KUALA LUMPUR: S&P Global Ratings and Fitch Ratings have assigned ratings to engineering solutions provider Serba Dinamik Holdings Bhd's proposed US dollar sukuk.S&P Global Ratings said on Tuesday it had assigned its preliminary 'BB-' long-term issuer credit rating to Serba Dinamik.It also assigned its preliminary 'BB-' issue rating to the proposed sukuk trust certificates that the company guarantees.“The rating reflected the company's modest scale with commoditised service offerings, limited record of large-scale project execution outside of oil and gas, large investment needs for future business growth, and somewhat untested asset acquisition strategy,” it said.S&P said however, the company's record of timely project execution within budget, respectable client base, good cost control, short but prudent history of equity raising, and investments temper these constraints.Serba Dinamik's revenues were from the Middle East and Malaysia. Its main business segments are operations and maintenance (O&M), and engineering, procurement, construction, and commissioning (EPCC) targeted at the oil and gas and the power sectors.“Serba Dinamik's order book of about RM8.3bil as of Dec 31, 2018, which typically lasts three years, provides good cash flow visibility,” it said.Over the past three years, Serba Dinamik had shown strong revenue and cash flow growth – indicating the company's capability to renew expiring contracts and win new ones at a healthy rate.“We expect Serba Dinamik to extend its record of project wins and renewals, supporting its top line and cash flow. The company's long-term association with and repeat business from some key clients in O&G segment, such as Petroliam Nasional Bhd. and Royal Dutch Shell Plc., provides it with good experience to expand its target client base.,” it said.Meanwhile, Fitch Ratings accorded a long-term issuer default rating (IDR) of 'BB-' with a stable outlook to Serba Dinamik.“Serba Dinamik's rating reflects its strong market position in Malaysia, where it is the fourth-largest provider of operation and maintenance (O&M) services to the oil and gas industry by 2017 revenue.“The rating is also supported by Serba Dinamik's solid financial profile, short-to-medium term revenue visibility and relatively low earnings cyclicality. Nevertheless, we believe that the company's small operating scale constrains its rating,” it said.Fitch said its rating was based on a bid book annual growth rate of 10% in 2019 and beyond; new order-book win rate of 30% across 2019-2021 and order-book renewal rate of 25% from 2019.It also expected Serba Dinamik to deliver an earnings before interest, depreciation and amortisation (Ebitda) margin pf arpund 17% over 2019-2021.
April 23, 2019 08:03 UTC
Val Yap, founder of Singapore-based PAL Network, is one of the insurance technology (insurtech) players trying to bring this innovation to Asia. In 2017, she set up PAL Network to serve insurers using blockchain to automate policy inception, distribution and claims processing. The process often takes weeks.”This issue can be addressed using blockchain technology, which acts as a ledger for transactions. All these are connected through our blockchain technology.”That idea was implemented in a flight delay insurance coverage PolicyPal and Ergo using PAL Network’s blockchain technology. “PolicyPal will be using the blockchain technology built PAL Network to work with insurance partners in Southeast Asia.
Source:The Edge Markets
April 23, 2019 06:56 UTC
MIRI: Firefighters are tackling forest fires currently raging at the Sarawak-Brunei border, says Miri Fire and Rescue Department chief Supt Law Poh Kiong. "Firemen from Brunei are doing aerial water bombing from their side while we from Miri are fighting the fires from our border. "Hazy conditions have also been reported at the border area," he said in the latest updates on Tuesday (April 23). The Sarawak-Brunei border is 35km north of Miri, which has a population of 350,000 people. That API was the highest since forest fires started on March 1.
KLANG: Plastic waste is now being smuggled into the country via shipping containers by being falsely declared as another type of imports that do not require a permit, says Yeo Bee Yin. The Energy, Science, Technology, Environment and Climate Change Minister said a two-week investigation found that plastic waste were now being smuggled into Malaysia from developed countries such as the United Kingdom, Australia, United States and Germany. The 3915 code refer to plastics waste, parings and scrap while the 3920 code refer to other plates, sheets, film and foil strips. She added that her ministry would be going "full-force" to clamp down on those responsible for illegal plastic waste imports over the next month. In the meantime, she added, exporters of such plastic waste would be told to take back their waste in about three months' time as specified under the Basel Convention.
KUALA LUMPUR: The seventh day of Datuk Seri Najib Razak's corruption trial, which was scheduled to start at noon on Tuesday (April 23), has been delayed. "The submissions in the case is taking longer than we expected, considering the prosecution also filed for preliminary objection. "Therefore we ask for the trial to start later in the afternoon," he said. Justice Mohd Nazlan set for the trial to start at 2.30pm and it is expected to last past 5pm. Najib faces seven charges involving RM42mil belonging to SRC International Sdn Bhd.
KUALA LUMPUR: U Mobile Sdn Bhd is offering customers a chance to trial their network over a seven-day period via the #UCubaTry money-back-guarantee campaign.In a statement today, it said customers need only go to any of the telco’s stores and branches to sign up to enjoy the campaign.The seven-day money-back-guarantee trial enables customers to enjoy key offerings of its unlimited HERO P99 postpaid plan which means worry-free unlimited streaming as there is unlimited data with no speed cap.“On top of that, customers may enjoy unlimited calls and 30GB of data for mobile hotspot throughout the seven-day period. U Mobile believes the campaign is the best way for customers to get a taste of its new and improved 4G network,” it said.
April 23, 2019 05:15 UTC
KUALA LUMPUR: The short selling activities for the shares of Ekovest and Iskandar Waterfront City (IWC) were suspended at midday on Tuesday after falling more than 15 sen or 15%.At midday, Ekovest was down 8.5 sen to 88.5 sen with 187 million shares done while Ekovest-WB slid nine sen to 39 sen.IWC lost nine sen to RM1.23 with 153 shares traded.The FBM KLCI was up 3.09 points or 0.19% to 1,625.15. Turnover was 2.15 billion shares valued at RM1.26bil. There were 253 gainers, 439 losers and 3865 counters unchanged.A statement from Bursa Malaysia said the short selling would only resume at 8.30am on Wednesday.On Monday, the two listed firms controlled by Tan Sri Lim Kang Hoo, issued separate statements to Bursa to clarify that they were not involved in the revived Bandar Malaysia project.Investors on Monday chased up counters linked to Lim on hopes that his companies would benefit from the revived Bandar Malaysia project.Last Friday, the Prime Minister’s Office (PMO) announced that the government has decided to reinstate the Bandar Malaysia project.The 483-acre Bandar Malaysia project (located on the site of the former Sungai Besi Air Force base) is estimated to generate RM140bil in gross development value (GDV) while attracting foreign direct investments.The original contractors, which is a consortium consisting of Iskandar Waterfront Holdings Bhd and China Railway Engineering Corp Sdn Bhd (IWH-CREC), have 60 days to pay the original deposit sum of RM741mil with an additional RM500mil.
April 23, 2019 05:03 UTC
SINGAPORE: Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month.It doesn’t hurt that some of his own relatives have rallied to the cause.Kwek’s son and daughter-in-law, Kingston and Cecilia Kwek, spent S$9.8 million ($7.2 million) on an apartment in Boulevard 88, according to a City Developments Ltd. exchange filing late Monday.His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest S$4.3 million.Kwek senior, as chairman of City Developments, abstained from the board’s review and approval of the proposed sales, leaving it to the developer’s audit and risk committee to review the terms and conditions and greenlight the transactions.Lucky for his relatives, they also got a discount. Kingston and Cecilia got 22 percent off, comprising the 20 percent early-bird discount offered to all members of the public plus another 2 percent because Kingston, as a director, is eligible for the preferential price cut offered to directors and their immediate family members.Nephew Eik Sheng got a 23 percent markdown, the 3 percent because he’s also a company employee.To be fair, sales at Boulevard 88, located just off Singapore’s prime Orchard Road shopping district, have been pretty strong regardless.According to data released by the Urban Redevelopment Authority earlier this month, 26 of the 35 apartments that were marketed in March were sold, including one penthouse that went for S$28 million, or S$4,927 per square foot.That’s the highest price per square foot for a new unit since June 2013, property broker OrangeTee & Tie Pte said.- Bloomberg
April 23, 2019 04:30 UTC
PUTRAJAYA: Finance Minister Lim Guan Eng says that he is unaware of claims that substantial acreage of land was "given" to China under the renegotiated East Coast Railway Link deal. He said that any alleged deal of such nature would have to go through the Cabinet. Blogger Raja Petra Kamaruddin's had alleged that while Malaysia got a RM21.5bil reduction in the ECRL project from the original deal, China would get ten times more that in land and development rights. Lim said that for transit-oriented development (TOD), which is a standard development tool for all infrastructure projects, land is not given for free. He pointed out that land was given under TOD for the construction of both MRT and LRT – but not for free.
April 23, 2019 03:45 UTC
MIRI: Two huge crocodiles have been sighted near a jetty in Sungai Igan in central Sarawak. Boat passengers managed to "capture" the creatures on camera and video. The images showed the crocodiles each measuring at least the length of three adult humans. The Star checked with the Sarawak Forestry Corporation officials and they confirmed that the sightings of the crocs were recorded recently at Sungai Igan in the Mukah district in central Sarawak. It is said there are monster-size crocs lurking in many of the rivers in the state's deep interior.
April 23, 2019 03:17 UTC
KUALA LUMPUR: Johor Baru Umno division secretary Abu Talib Alias created chuckles during his testimony in Datuk Seri Najib Razak’s SRC International Sdn Bhd trial yesterday, when he referred to the former premier using his famous nickname Malu apa bossku? This happened when Deputy Public Prosecutor Muhammad Saifuddin Hashim Musaimi asked Abu Talib to identify Najib in court. Abu Talib then looked around and upon seeing Najib sitting at the accused dock said Malu apa bossku?, prompting laughter in the public gallery. Money deposited in personal, not division, accountEarlier, Padang Serai Umno division chief Datuk Asmadi Abdul Talib also testified that he received RM50,000 from Najib at a meeting. The witness painted a picture that Najib is a caring individual who cares about the welfare of his former staff.
Source:The Edge Markets
April 23, 2019 02:26 UTC
KUALA LUMPUR (Bernama): In less than 24 hours, 577 areas in the Klang Valley will be experiencing temporary water supply disruption from April 24 to 27 due to improvement works on water supply system at Sungai Selangor Phase 2 Water Treatment Plant (LRA SSP2). Even though water disruption is not something new, it is still a major worry among consumers in the affected areas and many have made early preparations such as buying plastic drums to store water and bottled drinking water since Sunday. "We need lots of water to wash and cook and water disruption is a big problem to us so we decide not to open for business for a few days. Meanwhile, Sybas Customer Relations and Communications Department head, Abdul Raof Ahmad said the company would be mobilising 82 water tankers and 17 jumbo tankers during the water disruption period. - BernamaRelated stories:Water disruption in 577 areas in Klang Valley from April 24April 24 water cut: Store 48-hours' worth of water, everybodyStore two days of usage, public told
April 23, 2019 01:52 UTC
ISKANDAR PUTERI: Developer UEM Sunrise Berhad has set a target of achieving RM1.3bil in sales this year. “In Johor alone, UEM Sunrise Berhad recorded sales totalling RM456.8mil in 2018. “Johor is a key development area for us as about 76% of our land bank is located here, with 49% in Iskandar Puteri alone,” he said during a media familiarisation visit to Iskandar Puteri. He said two out of its five key launches last year, namely Serimbun and 68° Avenue, were both within Iskandar Puteri. Wong said UEM Sunrise gave importance to understanding the market as well as the needs of the community before embarking on a project.
April 23, 2019 01:41 UTC
With a new approach to coffee blending, the brand has spent six years studying the interaction between coffee and milk to develop the Baristra Creations milk coffee range. The development team experimented with 18 coffee origins from around the world, focusing on the techniques of roasting and grinding, to perfect a milky coffee at home with Nespresso milk machines. “The journey to find the perfectly balanced coffee with milk was inspired by professional baristas’ craftsmanship, and finding out consumers’ expectations and motivations to drink coffee with milk. “Our team of coffee roasters, sensory experts, professional baristas, food scientists and engineers explored coffee and milk interactions to create the finest coffee blend to be drunk with milk,” said Nespresso head of coffee Karsten Ranitzsch. These can be paired with Nespresso milk machines such as Latissima and Creatista designed to bring out the textural experience of milky coffee.
April 23, 2019 01:30 UTC
SEASONAL fruit sellers, especially those selling durian, need to apply for a permit to sell the fruits. Penang Island City councillor Wong Yuee Harng said the permit would be valid from now until August this year. Among the conditions stipulated for the setting up of a temporary stall are a need to adhere to the approved structure size and appointing personnel to manage traffic if necessary. The fees for the temporary licence is RM1 daily for every 40 sq ft. Traders also have to pay RM6 daily for rubbish cleaning, he said. He added that the canopy fee would be a one-off payment of RM100 (400sq ft and below), RM200 (400 - 800sq ft) and RM300 (800 - 1200 sq ft).
April 23, 2019 01:30 UTC