Sabah & Sarawak
Labuan will still rely on Sabah after abolishment of cabotage policy
The abolishment of the more than 30 year-old cabotage policy is set to benefit this duty-free-island economically, especially consumers and traders here.
This is because the island has been heavily dependent, for decades, on imported food items from mainland Sabah.
Sarawak shippers doubt foreign ships can sustain route
The Sarawak Shipping Association (SSA) are doubtful if foreign ships can sustain servicing the routes between West and East Malaysia.
The statement was made by SSA chairman David Chung Kim Chook in reference to the recent abolishment of the cabotage policy for Sabah, Sarawak and Labuan starting June 1, 2017 by Prime Minister Datuk Seri Najib Tun Razak last week.
Sarawak Convention Bureau names new chief operating officer
Sarawak Convention Bureau (SCB) announced the appointment of Amelia Roziman as its first chief operating officer since its establishment in 2006.
Roziman, the former general manager of marketing and sales, will now oversee the development of SCB’s strategies, ensure execution of operational policies, as well as foster employee alignment with the Bureau’s goals.
Hike in hill timber charges negative for timber players
The proposal to raise Sarawak’s hill timber charges to RM50 per cubic metre from 80sen is negative for earnings of timber players such as Ta Ann Holding Bhd (Ta Ann).
To note, Sarawak will increase the cess payment for hill timber from 80sen to RM50 per cubic metre – a hike of 6,250 per cent – starting July 1, 2017.
Kim Loong’s long term prospects solid from Sarawak expansion
Kim Loong Resources Bhd’s (Kim Loong) long term prospects remain solid from its plans to expand in Sarawak and as such, the research arm of Kenanga Investment Bank Bhd (Kenanga Research) recommends investors to take profit on the company.
In a report, it pointed out that Kim Loong intends to continue its expansion phase in Sarawak via its 70-30 joint venture with state government agency Pelita.
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National
Capital market remains open to all foreign companies
Malaysia’s capital market remains open to all foreign companies wanting to list on Bursa Malaysia, said Securities Commission Malaysia Chairman Tan Sri Ranjit Ajit Singh. He said all foreign companies seeking listing in Malaysia must fulfill the relevant requirements.
IOI’s stronger commitment to sustainability credit positive
Global ratings agency Moody’s Services believe IOI Corporation Bhd’s update on its progress to implement its sustainable palm oil policy (SPOP) was a credit positive move.
SC introduces digital investment management framework
The Securities Commission Malaysia (SC) has introduced the Digital Investment Management framework, setting out licensing and conduct requirements for the offering of automated discretionary portfolio management services to investors. Digital investment management is a fund management business which incorporates innovative technologies into discretionary portfolio management services.
More than 300 M’sian companies entitled to be listed on main board
More than 300 private companies in Malaysia have been identified as having met the prerequisite for listing on Bursa Malaysia’s Main Board, Deputy International Trade and Industry Minister Datuk Ahmad Maslan said.
Based on the Malaysian Investment Development Authority’s (Mida) record, these companies which have registered an uninterrupted profit after tax of more than RM20 million for a period of three to five full financial years, had yet to take advantage of listing prospects.
MIDA in talks with auto companies to invest in M’sia
The Malaysian Investment Development Authority (MIDA) is currently in talks with several automotive companies which are interested to invest in Malaysia. Chief executive officer Datuk Azman Mahmud said with the large presence of international automotive companies such as the BMW Group, it had certainly reinforced Malaysia’s position in the regional automotive market.
BNM maintains opr at three pct
The Overnight Policy Rate (OPR) remains at three per cent. This was decided by the Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) at its meeting on Friday. In a statement, BNM said at the current level of the OPR, the stance of monetary policy is accommodative and supportive of economic activity.