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

Binastra Corp, Mah Sing, T7 Global, JF Technology, VS Industry, Solarvest Holdings, Magni-Tech Industries

Financially distressed MMAG Holdings Bhd (KL:MMAG) has taken a step forward in its recovery efforts by securing a partnership with Malaysia Airlines Bhd.

MMAG signs deal to serve as MASKargo's exclusive freighter operator

Cloudpoint Technology Bhd (KL:CLOUDPT) said it has secured a RM33.6 million contract to implement advanced integrated service management automation (ISMA) solutions from a local bank.

Cloudpoint Technology bags management automation solutions contract from local bank

Two advocacy groups have called on the government to delay the second reading of the Bill to amend the Communications and Multimedia Act (CMA) 1998 in Dewan Rakyat until further meaningful public and stakeholder consultations are conducted, with all feedback made publicly available.

Govt urged to delay amendments to Communications and Multimedia Act, hold public consultations first 

TMK Chemical Bhd's initial public offering (IPO) has attracted strong demand, with its new shares offered to the Malaysian public oversubscribed by 14.28 times.

Main Market-bound TMK Chemical's IPO oversubscribed by 14.28 times 

Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.

FBM KLCI up 0.72% to 1,606.96 on Dec 3, 2024

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

CapitaLand Malaysia Trust (KL:CLMT) on Monday entered in an agreement to  acquire its first automated logistics property, Elmina Logistics Hub, for RM180 million.

CapitaLand Malaysia Trust acquires automated logistics property for RM180 mil

Willowglen MSC Bhd (KL:WILLOW) has clinched a RM79.2 million contract from Singapore’s Public Utilities Board (PUB). 

According to its bourse filing on Monday, the contract was awarded to its wholly owned subsidiary Willowglen Services Pte Ltd.

Willowglen MSC bags RM79.2 mil contract from Singapore's Public Utilities Board

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

Datasonic secures RM81.2m contract extensions from Home Ministry

INCORPORATED in 2013, ACE Market-listed Sedania Innovator Bhd (KL:SEDANIA) may be seen as a newcomer to the consumer products landscape, but it has big ambitions.

The company, which has a market capitalisation of some RM52 million, aspires to be a disruptor in the fast-moving consumer g...

Sedania aims to disrupt FMCG giants’ hold on market 

KUALA LUMPUR (Dec 4): Prime Minister Datuk Seri Anwar Ibrahim on Wednesday received a courtesy call from Australian Foreign Minister Penny Wong, who is currently in Malaysia to attend the 6th Malaysia-Australia Annual Foreign Ministers’ Meeting.

Anwar receives courtesy call from AU Foreign Minister Penny Wong

Tensions between China and the Philippines in the South China Sea have flared again after a string of fresh skirmishes, with Beijing urging Manila to stop provocations.

China-Philippines tensions flare again with new skirmishes

Intel has started evaluating a handful of outsiders, including former board member Lip-Bu Tan, for the role of its chief executive officer, after the struggling American chipmaking icon ousted company veteran Pat Gelsinger, according to people familiar with the matter.

Intel evaluating outsiders for CEO role, including M'sia-born ex-board member Lip-Bu Tan — Reuters

KUALA LUMPUR (Dec 4): A total of 13% of the 477,571 borrowers registered with the Credit Counselling and Debt Management Agency (AKPK) have fully settled debts exceeding RM3.2 billion, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

MOF: 13% of AKPK borrowers fully settled RM3.2b debt

KUALA LUMPUR (Dec 4): theedgemalaysia.com highlighted six stocks with momentum at Bursa Malaysia’s afternoon close on Wednesday. Two stocks showed positive momentum, while four stocks showed negative momentum.

Stocks with momentum on Dec 4, 2024: Homeritz, Magni-Tech, Privasia, Reservoir Link, TH Plantations and Top Glove

Former prime minister Datuk Seri Najib Razak said that Datuk Shahrol Azral Ibrahim Halmi should be facing criminal charges like he is, instead of being the star prosecution witness in the 1Malaysia Development Bhd-Tanore (1MDB-Tanore) trial, as Shahrol, as the then chief executive officer of 1MDB, was the one who took steps to transfer US$700 million in 1MDB funds to a sham entity.

Najib: Shahrol, too, should be in the dock for 1MDB-Tanore

IN September, Ekuiti Nasional Bhd (Ekuinas) finally received all the necessary approvals to start providing private credit (PC) to companies, almost a year after talks surfaced that the state-owned private equity firm was exploring other programmes on top of its private equity (PE) mandate.
...

Ekuinas eyes first private credit disbursement by the end of the year

Tiffany & Co. heralds Christmas in style

South Korean lawmakers on Wednesday called on President Yoon Suk Yeol to resign or face impeachment after he declared martial law only to reverse the move hours later, triggering a political crisis in Asia's fourth-largest economy.

The surprise declaration late on Tuesday ignited a standoff with parliament which rejected his attempt to ban political activity and censor the media, as armed troops forced their way into the National Assembly building in Seoul.

South Korean president faces impeachment calls after martial law debacle

South Korean lawmakers on Wednesday called on President Yoon Suk Yeol to resign or face impeachment after he declared martial law only to reverse the move hours later, triggering a political crisis in Asia's fourth-largest economy.

The surprise declaration late on Tuesday ignited a standoff with parliament which rejected his attempt to ban political activity and censor the media, as armed troops forced their way into the National Assembly building in Seoul.

A Singaporean couple wanted in connection with a corruption case in Singapore, and who had been on the run for 19 years, were arrested by the Malaysian Anti-Corruption Commission (MACC) on Tuesday.

MACC arrests Singaporean couple who spent 19 years on the run

Shares of Pentamaster Corporation Bhd (KL:PENTA) shot up as much as 22.6% to RM4.23 — a three-month&nbsp;high — after its 63.9%-owned subsidiary Pentamaster International Ltd voluntarily suspended trading of its shares on the Hong Kong Stock Exchange.&nbsp;

Pentamaster shares jump 23% on trading halt of HK unit

KUALA LUMPUR (Dec 4): Prime Minister Datuk Seri Anwar Ibrahim announced that the signing of the Johor-Singapore Special Economic Zone (JS-SEZ) agreement on Dec 9 this year, has been postponed to likely January 2025.

PM: Signing of Johor SEZ agreement with Singapore likely postponed to January next year

KUALA LUMPUR (Dec 4): Tan Sri Halim Saad has been cleared by the Malaysian Anti-Corruption Commission (MACC) in a probe concerning a RM2.3 billion transaction involving a&nbsp;listed company in the 1990s, according to a statement&nbsp;released by the tycoon to the media on Wednesday.

Halim Saad says he has been cleared by MACC concerning RM2.3b transaction probe from over two decades ago

In October, the government announced incentives to jump-start the special economic zone in Forest City. One particular announcement that caught attention was the zero tax rate for family offices, a term rarely heard of in Malaysia as the regulatory framework for such firms did not exist. Essentially, family offices handle investment and wealth management for wealthy families.

Rise of the family office

The construction sector in Malaysia is set to achieve its strongest year since 2016, driven by a surge in project roll-outs from both the public and private sectors, analysts from RHB said.

Construction sector on track for best year since 2016 — RHB

South Korean President Yoon Suk Yeol’s surprise decision to impose martial law in South Korea for the first time in more than 40 years — and then just as swiftly reverse course — sparked whiplash in the country’s foreign-traded assets and caught global markets off guard, at one point sending US Treasury yields lower as traders sought a haven from potential instability.&nbsp;

South Korea’s whirlwind stint in martial law jolts markets

Shares of JF Technology Bhd (KL:JFTECH) rose as much as 12 sen or 22.64% from their four-year lows, on news that the company will begin US sales from January 2025 by leveraging the distribution network of US-based Ironwood Electronics.

JF Tech shares break out from four-year lows on US sales prospects

Asian equities stumbled on Wednesday, while currencies were volatile, as traders scrambled to contend with the political storm in South Korea, where martial law was imposed and subsequently lifted hours later.

Asian stocks slip, rattled by South Korean political unrest

Jailed former prime minister Datuk Seri Najib Razak denied on Wednesday he had any personal interests in the PetroSaudi International Ltd (PSI) joint venture (JV), maintaining that what was done in 2009 was for national interests.

Najib: I don’t have personal interests in PSI deals, quizzed Bakke and board over opening of JV account before approval

Former prime minister Datuk Seri Najib Razak has denied ever telling then second finance minister Datuk Seri Ahmad Husni Hanadzlah to “not interfere” in matters of 1Malaysia Development Bhd (1MDB), refuting Husni’s claims that he had advised Najib against a US$1 billion joint venture (JV) with PetroSaudi International (PSI).

1MDB-Tanore: Najib expresses disappointment in former second finance minister Husni's testimony against him

Analysts are looking past VS Industry Bhd’s (KL:VS) weak first-quarter results, amid expectations of new sales orders, on top of the RM1.2 billion worth of orders at hand currently.

Analysts look past VS Industry’s 1Q miss on optimism towards new orders

KUALA LUMPUR (Dec 4): Garment manufacturer Magni-Tech Industries Bhd’s (KL:MAGNI) shares jumped in early trade on Thursday, after its second quarterly results came largely within analysts’ expectations.

Magni-Tech shares jump in early trade on special dividends after 2Q came within expectations

KUALA LUMPUR (Dec 4): Teleport, the logistics arm of Capital A Bhd (KL:CAPITALA), is expected to close its financial year ending Dec 31, 2024 (FY2024) with a record-high annual revenue of more than RM1 billion, according to its chief executive officer (CEO) Pete Chareonwongsak.&nbsp;

Capital A’s Teleport foresees record top line in FY2024 as daily parcels volume doubles from 1H

Mitsubishi Corp&nbsp;has suffered a loss of more than US$90 million (RM402.10 million) in China after uncovering suspected fraud by one of its copper traders, according to people familiar with the matter.

Mitsubishi Corp lost US$90m in suspected copper fraud in China — Bloomberg

KUALA LUMPUR (Dec 4): The recent Swiss court decision against PetroSaudi International Ltd (PSI) executives over the 1Malaysia Development Bhd (1MDB) scandal clearly shows that former prime minister Datuk Seri Najib Razak was not implicated in the misappropriation of funds, the court heard on Wednesday.

1MDB-Tanore: Najib cites Swiss judgement against PSI execs, says he is not implicated in fund misappropriation

Perusahaan Otomobil Kedua Sdn Bhd (Perodua) aims&nbsp;to produce 500 units per month of an electric vehicle (EV) called eMO-II starting next year.

Perodua set to produce 500 units of eMO-II monthly, aims for cheapest EV

Malaysians residing in or visiting South Korea are advised to exercise caution, and stay informed by adhering to any guidance issued by local authorities, said the Foreign Ministry.

M'sians in S Korea advised to exercise caution, register presence via e-Konsular, despite lifting of martial law

We refer to the Bill to amend the Communications and Multimedia Act 1998 that was tabled for a first reading in the Dewan Rakyat on Monday.

New amendments to Communications and Multimedia Act a backdoor attempt to legislate fake news law, utter betrayal of promise to repeal — Lawyers for Liberty

Sankita Jayanandan

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Sankita Jayanandan

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