Malaysia's IHH Healthcare on Tuesday said its unit filed a claim against Japan's Daiichi Sankyo in mid-October seeking damages in excess of 20 billion yen ($131.86 million) in relation to its stake buy in India's Fortis Healthcare. On Oct, 16, Northern TK Venture filed a claim against the Japanese pharmaceuticals manufacturer stating it caused losses to the company by preventing it from proceeding with open offers to buy a stake in Fortis Healthcare in 2018. (NST)
Malakoff Corporation Bhd will develop, operate and maintain solar photovoltaic systems at three Gas Malaysia Bhd sites. The sites are Gas Malaysia's headquarters (HQ) in Shah Alam, as well as its southern regional office in Pasir Gudang, Johor and eastern regional office in Gebeng, Kuantan in Pahang. (NST)
JF Technology Bhd (JFT), via its wholly-owned subsidiary, JF International Sdn Bhd (JFI), signed a joint venture agreement (JVA) with HFC Industry HK Ltd (HFCI), a subsidiary of Shenzhen HFC Co Ltd (SHFC), to incorporate HFC Tech Sdn Bhd (HTSB), a joint venture company in Malaysia. The joint-venture company's principal activities include designing and manufacturing electromagnetic interference (EMI) shielding materials, thermal interface materials and absorbing materials. (NST)
Malayan Banking Bhd (Maybank) has made further strides in its Malaysia-Singapore cross-border digital banking services by offering a more convenient, seamless and secure option for overseas funds transfers. Maybank also introduced the regional view feature on its digital banking platforms for customers. The service is an instant online cross-border funds transfer service for Maybank Singapore's retail and small and medium enterprise (SME) customers. (NST)
Genting Bhd's 52.6 per cent-owned Genting Singapore, which develops and operates casinos and integrated resorts in Resorts World Singapore (RWS), is expected to perform better moving forward. RWS still has significant growth potential for increased visitations, according to Hong Leong Investment Bank Bhd (HLIB). (NST)
Kenanga Investment Bank Bhd has launched its seventh annual Fraud Awareness Week (FAW). Under the theme of “Embracing Disruption, Pioneering Change, Unwavering Integrity,” this year’s FAW initiative functions as a unifying platform, drawing in a diverse group of internal and external stakeholders to collaboratively bolster the fight against fraud, bribery, and corruption across all sectors. (TheStar)
Research houses are positive over Sime Darby Bhd's move to dispose of the Ramsay Sime Darby Health Care Sdn Bhd (RSDH) in line with its plans to monetise its non-core assets while expanding its core segments, namely industrial equipment and motor. Hong Leong Investment Bank (HLIB) believes the exercise is also timely to address concerns regarding the group’s ballooning gearing level following its acquisition of Onsite Rental Group Ltd (RM1.9 billion), Cavpower Group (RM1.5 billion), and a 61.2 per cent stake in UMW Holdings Bhd for RM5.8 billion. (TheStar)
Boustead Plantations Bhd's (BPlant) share price rose a sen or 0.65% to RM1.54 on Tuesday after Lembaga Tabung Angkatan Tentera (LTAT) issued an unconditional mandatory takeover offer notice last Friday (Nov 10) to acquire the remaining shares it does not own in BPlant for a cash price of RM1.55 per share. At the time of writing some 17.64 million shares had changed hands. BPlant’s share price has gained more than 140% from a low of 64 sen in June this year. (TheEdge)
Maxis Bhd recorded steady revenue growth in the nine months ended Sept with a year-to-date (YTD) top line growth of 3%, mainly driven by higher service revenue in the postpaid, enterprise, and fibre segments coupled with the absence of a Prosperity Tax (Cukai Makmur). However, there are some concerns on the cost front, especially on depreciation and amortisation as well as finance costs, which put downward pressure on pretax profit, according to MIDF Research. (TheEdge)
Source: New Straits Times, The Edge Markets The Star 14 November 2023
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