<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 11): Muar Ban Lee Group Bhd (MBL) is disposing of its entire 51% stake in its Indonesian unit PT Serdang Jaya Perdana (SJP) for 36 billion rupiah (RM11 million).</p></div>

<div class=newsTextDataWrapInner><p>MBL is expected to incur a net loss of RM524,800 from the disposal.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia on Friday (Nov 11), the group said its wholly owned subsidiary Muar Ban Lee Engineering Sdn Bhd had entered into a sale and purchase deed on Nov 10 with Sian and Lucialim for the disposal.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>SJP is engaged in palm kernel crushing plant operations where crude palm kernel oil is extracted from palm kernel.</p></div>

<div class=newsTextDataWrapInner><p>The rationale of the disposal includes MBL not being involved in the management of SJP, as well as low returns and profits over the past few years with uncertainty in the industry's outlook.</p></div>

<div class=newsTextDataWrapInner><p>MBL also wants to take the opportunity to improve its cash flow as proceeds from the disposal will be used for working capital. &nbsp;</p></div>

<div class=newsTextDataWrapInner><p>The deal is not expected to result in MBL becoming a cash company or a Practice Note 17 company.</p></div>

<div class=newsTextDataWrapInner><p>Shares of MBL closed half a sen higher at 38 sen on Friday, giving it a market capitalisation of RM94.48 million.</p></div>


Muar Ban Lee Group Bhd (MBL) is disposing of its entire 51% stake in its Indonesian unit PT Serdang Jaya Perdana (SJP) for 36 billion rupiah (RM11 million).

MBL is expected to incur a net loss of RM524,800 from the disposal.

Muar Ban Lee sells Indonesian unit at a loss

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

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


<p>Ekovest Bhd (KL:EKOVEST) said it has agreed to a further extension of time to discuss a merger between its wholly owned subsidiary Ekovest Construction Sdn Bhd (ECSB) and Knusford Bhd (KL:KNUSFOR).</p>


Ekovest agrees to six-month extension for merger discussion between subsidiary and Knusford

<p>US prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September.</p>


US inflation rises moderately, consumer spending cools

<p>Here’s a quick look at some of the stories that made headlines today.</p>


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<p>The prestigious five-star Lexis Hibiscus 2 luxury resort is currently under construction by the KL Metro Group and is expected to be completed by 2029, said Negeri Sembilan Menteri Besar Datuk Seri Aminuddin Harun.</p>


Construction of RM1.6 bil GDV Lexis Hibiscus 2 resort will be completed in 2029

<p>Practice Note 17 (PN17) company Alam Maritim Resources Bhd (KL:ALAM) has announced its regularisation plan, which includes a share capital reduction of RM440 million, 10-to-one share consolidation, an issuance of renounceable rights shares with warrants and a scheme of arrangement with its creditors.</p>


Alam Maritim submits regularisation plan to exit PN17 status

<p>Health and wellness direct selling company DXN Holdings Bhd (KL:DXN) said on Friday its net profit rose 10.26% in the first quarter from a year earlier due to higher revenue recognised from overall operating segments.&nbsp;</p>


DXN Holdings 1Q net profit up 10.26%, targets market presence in Zambia, Ghana  

<p>Wall Street bounced back on Friday as megacap tech and chip stocks recovered from the week's pummeling, while a largely in-line key inflation reading kept bets for an early start to interest-rate cuts alive.</p>


<p>Upholstery furniture products manufacturer Homeritz Corp Bhd’s (KL:HOMERIZ) net profit surged 46.37% in the third quarter from a year earlier, thanks to higher sales volume and stronger US dollar. &nbsp;</p>

<p>Net profit for three months ended May 31, 2024 (3QFY2024) climbed to RM9.09 million or earnings per share of 1.96 sen, from RM6.21 million or 1.34 sen per share recorded in 3QFY2023. &nbsp;</p>


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<p>Cyberview Sdn Bhd has signed three Memoranda of Understanding (MOUs) with three companies to make Cyberjaya a global technology hub.</p>

<p>Chief executive officer Kamarul Ariffin Abdul Samad said the companies involved were Permodalan Negeri Selangor Bhd (PNSB), Selangor Information Technology &amp; Digital Economy Corporation (SIDEC) and digital infrastructure company Equinix Malaysia.</p>


Cyberview signs three MOUs to make Cyberjaya a global technology hub

<p>The developer of a supertall condo tower in Miami’s Brickell neighbourhood has hired a new sales team after ousting an embattled real estate brokerage from the project.</p>

<p>One Sotheby’s International Realty has taken over marketing at 888 Brickell Dolce &amp; Gabbana Miami, JDS Development’s pre-construction building overlooking Biscayne Bay in the city’s financial centre.&nbsp;</p>


<p>SARAWAK expects to formalise a deal to raise its stake in Affin Bank Bhd to about 30% in about a month, according to the state’s premier Tan Sri Abang Johari Openg.</p>

<p>In an exclusive interview with The Edge in Kuala Lumpur last Friday (July 19), Abang Johari said the state is committed to...

<p>Deputy Prime Minister Datuk Seri Fadillah Yusof paid a courtesy visit to Vietnamese Prime Minister Pham Minh Chinh on Friday.</p>

<p>"During the meeting with His Excellency, I reaffirmed the commitment of the prime minister and the Malaysian government to continue strengthening cooperation between Malaysia and Vietnam," he said in a post on the social media platform X.</p>


<p>Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM54.5 million contract to undertake the construction of 186 terrace houses in Rawang, Selangor.</p>


Kumpulan Kitacon bags RM54.5m job to build houses in Rawang

<p>Treasuries are rising at the end of a volatile week as the Federal Reserve’s favourite inflation gauge cemented traders’ expectations for an interest-rate cut in September.</p>

<p>The advance pushed yields lower across the curve on Friday, with two- and 10-year yields down by about five basis points (bps) to 4.38% and 4.2%, respectively.</p>


<p>Penang Port Sdn Bhd (Penang Port) on Friday announced the acquisition of five Kalmar container handling machines to optimise operations and improve service levels.</p>


Penang Port acquires Kalmar container handling equipment to enhance services

<p>US authorities filed criminal and civil charges against prominent activist short seller Andrew Left for an alleged long-running market manipulation scheme involving bets on stocks including Nvidia and Tesla, they said on Friday.</p>


<p>Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies.</p>

<p>Eastern European Union (EU) members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming via Ukraine after sanctions were imposed on the company.</p>


Hungary says it will face fuel shortages from September without Lukoil supplies

<p>Malaysia, as the country coordinator for Asean-China Dialogue Relations, will intensify efforts to finalise the Code of Conduct in the South China Sea, said Foreign Minister Datuk Seri Mohamad Hasan.</p>

<p>He said Malaysia, which assumed the role of country coordinator this year, aims to establish a code of conduct accepted by all parties.</p>


<p>A new recruitment of 3,950 staff, comprising 3,200 medical officers, 350 dental officers and 400 pharmacy officers, will be made through contract (interim) appointments, the Ministry of Health (MOH) said.</p>
