Business summary from Oct 25-31

Serba Dinamik continues to be suspended

• Serba Dinamik has not complied with the directive to make an announcement on the findings from the Factual Findings Update on the SIR by Oct 26.
• As the trading in Serba Dinamik's securities has been suspended since 2.30pm on Oct 22, the suspension of trading will continue until further notice.
• Last Friday, Bursa Malaysia Securities issued a directive to Serba Dinamik regarding the status of the latter's SIR report.

Proton X70 production in Pakistan scheduled for year-end

• Proton is looking forward to the Proton X70 being assembled in Pakistan by the year-end, hot on the heels of the successful production rollout of the Proton Saga in Karachi.
• The car manufacturer said Al-Haj Automotive, the exclusive distributor of Proton in Pakistan, is tentatively scheduled to begin local assembly of the C-segment SUV in December.
• Prior to local assembly starting, a final batch of 154 units of the Proton X70 was shipped to Pakistan on Oct 17.

A raw deal from AAX

• AAX, in a 127-page explanatory statement to the scheme's creditors last week, outlined a planned restructuring scheme involving RM33.65bil, comprising RM4.27bil in outstanding accrued liabilities and RM29.38bil in termination claims, into just RM21.3mil, which will be paid one year after the scheme is effective.
• AAX does not make a settlement with respect to the above termination claims, and in essence, the restructuring is only with respect to RM4.27bil of outstanding accrued liabilities, which are again broken into Class A, B and C creditors.
• AAX has also thrown in a sweetener to this restructuring scheme, whereby Class A and Class B creditors will be entitled to receive a proportionate share of AAX's earnings before interest, tax, depreciation, amortisation, lease rentals, and where applicable restructuring cost (Ebitdar) in excess of RM300mil for the financial years between 2023 and 2026.

Yinson partners GreenTech to speed up EV charging infra in Malaysia

• Yinson Holdings Bhd unit Yinson Green Technologies (M) Sdn Bhd, has signed a term sheet with GreenTech Malaysia Alliances Sdn Bhd (GTMA) to speed up the development of electric vehicle (EV) charging infrastructure in Malaysia.
• It said on Tuesday its unit Yinson Green Technologies (M) Sdn Bhd and GTMA, a unit of Malaysian Green Technology and Climate Change Corporation (MGTC) would undertake the development.
• Yinson will have the majority stake to provide EV charging stations in Malaysia, building upon the ChargEV network with over 400 charging stations nationwide established by MGTC, which will be injected into the joint venture.

Budget 2022: Reactions from the property sector

• Rehda is appreciative that the Government has taken into account its proposal to abolish the RPGT on homes disposed of on the sixth year onwards by Malaysians and permanent residents in the country.
• The RPGT was initially introduced to curb speculation when the property market was buoyant but under the current soft market conditions, it welcomed the Government's move for the removal.
• Additionally, the Government's sentiment on the necessity of homes for all individuals especially the B40 is echoed within the Association.

Bank Negara restores Experian's access to CCRIS

• Experian said the central bank accepted the findings of the security assessment provided by Experian.
• On Sept 30, Bank Negara issued a temporary suspension of CCRIS access to all Credit Reporting Agencies (CRAs) including Experian as a proactive and precautionary measure due to a credible cyber threat.
• In line with Bank Negara's directive, Experian said it conducted an extensive internal security investigation and engaged an independent global expert in cyber security to conduct a security compromise assessment.

UOB Malaysia provides financing to Ericsson Malaysia

• UOB Malaysia said this would enable Ericsson Malaysia to deliver the initial phases of Digital Nasional Berhad (DNB)'s nationwide 5G network rollout.
• Additionally, UOB Malaysia has also been mandated as the lead arranger for an additional RM2.3bil syndicated RPA for potential financial institutions (FIs).
• Upon acceptance of the syndicated RPA by the participating FIs, a total of RM3.1bil will be raised in support of the supply, delivery and management of DNB's entire 5G network.

EPF members can access more funds via i-Invest

• Employees Provident Fund (EPF) members can access more funds via the i-Invest self-service online investment facility.
• The retirement fund said the members can now purchase up to eight unit trust funds from a maximum of five fund management institutions (FMIs) in a single purchase transaction.
• This enhanced feature for i-Invest allows members better access and efficiency when investing through the facility.

Australian border openings boost demand for flights

• Australia's planned reopening of state and international borders has led to a surge in flight searches and bookings, Virgin Australia and travel website Skyscanner said on Wednesday.
• Virgin Australia said demand for domestic flights leapt by 125% in the past four weeks.
• Skyscanner said international flight search volumes from Australia had jumped 128% in the month since the government said fully vaccinated citizens and permanent residents would be able to leave the country without special permission from November.