News by THEEDGEMARKETS.COM

In a research note today, Kenanga highlighted that by undertaking the proposal, the government gets to save on toll compensations worth RM5.3 billion over the toll concessions’ remaining tenures while also indirectly help Gamuda raise PFI (private funding initiative) equity to jump-start the intended Mass Rapid Transit 3 (MRT 3) project. 

The writ sighted by The Edge stated that in January 2019, SRC was placed under the new management under the Ministry of Finance (MoF) and thereafter it discovered that the former board of directors did not take any reasonable steps on the proper use of the RM4 billion Retirement Fund (Incorporated) (KWAP) loans, given in 2011 and 2012, for its general investment capacities and working capital.

Also sued are individuals including former prime minister Datuk Seri Najib Razak, former Treasury secretary-general Tan Sri Mohd Irwan Serigar, as well as former 1MDB chief executive officers (CEOs) Datuk Shahrol Ibrahim Halmi and Arul Kanda Kandasamy, among others.

Kenanga Research’s Marie Vaz raised the stock to an "outperform" and increased its TP to RM1.19 from 94 sen prior on expectations that the deal will contribute to earnings for the financial year ending Dec 31, 2022 (FY22) and beyond.

Various claims were made against individuals like former premier Datuk Seri Najib Razak, former 1MDB office bearers like Tan Sri Che Lodin Wok Kamaruddin, and former chief executive officers (CEOs) of 1MDB Datuk Shahrol Azral Ibrahim Halmi, Arul Kanda Kandasamy and Mohd Hazem Abdul Rahman. 

Unfortunately, it is clear that HIDE has been poorly designed and the assumptions behind the data is misguided. Under such circumstances, not only will HIDE fail to prevent the transmission of the virus, it can create major unintended negative consequences for business, which are already hit badly from the crisis, as well as for the people’s livelihood.

"Better communication and coordination between the two Cabinet ministers, the government servants together with the affected sectors are most essential."

Mall operators are confused as the government initially yesterday (May 8) evening announced that the three-day closure would start today (May 9) before revising the date to tomorrow (May 10) shortly before midnight yesterday (May 8).

Selangor reported today the highest daily number of newly confirmed Covid-19 cases with 1,278, followed by Sarawak with 454.

The Malaysia Shopping Malls Association, Malaysia Retailers Association and Malaysia Retail Chain Association had in a joint statement today urged MOSTI to immediately suspend the HIDE information announcement until the information to be released is accompanied by a clear, accurate and precise basis. "Merely listing premises in isolation of supporting information is baseless and is not useful in curbing the spread of the disease.”