Telekom Malaysia Bhd (TM) unveiled its new cloud and digital services company Credence, with the aim to accommodate private enterprises and the public sectors in its digital transformation journey, a joint statement said. Credence founder and chief executive officer Krish Datta said the digital services will provide capabilities ranging from tech infrastructure to business insights, cloud advisory, IT landscape migration, software-as-a-service (SaaS), managed services as well as analytics and insights. (TheStar)

Heitech Padu Bhd has bagged a contract worth RM43.8mil to provide infrastructure services for Permodalan Nasional Bhd (PNB) and Amanah Saham Nasional Bhd (ASNB) for five years. In a filing with Bursa Malaysia, Heitech said it had accepted the letter of award for the supply, delivery, installation, testing, commissioning, operations and maintenance of managed wide area networks infrastructure services for PNB and ASNB. (TheStar)

Shareholders of ECM Libra Group Bhd have been told to reject the takeover bid by Datuk Lim Kian Onn, the group's non-independent and non-executive director, who has made a conditional mandatory general offer (MGO) to buy out minority shareholders of the group, according to independent adviser DWA Advisory Sdn Bhd. The independent adviser also deemed the takeover offer as “not fair” and “not reasonable”. (TheEdge)

IOI Corporation Bhd resumed its share buy-back on Wednesday (July 6) after a six-month hiatus with a purchase of 613,000 shares for RM2.3 million, translating into RM3.75 a piece. The stock closed four sen or 1.05% lower at RM3.76 on Wednesday, giving it a market capitalisation of RM23.61 billion. (TheEdge)

Domestic banks are poised to have higher earnings from the recent increase in the overnight policy rate (OPR) as it would expand sector net interest margin (NIM) by five to six basis points (bps) for every 25 bps OPR hike. Hong Leong Investment Bank Bhd (HLIB Research) said in a note that banks typically gain from a rising interest rate environment, which would bump up earnings forecasts by four to five per cent. (NST)

Genting Plantations Bhd's share price erased intraday gains on Thursday (July 7, 2022) during Bursa Malaysia's final-hour trade as investors took profit and as they weighed prospects of the Malaysian oil palm plantation sector against a confluence of factors including crude oil prices and anticipation of Indonesia exporting more crude palm oil (CPO) after Indonesia removed its CPO export ban on May 23, 2022. (TheEdge)

Seng Fong Holdings Bhd made its debut on the main market of Bursa Malaysia opening at 75 sen per share with an opening volume of 10.8 million shares. Its chairman Ng Ah Bah @ Kok Yee said that the listing provides the company with the opportunity to realise its immediate objectives as well as invest in environmental, social, and governance (ESG) initiatives. (NST)

Malaysian Genomics Resource Centre Bhd's (MGRC) wholly-owned subsidiary, MGRC Therapeutics Sdn Bhd (MGRCT), is collaborating with Rinani Genotec Sdn Bhd (RGSB) to offer sports-based genetic tests. The collaboration will see both parties consult and collaborate on sports-based genetic profile testing and the marketing of these services. (NST)

Alliance Bank Malaysia Bhd will raise its base rate (BR), base lending rate (BLR), and base financing rate (BFR) by 25 basis points effective July 13, following Bank Negara’s revision of the overnight policy rate (OPR). The bank, in a statement, said its BR will be adjusted from 2.82% to 3.07% per annum, and BLR and BFR from 5.67% to 5.92% per annum. (TheStar)

University Tenaga Nasional (Uniten) has recently set up the National Energy Centre (NEC) to delve into energy transition, covering issues of climate change, sustainable development and renewable energy (RE) resources at the national and global levels. The university, owned by Tenaga Nasional Bhd (TNB), houses five energy centres of excellence under the NEC, to carry out various research and energy-related projects. (TheStar)

Public Bank will revise upwards its Base Rate (BR) and Base Lending Rate (BLR)/Base Financing Rate (BFR) by 25 basis points (bps), or 0.25 per cent, effective July 8. The banking group said this was in line with Bank Negara Malaysia’s (BNM) overnight policy rate (OPR) hike by 25 basis points from 2.00 per cent to 2.25 per cent on Wednesday (July 6, 2022). (TheStar)

CIMB Bank Bhd and CIMB Islamic Bank Bhd will be increasing their Base Rate and and Fixed Deposit / Fixed Return Income Account-i Board Rates by 0.25 per cent, following Bank Negara Malaysia’s (BNM) announcement of a hike in the overnight policy rate (OPR) yesterday. (TheStar)

Source: New Straits Times, The Edge Markets, The Star 07 Jul 2022

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