<div>This article first appeared in <em>The Edge Financial Daily</em>, on January 20, 2017.</p></div>

<div class=newsTextDataWrapInner><p>&nbsp;</div>

<div class=newsTextDataWrapInner><p>KUALA LUMPUR: MMC Corp Bhd is disposing of MMC Oil &amp; Gas Engineering Sdn Bhd (MMCOG) for RM50 million to focus on its port, logistics and energy businesses.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The buyer is Melati Pertiwi Sdn Bhd, which provides management services and professional services to the oil and gas (O&amp;G) and resources industries.</p></div>

<div class=newsTextDataWrapInner><p>In late 2011, MMC announced that it had invested RM7.3 million in MMCOG, an engineering design consultancy company licensed by Petroliam Nasional Bhd.</p></div>

<div class=newsTextDataWrapInner><p>MMC expects to have a one-off gain of RM16.5 million from the disposal. The proceeds would be used for working capital purposes within 12 months.</p></div>

<div class=newsTextDataWrapInner><p>“The proposed disposal will enable MMC to streamline its business operations, and focus on its core businesses, namely ports and logistics, energy and utilities, and engineering and construction,” MMC said.</p></div>

<div class=newsTextDataWrapInner><p>It added that the disposal aligns with MMC’s asset monetisation programme for non-core assets.</p></div>


This article first appeared in The Edge Financial Daily, on January 20, 2017.

 

KUALA LUMPUR: MMC Corp Bhd is disposing of MMC Oil & Gas Engineering Sdn Bhd (MMCOG) for RM50 million to focus on its port, logistics and energy businesses.

The buye...

MMC Corp sells O&G unit for RM50m to streamline business

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

SimeProp, Yinson Holdings, T7 Global, Pesona Metro Holdings, Datasonic Group, Willowglen MSC, CapitaLand Malaysia Trust, Annum Bhd, Sunway Bhd

US manufacturing activity improved in November, with orders growing for the first time in eight months and factories facing significantly lower prices for inputs.

US manufacturing improves in November as orders rebound, input price gains slow

The S&P 500 and the Nasdaq gained on Monday, with the benchmark index briefly hitting a record high boosted by technology stocks, while investor focus remained on a slew of economic data this week.

S&P 500, Nasdaq climb on tech boost; focus remains on data

Greece isn’t planning to impose any extraordinary tax on its banks, according to people familiar with the matter.

Prime Minister Kyriakos Mitsotakis conveyed that message at an event in London on Monday hosted by Morgan Stanley and the Athens Stock Exchange, the people said, speaking on condition of anonymity because the conversation was private.

Greece says it has no plans for extra tax on banks

Donald Trump’s fresh pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say.

The dollar looks likely to dominate the world economy for the foreseeable future and emerging nations’ idea of setting up their own single currency is “hot air”, said Mark Sobel, a retired 40-year veteran of currency policy who worked at the US Treasury.

Trump weaponising dollar seen as needless BRICS provocation

Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.

Encorp fires CEO after internal probe linked to MACC charge

Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.

Intel CEO Pat Gelsinger steps down from struggling chipmaker

France’s government offered a final-hour concession to Marine Le Pen on the 2025 budget, seeking to avoid being ousted from power in a no-confidence vote that would plunge the country into financial and political uncertainty.

French premier offers final-hour budget concession to Le Pen

EVENING 5: MRT Corp begins tender process for Penang LRT

EVENING 5: Five things you need to know today

<p>THERE has been a noticeable rise in the number of companies declaring special dividends since Budget 2025 was tabled in parliament in October. Market observers believe that the rush to pay out special dividends is likely due to the 2% tax on individuals with dividend income exceeding RM100,000 an...

Special dividends on the rise with dividend tax looming

<p>Mass Rapid Transit Corp Sdn Bhd (MRT Corp) is inviting local and foreign companies to participate in the tender for the Penang Light Rail Transit (LRT) Mutiara Line project, which the federal government has allocated RM10 billion for.</p>


MRT Corp begins tender process for Penang LRT contractor

<p>The US will launch on Monday its third crackdown in three years on China's semiconductor industry, curbing exports to 140 companies including chip equipment maker Naura Technology Group, among other moves, said two people familiar with the matter.</p>


Latest US strike on China's chips hits semiconductor toolmakers

<p>Sunway Bhd (KL:SUNWAY) founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, and his private vehicle Sungei Way Corp Sdn Bhd, have sold a combined total of 100 million shares in the diversified company for RM485 million or RM4.85 per share.</p>


Jeffrey Cheah, private vehicle offload 100 mil shares in Sunway for RM485 mil

<p>THE FBM KLCI is highly likely to end the year in the positive zone — the first time after three consecutive years of closing lower, barring any unforeseen circumstances that may unfold before the countdown to the new year.</p>

<p>Year to date, the benchmark index has risen almost 10%, although...

Is 1,700-level a reachable target for FBM KLCI?

<p>A total of RM10.78 billion had been withdrawn from the Employees Provident Fund's (EPF)&nbsp;Flexible Account (Account 3) as of the end of September, according to the Finance Ministry (MOF).</p>

<p>In a written parliamentary response to Wan Saiful Wan Jan (Perikatan Nasional-Tasek Gelugor), the MOF said that the withdrawals were made by 3.86 million EPF members, representing 29.4% of those below the age of 55.</p>


Nearly RM11b withdrawn from EPF Account 3 as of end-Sept — MOF

<p>Malaysia has urged Chinese companies to refrain from using it as a base to "rebadge" products to avoid US tariffs, its deputy trade minister said on Monday, amid increasing export restrictions and concerns of a US-China trade war.</p>


Malaysia urges firms from China to avoid using it to dodge US tariffs

<p>Former prime minister Datuk Seri Najib Razak said he was “extremely prejudiced [against]” by the Malaysian Anti-Corruption Commission's (MACC) investigations into him in the 1MDB scandal, and said that it was akin to “blindfolding” him in a “fistfight”.</p>


Anwar should understand, says Najib, claiming that he was metaphorically blindfolded and punched by MACC investigations

<p>The Monetary Authority of Singapore (MAS) has imposed a civil penalty of S$2.4 million (RM8.0 million) on JPMorgan Chase Bank for failing to prevent and detect misconduct committed by its relationship managers (RMs).</p>


Singapore fines JPMorgan Chase for failing to detect relationship managers' misconduct

<p>Shares in Johor-based logistics provider Xin Hwa Holdings Bhd (KL:XINHWA) fell to their lowest on Monday, despite announcing that its cargo transport unit's goods transport licence suspension is set to be lifted a month ahead of schedule.</p>


Xin Hwa shares fall to record low despite early suspension lift of cargo transport unit’s licence

<p>KUALA LUMPUR (Dec 2): Former prime minister Datuk Seri Najib Razak said that the inception of 1Malaysia Development Berhad’s (1MDB) former iteration, the Terengganu Investment Authority (TIA), was the brainchild of former Yang Di-Pertuan Agong Sultan Mizan Zainal Abidin and fugitive businessman L...

1MDB-Tanore: TIA was the brainchild of Sultan Mizan, Jho Low and Tun Badawi — I had no vested interest, claims Najib

<p>Intel chief executive Pat Gelsinger has stepped down less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.</p>


<p>Majuperak Holdings Bhd (KL:MJPERAK), a 51.41%-owned subsidiary of the Perak State Development Corp, announced on Monday the appointment of Muhammad Yazurin Sallij Muhammad Yasin as its new chief executive officer (CEO).</p>


Majuperak names Rapid Bus’ Muhammad Yazurin as its new CEO

<p>Datuk Seri Najib Razak told the court on Monday that he was "left speculating" on what specific personal interest was related to the first abuse of power charge he faces in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial.</p>


1MDB-Tanore: Najib says still left speculating on what his personal interest is in abuse of power charge

<p>Former prime minister Datuk Seri Najib Razak has maintained that funds at the heart of the 25 charges he faces in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial were donations from the Middle East.</p>


1MDB-Tanore: Najib maintains belief that funds were donations

<p>The tripartite consortium involving IJM Properties Sdn Bhd said it will continue to explore pathways forward with the Penang government to develop Batu Kawan Industrial Park 2 (BKIP2) after its initial proposal was rejected.&nbsp;</p>


IJM-led consortium explains variation in BKIP2 proposal following Penang state snub 

<p>Construction and trading group Pesona Metro Holdings Bhd (KL:PESONA) has secured a RM181.8 million contract for the construction of two blocks of 28-storey condominiums&nbsp; in Cyberjaya.</p>

<p>The developer of the project, comprising 606 units of condominiums on Persiaran Semarak Api in Cyber 11, is Lakefront Residence Sdn Bhd, a wholly-owned subsidiary of Avaland Bhd (KL:AVALAND), said Pesona Metro in a bourse filing on Monday.</p>


Pesona Metro bags RM182m condo construction job in Cyberjaya

<p>Datasonic Group Bhd (KL:DSONIC) has clinched two contract extensions worth a combined RM81.24 million from the Home Ministry.</p>


Datasonic secures RM81.2m contract extensions from Home Ministry

<p>Property developer Encorp Bhd (KL:ENCORP) announced on Monday that it has removed its group chief executive officer, Hazurin Harun, with immediate effect following an internal investigation by the board of directors.</p>


<p>Asian currencies slipped on Monday, led by a sharp decline in the Thai baht, after US President-elect Donald Trump warned BRICS members against adopting a new currency, unsettling traders in emerging markets.</p>
