Day: July 31, 2024

KUALA LUMPUR,, Malaysia should conduct a comprehensive economic study on sustainability criteria, commercial availability, and technology readiness of multiple potential technology pathways to boost the production of sustainable aviation fuel (SAF), said experts. President of Malaysia Biomass Industries Confederation Datuk Leong Kin Mun said the development of SAF in Malaysia offers a significant opportunity to utilise the country’s abundant oil palm biomass, crude palm oil (CPO), and sludge palm oil. He noted that Malaysia generates approximately 95 million dry tonnes of solid palm biomass annually and 18 million tonnes of CPO and sludge palm oil, all recognised as Carbon Offsetting

KUALA LUMPUR,, Yong Tai Bhd will sell its five-star Courtyard by Marriott Melaka hotel to Southern Envoy Sdn Bhd for RM160 million. In a Bursa Malaysia filing today, Yong Tai said its wholly-owned subsidiary, Apple 99 Development Sdn Bhd has entered into a conditional sale and purchase agreement with Southern Envoy. It said the proposed sale of the hotel represents an opportunity for Yong Tai to immediately unlock the hotel’s value, and it is expected to provide an estimated net pro forma gain on disposal of approximately RM45.86 million. ‘The proposed disposal will give rise to RM160 million in proceeds

KUALA LUMPUR,, Bintai Kinden Corporation Bhd (BKCB) has announced that the group has successfully restructured and rescheduled all of its defaulted banking facilities with its financiers with the aim of uplifting its PN17 status. The engineering services specialist company said it has made substantial progress through strategic initiatives including securing a robust order book, negotiating favourable terms with banks and creditors, implementing cost-cutting measures, finalising outstanding projects and ensuring timely debtor payments. ‘These efforts have been critical in driving the company towards recovery,’ it said in a Bursa Malaysia filing today. On July 30, 2024, BKCB received Maybank’s approval for

KUALA LUMPUR,, Global commercial air passenger traffic for the aviation industry, measured in revenue passenger-kilometres (RPK), remained on its steady growth trend in June 2024, rising 9.1 per cent year-on-year (y-o-y). In a statement today, the International Air Transport Association (IATA) said total capacity, measured in available seat kilometres (ASK), was up 8.5 per cent y-o-y, while June load factor was 85 per cent (+0.5 percentage points (ppt) compared to June 2023). ‘International demand rose 12.3 per cent compared to June 2023. Capacity was up 12.7 per cent y-o-y, and the load factor improved to 85 per cent (-0.3 ppt

KUALA LUMPUR,, The boycott movement on foreign businesses and products is not seen to have a significant impact on the national economy, the Ministry of Economy said. Through a reply posted on the Parliament’s website today, the ministry said the boycott has not impacted the economy since the contribution of the food and beverage subsector to the gross domestic product (GDP) is small, which is 2.4 per cent in the first quarter of 2024. The government will continue to work to ensure that the country’s economy continues to grow and is not affected by any boycott movements, said the ministry.