Sabah & Sarawak
Barakah offshore’s unit bags welding contract
Barakah Offshore Petroleum Bhd’s wholly-owned subsidiary PBJV Group Sdn Bhd has bagged a welding contract from Murphy Sarawak Oil Co Ltd, Murphy Sabah Oil Co Ltd and Murphy Peninsular Malaysia Oil Co Ltd. In a filing to Bursa, Barakah said the contract includes the provision of welding services for Murphy’s drilling and subsea programme for the period from the date of the award until 2018.
KTC enters into distribution agreements for distribution of beverages
Kim Teck Cheong Consolidated Bhd (KTC) has entered into various distribution agreements for the distribution of dairy products and soft drinks.
Kim Teck Cheong Distribution Sdn Bhd (KTC Distribution), a wholly-owned subsidiary of KTC and Kim Teck Cheong (Sarawak) Sdn Bhd (KTC Sarawak), a 80 per cent equity owned subsidiary of KTC, had on June 13 entered into separate distributorship agreements with Cotra Enterprises Sdn Bhd (CESB).
HSL takes legal action against Brahim’s over sugar refinery factory
Hock Seng Lee Bhd (HSL) is sueing Brahim’s Holdings Bhd (Brahim’s) over works done by the former in relation to the construction of a sugar refinery factory here. Brahim’s told Bursa Malaysia that its 60 per cent owned subsidiary Admuda Sdn Bhd (Admuda) had on June 10 received a writ of statement of claim which was filed at the High Court of Sabah and Sarawak at Kuching by HSL. HSL seeks to claim against Admuda the sum of RM6.94 million together with interest thereon as the court deems fit from June 24, 2014 until full and final settlement as alleged damages.
Proper tax planning necessary to update businesses
Deloitte Tax Services Sdn Bhd (Deloitte) emphasised on the importance of having proper tax planning for businesses especially with updates to Malaysia’s tax regime from time to time. Executive director Chow Kuo Seng encourages businesses to perform tax planning as it will enable them to have good cash flow management especially during the current era of Goods and Services Tax.
B10 for sale must comply with provisonal standard, says ministry
The government will ensure that all B10 biodiesel sold in the country complies with the provisional standard under MS 2535:2013(P), said the Ministry of Plantation Industries and Commodities. The B10 standard has been in development since 2013, and a number of automotive manufacturers including Mercedes Benz, Scania, Peugeot, UD Truck and Volvo Truck have indicated their acceptance of B10.
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National
Bina Puri to raise up to RM18.12 mln via Megapower IPO
Bina Puri Holdings Bhd is expected to raise up to RM18.12 million from the proposed listing of its 80 per cent-owned indirect subsidiary, PT Megapower Makmur Tbk, on the Indonesia Stock Exchange. Megapower has proposed to undertake an initial public offering involving a public issue of 300 million new shares representing 30.93 per cent of its issued and paid-up capital.
Launch of new Proton Perdana a turning point for national carmaker
The launch of the new model of the Proton Perdana, an executive sedan by Proton Holdings Bhd (Proton), could prove to be a turning point for the national carmaker, said Prime Minister Datuk Seri Najib Tun Razak. He said the launch also symbolised the government’s determination to help Proton regain its glory days and put it on track to generating more profit whichwill benefit the country.
Wary on Proton’s long-term outlook despite new model
DRB-Hicom Bhd’s (DRB) wholly-owned Proton has launched the new Proton Perdana but analysts are concerned on Proton’s long term sustainability, especially market acceptance of Proton’s new model lineups.
The research arm of Hong Leong Investment Bank Bhd (HLIB Research) believed that the turnaround of Proton would be dependent on the upcoming success of new models of Persona, Saga and Ertiga, which might boost up sales by 10,000 units per month (120,000 per annum), and improve Proton’s margins.
Malaysia steps in as 1MDB exits development project, PM offers incentives
The Malaysian government signed an agreement on Thursday to take over 1Malaysia Development Bhd’s (1MDB) remaining stake in a multi-billion dollar development project, as the troubled state fund seeks to cut its debts. The shareholder agreement will put the finance ministry in control of 1MDB’s 40 percent holding in the Bandar Malaysia project.
Malaysia records RM37.3 bln investments in 1Q
Malaysia recorded RM37.3 billion worth of approved investments in the services, manufacturing and primary sectors during the first quarter of 2016, involving 1,271 projects which will create 39,990 job opportunities.
Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, said the country remained a competitive investment location for foreign investors, with foreign direct investments up to RM12.8 billion in the first quarter this year from RM10 billion in the corresponding period of 2015.