DHL Express invests RM11mil to build Southern Malaysia Gateway
DHL Express, the world’s leading international express services provider, will invest RM11 million and start construction of its Southern Malaysia Gateway in Johor this year. The DHL facility will be equipped with a 50,000 sq ft warehouse space and serve as a combined Gateway and Service Centre, for the import and export of shipments from southern Malaysia to the world, and for customer pickups and deliveries within Johor. It is slated for completion in the first quarter of 2019. Solar panels will also be outfitted at the Gateway, as part of the company’s commitment towards achieving its zero emissions target by 2050. (The Edge Markets)
KLK buys 95% stake in Indonesian oil palm company
Kuala Lumpur Kepong Bhd (KLK) has agreed to buy a 95% stake in an Indonesian oil palm company with plantation in East Kalimantan for about RM300mil. The target company, PT Putra Bongan Jaya (PBJ) was granted in 2009 the right to cultivate 11,602 hectares of land in Kalimantan Timur for a period of 35 years. The deal values PBJ’s land and plantation at US$80mil (RM312mil). KLK expects to complete the acquisition of PBJ by the third quarter of this year. It is buying the 95% stake in PBJ from London-listed REA Holdings plc. (The Star Online)
LB Aluminium to buy Subang Jaya industrial property for RM25mil
LB Aluminium Bhd is acquiring a piece of industrial land together with an industrial complex in Sungai Penaga Industrial Park, Subang Jaya, Selangor for RM25 million. The industrial complex comprises a 2-storey office building, a 2-storey detached factory, two 1-storey detached factories and a guard house. “The proposed acquisition will enable the group to establish an additional source of recurring income and furthermore to benefit from potential capital appreciation of the property in the foreseeable future,” LB Aluminium said in a filing with Bursa Malaysia. (The Edge Markets)
Close to 500,000 inactive TH accounts
Almost 500,000 accounts of Tabung Haji (TH) depositors amounting to RM62.8 million will be classified as ‘non-active’ from June 1 2018 onwards. In a statement, TH said no transaction had been made from the accounts over more than seven consecutive years. Depositors were advised to activate their account by doing at least one deposit or cash withdrawal before May 31, 2018. TH also said that updating of depositor information such as address, telephone number and naming of heirs is important to enable TH to contact future haj pilgrims or heirs, for sending haj offer letter or property management. (NST Online)
Malaysia should look beyond ringgit to draw Chinese to sukuk market
Malaysia’s Islamic bond market could attract Chinese companies if there were more foreign currency-denominated issues. Malaysia is one of the largest markets for Islamic finance, which follows religious principles such as bans on interest and monetary speculation. Mohieddine Kronfol, chief investment officer at fund manager Franklin Templeton Investments, said some Chinese companies are coming into the sukuk market and Malaysia was well positioned to benefit, but it would need to go beyond ringgit-denominated issuances. He said the Chinese interest in sukuk is nascent but the appetite for sukuk would likely start with big issuers like Chinese real estate and financial services companies. (The Star Online)