Reciprocal group

- A + A KUALA LUMPUR (May 24): The Malaysian Financial Planning Council (MFPC) said that it has no intention to raise its grouses about certain cash trusts to DAP National Public Complaints Bureau chairman and member of parliament for Kepong, Lim Lip Eng, as it had already brought the issue to the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM). It was previously reported by theedgemarkets.com on Tuesday (May 24) that members of the Investor Protection Group (IPG) were to bring forward their qualms on certain cash trusts to Lim in a meeting to be held on Wednesday (May 25). However, in response to the report, the MFPC — a member of the IPG — said while it was invited to the meeting, the pre-scheduled meeting has been cancelled. The council added that it had no intentions to raise its “grouses” about certain cash trusts in the meeting. “We wish to highlight that the Council, together with the other financial planning associations (IPG) are … [Read more...] about Industry groups say cash trust issue made known to regulators

Comelec building MANILA, Philippines — The canvassing of votes for party-list groups will resume on Wednesday, the Commission on Elections (Comelec) said Tuesday. The canvassing of votes will still be conducted at the Philippine International Convention Center in Pasay City. “Please be notified that the Commission on Elections, sitting en banc as the National Board of Canvassers will reconvene its session at 3:00 o’clock in the afternoon on May 25, 2022 to continue the canvassing of votes for the Party-List groups at the Forum 2, Philippine International Convention Center, Pasay City, Philippines,” a copy of the notice sent to reporters stated. The proclamation of winning party-list groups was put on hold as the Comelec was waiting for the results of the special elections in the 12 barangays of Tubaran, Lanao del Sur. The special elections were held on May 24 after declaration of failure of polls due to violence, threats, and intimidation. Comelec Bangsamoro Autonomous … [Read more...] about Comelec: Canvassing of votes for party-list groups to resume May 25

Moisture and adventure meets Thai culture and mythology at Andamanda , Thailand’s biggest water park, covering 58 rai of land in Kathu, in Phuket, southern Thailand. On Saturday, Thailand’s former deputy prime minister Suwat Liptapanlop attended the water park’s grand opening. The new theme park is located on the main road to Patong, about 800 metres west of the Samkong intersection, certainly one of the busiest roads on the island for any tourists going in or out of Patong. The Saturday soft-opening was used as a day for the staff to check the flow of a large group of customers, from the car park attendants to the people looking after the rides and pushing you down the slides. Watch The Thaiger’s review of Andamanda HERE . On Saturday, the 4.5 billion baht water park welcomed thousands of guests for the first time, including 1,500 Phuket residents (and three very wet Thaiger YouTube reporters). Andamanda is Thai mythology themed, with 5 zones covering 9.8 hectares … [Read more...] about Thailand’s biggest new attraction “Andamanda” opens in Phuket

- A + A KUALA LUMPUR (May 24): The plantations and manufacturing segments have lifted Kuala Lumpur Kepong Bhd’s (KLK) net profit for the second quarter ended March 31, 2022 (2QFY22) to RM546.57 million, up 11.44% from RM490.44 million a year earlier. Earnings per share increased to 50.7 sen from 45.5 sen in the previous year. A bourse filing showed that KLK’s revenue in 2QFY22 climbed 41.56% to RM6.38 billion from RM4.51 billion in 2QFY21. The company also declared an interim dividend of 20 sen per share, to be paid on Aug 2. KLK’s plantations segment's 2QFY22 revenue grew 65.4% to RM423.3 million from RM255.87 million, driven by higher crude palm oil (CPO) and palm kernel selling prices and profit contribution from newly acquired subsidiaries. The manufacturing segment’s revenue, meanwhile, jumped 72.6% to RM377.89 million from RM218.97 million on higher contributions from oleochemical division and refineries as well as kernel crushing operations. For the … [Read more...] about Plantation and manufacturing segments lift KLK’s 2Q earnings 11.44% y-o-y to RM546.57m

- A + A KUALA LUMPUR (May 24): Serba Dinamik Holdings Bhd has been slapped with yet another suit, this time from Malaysian Trustees Bhd, which is the trustee of Serba Dinamik’s RM100 million Islamic Commercial Papers (ICP) that the company has defaulted on. In a civil suit filed at the High Court on April 29, Malaysian Trustees is seeking a declaration that a dissolution event has occurred on the ICP, together with an order to compel Serba Dinamik to pay the outstanding ICP amount of RM100 million, with compensation for late payment. Malaysian Trustees is also seeking to execute a sale agreement with Serba Dinamik to acquire from the beleaguered oil and gas outfit its entire beneficial interest in the shariah-compliant business of Amanahraya Investment Management Sdn Bhd (ARIM), as part of the agreement under the dissolution of the ICP. ARIM sole holder of Serba Dinamik’s RM100 million ICP The court papers did not provide details about the shariah-compliant … [Read more...] about Serba Dinamik slapped with suit seeking repayment of RM100m after defaulting on debt papers

- A + A KUALA LUMPUR (May 24): Nexgram Holdings Bhd has teamed up with Shenzhen Hengsheng Energy Management Co Ltd, a Chinese firm involved in the manufacturing of new-energy vehicles (NEVs) and charging piles, to promote industrial development of NEV design and parts, as well as manufacture NEV parts and vehicles in Malaysia according to the Malaysian market. In a bourse filing on Tuesday (May 24), Nexgram said its wholly-owned sub-subsidiary NEG Auto Group Sdn Bhd had on May 18 entered into a China-Malaysia NEV cooperation agreement with Shenzhen Hengsheng Energy Management Co Ltd for the purpose. The agreement will remain in force up to Dec 31, 2030. Under the deal, NEG will purchase 300,000 NEVs from Hengsheng from 2022 to 2030, and another 20,000 A4 vehicles in total for the first phase of such a model. NEG will also become the general agent of Hengsheng's model outside Greater China and will assist Hengsheng in promoting such model. Nexgram said the agreement … [Read more...] about Nexgram partners Chinese firm to promote new-energy vehicles

- A + A (May 24): Social media stocks are on course to shed more than US$100 billion in market value after Snap Inc’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 30% in premarket trading. If that move holds, the company will lose about US$10 billion in market value. Added to the value of premarket declines for peers including Facebook-owner Meta Platforms Inc, Google-owner Alphabet Inc, Twitter Inc and Pinterest Inc, the group may see about US$100 billion wiped out. “At this point, our sense is this is more macro and industry-driven versus Snap specific,” Piper Sandler analyst Tom Champion wrote in a note. Others on Wall Street agreed, with RBC Capital Markets analyst Brad Erickson saying that implications for the digital advertising space are broadly negative, with Meta and Alphabet likely best insulated among … [Read more...] about Social media stocks set to erase US$100b on Snap warning

- A + A (May 24): India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar with the matter. The aim is to ensure there are adequate stockpiles before the next sugar season starts in October, the person said, asking not to be identified as the information is private. The move may be announced in the coming days, the person said. India was the world’s biggest sugar exporter after Brazil last year, and counts Bangladesh, Indonesia, Malaysia and Dubai among its top customers. A spokesman for both the food and commerce ministries didn’t immediately respond to a request for comment. Sugar futures in London rose as much as 1.1%. Producers in India plunged, with Shree Renuka Sugars Ltd sliding as much as … [Read more...] about India to limit sugar exports in risk to global food prices

Ritesh Agarwal, founder and chief executive officer of OYO Hotels & Homes, speaks at the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019. (Bloomberg filepix) - A + A (May 24): Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors, said the people, asking not to be identified because the decisions aren’t yet public. If the company picks up the process again by year end, the earliest possibility for an IPO would be in 2023, they said. The Gurgaon-headquartered company, which filed preliminary IPO documents last year, is seeking regulatory permission to update its draft prospectus with … [Read more...] about SoftBank-backed Oyo to shelve plans for IPO in 2022, sources say

- A + A KUALA LUMPUR (May 24): KAF Investment Bank Bhd has appointed Rafiza Ghazali as the chief executive officer (CEO) designate in leading its Digital Islamic Bank. In a statement, the Malaysian financial services group said Rafiza will initially be joining KAF Investment Bank as part of the digital bank project team, pending the incorporation process of the digital bank entity. Deputy chief executive officer Thariq Usman Ahmad said the bank is pleased to have Rafiza to head its digital banking leadership team, given her wealth of experience in both the private and public sectors. “Her extensive foundation in banking as well as her involvement in innovation, particularly with the Malaysian financial technology community, will be a huge asset in the building of KAF's digital banking partnership platform,” he said. According to the statement, Rafiza has experience across the financial industry from Pengurusan Danaharta Nasional Bhd to RHB Investment Bank Bhd, … [Read more...] about KAF Investment Bank appoints Rafiza Ghazali as CEO designate for its Digital Islamic Bank