PMB in no hurry on its bond issue

PENERBANGAN Malaysia Bhd (PMB) plans to proceed with a bond issue to raise funds for its operating cashflow, but would not rush to do so, now that market sentiment and the domestic economy seems to have improved, said Second Finance Minister Datuk Dr Jamaludin Mohd Jarjis. 

“July was not a milestone. With the market moving up nicely, we want to get a better price for it (the bonds),” Jamaludin said without elaborating. 

He was referring to the stated intentions of PMB, the parent company of Malaysia Airlines, to approach the bond market with an issue of up to US$750mil in early July. 

Jamaludin said he noticed “a new fresh air”, with the domestic and overseas markets more bullish now than a few months ago. 

Speaking earlier at the launch of SJ Securities Sdn Bhd's SJenie mobile trading system, Jamaludin said he believed the stock market could go up further now that it had broken past the 700-point barrier. 

After gains earlier in the week, the KLSE Composite Index yesterday, however, fell eight points to 716. 

Touted as the country's first PDA (personal device assistant) mobile stock trading, the SJenie uses WiFi/GPRS connectivity, enabling the user to check his portfolio or to make transactions while on the go. 

Jamaludin said he hoped there would be more Internet trading in the capital market, noting that the South Koreans had already adapted to it successfully. 

According to SJ Securities managing director and chief executive officer Ahmad Azman Abdul Manaf, nearly half of the trading on South Korea's stock market was conducted online. 

Azman declined to reveal the cost of the system, but said that the company, together with Hewlett-Packard Sales (M) Sdn Bhd, N2N Connect Sdn Bhd, Microsoft (M) Sdn Bhd and DiGi Telecommunications, had spent a number of years to come up with it. 

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