Highlights of last week’s stories – Genting, AirAsia, telecommunications, AMMB
- Genting Malaysia Bhd invested more than US$800mil (RM3.23bil) in a new theme park targeted for opening in the second quarter of this year, the casino operator said.
- The park is located some 6,000 feet above sea level at Genting Highlands.
- Genting Malaysia's head of business operations and strategies, Lee Thiam Kit said the group was committed to launching the park while the economy was less certain during the coronavirus pandemic.
- Genting Bhd registered a small net profit in the last quarter, but warned that the outlook for 2021 is "highly uncertain" due to the Covid-19 pandemic.
- For the full year ended Dec 31,2020 the group made a loss of RM1bil. Revenue was halved to RM11.56bil compared with RM21.6bil a year ago.
- It declared a special single-tier dividend of 8.5 sen per share for FY20.
- AMMB Holdings Bhd has agreed to a massive RM2.83bil global settlement on all outstanding claims and actions in relation to the AmBank Group's involvement in the 1Malaysia Development Bhd (1MDB) matter.
- This latest global settlement is part of the Malaysian Government's continuing recovery efforts that it is pursuing against all parties directly or indirectly involved in 1MDB and its related entities.
- In July last year, Goldman Sachs' agreed to a RM15.8bil (US$3.9bil) settlement.
- Clearly, MSM is on a new path to profitability and it will continue to be a company to be watched.
- When times are good, they are the main beneficiaries, likewise, when people hold on to their purse strings in anticipation of tough days ahead, banks are one of the first to suffer a decline in profits.
- Yes, while they are still making money, it is safe to say their hey-days are long gone, no thanks to the ongoing Covid-19 pandemic.
- The Employees Provident Fund (EPF) has launched the world’s first and largest Shariah private equity (PE) fund with an allocation of US$600mil or RM2.43bil.
- The fund will have three direct/co-investment separate managed accounts (SMA) of US$200mil each.
- Each will be managed by three private equity fund managers – BlackRock, HarbourVest Partners LLC, and Partners Group AG.
- Japan’s Denso Corporation is investing RM160mil to expand the production capacity of its automotive semiconductors in Malaysia.
- The Malaysian Investment Development Authority (MIDA) said the investment, via its subsidiary Denso Malaysia Sdn Bhd, has been approved and it scheduled to start in April.
- It will be venturing into the production of automotive semiconductors, ASIC named “exposed package (Ex-PKG)”, which is superior and competitive in terms of high functionality, efficient high heat dissipation, miniaturisation and cost reduction.
- National carrier Malaysia Airlines plans to introduce a Digital Travel Health Pass to enable safer air travel in a post-pandemic era.
- The airline said the health pass will integrate modules from the International Air Transport Association's (IATA) Travel Pass, enabling passengers to create a digital passport on the Malaysia Airlines mobile app.
- This digital identification will pave the way for Malaysia Airlines' passengers to eventually take advantage of contactless technology options throughout the travel processes.
- Stanley Choi Chiu Fai, who emerged as a new substantial shareholder in AirAsia Group Bhd, is a well-known poker player from Hong Kong.
- Choi emerged as a substantial shareholder of AirAsia after he pumped in RM114.46mil to take up the low-cost carrier's private placement.
- Choi is also the co-founding member of Yunfeng Capital, a private capital arm of Alibaba Group's Jack Ma.
- The pandemic forced adoption of digital tools and practices in weeks, for what would have taken years of incremental transformation.
- This sudden transition has challenged perceptions of the physical location of work, the organisation of the supply chain and interactions with customers and partners.
- As the country moves beyond addressing pandemic-related emergencies, 5G's role in embedding impacts will emerge.
- The government's MyDigital initiative is expected to benefit telecommunication companies (telcos) and technology-related players, with Telekom Malaysia Bhd (TM) poised to be the main beneficiary.
- Apart from TM and the four other listed telcos namely Axiata Group Bhd, Maxis Bhd, Digi. com Bhd and TIME Dotcom Bhd, TA Securities Research said companies providing related infrastructure and support services are also on the list of potential beneficiaries.
- These include OCK Group Bhd, Redtone Digital Bhd, Rohas Tecnic Bhd, Binasat Communications Bhd and Opcom Holdings Bhd.