Business news summary for Dec 27- Jan 2

SC charges Serba Dinamik, director, officers for submitting false statement

• According to the SC's charges filed at the Kuala Lumpur Sessions Court, the false statement is in relation to the revenue figure of RM6.014bil contained in Serba Dinamik's quarterly report on consolidated results for the quarter and year ended Dec 31, 2020.
• Additionally, all three accused are required to report to the SC's investigating officer on a monthly basis.

New appointments on I-Berhad's board of directors

• I-Berhad has appointed Ricky Lim Boon Soon as executive director and reappointed Datuk Eu Hong Chew as its non-executive director.
• The property developer said both appointments will be effective from Jan 1, 2022.

Mah Sing sees property market revival

• Mah Sing Group Bhd is cautiously optimistic about the property prospects in the medium to long term, citing robust demand for properties due to the young demographic.
• The developer noted that the impact of the epidemic has had an influence on the property market in Malaysia over the last two years.
• According to Mah Sing, rental demand is likely to increase next year as a result of the opening of travel borders, with more foreign expats, business partners, tourists, and foreign students contributing to total growth.

Public Mutual declares distributions of RM164mil for 23 funds

• Public Bank's wholly-owned subsidiary, Public Mutual, has declared distributions amounting to more than RM164 million for 23 funds as at Dec 31, 2021.
• The unit trust manager said PB Aiman Sukuk Fund declares the highest gross distribution, at 4.00 sen per unit, followed by Public Strategic Bond Fund and Public Islamic Strategic Bond Fund which declares 3.10 sen per unit each.
• Gross distributions of 2.00 sen per unit each have also been declared for PB Asia Pacific Enterprises Fund, Public Islamic Enhanced Bond Fund and Public Savings Fund, it said in a statement.

Palm oil posts third annual gain

• Palm oil registered its best year since 2019, with prices more than doubling in three years, as a chronic labour shortage in second-biggest grower Malaysia and tight global vegetable oil supplies drive up futures.
• The tropical oil, used in everything from cooking oil to chocolate and soap, surged 31% this year as planters in Malaysia grapple with their worst-ever shortage of plantation workers after the pandemic shuttered borders and the government froze new recruitment of foreign labourers.
• Malaysia has been the worst-affected due to the labour crunch, while adverse weather conditions in Canada and Ukraine hit canola and sunflower seed output.

Set for a strong comeback

• The government recorded RM332bil in total spending allocation that includes all-time-high gross development expenditure of RM75.6bil, plus the upsizing of Covid-19 Fund's allocation for 2020-2022 to RM110bil
• Meanwhile, the Medium Term Fiscal Framework (2022-2024) and the 12th Malaysia Plan (2021-2025) target to lower the budget deficit-to-GDP ratio to 4.8% in 2023, 4.3% in 2024 and 3.0% to 3.5% in 2025 to keep the government's domestic debt within the 65% of GDP ceiling.

EPF supports stopping of further i-Citra withdrawals

• The Employees Provident Fund (EPF) has asserted its commitment to help members rebuild their retirement income adequacy.
• In a statement Tuesday, the retirement fund said it supports the discontinuation of any further withdrawals of EPF savings under the i-Citra scheme for members to ensure members' retirement future would not be further compromised.
• The EPF is a retirement fund that is mandated to safeguard members' savings for their future retirement needs and wellbeing.