Trading ideas: SD Guthrie, Gadang, Maxim, HLBank, Vanzo, Cuckoo, Ecobuilt, Wasco, Poh Huat
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.
SD Guthrie Bhd , formerly known as Sime Darby Plantation Bhd, and its sister company Sime Darby Property Bhd have entered into an agreement to jointly develop up to 2,000 acres of land on Carey Island, Selangor.
Gadang Holdings Bhd 's wholly owned subsidiary, Gadang Engineering (M) Sdn Bhd, has secured a RM92.5mn contract to widen the Kuala Lumpur-Karak Highway.
Maxim Global Bhd has filed an appeal to overturn a stay order granted by the High Court this week that temporarily halts its high-rise residential project here.
Hong Leong Bank Bhd has issued RM400mn in nominal value of Tier 2 subordinated notes under its multi-currency Tier 2 subordinated notes programme.
Vanzo Holdings Bhd's wholly owned subsidiary has appointed Taiwan-based Xishangxi International Marketing Co Ltd as the exclusive distributor of VASB's products in both online and physical Watsons stores in Taiwan.
Cuckoo International (Malaysia) Bhd is set to go public in Malaysia on June 24 after a scaled-down offering that's expected to raise RM395mn.
Ecobuilt Holdings Bhd today announced the resignation of its CEO Lim Chin Yen effective immediately. He is succeeded by Fong Tuck Yong.
Wasco Bhd is planning to list its wholly owned unit, Wasco Greenergy Bhd, which operates biomass and steam energy businesses, on the Main Market of Bursa Malaysia.
Poh Huat Resources Holdings Bhd reported a 92.1% YoY drop to RM575,000 in quarterly net profit, as demand from the US softened amid tariffs and higher operating costs dented earnings.
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Free Malaysia Today
2 hours ago
- Free Malaysia Today
UK's junior trade minister visits Taiwan
Douglas Alexander is set to meet President Lai Ching-te, reflecting the UK's long-standing unofficial ties with Taiwan. (AFP pic) LONDON : British junior trade minister Douglas Alexander is visiting Taiwan for talks on Sunday, the UK government said, on a trip that is aimed at boosting trade with Taipei but is likely to anger China. China claims democratically governed Taiwan as its own territory and strongly objects to any official interactions between the island and foreign governments, believing them to represent support for Taiwan's desire to be recognised as an independent country. Britain only has formal diplomatic relations with Beijing but maintains a de facto embassy in Taipei. Junior British ministers hold talks with their Taiwanese counterparts, but by convention senior ministers do not meet Taiwanese officials. Alexander's trip comes at a time when Britain and China are looking to mend ties, with Prime Minister Keir Starmer expected to visit Beijing this year on the first trip by a British leader since 2018. But despite those efforts, tensions remain. Last week, China's military criticised the sailing of a British warship through the Taiwan Strait as a deliberate attempt to 'cause trouble'. Alexander will be in Taiwan for annual trade talks on June 29-30, the department for business and brade said. He will witness the signing of UK-Taiwan trade partnership pillars and meet President Lai Ching-te as part of Britain's 'long-standing unofficial relationship' with Taiwan, it said. 'We share a long-standing trade relationship with Taiwan and our trade reached an all-time high last year, but we know there are still more opportunities for British businesses,' Alexander said in a statement.
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2 hours ago
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Deregistration confusion, poor communication add to SST rollout burden
by AUFA MARDHIAH THE government's last-minute revision to the Sales and Service Tax (SST) framework has triggered confusion and legal uncertainty among businesses, especially those already registered but now exempt under the new threshold and service category exemptions. Malaysian Institute of Accountants (MIA) council member Dr Veerinderjeet Singh (picture) said while the government should be commended for responding to industry feedback, the piecemeal approach has caused operational friction — particularly for smaller firms scrambling to understand their obligations. 'One of the biggest problems with SST is that it causes cascading tax unless exemptions are properly designed. Unlike GST, there's no input-output credit mechanism,' he told The Malaysian Reserve (TMR). He said the government has been receptive and is making changes to the SST policy as problems come up. While it did consult some groups and gave certain exemptions, not all industries were fully considered at first. Veerinderjeet said the government has been receptive and is adjusting the policy as issues are raised, but not all industries were considered in full during the initial rollout. As businesses began highlighting gaps, authorities introduced changes — including raising the registration threshold from RM500,000 to RM1 million and granting exemptions for certain services. This responsiveness reflects the government's MADANI approach to policy-making, he said, but the frequency of revisions has left many unsure of how or whether the new rules apply to them. 'Technically, if you're registered, you must start collecting SST on July 1 — even if you're now below the threshold. But Customs is saying you can apply to deregister. 'The problem is, businesses are hearing that deregistration will only be approved after audits and no one knows how long that will take,' he said. Veerinderjeet urged the Royal Malaysian Customs Department (JKDM) to provide clear, written guidance to resolve legal uncertainties. He also warned that the wider issue lies in implementation gaps. While the Cabinet makes political decisions to ease the tax burden, enforcement agencies are often left scrambling with limited time to respond. Furthermore, he said SST, while politically preferable to GST, is structurally more complex and harder to implement due to its lack of cross-claimable tax credit. 'SST isn't impossible to manage, but you must map out the supply chain and provide time for adjustment. Otherwise, you get confusion, especially among small businesses,' he said. Despite this, Veerinderjeet encouraged businesses with turnover below RM1 million to act confidently if they have proof they do not fall under the SST scope. He also called for long-term improvements in inter-agency coordination and communications, noting that frequent changes without clear instructions risk eroding public confidence. The government's decision to revise the SST framework just days before implementation followed weeks of public and industry backlash over the expanded tax scope announced in early June. Under the original plan, SST coverage was extended to include six new service categories: Leasing, financial services, construction, education, private healthcare and grooming services. Certain goods previously exempted were also made taxable at 5% or 10%, while the service tax rate was raised from 6% to 8% for most sectors. On June 27, the Finance Ministry (MOF) reversed several aspects of the expansion. Exemptions were granted for imported fruits such as apples, oranges, mandarin oranges and dates; grooming services like haircuts and facials were removed from scope; and the registration threshold for selected services was increased to RM1 million. While these changes were welcomed, they also opened the door to confusion. Businesses that had already registered for SST based on the initial requirements must now re-evaluate their status and apply for deregistration — a process that remains unclear and time-consuming. Veerinderjeet said these implementation gaps partly stem from a top-down policymaking process, where Cabinet-level decisions are made with limited lead time for enforcement agencies to act. 'The best course of action is always to analyse, consult widely, study supply chains, assess impact, then implement. Don't keep changing your mind. Otherwise, it creates lots of issues for businesses,' he added. Meanwhile, Akademi Profesor Malaysia's chairman Prof Emeritus Dr Jamal Othman said the sudden reversals reflect a lack of public input at the policy design stage. 'If policy issues affecting small or micro businesses were not fully deliberated at the outset, perhaps due to the lack of public inputs or stakeholder engagement, but its adverse impacts were only realised at a later stage, I think it would be better to consider a review or even a reversal, rather than to continue with such policies that might be harmful to society at large,' he told TMR. Jamal added that while reversals may sometimes be warranted, they should not come at the expense of macroeconomic confidence. 'Certainly it would create public uncertainties, anxieties, as well as investor trust in the government in the longer run. 'The public may perceive that in the course of policy formulation, certain crucial steps or evidence affecting the public and stakeholders may have been overlooked or bypassed by policymakers,' he added. He also stressed the need for stronger coordination between fiscal policymakers and implementing agencies. 'The bottom line is the importance of having a thorough and inclusive policy-making mechanism which involves the major stakeholders, including the various implementing agencies. No stones should be left unturned.' For context, the SST expansion forms part of the federal government's Budget 2025 revenue plan. Any delay would affect this year's fiscal deficit targets, which depend in part on increased indirect tax collections. Although the MOF has said no penalties will be imposed during the transition period, many businesses remain cautious amid unclear messaging, fearing unintended non-compliance.
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Prime Immigration Consultancy Announces Expansion of Service Offerings to Help Clients Achieve the Singapore Dream
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