<div class=newsTextDataWrapInner><p>SINGAPORE (June 9): Otto Marine shares are up 37% to 31.5 cents after its founder offers to buy all the shares in the company he does not own to take the company private.</p></div>

<div class=newsTextDataWrapInner><p>Yaw Chee Siew, chairman of the shipbuilder, currently owns a 61.2% controlling stake in the company.</p></div>

<div class=newsTextDataWrapInner><p>Yaw is offering 32 cents per share in cash. The offer price represents a 39% premium to the company's last traded price and values Otto Marine at $68 million.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Otto will have to seek regulatory and shareholder approvals for the offer by Ocean International Capital, a special purpose vehicle of Yaw.</p></div>

<div class=newsTextDataWrapInner><p><em><strong>(See “<a href="http://www2.theedgemarkets.com/sg/article/otto-marine-receives-32-cents-share-privatisation-cash-offer-controlling-shareholder" target="_blank">Otto Marine receives 32 cents per share cash offer from controlling shareholder to take company private</a>”)</strong></em></p></div>


SINGAPORE (June 9): Otto Marine shares are up 37% to 31.5 cents after its founder offers to buy all the shares in the company he does not own to take the company private.

Yaw Chee Siew, chairman of the shipbuilder, currently owns a 61.2% controlling stake in the company.

Yaw i...

Otto Marine shares up on delisting offer

At least eight major distressed Chinese firms, including a China Evergrande Group unit, are set to defend themselves in court cases relating to their debt problems over the next two weeks, in one of the busiest stretches ever for such hearings.

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South Korean authorities investigating impeached President Yoon Suk Yeol attempted to enter his residence on Wednesday morning in a new bid to arrest him over insurrection accusations related to his Dec. 3 martial law declaration.

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French Prime Minister Francois Bayrou on Tuesday opened the door to renegotiating a disputed pension reform in a bid to win over left-wing lawmakers he needs to pass the 2025 budget.

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Nato countries will deploy frigates, patrol aircraft and naval drones in the Baltic Sea to help protect critical infrastructure and reserve the right to take action against ships suspected of posing a security threat, alliance members said on Tuesday.

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Malaysia welcomes companies from the United Arab Emirates (UAE) to invest in Malaysia involving renewable energy (RE) projects, including data centres, said Prime Minister Datuk Seri Anwar Ibrahim.

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Malaysia’s unique position has helped the country to chart economic policies which are comprehensive and sustainable, said Prime Minister Datuk Seri Anwar Ibrahim.

He said Malaysia is fortunate as it is politically stable despite being multi-cultural, multi religious, multi-racial, and it is probably among the most peaceful country in the region and is also among the fastest growing economies in the world.

Malaysia’s unique position helps to chart economic policies which are comprehensive, sustainable

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


Yinson, Mah Sing, YTL Power, Atlan, Sunway, Kawan Food, Theta Edge, South Malaysia Industries

<p>Prime Minister Datuk Seri Anwar Ibrahim said he believed issues related to Petroliam Nasional Bhd (Petronas) and Petroleum Sarawak Bhd (Petros) regarding gas distribution rights in Sarawak had been resolved through a series of negotiations, including his meeting with Sarawak Premier Tan Sri Abang Johari Tun Openg.</p>


Anwar confident Petronas-Petros gas issue resolved

<div><img alt="" class="gallery-items" data-high-res-src="https://myassets.theedgemalaysia.com/pics/2025/TEM1557-infographic-2-theedgemalaysia_20250114154549.jpg" src="" /></div>

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<p>Loft Orbital raised US$170 million (RM765.89 million) in a funding round that will help the space infrastructure startup increase launch frequency and compete for contracts against aerospace juggernauts like Northrop Grumman and Lockheed Martin Corp.</p>


Space firm Loft Orbital raises US$170 mil to scale up launches

<p>Bank Islam Malaysia Bhd has signed a financing agreement worth RM105.2 million with Solar Voltech Sdn Bhd, a subsidiary of PDC Premier Holdings Sdn Bhd, for a solar generation project.</p>


Bank Islam, Solar Voltech ink RM105.2 mil solar financing agreement

<p>The Malaysian Anti-Corruption Commission (MACC) has thwarted a syndicate involved in corruption and money laundering activities, allowing public servants with bad debts to secure personal loans from local banking institutions.</p>

<p>Chief Commissioner Tan Sri Azam Baki said the MACC Anti-Money Laundering Division carried out the concerted effort with Bank Negara Malaysia and local financial institutions under "Ops Sky", which led to the arrest of 12 individuals on Monday.</p>


MACC busts syndicate giving loan approval for public servants with bad debts

<p>Powertechnic Group Bhd, which provides lifting systems as well as maintenance and repair services, on Tuesday (Jan 14) filed for an initial public offering (IPO) on the ACE Market of Bursa Malaysia to raise funds for marketing expenses and capital expenditure for automated machines.</p>


Overhead crane firm Powertechnic files draft prospectus for ACE Market IPO

<p>Meta Platforms Inc is cutting roughly 5% of its staff through performance-based eliminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.</p>


<p>Asian stocks were poised for a steady open following a tepid US session as traders await key inflation data that may shed light on the path of Federal Reserve rates over the coming months.</p>


<p>South Korean authorities investigating impeached President Yoon Suk Yeol attempted to enter his residence on Wednesday morning in a new bid to arrest him over insurrection accusations related to his Dec. 3 martial law declaration.</p>


<p>BMI, a Fitch Solutions company, projected Malaysia’s economy to be resilient in 2024, with a real gross domestic product (GDP) growth forecast of 5%, supported by robust investment and resilient consumption.&nbsp;</p>

<p>Although the GDP growth is forecasted to slow down to about 4.7% in 2025, this will still be in line with its pre-pandemic times, said country risk analyst Caroline Wong.&nbsp;</p>


BMI expects Malaysia’s economy to be resilient in 2024 at 5%

<p>At least eight major distressed Chinese firms, including a China Evergrande Group unit, are set to defend themselves in court cases relating to their debt problems over the next two weeks, in one of the busiest stretches ever for such hearings.</p>


<p>Capital One Financial Corp misled customers when it rolled out a new savings account with a higher interest rate it didn’t also give to existing savings accounts, the Consumer Financial Protection Bureau said Tuesday in a lawsuit against the bank.</p>


Capital One accused of misleading customers on savings rates

<p>Country Garden Holdings Co suffered another record loss in 2023 as one of China’s largest developers continues its lengthy restructuring process after defaulting on its debt.</p>


Country Garden posts another record loss on China housing slump

<p>Malaysia must embark on a digital transformation within its economic and financial sectors, prioritising areas such as blockchain and cryptocurrency to remain at the forefront of the digital age, said Prime Minister Datuk Seri Anwar Ibrahim.</p>


<p>Malaysia’s unique position has helped the country to chart economic policies which are comprehensive and sustainable, said Prime Minister Datuk Seri Anwar Ibrahim.</p>

<p>He said Malaysia is fortunate as it is politically stable despite being multi-cultural, multi religious, multi-racial, and it is probably among the most peaceful country in the region and is also among the fastest growing economies in the world.</p>


<p>Azerbaijan President Ilham Aliyev stated that a new world order is taking shape, and the world is at the beginning of this process.</p>


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<p>Wall Street's main indices opened higher on Tuesday, as investors assessed softer-than-expected producer inflation to gauge the Federal Reserve's monetary policy trajectory this year.</p>


Wall St opens higher after softer-than-expected producer price data

<p>Barrick Gold Corp said it’s suspending mining operations in Mali after the government started removing gold from the nation’s biggest mine in the latest escalation of a months-long dispute.</p>

<p>The world’s No 2 gold producer is stopping activity at the vast Loulo-Gounkoto complex, the firm said in a statement on Tuesday.</p>


Barrick suspends Mali gold operations as standoff escalates

<p>A committee to study amendments to the Contract Act 1950 (Act 136) has been set up to conduct a comprehensive study of the Act, which was last amended in 1976.</p>

<p>The Prime Minister’s Department’s Legal Affairs Division said in a statement on Tuesday that the committee was set up with the assistance of Monash University and Universiti Kebangsaan Malaysia (UKM), and will be chaired by Federal Court judge&nbsp;Datuk Vazeer Alam Mydin Meera.</p>
