Sabah & Sarawak
CMS earnings below expectations, but future forecast remains intact
Despite Cahya Mata Sarawak Bhd’s financial year 2016 (FY16) earnings coming in below expectations, the research arm of MIDF Amanah Investment Bank Bhd affirmed that CMS’ financial year ended 2017 (FYE17)/FYE18 earnings forecasts remained intact. As per the group’s interim financial report posted on Bursa Malaysia, CMS’ profit for the 12 months period ended December 31, 2016 amounted to RM217.31 million, compared to the previous year’s RM304.6 million.
Bintulu Port sees higher earnings for 4Q16, ratings reaffirmed
Bintulu Port Holdings Bhd posted higher earnings and revenue for the fourth quarter of 2016 ended December 2016, leading RAM Ratings Services Bhd (RAM) to reaffirm the port’s stable ratings.
Medan appointed new CEO of Bintulu Port
Dato Mohammad Medan Abdullah has been appointed as the new chief executive officer of Bintulu Port Holdings Bhd (Bintulu Port) to replace the outgoing CEO Dato Mior Ahmad Baiti whose contract expires on March 1. Medan has extensive experience of more than 30 years in the oil and gas industry.
OceanMight strives to be top-tier fabricator in Malaysia
OceanMight Sdn Bhd aims to become a top tier major fabricators for the oil and gas industry in Malaysia. The company, which is the O&G unit of KKB Engineering Bhd was granted a Petroliam Nasional Bhd major fabrication licence in early 2013.
Samalaju Phase 2, higher prices boost Press Metal in FY16
With Press Metal Bhd’s financial year 2016 results beating forecasts, analysts are positive on the group’s prospects for first quarter of 2017. In a filing on Bursa Malaysia, Press Metal’s profit before tax increased by nearly threefold in FY16 from RM232 million to RM689.4 million.
Milestone year for HSL
It was a milestone year for Sarawak-based marine engineering and infrastructure specialist Hock Seng Lee Bhd (HSL), the group noted when releasing its annual financial results on Tuesday. In 2016, HSL celebrated the 20th anniversary of its listing on the construction counter of Bursa Malaysia, also marking 20 years of continuously reporting profit every quarter.’
KTC completes acquisition of warehousing facility in Kuching
Kim Teck Cheong Consolidated Bhd (KTC) on Tuesday fulfilled all the conditions precedent set forth in the share sale and purchase agreement that was signed with Yung Kong Company Bhd for the acquisition of 100 per cent equity interest in Trans Paint Sdn Bhd (Trans Paint).
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National
Sime Darby proposes internal restructuring ahead of listing
Sime Darby Bhd is proposing an internal restructuring following the group’s proposed listing of its plantation and property businesses on the main market of Bursa Malaysia Securities Bhd.
The exercise involves the restructuring of the group’s borrowings, transferring of certain assets, including land, within the group and capitalisation of inter-company loans, the company said in a filing to Bursa Malaysia on Monday.
Govt to organise briefings, roadshows on mspo cert for oil palm smallholders
The government will organise more than 100 briefings and roadshows up to next year, to create awareness among the 550,000 oil palm smallholders on the Malaysian Sustainable Palm Oil (MSPO) certification.
Bursa Malaysia expects 2017 to be another challenging year
Bursa Malaysia Bhd expects 2017 to be another challenging year, with prospects for global growth and trade remaining far from certain.
Aramco’s Malaysia deal gives Saudis upper hand in fight for Asia oil share
Top global oil exporter Saudi Arabia broke from the pack in the race to lock up Asian market share, after agreeing on Tuesday to pump US$7 billion into a refinery-petrochemical complex in Malaysia, analysts said.
Malaysian tycoons see fortunes rise despite tough times
More than half of the tycoons on the 2017 Forbes Malaysia Rich List appeared unfazed and saw their fortunes rise despite tough times.
Tan Sri Robert Kuok retained the top spot on the list for the 12th consecutive year with a net worth of US$11.4 billion, up from US$10 billion previously.
Malaysia’s total trade up 14.8 pct to rm135.77 bln in January
Malaysia’s total trade grew 14.8 per cent in January to RM135.77 billion from RM118.31 billion registered in the same month last year, said the Ministry of International Trade and Industry. The expansion in trade was seen with China, Asean, Japan, US, Taiwan, Australia and the European Union (EU).