Latest news with #SCB
Borneo Post
6 days ago
- Business
- Borneo Post
SCB seeks court direction over disputed asset sale
SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. KUCHING: Sarawak Cable Berhad (SCB) has filed an application in the High Court of Kuala Lumpur to seek the court's direction over the proposed sale of assets belonging to its former subsidiary Leader Cable Industry Berhad (LCIB). In a filing made through its solicitors Messrs S Ravenesan on May 28, SCB, currently under interim judicial management, is seeking clarity under Sections 461(1) and 486, read together with the Twelfth Schedule of the Companies Act 2016, as well as the inherent jurisdiction of the court. The application centres on a proposed asset sale by LCIB to MIE Industrial Sdn Bhd (MIE), which SCB believes may not serve the best interests of LCIB's creditors or SCB's stakeholders. SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. SCB is also asking the court to determine whether the sale should proceed at all. In the event the court finds that the liquidators did not act in the best interest of creditors, SCB is seeking an order to declare the sale of LCIB's assets to MIE as null and void, including any agreements related to the transaction. The company is also requesting that the cost of the application be paid out of LCIB's assets. On May 7, SCB's board announced plans to take legal action against LCIB's court-appointed liquidators Khoo Siew Kiat and Goh Hua Yang from Messrs Deloitte Restructuring Services PLT. The board had exercised its residual powers, claiming that the disposal of LCIB's assets was prejudicial to SCB and amounted to wilful negligence. Khoo and Goh were appointed as liquidators on May 15, 2024.
Yahoo
27-05-2025
- Business
- Yahoo
Asia Morning Briefing: Thai Banks May Soon Hold Crypto, SCB10X CEO Signals Sandbox Push
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Uniswap's UNI token surged from $6.00 to $6.65 over the past 24 hours, pushing the token up 5%, while the broader market gauge CoinDesk20 Index fell 1.8% in the last 24 hours. This momentum coincides with Uniswap recording its highest monthly transaction volume since February, processing over $73 billion in trades and generating more than $380 million in revenue this year, as institutional interest grows and a notable whale re-entered the market by acquiring nearly $4 million worth of UNI. Kaweewut Temphuwapat, the new CEO of SCB10X, the venture arm of Thailand's SCB bank, sees significant opportunities emerging at the intersection of AI, crypto, and Web3. "We definitely [are] going more on AI and also crypto and AI plus crypto," Temphuwapat told CoinDesk, highlighting these hybrid investments as firmly "under our radar." He predicts clearer crypto regulation in the U.S. will fuel increased deal flow into resilient Asian markets, noting SCB10X's early success investing in Ripple: "We are an early investor in Ripple of 10 years ago… we've used that technology for the last five to six years in our SCB App." Temphuwapat praised Thailand's proactive and innovative regulators, highlighting the country's robust payments infrastructure. He expects Thai banks, including SCB, could soon directly hold crypto tokens on their balance sheets, initially through regulatory sandboxes: "The intention is there... they allow us to do [it] in a small scale." Pseudonymous trader "James Wynn," known for high-stakes crypto bets on decentralized platform Hyperliquid, has shifted focus from billion-dollar bitcoin positions to memecoins, recently placing a leveraged $1 million bet on Pepe (PEPE), CoinDesk reported earlier. Previously, Wynn closed a massive $1.2 billion bitcoin long position at a $17.5 million loss, before pivoting to a $1 billion short position at 40x leverage, effectively wagering their entire $50 million wallet balance on bitcoin's downside. That short briefly netted Wynn about $3 million in profit before closing, marking one of the largest trades ever executed fully on-chain. Wynn announced stepping back from perpetual trading after securing a cumulative profit of $25 million, earned from an initial investment of just over $3 million. The trader's latest high-leverage PEPE position has already gained $500,000 amid a nearly 6% rise in the memecoin's value. Strategy (MSTR), the largest corporate holder of bitcoin, purchased an additional 4,020 BTC between May 19 and May 25 for roughly $427 million, bringing its total holdings to 580,250 BTC, CoinDesk previously reported. The acquisition was funded through three separate at-the-market equity programs, including sales of common and preferred stock totaling approximately $427 million. These latest bitcoin purchases were executed at an average price of $106,237 per coin, pushing Strategy's total investment in bitcoin to over $40.6 billion, at an average cost basis of $69,979 per coin. The acquisitions reflect the company's ongoing commitment to expanding its sizable bitcoin holdings through regular capital raises and share issuances. BTC: Bitcoin holds steady near record levels around $109,000, consolidating gains despite tariff-induced volatility, as long-term investors continue accumulating amid macroeconomic uncertainty. ETH: Ethereum maintains resilience above $2,500 amid volatility and cautious whale behavior, supported by continued institutional inflows into spot ETH ETFs. Gold: Gold dips slightly on tariff delay but stays above $3,310 as deficit concerns fuel bullish outlook. Hang Seng: Hong Kong's Hang Seng opened lower, trading above 23,304, led by tech losses, including Meituan's 4.9% decline. Nikkei: Japan's Nikkei 225 dipped 0.13% Tuesday morning as markets assessed Trump's tariff delay. S&P 500: Closed for Memorial Day. What It Was Like Inside the Trump Crypto Dinner (Decrypt) Solana eyes Alpenglow for next-gen consensus layer (Blockworks) Trump media group plans to raise $3bn to spend on cryptocurrencies (Financial Times) Pakistan Taps Surplus Power Capacity to Fuel Bitcoin Mining, AI Data Centers (CoinDesk) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hans India
24-05-2025
- Sport
- Hans India
SCB gives Rs 23-crore push to modern sports complex
Hyderabad: In a landmark move for the development of the Secunderabad Cantonment area, around Rs 23.5 crore has been sanctioned for sports complex, Dhobi Ghat and tabled in the SCB meeting held on Friday. Accordingly, there has been a plan to construct a sports complex with cricket practice pitches, badminton courts, a swimming pool, a walking track for seniors, and a seating gallery for spectators. Basic infrastructure, such as water facilities and modern restrooms, is also set to be included. In that regard, the State Government has sanctioned Rs. 23.5 crore for the construction of a world-class Sports Complex at Dhobi Ghat Ground. An official Memorandum of Understanding (MoU) has already been signed. Apart from this, during the meeting, various other issues were also discussed on sanctioning of certain maintenance works for the water supply and drainage system. Explaining about the sports complex, Sri Ganesh, MLA, Secunderabad Cantonment, said, 'This is the highest-ever amount sanctioned for a single development project in the history of the Cantonment and the completion of the complex will help several sport enthusiasts realise their dreams'. Addressing another major concern, the MLA stated that the State Government has increased the water supply to the Cantonment area from 5.9 MGD to 6.9 MGD, and is ready to provide more if needed and is also planning to build pump houses, overhead tanks, and a reservoir—if the required land is allocated. Also, there is a plan to construct a multipurpose function hall and an integrated residential school, provided the Board allocates the necessary land. Additionally, there is a plan to revive the Ramannakunta lake and develop it with walking tracks and recreational spaces.
Press and Journal
20-05-2025
- Business
- Press and Journal
Kingussie butcher wins award for product 'judges had never seen before'
Kingussie butcher Donald Gilmour has won a top industry award for his unique haggis quiche. Donald Gilmour received the ultimate Diamond Award in the 'Make It With Haggis' category at the Scottish Craft Butchers awards. The Kingussie butcher was 'delighted' that his haggis quiche was voted the best product of its type in Scotland. The pastry was originally designed three years ago to appeal to tourists. Over the years, Donald's haggis quiche has become a firm favourite with customers at the King Street butchers. Mr Gilmour said: 'I came up with the recipe to extend our haggis season beyond Burns Night and give the tourists something a wee bit different. 'I decided to enter it for the evaluation competition. I never for a moment thought that it would take the top award. I'm absolutely delighted.' Donald, who took over the shop 10 years ago, said butchers in the Kingussie area are always been keen to incorporate traditional Scottish food into new dishes. He added: 'This is basically a cheese quiche mixture in a pastry case with haggis through it. 'I feel very honoured to lift this prestigious award for something so simple. I like it, our customers like it, the tourists like it. Now it's fantastic to know that the Scottish judges at the SCB event like it too.' Donald and his four-strong team are hoping the win will bring even more customers to the Kingussie shop to try the award-winning pastry.. Jason Ward, General Manager of event sponsors John Scott Meat, said: 'A haggis quiche is something we haven't seen before and it shows just how versatile our iconic Scottish haggis can be.'
New Straits Times
20-05-2025
- Business
- New Straits Times
Sarawak Cable faces end-May de-listing after time extension denied
KUALA LUMPUR: Sarawak Cable Bhd (SCB) will be de-listed from Bursa Malaysia on May 30, unless it files an appeal by May 27. This follows the rejection of its bid for more time to submit a regularisation plan, the group said in a filing with Bursa Malaysia. SCB said its application for an extension of time to regularise its financial condition under Practice Note 17 had been rejected by the exchange. "If the company files an appeal by May 27, the de-listing will be deferred pending a decision by Bursa Securities Bhd. However, trading in the company's securities will still be suspended on May 28," the company said. Shares currently deposited with Bursa Malaysia Depository will be withdrawn upon de-listing. SCB said it will continue to maintain shareholders' information in its register. The company will remain in operation as an unlisted entity and intends to proceed with its corporate restructuring. It said shareholders will still retain their rights under the Companies Act 2016, but their shares will no longer be quoted or traded on Bursa Malaysia. SCB is currently managed by an interim judicial manager appointed by the High Court of Malaya.
