Sabah & Sarawak
Stable rating assigned to five-year tranche of Perdana Petroleum’s sukuk
RAM Ratings has assigned a final rating of AAA(fg)/stable to the RM635 million five-year tranche of Perdana Petroleum Berhad’s (Perdana Petroleum) RM650 million Sukuk Murabahah Programme (2016/2028). The rating is premised on an irrevocable and unconditional financial guarantee extended by Danajamin Nasional Bhd, which enhances the credit profile of the five-year tranche beyond the group’s stand-alone credit strength.
Labuan IBFC committed to enhance regulatory framework, supervisory regime
The Labuan International Business and Financial Centre (Labuan IBFC) is committed to continuously enhance its regulatory framework and supervisory regime in conformity with international standards and practices on transparency and regulatory compliance. Chief executive officer Danial Mah said the current issue relating to the information leakage has heightened the demand for greater transparency and effective exchange of information across all international financial centres.
Naim brings one of Malaysia’s largest hypermart operators to Bintulu
Naim Group of Companies (Naim) recently inked a tenancy agreement with Econsave Cash and Carry for its first hypermart branch in Bintulu. The hypermarket is to be sited at a strategic location within Bintulu Paragon and with a size of more than 40,000 square feet (sq ft), the hypermart once operational, will be the largest one in Bintulu.
Price recovery of crude palm oil to boost Sarawak Plantation earnings
The upward movement of crude palm oil prices over the past few months will benefit plantation players such as Sarawak Plantation Bhd (Sarawak Plantation). The research arm of MIDF Amanah Investment Bank Bhd outlined the recovery in CPO prices and the positive growth for the firm’s fresh fruit bunches production would serve as ‘double blessings’ and boost its earnings in 2016.
Habitat Resources rising to government’s call to go into agribusiness
Habitat Resources Sdn Bhd, (Habitat) a Sarawakian company has signed a turnkey contract with Danish Farm Concept (DFC) to position itself to be able to set up and supply a modern hog production facility in Sarawak. This move comes in response to the Sarawak’s government call for the private sector to invest in agribusiness.
Sabah needs innovative products to lure oil, gas investors
In order to become a competitive player in the oil and gas industry, Sabah needs to be innovative in its product offerings to draw investors and traders to the state.
Chief Minister Datuk Seri Musa Aman said this included offering downstream products that could present the state with great potential to become a strategic regional hub for oil trading and supply.
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National
Nazir takes leave from CIMB to allow fund transfer probe
CIMB Group Chairman, Datuk Seri Nazir Razak, will be on leave of absence pending an internal review of US$7 million which he helped distribute ahead of the 13th General Election. He said the internal review, which started on April 5, was expected to be concluded in several weeks. The board has engaged Ernst & Young as external auditor to assist in the review process.
Pecca makes impressive debut with 29 sen premium
Largest automotive leather upholstery supplier, Pecca Group Bhd, made an impressive debut on the Main Market of Bursa Malaysia at a 29-sen premium from its issued price of RM1.42. The counter opened at RM1.71 with 3.4 million shares traded.
Rystad predicts oil prices to rise to US$80 by 2018, US$105 by 2020
Oil prices will rise to US$80 per barrel by 2018, and up to US$105 per barrel by 2020, a base case prediction by Jarand Rystad, a global expert on oil macro analysis. “Now is the ‘time for the opportunist’, and those with deep pockets and shareholders willing to forgo short-term dividends are best placed to capitalise,” said the Managing Partner of Rystad Energy, a Norwegian-based energy consulting firm.
Malaysia, EU to resume negotiations on FTA
Malaysia and the European Union (EU) will resume technical negotiations for a Free Trade Agreement beginning May. Several meetings were postponed earlier to pave the way for Malaysia to be fully engaged with the Trans Pacific Partnership (TPP) negotiations, said Ambassador and Head of EU Delegation Luc Vandebon.
Doubts cloud Malaysia Airlines recovery after abrupt CEO exit
Malaysia Airlines said chief executive Christoph Mueller would step down little more than a year after joining the struggling carrier in September, an early departure that raises concerns over the future of the aviation veteran’s turnaround strategy. The airline said late on Tuesday Mueller’s exit was triggered by “changing personal circumstances”.
EPF members can now make housing, education withdrawals via e-pengeluaran
The Employees Provident Fund (EPF) has extended its e-Pengeluaran online facility to include education withdrawals, allowing members to submit their application online to withdraw from their EPF savings. The education withdrawal facility is the latest and second addition to e-Pengeluaran after housing withdrawals, which has been further enhanced with increased number of participating financial institutions.
Maxis to spend another RM1.3 bln to expand 4G network infrastructure
Maxis Bhd has allocated another RM1.3 billion this year to expand its long-term evolution (LTE) fourth-generation (4G) network infrastructure, which is about the same amount it spent last year. Chief executive officer Morten Lundal said Maxis, is currently the nationwide leader in terms of population coverage with 2.2 million users, or about 74 per cent of total 4G users nationwide.