Summary of business news Feb 8 to 14


Datuk Seri Amir Hamzah Azizan is the right candidate as CEO of EPF, Finance Minister Tengku Zafrul Tengku Zafrul Tengku Abdul Aziz said.

Corporate News

Zafrul: Amir Hamzah right candidate as EPF CEO

  • Finance Minister Tengku Zafrul Tengku Zafrul Tengku Abdul Aziz. said on Wednesday Datuk Seri Amir Hamzah Azizan is the right candidate as CEO of EPF after Tunku Alizakri Alias, who has been the CEO of the retirement fund since Aug 20,2018, indicated his desire to retire.
  • Previously helming Tenaga Nasional Bhd (TNB) as its president/CEO, Amir Hamzah's appointment as EPF CEO will be effective March 1,2021.
  • He was appointed TNB CEO in April 2019 after serving in various industries like oil, shipping, retail and services.

Durian planter PLS appoints Nazir Razak as new chairman

  • Durian company PLS Plantations Bhd has appointed former CIMB Group Holdings Bhd boss Datuk Seri Nazir Razak as its new chairman effective Feb 10.
  • Joining Nazir on board is former CIMB senior banker Tan Hong Kheng.
  • PLS current chairman Tan Sri Lim Kang Hoo will be redesignated as executive vice chairman.
MARC upgrades Top Glove on strong revenue, cashflow
  • Malaysian Rating Corporation (MARC) has upgraded Top Globe Corporation Bhd's corporate credit rating following the significant increase in Top Glove's revenue and cash flow due to the surge in glove sales during the Covid-19 pandemic.
  • The rating agency said on Tuesday it had upgraded the world's largest glove maker's corporate credit rating to AA+ from AA.
  • MARC also affirmed its rating of AA-IS(CG) on special purpose vehicle TG Excellence Bhd's RM3bil perpetual Sukuk Wakalah programme.
US-based Tyson Foods buys 49% stake of MFM's poultry business for RM420m
  • , Tyson Inc will invest RM420mil in Malayan Flour Mills Bhd's vertically integrated poultry business.
  • MFM said in a filing to Bursa Malaysia, it is selling a 49% stake in Dindings Supreme Sdn Bhd to Tyson Foods under a strategic partnership which will add more supply flexibility for both companies.
  • MFM's vertically integrated poultry business includes feed mills, hatcheries, farms and processing facilities

Economy

S'pore sees people travelling soon

  • Singapore's efforts to open its borders have stalled, with a plan to allow business travellers to avoid quarantine and stay in a dedicated facility near the airport still not materialising, the Business Times reported on Monday.
  • The Connect@Singapore pilot programme for business people and so-called high-economic value travellers was due to get going in January, yet the tourism board hasn't selected operators for the facilities where the visitors would stay.
  • The tourism and service sectors are crucial cogs in Singapore's economy.
Bank Negara likely to cut OPR by 25bps at March meeting
  • Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid expects Bank Negara to reduce the OPR by 25 basis.
  • He said due to the economic uncertainties following the reintroduction of Movement Control Order (MCO 2.0), the central bank would likely cut the OPR.
  • Mohd Afzanizam said the projection has taken into account the Covid-19 vaccine -- a variable that is still uncertain to take place.
Banking

Maybank expects 1.7 million e-angpao transactions this CNY

  • Malayan Banking Bhd (Maybank) is expecting about 1.7 million e-Angpao transactions worth over RM60 million to be conducted by customers during the Chinese New Year festive season this year.
  • Datuk John Chong said in light of the pandemic, the e-Angpao service provides customers who are unable to meet with their families a safe and convenient way to participate in the cherished tradition.
  • The bank received an encouraging response to its e-Angpao service in 2020, where the number of transactions increased to 840,000.
Ikea branches out into consumer banking
  • - Ikeastores owner Ingka Group said on Thursday it had agreed to buy a 49% stake in financial services partner Ikano Bank as part of a push to boost its services offerings.
  • The consumer bank is owned by Ikano Group, which was spun off from Ikea in 1988 to the sons of the furniture brand's founder Ingvar Kamprad.
  • It provides financial services to Ikea shoppers in eight markets, as well as other consumer banking services.
Cryptocurrency

Bitcoin tops US$47,000 for first time after Tesla purchase

  • Bitcoin hit a fresh record above $47,000 on Tuesday after Tesla Inc.'s announcement of a $1.5 billion investment in the largest cryptocurrency.
  • It was at about $46,455 as of 12:22pm. in Hong Kong.
  • Tesla's disclosure Monday sent the price soaring.
Construction

SCIB bags nearly RM822m contracts in Kuching, Qatar

  • Sarawak Consolidated Industries Bhd (SCIB) secured contracts totalling RM821.97mil for a property development project in Kuching and an engineering and construction job in Qatar.
  • SCIB said on Tuesday it had accepted the letter of award for the contract in Kuching worth RM421.97mil. The 108-month awarded by Lestari Asiabina Sdn Bhd, is for the 20-storey mixed development.
  • As for the Qatar project, it is for the country’s north field expansion, valued at nearly RM400mil.

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