Sabah & Sarawak
Sarawak needs more investment to spur growth, development
Sarawak needs more investment, particularly Foreign Direct Investment (FDI) to spur its growth and development, the State assembly was told on Monday. State Industrial Development, Entrepreneurs, Trade and Investment Minister Datuk Amar Awang Tengah Ali Hasan said as at August this year, the Malaysian Investment Development Authority (MIDA) approved 12 projects amounted to RM2.3 billion for Sarawak. Of the amount, the FDI amounted to RM1.6 billion, while the domestic direct investment totalled RM760 million, he said when winding up debate for his ministry.
BLD Plantation posts strong results for 3Q16
BLD Plantation Bhd (BLD Plantation) registered a set of impressive financial results for the third quarter of 2016 (3Q16) ending September 2016 compared with the previous quarter.
The plantation company in a filing to Bursa Malaysia said 3Q16 net profit soared by 293 per cent year-on-year to RM4.86 million from RM1.24 million recorded in 3Q15
Vivocom’s 9MFY16 earnings slightly below expectation
Vivocom International Holdings Bhd’s (Vivocom) first nine months of financial year 2016 (9MFY16) earnings came in slightly below analysts’ expectations, which led trimmed estimates towards a more defensive stance.
According to its filing on Bursa Malaysia, Vivocom’s profit after tax to date ended September 30, 2016 amounted to RM64.62 million, compared with the preceding year’s corresponding period of RM6.21 million.
CMS makes a comeback, smoother path ahead
Cahya Mata Sarawak Bhd (CMS) recorded a decent third quarter of 2016 (3Q16) despite the temporary setback earlier this year and analysts believe the group will see a smoother path ahead. RHB Research Sdn Bhd (RHB Research) said the kitchen sinking exercise from the close of its hedging position at OM Materials Sarawak Sdn Bhd (OMS) helped to turn associates earnings back into the black.
RAM Ratings reaffirms Sabah Ports’ AA3 issue rating
RAM Ratings has reaffirmed the AA3/stable rating of Sabah Ports Sdn Bhd’s (Sabah Ports) RM80 million Bai’ Bithaman Ajil Debt Securities (2007/2017) (BaIDS), premised on the Company’s critical position as Sabah’s main port operator as well as its stable debt-servicing ability. In line with the rating agency’s expectation, current weak economic conditions had resulted in Sabah Ports handling lower cargo and container throughput at wharves, which had eroded its top line by 4.5 per cent year on year.
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National
Matang’s IPO will involve 130 mln new shares of 10 sen each
The initial public offering (IPO) exercise of Matang Bhd, which is enroute to listing on the ACE Market of Bursa Malaysia Securities Bhd, will involve the issuance of 130 million new shares of 10 sen each. In a statement, Matang said this represents about 7.18 per cent of the enlarged issued and paid-up share capital of the company after listing.
Steel suppliers could face US’ hardening stance on imports
Asian steel suppliers, particularly from China, Taiwan, South Korea and Japan could face a hardening of stance in respect of exports to the US.
This follows the election of Donald Trump as the next US President and the sensitive issue of steel dumping by foreign suppliers.
New members appointed to BNM financial stability executive committee
Bank Negara Malaysia has appointed Deputy Governor Abdul Rasheed Ghaffour, Datuk Johan Idris and Yoong Sin Min as members of the bank’s Financial Stability Executive Committee. Johan and Yoong will serve as external experts for a three-year term,effective Nov 3, 2016, following the resignation and expiry of membership of the previous experts.
MPOB expects bright outlook for palm oil next year
The outlook for the country’s palm oil sector next year is bright on the back of higher global demand.
Malaysian Palm Oil Board (MPOB) Director-General Dr A. Kushairi Din said the US and Indonesia’s commitment to boost biofuel usage, coupled with China’s positive response towards increasing oil palm import from Malaysia would be a boon to the industry.
OPEC production cut deal pushes oil prices almost 10 pct higher
The Organisation of the Petroleum Exporting Countries (Opec) agreement to cut production by 1.2 million barrels per day (bpd) from January next year, has helped push oil prices to almost 10 per cent higher in overnight trade.
International brokerage services provider FXTM research analyst Lukman Otunuga said the surprising Opec production cut deal eased some concerns over the excessive oversupply in the market.
Indonesia suspends membership in OPEC again
Indonesia has suspended its membership in the Organisation of Petroleum Exporting Countries (Opec), just a year shy after rejoining the grouping, as the net oil importer could not agree to the group’s production cuts. Indonesian Coordinating Minister for Economic Affairs, Darmin Nasution, was quoted in the local dailies as saying that Opec’s proposed decision to cut production by about five per cent of the output would not benefit Indonesia.