Malaysia Morning News For March 21

Palm oil gains on stronger export data
Malaysian palm oil futures climbed in Tuesday evening’s trade to chart a second straight session of gains on the back of stronger export data.
— The Edge Markets

Cuckoo Electronics to build RM100m factory in Malaysia
South Korea’s home appliance maker, Cuckoo Electronics Co Ltd, plans to build a RM100 million factory in Malaysia to produce water purifier products.
— New Straits Times

Bank Negara issues credit transfer guide for banks, e-money issuers
Bank Negara Malaysia has issued the interoperable credit transfer framework (ICTF) to foster an efficient, competitive and innovative payment landscape in Malaysia.
— The Star Online

McDonald’s Malaysia commits to long term sustain ability efforts
McDonald’s Malaysia has underscored its commitment to long term sustainability efforts with the unveiling of several initiatives to reduce carbon footprint, as part of the company’s global Scale for Good strategy.
— The Edge Markets

Malaysia’s exports to Kazakhstan rise to RM62 million
Malaysia’s exports to Kazakhstan, especially machinery and transport equipment, increased to RM62 million in 2017 from RM26.6 million in 2016.
— The Borneo Post

Malaysia concludes talks with Saudi Aramco over $7bn investment
Malaysia has completed talks with Saudi Aramco over the oil giant’s planned $7bn investment in Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project, said the minister in the prime minister’s department, Abdul Rahman Dahlan
— Gulf Business News

Public Bank’s record high close powers FBM KLCI to firm close
The FBM KLCI bucked the cautious key Asian markets on Tuesday as late buying sent Public Bank to a fresh record close but the broader market was weaker.
— The Star Online

Malaysia’s IHH submits $843-873m bid for India’s Medanta, Temasek likely to follow suit
Malaysia’s IHH Healthcare Bhd has submitted a bid to buy a controlling stake in Medanta-The Medicity super specialty hospital, two people aware of the development said.
— DealStreetAsia

Malaysia on Baker Hughes’ radar
Malaysia will continue to be a key Southeast Asian country of focus for Baker Hughes this year, while expecting the country’s oil and gas sector to record moderate growth in the second half (2H18).
— The Star Online

Kenanga Investment has a “Trading Buy” on Lay Hong
Kenanga Investment Bank Bhd has called a “Trading Buy” on Lay Hong Bhd with a fair value of RM1.20, citing a turnaround in egg prices and the company’s investment to improve capacity.
— New Straits Times

Malaysian food delivery startup dahmakan acquires Thai competitor Polpa
Malaysian food delivery startup dahmakan, a Y Combinator graduate that raised $2.6 million early this year, has acquired Bangkok-based competitor Polpa for an undisclosed amount, as part of its aggressive regional expansion plans.
— DealStreetAsia

Supplementary budget won’t derail efforts to cut fiscal deficit: Economists
The tabling of a supplementary budget bill is unlikely to hinder the government from achieving its fiscal deficit target of 2.8% of the gross domestic product (GDP) in 2018 given better revenue collection, say economists.
— The Sun Daily

BCDA joint venture with Malaysia firm gets PCC OK
The Philippine Competition Commission (PCC) has cleared the joint venture between state-run Bases Conversion Development Authority (BCDA) and Malaysian developer MTD Capital Bhd to build the National Government Administrative Center (NGAC) in New Clark City, Pampanga.
— Philippines Star

UMW likely to stand firm on takeover offer price for MBM Resources
UMW Holdings Bhd is likely to stand firm on its offer price for MBM Resources Bhd even in the event of another contender for the deal, based on takeaways from its analyst briefing.
— The Sun Daily

Malaysia VC MAVCAP to set up $200m Asean green tech fund with China’s CCB
Malaysia Venture Capital Management Berhad (MAVCAP) and China Construction Bank Corporation (CCB) have signed a memorandum of understanding to set up a $200 million (RM782 million) ASEAN Green Technology Fund, the New Straits Times reported.
— DealStreetAsia

Swiss review criminal complaint filed by figure in 1MDB case
Swiss prosecutors are reviewing a criminal complaint filed against two former colleagues and an alleged accomplice by Xavier Justo, a former director of energy group PetroSaudi International Ltd and a key figure in the 1MDB affair.
— Reuters

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