PNB to step away from property development after 118 completed — Jalil
Permodalan Nasional Bhd (PNB) president and group chief executive officer Jalil Rasheed said today that the state-owned asset manager would step away from property development upon completion of its RM5 billion megastructure in 2024. Following the completion of Merdeka PNB 118 in four years, the country’s largest asset manager would focus on its role as asset allocator, he said in a tweet. The construction of Merdeka PNB 118 — planned over a decade ago — is progressing as planned, he said, adding that tenants have been secured for sizeable spaces in the tower and they “had budgeted the move in”. The skyscraper is set to be a new landmark in Kuala Lumpur upon completion, and will add an estimated 1.65 million sq ft of office space to the city. According to the National Property Information Centre, KL has about 90 million sq ft of office space, with an occupancy rate of 78%. (The Edge)
Maybank makes it to world’s best banks list
Malaysia’s largest financial services group, Maybank, has been named as one of the World’s Best Banks 2020 by the Global Finance Magazine. The bank had joined the list together with its counterparts in the region, namely Australia’s Commonwealth Bank, China’s ICBC, Indonesia’s Bank Mandiri, Singapore’s DBS and South Korea’s Hana Bank. Despite the current challenging external environment, Asia-Pacific banks posted a steady performance, supported by ample capital buffers, a low cost of credit, funding largely by deposits rather than capital markets, and a willingness to meet digitisation challenges through innovation. In 2018 and 2019, Maybank was the only Malaysian organisation to be included in the Bloomberg Gender Equality Index. (The Star Online)
Schools not allowed to operate during CMCO, minister insists
All learning institutions, including private schools, are not allowed to operate throughout the conditional movement control order (CMCO), Senior Minister Datuk Seri Ismail Sabri said. Learning institutions fell under the list of prohibited activities issued by the National Security Council (NSC) in accordance with the Prevention and Control of Infectious Diseases Act 1988. Prime Minister Tan Sri Muhyiddin Yassin had previously said the government would announce the reopening of schools at least two weeks before the stipulated date. The decision, he said, would depend on the advice by the Health Ministry. On April 15, Education Minister Mohd Radzi Md Jidin announced the cancellation of this year’s Standard Six’s Primary School Achievement Test (UPSR) and Form Three Assessment (PT3) examinations, amid the Covid-19 pandemic. Meanwhile Ismail Sabri said the special ministers’ meeting has decided to approve the proposal by the Higher Education Ministry on the academic activities allowed during the CMCO at various tertiary institutions, and include laboratory research, workshops and design studios as they require special equipment. “We estimate each institution to have around 60 students so that is not a big group,” he said. (Malay Mail)
Beware of individuals claiming to be third party AKPK agents
Financial counselling and debt management service provider, the Credit Counselling and Debt Management Agency (AKPK) has warned the public not to be duped by individuals claiming to be its third party agent. AKPK said it has never appointed third party agents or charged a fee for its services, as all individuals can come directly to AKPK to obtain its financial counselling and debt management services free of charge. “If anyone is in a stressful financial situation, for example, house auction looming, car due to be repossessed, do not believe third parties claiming to represent AKPK with a promise to solve your problems for a fee. Our services are free for all individuals,” it added. (Malay Mail)
EPF no longer a substantial shareholder of Eco World
The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Eco World Development Group Bhd after nearly five years. The retirement fund notified Bursa Malaysia yesterday that it disposed of 1.92 million shares in the property development company on May 8. This leaves EPF with 145.64 million shares or a 4.95% stake in the company. EPF first emerged as the developer’s substantial shareholder on May 18, 2015 when it took up a 7.98% direct stake in the company via a private placement. The fund has been gradually selling its shares in Eco World since April 9. Prior to this, it had a total direct shareholding of 6.005% in the company as at March 27. (The Edge)
