Malaysia promoted to ‘Advanced Emerging Market’
FTSE Group has promoted Malaysia to its Advanced Emerging Market status in the FTSE Global Equity Index Series. All Malaysian indices and sub-indices would migrate from June next year. Malaysia was previously ranked Secondary Emerging Market indices, Bursa Malaysia said in a statement yesterday. Meanwhile, Securities Commission chairman Tan Sri Zarinah Anwar in a statement said the move underlined the global recognition of the regulatory framework of the Malaysian capital market and could lead to greater international participation in the Malaysian market. (Starbiz)
Bursa gets SEC recognition
Bursa Malaysia has been recognised as a designated offshore securities market by the US Securities and Exchange Commission under Regulation S of the US Securities Act 1933. In a statement, Bursa Malaysia said US-based investors would be able to trade in all securities listed on Bursa Malaysia and Malaysian shelf-listed bonds on Bursa Malaysia Bonds, so long as they satisfy the conditions of Regulation S. “While we already have the attention of key institutional investors from US in this market, having this designation will ease trading processes for those investors based in United States. Prior to this, US-based investors who purchased or sold securities must take their own measures to ascertain that the purchaser is located outside the US as per the regulation requirements from the US federal securities laws unless the transaction is done via a designated offshore securities market and trades are not pre-arranged. With this designation, US based investors would now be able to trade the Malaysian securities market without the registration requirements imposed by the US federal securities laws. (Starbiz)
Sarawak government bids for Bakun
The Sarawak state government’s utility firm Sarawak Energy has emerged as one of three bidders vying to buy the Bakun hyrdroelectric project from the federal government, offering about RM6.3bn. Sarawak Energy has submitted its proposal to the Bakun project’s owner Sarawak Hidro SB, a wholly owned subsidiary of the Minister of Finance. Sarawak Energy has also appointed consultants to undertake technical due diligence on the 2,400-megawatt (MW) capacity Bakun hydroelectric dam. The due diligence is expected to begin next month. (FinancialDaily)
Medical ad rules relaxed
More than 7,000 private clinics and 200 private hospitals nationwide can now advertise their services effective today. The move is aimed at promoting medical tourism in the country. The Health Ministry is also allowing these medical establishments to put up banners announcing the opening of new facilities, albeit for a limited period, and advertising overseas on condition they comply with the countries’ requirements. Previously, advertisements were only confined to health magazines, directories, leaflets and billboards while press advertisements were limited to congratulatory messages. (NST)
Proton rules out Lotus sale
National carmaker Proton Holdings has ruled out selling Lotus Group International Ltd at any price for now, but will focus instead on turning around the British high-performance car manufacturer, its chief said. This is despite Proton receiving three unsolicited offers, including one from the current Lotus management led by Dany Bahar, to take up a stake in the loss-making subsidiary, Proton chairman Datuk Seri Nadzmi Mohd Salleh said. It was reported that Lotus had received RM290m cash from Proton. In another report quoting Nadzmi, Lotus was said to need RM500m more over the next two years to develop new models. (BT)
August vehicle sales up 12.8%
Malaysian automotive sales and production for August rose in annual terms, as players ramped up output and sold more vehicles ahead of the Hari Raya Aidifitri celebrations. The Malaysian Automotive Association said vehicle sales climbed 12.8% to 55,208 units from 48,937 units a year earlier. Cumulative sales for the eight months rose 16.5% to 409,806 vehicles from 351,846 units in the same period last year. (FinancialDaily)
PLUS finalising funding details
The proposed four-lane Jetpur-Somnath highway project in Gujarat, India, secured by PLUS Expressways and its joint bidding partner, IDFC Projects Ltd, is estimated at INR950 crores (100 rupees = RM6.78). PLUS said the concession period had been fixed at 30 years. The company and its partner are finalising the funding details of their special purpose vehicle that will undertake the project. The proposed project forms a section of 127.6km National Highway 8D, which starts at Jetpur and ends at Somnath. The scope of work includes rehabilitation, upgrading and widening the existing carriageway. (BT)
DXN sets 50pc dividend policy
DXN Holdings Bhd has set a dividend policy of at least 50% of its net profit to shareholders, with immediate effect. DXN, which is involved in the cultivation, manufacturing and marketing of health food supplements, said the dividend will be paid on a quarterly basis. “Based on the performance of the group, the company is of the opinion that it has the financial capability to meet the dividend policy,” DXN told Bursa Malaysia yesterday. (BT)
Kulim disposes of entire stake in Natoleo
Kulim (M) yesterday said it had completed the disposal of its entire equity in Natural Oleochemicals SB (Natoleo) comprising 186.56m shares for RM450m. (BT)
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