KUALA LUMPUR (Jan 12): ACE Market-listed Genetec Technology Bhd has proposed to undertake a private placement of up to 10% of the company’s total share base to raise as much as RM154.8 million to fund the expansion of its manufacturing facilities and working capital requirements. Of the proceeds, Genetec has earmarked RM94 million towards the expansion of manufacturing facilities, ring-fenced another RM57.8 million for working capital requirements, while the remaining RM3 million is allocated to defray the estimated expenses related to the private placement. Genetec noted that the private placement is subject to Bursa Securities’ approval, and expects to submit its application to the bourse regulator within two months' time. “Barring any unforeseen circumstances and subject to all the approvals/consents being obtained, the proposed private placement is expected to be completed by [the] first half of 2023,” it added. Shares in Genetec closed five sen or 2.1% higher at RM2.43, giving the company a market capitalisation of RM1.66 billion.

Ironically, this time last year, the global tech sector was at its pinnacle. That’s despite private equity (PE) firms having bought out some of the unprofitable software firms this past year. Software or hardware engineers would join tech firms like Google, Apple and Facebook with hefty sign-on bonuses, stock options and other perks. In recent weeks, almost all of the large tech firms have announced layoffs. In 2023, as interest rates continue to rise, expect to see more “pain” for the tech sector.

KUALA LUMPUR (Jan 9): Hong Leong Investment Bank Research (HLIB) said that in view of the undemanding calendar year 2023 valuations (12.4 times price-earnings versus the 10-year mean of 16.7 times), low foreign shareholdings (November 2022: 20.7%; all-time low: 20.1% in August), and more investors returning from the year-end holidays, it remains hopeful that the FBM KLCI could chalk up a back-to-back gain in January, with resistance levels at 1,493-1,512-1,528. In a traders’ brief on Monday (Jan 9), the research house said that given China’s border reopening on Sunday, it remains positive on tourism-related beneficiaries, such as Malaysia Airports Holdings Bhd, Capital A Bhd, Genting Malaysia Bhd, Sunway Bhd, IGB Real Estate Investment Trust, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd, IHH Healhcare Bhd, KPJ Healthcare Bhd, Berjaya Food Bhd, and Focus Point Holdings Bhd. “Key events to watch out for in January include: i) the US Federal Open Market Committee meetings (Jan 31 to Feb 1) and Bank Negara Malaysia's (BNM) overnight policy rate (OPR) decision (Jan 19) to assess the cumulative impact of a 4.25% rate by the US Federal Reserve and a 1% increase in the OPR; ii) the Umno general assembly on Jan 11 to 14; iii) the start of the US' results season for the fourth quarter of 2022, which will start on Friday with US major banks; and iv) political turmoil in Sabah,” HLIB said.

The number of ACE Market listings more than doubled to 25 from 11 last year, while there was an equal number of five listings on the Main Market and the LEAP Market. In comparison, there were seven Main Market listings and 12 on the LEAP Market last year. The IPO scene in 2022 year to date was dominated by the ACE Market in number,” Maybank Investment Bank head of equity capital markets Raymond Chooi tells The Edge. We observe that the domestic IPO market remains robust and continues to attract interest from domestic and foreign investors,” he explains. Global IPOs hit, awaiting comeback in 2023 — EYAfter a record-breaking 2021, the global IPO market proved otherwise in 2022.

(Jan 8): China’s economic growth will return to its “normal” path as Beijing provides more financial support to households and private companies to help them recover after the nation ended its zero-Covid policy. Guo pledged to use financial policies to boost the income of people affected by Covid outbreaks to meet basic demands and enhance consumption. The financial sector should also develop products that will encourage home and car purchases, he said. The Chinese yuan, Guo said, will continue to fluctuate but will continue appreciating in the mid to long term. Meanwhile, the country needs to stay on high alert for imported inflation even as domestic prices remain stable, he said.

KUALA LUMPUR (Jan 8): Keretapi Tanah Melayu Bhd (KTMB) will provide two additional electric train services (ETS) for the KL Sentral to Padang Besar route, and vice versa, in conjunction with the upcoming Chinese New Year celebrations. “The additional ETS train will depart at 5.05pm from KL Sentral and is expected to arrive at Padang Besar at 10.34pm, while the train from Padang Besar will depart at 11am and arrive at KL Sentral at 4.36pm. “This additional train offers 630 tickets daily; a total of 3,780 tickets, including business class coaches," read the statement. “The public is encouraged to purchase tickets through the KTM mobile application (KITS) or on the KTMB website https://www.ktmb.com.my for easier and faster cashless purchases. For further information, commuters can contact KTMB Call Centre at 03-2267 1200 or visit KTMB's official new media channel, as well as the KTMB website https://www.ktmb.com.my.

KUALA LUMPUR (Jan 7): Telekom Malaysia Bhd (TM) has issued a warning to all customers that there is a scam email being circulated that claims to be from the company notifying customers that they are winners of cash prizes under a programme called “Bonus Hadiah Keluarga TM”. In a statement on Saturday (Jan 7), TM said the message would then request for the recipients to provide their personal details to enable them to claim the cash prize. "We would like to clarify that these emails were not issued by TM, and we strongly advise the public to ignore them," it added. "At TM, the safety and security of our customers remain the highest priority, and we strongly condemn such unscrupulous activities. Read also:No email, message sent to public to claim cash prize, says MCMC

GEORGE TOWN (Jan 6): Pharmaniaga Logistics Sdn Bhd (PLSB), a wholly-owned subsidiary of Malaysia’s leading pharmaceutical company Pharmaniaga Bhd, has officially opened its new distribution centre in Penang. Located in Phase 4 of the Prai Industrial Zone in Penang, the new distribution centre is also part of PLSB’s management office relocation, as well as warehouse expansion, which has been initiated since April 2021. “We target to increase our current distribution capacity significantly, which is in line with our business growth, while improving PLSB’s existing logistics services level and fulfilling customers’ orders in a timely manner across the northern region of the peninsula. “The new distribution centre boasts a total of 3,500 pallets of warehouse space for controlled medicines and medical devices,” Zulkarnain said. “With this new expansion, our northern region distribution centre capacity for 2021 has significantly increased to 180% compared to 2020.

Turnover eased to 3.16 billion units worth RM1.62 billion against Thursday's 3.31 billion units worth RM1.96 billion. Sector-wise, the Financial Services Index fell 8.88 points to 16,415.48, the Plantation Index decreased 74.64 points to 6,890.17, the Industrial Products and Services Index shed 0.19 of-a-point to 181.67, and the Energy Index perked up 3.71 points to 777.59. The Main Market volume slipped to 2.09 billion shares worth RM1.19 billion from Thursday's 2.28 billion shares worth RM1.60 billion. Warrants turnover dwindled to 279.76 million units worth RM61.91 million from 319.36 million units valued at RM71.90 million on Thursday. The ACE Market volume swelled to 797.13 million shares worth RM363.43 million from 707.22 million shares worth RM287.34 million previously.

PETALING JAYA: A Russian content creator has shared details about her alleged climb at the Merdeka 118 building in Kuala Lumpur amid local police investigations into the authenticity of a viral video. At some point, Nikolau claimed that she was “detected” and hid in a small concrete box for more than 20 hours. Reports about a duo claiming to have scaled Merdeka 118 first emerged last week after photos and videos from the incident went viral on social media. In a statement on Dec 29, PNB Merdeka Ventures Sdn Bhd said legal action will be taken against anyone found trepassing into Merdeka 118 as the building is still a live construction site. Police said they are working with the Malaysian Communications and Multimedia Commission (MCMC) to investigate the authenticity of the video.

PUTRAJAYA: The proposal to abolish or reduce the pensions of Cabinet members is unreasonable because matters related to pensions are enshrined in the Federal Constitution, says Prime Minister Datuk Seri Anwar Ibrahim (pic). Former Kangar MP Noor Amin Ahmad was reported saying that the government could save RM100mil to RM150mil in expenses every year if the pensions of former Cabinet members were abolished. According to Noor Amin, based on the country's current system and the number of former Cabinet members eligible to receive pensions, the cost incurred for ministers, deputy ministers and parliament secretaries was between RM100mil and RM150mil per year. Anwar, who is Finance Minister, said that the cost-saving measure implemented for now was the cancellation of vehicle provision for former ministers. "So far, that is better (because) it involves administrative matters and does not involve the Constitution," he said.- Bernama

SIBU: A plumber's hope of getting big returns from an investment ended with him losing RM106,300 to an investment scam. Sibu OCPD Asst Comm Zulkipli Suhaili said the 50-year-old victim was cheated by a syndicate who promised him a return of 50% from the investment. "Believing that it was a genuine investment scheme, the victim made 28 bank transfers from Dec 19, 2021 to July 4, 2022 totalling RM106,300 to 10 bank accounts provided by the syndicate. ACP Zulkipli advised people to be careful of any investment advertised on social media. "As a precautionary measure, people are advised to check first before making any investment online to avoid being a scam victim.

KUALA LUMPUR (Jan 3): Petra Energy Bhd's contract for the provision of services to operate and maintain Petroliam Nasional Bhd's (Petronas) Banang oilfield off Terengganu has been extended by 22 months until Aug 6, 2024. In a filing with Bursa Malaysia, Petra Energy said its wholly-owned subsidiary Petra Energy Development Sdn Bhd (PEDSB) has entered into a supplementary agreement with Petronas relating to the technical services agreement first awarded in June 2020 for a duration of two years. Petra Energy did not disclose the value of the supplementary agreement. “The contract is expected to contribute positively to the earnings and net assets per share of the group for the duration of the contract,” it added. Shares in Petra Energy closed one sen or 1.16% higher at 87 sen, giving the group a market capitalisation of RM279.92 million.

KUALA LUMPUR (Jan 3): Sunway Construction Group Bhd (SunCon) has entered into a RM1.7 billion contract to provide general contractor services for a data centre construction project in Sedenak Tech Park (STeP), Johor. The construction firm’s wholly owned subsidiary Sunway Construction Sdn Bhd entered into the contract with Yellowwood Properties Sdn Bhd on Dec 31, 2022, according to SunCon’s filing on the same day. “The works are expected to be completed by the third quarter of 2024 (3Q2024),” SunCon said. “The total new projects secured by the group this year (2022) including the abovementioned works amounted to RM2.6 billion,” SunCon added. Shares in SunCon ended three sen or 1.92% higher at RM1.59, giving the construction group a market capitalisation of RM2.06 billion.

LONDON (Jan 2): Britain's Prince Harry said his troubled relationship with the royal family "never needed to be this way" and he wants to get his father King Charles and his brother "back", in an excerpt from an interview with broadcaster ITV released on Monday. "It never needed to be this way," he said in the clip. "I would like to get my father back; I would like to have my brother back." They have since criticised how they were treated as members of the royal family, including an accusation by Harry that his brother William, Prince of Wales, screamed at him during a meeting to discuss his future. ITV said the interview will be broadcast on Jan 8, two days before publication of Harry's autobiography titled "Spare".