KUALA LUMPUR (Jan 12): Building and infrastructure construction services provider Nestcon Bhd has bagged two subcontracts worth a combined RM90.4 million for the construction and completion of subgrade works under the East Coast Rail Link project in Kota Bahru, Kelantan. The jobs, involving Package S1-1, Section 1 (Project S1-1) and Project S1-2, were awarded to its wholly-owned Nestcon Infra Sdn Bhd by China Communications Construction (ECRL) Sdn Bhd, Nestcon’s filing with Bursa Malaysia showed. The respective subcontract sums for the two work portions are RM44.98 million and RM45.42 million. The subcontract works shall start from Feb 7, 2022, with Project S1-1 to be completed by Sept 30, 2024, while Project S1-2 is to be completed by May 31, 2024. Nestcon's share price closed one sen or 2.22% higher at 46 sen, giving the group a market capitalisation of RM296 million.

KUALA LUMPUR (Jan 12): The recently-imposed price ceiling on eggs is expected to have a muted earnings impact on QL Resources Bhd, according to UOB Kay Hian. “Based on our conversation with QL Resources, the ceiling price is slightly below cost of egg production given that feed cost remains high. “This conundrum is likely applicable to its industry peers as well, based on QL Resources’ observation,” he added. “Nevertheless, the central kitchen signals FM’s burgeoning ambitions as the new central kitchen will be able to support an additional 500 new stores (its existing central kitchen can support 300 stores),” he said. At the time of writing, QL Resources gained three sen or 0.6% to RM5, valuing the group at RM12.1 billion.

KUALA LUMPUR (Jan 12): The Kuala Lumpur Tin Market (KLTM) rose by US$900 per tonne to end at a historical high of US$40,400 per tonne on Wednesday (Jan 12) in its first recorded transaction in 2022. "Today we saw the first transaction for the metal for the year and demand was very high. At the opening, total bids stood at 482 tonnes, while the offer was only at one tonne. The premium between the KLTM and the LME narrowed to US$125 per tonne from US$1,305 per tonne on Dec 21, 2021. At the close, turnover on the KLTM remained at five tonnes, while bids stood at five tonnes and offers at 10 tonnes, said the dealer.

KUALA LUMPUR (Jan 11): The Covid-19 vaccination certificate in the MySejahtera application cannot be duplicated because it uses blockchain technology, which guarantees its authenticity, said Minister of Science, Technology and Innovation (MOSTI), Datuk Seri Dr Adham Baba. However, he said that the recent forgery of vaccine certificates in Terengganu was due to integrity problems of irresponsible parties. On Monday, Terengganu police arrested a doctor at a private clinic, after he was suspected of issuing fake Covid-19 vaccination certificates in Marang. He added that the latest blockchain technology was safe and protected the public's personal data, and the authenticity of the Covid-19 vaccination certificate could not be doubted. “With the e-Skrol system that uses blockchain technology, MOSTI believes that employers’ confidence in graduates can be enhanced, especially for the recruitment of employees in their respective organisations and companies,” he said.

With global coal prices rising steadily, this puts pressure on the power generation industry in the country. Coal prices jumped to a record high of US$270 (US$1=RM4.19) per tonne last October, and it stands at US$203 per tonne as at Jan 10, 2022. EUROPEAccording to the International Energy Agency (IEA), the higher gas and coal prices in Europe, including Spain and Germany, combined with rising European carbon prices, have resulted in higher electricity prices. In Germany, electricity prices surged last week to their highest level on record, up more than six times from a year ago. While, in Spain, where gas-fired power generation plays a larger role in setting electricity prices, the increase was even higher.

PETALING JAYA: The electoral roll will swell by 5.8 million on Sunday following the implementation of Undi18 by the Election Commission (EC). The electoral roll will also be updated on the 16th of every month and gazetted by the EC, instead of the current practice of updating it every three months. “This will represent a huge increase of about 40% in the electoral roll from about 15 million to about 21 million voters.”The Federal Constitution was amended in Parliament in July 2019 to lower the minimum voting age to 18 from the current 21. The Federal Government subsequently gazetted the date for the implementation of Undi18 to be on Dec 15. “They will be automatically registered as voters and gazetted under the electoral roll by the 16th of each month,” the spokesman said.

KUALA LUMPUR: Wisma Putra and the Transport Ministry are looking at adding Thailand and Indonesia to the Vaccinated Travel Lane(VTL) initiative. Senior Minister Datuk Seri Hishammuddin Hussein said the Quartet Ministers Meeting on Tuesday (Jan 11) was briefed on this matter. "Today, Transport Minister Datuk Seri Dr Wee Ka Siong and Foreign Ministry secretary-general Tan Sri Muhammad Shahrul Ikram Yaakob were invited to the meeting to discuss the VTL. The Defence Minister said they were also briefed that both ministries were looking at the opportunity to expand the VTL initiative by adding more countries, including Indonesia and Thailand. "This, however, depends on the Covid-19 situation in those countries as well as ours," he added.

KUALA LUMPUR (Jan 11): Luster Industries Bhd has said it will subscribe for 81.58 million shares or a 5.55% stake in Aimflex Bhd (formerly known as I-Stone Group Bhd), at 12.67 sen per share or a total sum of RM10.34 million. In a filing with Bursa Malaysia, Luster said the move is expected to allow potential synergies between the plastic parts and metal parts manufacturer and Aimflex, such as sharing customer bases. Luster said the subscription will be funded by internally generated funds and/or bank borrowings. Shares in Aimflex ended unchanged at 16 sen, giving the group a market capitalisation of RM195.86 million. Luster, meanwhile, finished 0.5 sen or 3.45% lower at 14 sen, valuing the company at RM405 million.

With US inflation data ahead this week, as well as testimony from top Fed officials, it could be just the beginning of a bigger repricing. “It’s quite possible that the Fed is forced to be more aggressive in this cycle,” said Lou Crandall, chief economist at Wrightson ICAP LLC. While three-to-four hikes for 2022 is priced in on average, some in the market are betting on less tightening and others more. Option traders are flagging the prospect of eight quarter-point rate moves by early 2024, up from earlier expectations of around six. Should Fed officials this week decline to walk back the recent message about tackling inflation pressures, that tightening momentum in options could extend.

KUALA LUMPUR (Jan 11): TIME dotCom Bhd has proposed to acquire the Employees Provident Fund’s (EPF) Changkat Raja Chulan office building for RM62 million. EPF had initially acquired the property for RM46.04 million in 1994, said TIME in a bourse filing. “The proposed acquisition will enable TIME to increase space for expansion of operational facilities. The management of TIME is of the view that [the building] is in good condition to cater for such operational requirements,” it said. TIME said the purchase, via its wholly-owned subsidiary AIMS Data Centre Sdn Bhd, will be paid for using internally-generated funds.

KUALA LUMPUR (Jan 11): Bursa Malaysia Securities Bhd's application to compel Serba Dinamik Holdings Bhd to disclose the factual findings update (FFU) of its special independent review will be decided on Jan 27. The legal action was taken due to Serba Dinamik's "failure to comply" with the stock exchange's directive on Oct 22 for the disclosure. Bursa says FFU is not hearsay evidenceBursa previously submitted that the FFU is not a hearsay document as claimed by Serba Dinamik. "In substance, it is these documents that Serba Dinamik wants to keep as a mystery and secret," Loh asserted. The issue with Serba Dinamik first came up when its external auditor KPMG raised certain issues involving its financials for the 12 months ended Dec 31, 2020.

IT is indeed disheartening for consumers to learn that the prices of basic food items such as chicken and eggs are likely to increase after Feb 4 especially since they are already forking out more now for fruits, vegetables and fish. The Federation of Consumers Associations Malaysia (Fomca) has been and will continue to raise the issue of high prices of food and other basic essentials and how they affect consumers, particularly those in the low income category. These consumers are especially impacted by high food prices because a substantial part of their household income is spent on food. We have consistently stressed on the fact that high food prices are caused by price manipulation and the abuse of the Approved Permit (AP) system.

Serba Dinamik managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah contended that EY Consulting’s report was “documentary hearsay evidence”. As such, KPMG was unable to determine the appropriateness of the IT transactions entered into between Serba Dinamik and its customers. Other than the above, there are also allegations of related party transactions in Serba Dinamik’s dealings in the Middle East. In a message to The Edge, a Serba Dinamik executive said, “Trust me, we have done nothing wrong.”As the uncertainty continues to drag on, investors have voted with their feet, dumping Serba Dinamik shares. In hindsightIn the past, oil and gas executives from rival companies had expressed doubts over Serba Dinamik’s fantastic profit margins.

PUTRAJAYA: Human Resources Minister Datuk Seri M. Saravanan (pic) says employers will soon be able to submit online recruitment applications for hiring foreign workers in each sector from source countries. In a statement Monday (Jan 10), the minister said he will make an announcement on the date soon. At the Cabinet meeting on Dec 10, it was agreed that foreign worker recruitment is open to all sectors other than the plantation sector. Saravanan also reminded employers who want to hire foreign workers to submit their own applications based on the actual need for them. The government had earlier required foreign workers who entered the country to adhere to the standard operating procedures (SOP) approved by the COVID-19 Ministerial Quartet Meeting on Dec 14, last year.

VISITORS to Penang can now obtain information and check on directions within the Ayer Itam area before their visit with the ‘Air Itam 360 Virtual Tour’. The virtual tour allows visitors to preview places of interest, interesting mural spots, famous hawker spots and other information before travelling to the area. Ayer Itam assemblyman Joseph Ng said the virtual tour allows the public to check on information and obtain directions to help in their holiday plans before they visit. “Thus, we hope this virtual tour could showcase the best of Ayer Itam,” he said. To access the virtual tour, visit hi.penang360.my/air-itam.