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New Straits Times
4 days ago
- Business
- New Straits Times
Malayan Flour Mills boosts milling capacity by 33pct with new production line
KUALA LUMPUR: Malayan Flour Mills Bhd has commissioned a new flour milling line at its Lumut facility in Perak, boosting its domestic production capacity by 33 per cent to 2,400 tonnes per day. The RM31.5 million investment is aimed at meeting rising consumer demand for flour-based products and strengthening food security in Malaysia, the company said in a statement today. "We saw a rising and sustainable demand for flour in Malaysia in recent years as our growing population looks to flour as a carbohydrate alternative," said executive deputy chairman and managing director Teh Wee Chye. He said the expansion would not only increase output but also improve operational efficiency and cost-effectiveness. "The launch of our new milling line in Lumut is timely to tap into these growing opportunities," he added. The new line features automated systems designed to reduce energy use and waste. It brings the group's total domestic capacity to 2,400 tonnes per day across its Lumut and Pasir Gudang plants. The group's flour and grain trading segment recorded strong performance in the 2024 financial year, with adjusted profit after tax rising 83 per cent to RM126.1 million on stable revenue of RM3.1 billion. Sales tonnage grew by 23.5 per cent. "With the expansion, we are well-positioned to explore further growth opportunities, including new product development and market penetration," Teh said.
New Straits Times
09-05-2025
- Business
- New Straits Times
RHB unveils Progress27 roadmap to chart next course of growth
KUALA LUMPUR: RHB Bank Bhd unveiled its new three-year strategic roadmap at its shareholders' meeting on Thursday. The new Progress27 roadmap charts the course for future growth after RHB delivered a commendable net profit of RM3.1 billion for the financial year ended Dec 31 2024 (FY2024) that marked an 11.2 per cent year-on-year increase. The roadmap is anchored on service excellence, high profitability and a continued commitment to being a responsible and purposeful financial services group. "Together We Progress 24 (TWP24) corporate strategy has laid a solid foundation for us, as we embark on our next chapter with Progress27. "Our focus remains firmly on delivering long-term value to all stakeholders," said RHB chairman Tan Sri Ahmad Badri. Meanwhile, the group said its strong FY2024 performance was driven by solid growth in total income and strong cost discipline. Total income rose 10.7 per cent to RM8.6 billion, while return on equity improved to 10.04 per cent. The group's capital position remains solid, with a common equity tier-1 ratio of 16.4 per cent and total capital ratio of 19 per cent. In recognition of its strong performance, RHB declared a total dividend of 43 sen per share for FY2024, translating into a 60.1 per cent payout ratio and a 6.6 per cent dividend yield. RHB also reaffirmed its commitment to responsible and sustainable finance, raising its sustainable financial services target to RM90 billion by 2027, up from the original RM50 billion by 2026. Since launching its sustainability strategy in 2022, the group has mobilised over RM41 billion, achieving 82 per cent of its initial target. "Under Progress27, our key priorities are to deliver exceptional customer experiences through innovation and seamless digital solutions, achieve high profitability through sustainable growth and operational excellence, and strengthen our role as a responsible and purposeful financial services group," Ahmad Badri said. All resolutions tabled at the meeting were duly passed, including the re-election of Tan Sri Ong Leong Huat @ Wong JooHwa, Datuk Mohamad Nasir Ab Latif, Donald Joshua Jaganathan and Datuk Mohd Rashid Mohamad as members of the board of directors.
Daily Express
09-05-2025
- Business
- Daily Express
Genting's RM3.1 billion bet on New York gaming may backfire
Published on: Friday, May 09, 2025 Published on: Fri, May 09, 2025 By: Lee Min Keong, FMT Text Size: Genting Malaysia has invested US$724.4 million (RM3.1 billion) in Empire Resorts Inc since 2019. (Resort World Genting pic) PETALING JAYA: Genting Malaysia Bhd (GENM) has ramped up its bet on New York's gaming sector with its proposed takeover of Genting Empire Resorts (GERL), a move that some analysts say may backfire on the group. The deal has been flagged as expensive and potentially profit-dilutive by analysts and will likely be a financial drag on the integrated gaming and resort operator. The takeover also raised eyebrows as it is a related party transaction (RPT) involving the Genting group's founding Lim family led by Lim Kok Thay, who is also GENM's deputy chairman and chief executive. According to its 2024 annual report, the 73-year-old Lim and his son, Keong Hui, 40, have a deemed interest of 49.35% in GENM as of March 17, 2025. Keong Hui is the group's deputy chief executive and executive director. GENM is acquiring the remaining 51% stake in GERL that it does not own for US$41 million (RM177 million) from the Lim family's vehicle Kien Huat Realty III Ltd. The group currently holds a 49% interest in GERL, which wholly owns Empire Resorts Inc (ERI) that has gaming properties in New York state. As part of the deal, Kien Huat Realty III will also assign a US$39.7 million (RM170 million) debt to GENM that ERI owes to it. ERI owns and operates integrated casino Resorts World Catskills and video lottery terminal Resorts World Hudson Valley, along with mobile sports betting platform Resorts World Bet. GENM's RM3.1 billion investment GENM's investments in ERI prior to the latest acquisition totalled US$724.4 million (RM3.1 billion), after it made several capital injections through common and preferred stocks in recent years. Public Investment Bank (PublicInvest) has downgraded GENM to a 'trading sell' from 'neutral' in light of the proposed acquisition. In a recent note, it said the deal was an 'unfavourable' RPT that suggests 'corporate governance remains a concern' for the group. It views the group's US$724.4 million investment in ERI as 'financial assistance' to ensure the company remains operational under a competitive business environment in the US. PublicInvest noted that ERI remains a loss-making unit since GENM's initial acquisition back in 2019. 'After more than five years, the group has failed to turnaround ERI. We view this related party transaction negatively as it is likely to drag the group further with a higher share of losses,' it said. It added that between FY2020 and FY2024, GENM recognised total associated losses of RM160-RM280 million a year, the bulk of which it attributes to ERI. Meanwhile, US research firm CreditSights said the group's takeover of GERL is 'credit negative' due to the increased debt to support ERI's weak earnings outlook, and concerns over related party transactions. CreditSights, a Fitch Solutions company, said the deal will increase GENM's debt by US$300 million (RM1.3 billion) and worsen its leverage metrics by 0.3 to 0.4 times. It also said ERI's earnings outlook remains weak, pressured by competition and losses at its two New York resorts. However, it expects ongoing support for ERI from GENM as it has invested almost US$725 million in the business and views it as key to its New York expansion, lowering the refinancing risk for its US$300 million bond due in 2026. GENM's shares closed 1 sen or 0.6% lower at RM1.73 yesterday, valuing the group at RM10.27 billion. Year to date, the counter has fallen 23%. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
01-05-2025
- Business
- New Straits Times
Private sector worker loses RM3 million to non-existent investment scheme
SEREMBAN: A private sector worker lost RM3.1 million after being duped by a fake online investment scheme. District police chief Assistant Commissioner Mohammad Hatta Che Din said the 50-year-old man began investing on Dec 17 last year in what was described as a communication, industrial, and oil stock investment that was supposedly operating in China. "The victim had dealings with several individuals via WhatsApp and was added to a WhatsApp group to participate in the investment. "He also signed up for an application displaying all investment transactions and profits," he said in a statement yesterday. He said the victim conducted 34 transactions into four different accounts under various companies and business names for investment purposes. Hatta said that after making the required payments, the victim noticed his investment account was displaying profits via the app, but when he tried to withdraw the money, he was instructed to make other payments. He added that the victim lodged a police report on April 17 after realising he had been scammed.
Barnama
30-04-2025
- Business
- Barnama
Private Sector Worker Loses RM3.1 Million To Non-existent Investment Scheme
SEREMBAN, April 30 (Bernama) -- A private sector worker lost RM3.1 million after being duped by a fake online investment scheme. District police chief ACP Mohammad Hatta Che Din said the 50-year-old man began investing on Dec 17 last year in what was described as a communication, industrial, and oil stock investment that was supposedly operating in China. "The victim had dealings with several individuals via WhatsApp and was added to a WhatsApp group to participate in the investment. He also signed up for an application displaying all investment transactions and profits," he said in a statement today. He said the victim conducted 34 transactions into four different accounts under various companies and business names for investment purposes. Mohammad Hatta said that after making the required payments, the victim noticed his investment account was displaying profits via the app, but when he tried to withdraw the money, he was instructed to make other payments. He added that the victim lodged a police report on April 17 after realising he had been scammed. -- BERNAMA
