The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Here’s a brief roundup of notable corporate news from Friday:
Affin Bank Bhd: The Sarawak government increased its stake in Affin Bank to 31.25% from 4.8%, becoming the largest shareholder. The state acquired the additional stake through its unit SG Assetfin Holdings Sdn Bhd by signing a share purchase agreement with Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd.
Gamuda Bhd: Gamuda secured a A$243 million (RM702 million) contract to construct the Boulder Creek Wind Farm in Queensland, Australia. The project involves 38 turbines with a total capacity of 228 megawatts and is expected to be operational by 2027.
HeiTech Padu Bhd: HeiTech Padu is acquiring a 30% stake in Souqa Fintech Sdn Bhd, the owner of the PayHalal Islamic payment gateway, for RM16.17 million. The investment will be funded partly by cash and partly by services.
Bintai Kinden Corp Bhd: Bintai Kinden is focusing on its construction division to exit Practice Note 17 (PN17) status, with plans to diversify its assets and undertake a capital reduction and private placement to improve its financial position.
Kim Loong Resources Bhd: Kim Loong reported an 8.9% drop in its second-quarter net profit due to lower crude palm oil (CPO) extraction rates, despite a rise in revenue. It declared an interim dividend of five sen per share.
Propel Global Bhd: Propel Global is planning a private placement to raise RM8.25 million for business expansion. Additionally, it is increasing its stake in Best Wide Engineering to 90% from 51% by acquiring a 39% stake for RM6.19 million.
Crescendo Corporation Bhd: Crescendo reported a more than 30-fold surge in its second-quarter net profit, driven by data centre-linked land sales in Johor. It declared an interim dividend of one sen and a special dividend of five sen.
PT Resources Holdings Bhd: PT Resources’ plan to develop a RM1 billion supply chain park in Kuantan has fallen through. The company also reported a 5.75% rise in its first-quarter net profit and declared an interim dividend of 0.99 sen.
Astino Bhd: Astino, a manufacturer of flat steel products, posted a 63% increase in net profit for the fourth quarter, attributed to stronger sales and improved profit margins. The company proposed a final dividend of one sen per share.
Signature International Bhd: Signature International is transferring ownership of its subsidiaries into a new entity, Signature Alliance Group Bhd (SAG), ahead of a planned IPO. The IPO will involve issuing 260 million shares, representing 26% of SAG’s enlarged share base.
Talam Transform Bhd: Talam proposed a five-to-one share consolidation and a capital reduction to offset accumulated losses. The company also plans a private placement to raise RM21.33 million for repaying borrowings and working capital.
Citaglobal Bhd: Citaglobal signed a term sheet with LAWI Engineering GmbH of Germany to collaborate on waste-to-energy (WTE) projects in Malaysia, with the goal of listing the division as a standalone entity within five years.
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