News of the Day - 18 May 2015 - Get an independent audit or quit, Nazir tells 1MDB directors

CIMB Group Bhd Chairman Datuk Seri Nazir Razak

• Datuk Seri Nazir took 1MDB board to task for not addressing rising concerns 

Chairman of CIMB Group Bhd Datuk Seri Nazir Razak took the board of 1Malaysia Development Bhd (1MDB) to task for not addressing the growing concerns on the fund and its financials. He said that a responsible board should appoint an independent auditor to verify the accounts immediately and deal with the mistrust pertaining to the financial position of 1MDB instead of waiting for the Auditor General (AG) to do the job. 

• SapKen secured six contracts installation offshore structures worth US$269m 

SapuraKencana has secured six contracts that call for the installation of various offshore structures in Mexico, Indonesia, Vietnam and India. The contracts are worth a combined US$269m (RM969m). 

• Genting Malaysia sells 17.8% stake in Genting HK for at least RM1.69bn cash 

Genting Malaysia Bhd, via indirect unit Resorts World Ltd, has proposed to sell its entire 17.81% stake in Genting Hong Kong Ltd for at least RM1.69bn cash or 33 US cents (RM1.18) per share. Genting Malaysia told Bursa Malaysia on Monday that the shares were considered “non-core investments” and were treated as “available-for-sale financial assets” in the group’s financial statements. 

• Sunway buying 17 acres near its Sunway township for RM286m

Conglomerate Sunway Bhd is boosting its land bank close to its flagship development Sunway township by buying 17 acres worth RM286m. The parcel, which is situated next to Western Digital in the Sungei Way Free Trade Zone, works out to about RM386psf. With the acquisition, the company plans to roll out a mixed project that entails service apartments and retail shops, with a total gross development value of RM1.8bn. 

• Brahim’s Holdings in new catering contract with MAS, contract 25% lower 

Brahim’s Holdings Bhd has entered into a new catering contract with Malaysia Airlines Bhd (MAB) that comes with a shorter term and lower in price by up to 25%. The new catering agreement (NCA) is for a period of five years with an option for additional five years renewal, subject to Brahim’s 70% subsidiary, Brahim’s Airlines Catering Sdn Bhd (BAC) meeting several conditions with regards to its service levels.

• KWAP confirms no investment commitment has been made on TRX 

Kumpulan Wang Persaraan (KWAP) confirms no investment commitment has been made on Tun Razak Exchange (TRX). The pension fund said it will continue to look at domestic property investments that meet the Fund’s mandate of delivering sustainable returns over the long term. “All investments would have to meet KWAP's minimum investment returns and risk parameters as governed by its Board, it said, “KWAP reviews the investment opportunity in TRX as it would with any other property investments and the decision to review the project was commercially driven based on its prime strategic location as the next Kuala Lumpur financial district."

• TNB discussion with 1MDB on Project 3B power plant

Tenaga Nasional Bhd (TNB) is in discussion with 1Malaysia Development Bhd (1MDB) over acquiring the biggest equity in the 2000MW coal-fired power plant, known as Project 3B. Energy, Green Technology and Water Minister, Datuk Seri Maximus Ongkili, said the ministry was made aware of the discussion, but it had not been told of any decisions yet.

• Prepaid mobile reloads will cost RM10 for RM10 worth of call credit

Prepaid mobile reloads will cost RM10 for RM10 worth of call credit, said Datuk Seri Ahmad Shabery Cheek. The Communication and Multimedia Minister said the 6% Goods and Service Tax (GST) will be usage-based and will only be imposed when the call is made. 

• Details of MRT2 project will start to go on public display from tomorrow 

Details of the Klang Valley Mass Rapid Transit Line 2 (MRT2) project will start to go on public display from tomorrow. The public can visit the SPAD office and 23 roadshow locations in the Klang Valley for information on the proposed MRT2, also known as the Sungai Buloh-Serdang-Putrajaya (SSP Line). The display will run until August 17, 2015 for public inspection, which is part of the requirement of the Land Public Transport Act 2010. Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) Chief Executive Officer Datuk Seri Shahril Mokhtar said the main purpose of the display is to provide a platform for the public to give feedback on the proposed alignment.