Latest news with #RM8.4
New Straits Times
2 days ago
- Business
- New Straits Times
Ecomate acquires majority stake in IT firm for RM8.4mil as part of diversification strategy
KUALA LUMPUR: Home furniture specialist Ecomate Holdings Bhd is acquiring a 60 per cent equity stake in Progressive Computer Systems Sdn Bhd (PCS) for RM8.4 million. This acquisition is part of its strategy to diversify into the information and communications technology (ICT) sector, Ecomate said in a Bursa Malaysia filing today. "The stake will be acquired from Law Seng Peng, a 66-year-old Malaysian who is currently the sole director and shareholder of PCS, with the transaction to be settled fully in cash. "Upon completion of the proposed acquisition, PCS will become a subsidiary company of Ecomate," said the furniture maker. PCS, incorporated in 1990, is involved in the marketing and servicing of computers, peripherals, and software, as well as software development and training services. Ecomate said the proposed acquisition represents an opportunity to venture into the ICT solutions business and diversify its earnings base. The acquisition will be funded entirely through internally generated funds. The group added that Law will remain as a director of PCS post-acquisition and continue to be involved in the company's operations. Regarding the proposed diversification, Ecomate said it is currently involved in the design, production and sale of ready-to-assemble (RTA) furniture, including living room, bedroom and customised pieces. It noted that financial contributions from PCS may account for 25 per cent or more of the group's net profit in the future, which triggered the need for shareholder approval under Bursa Malaysia's listing requirements. An extraordinary general meeting will be convened to seek shareholder approval for both the acquisition and diversification proposals.
The Star
08-05-2025
- Business
- The Star
Manufacturing sector sales value 3.7% y-o-y at RM164.3bil in March 2025
KUALA LUMPUR: Malaysia's manufacturing sector sales value rose 3.7 per cent year-on-year (y-o-y) at RM164.3 billion in March 2025 as compared to a 4.7 per cent y-o-y growth at RM153.1 billion in February 2025, according to the Department of Statistics Malaysia (DOSM). Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the growth in sales value in March 2025 was mainly driven by the food, beverages and tobacco sub-sector, which recorded a strong growth of 11.8 per cent y-o-y in March 2025 (February 2025: 14.5 per cent). "This was followed by the electrical and electronics products and non-metallic mineral products, basic metal and fabricated metal products sub-sectors at 7.4 per cent (February 2025: 7.8 per cent) and 4.0 per cent (February 2025: 4.4 per cent), respectively,' he said in the department's Monthly Manufacturing Statistics for March 2025 released today. He said the sales value of export-oriented industries, representing 70.9 per cent of total sales, expanded by 4.6 per cent y-o-y in March 2025 (February 2025: 5.8 per cent). "Furthermore, the manufacture of computer, electronics and optical products also rose by 8.0 per cent (February 2025: 7.8 per cent), while the manufacture of rubber products grew by 7.5 per cent (February 2025: 8.4 per cent),' he added. Similarly, Mohd Uzir said the domestic-oriented industries grew by 1.8 per cent y-o-y in March 2025, after registering a y-o-y increase of 2.3 per cent in February 2025. On a month-on-month basis, he said both export and domestic-oriented industries rebounded by 8.6 per cent and 4.2 per cent, respectively. Commenting on the number of employees, Mohd Uzir said there are 2.39 million persons engaged in the manufacturing sector during March 2025, a 1.1 per cent y-o-y rise (February 2025: 1.2 per cent). On a month-on-month basis, the number of employees in this sector decreased by 0.2 per cent. He said the salaries and wages paid in the manufacturing sector also posted a y-o-y increase of 1.8 per cent (February 2025: 2.0 per cent), amounting to RM8.4 billion in March 2025, while a month-on-month comparison showed a 0.4 per cent drop. "Subsequently, the sales value per employee went up to RM68,805 (2.6 per cent), while the average salaries & wages per employee was RM3,508, rose by 0.7 per cent year-on-year,' he said. For the manufacturing sector's performance in the first quarter of 2025, the sales value was registered at RM475.6 billion, a 4.0 per cent rise, compared to the same period of 2024 (4Q 2024: 4.4 per cent). The number of employees was up by 1.1 per cent to 2.39 million persons, while salaries and wages increased by 1.8 per cent to RM25.3 billion, with the sales value per employee standing at RM199,108, a 2.9 per cent growth. - Bernama
Malay Mail
21-04-2025
- Business
- Malay Mail
Google faces trial in US bid to end search monopoly
NEW YORK, April 21 — Alphabet's Google faces a historic trial today as US antitrust enforcers in Washington seek to force the tech giant to sell off its Chrome browser as part of a bid to restore competition to the market for online search engines. The US Department of Justice is heading into trial after two major legal victories against Google, having won a ruling in August that Google monopolised search. The trial comes on the heels of a win in a Virginia court on Thursday where a judge ruled in a separate antitrust case that Google maintains an illegal monopoly in advertising technology. The outcome of the trial could fundamentally reshape the internet by unseating Google as the go-to portal for information online. Google plans to appeal the final ruling in the case. 'When it comes to antitrust remedies, the US Supreme Court has said that 'caution is key.' DOJ's proposal throws that caution to the wind,' Google executive Lee-Anne Mulholland said in a blog post yesterday. US District Judge Amit Mehta is scheduled to oversee the three-week trial at the same courthouse where Meta Platforms is facing its own antitrust trial over the acquisitions of Instagram and WhatsApp. The US Department of Justice and a coalition of 38 state attorneys general have proposed far-reaching measures designed to quickly open the search market and give new competitors a leg up. Their proposals include ending exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to make Google the default search engine on their tablets and smartphones. Google would also have to license search results to competitors, among other requirements. And it would be made to sell its Android mobile operating system if other remedies fail to restore competition. Prosecutors have said they expect testimony about how Google's agreements to be the default search engine on mobile devices have hampered distribution efforts by artificial intelligence companies. Witnesses from Perplexity AI and OpenAI are expected to take the stand. Google sees the proposals as extreme, and said the court should stick to limiting the terms of its default agreements. The US$1.9 trillion (RM8.4 trillion) tech company has been subsidizing browser makers such as Mozilla by paying to remain the default search engine. Cutting off that financial support could threaten their existence, Google says. And ending payments to device makers would raise the cost of smartphones, the company claims. Google plans to call witnesses from Mozilla, Verizon and Apple, which launched a failed bid to intervene in the case. Few potential buyers of Chrome have the same incentive as Google to maintain the free open-source code that underpins it, and which others including Microsoft use as a basis for their own browsers, the company says. — Reuters
