KUALA LUMPUR (May 20): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:

Hubline, Public Bank, Batu Kawan, KLK, Menang Corp, Kotra, Media Chinese, FGV, Magma Binasta, Bright Packaging, Annum, Pertama 

Annum Bhd’s (KL:ANNUM) largest shareholder, Datuk Seri Chin Kok Foong, has disposed of his entire 14.83% stake in the Practice Note 17 (PN17) wood-based products manufacturer.

Annum’s largest shareholder Chin Kok Foong exits group after selling 15% stake to Ageson's Larry Liew

Loss-making Media Chinese International Ltd (KL:MEDIAC) said it expects its net loss to swell to between US$11 million (RM51.53 million) and US$13 million (RM60.91 million) for the year ended March 31, 2024 (FY2024), from US$200,000 (RM937,039) a year earlier.

The bigger loss is due, among others, to the decrease in turnover from the publishing and printing segment for FY2024 compared with the previous year, said the country’s largest Chinese-language media group in a filing on Monday.

Media Chinese expects to report up to US$13 mil net loss for FY2024 amid lower publishing revenue

Malaysia’s export growth is expected to pick up pace by the second half of 2024 after reporting a slower-than-expected increase in April, supported by the global recovery in electrical and electronic (E&E) products’ demand.

Malaysia’s exports to pick up pace by 2H2024 after slower-than-expected April growth — economists

Pertama Digital Bhd (KL:PERTAMA) said it had been allowed to continue operating the digital court bail payment system known as e-Jamin by the government.

Pertama Digital to continue operating e-Jamin with approval of Prime Minister's Department

Main Market-bound automotive seats manufacturer Feytech Holdings Bhd (KL:FEYTECH), which is slated to float its shares on Bursa Malaysia next Tuesday (May 21), posted a net profit of RM16.88 million in the first quarter ended March 31, 2024 (1QFY2024).

Main Market-bound Feytech posts RM16.88m profit for 1Q

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

Maxis, ITMAX, PIE Industrial, Malayan Flour Mills, PPB, Epicon, NationGate, Ho Hup, Sarawak Cable, GIIB

Economists have maintained their 2024 economic growth forecast for Malaysia at between 3.5% and 4.7% after Bank Negara Malaysia (BNM) announced first quarter gross domestic product (GDP) growth accelerated faster than expected.

Economists keep 2024 GDP forecast after better-than-expected 1Q data

Kawan Renergy Bhd’s (KL:KENERGY) said investors have snapped up the 27.5 million shares it made available to the public for its initial public offering (IPO) at 30 sen per share.

Kawan Renergy's 27.5 mil IPO shares for public oversubscribed by 95 times 

Pertama Digital Bhd (KL:PERTAMA), which runs the digital court bail payment system e-Jamin, said it is in discussions with the relevant authorities to allow the company to continue operating the system.

Pertama in talks to continue operating online bail system e-Jamin

An infected blood scandal in Britain was no accident but the fault of doctors and a succession of governments that led to 3,000 deaths and thousands more contracting hepatitis or HIV, a public inquiry reported on Monday.

UK's infected blood scandal could and should have been avoided, inquiry finds

Wheat is one of the world’s most-vital crops. The grain is used in staples like bread, couscous, chapatis and noodles — and high prices for the commodity have a long history of kickstarting unrest.

US wheat comes to rescue market plagued by Russian shortfall

The cancellation of the permit for popular comedian Sharul Channa to perform in Malaysia by the Central Agency for Application for Filming and Performance by Foreign Artistes (Puspal) was made after taking into account police reports lodged over an old video of hers that allegedly touched on race, religion, and royalty (3R) issues, says Communications Minister Fahmi Fadzil.

Cancellation of Sharul Channa's permit took into account police reports on video related to 3R issues — Fahmi

China is committed to deepening collaboration with Malaysia across various fields including economics, cultural exchange, tourism, education, and science and technology, said Chinese ambassador to Malaysia Ouyang Yujing.

China ready to broaden partnership with Malaysia across various fields — envoy

Malaysia and the People's Republic of China have achieved significant milestones in the half-century of diplomatic relations, said Deputy Communications Minister Teo Nie Ching.

Malaysia-China diplomatic relations have achieved significant milestones, says Teo

Iranian President Ebrahim Raisi's death in a helicopter crash upsets the plans of hardliners who wanted him to succeed Supreme Leader Ayatollah Ali Khamenei and will stir rivalries in their camp over who will take over the Islamic Republic when he dies.

Death of Iran's Raisi could stir race for Khamenei succession, say insiders 

A court in Sabah has struck out a man’s claim for RM24.92 million damages against FGV Holdings Bhd (KL:FGV) for alleged fraudulent transactions and trespass relating to land in the state held under a native title.

Court strikes out man’s RM25 mil trespassing suit against FGV

Engineering, procurement, commissioning and construction (EPCC) work has yet to begin on Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) thermal power plant project in Vietnam, said Sunway Construction Group Bhd's (KL:SUNCON) stock exchange disclosure on Monday.

EPCC work yet to start on Toyo’s Song Hau power plant, says SunCon

The government has decided to once again extend the freeze on foreign worker applications, according to Home Minister Datuk Seri Saifuddin Nasution Ismail.

Govt extends freeze on foreign worker applications, no new quota

Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labour costs and a disastrous unlimited shrimp promotion. 
&nbsp; 
The Orlando, Florida-based company filed for Chapter 11 protection on Sunday (May 19), listing assets and liabilities of US$1 billion (RM4.68 billion) to US$10 billion each in its bankruptcy petition. The filing allows the company to keep operating while it works out a plan to repay creditors.&nbsp;

Red Lobster chain goes bankrupt after unlimited shrimp deal

TWO days can mean a lot in the world of high finance. The minority shareholders of Kuchai Development Bhd (KL:KUCHAI) learnt this the hard way.

Last Tuesday, the shareholders of Kuchai approved a transaction to dispose of all the assets and liabilities in the company to Sungei Bagan Rub...

Kuchai shareholders missed out on bonanza by a mere two days 

Kuala Lumpur Kepong Bhd (KL:KLK), Malaysia’s third-largest palm oil producer by acreage, said on Monday its net profit fell 39% in the second quarter as the same quarter in the previous year was partly inflated by disposal gains.

KLK, Batu Kawan post lower 2Q earnings despite improved performance by plantation segment

Property development and management group Menang Corp (M) Bhd (KL:MENANG) has declared a special dividend of six sen a share as its quarterly earnings rose to a six-year high.

Menang declares six sen special dividend as earnings rises to six-year high

Sarawak-based shipping company Hubline Bhd disclosed to the local stock exchange that it is in talks with state-owned equity firm Ekuiti Nasional Bhd (Ekuinas) in regards to the potential acquisition of Orkim Sdn Bhd.

Hubline confirms talks to acquire Ekuinas' Orkim

Putrajaya is expected to roll out the multi-tier levy mechanism (MTLM) for foreign workers in January next year, according to Human Resources Minister&nbsp;Steven Sim Chee Keong.

Multi-tier levy on foreign workers to be implemented in January 2025, says HR minister

Sunway Construction Group Bhd (KL:SUNCON), or SunCon, on Monday reported a 16.4% year-on-year (y-o-y) increase in net profit for the first quarter, thanks to higher billings in newer projects.

Sunway Construction posts 16% rise in 1Q net profit, eyes more advanced jobs

Last week was a bad one for the world order. Russia made new military advances in Ukraine, and the US slapped punitive tariffs on Chinese imports. None of that spooked stock market indices, which reached&nbsp;record highs&nbsp;on both sides of the Atlantic.

Pricey stocks overlook the world’s troubles

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


EVENING 5: Five things you need to know today

Palm oil player TSH Resources Bhd (KL:TSH) reported a 13% year-on-year increase in its first quarter core profit before tax (PBT) to RM34.8 million from RM30.8 million, amid lower fertiliser prices and reduced losses from joint ventures.

TSH Resources reports 13% rise in core 1Q PBT to RM34.8m

Electronics manufacturing services (EMS) firm Notion VTec Bhd (KL:NOTION) reported a net profit of RM14.04 million in the second quarter ended March 31, 2024 (2QFY2024), a turnaround from the net loss of RM7.77 million a year ago, driven by strong demand for the group’s EMS products.

Notion VTec logs RM14 mil net profit in 2Q amid stronger demand for EMS products

The Court of Appeal (COA) has allowed two appeals filed by a 53-year-old former remisier with AmBank (M) Bhd and AmInvestment Bank Bhd for her expert witness to testify in a High Court trial to help her application in seeking alleged damages for wrongfully preventing her to continue to ply her trade as a remisier and for usurping her profit-generating apparatus.

Expert witness can testify on estimation of damages for ex-remisier, says COA

A summary of how key Bursa Malaysia indices and the ringgit performed on Monday.

FBM KLCI rises 0.67% to 1,627.50 on May 20, 2024

The International Criminal Court's prosecutor said on Monday he had requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defence chief and three Hamas leaders over alleged war crimes.

ICC prosecutor Karim Khan said in a statement issued after over seven months of war in Gaza that he had reasonable grounds to believe that all "bear criminal responsibility" for alleged war crimes and crimes against humanity.

ICC prosecutor seeks arrest warrants for Israeli PM, defence chief and three Hamas leaders

The tech-heavy Nasdaq climbed to a record high on Monday, boosted by chipmakers, with highly awaited quarterly results from Nvidia and the Federal Reserve's (Fed) policy meeting minutes this week likely to test Wall Street's record-breaking run.

Nasdaq hits record high on chip boost as Nvidia results in focus

Engineering, procurement, commissioning and construction (EPCC) work has yet to begin on Toyo Ventures Holdings Bhd’s (KL:TOYOVEN) thermal power plant project in Vietnam, said Sunway Construction Group Bhd's (KL:SUNCON) stock exchange disclosure on Monday.

Bright Packaging Industry Bhd’s (KL:BRIGHT) largest shareholder Datuk Ricky Wong Shee Kai, who has been embroiled in a legal battle with the Securities Commission Malaysia (SC), has trimmed his stake in the company after selling 20 million shares or 9.74% stake in the company.

Fugitive businessman Ricky Wong trims stake in Bright Packaging amidst legal woes with SC

The ongoing re-evaluation of all holdings or assets by several local authorities (PBT) in Selangor is not indicative of a tax increase, said Menteri Besar Datuk Seri Amirudin Shari.

No tax increase, Selangor MB says, as re-evaluation of holdings, assets by local authorities is 'standard procedure'

Seri Pajam Development Sdn Bhd held a groundbreaking ceremony for SPD Tech Valley, their first industrial development in Senawang, Negeri Sembilan on Monday. The development has a gross development value of RM3 billion.

Anis Hazim

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