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Nikkei Markets

MALAYSIA NEWS HIGHLIGHTS: Top Stories On Jun. 23

By Kuala Lumpur Newsroom
Nikkei Markets
KUALA LUMPUR (Jun 23) -- Here's a round-up of latest news from Malaysia so far on Friday:

*Singapore's Second Chance Properties To Dispose Asset Worth S$10 Million

Singapore's Second Chance Properties, an apparel retailer and engaged in property rentals, said Friday it has granted an option to Fok Chuen Yin to purchase a property at Haig Road, Singapore, for S$10 million ($7.21 million).

*Malaysia's Berjaya Land Swings To Profit In 4Q

Berjaya Land, a Malaysian property developer that also operates betting operations, said Friday it swung to a net profit in the fiscal fourth quarter, owing to higher revenue from various divisions of the company.

*Malaysia's MCE Holdings Gets Contracts To Supply Parts For Perodua New Car Model

MCE Holdings, Malaysia-based auto part maker, said Friday it has secured contracts to supply various electronic and mechatronic components and parts for UMW Holdings' automotive unit Perusahaan Otomobil Kedua's (Perodua) new car model.

*Malaysia's London Biscuits To Raise Up To MYR67.96 Mln From Investors

London Biscuits, a Malaysian confectionery manufacturer, said Friday it is seeking to raise up to 67.96 million ringgit ($15.84 million) from investors via private share offer and rights issue.

*Malaysia's Gamuda 3Q Net Profit Up 12% On MRT2 Work Progress

Malaysian construction company Gamuda said Friday its net profit for the fiscal third quarter grew 12% on year mainly due to higher work progress of underground and elevated works for the Mass Rapid Transit Line 2.

*Malaysia's Apollo Food Holdings 4Q Net Profit Jumps Nearly 58%

Malaysia's Apollo Food Holdings, a chocolate confectionery products maker, said Friday its fiscal fourth quarter net profit grew 57.8% on year partly due to higher revenue.

*Malaysia's Felda Global Grants CEO Final Extension To Reply To Show-Cause Letter

Malaysia's state-run palm oil producer Felda Global Ventures Holdings said Friday it has granted a final extension for its suspended top executive to reply to a show-cause letter by Jun. 29.

*Singapore's Golden Agri Resources Sells Stake In Subsidiary For $45.26 Mln

Golden Agri Resources, a Singapore-based palm oil company, said Friday it has sold a 4.8% stake in its Indonesia-listed subsidiary PT Sinar Mas Agro Resources and Technology for a total consideration of 565.8 billion Indonesia rupiah ($45.26 million).

*Malaysia's Global Oriental Plans JV With Malton For Mixed Development Project

Malaysia's Global Oriental, a property developer, said Friday it plans to form a joint venture with Malton to jointly develop seven pieces of freehold land measuring 155,148 square meter in the state of Selangor.

*Singapore Technologies Engineering Unit Acquires Remaining Stake In Technicae

Singapore Technologies Engineering said Friday its land systems arm, ST Kinetics, has acquired the remaining 5.64% stake in Brazil-based Technicae Projetos e Serviços Automotivos for S$339,000 ($244,395), through its unit Mobility Systems.

*Malaysia's Vivocom Intl Says Yeoh Seong Mok Retires As CEO With Immediate Effect

Vivocom Intl Holdings, a Malaysian group focusing on construction, telecom, aluminium and e-business software application development, said Friday its chief executive officer Yeoh Seong Mok has retired from his job.

*UPDATE: DRB-Hicom Signs Definitive Pact With Zhejiang Geely For Proton Stake Sale

Malaysian conglomerate DRB-Hicom said Friday it has signed a definitive agreement to sell a 49.9% stake in its financially-troubled unit Proton Holdings to China's Zhejiang Geely Holdings in a deal valued at 460.3 million ringgit ($107.3 million).

*Malaysia's Microlink Solutions Gets MYR38 Mln Loan Management System Jobs

Malaysia's Microlink Solutions, a computer software developer, said Friday it has won jobs worth 38 million ringgit ($8.86 million) to implement loan management systems.

*Malaysia's Sapura Resources Executive Director Rodzlan Akib Abu Bakar To Resign June 25

Malaysia's Sapura Resources, which mainly operates colleges, said Friday its executive director Rodzlan Akib Abu Bakar will step down on June 25.

*Singapore Exchange Issues Query On Trading Activity In Olam International

Olam International, a Singapore-based supplier of food and industrial raw materials, said Friday it has received a query regarding trading activity from Singapore Exchange Securities Trading.

*Malaysia's AppAsia Sees 14.50 Mln Shares Worth MYR3.63 Mln Sold Off-Market

Malaysia's AppAsia, an information technology security and mobile application services player, saw a total of 14.50 million shares valued at 3.63 million ringgit ($846,460) sold in off-market trades, data from N2N trading platform shows.

*MARKET BUZZ: Malaysia's My E. G. Up 2.4% On GST Monitoring System Report

My E. G. Services jumps as much as 2.4% to MYR2.16 on media report saying its GST monitoring system to start trial on select merchants next month. Shares now +1% at MYR2.13.

*Wing Tai's Independent Advisor Recommends Minority Shareholders To Accept Takeover Offer

Wing Tai Malaysia and an appointed independent advisor Mercury Securities recommended that minority investors accept a takeover offer from the property developer's major shareholders.

*GLP Shares Narrow Losses After Company Clarifies Bidding Process

Shares of Global Logistics Properties narrowed earlier losses in afternoon trading on Friday, after the company said it remained in talks with potential buyers and that the process was being handled by a special committee comprising independent directors not linked to any of the potential bidders.

*MARKET BUZZ: Malaysia's George Kent Surges On Strong 1Q, Hong Leong Ups TP

Malaysia's George Kent surges 4.6% at MYR4.12 on better-than-expected 1Q earnings. Hong Leong Investment Bank raises target price to MYR5.60 from MYR4.73, raises FY18-19 earnings by 8% and 7% respectively; keeps Buy rating. "We believe it is in a prime position to participate in upcoming mega rail projects such as the ECRL and HSR," house says in investor note.

*Malaysia's HCK Capital Plans To Launch Property Projects Worth MYR2 Billion-Chairman

Malaysia's HCK Capital, whose business interest ranges from real estate to food and beverages, is planning to launch next year property deveopment projects worth about two billion ringgit, its executive chairman said Friday.

*ASIA MARKETS: Hong Kong Shares Flatten In Cautious Trade Amid Overseas Deal Scrutiny

Hong Kong stocks wavered in cautious trading Friday, with extended losses for mainland equities weighing on sentiment as investors considered news Chinese lenders had been asked to look into risks stemming from overseas acquisitions by certain companies. The Hang Seng Index added less than 0.1% to 25,687.10 after briefly declining earlier in the day.

*Singapore May CPI Up 1.4% On Year On Higher Housing Maintenance Cost, Base Effect

Singapore's consumer prices gathered pace in May, driven mostly by costlier housing maintenance & repairs and base effects, official data Friday showed.

The consumer price index rose 1.4% in May from a year earlier, according to the Ministry of Trade and Industry.

*Singapore Manufacturing Up 5% On-Year In May On Surge In Electronics Output

Singapore's manufacturing output rose 5% in May from a year ago as a surge in electronics production offset declines in biomedical and transport engineering output, the Singapore Economic Development Board said on Friday.

*MARKET BUZZ: Malaysia's S P Setia Hits 2-Month Low On Dilution Concerns

S P Setia slumps 7.2% to MYR3.36, lowest since April, as its share sale plan leads to dilution concerns; company late yesterday annnounced plans for rights issue and private placement of shares to raise about MYR3.2 billion - MYR3.6 billion for I&P Group's acquisition.

*MARKET BUZZ: CIMB Starts Malaysia's Dagang NeXchange With Add Call

CIMB Investment Bank initiates coverage on Dagang NeXchange with Add call and target price of MYR0.72 . DNeX is proxy for government's plan to roll out vehicle entry permit and road charges (VEP & RC) at Malaysian borders, says house in investor note.

*MARKET BUZZ: Malaysia KLCI Tad Higher As Oil Rebounds; Tipped To Hover Around 1780

KLCI opens slightly higher tracking a rebound in oil prices, now +0.1% at 1779.86, in line with most Asian stock markets. Genting Malaysia leads index gainers, +2% at MYR5.67, despite a media report on potential further delay in its 20th Century Fox Theme Park project.

*Malaysia's SP Setia Plans Rights Shares Issue To Part-Fund I&P Group Acquisition

Malaysia's SP Setia said it plans to issue rights shares to part-finance the purchase of property firm I&P Group that will cost the state-controlled real estate developer 3.65 billion ringgit ($850.69 million).

*UOL To Raise UIC Stake To Just Under 49% Via Share Swap Agreement

Singapore developer UOL Group announced on Friday a share swap agreement with a related company that will allow it to raise its stake in United Industrial Corp Ltd to just under 49%, giving it greater control of UIC which is a major landlord in the city-state's central business district.

*MARKET BUZZ: Malaysia's KLCI Likely Flat Before Long Weekend; 1768-1800 Tipped

KLCI likely to open flat as traders unlikely to take positions ahead of long weekend; index up 0.1% at 1777.43 yesterday. Bursa Malaysia shut on Monday and Tuesday for Hari Raya. Dow Jones fell 0.1% overnight even as domestic jobless claims and home prices data were in-line with expectations.

- By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
- Edited By Shiladitya Ghosh
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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