<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 6): Euro Holdings Bhd said the furniture maker and three of its subsidiaries, as well as its managing director Datuk Seri Lim Teck Boon, are being sued for allegedly using another company to obtain banking facilities.</p></div>

<div class=newsTextDataWrapInner><p>Surian Creation Sdn Bhd, which filed the lawsuit at the High Court in Melaka, is seeking a payment of RM19.29 million from Euro Holdings and the other defendants, according to Euro Holdings' filing with Bursa Malaysia on Monday.</p></div>

<div class=newsTextDataWrapInner><p>It said Surian Creation is claiming that the defendants had conspired together by "seizing full control" over Surian Creation and then using the company to obtain banking facilities to be used for the benefit of the defendants.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“The company categorically denies any impropriety alleged/insinuated by Surian Creation through the action. In this regard, the company will engage legal counsel to defend the company against the action filed by Suria Creation.</p></div>

<div class=newsTextDataWrapInner><p>“The company’s position is that the alleged claims made by Surian Creation are vexatious, frivolous and without merit," said Euro Holdings.</p></div>

<div class=newsTextDataWrapInner><p>Euro Holdings shares closed unchanged at 7.5 sen, giving the group a market capitalisation of RM90.27 million.</p></div>


Euro Holdings Bhd said the furniture maker and three of its subsidiaries, as well as its managing director Datuk Seri Lim Teck Boon, are being sued for allegedly using another company to obtain banking facilities.

Euro Holdings sued for allegedly using another company to obtain banking facilities

Sixteen Malaysians were among the 211 passengers aboard Singapore Airlines (SIA) flight SQ321 from London to Singapore that was forced to make an emergency landing at Suvarnabhumi Airport, on Tuesday afternoon.

16 Malaysians among passengers aboard London-Singapore flight SQ321

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

Pos Malaysia, Hartalega, Kossan, Hong Seng, Sunway, PetDag, Affin, Bank Islam, Hibiscus, LBS, Sime Darby Property, Lagenda Properties

Magma Group Bhd (KL:MAGMA), formerly known as Impiana Hotels Bhd, plans to undertake an issuance of redeemable convertible notes (RCNs) to raise up to RM100 million to repay borrowings and fund working capital.

Magma plans to raise RM100 mil via redeemable convertible note issuance  

Prime Minister Datuk Seri Anwar Ibrahim on Tuesday said that the government is taking it seriously to develop the progressive wage policy (PWP) to address the issue of low wages, especially among the younger generation and graduates.

Govt pledges to break stagnant wage with progressive wage policy — PM

KNM Group Bhd (KL:KNM) has received a written notice from a solicitor proposing the appointment of new directors for its upcoming annual general meeting (AGM) scheduled for June 6, 2024.

KNM receives nomination for new directors ahead of June 6 AGM

Hextar Industries Bhd (KL:HEXIND) saw its net profit tumble 78.1% year-on-year for the first quarter ended March 31, 2024 (1QFY2024), dragged by lower average selling prices (ASP) and higher raw material costs due to the weaker ringgit despite higher sales volume of fertilisers

Hextar Industries posts 78% drop in 1Q earnings on lower ASP, higher raw material costs

LBS Bina Group Bhd’s (KL:LBS) net profit rose by a marginal 0.11% to RM30.53 million in the first quarter ended March 31, 2024 (1QFY2024), from RM30.5 million a year earlier, helped by increased contribution from its property development business. Earnings per share increased to 1.49 sen from 1.48 sen.

LBS posts flat 1Q net profit as revenue drops to lowest in nearly three years

Malaysia recorded an encouraging economic achievement in the first quarter (1Q) of 2024 at 4.2%, surpassing the expectations of many parties who projected the growth rate at 3.9%, said Prime Minister Datuk Seri Anwar Ibrahim.

Economic achievement in 1Q 2024 very encouraging — Anwar

The country's investment record is expected to jump further this year compared to 2023, evidenced by potential foreign investments totalling RM76.1 billion that have been successfully attracted as of March 2024, said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia's investment record to jump further this year, says Anwar

The government will take stern action against extremists and agitators of recent violent incidents in the country, said Prime Minister Datuk Seri Anwar Ibrahim.

Govt to act firmly against perpetrators of violence, ensures calm — PM 

<p>Putrajaya's plan to implement targeted subsidies will begin with diesel and involve only consumers in Peninsular Malaysia, according to Prime Minister Datuk Seri Anwar Ibrahim.</p>


Anwar: Targeted subsidies to start with diesel and involve only consumers in Peninsular Malaysia

<p>1Malaysia Development Bhd (1MDB) on Tuesday obtained a judgement in default (JID) against Puan Sri Goh Gaik Ewe, the mother of fugitive Low Taek Jho (Jho Low), over its claim of US$1.695 million (RM7.9 million) worth of jewellery allegedly bought with 1MDB funds.</p>


1MDB obtains judgement in default against Jho Low’s mum; court fixes August trial dates for Eric Tan and May Lin

<p>The Federal Court has ruled in favour of TSR Capital Bhd (KL:TSRCAP) in its dispute with Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (SPYTL) over the termination of a civil works subcontract for the electrified double-track project from Gemas to Johor Bahru.</p>


TSR Capital gets full arbitration sum in dispute with YTL's unit over contract breach as Fed Court rules in its favour

<p>A British man was killed and seven other people were critically injured after a Singapore Airlines Ltd jet flying from London to its home country encountered severe turbulence as it entered Thai airspace.</p>


One dead after Singapore Airlines flight hit by severe turbulence

<p>Petronas Dagangan Bhd (KL:PETDAG), the marketing arm of Petroliam Nasional Bhd (Petronas), has appointed Azureen Azita Abdullah as its new chief operating officer (COO), effective June 1.</p>


PetDag appoints Azureen Azita Abdullah as new COO

<p>Glove manufacturer Kossan Rubber Industries Bhd (KL:KOSSAN) has posted its third consecutive quarter of profits in the first quarter, thanks to higher sales volume and lower natural gas prices.</p>


Kossan logs third straight quarter of profits as volume climbs, gas price falls

<p>A comeback in storage drive demand has helped JCY International Bhd (KL:JCY) return to the black in the second quarter ended March 31, 2024 (2QFY2024) after eight straight quarters of losses.</p>


Comeback in storage drive demand sees JCY International return to black in 2Q

<p>Hong Seng Consolidated Bhd’s (KL:HONGSENG) previously suspended plan to expand its glove business seems to be back on the table as the group eyes an alternate, albeit smaller, site for a synthetic rubber manufacturing plant in Kedah Rubber City.</p>


Hong Seng revisits potential glove business expansion, but on smaller scale

<p>Mega First Corp Bhd (KL:MFCB), which is involved in renewable energy sales, limestone quarrying and packaging, said its first quarter net profit rose 35.32% to RM95.46 million from RM70.55 million a year earlier amid a significant improvement at its resource division.</p>


Mega First Corp's 1Q net profit up 35% amid surge in resource division's earnings

<p>A summary of how key Bursa Malaysia indices and the ringgit performed on Tuesday.</p>


FBM KLCI drops 0.33% to 1,622.09 on May 21, 2024

<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>Conglomerate Sunway Bhd (KL:SUNWAY) reported a 21.6% year-on-year increase in its first-quarter net profit, driven mainly by stronger performance from the property development and healthcare segments.</p>


Sunway's 1Q net profit up 22% amid stronger earnings from property, healthcare segments

<p>Sime Darby Property Bhd (KL:SIMEPROP) reported that its first quarter net profit doubled year-on-year, as the property developer saw its quarterly revenue hit a record high on higher sales and successful project executions.</p>


Sime Darby Property's 1Q profit doubles on higher sales

<p>Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH) has reported its highest quarterly net profit and revenue since its listing in 2004, attributing the impressive first-quarter performance to improved operating efficiency and increased sales.</p>


YSP registers best quarter since listing 20 years ago, boosted by higher sales

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:</p>


<p>The Ministry of Investment, Trade and Industry (Miti), together with Malaysia Automotive, Robotics and IoT Institute (MARii), will be undertaking a mid-term review of the National Automotive Policy 2020 (NAP 2020).</p>


Miti, MARii to undertake mid-term review of National Automotive Policy 2020

<p>Tun Dr Mahathir Mohamad has demanded that he or his lawyers be allowed to attend the proceedings of the Royal Commission of Inquiry (RCI) on the sovereignty of Pulau Batu Puteh and two other islets.</p>


After threatening to boycott, Mahathir now demands to attend RCI proceedings on Pulau Batu Puteh

<p>The Malaysia Autoshow 2024 commenced on Tuesday with several global automotive industry players debuting and unveiling their latest technologies at the six-day event running from May 21 to 26&nbsp;at the Malaysia Agro Exposition Park Serdang (Maeps).</p>


Global automakers unveil latest tech at Malaysia Autoshow 2024

<p>Egg producer LTKM Bhd’s (KL:LTKM) net profit jumped 91.25% to RM17.86 million in fourth quarter ended March 31, 2024 (4QFY2024) from RM9.34 million a year earlier, thanks to fair value gain on investment properties.&nbsp;</p>


LTKM 4Q net profit up by 91% driven by fair value gain on investment properties 

<p>Confectionary maker Apollo Food Holdings Bhd’s (KL:APOLLO) said its public shareholding spread is back in compliance with Bursa Malaysia’s listing requirements.</p>
