Sunday, September 20

The week at a glance 12 April 2015

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Sabah & Sarawak

Shell Malaysia to build largest upstream O&G laboratory in Sarawak

Shell Malaysia is constructing the largest upstream oil and gas laboratory in Lutong to efficiently deliver the demands for their deepwater exploration and production activities in Malaysia. The laboratory costs over RM8 million and is set to be one of the largest in Malaysia.

It is scheduled for completion by end of 2016 and will be equipped with sophisticated modern facilities, including high-tech analytical instruments to meet the expanding analytical capability required by Shell’s existing and future projects.

 

‘Awareness of wills and trusts still low in East Malaysia’

The awareness of the importance of wills and trusts are still low, especially in East Malaysia, according to Rockwills International Group (Rockwills).

According to group managing director Saw Leong Aun, more than 95 per cent of people in East Malaysia still do not have a will and trust. Out of the 150,000 wills written by Rockwills to date, only 2,000 to 3,000 wills have been from Sarawak.

 

March CPO stocks fall by 4.5 pct to 907,555 tonnes

Malaysia’s crude palm oil stocks (CPO) stocks fell by 4.5 per cent to 907,555 tonnes at end-March 2015 against 950,362 tonnes recorded in the previous month. The Malaysian Palm Oil Board (MPOB) said processed palm oil grew by 20.83 per cent to 958,156 tonnes for the month under review.

 

CMS’ ratings will not be affected by proposed acquisition of Sacofa

RAM Ratings Services Bhd (RAM0 is of the view that Cahya Mata Sarawak Bhd’s (CMS) recently announced offer to acquire 50 per cent of Sacofa Sdn Bhd (Sacofa) will not materially impact the Group, which is rated AA3/Stable/P1 by RAM.

 

UiNVEST profit doubles to RM2.4 million

UMS Investment Holdings Sdn Bhd (UiNVEST), a subsidiary of Universiti Malaysia Sabah (UMS), doubled its profit to RM2.4 million last year compared with RM1.2 million achieved in 2013. UMS vice-chancellor Prof Datuk Dr Mohd Harun Abdullah said the achievement was a good indication of the development of the subsidiary, which recorded a less than encouraging performance prior to this.

 

 

National

Companies operating in less developed areas get 100 pct income tax exemption

Newly established companies or existing companies that expand operations into less developed areas will be eligible for 100 per cent income tax exemption for up to 15 years, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. He said the exemption was among the four new tax incentives under the 2015 Budget announced by the Prime Minister Datuk Seri Najib Tun Razak last year.

 

Telco sector biggest winner with GST implementation

The telco sector has been viewed as the biggest “winner” in terms of its performance after the implementation of goods and services tax (GST) as they are able to pass the six per cent previously absorbed by them back to their subscribers, analysts observed. According to the research arm of M&A Securities Sdn Bhd (M&A Securities), the first day of GST implementation saw telco issues topping the statistics for GST complaints at 44 per cent share as the confusion of who should absorb the six per cent on prepaid reload became a hot debate.

 

World’s first Islamic Asean ETF enroute for listing on May 7

The world’s first Islamic Asean Exchange Traded Fund (ETF), is enroute for listing on Bursa Malaysia on May 7. Investment management provider, i-VCAP Management Sdn Bhd (i-VCAP) earlier this week launched the prospectus for the syariah-compliant ETF, which will be known as MyETF MSCI SEA Islamic Dividend (MyETF-MSEAD).

 

Malaysia’s Malakoff to start taking orders for IPO on April 17

Malakoff Corporation Bhd (Malakoff), Malaysia’s largest independent power producer, will start taking orders on April 17 for its RM2.74 billion initial public offering (IPO), people with knowledge of the share sale said. Malaysia’s biggest IPO so far in a year of few deals comes as companies more susceptible to significant volatility in energy prices and the ringgit opt against embarking on IPOs, for fear the volatility could lead to their firms being valued less.

 

New aviation bill to better position sector fror AEC

The Parliament passing a new bill called the Malaysian Aviation Commission Bill 2015will pave the way for a new commission known as the Malaysian Aviation Commission (MAC), said to be a boost for local fliers in its path towards the Asean Economic Community (AEC).

 

Diversification policy significantly contributes to higher FY14 dividend

The Employees Provident Fund’s  (EPF)diversification policy has significantly contributed to it declaring the highest dividend last year.

The fund declared a dividend of 6.75 per cent for the financial year ended Dec 31, 2014 (FY14) after seeing its investment assets grew to  RM636.53 billion while registering a return on investment of 7.25 per cent.

Tune Labs to benefit aspiring entrepreneurs

Serial entrepreneurs Tan Sri Tony Fernandes, Datuk Kamarudin Meranun and Lim Kian Onn have announced the launch of their latest venture, Tune Labs, a Kuala Lumpur-based start-up incubator and accelerator program that seeks to identify, mentor and fund entrepreneurs across the Asean region.