DRB-Hicom Bhd, which owns Proton, said in a filing with Bursa Malaysia that the latest proposed redeemable convertible cumulative preference shares (RCCPS) to be subscribed by Minister of Finance Inc
MarketWrap: The S&P 500 closed at a 7-month high on Monday as Federal Reserve chair Janet Yellen painted a mostly upbeat picture of the economy but gave little sense of when a rate hike may be coming. - Reuters
The DJIA closed up 113.27 points, or 0.64%, to 17,920.33, the S&P 500 gained 10.28 points, or 0.49%, to 2,109.41, and the Nasdaq added 26.20 points, or 0.53%, to 4,968.71. - Reuters
Forex summary
*The ringgit gained 0.09% to 3.8072 per US$
*It was 0.24% higher to 4.6437 per euro
*Up 0.04% to 5.9129 to the pound sterling
*0.09% higher to 3.0128 per Singapore dollar
*0.10% up to 3.0052 per Aussie
*Up 0.17% to 3.8041 per 100 yen
Energy
Oil prices rose for a third straight day on Monday, as crippling attacks on Nigeria's oil industry and fresh draws in U.S. crude stockpiles boosted prices even though gains were pared later on renewed expectations of a U.S. interest rate hike. Brent LCOc1 settled up 91 cents, or 1.8%, at US$50.55 a barrel. During the session, it hit US$50.83, its highest since November. - Reuters
Top foreign stories
Chinese M&A surge seen ebbing as US campaign heats up: After snapping up assets at a record pace so far this year, Chinese buyers are expected to hold back in the run-up to the US presidential election in November, nervous that campaign rhetoric might invite closer regulatory scrutiny of deals. - Reuters
Fed's Yellen sees rate hikes ahead, but few hints on when: Federal Reserve Chair Janet Yellen on Monday gave a largely upbeat assessment of the US economic outlook and said interest rate hikes are coming but, in an omission that stood out to some investors, gave little sense of when. - Reuters
Viacom bylaw change raises bar for Paramount sale: Sumner Redstone's National Amusements Inc amended the bylaws of Viacom Inc to require unanimous approval from Viacom's board for any deal related to Paramount Pictures, creating a new hurdle for chief executive Philippe Dauman's plan to sell a stake in the movie studio. - Reuters
Top local stories
Tham re-emergences as single largest E&O shareholder: Datuk Seri Terry Tham Ka Hon’s re-emergence as the single largest shareholder in Eastern & Oriental Bhd
(E&O) has sparked interest in the high-end property developer. If the latest share purchase agreement is concluded, Tham will have bought from Sime Darby more E&O shares than he had previously sold to the conglomerate in 2011. - StarBiz
IOI withdraws RSPO suspension challenge: IOI Corp Bhd has with-drawn its challenge proceeding against the suspension of its certifications by the Roundtable of Sustainable Palm Oil (RSPO) in the Zurich District Court of Switzerland. The plantation group said the withdrawal of the challenge proceeding would be formalised during a conciliatory hearing before the Justice of Peace on June 14. - StarBiz
Muhibbah buys land for maritime hub: Muhibbah Engineering (M) Bhd is buying a 202.3ha piece of land in Gebeng, Kuantan from Perbadanan Setiausaha Kerajaan Pahang. The company said it intended to develop a RM2bil maritime hub at the location, focusing on industrial activities such as shipbuilding, repair works and fabrication of offshore structures. - StarBiz
Proton issuing RM1.25bil preference shares to Govt: Proton Holdings Bhd is issuing up to RM1.25bil worth of convertible preference shares to the Government in a move to shore up the national carmaker finances. As part of the deal, Proton is required to come out with a restructuring/turnaround plan that includes the relocation of its Shah Alam plant to the Tanjung Malim plant and a strategic plan for the expansion of its business. - StarBiz
Global Oriental unit buys land near Genting Highlands: Global Oriental Bhd’s 51%-owned subsidiary Sering Manis Sdn Bhd is buying 279.86 acres of land located just 11km from the peak of Genting Highlands for RM170.7mil. The company said it will develop a resort on the land that would include residential and commercial components. - StarBiz
Sime, Swiber seek claim against ONGC: Sime Darby Bhd’s indirect unit Sime Darby Engineering Sdn Bhd and former consortium partner Swiber Offshore Construction Pte Ltd making a claim against Oil & Natural Gas Corp Ltd (ONGC), for whom they executed a process platform job for US$618.4mil (RM2.53bil) six years ago. - StarBiz
Gamuda Land eyes more overseas revenue: Gamuda Land, the property arm of Gamuda Bhd, expects sales contribution from its foreign developments to account for 40% of revenue from next year. Chief operating officer Ngan Chee Meng said the company intended to launch more products overseas as part of its aim to diversify earnings, given the subdued property market in Malaysia. - StarBiz
Maybank makes top management changes: Malayan Banking Bhd (Maybank) president & chief executive officer Datuk Abdul Farid Alias is putting his top management on a rotation of job portfolios effective July 1. Datuk Muzaffar Hisham, currently the group head of Islamic banking and CEO of Maybank Islamic, has been appointed group head of global banking; Datuk Mohamad Rafique Merican presently group chief financial officer will take over as group head, Islamic banking and CEO of Maybank Islamic while Datuk Amirul Feisal Wan Zahir currently the group head, global banking will assume the role of group CFO. - StarBiz
Higher biodiesel mandates seen positive for CPO: Higher biodiesel mandates will provide the floor for the price of crude palm oil (CPO), as the commodity move into peak production period, said analysts. The upgrading from B7 to B10 biodiesel for the transportation sector effective June 2, together with introduction of B7 usage to the industrial sector, is expected to reduce Malaysia’s palm oil stockpile. - Bernama
KUB to exit engineering, construction sector with unit disposal: KUB Malaysia Bhd is disposing of its entire stake in loss-making unit KUB Precast Sdn Bhd for RM19 million to JEKS Precast Sdn Bhd, and exiting the engineering and construction sector altogether. - Edge FD
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