<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on December 3, 2019 - December 9, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has appointed Admiral (Rtd) Tan Sri Ramlan Mohamed Ali as its non-executive chairman effective on Sunday. He takes over from Tan Sri Ahmad Ramli Mohd Nor, who resigned on Saturday.</p></div>

<div class=newsTextDataWrapInner><p>“We are confident that Ramlan will help steer the BHIC Group towards growth to deliver optimal value to shareholders,” BHIC said in a statement yesterday.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Ramlan was appointed BHIC non-independent non-executive director on July 10 and was a director of Lembaga Tabung Angkatan Tentera, holding an 8% stake in BHIC.</p></div>

<div class=newsTextDataWrapInner><p>“He was appointed the 14th chief of the Royal Malaysian Navy (RMN) on Nov 15, 2006. He joined RMN in 1970 and held numerous command and staff appointments in the RMN and the Malaysian Armed Forces in an illustrious career as a serviceman.</p></div>

<div class=newsTextDataWrapInner><p>“He retired on July 18, 2008 after four decades of stellar service to the nation,” BHIC said.</p></div>


KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has appointed Admiral (Rtd) Tan Sri Ramlan Mohamed Ali as its non-executive chairman effective on Sunday. He takes over from Tan Sri Ahmad Ramli Mohd Nor, who resigned on Saturday.

“We are confident that Ramlan will help steer the ...

Retired Navy chief Ramlan Mohamed Ali is new BHIC chairman

Eligible individuals, small-scale companies, or organisations may apply for a special permit to purchase diesel exceeding the standard limit.

Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said the special permit is solely for approved uses and not for resale purposes.

Special permit required for diesel purchases exceeding limit — Domestic Trade Ministry

SHAH ALAM (Dec 12): Datuk Seri Anwar Ibrahim has described those questioning his action of submitting the issue of the royal addendum decree involving Datuk Seri Najib Tun Razak for consideration by His Majesty Sultan Ibrahim, as lacking knowledge and not interested in seeking the truth.

<...

Those questioning royal addendum issue lack knowledge, uninterested in seeking the truth — PM

Penang has attracted patients from across the globe, particularly from Indonesia, Singapore and China as the state has emerged as a leading hub for medical tourism in Southest Asia over the last 10 years.

Penang has emerged as leading hub for medical tourism in Southeast Asia — Chow

Eco World Development Group Bhd’s (KL:ECOWLD) largest shareholder and deputy chairman Datuk Leong Kok Wah has been redesignated as a non-independent non-executive director, effective immediately.

Eco World Development deputy chairman Leong Kok Wah redesignated as non-executive director

The S&P 500 and the Nasdaq slipped on Thursday after ending the previous session on a positive note, while investors assessed some of the last economic datasets ahead of the Federal Reserve's meeting.

S&P, Nasdaq take breather as markets assess economic data

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

Gamuda, EcoWorld, Sapura Energy, Bermaz Auto, Hiap Teck, Uni Wall APS, GDB, Paramount, Homeritz, Dataprep, Kerjaya Prospek 

Warner Bros Discovery on Thursday decided to separate its declining cable TV business from the streaming and studio operations, laying the groundwork for a potential sale or spinoff of its TV business as cord-cutting picks up pace.

Warner Bros Discovery plans two-way split aiming for potential cable deal 

Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said on Thursday that the motion she tabled to debate the Royal Commission of Inquiry's (RCI) report on Pulau Batu Puteh, Middle Rocks and South Ledge in Dewan Rakyat is not intended to prosecute any individual involved.

Motion to debate Batu Puteh RCI sparks fierce debate, Azalina says it isn't to prosecute anyone

US wholesale inflation unexpectedly accelerated in November on a surge in egg prices, while other categories suggested a muted increase in the Federal Reserve’s preferred price gauge.

US producer prices jump on eggs but Fed categories come in soft

Datasonic Group Bhd (KL:DSONIC) has proposed to change its name to NEXG Bhd.

Datasonic proposes name change to NEXG

<p>A Temasek Holdings Pte Ltd firm’s stake sale agreement values U Mobile Sdn Bhd at about RM7.5 billion (US$1.7 billion), according to people familiar with the matter, after the Malaysian phone company won a major 5G contract.</p>


Temasek firm’s deal values U Mobile at US$1.7 bil — Bloomberg

<p>Food and beverage services cafe chain operator Oriental Kopi Holdings Bhd on Thursday signed an underwriting agreement with Alliance Islamic Bank Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.</p>


Oriental Kopi looking at IPO in 1Q, inks underwriting agreement with Alliance Islamic Bank

<p>KUALA LUMPUR (Dec 12): South Korean engineering firm Samsung E&amp;A said on Thursday that it has been awarded a contract to build a refinery in Malaysia to produce sustainable aviation fuel (SAF) and other biofuels.</p>


Samsung E&A to build biofuel refinery in Johor worth over RM6b

<p>The two princes who allegedly made "donations" to Datuk Seri Najib Razak's personal accounts&nbsp;were directly linked to the&nbsp;late King Abdullah of Saudi Arabia, the court heard on Thursday. &nbsp;</p>


Saudi princes who made transactions to Najib's accounts were directly linked to late Saudi monarch, court told

<p>Paramount Corp Bhd (KL:PARAMON) is acquiring a 18,317 sq m leasehold land together with a residential development comprising 93 units of low-rise luxury condominium in Taman U-Thant, Kuala Lumpur for RM145 million cash.</p>


Paramount buys land, 93 condominium units in KL for RM145 mil

<p>Kumpulan Kitacon Bhd (KL:KITACON) said on Thursday it had secured two building works contracts worth a total of RM203.9 million.</p>

<p>One of the contracts involves the construction of 237 landed houses and ancillaries for RM143 million at the Gamuda Gardens project developed by Gamuda Bhd (KL:GAMUDA), Kitacon said in an exchange filing. The contract will start from Jan 2, 2025, and be completed within 18 months.</p>


Kumpulan Kitacon gets construction contracts worth RM204 mil

<p>The Public Accounts Committee (PAC) has included investigations into Khazanah Nasional Bhd’s controversial deals in its schedule for next year.</p>


PAC to probe Khazanah's controversial deals early next year

<p>YTL Power International Bhd released its Malaysian large language model (LLM), Ilmu 0.1, which outperforms global counterparts in Bahasa Melayu. &nbsp;</p>

<p>Ilmu 0.1 was released in conjunction with the launch of the National AI Office by the Digital Ministry, according to the company’s statement on Thursday.&nbsp;</p>


YTL Power releases Malaysian large language model Ilmu 0.1 

<p>Malaysia has the opportunity to leverage rare earth element (REE) mining management technology through negotiations with China, despite the country's strict policies on technology transfer.</p>


Malaysia eyes opportunities in rare earth mining technology through China deal

<p>Astro Malaysia Holdings Bhd (KL:ASTRO) is still not out of the woods&nbsp;as weak revenue clouds its outlook, analysts said on Thursday while the pay-television operator’s stock hovered near record lows.</p>


Astro's outlook shrouded by weak revenue, tax case as shares hover near record lows

<p>Gamuda Bhd (KL:GAMUDA) reported that its net profit climbed 5.31% in the August-October quarter as revenue jumped on improved contributions from all segments. It also achieved a record high order book of RM30 billion.</p>


Gamuda pays five sen dividend as 1Q profit climbs 5%; order book hits record RM30b

<p>PUTRAJAYA (Dec 12): A three-member Court of Appeal bench has granted the Kedah state government and its Menteri Besar Datuk Sanusi Md Nor an extension of time until Monday (Dec 16) for them to amend their memorandum of appeal, to consolidate all six of their appeals over the Alor Setar High Court’s decision in June to lift the state’s ban on lottery outlets.</p>


Kedah govt, MB gets more time to challenge court's decision to lift state's ban on lottery outlets

<p>Datuk Seri Najib Razak on Thursday testified to his version of events when The Edge Media Group chairman Tan Sri Tong Kooi Ong had come to his house in 2015 to warn him about the misappropriation of 1Malaysia Development Berhad (1MDB) funds. The former prime minister said that when Tong came to visit him, he had already consented to a request by the then auditor general (AG) to investigate 1MDB. Najib also denied showing Tong the door.</p>


Najib denies showing The Edge's owner the door during his visit, claims he already agreed to 1MDB probe

<p>Kerjaya Prospek Property Bhd (KL:KPPROP) said it will redeem the outstanding 1.72 billion redeemable convertible preference shares (RCPS) issued in 2019 by the investment vehicle of its controlling shareholder Datuk Tee Eng Seng for RM292.07 million on Jan 9.</p>


Kerjaya Prospek to pay Tee Eng Seng’s family vehicle RM292m in preference share redemption

<p>168 Park Selayang Sdn Bhd, a subsidiary of Infra Segi Sdn Bhd, on Thursday announced the soft opening of 168 Park Mall, the retail component of the formerly abandoned mixed-use development located in Selayang, Selangor.</p>


168 Park Mall in Selayang soft opens

<p>MUCH has been reported about the Sarawak government’s negotiations via Petroleum Sarawak Bhd (Petros) with Petroliam Nasional Bhd (Petronas) for the Bornean state’s rights to regulate the oil and gas (O&amp;G) developments within its boundaries. Next door, however, information on Sabah’s progress...

Cover Story: Sabah’s O&G aspirations quietly brewing 

<p>Datuk Seri Najib Razak has maintained that the monies in his personal account were not misused for his personal gain, but was used for Corporate Social Responsibility (CSR) projects for the public's benefit.</p>


1MDB-Tanore: Najib says might as well call him ‘modern-day Robin Hood’

<p>GDB Holdings Bhd (KL:GDB), which specialises in high-rise construction projects, said it has bagged a RM298 million contract to build a&nbsp; logistics warehouse in Bandar Bukit Raja 2, Klang.</p>


GDB Holdings clinches RM298m warehouse project from SimeProp’s JV unit

<p>This year is poised to be the busiest in nearly a decade for takeover deals involving a range of Hong Kong-listed companies, from skincare brands to warehouse operators. Allied to that has been an uptick in bidding wars as some firms jostle for assets.</p>


Hong Kong’s US$38b year for M&A sparks rare bidding wars

<p>Hurt by foreign exchange (forex) losses of RM213.06 million, Sapura Energy Bhd (KL:SAPNRG) fell into a net loss of RM286.05 million in its third quarter ended Oct 31, 2024 (3QFY2025), from a net profit of RM31.79 million a year earlier. &nbsp;</p>
