The week at a glance 10 December 2017

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Sabah & Sarawak

KKB Engineering secures RM16.8 mln contract, orders

KKB Engineering Bhd has secured a combined contract and orders of RM16.8 million from Hock Peng Realty Sdn Bhd, LP Capital Construction Sdn Bhd and MKM Wira (M) Sdn Bhd. In a filing to Bursa on Monday, the HPRSB’s contract is for the supply, fabrication, delivery and installation of steel structures and installation of roof covering and wall cladding and accessories for the proposed Balingian coal stockyard in Mukah, Sarawak.

 

TH Properties wins London award for THHCC Kuching

It was a proud moments for Malaysia when TH Properties Sdn Bhd, Tabung Haji’s property arm, was bestowed the Best New Hotel Construction & Design Asia Pacific award for its TH Hotel and Convention Centre Kuching (THHCC Kuching) at the International Property Awards 2017. The award recognised THP’s exceptional architectural masterpiece which will offer upon its completion 237 hotel rooms and a 1090-seat convention hall, besides nine spacious meeting rooms.

 

Analysts positive on extension of CMS’ State Road maintenance concession in Sarawak

Analysts are generally positive about Cahya Mata Sarawak Bhd’s (CMS) contract extension for the long-term management and maintenance of state roads in Sarawak as it would help to address the group’s earnings overhang.

In a filing on Bursa Malaysia, CMS Works Sdn Bhd’s wholly-owned CMS Roads Sdn Bhd had entered a 15-year road maintenance contract with the Sarawak government for the maintenance of state roads in Sarawak.

 

B744 envisioned to be a ‘hipster’ township for youths

MaGIC Sarawak @ Borneo 744 (B744) has been envisioned by Treasury Secretary General Tan Sri Dr Mohd Irwan Serigar Abdullah to be a ‘hipster’ township for youths and he hopes that it will be equipped with more facilities that could entice the younger generation of Kuching. In a dialogue session themed ‘Only One With :Ask Me Anything’, on Wednesday, Irwan, who is also MaGIC’s chairman, revealed that he had a meeting with the owners of B744 regarding what he hopes would materialise at this entrepreneur and arts district in the next three months.

 

GD Express’ sorting capacity increased with new Kuching hub

GD Express Carrier Bhd’s sorting capacity has increased with a new multi sorting hub in Kuching following the group’s first quarter of financial year 2018 briefing centred on increasing operating expenditure to remain operationally competitive. According to the research arm of MIDF Amanah Investment Bank Bhd, with efficient operational planning, GD Express’ average sorting capacity has increased to approximately 100,000 parcels per day in 1QFY18 with a maximum capacity of 120,000 to 130,000 parcels per day.

 

SFIA hopes govt will continue to support local furniture industry

The Sarawak Furniture Industry Association hopes that the state government will ban the export of timber logs to encourage the growth of the local furniture industry.

SFIA president Lai King Min on Thursday said the export of timber logs has led to the deterioration of the state’s furniture industry, even causing the closures of many factories or manufacturers over the years.

 

National

MARGMA: Rise in glove costs will be passed on to customers

Glove manufacturers will likely tweak their prices to match up with rising costs in the wake of the steep rise in natural gas price, escalating costs ofpackaging materials, weakening US dollar, higher chemical cost and the annual incremental cost relating to wages and the new governmental policies. According to Malaysian Rubber Glove Manufacturers Association president Denis Low, it is really a big handful of increased cost for which, the rubber glove industry will normally pass it on to international buyers and consumers.

 

BNM warns of illegal money lenders

Bank Negara Malaysia (BNM) has cautioned the public on persons or companies conducting illegal money lending activities using fake licences purportedly issued by it.

In a statement, BNM said the fraudsters aimed to deceive the public by posing as licensed money lenders and lure them into making initial payments for various purposes related to loans, such as administrative expenses, stamp duty and legal fees.

 

TradePlus Gold debuts at RM1.73 for 1.5-sen premium

Malaysia’s first syariah-compliant Commodity Exchange-traded Fund – TradePlus Gold, made its debut on the Main Market of Bursa Malaysia at RM1.73 per share, for a premium of 1.5 sen, over its initial public offering price of RM1.715 with 2,000 units traded.

 

‘No turning back on offshore NDF stance’

There really can be no turning back on the offshore ringgit non-deliverable forward (NDF) market stance, said Assistant Governor of Bank Negara Malaysia (BNM), Adnan Zaylani Mohamad Zahid on Thursday. If anything, he said more should be done to keep chipping away at this offshore market.

 

Moody’s affirms Malaysia’s A3 rating with stable outlook

Moody’s Investors Service on Friday affirmed the Government of Malaysia’s local and foreign currency issuer and senior unsecured bond ratings at A3  with stable outlook.

 

Malaysia moving towards cashless society

To embrace the digital economy, Bank Negara Malaysia has taken various step to enhance the e-payment platform, hence moving the country towards a cashless society. Governor, Tan Sri Muhammad Ibrahim said effective July 1, 2018 the Instant Transfer fee of 50 sen will be waived for up to RM5,000 per transaction by individuals and small medium enterprises.