News of the Day - 28 April 2015

• The construction of the Mass Rapid Transit (MRT) project has reached 61.9%

The construction of the Mass Rapid Transit (MRT) project has reached 61.9%, said MRT Corp CEO, Datuk Seri Shahril Mokhtar. He said the construction of the tunnel has also been completed and the underground work, including the building of the station, has reached 76%, which exceeded the target of 74%. "This progress was achieved due to the efficiency and close cooperation of the workers," he said.

• MRCB selling 51% stake in Nu Sentral to Pelaburan Hartanah for RM119.8m

MRCB is selling its 51% stake in Nu Sentral Sdn Bhd to Pelaburan Hartanah for RM119.8m. Nu Sentral, incorporated on Nov 22, 2006, operates a retail mall and it is also involved in property management. To recap, on Jan 22, 2008 MRCB, Pelbauran Hartanah and Nu Sentral had inked a JV where the latter would be the JV company to operate Nu Sentral Mall. The mall was to be built by Pelaburan Hartanah’s unit Sentral 384 Sdn Bhd. Nu Sentral is a jointly controlled entity owned by MRCB and PHB on a 51:49 basis. “The disposal is part of MRCB group’s macro strategy to monetise its non-core assets and focuses its resources on the core businesses of property development, specialised infrastructure and environment projects." it said.

• SapuraKencana to be reinstated in SC shariah-compliant list? 

SapuraKencana Petroleum has submitted its application to the Securities Commission (SC) to be reinstated in the shariah-compliant list, p resident and group CEO Tan Sri Shahril Shamsuddin said to reporters after the company’s presentation at Invest Malaysia. The company recently converted US$2.3bn of its conventional loans into Malaysia’s largest Islamic facility with no change in terms and rates and at a minimum paperwork charge. SapuraKencana was dropped from the list in the SC's Nov 2014 review.

• Government to absorb MyEG’s RM38 FWPR fees?

From May 2, employers renewing foreign worker permits need not pay RM35 for MyEG services, said Datuk Dr Wee Ka Siong. The Minister in the Prime Minister's Department said the Cabinet decided this two days ago. According to him, the Government would bear the cost by paying MyEG their service fee from the RM125 levy collected from employers. Dr Wee also said that over-the-counter renewals at Immigration departments would be continued.

• Eco World targets to list firm’s SPAC in 3Q15 

Eco World Development Group Bhd chairman Tan Sri Liew Kee Sin is targeting to list the firm’s special purpose acquisition company (SPAC) in the third quarter of this year, pending an approval from the Securities Commission (SC). “There are many regulations we have to follow. We are the pioneer in the property SPAC space, it is very challenging but we hope to receive the approval from the SC in June this year,” he said. The SPAC (Eco World International Bhd), which Eco World Development will own a 30% stake, was reportedly looking to raise RM1.87bn from investors.

• Edra Global Energy is seeking a new promoter to take over from 1MDB? 

Edra Global Energy Bhd is seeking a new promoter to take over from 1MDB and undertake the former's listing, said sources, adding that a Middle Eastern consortium might be interested. Bringing in a new promoter to lead the listing exercise means 1MDB will first dispose of most, if not all, of its stake in Edra to another party that will in turn take Edra for listing.

• EPF withdrawal age remains unchanged at 55, say PM 

Members of the Employees Provident Fund (EPF) will retain their right to withdraw their money at the age of 55, said Datuk Seri Najib Tun Razak. The Prime Minister said he was aware of the concerns by the public about any future changes to the EPF.