<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Jan 6): Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd is seeking an extension of time to submit its proposed regularisation plan to the relevant authorities.</p></div>

<div class=newsTextDataWrapInner><p>The distressed oil and gas engineering firm, which was required to submit the plan by Friday (Jan 6) as per the Main Market Listing Requirements (MMLR), said it has submitted an application for an extension of time to comply.</p></div>

<div class=newsTextDataWrapInner><p>“An announcement in relation to the outcome of the extension of time application will be released in due course,” the company added in a filing.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>According to Paragraph 8.04(3) of the MMLR, a PN17 company must within 12 months of announcing its financially distressed status, submit a regularisation plan to the relevant authorities — the Securities Commission Malaysia or Bursa Securities.</p></div>

<div class=newsTextDataWrapInner><p>Serba Dinamik announced its PN17 status on Jan 6 last year after its external auditor expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period ended June 30, 2021.</p></div>

<div class=newsTextDataWrapInner><p>Serba Dinamik shares were suspended on Dec 23, 2022, owing to the company’s failure to submit its annual report for the financial year ended June 30, 2022. The counter last traded at one sen before it was suspended, giving the company a market capitalisation of RM37.1 million.</p></div>


Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd is seeking an extension of time to submit its proposed regularisation plan to the relevant authorities.

The distressed oil and gas engineering firm, which was required to submit the plan by Friday (Jan 6) as per the Main Market Listing Requirements (MMLR), said it has submitted an application for an extension of time to comply.

Serba Dinamik seeks to extend regularisation plan submission deadline

Protesters stormed the parliament of the Russian-backed breakaway Georgian region of Abkhazia on Friday and opposition politicians demanded the resignation of the self-styled president over an unpopular investment agreement with Moscow.

Protesters used a truck to smash through the metal gates surrounding the parliament in the capital Sukhumi.

Protesters storm parliament in breakaway Georgian region Abkhazia over deal with Russia

Europe has spent the past two years trying to free itself from dependence on Russian energy, but more expensive alternatives are prompting some landlocked countries to go back to their old source.

A case in point is the Czech Republic, which in the summer of 2023 declared total independence from Russian natural gas and cut its imports to almost zero.

Czechs return to Russian gas as alternative sources are getting more expensive

Traders see an interest-rate cut next month as a coin toss as resilient economic data empowers Federal Reserve officials to take a potentially more-cautious approach to easing.

In the swaps market, traders on Friday priced in a roughly 50% chance that the Fed delivers a quarter-point reduction at its December gathering, down from about 80% earlier in the week.

Traders see just a 50% chance of Fed cutting rates in December meeting

The decision by several international institutions to revise Malaysia's economic growth projections reflects their confidence in the country's prospects for the year, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He also noted that this demonstrates the government's progress in meeting its set targets.

Global institutions upgrade Malaysia's 2024 growth outlook

Cypark Resources Bhd (KL:CYPARK) said its floating solar farm at Danau Tok Uban, Kelantan (DTU) — Malaysia's largest — has been approved to start operations on Nov 16, 2024.

The site consists of two interconnected floating solar plants, DTU 1 and DTU 2, with a combined generation capacity of 98 megawatt direct current (MWdc), according to Cypark.

Cypark's floating solar farm in Kelantan gets nod for operations

Former Penang deputy chief minister Tan Sri Dr Ibrahim Saad passed away at 6.30pm on Friday at Damansara Specialist Hospital due to respiratory complications. He was 78.

His son, Datuk Zairil Ayu Ibrahim, 49, confirmed the news when contacted.

Ex-Penang deputy chief minister Ibrahim Saad dies

Chinese President Xi Jinping warned against any efforts to unwind globalisation in his first major remarks since Donald Trump won the US presidential election after threatening to impose tariffs as high as 60% on the world’s second-biggest economy.

Xi warns against ‘going back in history’ as Trump tariffs loom

Practice Note 17 (PN17) company Barakah Offshore Petroleum Bhd (KL:BARAKAH) said it will need to reformulate its regularisation plan after receiving an adjudication sum of RM78.8 million and updates on tendering contracts.

Barakah drafts new PN17 regularisation plan after receiving RM79 mil adjudication sum

US industrial production declined in October as the impacts from a Boeing Co machinists’ strike and a pair of hurricanes reverberated through manufacturing for a second month.

The 0.3% decline in output at factories, mines and utilities followed a revised 0.5% decrease a month earlier, Federal Reserve data showed on Friday.

US October industrial production falls on strike, hurricane disruptions

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

MAHB, Kossan, Malaysia Smelting Corp, Ge-Shen, Prolintas, Farm Price, Citaglobal, Petra Energy and Sunsuria

Most read this week - Stay up to date with the biggest news and latest trending topics by checking out the top 10 articles of the week. 

Most read this week

<p>Gamuda Land, the property arm of Gamuda Bhd (KL:GAMUDA), and Taylor's Education Group have collaborated to establish affordable international schools within Gamuda Land's townships.</p>


Gamuda Land partners with Taylor's Education Group to bring affordable private education to its townships

<p>Thailand is aiming to legalise casinos next year to draw foreign investments and collect more taxes, a potential win for global operators who have for long canvassing for the legislation to benefit from the country’s status as a tourism hot spot.</p>


Thailand aims to legalise casinos next year in win for global players

<p>Sime Darby Property (KL:SIMEPROP) will launch its latest condominium development named Kanopi Residences in its 6.5-acre City of Elmina township in Shah Alam on Nov 23.</p>


Sime Darby Property to launch City of Elmina’s first high-rise Kanopi Residences on Nov 23

<p>Malaysia Smelting Corporation Bhd (KL:MSC) has boosted its dividend payout to 24 sen per share for the financial year ending Dec 31, 2024 (FY2024), comprising a special dividend of 17 sen per share and an interim dividend of seven sen per share.</p>


Bumper dividend of 24 sen for Malaysia Smelting Corp shareholders

<p>Marriott International informed employees this week about a widespread restructuring that may result in hundreds of employees exiting the company, sources within the company told <em>Skift</em>.</p>


Marriott starts to lay off corporate employees — report

<p>A pullback in the S&amp;P 500 that’s already trimmed about a third off the index’s post-election rally is set to continue on Friday, as sticky inflation and hawkish comments from the Federal Reserve weigh on sentiment.</p>


US stocks have already returned a third of post-election gains

<p>IPOH (Nov 15): Sunway Property, the real estate arm of Sunway Bhd (KL:SUNWAY), achieved RM42 million in sales at a pre-launch event for upcoming townhouses named Sunway Bayu in Sunway City Ipoh, Perak.</p>


Sunway Property secures RM42m sales for Ipoh’s Sunway Bayu prior to official launch

<p>Pipe-and-valve maker Pantech Group Holdings Bhd (KL:PANTECH) said it has obtained approval from the Securities Commission Malaysia (SC) to list two wholly owned subsidiaries on the Main Market of Bursa Malaysia via a special purpose vehicle.</p>


Pantech Group gets SC's nod for listing of its subsidiaries under Pantech Global

<p>Below is a summary of how key Bursa Malaysia indices and the ringgit performed on Friday.</p>


FBM KLCI down 0.51% to 1,592.44 on Nov 15, 2024

<p>Bank Negara Malaysia (BNM)’s move to allow multilateral development banks (MDBs) and selected non-resident development financial institutions (DFIs) to issue ringgit debt securities and finance local entities is expected to increase market liquidity, making it easier for other issuers to raise funds, according to Fitch Ratings.</p>


Fitch Ratings says BNM's move to allow foreign financial institutions to issue ringgit bonds will boost market liquidity

<p>KUALA LUMPUR (Nov 15): The Malaysian Meteorological Department (MetMalaysia) has issued an alert-level continuous rain warning for the East Coast and Johor&nbsp;from Nov 19 to 23, 2024.</p>


Continuous rain expected in East Coast, Johor next week — MetMalaysia

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


EVENING 5: Five things you need to know today

<p>Kossan Rubber Industries Bhd (KL:KOSSAN) reported a 28.15% drop in its net profit for the July-September quarter, dragged by higher raw material costs and unrealised foreign exchange (forex) losses.</p>


Kossan declares 8 sen dividend despite 3Q profit drop

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


<p>Sime Darby Bhd (KL:SIME) is rebranding itself as “Sime” to “reflect the group’s vision for the future and its renewed strategic focus as a pure-play powerhouse in the automotive and industrial equipment segments”.</p>


Sime Darby rebrands as ‘Sime’ to reflect future vision, strategic focus in automotive

<p>Petra Energy Bhd (KL:PENERGY) has secured a four-year contract from Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd for the provision of offshore crane operations and maintenance services.</p>


Petra Energy bags offshore crane operation contract from Shell

<p>Meta Bright Group Bhd (KL:MBRIGHT), a diversified Main-Market listed company, has secured a RM60 million contract to supply ready-mixed concrete for the 88 Avenue mixed-development project in Kota Kinabalu, Sabah.</p>


Meta Bright bags RM60m job to supply concrete to mixed development in Sabah

<p>Citaglobal Bhd (KL:CITAGLB) said on Friday it has signed an agreement to build a 5.4-megawatt solar plant integrated with a battery energy storage system in Azerbaijan.</p>


Citaglobal to build solar plant in Azerbaijan’s Port of Baku

<p>Economists are largely expecting Malaysia's gross domestic product (GDP) growth to sustain in the final quarter of 2024, but raised concerns about US tariff risks weighing on global trade, which may negatively impact Malaysia's economy in 2025.</p>
