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New Straits Times
22-05-2025
- Business
- New Straits Times
Aberdeen continues buying spree in Velesto, lifts stake to over 6pct
KUALA LUMPUR: Aberdeen Group plc has continued accumulating shares in oil and gas services provider Velesto Energy Bhd, lifting its stake past six per cent within a span of two weeks. The United Kingdom-based investment firm, which emerged as a substantial shareholder in Velesto earlier this month, acquired an additional 24.98 million shares on May 20. This raised its deemed interest in Velesto to 509 million shares, or 6.20 per cent of the company. Aberdeen had first surfaced as a substantial shareholder on May 7 after acquiring 429.39 million shares, representing a 5.23 per cent stake. In multiple bourse filings, Velesto said the shares were acquired via Citibank Bhd, which acted as custodian for "one or more funds" managed by subsidiaries of Aberdeen. The identities of the ultimate beneficiaries remain undisclosed. Velesto, a key player in the upstream oil and gas sector, owns and operates six jack-up drilling rigs and offers hydraulic workover services through its integrated operations. It also provides tubular goods inspection and threading services under its oilfield services arm. Velesto's share price has declined 43.1 per cent over the past 12 months but has seen a modest year-to-date rebound, rising from 15.5 sen on January 2 to 16.5 sen currently. For the financial year ended Dec 31, 2024, Velesto more than doubled its net profit to RM207.71 million, up from RM99.53 million a year earlier. Revenue also climbed 12.1 per cent to RM1.36 billion from RM1.21 billion. The company reported a net margin of 15.3 per cent and return on equity of 8.2 per cent, according to Bursa Marketplace. Its current dividend yield stands at 7.6 per cent, among the highest in its sector. At least eight analysts currently cover the stock, with a consensus 'Buy' rating and a 12-month average target price of 21 sen. The company boasts strong fundamentals, including a low debt-to-capital ratio of 0.1 per cent and a dividend payout ratio below 50 per cent. In March, Aberdeen emerged as a substantial shareholder in Eastern & Oriental Bhd with a 5.05 per cent stake, later increasing its holdings to 5.81 per cent. Two years earlier, it took a 5.24 per cent stake in CTOS Digital Bhd, which has since grown to 14.99 per cent. Headquartered in Edinburgh, Aberdeen Group plc, formerly abrdn plc, manages over £500 billion in global assets and is listed on the London Stock Exchange. Its investment strategy is typically long-term and fundamental-based, often involving large mandates from institutional clients such as pension funds, insurers and sovereign funds.
The Sun
15-05-2025
- Business
- The Sun
Proposed 'pension-like' payments under SSPA can help protect retirees from scams
KUALA LUMPUR: The proposal to introduce 'pension-like' payments for permanent appointees under the new Public Service Remuneration System (SSPA) can help protect retirees from falling victim to scams, said Tan Sri Wan Ahmad Dahlan Abdul Aziz. The Public Service director-general (KPPA) said the move would also ensure retirees' savings are managed more efficiently. 'Based on simulations conducted with the Finance Ministry (MOF) and the Employees Provident Fund (EPF), those who enter service at Grade 1 at the age of 20 and retire at 60, with 40 years of service, would have accumulated savings of RM1.36 million. 'I am currently drafting a proposal (for those retiring under the new scheme) to also receive monthly payments similar to pensioners. Both EPF and MOF have agreed to this. 'For instance, if the retiree requires around RM25,000 a year, the balance of the savings will be reinvested in EPF, allowing them to earn dividends at year-end. I believe this is a very attractive model,' he told a press conference after the 'Bicara Figura: Menelusuri Aspirasi Memaknai Reformasi' at the RISDA headquarters here today. Wan Ahmad Dahlan said the finalised proposal would be presented to Prime Minister Datuk Seri Anwar Ibrahim for consideration this October. He said the study on the implementation of the new concept is in its final stage before being submitted to the Cabinet. 'I have already presented the initial concept to the prime minister, and in October, I will present the final version. 'The proposal still needs to go through the Cabinet, Parliament and another necessary process, as we are shifting from the current permanent and pensionable appointment system, which is enshrined in the Constitution and relevant laws, to a new system,' he said. Prior to this, Anwar said the government is reviewing a new method for permanent appointments and contributions and conducting in-depth studies to determine the best strategy for the government and newly appointed civil servants. The Bicara Figura programme is a strategic initiative organised by RISDA to serve as a high-impact platform for inspiration and knowledge-sharing by prominent figures in the public sector and organisational development. The programme aims to promote values of leadership, accountability, innovation and a culture of excellence in facing current challenges in management and service delivery.
The Sun
15-05-2025
- Business
- The Sun
Proposed SSPA payments may shield retirees from scams
KUALA LUMPUR: The proposal to introduce 'pension-like' payments for permanent appointees under the new Public Service Remuneration System (SSPA) can help protect retirees from falling victim to scams, said Tan Sri Wan Ahmad Dahlan Abdul Aziz. The Public Service director-general (KPPA) said the move would also ensure retirees' savings are managed more efficiently. 'Based on simulations conducted with the Finance Ministry (MOF) and the Employees Provident Fund (EPF), those who enter service at Grade 1 at the age of 20 and retire at 60, with 40 years of service, would have accumulated savings of RM1.36 million. 'I am currently drafting a proposal (for those retiring under the new scheme) to also receive monthly payments similar to pensioners. Both EPF and MOF have agreed to this. 'For instance, if the retiree requires around RM25,000 a year, the balance of the savings will be reinvested in EPF, allowing them to earn dividends at year-end. I believe this is a very attractive model,' he told a press conference after the 'Bicara Figura: Menelusuri Aspirasi Memaknai Reformasi' at the RISDA headquarters here today. Wan Ahmad Dahlan said the finalised proposal would be presented to Prime Minister Datuk Seri Anwar Ibrahim for consideration this October. He said the study on the implementation of the new concept is in its final stage before being submitted to the Cabinet. 'I have already presented the initial concept to the prime minister, and in October, I will present the final version. 'The proposal still needs to go through the Cabinet, Parliament and another necessary process, as we are shifting from the current permanent and pensionable appointment system, which is enshrined in the Constitution and relevant laws, to a new system,' he said. Prior to this, Anwar said the government is reviewing a new method for permanent appointments and contributions and conducting in-depth studies to determine the best strategy for the government and newly appointed civil servants. The Bicara Figura programme is a strategic initiative organised by RISDA to serve as a high-impact platform for inspiration and knowledge-sharing by prominent figures in the public sector and organisational development. The programme aims to promote values of leadership, accountability, innovation and a culture of excellence in facing current challenges in management and service delivery.
New Straits Times
15-05-2025
- Business
- New Straits Times
SSPA to retain monthly retirement payment system currently in use
KUALA LUMPUR: The new Public Service Remuneration System (SSPA), which will replace the current pension scheme, is expected to maintain the existing monthly payment method. Under the system, civil servants who meet the retirement age limit will be paid monthly like the previous pension method, instead of being allowed to make a lump sum withdrawal. Public Service Department director-general Tan Sri Wan Ahmad Dahlan Abdul Aziz said the proposal had also been agreed upon by the Finance Ministry (MoF) and the Employees Provident Fund (EPF). "We are currently drafting the system so that permanent appointees who contribute will receive monthly payments, similar to pensioners now. That can be implemented because there is agreement from MoF and EPF. "We have also informed the prime minister (Datuk Seri Anwar Ibrahim)... If (retirees) receive a lump sum (as done currently), some may become scam victims and lose all their money within just two days of withdrawal. "So we are drafting the system to ensure they receive monthly payments instead. If their annual requirement is RM25,000, the remainder of their savings will be reinvested in the EPF… because they will continue to earn annual dividends," he said. Wan Dahlan said this after the Bicara Figura Risda programme at the Rubber Industry Smallholders Development Authority headquarters here, today. He said simulations conducted showed that the new system would provide better financial returns for contributors. "From the simulation carried out by PSD with MoF and EPF, for instance, someone who joins the service at Grade 1 at the age of 20 and retires at Grade 3 at 60 years old could accumulate RM1.36 million in savings. "So I believe this scheme is very attractive and will not pose any disadvantages to civil servants," he said. During the talk, he was also asked whether the government would allow early access to retirement funds, at least from the age of 50, for those intending to retire early. "For those opting for early retirement, the matter needs to be discussed. I may bring it up with the Retirement Fund (Incorporated), which manages pension matters. "Besides, this is also subject to the Pensions Act, which must be carefully reviewed to ensure it does not contradict any of the provisions under the act," he said. The cabinet has agreed that new permanent positions in the public service will no longer come with a pension.
Free Malaysia Today
02-05-2025
- Business
- Free Malaysia Today
Account manager loses RM1.36mil in online investment scam
Penang police chief Hamzah Ahmad said further investigations are ongoing, including efforts to trace the syndicate's network. (Bernama pic) PETALING JAYA : An account manager from a private company lost RM1.36 million after falling victim to an online investment scam in Barat Daya, Penang, recently. Penang police chief Hamzah Ahmad said the Barat Daya police headquarters' commercial crime investigation division received a report last Monday from the 70-year-old man, who claimed he was the victim of a fraud syndicate. 'The victim said he came across an investment advertisement in late December, shared via WhatsApp, promoting a stock trading scheme that promised returns of 8% to 15% on the invested capital within two months. 'Interested, the victim downloaded an app called 'BIONM', registered as a member and made 14 money transfers to four different accounts, totalling RM1.365 million,' Bernama quoted him as saying. Hamzah said the victim only realised he had been deceived when he was asked to make an additional RM1 million payment as a commission for BIONM to withdraw purported profits of RM11 million that had allegedly accumulated in the app. He said further investigations are ongoing, including efforts to trace the syndicate's network. The case is being investigated under Section 420 of the Penal Code for cheating.
