Employees in CMCO areas must work from home
Employees in the private and public sectors, at the management and supervisory levels, in areas under the Conditional Movement Control Order (CMCO) have been instructed to work from home starting Thursday, Oct 22. Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob said about one million workers in the two sectors in Kuala Lumpur, Putrajaya, Selangor, Labuan and Sabah will be affected by the order. He said those affected include some 800,000 workers in the industrial sector; and 200,000 civil servants in the federal territories and states under the CMCO. He said the work-from-home order is being implemented to stem the surge in Covid-19 cases in Selangor and Sabah. Exemptions for the work-from-home order will be made for those whose jobs require being present at the workplace, such as finance department employees, and those involved in enforcement, management and welfare services. Employees living in areas categorised as Covid-19 red zones and required to be in the office, he said, must undergo Covid-19 swab tests. (NST Online)
Subang Jaya is now a city
It’s official – Selangor Ruler Sultan Sharafuddin Idris Shah gave his consent and declared Subang Jaya as a City Council (MBSJ) on Tuesday (Oct 20). In a statement, the Selangor Palace said the ceremony to declare Subang Jaya as a city was supposed to be held at Dewan Jubli Perak in Shah Alam; however, it had to be pushed to a later date in light of the CMCO which is being implemented in the state. Selangor Mentri Besar Datuk Seri Amirudin Shari said this declaration also means that the council president should be known as mayor from this day forward. He hopes that the sustainable development in MBSJ will continue to be improved through world class service provided by the city council. Subang Jaya has been a municipality for 22 years since 1997 and it will now join the two other city councils in the state which are Petaling Jaya and Shah Alam. (The Star Online)
PNB, KWEST, AREA form JV to develop 220-acre industrial site
Permodalan Nasional Bhd (PNB), through its indirect wholly-owned subsidiary MIDF Property Bhd; KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan) (KWAP); and the AREA Group of Companies (AREA), via its special purpose vehicle AREA Industrial Development Holdings Sdn Bhd, have signed a joint venture agreement for the development of a 220-acre industrial and logistics hub, COMPASS @ KSL in Kota Seri Langat, Selangor. COMPASS @ KSL has a gross development value of RM1.4 billion. The development will be gated and guarded with a fully integrated suite of services for logistics and e-commerce operators, manufacturers, and small and medium enterprise (SME) industries. The 220-acre site will be offering built-to-suit warehouses and manufacturing facilities for sale or lease, to help meet the demand of SMEs wishing to operate from an industrial facility in the Klang Valley. The industrial and logistics hub has been conceptualised to leverage the demand for a new breed of warehouses that are emerging due to the disruption arising from the arrival of Industry 4.0 and the impact of the Covid-19 pandemic. (The Edge)
Malaysia ranked third in Asia on retirement income index
Malaysia’s retirement income system has been ranked third in Asia and 19th overall by the 12th annual Mercer CFA Institute Global Pension Index. However, Malaysia’s overall index value fell slightly from 60.6 in 2019 to 60.1 in 2020 due to several small movements in the sustainability sub-index. “Of the study’s three sub-indexes, Malaysia scored highest for integrity (78), followed by sustainability (58.6) and adequacy (50.1). The global average sits at 71.3 for integrity, 50 for sustainability, and 60.8 for adequacy,” it said. The 2020 Global Pension Index measures each retirement system through three sub-indices, namely sustainability, adequacy and integrity. According to the report, Malaysia retained its ‘”C+” grade, connoting a pension system that has some good features, but also major risks or shortcomings that should be addressed. “The country was awarded the same grade as a number of developed economies such as Hong Kong, France and the United States,” it added. (Malay Mail)
Sime Darby mulls spinoff by listing healthcare unit
Sime Darby Bhd, one of Malaysia’s oldest conglomerates, is weighing a separate listing for its health care unit that could raise at least RM500mil, according to sources. The company has held discussions with potential advisers for an initial public offering of Ramsay Sime Darby Health Care Sdn Bhd. A listing on Bursa Malaysia could happen as early as 2021, said the sources. Sime Darby jointly owns the health care unit with Australia’s largest private hospital operator Ramsay Health Care Ltd. It runs six premium hospitals in Malaysia and Indonesia as well as a day surgery facility in Hong Kong. Deliberations are at an early stage and details of the offering, including size and timeline, could still change, according to the sources. A representative for Sime Darby declined to comment. Spinning off businesses is not new to Sime Darby. The conglomerate listed its plantation and property arms in 2017. (The Star Online)
