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Leong Hup allocates RM207.7mil for capex

PETALING JAYA: Leong Hup International Bhd, which derives 70% of its revenue from overseas, will build its first feedmill and new chicken farms in the Philippines starting from the third quarter of this year as the company accelerates expansion in its newest market.

Leong Hup executive director and Group CEO Tan Sri Francis Lau Tuang Nguang (6th form right) and executive chairman Lau Chia Nguang (7th from right) with the company's directors, senior management and bankers at Leong Hup's prospectus launching ceremony on Apr 25, 2019

Malaysia set to sell more palm oil to China

PETALING JAYA: Malaysia’s palm oil exports to China will likely see an additional 20% increase, or about 400,000 tonnes per year, following the latest palm oil supply memorandum of understanding (MoU) witnessed by Prime Minister Tun Dr Mahathir Mohamad and China’s Premier Li Keqiang in Beijing.

Mahathir and Xi during Mahathir's visit to Beijing yesterday.

PetDag allocates RM500mil for capex in 2019

KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) has allocated some RM500mil for its capital expenditure (capex) this year, which will see refurbishments being carried out on its petrol stations and Mesra outlets with new concepts.

AIG CEO Antony Lee re-elected PIAM chairman

PETALING JAYA: Persatuan Insurans Am Malaysia (PIAM) has re-elected Antony Lee, the CEO of AIG Malaysia Insurance Bhd, as its chairman for a two-year term at the association’s 41st annual general meeting on April 24.

“It is a challenging time for the general insurance industry. The digitalisation and the internet of things (IoT) are already changing the way businesses are being conducted with significant impact on the industry landscape," Lee said.

Vodafone Idea rights fully subscribed

MUMBAI: Vodafone Idea Ltd’s rights issue oversubscribed with 270 billion rupees of bids being placed for 250 billion rupees of shares to be issued, Bloomberg Quint reports, citing people it didn’t identify.

Axiata Investments, which held a stake of 8.15% in Vodafone Idea, didn’t exercise its right; Axiata’s portion renounced in favour of 20 foreign investors.

Abdul Majid appointed Mida’s new chairman

PETALING JAYA: The Malaysian Investment Development Authority (Mida) has appointed Datuk Abdul Majid Ahmad Khan (pic) as its new chairman effective April 22.

In a statement, Mida said Abdul Majid(pic) had a highly distinguished career spanning over three decades in the civil service, including the Prime Minister’s Department as well as several missions abroad and senior positions in the Foreign Affairs Ministry.

Syarikat Takaful first quarter earnings 37.8% up

PETALING JAYA: Syarikat Takaful Malaysia Keluarga Bhd’s (STMB) earnings rose 37.8% for the first quarter ended March 31, 2019 (1Q19) on higher net wakalah fee income arising from business growth in its family takaful segment.

In its filing with Bursa Malaysia, the group said its revenue rose 23% to RM918.2mil in 1Q19 from RM746.2mil a year ago, thanks to higher sales generated by the family takaful segment.