<div class=newsTextDataWrapInner><p>KUALA LUMPUR (June 15): Plastic pipes and fittings maker Resintech Bhd has inked a Memorandum of Understanding (MOU) with SEDC Energy Sdn Bhd to establish a joint venture company to expand its business in Sarawak and get itself into the renewable energy sector.</p></div>

<div class=newsTextDataWrapInner><p>The MOU was inked via its wholly-owned Resintech Plastics (Sarawak) Sdn Bhd. SEDC Energy is a private limited company located in Kuching, Sarawak and is a unit of Sarawak's economic development arm, the Sarawak Economic Development Corp. It is responsible for kickstarting the “new renewable energy” ecosystem in Sarawak.</p></div>

<div class=newsTextDataWrapInner><p>The partnership will enable the parties to leverage each other's strengths and resources to operate in the plastic industry, Resintech's bourse filing read.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Under the MOU that will be in effect for one year, their eventual joint venture collaboration is subject to the parties “obtaining the necessary internal board approvals, legal and regulatory compliance, and any other obligations required by their respective companies”.</p></div>

<div class=newsTextDataWrapInner><p>Shares of Resintech closed one sen or 1.85% higher at 55 sen on Thursday, giving it a market value of RM106.62 million.</p></div>


Plastic pipes and fittings maker Resintech Bhd has inked a Memorandum of Understanding (MOU) with SEDC Energy Sdn Bhd to establish a joint venture company to expand its business in Sarawak and get itself into the renewable energy sector.

Resintech unit inks MOU with Sarawak's SEDC Energy to venture into renewable energy

Mercury Securities has projected a fair value of 55 sen per share to ACE Market-bound semiconductor sector service provider Crest Group Bhd, on the back of expected earnings growth in the coming two years underpinned by its growing regional footprint.

Mercury Securities ascribes 55 sen fair value to ACE Market-bound Crest Group

Analysts expect headline inflation to trend between 2% and 2.3% year-on-year (y-o-y) for the rest of 2024.

RHB Invesment Bank Bhd and MIDF Amanah Investment Bank Bhd have maintained their inflation forecast this year depending on the policy changes.

Inflation rate to trend between 2% and 2.3% y-o-y for 2024 — Analysts

China's state planner said on Monday it supports the establishment of a national resources recycling group as part of its efforts to improve recycling in various industries.

Industry sources have previously said China was planning to set up a state-run company specialising in recycling across sectors including steel, base metals, plastics and chemicals.

China backs establishment of a national recycling group

The circulation of poison-pen letters urging Chinese voters to stay away from the Mahkota state by-election this Saturday will not affect the Barisan Nasional (BN) candidate, said BN chairman Datuk Seri Dr Ahmad Zahid Hamidi.

Poison-pen letters urging boycott of Mahkota polls will not affect BN — Ahmad Zahid

After a long wait, Sarawak will finally formalise a deal on Friday to raise its stake in Affin Bank Bhd (KL:AFFIN) to around 30%.

The state will ink a sale and purchase agreement with two of Affin Bank’s shareholders — Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd — in Kuching on that day, according to a media invitation to the event.

Sarawak to finally ink deal to raise stake in Affin Bank to around 30% on Friday

Penang Port's container throughput this year will likely be lower than expected as the ongoing Red Sea crisis continues to disrupt global shipping routes.

Operated by MMC Corp Bhd's Penang Port Sdn Bhd, Penang Port anticipates losing 50,000 to 60,000 twenty-foot equivalent units (TEUs) off its earlier projection of 1.55 million TEUs for 2024 due to the crisis. For 2023, Penang Port's TEUs stood at 1.44 million.

Penang Port container volume to fall short of target as Red Sea crisis persists

A total of 153 accounts linked to GISB Holdings Sdn Bhd worth RM882,795.94 have been frozen to date, according to Inspector General of Police Tan Sri Razarudin Husain.

IGP says 153 accounts linked to GISB worth over RM800,000 frozen

The Ministry of Tourism, Arts and Culture (Motac) intends to strengthen relations with member states of the Organisation of Islamic Cooperation (OIC) in promoting a Muslim-friendly tourism industry ecosystem in Malaysia.

Motac to forge closer cooperation with OIC to promote Muslim-friendly tourism

Pharmaniaga Bhd (KL:PHARMA) has announced the resignation of PricewaterhouseCoopers PLT (PwC) as its external auditor.

In a bourse filing, Pharmaniaga said it had received a notice dated Sept 20, 2024 from PWC of its resignation voluntarily, pursuant to Section 281 of the Companies Act 2016.

PwC resigns as external auditor of Pharmaniaga

Alliance Bank Malaysia Bhd (KL:ABMB) announced the appointment of Tan Sri Amirsham A Aziz, former president and chief executive officer of Malayan Banking Bhd (KL:MAYBANK), to its board.

Alliance Bank appoints former Maybank CEO Amirsham Aziz to board

<p>The Malaysian ringgit is poised to extend its rally after what’s likely to be its best quarter since 1973, if the outlook for interest rates is any guide.</p>

<p>The ringgit has risen more than 12% against the dollar so far this quarter, making it the best performing emerging-market currency.</p>


Ringgit’s best quarter in 50 years has traders baying for more

<p>Apollo Global Management Inc has offered to make a multibillion-dollar investment in Intel Corp, according to people familiar with the matter, in a move that would be a vote of confidence in the chipmaker’s turnaround strategy.</p>


Apollo to offer mulltibillion-dollar investment in Intel — Bloomberg

<p>Affin Bank Bhd (KL:AFFIN) was one of the top five gainers on Bursa Malaysia in early trade on Monday, following reports that Bank Negara Malaysia has given its nod to the Sarawak government to acquire a majority stake in the banking group.</p>


Affin Bank jumps in early trade as Sarawak govt gets BNM nod for majority stake

<p>Global stocks firmed in Asia on Monday ahead of central bank meetings that are widely expected to deliver two more rate cuts and key US inflation figures that should flash a green light for more easing there.</p>


Stocks, Wall Street futures firm as more easing imminent

<p>China’s steel crisis is setting the stage for a wave of bankruptcies and speeding a much-needed consolidation of the industry, according to <i>Bloomberg Intelligence</i>.</p>


China steel mills facing wave of bankruptcies — Bloomberg

<p>For the sixth consecutive week, foreign investors have remained net buyers of Malaysian equities with an inflow of RM271.5 million last week, according to MIDF Research.</p>


Foreign investors continue to buy Malaysian equities last week amid positive export growth — MIDF

<p>The recently announced incentives for Forest City’s Special Financial Zone (SFZ) are expected to uplift the real estate sector, particularly in the Iskandar Malaysia region.</p>


Incentives for Forest City set to boost real estate sector — RHB

<p>Malaysia racked up the largest hoard of foreign reserves in nearly a decade by Sept 13, according to its central bank.</p>

<p>The latest international reserves totalled US$117.6 billion, the most since Dec 15, 2014, compared to US$116.8 billion at the end of August, Bank Negara Malaysia (BNM) said in a statement on Monday.</p>


Malaysia's foreign reserves swell to largest in nearly a decade

<p>Capital A Bhd’s (KL:CAPITALA) aviation arm AirAsia Bhd expects its expanded domestic network and additional seats to boost revenue for the year by 10%.</p>


AirAsia expects 10% boost to revenue from additional domestic routes, seats 

<p>The Securities Commission Malaysia (SC) has outlined several conditions for single family office vehicles (SFOVs) to be eligible for the recently announced&nbsp;0% concessionary tax rate, including&nbsp;assets&nbsp;under management (AUM) of at least&nbsp;RM30 million.</p>


SC outlines conditions for family offices' tax break in Forest City special financial zone

<p>Capital A Bhd will hold an extraordinary general meeting (EGM) on Oct 14, 2024, where the proposed disposal of its aviation business to sister company AirAsia X Bhd (AAX) will be tabled for shareholders’ approval.</p>


Capital A to hold EGM for airline biz merger on Oct 14 

<p>The banal subject of how employers reward and retain employees has been a sore point for two companies that were very much in the news in recent weeks.</p>

<p>Malaysia Airlines, which operates in the high-cost airline industry, is saddled with the departure of skilled engineers to newly establ...

Alternative Views: The rich employer, poor employee conundrum

<p>Globetronics Technology Bhd’s (KL:GTRONIC) had been "unfairly labelled" amid a selldown that saw 38% in the company's value being erased in the past one month, said executive chairman Kent Liaw Way Gian.</p>


Globetronics 'unfairly labelled', funds sell out amid dividends cut ahead, says chairman 

<p>The Plantation and Commodities Ministry (KPK) presented a proposal to the Ministry of Finance (MOF) last week to revise the windfall profit levy (WPL) on palm oil in the country.</p>


Proposal to revise palm oil windfall tax pending MOF feedback — plantation minister

<p>Singapore shares scaled a near 17-year peak on Monday and were among stock markets to gain in emerging Asia, as the city-state's biggest banks touched all-time highs on strong investor inflows owing to their attractive dividend yields.</p>


Singaporean stocks at 17-year high led by banks; Asian currencies slip

<p>Malaysia’s headline inflation eased in August 2024, driven by increased prices at restaurants, and costlier utilities and food, according to the Department of Statistics Malaysia (DOSM) on Monday.</p>


DOSM: Malaysia's August inflation eases to 1.9%

<p>The rapid growth of Islamic banking and takaful in Malaysia highlights the need for recovery and resolution processes to align with shariah requirements, according to Bank Negara Malaysia (BNM) governor Datuk Seri Abdul Rasheed Ghaffour.</p>


BNM governor calls for shariah compliance in Islamic banking recovery, resolution processes

<p>For months, the US has warned Iran not to send ballistic missiles to Russia and told China not to provide military components for Moscow’s war in Ukraine.</p>


US worries deepen as adversaries team up to challenge dominance

<p>ITMAX System Bhd (KL:ITMAX) has been appointed by the Segamat Municipal Council (MPS) to operate 7,637 street parking in Johor's Segamat district, marking its fourth such contract in the state.&nbsp;</p>


ITMAX gets fourth parking management contract in Johor

<p>Gold touched a record high ahead of US data that may offer clues on whether the Federal Reserve’s (Fed) 50-basis-point rate reduction last week will be the first in a series of aggressive cuts.</p>
