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Nikkei Markets

MALAYSIA PRESS: News Headlines On Wednesday, July 12

By Kuala Lumpur Newsroom
Nikkei Marketsw
KUALA LUMPUR (Jul 12) -- Here's a roundup of local news:

*Tencent's WeChat Pay seeks license for local payment services in Malaysia

Tencent Holdings has applied for a license in Malaysia to offer local payment services via its WeChat Pay, in what would be a first for the platform beyond mainland China and Hong Kong, the director of WeChat Pay's global operation told Reuters. If approved, users in Malaysia will be able to link their local bank accounts to WeChat Pay and pay for goods and services in ringgit. "Malaysia has a large Chinese community," Grace Yin said on the sidelines of a Hong Kong technology conference, explaining Tencent's choice of test bed. - Reuters

*Maybank IB buys 17m Lotte Titan Chemical shares

Maybank Investment Bank bought 17.10 million shares of Lotte Titan Chemical when it made its debut on the Main Market of Bursa Malaysia Securities on Tuesday. Maybank IB, which is the stabilizing manager for the initial public offering, said it bought the shares at RM6.4718 per share, totaling RM110.67mil. - The Star

*QES Group seeks ACE listing, plans to issue 151.6 million shares

QES Group, which manufactures optical test equipment and provides engineering and measurement solutions, plans to list its shares on the ACE Market of Bursa Malaysia. In a draft prospectus, QES said it intends to issue 151.66 million shares, equivalent to 20% of its share capital, to the public, including its eligible directors, staff and selected investors. At the same time, QES said it will be offering to sell some 75.83 million of its existing shares, equivalent to 10% of its enlarged share capital, to selected investors. - The Edge Markets

*Kuantan Flour Mills given extension till Sept 30 to submit restructuring plan

Practice Note 17 company Kuantan Flour Mills has received the approval from Bursa Securities for an extension of time up to Sept. 30 to submit its regularization plan. The company told Bursa Malaysia that it had received a letter dated July 10 from Bursa Securities for the extension. Trading in KFM securities will be suspended and delisted if it fails to submit the restructuring plan to the regulatory authorities for approval on or before Sept. 30. - The Sun Daily
- By Kuala Lumpur Newsroom; kleditorial@nikkeinewsrise.com; +60320267363
- Edited by Glen Nicol Perkinson
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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