Latest news with #RM13

Barnama
14 hours ago
- Business
- Barnama
Kenanga, CIMB Maintain ‘Buy' On Yinson After US$600 Mln Vietnam Contract
BUSINESS KUALA LUMPUR, July 29 (Bernama) -- Kenanga Investment Bank Bhd and CIMB Securities Sdn Bhd have reiterated their 'Buy' calls on Yinson Holdings Bhd after it secured a contract worth around US$600 million to provide and charter a floating storage and offloading (FSO) vessel in Vietnam. (US$1=RM4.21). Yinson, via its joint venture PTSC South East Asia Pte Ltd, was awarded the contract by Vietnam's Phu Quoc Petroleum Operating Company for the offshore Block B field in southwest Vietnam. In a filing with Bursa Malaysia yesterday, Yinson said the contract involves the provision, charter, operation and maintenance of the FSO vessel for an initial term of 14 years, with an option for a further extension of up to nine years. 'The total contract value, including the possible extension, is estimated at around US$600 million. 'The FSO vessel will support gas production in the area, which aims to supply 5,073.5 million standard cubic metres of gas per year to customers in the Ca Mau and O Mon power complexes,' it said. Kenanga said it views the contract positively. Based on an assumed US$200 million capital expenditure and a 9.3 per cent discount rate, it estimates a discounted cash flow accretion of one sen per share. 'The expected earnings contribution is minimal at RM13 million, or around three per cent of our forecast profit after tax for the financial year ending 2026. 'Given Yinson's established track record in Vietnam and the use of a familiar shipyard, previously used for FPSO Lam Son, we see limited execution risk. We also assume the project will be fully internally funded, given its modest scale and the JV structure,' it said in a note today. The investment bank maintained its 'Buy' call with an upgraded target price (TP) of RM3.16 per share.


Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
Fiamma seeks shareholder nod to regularise advances to JV firms, reallocates RM13 mil for Johor project
FIAMMA Holdings Bhd is seeking shareholder approval to formalise RM85.5 million in financial assistance to two associate companies involved in property development, and to reallocate RM13 million from renovation expenses to fund a mixed development in Johor Bahru. The proposed financial assistance comprises RM45.95 million to Dawn Land Sdn Bhd (DLSB) and RM39.56 million to Aricia Sdn Bhd (ASB), covering advances, accrued interest and expected future interest. Both entities are 30%-owned associates of Fiamma, with the remaining 70% held by BKG Development Sdn Bhd (BDSB). The move follows the subscription of shares by BDSB in DLSB and ASB in March 2025, granting it control of both firms and converting them into associate companies of Fiamma. Bursa Malaysia requires shareholder approval as the total advances exceed 5% of Fiamma's net tangible assets of RM711.7 million as at end-2024. The financial assistance will be funded through internal funds and borrowings. Separately, Fiamma plans to reallocate RM13 million from office renovation expenses to fund a new project under Affluent Craft Sdn Bhd, a unit involved in the Amberwood Resort Residences — a twin-tower serviced apartment development in Johor Bahru with an estimated gross development value of RM361.1 million. The Johor project is expected to commence in 4Q2025 and complete by 2Q2030. Fiamma's board and audit committee — excluding interested parties Datuk Seri Chiau Beng Teik and Chiau Haw Choon — said the proposals are in the best interest of the company and non-interested shareholders. Eco Asia Capital Advisory has been appointed as independent adviser. An EGM will be convened to seek shareholder approval. — TMR


New Straits Times
3 days ago
- General
- New Straits Times
NST amplified my youth mission of service
WHEN I began working in a large multinational company in Seremban, I was introduced to youth activities by the late S. Rajaratnam, the then president of the Malaysian Hindu Youth Council. A retired senior assistant from a leading secondary school in Taman Tun Dr Ismail, Rajaratnam was a living example of "service above self", tirelessly involved in Hindu youth organisations across the country. I was entrusted with the task of founding the Senawang Hindu Youth Organisation, with a mission to instil the values of Hinduism in young people. It was through these activities in Negri Sembilan that I met two influential journalists: the late R.V. Veera, lead correspondent for the New Straits Times (NST) in Seremban, and Frankie De Cruz, leading the Malay Mail desk. Both became close friends, united by a shared passion for community service and youth empowerment. The defining moment came on March 31, 1985, when Veera pledged to raise money for the Africa Famine Relief Fund by walking from Seremban to Kuala Lumpur — a distance of about 70 kilometres. I was invited to join this noble cause, with an assurance that safety and security would be well-managed throughout the journey. We were flagged off at 7.30am from the Seremban bus station by the then Negri Sembilan menteri besar Datuk Mohd Isa Abdul Samad (now Tan Sri) and state MIC chairman M. Muthupalaniappan. Thirteen youths from Sena-wang joined the walk. The journey was challenging: rain delayed our progress and fatigue set in but our spirits remained unbroken. After hours of walking, we finally arrived at the New Straits Times headquarters in Jalan Riong, Kuala Lumpur, at 8pm. The event was a tremendous success, raising RM13,320 from donors and well-wishers. Veera, visibly exhausted, asked me to share our experience on TV3, giving the nation a glimpse of our efforts and dedication. This event was broadcast nationwide, and through the lens of TV3 and the pages of NST, I became known as a youth leader. The exposure and recognition I gained were invaluable, and it was all thanks to NST's support and Veera's dedication. Veera was more than a journalist — he was a passionate advocate for social causes and a mentor to many young leaders. His daughter, once a journalist with NST, has since become a successful academician, continuing the family's legacy of excellence. Veera's influence through NST made a world of difference not only in my youth service, but also in shaping my life's path. Looking back, that walk from Seremban to Kuala Lumpur was more than a fundraising effort. It was a journey of solidarity, compassion and hope. It was also a journey that connected me deeply with the power of the media to amplify voices and causes that matter. NST, through the dedication of journalists like Veera, has always been more than a newspaper. It championed community service, highlighted youth leadership and inspired Malaysians to come together for the greater good. It empowered me to continue serving with passion and purpose. I cherish this memory as an example of how the newspaper has touched lives and fostered change. It reminds us all of the power of journalism: not just to inform, but to inspire action and build a better society. Thank you, New Straits Times, and thank you, Veera, for making a difference that still resonates today.


Malaysiakini
4 days ago
- Politics
- Malaysiakini
Court dismisses UUM lecturer's RM2m suit against Salahuddin's daughter
Universiti Utara Malaysia lecturer Kamarul Zaman Yusoff was ordered to pay costs amounting to RM13,000 over a defamation suit he filed against the speaker of the Dewan Rakyat's former private secretary, Siti Fatihah Salahuddin. Kuala Lumpur Sessions Court judge Norakhmar Sani made the decision via the e-review platform yesterday.


New Straits Times
6 days ago
- Business
- New Straits Times
Anwar: Sejahtera Madani scheme will help eradicate hardcore poverty
KUALA LUMPUR: The government will launch the Sejahtera Madani initiative today as part of efforts to eradicate hardcore poverty, said Prime Minister Datuk Seri Anwar Ibrahim. He said the initiative was a continuation of the government's commitment to supporting the hardcore poor and the poor, through joint efforts by the government and the corporate sector. "Eradicating hardcore poverty has been my priority since the beginning. By the end of 2024, nearly 150,000 hardcore poor households were lifted out of poverty." He said this during a special announcement yesterday that was broadcast live on television channels and social media. Anwar, who is finance minister, said the government had been improving assistance to the people to ease the burden of living expenses since the beginning of his tenure. He said one of the most significant steps was the allocation of RM13 billion for Sumbangan Tunai Rahmah and Sumbangan Asas Rahmah (Sara), the largest such allocation in the nation's history. "Cash assistance under the Social Welfare Department was increased to RM2.9 billion to boost the monthly welfare assistance for the elderly and children from poor families." He said the government also empowered padi farmers by raising the padi floor price to RM1,500 this year, following increases in 2022 and 2023, and increasing the padi price subsidy scheme rate to RM500 in 2023. In the commodity sector, he said the government increased the rubber production incentive to RM3 per kg last year, following increases in 2022 and 2023. He announced a one-off RM100 cash aid to every adult citizen under the Sara programme, postponed the toll rate increase for 10 highways and lowered the RON95 price to RM1.99 per litre. He said more initiatives would be introduced in the 2026 Budget in October. "These are the measures for now. By the end of 2025, we hope to improve with a clearer commitment to provide benefits in the 2026 Budget in October."