Capital markets news summary for Tue 21 Feb 2023 WCE Holdings selling property development company to IJM for RM494m The company – which is 26.65% owned by IJM – is the developer of the RM5.044b West Coast Expressway from Banting, Selangor to Taiping Selatan, Perak. Construction is at 82% and 4 of the 11 sections…
Capital markets news summary for Mon 20 Feb 2023 CPO futures to trade lower this week The active month of May 2023 crossed RM4,000 per tonne – the first time since 9 Jan –driven by Indonesia’s policy of suspending the unutilised export permits to safeguard the domestic supply of cooking oil during ramadhan. The strong…
Capital markets news summary for Fri 17 Feb 2023 Fitch reaffirms Malaysia’s BBB+ rating The rating reflects a diversified economy with strong medium-term growth prospects against high public debt, low revenue base relative to operating expenditure and political instability that hinders long-term policy-making. The rating agency projects gross domestic product (GDP) growth at 4% in…
Capital markets news summary for Thu 16 Feb 2023 Malaysia’s 2P petroleum reserves at 6.9b barrels, 61% in Sarawak 4.2b probable and proven (2P) barrels of oil equivalent are in Sarawak while 1.3b are in Sabah. 2P reserves have more than 50% chance of being technically and economically possible to be produced. Although the country’s…
Capital markets news summary for Wed 15 Feb 2023 TIME investors concerned about losing growth catalyst with sale of data centre The company filed with Bursa on 22 Nov 2022 that it will divest 49% of the ordinary shares and 100% of the irredeemable convertible preference shares in AIMS Data Centre Holdings and 21% in…
Capital markets news summary for Tue 14 Feb 2023 Hong Seng expands further into EV The company with businesses in glove manufacturing, healthcare services and supplies and moneylending is acquiring Alliance EV from CSH Alliance for RM20m. Alliance EV is collaborating with BYD Malaysia for the distribution of the BYD T3 commercial electric van, the…
Capital markets news summary for Mon 13 Feb 2023 Iris selling 80% of NIISe developer for RM70m The company is retaining the balance 20% in Iris Information Technology Systems (IITS) which is the developer of the RM1.13b National Integrated Immigration System (NIISe). The purchaser is Tass Tech Technologies Sdn Bhd (TTT), whose holding company Tass…
Capital markets news summary for Fri 10 Feb 2023 Government to set up airport development fund The Airport Development Fund (ADF) will be funded via 50% of the passenger service charge (PSC) component of the user fee that Malaysia Airports Holdings Berhad (MAHB) pays to the government. The PSC is paid by departing passengers. The…
Capital markets news summary for Thu 9 Feb 2023 BNM shouldn’t raise SRR now Dr Yeah Kim Leng – a member of the special advisory body advising the Minister of Finance – believes that raising the Statutory Reserve Requirement (SRR) should be delayed given the expected global economic slowdown. Banks are required to maintain Statutory…
Capital markets news summary for Wed 8 Feb 2023 MyEG battered down 27% due to uncertainty The Immigration Department director general was reported to have said that all immigration services and processes will revert to the Immigration Department by 2025 including those currently managed by third parties. The Home Ministry has allocated RM900m for the…