Sabah & Sarawak
Palm oil stocks up 6.5 pct to 1.55 mln tonnes in March
Malaysia’s total palm oil stocks in March rose 6.5 per cent to 1.55 million tonnes against 1.46 million tonnes in February this year. Crude palm oil stocks increased 1.65 per cent to 379,690 tonnes from 373,513 tonnes, the Malaysian Palm Oil Board said.
Petronas seeks buyers for US$1 billion stake in SK316 project
Petroliam Nasional Bhd has pitched an estimated US$1 billion stake in a prized upstream local gas project to potential bidders including Royal Dutch Shell, ExxonMobil Corp, Thailand’s PTT Exploration and Production and Japanese firms, sources familiar with the matter said. If successful, the deal could mark Petronas’ biggest upstream stake sale since oil prices started declining more than two years ago. Petronas is targeting lowering operating expenses, job cuts and project rollbacks to help it navigate through the low oil price environment.
Sabah receives RM1.87 billion in dividends from glcs for past five years
The Sabah state government has received RM1.87 billion in dividends from 20 state government-linked companies (GLCs) for the past five years, said Chief Minister Datuk Seri Musa Aman. Musa, who is also state Finance Minister, said this showed that the GLCs had managed to do well to record profits and pay dividends to the state government.
Exports of Sabah smes rise to rm135.74 million
Exports of Sabah’s small and medium enterprises rose to RM135.74 million last year from RM11.35 million in the previous year, said Deputy Chief Minister Datuk Raymond Tan Shu Kiah. Tan said the RM124.39 million increase was a remarkable achievement.
FGV, Netherland’s KeyGene to start a joint research lab on palm oil
Felda Global Ventures Holdings Bhd and KeyGene of Netherland have signed a Memorandum of Collaboration to establish a strategic partnership to start a joint research laboratory. The lab will empower FGV’s research and development (R&D) arm, FGV R&D Sdn Bhd, to become a centre of excellence by strengthening its research capabilities, enabling faster introduction of better and more sustainable oil palm varieties to the market.
CIMB Foundation’s Be$MART debuts in Sarawak
CIMB Foundation’s Be$MART, a comprehensive financial literacy programme specifically tailored for college and undergraduate students nationwide, made its debut in Sarawak on Thursday. Be$MART’s main objective is to improve youths’ financial literacy by equipping them with the right knowledge and skills to manage their finances well for every stage of life.
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National
Amended companies act to ease cost of doing business
The Ministry of Domestic Trade, Cooperatives and Consumerism hopes that the amended Companies Act 2016 passed by Parliament in April last year, will ease the cost of doing business in the country, particularly small and medium enterprises. Its Minister, Datuk Seri Hamzah Zainudin, said the Act, implemented on a staggered basis since January this year, would among others, allowed dormant companies to be exempted from submitting annual reports.
Advancecon signs underwriting agreement with RHB Investment Bank for IPO
Earthworks and civil engineering services specialist Advancecon Holdings Bhd has signed an underwriting agreement with RHB Investment Bank Bhd – its principal adviser, underwriter and placement agent – for its proposed initial public offer (IPO) exercise on the Main Market of Bursa Malaysia Securities Bhd.
CIDB: Construction to grow by 8 pct this year
The construction sector is expected to grow by eight per cent to RM170 billion this year, boosted by the numerous mega infrastructure projects in the country, the Construction Industry Development Board (CIDB) said.
IRB to finalise investigations into 20 large enterprises by this month
The Inland Revenue Board’s (IRB) tax audit and investigations into 20 large enterprises involving RM1.4 billion in lost revenue due to tax avoidance and penalties, is most likely to be finalised by this month. Chief executive officer Datuk Sabin Samitah said the government-linked and listed companies would receive an outstanding tax notice which must be paid within one month of the date of issue.
BNM allows investors, issuers mgs short-selling
The regulation for the short-selling of the Malaysian Government Securities (MGS) will be expanded to all resident entities, such as investors and issuers, from May 2, 2017. Bank Negara Malaysia Assistant Governor, Adnan Zaylani Mohamad Zahid, said this was undertaken to improve the liquidity in the local bond market.
Triterra, Naza TTDI formalises partnership
Triterra Metropolis Sdn Bhd (Triterra) and Naza TTDI on Wednesday recently came together to signal the latest commercial asset within the KL Metropolis constructed by the Triterra team – The MET Corporate Towers, a new premium grade corporate landmark building, dramatically different to anything seen before in the Mont Kiara landscape. Upon completion, the building will contribute towards creating a commercial environment that delivers success for those that value a prestigious business address, as well as retail and lifestyle amenities.
‘Definitive safeguard duties on imported steel products a burden’
The imposition of definitive safeguard duties on imported steel concrete reinforcing baR and steel wire rods and deformed bar in coils will be a burden to builders and contractors, says Master Builders Association Malaysia.