Sabah & Sarawak
SC: Small unlisted companies encouraged to adopt MCCG
Besides listed companies, Securities Commission Malaysia (SC) also encourages smaller, unlisted firms to adopt the Malaysian Code on Corporate Governance (MCCG), a set of best practices to strengthen corporate culture anchored on accountability and transparency. “We are always trying to encourage small unlisted companies to think about adopting these best practices,” Securities Industry Development Corporation’s (SIDC) director of Prosfessional Development Salleh Hassan told reporters after its roadshow on the MCCG in Kuching on Tuesday.
Tiong Nam continues expansion plans with RM100 mln capex in FY18
Leading logistics and warehousing provider Tiong Nam Logistics Holdings Bhd continues to expand its logistics and warehousing services segment and is allocating capital expenditure (capex) of RM100 million for the financial year ending March 31, 2018. The capex will be utilised to purchase new vehicles to grow the group’s transportation fleet, build new warehouses in line with growing demand, and strengthen its newly-established Southeast Asia to China cross border logistics network.
RHB Bank’s 2Q pre-tax profit increases to rm653.91 mln
RHB Bank Bhd’s pre-tax profit for the second quarter (2Q) ended June 30, 2017 rose to RM653.91 million from RM469.33 million in the same quarter in 2016. In a filing to Bursa Malaysia, it said revenue fell to RM2.63 billion from RM2.65 billion previously.
Choo bags Asia Pacific Entrepreneurship Award 2017
Timber Land Properties Sdn Bhd’s (Timber Land Properties) managing director Kevin Choo Chung Ing, an entrepreneur known to push boundaries, recently snagged the Asia Pacific Entrepreneurship Award 2017 for the property development industry category. In conjunction with winning the award, Choo is generously offering up to RM50,000 discount off any of Timber Land Properties’ projects. This offer is limited to five units only.
Maxis offers fast home Internet with speeds of up to 100Mbps in Sarawak and Sabah
Sarawakians can now enjoy the eagerly awaited MaxisONE Home Fibre which offers superfast home Internet speeds of up to 100Mbps, unlimited data, voice calls and professional Wi-Fi setup. What’s more, customers who want an all-in-one home and mobile Internet plan with shareable data, unlimited calls and SMS, can sign up for the MaxisONE 4G Combo.
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National
Solid strategy for Petronas portfolio adjustments
Petroliam Nasional Bhd (Petronas) remains committed to developing its liquefied natural gas (LNG) business and growing its international businesses in a longer run amidst an unexciting oil price environment. Kenanga Investment Bank Bhd said this follows he abandonment of the Pacific NorthWest LNG project at Port Edward in British Columbia, Canada.
Secondary mart will adopt blockchain tech within two years
Malaysia’s secondary market is likely to adopt blockchain technology within two years to offer an alternative digital platform for market players, including those who plan to go for an initial public offering (IPO) to trade in an entirely new market. Neuroware.io co-founder/chief technology officer, Ruben Tan, said with the implementation of blockchain, a digital infrastructure which was deemed as the ‘internet of trust’, it would enable more different asset classes to be traded on it.
M’sia’s GDP can grow at least five pct this year
Malaysia’s gross domestic product can grow at least by five per cent this year if the country maintains its momentum from the first half of the year, said Deputy Finance Minister, Datuk Othman Aziz. He said the government had to date not revised the initial growth target of between 4.3 per cent and 4.8 per cent, but may do so, if there are indications of a better performance in the upcoming months.
Business performance, gross revenue to increase in 3Q17
Business performance in the third quarter of 2017 (3Q17) is expected to increase with confidence indicator at 11.9 per cent, mainly due to growth in industry (3.1 per cent), wholesale and retail trade (27.3 per cent) and services (24.0 per cent) sectors. Gross revenue was also expected to increase with a net balance of 21.5 per cent, with 33.9 per cent of establishments expecting an increase in revenue while 12.4 per cent of establishments anticipated a decrease, said the Statistics Department’s 2017 Third Quarter Business Tendency Statistics.
CIMB Group denies providing inheritance tax information
CIMB Group Holdings Bhd denied that its Treasury arm is the source of information on the government’s plan to impose a 10 per cent inheritance tax at the upcoming Budget 2018 announcement. The statement was in response to news being circulated on social media, saying the CIMB Treasury provided the said information.
Customs, irb to conduct joint audit on companies
The Royal Malaysian Customs Department and the Inland Revenue Board (IRB) will jointly undertake an audit on all companies in the country, in an effort to effectively plug leakages in the system which has resulted in the government being shortchanged in revenue collection. Treasury Secretary-General Tan Sri Dr Mohd Irwan Serigar Abdullah said the audit would be conducted by officers from the Customs Department and the IRB, beginning with companies in the Klang Valley, before expanding the operations, nationwide.