In an announcement on Friday it was revealed that a subsidiary of Naim Holdings (the company’s updated name) is selling two parcels of vacant land measuring some 405.6 hectares in Bintulu, Sarawak to the state controlled Sarawak Economic Development Corp (SEDC) for RM340 million (to enable a dividend to shareholders).
The purchase by the Sarawak Government owned SEDC represents a massive profit (RM115 million) for this vacant land, which the company has owned but done nothing with for 7 years. Property dealers point out the state government body has paid nearly RM1 million per hectare, whereas state land is usually sold for more in the region of RM300 per acre. Lucky intermediary Naim Holdings.
As everyone knows, there is a long and eye-popping history of the SEDC being used to channel huge sums
And why did it happen? It happened because an extensive study has been taken into Malaysia’s long criticised treatment of the millions of migrant workers that the oil palm business has taken advantage of for decades.
This is what today’s announcement says in advance of the details of the report becoming public:
Effective September 30 at all U.S. ports of entry, U.S. Customs and Border Protection (CBP) will detain palm oil and palm oil products made by FGV Holdings Berhad and its subsidiaries and joint ventures.
CBP’s Office of Trade directed the issuance of a Withhold Release Order (WRO) against palm oil and palm oil products made by FGV based on information that reasonably indicates the use of forced labor. The order is the result of a year-long investigation that revealed forced labor indicators including abuse of vulnerability, deception, restriction of movement, isolation, physical and sexual violence, intimidation and threats, retention of identity documents, withholding of wages, debt bondage, abusive working and living conditions, and excessive overtime. The investigation also raised concerns that forced child labor is potentially being used in FGV’s palm oil production process. [see the press release]
Instead, this decision to opt-out will leave this country and its people at a serious disadvantage and with limited options, be at the mercy of a small number of vaccine manufacturers, and lack the advantage of economies of scale to get the best possible price. The deal we end up will unlikely be fair and equitable.
It would be dangerous and self-defeating for Malaysia to flirt with “vaccine nationalism” as an extension of the #kitajagakita approach. We could find ourselves at the back of the line for doses.
Strong retail interest to persist in equity market despite moratorium expiry, says Rakuten
Rakuten's top picks: AHB, D'nonce and Scomnet:
Meanwhile, Rakuten Trade's top fundamentals picks are office furniture manufacturer AHB Holdings Bhd (target price (TP): 61 sen), engineering solutions provider D’nonce Technology Bhd (TP: 88 sen), and Supercomnet Technologies Bhd (Scomnet)(TP:RM2.68) — a manufacturer of wires and cable for medical devices, electrical appliance, consumer electronics and automotive markets.
All three stocks are deemed to be beneficiaries of the Covid-19 theme. For AHB, Rakuten said it is set to benefit from the introduction of its latest products, namely “Covid Panels” and “SpaceCom Medical Hubs” — products that are designed for the office space and medical hubs for Covid-19 prevention. The group is expected to achieve record earnings in its financial year ending Sept 2021 (FY21), according to Rakuten Trade.
Similarly, the research house expects D’nonce to achieve record earnings in FY21, as the group's packaging boxes are being used by major glove manufacturers including Top Glove Corp Bhd.
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