Sabah & Sarawak

Hibiscus Petroleum among top most active as group buys stake in North Sabah PSC

Malaysia’s first special purpose acquisition company (SPAC), Hibiscus Petroleum Bhd,was among the top most actively traded stocks on Monday following news of its agreement to acquire a 50 per cent stake in North Sabah from Sabah Shell Petroleum Co Ltd and Shell Sabah Selatan Sdn Bhd. This came as Hibiscus Petroleum is to acquire 50 per cent participating interests in the 2011 North Sabah Enhanced Oil Recovery production sharing contract from Sabah Shell Petroleum Company Ltd and Shell Sabah Selatan Sdn Bhd (Shell).

Labuan IBFC Inc appoints Farah Jaafar Crossby as CEO

Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc) has appointed Farah Jaafar Crossby as its new chief executive officer (CEO) effective January 1, 2018. In a statement, the agency said Farah, who currently heads the Marketing Intelligence and Strategic Communications unit, is a law graduate from University of Sheffield.

TSH to see strong recovery in FY17-19

TSH Resources Bhd (TSH) is expected by analysts to have a strong recovery in financial year 2017-2019 (FY17-19). TA Securities Holdings Bhd (TA Securities) expected TSH’s FY17 fresh fruit bunch (FFB) harvest to increase by 18 per cent to 701,000 tonnes due to the recovery from the El-Nino impact.

Curtis officially retires as group managing director of CMS

Cahya Mata Sarawak Bhd (CMS) confirmed that Datuk Richard Curtis will retire from his position as group managing director on December 31, 2017. Datuk Isaac Lugun has been redesignated to group chief executive officer (corporate) while Goh Chii Bing has been redesignated to group chief executive officer (operations). Both were appointed to their current positions on August 1, 2017.