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MyEG says it’s unaware of reasons for UMA

PETALING JAYA: MyEG Services Bhd has said it is unaware of factors which may have contributed to some unusual market activity (UMA), which led to the sharp fall in its share price and an increase in volume recently.

The counter opened at RM1.03 yesterday. The stock plunged 16.8% to close at 84 sen – its lowest level since July.  It was actively traded with 231,855,000 shares being done. On a year-to-date basis, the stock fell 62%. (Filepic)

IATA cautiously optimistic about airline performance

KUALA LUMPUR: The International Air Transport Association (IATA) has forecast the global airline industry to generate a net profit of US$35.5bil in 2019, slightly above the US$32.3bil net profit expected this year.

IATA director general and chief executive officer Alexandre de Juniac(pic) said the forecast was due to lower oil price coupled with solid, albeit slower economic growth (+3.1%) which would extend the run of profits for the global airline industry. (Filepic)

Poh Huat earnings up on Malaysia, Vietnam ops

PETALING JAYA: Furniture maker Poh Huat Resources Holdings Bhd’s net profit rose 17% to RM20.9mil in the fourth quarter ended Oct 31 from RM17.8mil in the corresponding period last year, driven by higher contributions from its Malaysian and Vietnamese operations.

Higher sales: Poh Huat’s factory in Vietnam. The group’s revenue for the fourth quarter ended Oct 31 rose 10.4 to RM189.5mil from RM171.7mil previously

MIDF explores merger with Al Rajhi Bank’s local arm

KUALA LUMPUR: Malaysian Industrial Development Finance Bhd (MIDF), the state-backed lender, is exploring a combination with the local unit of Saudi Arabia’s Al Rajhi Bank as it seeks to become a universal Islamic bank, sources said.

Deliberations by MIDF and Al Rajhi(filepic) are at an early stage, and the firms would need approval from Bank Negara to formally start detailed negotiations, the source said.

Alam Maritim rises after winning job from Hess

PETALING JAYA: Alam Maritim Resources Bhd rose 6.25%, or 0.5 sen, to 85 sen in early trading after its unit secured a five-year contract for the provision of pan-Malaysia underwater services for petroleum arrangement contractors from Hess Exploration and Production Malaysia BV.

In a filing with Bursa Malaysia, the oil and gas services company said its wholly owned subsidiary Alam Maritim (M) Sdn Bhd had recently been awarded the contract that would be effective from Aug 30, 2018, and would expire five years thereafter.

Oil and Gas cost pressures remain

PETALING JAYA: While maintenance activities in the local oil and gas space are set to increase in the next two years, cost pressures will remain, said UOB Kay Hian Research.

Petroliam Nasional Bhd (Petronas) recently released its latest multi-year activity outlook (PAO), in which it indicated a notable increase in local upstream requirements in the 2019-2020 work scope for jackup rigs, offshore support vessels (OSV) and maintenance, construction and modification (MCM) works.