The week at a glance 29 November 2015


TA01849Sabah & Sarawak

Analysts positive on Sarawak Cable venture to operate mini hydro power plant

Analysts are positive on Sarawak Cable Bhd’s (Sarawak Cable) venture to operate mini hydro power plants in Sumatra, Indonesia. AmResearch Sdn Bhd said it was upbeat on the company’s business venture as it provides Sarawak Cable with steady recurring income in the future to complement its existing businesses.

Agrobank signed agreement of RM112 million banking facilities with Salcra

Agrobank on Tuesday signed agreement for banking facilities of RM112 million to Sarawak Land Consolidation and Rehabilitation Authority (Salcra). With this agreement, Salcra will receive banking facilities totalling RM 112 million to part finance their new palm oil mill in Lubok Antu, Sri Aman Sarawak and other working capital requirements.


Sarawakian planters among least affected by El Nino slowdown

Plantation companies in Sarawak as well as Peninsular Malaysia are among those least affected by 2015’s El Nino, following strong rains seen in October and regional hotspots dissipating. Maybank Investment Bank Bhd believed the strong 2015 El Nino is taking a breather as the Northeast monsoon arrived in late October 2015. The monsoon is also expected to bring heavy rainfall to the region in December and January.


KTC to open distribution centre in Brunei

Sabah-based consumer packaged goods manufacturer and distributor, Kim Teck Cheong Consolidated Bhd (KTC), intends to spread its wings to Brunei by setting up a RM1.54 million distribution centre there, adding to its current 18 distribution centres and warehouses. Its Executive Director, Dexter Lau, said the company would use internal funds and not from their initial public offering proceeds to set up the centre.


Sabah plans another ammmonia plant in sipitang under 11MP

Sabah plans to develop another ammonia plant at the Sipitang Oil & Gas Industrial Park (SOGIP) under the 11th Malaysia Plan. Deputy Chief Minister Datuk Raymond Tan Shu Kiah, who is also state Industrial Development Minister, said Sabah Oil & Gas Development Corporation Sdn Bhd (SOGDC) has identified five ammonia derivatives – caprolactam, ammonium sulphate, ammonium nitrate, ammonium chloride and diammonium phosphate. SOGIP’s first ammonia plant will begin operations next year.


Upcoming jobs to boost HSL in 4Q

Hock Seng Lee Bhd (HSL) continues to expect jobs from the Sarawak Corridor of Renewable Energy (SCORE) regions of Tanjung Manis, Mukah and Samalaju to boost its results in coming wuarters.  It is also expecting to leverage on its marine engineering expertise to secure jobs for the Pan-Borneo Highway.




Bank Muamalat’s merger talks with MBSB going on smoothly

The merger negotiations between Bank Muamalat and Malaysia Building Society Bhd (MBSB) is going on very well and smoothly, says Bank Muamalat chairman Tan Sri Dr Munir Majid. He said there was no conclusion yet but the progress, thus far, was good.


Misif objects to Megasteel’s request for duties on imports of HRCs into Malaysia

The Malaysian Iron and Steel Industry Federation (Misif) objects to Megasteel Sdn Bhd’s (Megasteel) request to the government to impose safeguard duties on the imports of hot rolled coils into the country.  Misif, representing the majority of the Malaysian iron and steel industry, is of the firm view that Megasteel’s petition is without merits and any imposition of safeguard measures to bailout an insolvent company runs contrary to Malaysia’s public interest.


Offshore industry tipped for growth driven by demand from emerging markets

Demand for asset protection, wealth planning and funds by high net worth individuals in Asia will drive continued growth in the offshore industry, according to OIL’s sixth ‘Offshore 2020’ annual market research study.


BNM calls for more concerted efforts to cut remittance cost

Bank Negara Malaysia has called for more concerted efforts towards dismantling barriers for a reduction in the remittance cost and enable various economies, especially developing nations, to reap its full benefit. Access to remittance services contributes to a more inclusive financial system and provides a vital means of financial support to millions of households, Deputy Governor Datuk Muhammad Ibrahim said.


FDIs in Malaysia in 3Q15 rise to RM500.2 billion

Foreign Direct Investments (FDIs) in Malaysia improved to RM500.2 billion in the third quarter of 2015 from RM477.4 billion registered in the second quarter of this year. The manufacturing sector continued to be the highest direct investment recipient at 43.4 per cent, followed by financial and insurance (20.9 per cent) and information and communication (9.4 per cent).


UMW  one of the region’s best companies to work for in Asia

UMW Corporation Sdn Bhd has been named one of the region’s Best Companies to Work for in Asia for the second consecutive year by HR Asia, Asia’s largest  circulating publication for senior HR

professionals. The award seeks to identify and reveal the best practices in the workplace and complements the companies’ current HR initiatives, employee surveys and feedback mechanism providing a truly independent view on how they are performing as