Business

KUALA LUMPUR, Khazanah Nasional Bhd has completed the acquisition of Malaysia Venture Capital Management (MAVCAP) and Penjana Kapital in an effort to strengthen Malaysia’s venture capital (VC) ecosystem and improve public institutions. The acquisitions are expected to enhance the coordination and centralisation of government resources, facilitate efforts to advance Malaysia’s startup ecosystem and bolster its regional competitiveness, the sovereign wealth fund said in a statement today. Khazanah said MAVCAP and Penjana Kapital are now its wholly owned subsidiaries. According to Khazanah, it will begin establishing a national fund-of-funds (NFOF) with an initial allocation of RM1 billion to invest in innovative

KUALA LUMPUR, Rectitude Holdings Ltd (Rectitude), a Singapore-based provider of safety equipment and related industrial-grade hardware products, posted a net income of SG$3.36 million for the fiscal year ended March 31, 2024 (FY2024) compared to SG$3.93 million in the same period last year. (SG$1=RM3.44) Revenue for the same period rose by 9.86 per cent to SG$41.35 million from SG$37.64 million posted a year ago, which was primarily driven by stronger customer demand for safety equipment given the increased construction activity within the company’s markets. Basic and diluted earnings per share for the same fiscal year was SG$0.27 compared to SG$0.31

SUBANG, Six airlines will resume narrow-body aircraft operations on Aug 1, 2024, at the Sultan Abdul Aziz Shah Airport (LTSAAS) in Subang, Selangor. Transport Minister Anthony Loke said the six airlines are FireFly, AirAsia Malaysia, Batik Air Malaysia, SKS Airways, Transnusa, and Scoot Pte Ltd. ‘The first jet operation, by Batik Air Malaysia, is scheduled for take-off on Aug 1 to Penang at noon and the arrival of Transnusa’s flight from Jakarta is scheduled at 2 pm on the same day,’ he told a press conference after a walkabout at LTSAAS, also known as Subang Airport, today. He said flight

KUALA LUMPUR, CIMB Group Holdings Bhd’s (CIMB) share price was up at mid-morning ahead of the announcement of its second quarter of 2024 (2Q 2024) results on Aug 30. At 11 am, CIMB increased 1.0 sen to RM7.25 with 3.44 million shares traded. In a note today, Maybank Investment Bank Bhd said CIMB Group’s financial performance to-date appears to be trending towards its return on equity (ROE) target of 11-11.5 per cent for the year. ‘Another special dividend could further boost sentiment towards the stock. ‘We maintain a ‘buy’ call on CIMB’s shares and our target price (TP) of RM7.70

KUALA LUMPUR, Malaysia Airports Holdings Bhd’s (MAHB) airport maintenance cost will rise to 34 per cent in 2024. To ensure that all airports it operated nationwide were well maintained, MAHB’s outgoings for maintenance totalled RM546 million in 2023, the Transport Ministry said. It added that MAHB allocated RM19.1 million in 2023 to maintain Sarawak’s airports and airstrips. “Maintenance allocation increased to RM27.1 million in 2024, which is a 41.9 per cent rise compared to 2023,” the ministry said in Parliament today in response to Pele Peter Tinggom who said the country’s airports, especially Sarawak’s, need to be upgraded, repaired and