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A corporate exercise quietly announced a week ago seems to have gotten the notice of some investors. Pimpinan Ehsan Bhd (PEB), a company that was controlled by tycoon Tan Sri Rozali Ismail, a cash shell looking for an acquisition target, made two stock exchange filings on Feb 19. One, that Rozali and other shareholders had sold out of the company to new parties, thereby triggering a mandatory general offer (MGO) and two, that PEB was planning to acquire solar power assets. Since the announcement, PEB shares have almost doubled in a matter of a week. So why the excitement? It is likely to do w...

Tuesday, 09 Feb 2021 07:51 PM MYT RAM Ratings Services Bhd has estimated Malaysia’s GDP to contract by 2.8 per cent in Q4 2020 amid the restriction imposed under the CMCO. — Picture by Hari Anggara Subscribe to our Telegram channel for the latest updates on news you need to know. KUALA LUMPUR, Feb 9 — RAM Ratings Services Bhd has estimated Malaysia’s gross domestic product (GDP) to contract by 2.8 per cent in the fourth quarter of 2020 (Q4 2020) amid the restriction imposed under the conditional movement control order (CMCO). In a statement today, the credit rating agency said this wi...

KUALA LUMPUR (Feb 8): RAM Rating Services Bhd has reaffirmed MNRB Holdings Bhd’s senior debt issue rating at AA3/Stable and Malaysian Reinsurance Bhd’s (Malaysian Re) financial strength rating at AA2/Stable/P1. The rating agency said in a statement that the rating action reflected MNRB’s dominant position in the domestic general reinsurance industry where its primary subsidiary, Malaysian Re, had retained a significant share (66%) of the industry’s gross reinsurance premiums in 2019. “Its well-established franchise in the domestic market is supported by regulatory voluntary cession ...

KUALA LUMPUR (Jan 27): RAM Rating Services Bhd (RAM Ratings) has reaffirmed the AA3/Stable/P1 corporate credit ratings of Cahya Mata Sarawak Berhad’s (CMS) RM2 billion Islamic MTN Programme (2017/2037).     In a statement today, RAM Ratings said although earnings and debt coverage metrics are expected to weaken for the immediate term, they are envisaged to gradually improve as CMS strengthens its market positioning and benefit from the continued roll out of more infrastructure projects in the State. It said CMS has sustained top line of RM1.71 billion in Financial Year (FY) Dec 2019 and ...

MALAYSIA’s reimposition of a Movement Control Order (MCO) last week casts a shadow on the banking sector’s prospects, with some wondering if it will derail an anticipated strong recovery in the lenders’ earnings this year. Analysts say it is too soon to tell as it will ultimately depend on how long the so-called MCO 2.0 goes on for. It is widely expected that the two-week MCO, imposed on six states from Jan 14, will be extended given the high number of new Covid-19 cases in the country. Six other states are under a Conditional MCO and two under a Recovery MCO.