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Borneo Post
4 days ago
- Business
- Borneo Post
Warisan's GLC talk an insult to Sabahans' intelligence - Mandela
Mandela KOTA KINABALU (May 30): Gabungan Rakyat Sabah (GRS) Penampang Youth chief Datuk Ceasar Mandela Malakun has dismissed recent claims by Warisan vice president Datuk Junz Wong on good governance, saying Warisan's track record with state-linked companies tells a very different story. Mandela said Warisan's portrayal of itself as a reform-oriented administration does not reflect the realities of its time in government from 2018 to 2020, particularly in the management of Sabah International Petroleum (SIP) and Sabah Development Bank (SDBank). 'When the then Chief Minister and Finance Minister also took on the role of SIP chairman, it raised serious concerns about the concentration of power and oversight,' he said in a statement on Friday. 'From May 2018 to September 2020, SIP's debts to SDBank increased from RM1.05 billion to RM1.24 billion, while its total group liabilities — combining those with commercial banks — rose to RM1.75 billion.' Mandela also pointed to SDBank's deteriorating fiscal position during the same period. The bank's external bond obligations reportedly jumped from RM3.66 billion to RM4.57 billion by the time Warisan left office. 'Despite clear signs of financial distress, the bank continued to declare annual profits — a situation which, according to industry observers at the time, raised concerns of pervasive and systemic governance weaknesses, including the possible use of creative accounting practices that may have masked the bank's underlying financial risks,' he added. He said the GRS-led government is currently undertaking restructuring efforts to address the issues left behind. 'Today, SIP and SDBank are undergoing necessary reforms to restore proper financial discipline, improve risk management, and ensure that these institutions serve their developmental mandate effectively.' While Mandela welcomed public discussion on GLC reform, he stressed that such conversations must be rooted in truth, not politically motivated historical distortion. 'Sabahans deserve the truth, not Junz's selective memory. Governance isn't about rhetorics — it's about taking responsibility,' he said. Mandela added that the GRS administration remains focused on restoring public trust in state institutions through long-term, structural improvements.
New Straits Times
5 days ago
- Business
- New Straits Times
Bursa Malaysia ends morning session lower as sentiment turned cautious
KUALA LUMPUR: Bursa Malaysia ended the morning session lower in choppy trading, as sentiment turned cautious despite a global rally following a US court decision to block President Donald Trump's tariffs. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.29 points to 1,522.19 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60, fluctuating between 1,518.38 and 1,526.94 throughout the morning session. In the broader market, decliners led gainers 428 to 400, while 418 counters were unchanged, 1,140 untraded and 110 suspended. Turnover was 2.15 billion shares worth RM1.05 billion. It was reported that the US Federal Court blocked Trump's 'Liberation Day' tariffs from going into effect, ruling that the president exceeded his authority by imposing broad tariffs on imports from countries that sell more to the US than they buy. An analyst noted that despite Wall Street's overnight rally, the local bourse bucked the trend to finish in the red at midday, with investors remaining cautious while seeking further clarity on the implications of the latest tariff dispute developments, despite global markets responding positively. Among heavyweights, Maybank gained three sen to RM9.87, and Public Bank added one sen to RM4.34, while Tenaga fell two sen to RM14.08, and CIMB shed one sen to RM6.86. IHH Healthcare was flat at RM6.91. In active trade, Permaju inched down half-a-sen to one sen, while Harvest Miracle and TA Win were flat at 18 sen and two sen, respectively. Tanco gained one sen to RM1.04, and NexG gained half-a-sen to 37 sen. On the index board, the FBM Emas Index edged up 0.89 points to 11,398.06, the FBM ACE Index rose 14.36 points to 4,563.70, but the FBMT 100 Index fell 2.12 points to 11,159.24. The FBM Emas Shariah Index climbed 8.71 points to 11,384.22, while the FBM 70 Index rose by 25.90 points to 16,332.56. By sector, the Financial Services Index plunged 44.17 points to 17,913.73, the Industrial Products and Services Index increased 0.82 points to 153.52, the Energy Index fell 0.36 points to 706.15, while the Plantation Index rose 26.14 points to 7,318.69.
Barnama
5 days ago
- Business
- Barnama
Bursa Malaysia Ends Morning Session Lower As Sentiment Turned Cautious
WORLD KUALA LUMPUR, May 29 (Bernama) -- Bursa Malaysia ended the morning session lower in choppy trading, as sentiment turned cautious despite a global rally following a US court decision to block President Donald Trump's tariffs. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.29 points to 1,522.19 from Wednesday's close of 1,523.48. The benchmark index opened 2.12 points higher at 1,525.60, fluctuating between 1,518.38 and 1,526.94 throughout the morning session. In the broader market, decliners led gainers 428 to 400, while 418 counters were unchanged, 1,140 untraded and 110 suspended. Turnover was 2.15 billion shares worth RM1.05 billion. It was reported that the US Federal Court blocked Trump's 'Liberation Day' tariffs from going into effect, ruling that the president exceeded his authority by imposing broad tariffs on imports from countries that sell more to the US than they buy. An analyst noted that despite Wall Street's overnight rally, the local bourse bucked the trend to finish in the red at midday, with investors remaining cautious while seeking further clarity on the implications of the latest tariff dispute developments, despite global markets responding positively. Among heavyweights, Maybank gained three sen to RM9.87, and Public Bank added one sen to RM4.34, while Tenaga fell two sen to RM14.08, and CIMB shed one sen to RM6.86. IHH Healthcare was flat at RM6.91. In active trade, Permaju inched down half-a-sen to one sen, while Harvest Miracle and TA Win were flat at 18 sen and two sen, respectively. Tanco gained one sen to RM1.04, and NexG gained half-a-sen to 37 sen.
New Straits Times
5 days ago
- Business
- New Straits Times
Hong Leong Bank earnings dip on BOCD drag, says Maybank IB
KUALA LUMPUR: Hong Leong Bank Bhd's nine months of financial year 2025 (9MFY25) results came in below expectations largely on account of lower earnings estimates from Bank of Chengdu (BOCD), according to Maybank Investment Bank Bhd (Maybank IB). Hong Leong Bank's third quarter (Q3) FY25 core net profit of RM1.05 billion took 9MFY25 core net profit to RM3.29 billion. Maybank IB said the results were 70 per cent to 72 per cent of the bank's full-year forecast/consensus, mainly on account of lower associate contributions and a higher effective tax rate. "Lower associate contributions stemmed from the reduction in the group's shareholding in BOCD to 17.8 per cent from 19.8 per cent, following the full conversion of the latter's convertible bonds," it said. Taking Hong Leong Bank's latest financial results into consideration, Maybank IB has trimmed its FY25/FY26/FY27 net profit forecasts by 3.4 per cent/6.1 per cent/6.4 per cent respectively, largely to factor in lower earnings from BOCD. Correspondingly, the bank has lowered its target price from RM24.30 to RM22.80, and maintained a Buy on the stock. "Nevertheless, we continue to like Hong Leong Bank for its strong asset quality, liquid balance sheet and management's proactive stance in driving faster domestic growth," it added.
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
Eversendai to sell Rawang factory
The structural steel specialist contractor plans to open a new factory in Johor to undertake its jobs in Singapore by HABHAJAN SINGH EVERSENDAI Corp Bhd's operations in Malaysia will be kept busy in the next few months as it plans to sell some assets — including its factory in Rawang, Selangor — and look for an alternate site in Johor, closer to its Singapore jobs. The structural steel specialist contractor is actively undertaking the moves to trim down significantly its debt by 2031. 'Going forward, I would say the long-term debt, it will be paid off within the next six years. 'We have assets which we will dispose of in the next two to three years. Also, with the kind of business we have in hand, we will be able to progressively bring debt down and pay it off by six years. That's the target,' Eversendai executive chairman Tan Sri AK Nathan Elumalay told The Malaysian Reserve (TMR). Its total group borrowings and debt securities for the financial year ended Dec 31, 2024 (FY24), stood at RM576.7 million, a significant reduction from RM1.05 billion as at the end of FY23. Its gearing level has been cited as a concern weighing on the minds of investors, causing some of them to shy away from the company which was listed on the Main Market of Bursa Malaysia in July 2011. The disposal of two parcels of freehold land in Sungai Buloh, announced in January 2025, raised RM63 million, which was used to reduce the group's borrowings. In an exchange filing, Eversendai said the group's Ijarah facility drawdown for its first lift boat, Vahana Aryan, was fully settled by Vahana Offshore (M) Sdn Bhd. The company also settled other term loans during the year, resulting in a 45.2% reduction of its total borrowings. The company was in the process of further restructuring its borrowings to strengthen its liquidity position, it added. We are in the process of setting up a factory in Johor. We could potentially achieve 100% utilisation capacity for Malaysia, says Nathan (pic: TMR) Nathan said the company next plans to dispose of its land in Kundang and its factory in Rawang, both located in Selangor. More than a decade ago, Eversendai expanded its Rawang plant facility to accommodate increasing operational needs from local projects. In an announcement in September 2013, the company said it planned to purchase land in Bandar Kundang, as the Rawang facility lacked sufficient space for the storing the company's tools and equipment. When asked why Eversendai plans to divest its Rawang factory, Nathan said it is currently underutilised, as most of the projects from Singapore are relatively small in scale. 'We are in the process of setting up a factory in Johor. It may not be as big as the Rawang facility, but it will be adequately sized to cater to Singapore projects. 'In that way, we could potentially achieve 100% utilisation capacity for Malaysia,' he said. When asked to provide more details about the land the company is seeking in Johor, he said it is expected be about eight to 10 acres (4.05ha). On May 20, Eversendai announced that it had secured a project for the construction of the New Science Centre in Singapore. The composite building comprises trusses, columns and beams from Level 2 to roof. The scope of work for this project includes engineering, connection design, shop drawings, steel material supply, fabrication, delivery and erection of structural steel works. The company conducts significant business in the Middle East, India and Singapore, in that order, with a smaller presence in Malaysia. For FY24, Eversendai saw its net profit drop 47% to RM14.1 million, on a turnover of RM1.24 billion, down 15% from the previous year. This marked its second year in the black after a tough spell during Covid-19. The company was in the red for FY20, FY21 and FY22. Eversendai operates seven steel fabrication facilities located in Malaysia, Singapore, Dubai, Sharjah, Ras Al Khaimah, Qatar and India, with an annual capacity exceeding 200,000 tonnes. It is from these steel fabrication facilities that the company has left an indelible mark on some of the world's most iconic landmark structures. These include the Burj Khalifa in Dubai, Petronas Tower 2 (Malaysia), Khalifa Olympic Stadium (Qatar), Kingdom Centre (Saudi Arabia) and Republic Plaza (Singapore). Eversendai shares closed at 54.5 sen on May 22, with a 52-week high/low of 77 sen/ 34 sen. This article first appeared in The Malaysian Reserve weekly print edition
