• Malakoff Corp has attracted 12 cornerstone investors to its IPO.
Malakoff Corp has attracted 12 cornerstone investors to its initial public offering scheduled for 15 May this year and sees itself tapping into regional markets, thus extending its current overseas portfolio that is concentrated in the Middle East and North Africa regions. Malakoff's chairman Tan Sri Syed Anwar Jamalullail said the company intends to spend the bulk of the IPO proceeds to fully redeem a RM1.8bn sukuk.
• BNM said that Malaysia’s economy may expand less than previously expected.
Malaysia’s economy may expand less than previously expected this year, in part because of slower external demand as the rest of the world grows at a pace that is only moderate, central bank governor Zeti Akhtar Aziz said, where she was attending the International Monetary Fund’s (IMF) meetings.
“There’s no strong momentum” in global economic growth, Ms Zeti said.
• Proton and Lotus Group entered into an equity JV contract with Goldstar.
DRB-Hicom's wholly owned subsidiaries Proton Holdings and Lotus Group Ltd have entered into an equity joint-venture (JV) contract with Goldstar Heavy Industrial Co Ltd (Goldstar) to form a JV company in China. In an exchange filing last Friday, DRB said the JV will be named Goldstar Lotus Automobile Co Ltd and will produce and sell Lotus-branded passenger cars, engines, parts and components as well as accessories in China. The proposed JV will allow the DRB-Hicom group to further enhance the sale of its Lotus-branded vehicle in China by venturing into the production of Lotus passenger cars, related engines, parts and components and accessories. The group will continue to capitalise on the growth in China's premium vehicle market.
• KWAP and EPF were seen taking profit on Gamuda.
KWAP and EPF were seen taking profit on infrastructure-property based Gamuda. KWAP sold 1m shares on April 8 and 1.8m units the next day. It disposed of 1m shares on April 10. The recent transactions saw its total shareholding reduced to 7.9%. The EPF disposed of 1.6m shares on April 14 but it also bought 500,000 shares on that day. The recent transactions saw its shareholding reduced to 9.4%.
• MAS is withdrawing from Frankfurt amidst a network rationalisation
Malaysia Airlines is withdrawing from Frankfurt in the course of a network rationalisation exercise and as part of the national carrier’s recovery plan. "We regret to announce that Malaysia Airlines is suspending flight operations in Frankfurt. The last flight out will be on May 29," Malaysia Airlines Frankfurt director, David Rajkumar Subramaniam, said in a statement.
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