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Sunday, February 14, 2016

Malaysia Weekly Highlights



DUTCH LADY EMERGED AS TOP GAINERS FOR THE ENTIRE WEEK'S TRADE DAY

The "Monkey" year kick start with a very negative sentiment and the FBM KLCI closed down 1.1% compared to the previous Friday (Feb 5, 2016). However, Dutch Lady has emerged as the top gainers for three consecutive days. (which is the entire week's trading day for last week).

The company has seen the share price jumped to RM51.96 compared to the previous Friday (Feb 5, 2016) at RM48.88. That's an impressive 6.3% increase compared to the negative trend of the FBM KLCI. Last Friday (Feb 12, 2016), Dutch Lady Milk Industries Bhd increased by RM1.50 from the previous closing. There was no further or new announcement from the company but given its previous earnings report and strong balance sheet, it's possible that investors are looking for companies with the moat to brace the storm and uncertainties ahead.









LEMBAGA TABUNG HAJI: Rejected "Creative Accounting" claim

The pilgrim fund, Lembaga Tabung Haji was in the spotlight recently over its reserves and the fund has rejected claims that it resorted to "creative accounting" in preparing its financial statements. Lembaga Tabung Haji said that they were drawn up according to standards underlined by the Malaysian Accounting Standards Board. 
Last Wednesday, Lembaga Tabung Haji issued a statement, saying that it was still in the black after paying out dividends and bonuses for 2015, and did not dip into its reserve for the payout, as suggested by certain parties.

WHY BAKKE RESIGNED TWICE AS 1MDB CHAIRMAN?

Former 1Malaysia Development Bhd (1MDB) chairman, Tan Sri Mohd Bakke Salleh told the Public Accounts Committee (PAC) that he resigned twice from his post because he was not satisfied with the company's management, PAC vice-chairman Dr Tan Seng Glaw said. 

The DAP lawmaker said Bakke told the committee members this during proceedings last Thursday.

FOREIGN-WORKER LEVY HIKE ON HOLD

It's not the first time that we heard certain policies and announcements made by our politicians, only for them to postpone or cancel it. It looks like the same habits remain as the levy hike for foreign workers has been put on hold and a final decision will be made after Chinese New Year following consultations with employers.

Home Minister Datuk Seri Ahmad Zahid Hamidi said the Prime Minister had asked him to look at certain aspects of the policy, including the rate and validity period. 

MARCH CPO EXPORT TAX STAYS AT ZERO

According to a government circular last Friday, Malaysia will maintain its crude palm oil export tax at zero in March. This is contrary to market's expectation.
The rate has been at zero since last May. A reference price of RM2,172.69 per tonne was calculated for March. A price above RM2,250 per tonne incurs a tax, which starts at 4.5% and an reach 8.5%.

TELEKOM MALAYSIA: HIGHER STAKE IN P1
 
Telekom Malaysia (TM) has increased its controlling stake in Packet One Networks Sdn Bhd (P1) to 72.9% via its unit Mobikom Sdn Bhd, by converting the medium-term bonds into shares in the company.


Another listed company, Green Packet Bhd saw its holding in Packet One diluted to 18.9% from 31.1% due to the larger share base.
 

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