<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 23): Malaysia Marine And Heavy Engineering Holdings Bhd’s (MHB) wholly-owned unit has secured a contract from Petronas Carigali Sdn Bhd to undertake the engineering, procurement, construction, installation and commissioning works for the Kasawari Gas Development project.</p></div>

<div class=newsTextDataWrapInner><p>The project, awarded to Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), includes the construction of 47,000 tonnes of Central Processing Platform (CPP), 8,600 tonnes of Wellhead Platform (WHP) and a Flare Structure, together with two bridges linking the CPP to the WHP and the Flare Structure.</p></div>

<div class=newsTextDataWrapInner><p>The contract also involves the transportation and installation of an 85-km pipeline linking the Kasawari CPP to the existing E11R-A platform, the group said in a filing today.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“This award is a representation of continued trust in our capability in providing offshore solutions and producing the desired results. Our aim is to deliver all projects efficiently, without compromising on safety and quality,” said Wan Mashitah Wan Abdullah Sani, the managing director and chief executive officer of MHB.</p></div>

<div class=newsTextDataWrapInner><p>MHB’s share price closed 0.5 sen or 0.57% lower at 87 sen today, bringing a market capitalisation of RM1.39 billion.</p></div>


KUALA LUMPUR (July 23): Malaysia Marine And Heavy Engineering Holdings Bhd’s (MHB) wholly-owned unit has secured a contract from Petronas Carigali Sdn Bhd to undertake the engineering, procurement, construction, installation and commissioning works for the Kasawari Gas Development project.

The project, awarded to Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), includes the construction of 47,000 tonnes of Central Processing Platform (CPP), 8,600 tonnes of Wellhead Platform (WHP) and a Flare Structure, together with two bridges linking the CPP to the WHP and the Flare Structure.

MHB secures Kasawari gas development project from Petronas Carigali

Prime Minister Datuk Seri Anwar Ibrahim is set to invite China’s President Xi Jinping to attend the Asean Summit and the Asean-GCC Summit next year.

This invitation corresponds with Malaysia’s role as the Asean chair for 2025.

Anwar to extend invitation to Xi Jinping for 2025 Asean Summit

New orders for US-manufactured goods fell for a second straight month in September, and business spending on equipment appears to have pulled back in the third quarter.

US factory orders fall a second straight month in September

US stock indexes were trading flat to lower on Monday, as investors braced for a pivotal week for global markets in which Americans will elect a new president and the Federal Reserve is likely to cut its benchmark policy rate.

Wall Street struggles for direction as uncertainty around US election grows

Chile’s economic activity posted its biggest monthly plunge since July 2022 in September, prompting the government to scrap its growth forecast for this year and stoking bets on more interest rate cuts.

Chile economic activity plunges most since 2022 in ‘appalling’ report

Quincy Jones, the man known simply as "Q," was a huge influence on American music in his work with artists ranging from Count Basie to Frank Sinatra and reshaped pop music in his collaborations with Michael Jackson.

US music legend Quincy Jones dies at 91

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

SD Guthrie, AME Elite, Techna-X, Star Media, JAKS Resources, Datasonic, Revenue Group, Dayang, Carimin, MN Holdings, Tuju Setia, Bina Puri, Elridge, MCE Holdings, Bintai Kinden

Prime Minister Datuk Seri Anwar Ibrahim has arrived in Shanghai, marking his first stop before Beijing, as part of a working visit from Nov 4-7.

Anwar arrives in Shanghai, first stop of working visit to China

Commerzbank AG chief executive officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit SpA.

Commerzbank looks to free up capital to fend off UniCredit

Fox Corp beat Wall Street expectations for first-quarter revenue on Monday, as the media company benefitted from higher political advertising ahead of the US presidential election, sending its shares up 5% in pre-market trading.

Fox Corp beats revenue estimates on robust political advertising

US companies with lagging stock prices are now quicker to blame management and fire their top executive, but the process of finding a replacement has remained largely unchanged for the last decade, according to a report released on Monday.

US CEOs fired more quickly over low stock prices this year, report says 

<p>The six-year dispute between Star Media Group Bhd (KL:STAR) and property developer JAKS Resources Bhd (KL:JAKS) over the development of a parcel of land in Section 13, Petaling Jaya, which started in 2018, has come to an end, with both parties inking an agreement to settle the issue.</p>


Star Media, JAKS ink settlement to end six-year dispute over Section 13 land deal

<p>Malaysia has sent a complaint letter to Vietnam over its alleged expansion of a South China Sea reef that both countries claim as their own, two officials told <i>Reuters</i>, in a rare bilateral escalation not involving China.</p>


Malaysia complains to Vietnam over South China Sea reef expansion — Reuters

<p>Shares of Boustead Heavy Industries Corp Bhd (KL:BHIC) fell to December 2006 levels — an 18-year low, after dropping 39.6% or 18 sen to close at 27.5 sen on Monday.</p>

<p>The thinly traded counter saw 3.22 million shares changing hands — 43.8 times higher than its 200-day moving average.</p>


BHIC's intraday short-selling suspended as it skids to 18-year low

<p>The initial public offering of Sabah-based Life Water Bhd, which is set to be listed on the Main Market of Bursa Malaysia on Nov 13, has attracted RM510.49 million worth of interest from retail investors, a little over eight times the RM63.42 million it was looking to raise from the issuance of new shares.</p>

<p>The public portion of its IPO, priced at 65 sen per share, was oversubscribed by 32.19 times, with 16,072 applications received seeking 785.38 million new shares over the 97.56 million shares it made available for the Malaysian public, Tricor Investor &amp; Issuing House Services Sdn Bhd said in a statement issued on behalf of Life Water.</p>


Main Market-bound Life Water's IPO attracts over RM500m retail interest

<p>Datasonic Group Bhd (KL:DSONIC) is buying a 51% stake in Innov8tif Holdings Sdn Bhd from Revenue Group Bhd (KL:REVENUE)&nbsp;for RM40 million cash. &nbsp;</p>

<p>Innov8tif, a two-year-old company, specialises in ID verification technology to support e-know-your-customer (e-KYC) and e-know-your-business (e-KYB) and anti-fraud processes, customer onboarding process automation and mobile biometric authentication, said Datasonic in the filing to Bursa Malaysia.</p>


Datasonic buys 51% stake in Innov8tif Holdings from Revenue Group for RM40 mil cash

<p>TGI Fridays Malaysia's operations in the country will continue to operate as usual and remain unaffected by the recent bankruptcy filing of TGI Fridays Inc in the US, says Techna-X Bhd (KL:TECHNAX), which owns Craveat International Sdn Bhd — the master franchisee and developer for TGI Fridays Malaysia.</p>


TGI Fridays' ops in Malaysia unaffected by bankruptcy of US parent, says master franchisee 

<p>A whopping US$10 million (RM43.7 million) was used by fugitive businessman Low Taek Jho (Jho Low) and his associate Erin Tan Kim Loon to gamble in Las Vegas, purchase a painting from renowned artist Jean-Michel Basquiat as well as on aviation services.</p>


Jho Low and partner spent over US$10m of 1MDB funds on Las Vegas casino bender, Basquiat painting, ‘private aviation services’

<p>A government backbencher wants "someone's head to roll" after two government-linked investment companies — Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) — incurred a combined RM43.9 million loss from their investment in e-commerce platform FashionValet.</p>


Govt backbencher calls for 'heads to roll' over Khazanah and PNB's RM43.9m loss in FashionValet

<p>Shell Malaysia Ltd and Progressture Power Sdn Bhd have partnered to install up to 20 megawatt peak (MWp) of solar capacity on the roofs of over 600 retail stations nationwide.</p>

<p>This initiative reinforces Shell's commitment to powering Malaysians' daily journeys with clean energy and achieving net-zero emissions by 2050.</p>


Shell Malaysia, Progressture Power in deal to set up solar roofs at 600 stations nationwide

<p>The Malaysian man who was reportedly a mercenary fighting in Ukraine against Russia has been identified as Lee Bing Hang and is believed to be still alive and well.</p>

<p>Inspector-General of Police Tan Sri Razarudin Husain said preliminary investigations found Lee, 20, was wounded in the ankle by shrapnel from a Russian drone and has completed his treatment.</p>


Lee Bing Hang, Malaysian mercenary in Ukraine is still alive — IGP

<p>Dayang Enterprise Holdings Bhd (KL:DAYANG) has bagged a contract from Shell for the provision of pan-Malaysia offshore maintenance, construction, modification (MCM) and hook-up commissioning (HUC) services.</p>


Dayang wins pan-Malaysia services contract from Shell

<p>Genetec Technology Bhd (KL:GENETEC) has proposed to sell its 51% stake in CLT Engineering Sdn Bhd (CLT) to its former executive director Tan Moon Teik for RM21.63 million cash.</p>


Genetec sells its entire stake in subsidiary to ex-director

<p>Plantation group SD Guthrie Bhd (KL:SDG) has teamed up with property developer AME Elite Consortium Bhd (KL:AME) to develop a green industrial park within the Johor-Singapore Special Economic Zone (JS-SEZ).</p>


SD Guthrie, AME Elite to jointly develop green industrial park in Kulai

<p>The Malaysian Anti-Corruption Commission (MACC) raided the office of a local fashion business, along with three other business premises on Monday, in a probe into significant investment losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).</p>


MACC raids four business premises in FashionValet probe 

<p>Builder Tuju Setia Bhd (KL:TJSETIA) has secured a construction contract worth RM411 million to build serviced apartments and landed residential units in Kelana Jaya for the Sunway Serene 2 development project.</p>


Tuju Setia gets RM411 mil job to build mixed high-rise, landed homes in Kelana Jaya for Sunway Serene 2

<p>For at least three years, China and Hong Kong’s stock markets were in the red. But thanks to the “bazooka stimulus”, the large economic stimulus package announced by the Chinese government in late September, things started to turn around. Share prices soared and sentiment improved.</p>

<p>The ...

Cover Story: Does the China rally still have legs?

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.</p>


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<p>Kuala Lumpur police are offering a 50% discount for payment of traffic summonses this Tuesday to Saturday, Nov 5 to 9.</p>


KL police offer 50% discount on traffic summonses from Nov 5 to 9

<p>Newly-listed Elridge Energy Holdings Bhd (KL:ELRIDGE) said it has entered into a deal to supply biomass feedstock to a Japanese trading company for 15 years.</p>
