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KLK posts lower net profit of RM753mil in FY18

KUALA LUMPUR: Kuala Lumpur Kepong Bhd (KLK) recorded a lower net profit of RM753.33mil in the financial year ended Sept 30, 2018 (FY18) against RM1.01bil chalked up in FY17.

KLK said on a year-on-year basis, the plantations segment's profit dropped 45.9% to RM698.4mil while the properties segment decreased 6.6 per cent to RM37.8mil.

India's Fortis to buy leased assets with Malaysia's IHH funds

NEW DELHI: India’s Fortis Healthcare Limited said a big chunk of the 40 billion rupees investment it has received from Malaysian hospital operator IHH Healthcare Bhd will be used to buy its leased properties in India.

There are about a dozen hospital facilities Fortis operates on leased property and their acquisition will save the company some 3.5 billion rupees per year in rental costs, Fortis chief executive officer Bhavdeep Singh told Bernama.

Scientex to make MGO for packaging firm Daibochi

PETALING JAYA: Scientex Bhd will launch a mandatory general offer (MGO) for Daibochi Bhd to expand the flexible packaging business after proposing to acquire a controlling 42.41% stake for RM222.50mil in a share swap.

Scientex managing director Lim Peng Jin said the synergistic merger would create a formidable regional giant from Malaysia with extensive resources to compete globally, offering an integrated range of flexible packaging solutions to a larger client base.

Sarawak plans to build 600 more telecom towers by 2020

KUCHING: Sarawak will build an additional 600 telecommunication towers statewide by 2020 under the state’s digital economy strategy. Chief Minister Datuk Patinggi Abang Johari Tun Openg said the tender for the first 300 towers to local network facility providers closed on Nov 12.

The location of these (new) towers have been chosen based on the critical needs of areas and their ability to act as collector and intermediary to other towers in the rural areas,” Abang Johari said in the state assembly yesterday. (Picture shows Abang Johari (Left) with his PA  Datuk Khir Busrah at the assembly.)

IGB third-quarter earnings nearly doubled

PETALING JAYA: IGB Bhd’s earnings almost doubled for the third quarter ended Sept 30, 2018 (3Q18) from a year ago, thanks to higher contributions from its property development and investments in both retail and commercial projects.

IGB said its property development and investment divisions are expected to continue facing challenging and difficult market conditions due to weak market sentiment, as well as the scheduled increase in the supply of new retail space and slower demand for office space in Kuala Lumpur.  “However, with the prime location of the group’s retail malls and office buildings, the board expects contribution from this segment to be satisfactory,” IGB said.

Axiata president reappointed to board of GSMA

PETALING JAYA: Axiata Group Bhd president and group CEO Tan Sri Jamaludin Ibrahim has been appointed again to the board of the GSM Association (GSMA) for a two-year period from January 2019 to December 2020.

Commenting on the appointment, Jamaludin said: “I am most honoured and thankful for this opportunity to serve and contribute on the board of GSMA yet again.”

Steady growth anticipated for the glass industry

KUALA LUMPUR: The glass industry is expected to experience steady growth by reinvesting within its own glass manufacturing facilities, despite the softening construction sentiment.

Deputy Secretary General Minister of Tourism, Arts and Culture Malaysia Datuk Yean Yoke Heng (right) being brief at the Mini crawler crane at the Glasstech Asia 2018 and Fenestration Asia 2018 - Southeast Asia’s largest glass show showcasing architectural glass, technology, innovation, manufacturing, processing, and premier glass conferences at MITEC