen discount to its retail price of RM1.10 per share with 2.2 million shares exchanging hands.
Malaysia on track to achieve 2016 GDP growth of 4 pct, says Zeti
Malaysia is on track to achieve gross domestic product (GDP) growth of between 4 to 4.5 per cent this year, says Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz. She attributed this is to the current favourable oil price which is in line with the estimation of the policy package already in place, as well as efforts by the government to ensure the growth can be achieved.
Malaysia Airlines to reap profits from 2018
Malaysia Airlines Bhd (MAB) is expected to start recording profit by 2018, based on its commitment and focus on various initiatives being implemented under the MAS Recovery Plan (MRP).
The Finance Ministry in a written reply to the Dewan Rakyat said besides that, MAB had successfully achieved on-time performance, that is on-time departures and arrivals of aircraft, at 95 per cent for all its domestic flights.
1MDB settles remaining RM3 bln balance of syndicated loan
1Malaysia Development Bhd’s (1MDB) unit, Powertek Investment Holdings Sdn Bhd, has fully settled the remaining RM3 billion of a RM3.5 billion syndicated term-loan facility. In a statement on Friday, the company said the loan facility was entered into in May 2014 with a syndicate of domestic banks, led by Maybank.