Friday, 19 December 2014

Franklin Templeton remains upbeat on M'sian corporate credit, sukuk assets

Franklin Templeton Investments remained positive on the outlook for Malaysia's corporate credit and sukuk assets for next year. Executive Director/Head of Malaysia Fixed Income and Sukuk, Hanifah Hashim said the country's fundamentals remained strong and the government had shown its willingness to build a strong fiscal position by introducing unpopular measures to address the situation. "Looking ahead, 2015 will be a challenging year for the fixed income market in Malaysia as improving economic growth in the US, while it is good news, will eventually lead to a rise in the (US) interest rate, which could introduce some volatility in our local bond market," she said in a statement. However, Hanifah said while the macroeconomic condition in the US appeared to be strong, there were concerns on slowing growth in China, as well as flattish economic growth in Japan and the Eurozone. (Bernama) 

Texchem: GST to benefit restaurant business

Texchem Resources Bhd says the implementation of the Goods and Services Tax (GST) next year will benefit its restaurant business as it can claim input tax from the Customs Department.

  •  “Currently, we collect a 6% sales tax for the government. After April 2015, we will continue to collect the 6% for the government but this time, we can claim input tax credit. This will go straight to our bottom line. 
  • Since we have an extensive chain of food and beverage outlets, the amount of input tax claims will be substantial,” said its executive chairman Tan Sri Fumihiko Konishi.
  • The 6% GST that will be charged from April 1 is termed as “output tax” while the ingredients purchased and overheads incurred by a restaurant owner is known as “input tax”. Next year, Texchem expects its restaurant division to achieve RM300m in sales as it adds Yoshinoya Beef Bowl, Doutor Coffee and Hanamaru Udon to its stable. (BT) 

KL Electric To Invest RM1.5 Billion To Set Up Charging Stations

KL Electric Mobility Sdn Bhd, a unit of US-based Masers Energy Inc, will invest RM1.5bn to set up 3,000 charging stations for zero-emission vehicles within Kuala Lumpur over the next two years. The project, known as 'KL Electric A-gogo', was inked with Kuala Lumpur City Hall and will be rolled out in January 2015. KL Electric Mobility Chairman and CEO Datuk Seri Suhaimi Abdul Rahman said use of clean vehicles will reduce greenhouse gas emissions, "Users get to save a lot of time as they require no extra time to look for parking, while these electric vehicles can use the bus and taxi lanes in Kuala Lumpur," he said. (Bernama)

Bursa Malaysia issues UMA query to Pan Malaysia

Pan Malaysia Holdings Bhd has been issued an Unusual Market Activity (UMA) query from Bursa Malaysia Securities on Thursday for the group's recent rise in price and volume. Bursa Securities advised investors to take note of the company’s reply to the unusual market activity which would be posted on its website. Pan Malaysia's share price surged from 15 sen on Tuesday to 29.5 sen on Thursday's midday break, with 12.14m shares traded between 22.5 sen and 31 sen. (StarBiz) 

MDV expands core funding to include growth sectors

Malaysia Debt Ventures Bhd (MDV), a technology financier, has expanded its core funding business to include growth sectors such as oil and gas, aviation and aerospace and nanotechnology. Deputy Finance Minister Datuk Ahmad Maslan said the new corporate strategy would enable MDV to become the leading technology financier in the country. He hoped that MDV would expand its financing solutions to include finance packages for technology mergers and acquisition.The funding portfolio has been expanded to include eight sectors. They are nanotechnology, advanced materials, robotics and artificial intelligence, electrical and electronics, aviation and aerospace, maintenance repair and overhaul, oil and gas and transportation. SMEs would stand to benefit from the RM200m allocation from MDV. (BT) 

1MDB should clear the air, says Ahmad Maslan

Putrajaya urged the top management of embattled 1Malaysia Development Bhd (1MDB) to face the public and clear the air over the company's finances, theedgemarkets.com reported. Deputy Finance Minister Datuk Ahmad Maslan said 1MDB has to clearly explain the dynamics of its operations and financials to the public, as it involves taxpayers' money.

  • Ahmad said this when asked about the police report against 1MDB by Batu Kawan Umno division deputy chief, Datuk Paduka Khairuddin Abu Hassan, last Friday. 
  • "The company should engage and communicate more clearly. 1MDB has good assets and I am confident there is no problem with that," Ahmad was quoted as saying. (Malaysian Insider) 

Destini Appointed As Key Industrial Partner By Thales Asia

Destini Bhd announced that the group has been appointed as a key industrial partner (KIP) by Thales Asia Holding Pte Ltd (Thales Asia). Destini Prima Sdn Bhd CEO Tunku Johan Tunku Mansor said the KIP status is valid for a period of three years during which Destini will operate as Thales Asias KIP in both the defence and commercial sectors of business. "Both Thales Asia and Destini will be looking at multiple future collaboration opportunities which will be formalised through agreements on a project by project basis", he told. (StarBiz)