The founder and group chairman of boutique Shariah advisory firm Amanie Group, Datuk Dr Mohd Daud Bakar has been appointed as the Shariah board chairman of the First Abu Dhabi Bank (FAB), one of the largest banks in the Middle East.
Dr Daud, one of Malaysia’s prominent Shariah scholars, is also chairman of the Shariah Advisory Council of Bank Negara Malaysia, Securities Commission Malaysia and the Labuan Financial Services Authority.
In hopes of creating a better future for the community of SMK Syed Mashor, Batang Kali, Malaysia, Samsung Electronics held a week-long global Employee Volunteer Programme (EVP). With 33 Samsung employee volunteers from Korea and 20 from Malaysia, the initiative was conducted in Malaysia for the first time.
“As a global leader in technology, we at Samsung strive to create a better world. We believe that Samsung can be a true global citizen when we use the talent of our people, our advanced technology and our specialist expertise to address social issues of our time. With the global Samsung Employee Volunteer Programme, we hope the community of Batang Kali will see a brighter tomorrow,” said Dauk Roh Jae Yeol, Director of Corporate Affairs, Samsung Malaysia Electronics.
By Barnabas Gan, OCBC Analyst
Concerns on crude oil’s oversupply environment have been plaguing oil futures lower in the first half of 2017. Statistically, both WTI and Brent had fallen to its sub-$45/bbl handle into June, before rallying markedly year-to-date.
Importantly, the recent rally has lifted both WTI and Brent above their 100-day moving average levels earlier this week, with the latter currently sitting squarely above its critical $50/bbl handle.
PETRONAS has signed an agreement with PTTGL Investment Limited (PTTGLI) for PTTGLI’s equity participation of a 10 per cent equity interest in PETRONAS LNG 9 Sdn Bhd (PL9SB).
PL9SB, a subsidiary of PETRONAS, owns the ninth LNG liquefaction train (Train 9) in the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia. PTTGLI is a subsidiary of PTT Global LNG Company Limited (PTTGL) which is a 50:50 joint venture company between PTT Public Company Limited (PTT), Thailand’s state-owned oil and gas company, and PTT Exploration and Production Public Company Limited (PTTEP).
PETRONAS recently installed the biggest Crude Distillation Column for its Refinery and Petrochemical Integrated Development (RAPID), currently under construction within the Pengerang Integrated Complex (PIC).
Designed by Sinopec Engineering and fabricated by KNM Process Systems Sdn Bhd in Gebeng, Pahang, the distillation column is able to process 300,000 barrels per stream day (bpsd) of medium-to-heavy sour crude oil.
Fajarbaru Builder Group Bhd, a Bursa Malaysia Main Market listed investment holding Company which comprises subsidiaries that engage primarily in construction, property development and logging and timber, announced that its wholly-subsidiary, Fajarbaru Builder Sdn Bhd had on 26 July 2017 received a letter of acceptance from TYL Land & Development Sdn Bhd for a contract worth RM101.3 million.
The contract is in respect of “Remaining Building Works and Related External Works for Proposed Commercial Development.” A filing with Bursa Malaysia today shows that the contract period is 27 calendar months commencing from 28 July 2017.
Property development group EcoFirst Consolidated Bhd posted a 5% jump in its annual revenue to RM127.2 million following a bumper fourth quarter driven by the early completion of its Upper East @ Tiger Lane project in Ipoh, Perak.
For the fourth quarter ended 31 May 2017, Ecofirst saw a stunning 13-time surge in its net profit to RM7.7 million from RM570,000 previously, on the back of a 49.8% rise in revenue to RM65.5 million from RM43.7 million in the previous corresponding quarter.
China-owned water treatment company, BEWG (M) Sdn Bhd (“BEWGM”) made its debut in the Malaysian Sukuk market by successfully issuing RM400 million Islamic Medium Term Notes (“Sukuk Wakalah”) on 19 July 2017 - the first-ever Ringgit denominated Sukuk by a Chinese conglomerate.
The Sukuk Wakalah was fully subscribed at the point of launch which allowed BEWGM to achieve its target funding size and meet its financing objectives. The Sukuk Wakalah carries a rating of AAIS (stable) by Malaysian Rating Corporation Berhad.
Tadau Energy Sdn Bhd (Tadau Energy) has successfully issued RM250 million of Sustainable Responsible Investment Sukuk (Green SRI Sukuk Tadau) yesterday; which it claimed to be the first Green Sukuk issued in Malaysia.
Tadau Energy’s Green Sukuk Framework has been certified by the Center for International Climate and Environmental Research – Oslo, Norway (“CICERO”).
Securities Commission Malaysia (SC) yesterday announced the issuance of Malaysia’s first green sukuk – an innovative channel to address global funding gaps in green financing - under its Sustainable & Responsible Investment (SRI) Sukuk framework.
Tan Sri Ranjit Ajit Singh, Chairman of SC said, “The launch of Malaysia’s first green sukuk marks another significant milestone in product innovation that strengthens Malaysia’s position as a leading Islamic finance marketplace as well as its value proposition as a centre for sustainable finance.”