Property sector catalyst to push Malaysia into high-income nation, says Chor

PETALING JAYA (Jan 9): The local property sector can be the catalyst to propel Malaysia into a high-income nation by 2020, Housing and Local Government Minister Datuk Seri Chor Chee Heung said on Monday.

He said the Malaysian property segment and the Industry players despite experiencing major transformations in recent years due to the gloomy economic climate in the United States and Europe, did not lose its "charm" among regional property buyers.

"Initiatives like the Greater KL Plan will not only reposition our Kuala Lumpur capital city as a world-class city, but also bring significant spillover effects to the country's economy.

"At the same time, the housing and property segment, being one of the country's key economic contributors, should respond positively towards sustainability and environment-friendly," he said when presenting keys to owners of the Zest Point mixed residential housing scheme.

Chor said green TECHNOLOGY [] builders have a competitive advantage over traditional developers.

"I am confident this advantage will continue for a long time as the norm now is green technology like energy-efficient buildings and water conservation facilities.

"Developers already involved in the green building market are ahead of the masses," he added. - Bernama



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MNRB Hldgs names CEO

MNRB Holdings Bhd has appointed Mohd Din Merican president and chief executive officer (CEO).

In a statement to Bursa Malaysia, MNRB said prior to the appointment, Mohd Din was a former chief executive officer of Etiqa Insurance Bhd.

He has a Bachelor of Commerce (honours) from Carleton University, Ottawa, Canada, it said.

MNRB, formerly known as Malaysian National Reinsurance Bhd, is an investment holding company with units such as Malaysian Reinsurance Bhd, Takaful Ikhlas Sdn Bhd and MNRB Retakaful Bhd. -- Bernama



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MNRB appoints Etiqa Insurance CEO as president, CEO

KUALA LUMPUR (Jan 9): MNRB HOLDINGS BHD [] has appointed Etiqa Insurance Bhd chief executive officer Mohd Din Merican as president and CEO.

The reinsurer said on Monday his appointment takes effect on the same day.

Mohd Din, 50, was the CEO of Etiqa Insurance from Nov 1, 2008 to Dec 31, 2011.

Prior to that he was principal officer & general manager of Scor Switzerland Ltd from Sept 2000 to Oct 31, 2008.

He was deputy general manager - business development at Capital Insurance Bhd from July 1, 1995 to Aug 31, 2000.

Mohd Din was a manager at Inchcape Insurance Brokers (M) Sdn Bhd from May 1, 1994 to June 31, 1995.

From Aug 5, 1985 to April 30, 1994, he was a senior manager for underwriting at South East Asia Insurance Bhd.



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Market shrugs off Anwar verdict, more focused on external issues

KUALA LUMPUR (Jan 9): Investors at the local market appear to be more concerned with external issues affecting investments rather than local issues, as the FBM KLCI reacted in a muted manner to the verdict in the Datuk Seri Anwar Ibrahim’s sodomy trial on Monday.

The current Opposition leader and former deputy prime minister was acquitted after trial judge Datuk Mohamad Zabidin Mohd said the court could not with 100% certainty ascertain the integrity of the container (holding the DNA evidence) was not compromised.

The FBM KLCI rose 1.90 points to 1,516.03 at the mid-day break.

Gainers led losers by 373 to 233, while 286 counters traded unchanged. Volume was 856.14 million shares valued at RM699.96 million.

The ringgit weakened 0.30% to 3.1608 versus the US dollar; crude palm oil futures fell RM15 per tonne to RM3,189, crude oil was down 49 cents per barrel to US$101.07 while gold lost US$8.85 an ounce to US$1,609.10.

Regional markets were mixed ahead of a German and French leaders’ meeting on Monday to discuss ways to boost growth in euro zone states struggling to overcome the sovereign debt crisis and rising unemployment, and finalise a deal to increase fiscal coordination within the currency union, according to Reuters.

Chancellor Angela Merkel and President Nicolas Sarkozy, aiming to align the two powerhouse partners that have driven European integration, will also focus on how to boost employment in the current era of austerity, it said.

At the regional markets, the Shanghai Composite Index reversed earlier losses and jumped 1.44% to 2,194.57.

Meanwhile, Hong Kong’s Hang Seng Index pared down its losses and fell 0.92% to 18,422.23, Singapore’s Straits Times Index was down 0.84% to 2,692.82, Taiwan’s Taiex shed 0.66% to 7,073.34 while South Korea’s Kospi fell 1.31% to 1,818.99.

Japan stock markets are closed for a national holiday.

On Bursa Malaysia, Dutch Lady was the top gainer this morning and was up 80 sen to RM26; Harvest Court added 32 sen to RM1.40, Batu Kawan gained 28 sen to RM18.76, Sui Wah and Amway 19 sen each to RM1.65 and RM9.47, Petronas Gas and Proton rose 19 sen each to RM14.98 and RM5.17, F&N 16 sen to RM18.66 and Can-One 15 sen to RM1.74.

KHSB was the most actively traded counter with 70.6 million shares done. The stock added 10.5 sen to 47 sen.

Other actives included Nextnation, Proton, Takaso, DRB-Hicom, JCY and XDL.

Meanwhile, decliners included Nestle, Lafarge Malayan Cement, Allianz, Kian Joo, Genting, Tahps, Southern Acids, Boxpak and Ta Ann.



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Inari to buy 100% of Amertron Global

KUALA LUMPUR (Jan 9): ACE Market listed Inari Bhd plans to acquire a 100% stake in Amertron Inc (Global) Ltd.

Inari said on Monday it was signing an MoU with the existing shareholders of Amertron, represented by Richard Ta-Chung Wang to enter into negotiations for the proposed acquisition.

Trading in Inari was suspended from 11am to 12.30pm.



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KL shares firmer at mid-morning trade

Shares on Bursa Malaysia were traded firmer at mid-morning Monday, boosted by gains in selected heavyweights and supported by interesting local corporate developments, dealers said.

At 11.03am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.03 points higher at 1,517.16, pushed up by gains mostly seen in Petronas Gas, which contributed 1.16 points, to the increase in benchmark index. Earlier, the FBM KLCI opened 0.93 of a point to 1,515.06.

The Finance Index rose 25.8 points to 13,413.51, the Plantation Index added 8.29 points to 8,445.22, while the Industrial Index advanced 12.99 points to 2,769.84.

The FBM Emas Index gained 23.851 points to 10,440.66, the FBM 70 Index jumped 30.399 points to 11,613.43, the FBMT100 Index was 21.771 points higher at 10,246.61 and the FBM Ace perked 19.33 points to 4,149.25.

Gainers thumped losers by 302 to 191 while 268 counters were unchanged, 727 untraded and 24 suspended. Turnover stood at 617.079 million shares worth RM377.513 million.

Two counters -- Jaks Resources Bhd and Inari Bhd -- were suspended during trading this morning. Jaks Resources, suspended from 10.10am, is expected to announce a proposed joint venture for an independent power plant project in Vietnam, while Inari, halted from trading since 10.42am, will also be making an announcement.

Leading the actives' list is Kumpulan Hartanah Selangor, tipped to be taken private by its major shareholder, Kumpulan Perangsang Selangor, saw its shares surging 10.5 sen to 47 sen, followed by Nextnation Communication Bhd, which earned one sen to 12.5 sen.

Meanwhile, Proton-CG:CW was up 7.5 sen to 55.5 sen after news on DRB-Hicom and General Motors Corp are keen on the national automaker's stakes.

Heavyweights, Maybank added one sen to RM8.24, Sime Darby was unchanged at RM9.06, while CIMB Group rose five sen to RM7.23 and Petronas Gas gained 30 sen to RM15.10. -- Bernama



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KPS, KHSB up on possible privatisation deal

KUALA LUMPUR (Jan 9): Share of KUMPULAN PERANGSANG SELANGOR [] Bhd (KPS) and its subsidiary KUMPULAN HARTANAH SELANGOR BHD [] (KHSB) rose in active trade on expectations of a corporate exercise which could involve a privatisation.

At 11.37am, KPS was up 10 sen to RM1.15. There were 8.30 million shares done at prices ranging from RM1.06 to RM1.23.

KHSB added 10 sen also to 46.5 sen. There were 61.34 million shares transacted.

The FBM KLCI rose 2.51 points to 1,516.64. Turnover was 727.12 million shares done valued at RM521.91 million. There were 337 gainers, 210 losers and 281 stocks unchanged.

The Edge weekly reported KPS was looking to restructure the group with a possible eye on privatising KHSB. Both companies are Selangor government linked and the state is said to be looking to add value to the shareholders. KPS owns 56.57% in KHSB, whose core activity is property development and mining.



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JAKS Resources requests trading halt pending material announcement

KUALA LUMPUR (Jan 9): Trading in the securities of JAKS Resources Bhd has been halted with effect from 10.10am on Monday at the request of the company pending a material announcement.

“The request for suspension is made under subparagraph 3.1(b) of Practice Note 2 on the Main Market Listing Requirement in view that JAKS Resources intends to make a material announcement on the proposed joint venture for the independent power plant project in Vietnam,” the company said on Jan 9.



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