<div class=newsTextDataWrapInner>KUALA LUMPUR (Oct 4): Kuala Lumpur Kepong Bhd (KLK) is paying US$8.67 million (RM26.86 million) for 51% of a company that has rights to sizeable land in Papua New Guinea (PNG) intended for oil palm planting.</div>

<div class=newsTextDataWrapInner>In a statement to Bursa Malaysia, KLK said it is buying 51% of Singapore-incorporated Collingwood Plantations Pte Ltd for US$8.67 million, whose principal businesses are forestry, tug and barging services and investment holding.</div>

<div class=newsTextDataWrapInner>Collingwood's wholly-owned Ang Agro Forest Management Ltd has registered rights over three plots of land measuring 44,342 hectares (ha) in total in the town of Tufi in the Oro Province.</div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner>The first plot measuring 5,992ha is a 99-year state lease land expiring on April 2110, which is contiguous with a 49-year lease plot measuring 21,520ha expiring August 2061. The third plot — measuring 16,830ha, and also on a 49-year lease — is 10 kilometres away.</div>

<div class=newsTextDataWrapInner>KLK's shareholder Batu Kawan Bhd will have 18% of Collingwood after the 51% stake sale to KLK. The vendor Hii Eii Sing, a Malaysian national, retains 31% of the company.</div>

KUALA LUMPUR (Oct 4): Kuala Lumpur Kepong Bhd (KLK) is paying US$8.67 million (RM26.86 million) for 51% of a company that has rights to sizeable land in Papua New Guinea (PNG) intended for oil palm planting.

In a statement to Bursa Malaysia, KLK said it is buying 51% of Singapore-incorporated Collingwood Plantations Pte Ltd for US$8.67 million, whose principal businesses are forestry, tug and barging services and investment holding.

Collingwood's wholly-owned Ang Agro Forest Management Ltd has registered rights over three plots of land measuring 44,342 hectares (ha) in total in the town of Tufi in the Oro Province.

The first plot measuring 5,992ha is a 99-year state lease land expiring on April 2110, which is contiguous with a 49-year lease plot measuring 21,520ha expiring August 2061. The third plot — measuring 16,830ha, and also on a 49-year lease — is 10 kilometres away.

KLK's shareholder Batu Kawan Bhd will have 18% of Collingwood after the 51% stake sale to KLK. The vendor Hii Eii Sing, a Malaysian national, retains 31% of the company.

KLK pays US$8.67m for 51% of firm with 44,342ha PNG land

Bitcoin broke US$100,000 on Thursday as investors bet on a friendly regulatory shift in the US, while Asian stocks were firm after Wall Street indexes notched record highs on growing confidence in US interest rate cuts.

Bitcoin hit the US$100,000 mark in the Asia morning and was last at US$101,300.

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Unconventional Economic Wisdom: The Democrats’ only option

French lawmakers passed a no-confidence vote against the government on Wednesday, throwing the European Union's second-biggest economic power deeper into a crisis that threatens its capacity to legislate and tame a massive budget deficit.

Far-right and left-wing lawmakers joined forces to back a no-confidence motion against Prime Minister Michel Barnier, with a majority 331 votes in support of the motion.

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South Korean President Yoon Suk Yeol named a new defence minister on Thursday, ahead of a vote on whether to start impeachment proceedings that may take place on Saturday.

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FashionValet Sdn Bhd co-founders Datuk Fadzarudin Shah Anuar and Datin Vivy Sofinas Yusof claimed trial at the Kuala Lumpur Sessions Court on Thursday to a charge of criminal breach of trust (CBT) involving RM8 million.

FashionValet co-founders claim trial to criminal breach of trust charge

MN Holdings Bhd's (KL:MNHLDG) contract wins and financial performance in its current financial year are expected to hit a new record, supported by strong order book and record-breaking tender prospects, said Phillip Capital.

“We believe MN is on track for FY2025 (financial year ending June 30, 2025) surpassing FY2024 new contract wins of RM349 million,” said Phillip Capital in its latest company note.

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Bitcoin rose above US$100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Bitcoin tops US$100,000 on optimism over Trump crypto plans

Shares of cash-rich Apollo Food Holdings Bhd (KL:APOLLO) soared in early trading on Thursday, after it declared a 30 sen dividend following improved second-quarter results.

Apollo shares rise on dividend following stronger 2Q

The government has no intention of introducing any new tax in the near future, according to the Finance Ministry (MOF).

The ministry said the government’s present focus is on increasing compliance and improving the existing tax system as well as implementing tax measures that have already been announced in Budget 2025.

Govt has no plan to introduce new taxes in the near future — Finance Ministry

The value added gross domestic product (GDP) for the manufacturing sector increased to RM97.4 billion in the third quarter of 2024 compared to the same period in 2023, said the Ministry of Investment, Trade and Industry (MITI).

The ministry said the amount showed an increase of 5.5% or RM5.1 billion from the RM92.3 billion recorded last year.

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Genting Bhd (KL:GENTING) and Genting Malaysia Bhd (KL:GENM) are likely to be removed from the 30-stock FTSE Bursa Malaysia (FBM) KLCI in the latest review of the benchmark index that will be announced on Thursday, according to sources.

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Retailer Eco-Shop Marketing Bhd, which operates 320 discount stores nationwide, is planning to float its shares on the Main Market of Bursa Malaysia to raise funds for business expansion, according to its draft prospectus filed with the Securities Commission Malaysia.

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Here is a brief recap of the business news and corporate announcements that made the headlines on Wednesday.

Capital A, Superlon, Focus Dynamics, Uzma, UEM Sunrise, Mulpha, Central Global, Apollo Food, TMC Life Sciences, Sentoria, Binasat

FashionValet Sdn Bhd co-founders Datuk Fadzarudin Shah Anuar and Datin Vivy Sofinas Yusof&nbsp;claimed trial at the Kuala Lumpur Sessions Court on Thursday to a charge of criminal breach of trust (CBT) involving RM8 million.

Supermax Corporation Bhd (KL:SUPERMX) shares gained in early trade on Thursday, mostly due to an improved outlook and&nbsp;earnings potential of the company's US facility, amid recent efforts to boost glove production there.

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Cropmate Bhd (KL:CRPMATE) jumped on its ACE Market debut on Thursday, after its initial public offering (IPO) raised some RM42 million&nbsp;mainly for the fertiliser company's operations and expansion plans.

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Bitcoin broke US$100,000 on Thursday as investors bet on a friendly regulatory shift in the US, while Asian stocks were firm after Wall Street indexes notched record highs on growing confidence in US interest rate cuts.

Bitcoin hit the US$100,000 mark in the Asia morning and was last at US$101,300.

Wall Street's main indexes climbed on Wednesday, with the S&amp;P 500 and the Nasdaq touching record highs propelled by gains in technology stocks, while investors awaited comments from Federal Reserve chair Jerome Powell later in the day.

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Binasat Communications Bhd (KL:BINACOM) has proposed to undertake a private placement to finance the acquisition of several properties.

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Amazon Web Services Inc (AWS)&nbsp;announced on Wednesday that Southeast Asian super-app&nbsp;Grab Holdings Inc has chosen AWS as its preferred cloud provider to enhance operational efficiency across eight Asean countries.

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Stocks hit all-time highs as US Federal Reserve (Fed) chair Jerome Powell said the economy is in remarkably good shape. The euro wavered as the French government fell after a no-confidence vote in Parliament.

US stocks hit record as Powell bullish on economy

Shares of&nbsp;cash-rich Apollo Food Holdings Bhd&nbsp;(KL:APOLLO) soared in early trading on Thursday, after it declared a 30 sen dividend following improved second-quarter results.

The South Korean won rebounded on Wednesday, posting the sharpest gains among emerging-market currencies, after President Yoon Suk Yeol rapidly reversed his martial law declaration. Traders were waiting on Federal Reserve chair Jerome Powell’s remarks for clues on where US interest rates are headed.

South Korean won outperforms emerging peers before Powell remarks

Bitcoin rose above US$100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.

Prolonged global supply chain disruptions in recent years have in no uncertain terms laid bare that logistics can cause immense disruption. Due to Asia's high growth prospects, these supply chain bottlenecks could derail the potential of the various national economies throughout the continent.&nbsp;

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The ongoing flood situation in the country is among the key issues to be highlighted in the Dewan Rakyat on Thursday.

According to the Order Paper, V&nbsp;Ganabatirau (Pakatan Harapan-Klang) will ask the minister of energy transition and water transformation whether the government is satisfied with the development of flood mitigation infrastructure and related investments.

Flood-related matters take centre stage in Dewan Rakyat today

US services activity expanded in November at the slowest pace in three months as demand and employment growth settled back, indicating the largest part of the economy is losing momentum.

US services activity expands at slowest pace in three months 

The government has no intention of introducing any new tax in the near future, according to the Finance Ministry (MOF).

The ministry said the government’s present focus is on increasing compliance and improving the existing tax system as well as implementing tax measures that have already been announced in Budget 2025.

The value added gross domestic product (GDP) for the manufacturing sector increased to RM97.4 billion in the third quarter of 2024 compared to the same period in 2023, said the Ministry of Investment, Trade and Industry (MITI).

The ministry said the amount showed an increase of 5.5% or RM5.1 billion from the RM92.3 billion recorded last year.

The electrical and electronics (E&amp;E) segment has recorded the highest realised investment performance of RM4.8 billion during the period from January to June 2024, according to the Ministry of Investment, Trade and Industry (MITI).

The ministry said the investment performance was equivalent to 69.5% of the investment value realised for the manufacturing sector which recorded a total of RM9 billion manufacturing projects realised in the same period.