Sabah & Sarawak
Sheda Kuching to hold property GST Audit seminar next week
Sarawak Housing And Real Estate Developer Association (Sheda) Kuching branch will host a one day seminar on managing goods and services tax (GST) audit in the property sector next week on Thursday, July 21, from 8.30am to 5.30pm at Imperial Hotel, Kuching. Titled ‘Managing goods and services tax (GST) Audit from Property Developer’s Perspective & GST Planning for Joint Venture Agreement’, the GST seminar will focus on the scope of various GST audits conducted by the Royal Malaysian Customs Department (RMCD), with emphasis on areas that pertain to the property industry.
Analysts positive on Press Metal’s share split, bonus and internal reorganisation
Analysts are positive on Press Metal Bhd’s (Press Metal) proposal to undertake share split and bonus, in addition to an internal reorganisation. In a filing on Bursa Malaysia, Press Metal announced a total of five proposals, the first being a proposed share split involving the subdivision of every one ordinary share of RM0.50 each in Press Metal held by the shareholders of the company on an entitlement date to be determined and announced later, into two ordinary shares of RM0.25 each in Press Metal.
June palm oil stocks up 7.66 pct to 1.78 mln tonnes
Malaysia’s total palm oil stocks in June 2016 rose 7.66 per cent to 1.78 million tonnes against 1.65 million tonnes registered in May 2016, said the Malaysian Palm Oil Board. Crude palm oil stocks for June 2016 increased 10.70 per cent to 977,709 tonnes from 883,200 tonnes registered in May and that of processed palm oil went up 4.16 per cent to 798,555 tonnes in May.
Vivocom to undertake 1-for-4 bonus issue
Vivocom Intl Holdings Bhd (Vivocom) will undertake a 1-for-4 bonus issue of up to 870.31 million new shares to reward its loyal shareholders. In a statement, the company said the shares would be credited, as fully paid-up, on an entitlement date to be determined later.
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National
Petronas to cease Berantai RSC in September
Petronas has reached a mutual agreement with Petrofac Energy Developments Sdn Bhd, Kencana Energy Sdn Bhd and Sapura Energy Ventures Sdn Bhd for the cessation of the Berantai Risk Service Contract (RSC) effective Sept 30, 2016. The RSC’s cessation would allow the group to minimise the project’s long-term value erosion and optimise its development and production activities in Malaysia.
Bank Negara reduces OPR to 3 per cent
At the Monetary Policy Committee (MPC) meeting, Bank Negara Malaysia (BNM) decided to reduce the Overnight Policy Rate (OPR) to three per cent, with the The ceiling and floor rates of the corridor for the OPR correspondingly reduced to 3.25 per cent and 2.75 per cent respectively. This goes against the general expectations of research firms in Malaysia who expected BNM to maintain the OPR at the current rate throughout this year.
Airasia X wins Best Low-Cost Premium Cabin Award for fourth consecutive year
AirAsia X Bhd has won World’s Best Low-Cost Airline Premium Cabin and World’s Best Low-Cost Airline Premium Seat awards for the fourth year in a row at the 2016 Skytrax World Airline Awards held at the Farnborough International Airshow.
MSWG: Transparency index set to see further increase this year
The Transparency Index of Malaysia’s top 100 public-listed companies (PLCs) is expected to see further increase and possibly hit 82 points this year, said the Minority Shareholders Watchdog Group (MSWG). Chief executive officer, Rita Benoy Bushon, said the index’s uptrend, which it has experienced for the past four years, would continue if more firms disclose the minutes of their annual general meetings.
Ringgit hit a 10-week high after rate cut; BoE stimulus views lift Asia
Most emerging Asian currencies extended gains on expectations that the Bank of England will cut interest rates later in the day, joining a fresh global wave of stimulus and further improving investors’ appetite for riskier assets. Malaysia’s ringgit hit a 10-week high as the government bond prices extended gains after the central bank’s surprise interest rate cut on Wednesday.
Honda to have sufficient stock of TAkata driver side airbag inflators by mid-Aug
Honda Malaysia will have sufficient stock of the Takata driver side airbag inflator by mid-August which will smoothen the replacement process of the affected parts of the relevant recalls. In a statement, Honda said currently it was working with Takata Corporation to increase supply of the affected parts.