PETALING JAYA: AMMB Holdings Bhd subsidiary AmGeneral Holdings Bhd has obtained approval from the Minister of Finance for the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AmGeneral Insurance is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group. Upon completion of the deal, Liberty Insurance will … Read more
PETALING JAYA: Construction services company Tuju Setia Bhd is tendering for RM2.8 billion worth of projects to build high-rise and industrial buildings, as well as hospitals and healthcare facilities. Despite the higher prices of building materials such as steel and concrete, Tuju Setia managing director Wee Eng Kong said there were still active tenders for … Read more
PETALING JAYA: Affin Hwang Asset Management Bhd (Affin Hwang AM) today launched the Affin Hwang Aiiman Global Thematic Mixed Asset Fund, further expanding its suite of thematic offerings. The fund is a syariah-compliant retail fund that provides investors access to thematic opportunities through a multi-asset approach including global equities and sukuk. The fund will invest … Read more
PETALING JAYA: Instant beverage premix manufacturer Orgabio Holdings Bhd, en route to list on Bursa Malaysia’s ACE Market on July 5, plans to raise RM29.97 million from its initial public offering (IPO) for business expansion. The company plans to use RM16 million (53.39%) raised from the IPO to part finance the construction of its new … Read more
PETALING JAYA: Top Glove Corp Bhd recently released its sustainability policy, which outlines its commitments in the areas of environmental, social, governance, and traceability. The policy guides ethical and responsible sourcing and procurement for all Top Glove subsidiaries and joint ventures, as well as the group’s supply chain. It was developed in consultation with a … Read more
PETALING JAYA: Berjaya Food Bhd (BFood) is set to announce a joint venture with Paris Baguette Singapore next Monday. Paris Baguette is a French-inspired bakery brand operated by Seoul-based food company SPC Group and is the number one bakery chain in South Korea. To date, there are over 3,400 stores in South Korea, and more … Read more
PETALING JAYA: The combined wealth of tycoons on the 2022 Forbes list of Malaysia’s 50 richest fell 10% from a year ago to US$80.5 billion (RM353 billion) and overall, 30 on the list saw their wealth decline. Kuok group’s founder Robert Kuok held on to his long-standing No.1 spot although his fortune dropped to US$11 … Read more
PETALING JAYA: Malaysia’s new Fiscal Responsibility Act may open the path for the reintroduction of the Goods & Services Tax (GST), according to OCBC Treasury Research, which opined that should GST return, the government is likely to “ease it in” by setting a more palatable rate of 4% to start with. “Given how the first … Read more
PETALING JAYA: Berjaya Corp Bhd (BCorp) registered 33% higher revenue of RM2.42 billion for the third quarter ended March 31, 2022 compared with revenue of RM1.82 billion in the corresponding quarter of the previous year, mainly from the services and retail segments. The group registered a pre-tax profit of RM93.44 million in the quarter compared … Read more
PETALING JAYA: Petroliam Nasional Bhd subsidiary Petronas Hydrogen Sdn Bhd has signed a memorandum of understanding (MoU) with Samsung C&T Corp to develop a clean hydrogen supply chain in South Korea. Petronas and Samsung C&T will explore opportunities involving the potential supply of blue or green hydrogen into South Korea. Additionally, Petronas will extend advisory … Read more
PETALING JAYA: Malaysia Building Society Bhd (MBSB) recorded a net profit of RM58.21 million in first quarter ended March 31, 2022 (Q1’22), a 8.2% drop from the RM63.41 million in the corresponding period last year due to lower non-funded income and higher operating expenditure in technology and personnel related expenses. Its revenue was 2.4% lower … Read more
PETALING JAYA: KPower Bhd’s 70%-owned subsidiary Granulab (M) Sdn Bhd today launched Prosteomax, a halal-certified synthetic bone cement. Prosteomax has been certified halal by the Malaysian Islamic Development Department and registered with Malaysian Medical Device Authority for orthopaedics, cranio, dental and maxillofacial applications. KPower group CEO Amirul Afif Abd Aziz anticipates an increase in demand … Read more
PETALING JAYA: Property developer Matrix Concepts Holdings Bhd recorded an all-time high RM1.3 billion in new property sales for the financial year ended March 31, 2022 (FY2022), surpassing the previous year’s achievement of RM1.2 billion. The sales growth of 11.3% was driven by robust demand for affordable-premium residential homes in the group’s flagship Sendayan Developments. … Read more