Sabah & Sarawak

Thorough preparation needed for new Companies’ Act

With the new Companies’ Act 2016 coming into effect, industry experts warn of increasing complexities in compliance and advise companies to be thoroughly prepared. The Companies Commission of Malaysia (SSM) will begin enforcement of the new Companies Act 2016 starting January 31 which will be carried out in stages.

Analysts laud Sime Darby demerger, plantations likely to be listed first

Analysts across the board laud Sime Darby Bhd (Sime Darby) rolling out its long-awaited demerger exercise plans, which divides the group into three entities, namely Sime Darby Plantation Bhd, Sime Darby Property Bhd and Sime Darby Bhd. MIDF Amanah Investment Bank Bhd believed that the pure plays strategy will allow the management to focus on each division operation.

Deferred foreign worker levy may boost e-recruitment activities

The deferred foreign worker levy changes, which will shift responsibility of paying the foreign worker levy to employers, may boost e-recruitment activities. To recap, the proposed changes in the foreign worker levy announced late last year have previously incited great criticism and opposition from industry leaders before its eventual deferral to 2018.

Proton unveils new Persona, Saga in Brunei

PAD Motors Sdn Bhd, Proton Holdings Bhd’s main distributor in Brunei, has released the new Proton Persona 1.6L and the third generation Proton Saga 1.3L for sale. Proton chief executive officer Datuk Ahmad Fuaad Kenali said he was pleased that the new Persona and Saga, which have been well received in Malaysia, had generated interest among consumers in Brunei.

CPO production to rebound this year

Crude palm oil (CPO) production is forecasted to rebound by five to 10 per cent in 2017. Following feedback from several planters, Affin Hwang Investment Bank Bhd (AffinHwang Capital) opined that the prolonged effect of El Nino would continue to affect production for the first few months of 2017 before production slowly pick-ups in the latter part of the year.

Bursa Malaysia’s pre- tax profit falls by 2.93 pct to RM270.6 mln

Bursa Malaysia Bhd’s pre-tax profit for financial year ended Dec 31, 2016 (FY16) fell by 2.93 per cent to RM270.6 million compared with RM278.8 million in FY15 amid the challenging year for capital markets globally. Revenue eased by 2.26 per cent to RM506.78 million versus RM518.50 million in 2015.