Summary of business stories from March 8 to 13

FGV Holdings Bhd has formally turned down an offer from Tan Sri Syed Mokhtar Albukhary to inject his plantation assets into the company for new shares.

Corporate News

Musk adds $25b in one day

  • Tesla Inc.'s 20% jump on Tuesday -- its biggest in more than a year – pushed Elon Musk -- the billionaire founder's fortune to $174 billion, closing the gap with Jeff Bezos, the world's richest person, according to the Bloomberg Billionaires Index.
  • The top 10 largest wealth gainers, all from the tech industry, added $54 billion combined.
  • The surge in Bezos's Amazon. com Inc. helped him gain $6 billion, taking his net worth to $180 billion, while Colin Huang of Chinese online shopping platform Pinduoduo Inc. added almost as much.
Top Glove posts highest quarterly net profit in corporate history at RM2.9bil
  • While hopeful for a post-pandemic economic recovery, Top Glove Corp Bhd is also confident global glove demand will remain robust and not revert to pre-pandemic levels.
  • In 2Q FY21, Top Glove recorded a net profit of RM2.87bil, the highest quarterly result in Malaysian corporate history and an increase of 24 times net earnings from the previous corresponding quarter.
  • The group reported its highest-ever quarterly sales revenue of RM5.37bil, which was 336% higher than in the previous comparative quarter, and 13% higher quarter-on-quarter.

Govt approves RM1.315bil under PENJANA SME financing scheme

  • The government has approved 6,973 applications involving loans worth RM1.315bil under the National Economic Recovery Plan (PENJANA)
  • For the PENJANA Micro Credit Financing, he said a total of RM391.9mil had been channelled as at Feb 26, benefitting some 11,708 micro SMEs.
  • Tengku Zafrul said the Bumiputera Relief Financing (BRF), which was introduced by Perbadanan Usahawan Nasional Bhd (PUNB) with an allocation of RM200mil, saw 641 SMEs receiving funding amounting to RM182.8mil as at Feb 26,2021.
Most millennials spend beyond their means
  • Forty per cent of millennials are spending beyond their means, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
  • Warren Buffett famously said, “do not save what is left after spending, but spend what is left after saving”.
  • Tengku Zafrul said, for example, if a 20-year-old wishes to have RM1mil in savings by the time he or she turns 60, assuming an annual return of 6%, he or she would need to save about RM500 per month.

FGV rejects Perspective Lane offer

  • FGV Holdings Bhd has formally turned down an offer from Tan Sri Syed Mokhtar Albukhary to inject his plantation assets into the company for new shares.
  • Meanwhile, Felda announced it had raised its stake in FGV to 73.88% after mopping up more shares in the open market and through direct deals.
  • Felda is offering to buy out minority shareholders in FGV for RM1.30 each.

Credit Suisse freezes US$1bil of funds as scandal widens

  • The funds, with about US$1bil of combined assets, include the Credit Suisse Multi Strategy Bond Fund and a Multi Strategy Alternative Fund.
  • Credit Suisse froze US$10bil of supply chain finance funds last week after doubts emerged about the valuations of some of the assets, kicking off a chain of events that culminated in the collapse of Greensill Capital.
  • The bank is now liquidating the strategy, a group of short-term debt funds for which Greensill had provided the assets and which had been held up as a success story as recently as December.

UEM Sunrise buys Dutch Lady land for RM200mil

  • Property developer UEM Sunrise Bhd has bought three parcels of land measuring 4ha in Section 13 here for RM200mil from Dutch Lady Milk Industries Bhd.
  • The land parcels are currently the centre for Dutch Lady's factory and warehouse facilities.
  • Dutch Lady said it will be relocating its manufacturing facilities to Bandar Enstek, Negri Sembilan.
Chin Hin to buy stake in Aima
  • Chin Hin Group Property Bhd (CHGP) has proposed to acquire 45% stake in Aima Construction Sdn Bhd for RM31.5mil, aiming to transform into a major property and construction player in Malaysia.
  • It has inked a conditional share sale agreement with Uniplaza Sdn Bhd to purchase the shares in Aima which would be fully satisfied via the allotment and issuance of up to 35.79 million new ordinary shares in CHGP at 88 sen per share.
  • The proposed acquisition is expected to be completed by the third quarter of 2021.

U Mobile: 4G conversion for all subscribers by year-end

  • The National Digital Infrastructure Plan (JENDELA) initiative helped to organise the telco industry in achieving the country's full potential of digitisation and reduce the digital divide among the people.
  • It also fits nicely into U Mobile’s aspiration to provide better connectivity.
  • U Mobile has been actively participating and working with the government to identify areas it could focus on, ahead of the launching of the 5G network under the MyDIGITAL blueprint by the end of this year.
  • The exclusive MEF 3.0 CE certification sets internet service standards by telecommunications companies, of which Maxis is an award holder.
  • As more businesses rely on digital technologies, a secure, dependable and agile network provides not only resilience, but a competitive advantage.
  • The in-built flexibility of a telco's programmable networks frees companies to shift their focus from the complex technicalities of upgrading their network, allowing them to concentrate fully on building better business strategies, seizing opportunities and satisfying goals.

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Top Glove , Penjana , millennial , UEM Sunrise , Chin Hin


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