Sabah & Sarawak
Labuan must transform economic base to embrace tourism and education
The oil and gas (O&G) sector may well cease to be Labuan’s main driver of growth and for this reason, there is a need to transform the economic base to also embrace tourism and education. Labuan Member of Parliament Datuk Rozman Isli said the sector had traditionally played an important role in the island’s economy.
Analysts neutral on Dayang’s outlook despite contract win
Despite winning its first contract of the year, analysts were neutral on the outlook of Dayang Enterprise Holdings Bhd (Dayang).
They opined that the contract value was not significant while the challenging outlook for the oil and gas (O&G) industry due to the soft crude oil price environment could slowdown future contracts awards.
Good growth for Bintulu Port’s container handling in 2016
Bintulu Port Holdings Bhd (Bintulu Port) expects positive container throughput growth for this year.
Chief executive officer Datuk Mior Ahmad Baiti is confident that the port will achieve an improved performance in container handling after witnessing a double-digit growth on a quarterly basis.
SEB’s LoI with North Kalimantan lays groundwork to expand internationally
Sarawak Energy Bhd (SEB) signing a letter of intent (LoI) Tuesday night with Indonesia’s Northern Province of Kalimantan (Kaltara) lays the groundwork for the group to expand internationally.
The state-government owned utility signed a LoI with Kaltara on Wednesday night, formalising an agreement to explore partnership opportunities in power opportunities in power generation projects and strategy formulation to improve the power supply infrastructure in Kaltara.
Govt provides various facilities to help local entrepreneurs
The state and federal governments have provided various facilities to assist local entrepreneurs, including the Bumiputera community, so that they are not left out of national development, said Sabah Chief Minister Datuk Seri Musa Aman.
He said towards this end, the Small and Medium Enterprises (SMEs) had played a significant role in economic and entrepreneurial development in Malaysia.
—
National
Sime Darby’s new oil palm breed to produce 16 pct more oil
Sime Darby Bhd expects its new oil palm breed, the Genome Select, to produce at least 16 per cent more oil and contribute positively to the group’s bottom line by 2023. The Genome Select is also expected to produce more oil than the Calix 600 which is currently the best planting material for Sime Darby Plantations. The Genome Select will be planted at two 50 hectare sites located in the coastal and inland areas and Mohd Bakke said the palm would deliver higher oil yields without having to increase hectarage.
Hektar REIT injects RM20 mln to enhance Landmark Central
Hektar Real Estate Investment (Hektar REIT) will inject RM20 million this year to enhance Landmark Central in Kulim, Kedah, as part of its strategy to increase the overall net lettable area (NLA) of malls within its portfolio. Hektar REIT focuses on the management of retail shopping centres and currently its net lettable area stood at 1.8 million square feet.
IPIC has not made interest payment of US$50.3 mln, says 1MDB
1Malaysia Development Bhd (1MDB) said International Petroleum Investment Company (IPIC) has not made an interest payment of US$50.3 million as required under the terms of a binding term sheet executed on May 28, 2015. Under the binding term sheet, 1MDB said IPIC assumed the obligation to pay the interest and the principal for its US$1.75 billion bond due 2022, issued by 1MDB Energy (Langat) Ltd.
Reprieve comes as analysts laud continuation of BNM policies
Analysts expect reprieve to come for the local bourse and market sentiments as Deputy Governor of Bank Negara Malaysia (BNM), Datuk Muhammad Ibrahim has been appointed as the new governor effective May 1, 2016 – ending months of market speculation. Ibrahim will replace Tan Sri Zeti Akhtar Aziz who will retire at the end of April, after 16 years at helm. He will chair his first MPC meeting on May 19, 2016.
Indonesia’s CPO export tax hike good news for Malaysia
Indonesia has raised its crude palm oil (CPO) export tax to US$3 per metric tonne for May 2016 and this is expected to bode well for Malaysia’s CPO price, analysts say. MIDF Amanah Investment Bank Bhd’s research arm said as CPO prices exceed US$750 per metric tonne, the export tax will start from US$3 per metric tonne onwards on top of the existing export levy of US$50 per metric tonne.
Sukuk issuance jumps 50.5 pct in first two months
Malaysia’s sukuk issuance jumped 50.5 per cent to RM22.8 billion in the first two months of 2016, compared to RM15.1 billion for the same period in 2015.
Statistics from RAM Ratings showed a significant contribution to global sukuk issuance figures.