US: Seen growing 0.6% in 4Q. The US economy is on track to grow 0.6% in the 4Q after disappointing data on retail sales and industrial output in Dec, the Atlanta Federal Reserve's GDPNow forecast model showed. That pace is slower than the regional Fed's prior estimate of 0.8% growth a week earlier, the Atlanta Fed said. (Reuters)
EU: Officials to visit Iran in Feb to develop energy ties. The European Commission will undertake a first "technical assessment mission" in Feb to explore energy ties with Iran following the lifting of international sanctions, European Climate and Energy Commissioner Miguel Arias Canete said. Late on Saturday, the European Union, the United Nations and the United States lifted sanctions on Iran, opening the door to closer EU-Iran energy cooperation. (Reuters)
China: Economy grew by around 7% in 2015, services made up half of GDP. China's GDP totaled more than USD10trn in 2015 and the economy grew by around 7%, with the services sector accounting for half of GDP, Premier Li Keqiang said. The premier also said that employment had expanded more than expected with 900m people making up the country's total workforce, including 150m skilled professionals. (Reuters)
China: PBOC said to impose reserve ratio on offshore bank yuan accounts. China’s central bank will impose required reserve ratios on yuan deposits of offshore participant banks in the mainland in a bid to stabilize the currency. The move will take effect from Jan. 25, according to four people familiar with the matter. The reserve ratio was previously at 0% on offshore banks’ yuan deposits in the mainland. (Bloomberg)
India: To revise long term capital gain tax on venture investment. India will revise its long-term capital gains tax structure for venture capital investments in the budget for the coming FY, revenue secretary Hasmukh Adhia said. Domestic venture capital funds have been seeking parity in tax structure with stock investments. Long term capital gains tax is nil for the latter, compared to 20% for venture capital. (Reuters)
Gamuda (Outperform, TP: RM4.90): Signs MoU to build platform for administration talent. Gamuda has signed an MoU with Kuala Lumpur Regional Centre of Arbitration (KLRCA), Malaysian Society of Adjudicators (MSA) and the Society of Construction Law, Malaysia (SCL), to provide a platform to build talents in contract administration works within the company. Gamuda Engineering MD Ubull Din Om said the group had pumped in RM300,000 since the programme was started in Sept 2014. (StarBiz)
Hock Seng Lee (Neutral, TP: RM1.95): To build industrial park for SMEs. Hock Seng Lee (HSL) will embark on a major industrial park project at Muara Tabuan here for the small and medium enterprises (SMEs). Corporate affairs director Sonja Gan said the project with a GDV of more than RM200m would comprise 195 industrial buildings of different types. (StarBiz)
Ewein: Gets nod to buy Bandar Tanjung Pinang land for RM2.8bn. Ewein Zenith SB has been granted the right to purchase three parcels in Bandar Tanjung Pinang for RM2.8bn following an MoA with Consortium Zenith BUCG SB (CZBUCG). Ewein said that Ewein Zenith, its 60% owned subsidiary, had been granted rights to purchase the three parcels measuring about 50 acres for RM1,300/sqf. (StarBiz)
Scomi Energy: Bags USD41.6m contract extension in Indonesia. Scomi Energy Services (SESB) has bagged a USD41.6m contract from PT Total E&P Indonesie (TEPI), Indonesia's biggest gas producer, to provide drilling fluids and completions services for one year. The contract is an extension from a previous three-year award, which was signed with TEPI in 2012. (Financial Daily)
Pintaras Jaya: Unit gets RM72.8m contract. Pintaras Jaya’s unit, Pintaras Geotechnics SB, has secured a RM72.8m contract from Central Plaza I-City Real Estate SB. The company said the contract was to undertake piling and basement structural works for a proposed shopping complex at Section 7, Shah Alam, Selangor. (Bernama)
Emas Kiara: Gets MGO at 80 sen per share from KF Capital. Emas Kiara Industries has received a notice of unconditional takeover offer today from its second largest shareholder Kim Feng Capital SB (KF Capital), who has a 15% stake in the company, for the acquisition of all the remaining ordinary shares it does not own, at an offer price of 80 sen per share, cash. (Financial Daily)
Fajarbaru: Proposes to raise RM16.4m via private placement. Fajarbaru Builder Group has proposed to undertake a private placement of up to 10% of its issued and paid-up capital to third party investors to raise gross proceeds of about RM16.4m. The group said the investors would be identified later. (Bernama)
Nexgram: SC concerned about takeover of Ire-Tex Corp. The SC has raised concerns about Nexgram Holdings’ voluntary take-over of Ire-Tex Corporation following on-going probe into the sale of three Nexgram subsidiaries. Concurrently, Bursa Malaysia was seeking verification from Nexgram Holdings on the existence of certain assets belonging to these subsidiaries. (StarBiz)
US stocks were pummeled last Friday on a slew of negative developments, sending the Dow Jones Industrial Average 390pts lower (-2.4%) to close at 15,988.08 while the S&P 500 fell 2.2% to 1,880.33pts. Data released on the day showed retail sales and manufacturing activity ending 2015 on a weaker note with the start of this year not faring any better, exacerbating concerns that the country’s engine of growth is sputtering and which may ultimately affect global growth. Crude oil prices are now below USD29/barrel after international sanctions were lifted on Iran. European markets slipped into bear market territory, now more than 20% off record-highs in April last year, as China-related concerns (and woes) continued to bite. While underlying economic data remains relatively decent, sentiment has taken a turn for the worse in recent weeks despite the European Central Bank’s steady stimulus measures. Italy and Spain’s benchmarks led major European bourses lower, down 3.1% and 2.8% respectively while Germany and France’s fell 2.5% and 2.4%. UK’s FTSE 100 ended 1.9% lower. Earlier in the day, the Shanghai Composite Index tumbled 3.6% to lead Asian markets lower, with just about the entire amount the government spent on its “rescue” of the market wiped out. New Yuan loans trailed estimates while money supply growth also fell short, adding to belief that the government’s efforts are falling short of expectations. Elsewhere around the region, the Hang Seng Index and BSE Sensex fell 1.5% and 1.3% while the Straits Times Index and SET Index declined 0.5% and 2.1%. The FBM KLCI only slipped 0.3%, one of the better performers of the day, alongside the Jakarta Composite Index’s 0.2% gain in a late reaction to the previous day’s interest rate cut.
Shareholders have approved Brahim’s Holdings planned sale of a 49% stake in the holding company which owns its catering arm to Singapore-based and SATS Ltd, a move which will prove ultimately beneficial to the entire Group over the longer term though its effective stake in the business will effectively be halved. SATS has 43 airline catering kitchens around the world in addition to its strength in the non-airline catering business of which Brahim’s can benefit from given this partnership. Separately, Scomi Energy Services has reportedly secured a USD41.6m contract from PT Total E&P Indonesia to provide drilling fluids and completion services for 1 year, essentially an extension from the previous 3-year award. The Group’s current outstanding orderbook is now USD1.78bn. Emas Kiara Industries has received a mandatory takeover offer from its second largest shareholder for 80sen a share after having crossed the 33% ownership threshold through the purchase a collective 32% from various other shareholders. Given the owner’s intentions of maintaining the company’s listing status and its current share price at 85sen, not much action on this is anticipated.
Source: PublicInvest Research - 18 Jan 2016
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cumcumshot
Another private placement @ 50c on the card. Ani sai! TS CKC wants to wallop all the Fajar shares pending for the 30% joint venture with CRCC.
2016-02-10 15:20