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UOB Kay Hian downgrades construction to ‘market weight’

PETALING JAYA: UOB Kay Hian Malaysia Research has downgraded the construction sector to “market weight” for its lack of growth drivers. The brokerage put its “overweight” call on the building material sector under review.

UOB Kay Hian noted that post the 14th General Election (GE14) that saw Pakatan Harapan (PH) taking over the Federal Government, most construction and highway-concession related stocks have tumbled significantly, besieged by concerns of potential cancellation/deferment of some mega projects, contract renegotiation of ongoing mega projects, and toll road concessionaires being compromised.

Genting in stronger position

KUALA LUMPUR: RAM Ratings sees Genting Bhd strengthening its competitive position and improving its performance after completing its RM10.4bil rejuvenation project for its second largest leisure and hospitality (L&H) contributor, Resorts World Genting (RWG).

Genting main casino building in Genting Highlands

KAB optimistic on business prospects

KUALA LUMPUR: Kejuruteraan Asastera Bhd (KAB) is optimistic over prospects for the country's electrical and mechanical engineering sector despite the change in government following the 14th General Election.

“This is definitely good news, as Dr Mahathir also mentioned about getting more participation from local businesses in domestic projects,” Lai (filepic) told reporters after the company's inaugural annual general meeting and extraordinary general meeting.

EPF buys Polish retail mall for RM1.4bil

PETALING JAYA: The Employees Provident Fund (EPF) has bought a retail mall in Poland but declined to say for how much or the annual net yield for the investment.

Galeria Katowicka is located in Katowice, about 260km from the Polish capital of Warsaw, and 70km from Krakow, the second-largest city. Katowice metropolitan area has a population of between three and 3.5 million.  The EPF in an email said: “This investment is expected to generate an attractive long-term yield for the investors.”

Mongolia plans to launch US$16b investment programme

ULAANBAATAR: Mongolia is preparing to invite proposals for public-private partnerships that would make a combined 38.3 trillion tugrik ($15.95 billion) in investments to support sustainable development, a government official said on Monday.

Grab inks tie-up with Maybank for e-payment

KUALA LUMPUR: Ride-hailing company Grab has teamed up with Malayan Banking Bhd (Maybank) for its Grab’s new cashless payment method, the GrabPay mobile wallet.

Australia's BWX Ltd gets US$603m takeover offer from CEO, Bain Capital

BENGALURU: Australia's BWX Ltd, a marketer of branded skin and hair care products, on Monday said it received an unsolicited takeover proposal from two senior company officers in partnership with Bain Capital Private Equity, valuing the company at A$803.4mil ($603.1mil).