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NEWS
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Outside Malaysia:
E.U: Investor confidence in the euro-area economy surged
to the highest level since before the global financial crisis, suggesting
the region’s recovery will continue to strengthen. An index measuring
sentiment in the 19-nation region rose to 20.7 in March from 17.4 in
February, Sentix said. That’s the strongest reading since August 2007.
Gauges for current conditions and expectations both improved. The report
is the latest in a raft of numbers pointing to accelerating growth.
(Source: Bloomberg)
U.K: Poll shows 43% believe Brexit will be bad for
economy, 33% say will be good, 24% say no impact, Independent/BMG
Research poll shows. Survey also finds only 25% said “we should leave the
EU with no set future relations in place and revert to trading with the EU
on World Trade Organisation rules” if parliament rejects Prime Minister
Theresa May’s deal with bloc. This was based on survey of 1,576 voters
online between Feb. 27 to March 3. (Source: Bloomberg)
U.K: Hammond to offer USD 674m to boost innovation in budget.
U.K. Chancellor of the Exchequer Philip Hammond will use budget to
allocate more than GBP 550m (USD 674m) to boost innovation and
technology, as he focuses on targeted measures while keeping back the
Treasury’s firepower to offset any turbulence from Brexit. The money,
from the National Productivity Fund, will support work in areas including
electric vehicles, robotics and artificial intelligence, the Treasury
said in a briefing note. Hammond will also set out details on work to
boost 5G mobile phone coverage in Britain. The plan comes as Hammond
pledged to set aside money to cushion the economy as Britain prepares to
start negotiations to exit the European Union. He warned the budget would
not include any spending commitments funded by borrowing as he seeks to
balance the books in the next parliamentary term. (Source: Bloomberg)
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Other News:
Iskandar Waterfront City: IWH to merge with IWC. Tan Sri
Lim Kang Hoo is expected to merge the assets held by Iskandar Waterfront
Holdings S/B (IWH) with his listed vehicle — Iskandar Waterfront City
(IWC). The merged entity is expected to undertake primary and secondary
placement, of new and existing shares, to raise funds. The size of the
placement is not known, but it would be sufficient to meet the
requirement of a minimum 25% public shareholding spread. The exact
valuations for the share swap agreement are not known and are expected to
be announced later this week. (Source: The Edge Financial Daily)
KKB Engineering: Subsidiary gets MYR100m contracts. KKB
Engineering's subsidiary Harum Bidang S/B has secured two contracts worth
a total of MYR100.7m to supply steel pipes and liquified petrol gas (LPG)
cylinders. Harum Bidang had received a supplementary contract from CMS
Infra Trading S/B to supply concrete-lined mild steel pipes and
mechanical coupling to the Public Works Department in Tanah Puteh, Kuching.
T he supply and delivery will be based on issuance of purchase orders by
CMS Infra is on a 'as and when required' basis. The expiry date for this
supplementary contract is Aug 31, 2018. (Source: The Star)
Kumpulan Jetson: Proposes private placement. Kumpulan
Jetson is proposing a private placement to raise up to MYR7.78m for
working capital within a one-year period, with an indicative issue price
of 35 sen.The placement involves issuing up to 22.22m new shares to
independent third party investor to be identified at a later date.
Subsequent to the placement exercise, Kumpulan Jetson expects its gearing
to drop to as low as 0.4 times, from 0.52 times. (Source: The Edge
Financial Daily)
Hovid: Restarts production after two months. Hovid has
been granted permission to restart its operations at its plant in Chemor,
Perak. It has received the manufacturing licence for its Chemor plant
from the National Pharmaceutical Control Bureau under the health ministry
but the manufacturing licence for its Ipoh plant is still pending the
completion of corrective actions to comply with the Current Good
Manufacturing Practice as required by the National Pharmaceutical
Regulatory Department (NPRA). The licence is valid from 6 Mar, 2017 and
is to be renewed three months prior to the expiry date on 31 Dec, 2017.
(Source: The Edge Financial Daily)
Wintoni Group: In talks on reverse takeover. Wintoni Group
has entered into a non-legally binding MOU with Lim Kuan Joo and Ismail
Shuhud (vendors) and a new company to be incorporated by the vendors, to
assume the listing status of the company at a later date. The details of
the proposed reverse takeover arrangements would be finalised later.
(Source: The Star Online)
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