Latest news with #NationalFeedlotCorporation
New Straits Times
23-06-2025
- Business
- New Straits Times
Public Bank faces limited impact from RM90mil NFC lawsuit
KUALA LUMPUR: Public Bank Bhd is expected to face limited impact from its ongoing lawsuit, despite recent weakness in its share price, according to CIMB Securities Sdn Bhd. The decline in share price is likely linked to recent news of its legal liabilities, alongside prevailing macroeconomic uncertainties. According to news reports, Malaysia's highest court has found Public Bank liable for RM90 million in damages to National Feedlot Corporation, its chairman Datuk Seri Mohamad Salleh Ismail, and three other entities. The lawsuit involves allegations that Public Bank disclosed confidential information about the plaintiffs' accounts and a proposed property purchase at KL Eco City. A former bank clerk was implicated in the leak. On June 18, the Federal Court awarded RM90 million in damages to the National Feedlot Corporation after dismissing Public Bank's appeal on May 26. The three-member bench comprised Chief Judge of Malaya Tan Sri Hasnah Mohammed Hashim, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli, and Federal Court judge Datuk Abu Bakar Jais. The panel ordered Public Bank to pay RM30 million each in equitable, exemplary, and aggravated damages. "We anticipate limited impact from the lawsuit. We maintain a Buy rating on PBB, as its dividend yield is expected to remain decent," the firm said in a note. CIMB Securities has also maintained an unchanged target price of RM5.10 on the stock. The firm pointed to the bank's resilient asset quality and the potential for a decent dividend yield, supported by the release of capital under Basel III changes set to take effect in 2026. However, it flagged several downside risks, including the possibility of higher-than-expected credit costs, weaker loan growth, and persistently elevated funding costs. It said Public Bank's credit costs could rise to 33 basis points under a more stressed scenario, similar to the peak during the Covid-19 pandemic. "If we also factor in two additional policy rate cuts of 25 basis points each, our dividend per share forecast may be revised slightly lower. The dividend per share would drop by only 1.0 sen, from 21.5 sen currently to 20.5 sen, based on a dividend payout ratio of 59.4 per cent. "However, dividend yield remains quite decent at more than 4.8 per cent for financial year 2025 forecast even under this scenario," it added.
The Star
19-06-2025
- Business
- The Star
Trading ideas: Public Bank, DNeX, Food Life, Master TEC, MN, Guocoland, Capital A, Kobay, LGMS, Pharmaniaga, Scientex
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Public Bank ordered to pay RM90mn in damages to the National Feedlot Corporation for confidentiality breach. Dagang Nexchange Bhd has secured a RM103.8mn contract from the government to continue providing support for the Integrated Government Financial and Management Systems over a period of 60 months. Food Life Sdn Bhd a wholly-owned subsidiary of Farm Price Holdings Berhad, has entered into agreements to acquire assets and a business from Hong Yun Vegetables and Fruits Sdn Bhd, as well as assets from D & D Sinma 8888 Univeg Trading for a total of RM4.5mn in cash. Master TEC Group Bhd has entered into a MoU with Yangtze (Jiangsu) Marine Technology Company Limited to explore collaboration on high-specification and next-generation cable solutions for Malaysia's growing power infrastructure market. MN Holdings Bhd has secured a RM39.6mn contract for the expansion of the electrical supply system for a cable landing station located at a data centre in southern Peninsular Malaysia. Guocoland (Malaysia) Bhd said the group faces a net financial impact of RM5.5mn following an arbitration ruling against its wholly owned subsidiary over a disputed project termination. The CEO of Capital A Group, Tan Sri Tony Fernandes, said on Wednesday the owner of AirAsia is in talks to buy 50 to 70 Airbus A321XLR jets in coming months, but that the first priority is to complete the group's restructuring. Kobay Technology Bhd plans to reallocate RM20.7mn — part of the funds originally set aside for its aluminium business expansion — to develop manufacturing services for the electronic and electrical sector. LGMS Bhd is seeking a transfer of its shares to the Main Market of Bursa Malaysia from the ACE Market. Pharmaniaga Bhd said it will continue to stay in the black for the FY2025 after making a turnaround last year, according to its managing director Zulkifli Jafar. The group is targeting to deliver FY2025 revenue of RM4bn a profit after tax of RM60mn. Scientex Bhd saw its net profit slip over 5% to RM123.9mn in 3QFY25 as the improved operating profit at its property segment was more than offset by a weaker packaging division.
Free Malaysia Today
18-06-2025
- Business
- Free Malaysia Today
Public Bank ordered to pay RM90mil in damages to NFC for confidentiality breach
The Federal Court has ordered Public Bank to pay RM30 million each in equitable, exemplary, and aggravated damages to National Feedlot Corporation and three others for disclosing its accounts to the public. PUTRAJAYA : The Federal Court has ruled that Public Bank must pay RM90 million in damages for violating its statutory duty and breaching confidentiality by disclosing to the public the National Feedlot Corporation's (NFC) accounts, along with those of three affiliated companies. A three-member bench led by Chief Judge of Malaya Hasnah Hashim ordered the bank to pay RM30 million each in equitable, exemplary, and aggravated damages. 'Public Bank is to pay 2% interest on the judgment sum effective today until the payment of damages is settled,' she said. Sitting with her were Chief Judge of Sabah and Sarawak Abdul Rahman Sebli and Justice Abu Bakar Jais. The court dismissed Public Bank's appeal on liability last month. The Court of Appeal previously ruled that NFC had failed to prove its losses, resulting in the award of a nominal sum of RM10,000 in damages. Hasnah said the appeals court fell into error in its finding. 'The appellant (NFC) had produced financial reports and audited accounts through its expert witness,' she said, adding that the bank had not called any witnesses to challenge the witness's credibility. As such, the documents relied on by the appellants remained unchallenged, said Hasnah. In their statement of claim, NFC, its chairman Salleh Ismail, and its subsidiaries National Meat & Livestock Corporation Sdn Bhd and Agroscience Industries Sdn Bhd had asked for RM560 million in damages. They sought RM60 million in general damages and a total of RM500 million in aggravated and exemplary damages. Salleh is the husband of former Wanita Umno chief Shahrizat Abdul Jalil. The case dates back to 2012 when then-PKR vice-president Rafizi Ramli obtained confidential banking details which he used to support allegations against NFC regarding a government loan linked to property purchases. Lawyers Shafee Abdullah, Sarah Abishegam, and Farah Mustaffa represented the appellants, while counsel Chan Kok Keong, Poh Choo Hoe, and Tiang Min Hin appeared for the bank.
Malaysiakini
18-06-2025
- Business
- Malaysiakini
Apex court orders Public Bank to pay RM90m to NFCorp
The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairperson Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality. A three-member bench comprising Chief Judge of Malaya Hasnah Hashim, Chief Judge of Sabah and Sarawak Abdul Rahman Sebli and Federal Court judge Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages.
The Star
27-05-2025
- Business
- The Star
Trading ideas: Public Bank, U Mobile, Kerjaya, Samaiden, Titijaya, PeterLabs, Shin Yang, NexG, Globaltec, Maybank, AMMB, PetGas, Hume Cement
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Public Bank Bhd has failed in its appeal to set aside a RM560mn lawsuit filed by the National Feedlot Corporation and four others, including its chairman Datuk Seri Mohamad Salleh Ismail, after the country's apex court unanimously dismissed the bank's appeal. U Mobile Sdn Bhd has signed a RM2.4bn, 10-year deal with Telekom Malaysia Bhd to speed up its nationwide 5G rollout. Kerjaya Prospek Group Bhd , via wholly-owned subsidiary, Kerjaya Prospek Ventures Sdn Bhd, is acquiring 4.4mn shares and 935,900 new redeemable preference shares in Aspen Vision Land Sdn Bhd for RM98mn. Samaiden Group Bhd has bagged a RM100.8mn contract to undertake the engineering, procurement, construction and commissioning works for a large-scale solar photovoltaic power plant in Pasir Mas, Kelantan. Titijaya Land Bhd is proposing to acquire two property assets in Kota Kinabalu, Sabah, for RM105mn. Peterlabs Holdings Bhd has extended the suspension of its director Datuk Loh Saw Foong from his executive duties, pending the outcome of both its internal investigation and an ongoing probe by the Malaysian Anti-Corruption Commission. Shin Yang Group Bhd 's wholly-owned subsidiary Shin Yang Shipyard Sdn Bhd had signed a letter of intent with the Home Affairs Ministry for the proposed construction of the two offshore patrol vessels for Malaysian Maritime Enforcement Agency. NexG Bhd, formerly known as Datasonic Group Bhd , is developing a RM250mn secure identification document production facility as part of its global expansion strategy. Globaltec Formation Bhd's Australian-listed subsidiary, NuEnergy Gas Ltd, has commenced drilling the first of four wells under its Early Gas Sales Initiative in South Sumatra, Indonesia. Malayan Bank Bhd net profit edged up 4% YoY to RM2.6bn in 1QFY25, as income from interests and insurance offset a decline in non-interest income. AMMB Holdings Bhd closed FY25 with a 7.1% net profit growth YoY to RM2bn on the back of a higher net income of RM4.9bn from RM4.7bn in FY24. Petronas Gas Bhd 's net profit for 1QFY25 rose to RM468.8mn from RM456.7mn a year earlier although revenue declined to RM1.59bn from RM1.62bn previously. Hume Cement Industries Bhd posted a net profit of RM40.6mn for 3QFY25, down 33.4% from RM61.1mn a year ago, mainly due to lower cement sales volume.
