EVENING 5: Selangor state govt says no to PJD Link

The Edge TV

In today’s edition of Evening 5 — the Selangor state government has killed the PJD link project, with the administration saying that it was not satisfied with the plans proposed. Meanwhile, Bursa Malaysia says that even more IPOs are in the offing before the year wraps up.

Transcript

00:00 [Music]

00:04 The Selangor State Government has rejected the application for the Petaling Jaya Dispersal Link Project,

00:10 said its caretaker MB Datuk Sri Amiruddin Shari.

00:13 In a statement on Monday, Amiruddin said the decision was made as the administration is

00:17 not satisfied with the plans proposed, especially in relation to its social impact on Petaling Jaya residents.

00:24 According to Amiruddin, the project's approval at the federal level is conditional

00:28 upon meeting all the requirements set by the Selangor State Government.

00:32 He referred to a concession agreement signed on April 5, 2022 between the project's developer

00:37 and the federal government at that time, which was led by a coalition between Barisan Nasional,

00:42 now partners with Pakatan Harapan, and the current federal opposition, Perikatan Nasional.

00:47 Amiruddin said the agreement is conditional upon the developer undertaking in full

00:52 the assessment on environmental, social and traffic impact before the project can be activated.

00:58 The proposed 25.4-kilometer elevated highway which cuts through Petaling Jaya

01:02 has been equated to the now-defunct Kinrara-Daransara Expressway, which was rejected in 2015

01:09 due to the developer's failure to submit traffic, social and environmental impact assessments by the stipulated deadline.

01:16 The announcement comes as Selangor and five other states, Negeri Sembilan, Penang, Kedah,

01:21 Kelantan and Tengganu head for the state election on August 12.

01:25 The PJD Link's concession holder, PJD Link Malaysia, has previously secured

01:30 $922 million in funding on June 6 to develop the project,

01:34 which will see MCC Overseas Malaysia as the project contractor.

01:38 Meanwhile, PJD Link Malaysia has also proposed the reverse takeover of PN70 company

01:44 Skomi Energy Services, where the due diligence is ongoing and expected to be completed by September 15.

01:51 Bursa Malaysia's second quarter net profit improved by 28% year-on-year to 76.25 million

02:02 as operating expenses fell on a one-off reversal of the provision of sales and service tax on

02:08 digital services amounting to RM27.66 million. In contrast, revenue dipped 4.8% to RM144.6 million

02:16 from the RM151.9 million it posted a year ago. The stock market operator declared an interim

02:22 dividend of RM0.15 per share for the quarter. As for its half-year results, Bursa Malaysia's

02:27 earnings ticked up by 3.9% year-on-year to RM132.42 million, despite revenue declining 5.34%

02:35 to RM301.1 million from RM317.2 million. Chairman Tan Sri Abdul Wahid Omar says the group is

02:43 cognizant of the global financial landscape marked by intensified risk and subdued external demands.

02:49 Nevertheless, he says Bursa Malaysia remains optimistic, backed by the resilience of domestic

02:54 market demand, the anticipated reversal of international investment flow back to emerging

02:59 markets in the second half of 2023, and the multifaceted strategies that the exchange is implementing

03:05 across its markets. CEO Datuk Mohamad Omar Swift said that it is encouraged by potential uplifts

03:10 arising from the growth potential presented by the relatively attractive valuation of its equity

03:16 market and anticipated stabilization of the global interest rate environment. Omar adds that these

03:22 factors, coupled with the recently reduced stamp duty rate on the trading of shares, are poised to

03:26 attract both local and international investors. Moreover, the group says that through its JV,

03:31 Bursa Malaysia Ram Capital, it has achieved a significant milestone to launch a new debt

03:36 fundraising platform, offering small to mid-sized companies alternative means of fundraising,

03:41 alongside providing more investment opportunities to investors. Bursa Malaysia has also maintained

03:47 its target of having 39 initial public offerings for this year, which is the highest it's been

03:52 since 2006, where there were 40 new listings. According to Omar, there are 23 companies due

03:58 to launch their IPOs in the second half, of which seven are scheduled to debut on the main market,

04:03 two are on lead market, while the balance are headed for the ace market. In the first seven

04:08 months of 2023, Bursa Malaysia saw 21 new listings, of which 14 were on the ace market.

04:19 MeeTek Novation said its former COO-cum-general manager Chin Yong Keong has claimed in a court

04:25 document that the group had defamed him in statements relating to his employment history.

04:30 Chin, who is now the CEO-cum-executive director of newly listed Edeltech Holdings,

04:34 made the claim in a counterclaim in response to MeeTek Novation's lawsuit against him,

04:39 filed at the High Court in Penang on May 14. In a boss filing, MeeTek Novation said its solicitors

04:45 will serve with the defence to the suit, as well as the counterclaim on July 28.

04:50 According to the Penang-based semiconductor equipment manufacturer, Chin counterclaimed

04:55 for defamation against the company for its announcement to Bursa Malaysia Securities on

04:59 May 17 and the summary write-up prepared by the company's solicitors attached to the announcement.

05:05 Chin also counterclaimed that the writ filed by the company was an abuse of process.

05:10 Chin is seeking $3 million in general damages, $2 million in aggravated damages,

05:15 and another $2 million in punitive damages from MeeTek Novation over the alleged defamation.

05:21 He is also seeking a permanent injunction to restrain the group from publishing the

05:24 alleged defamatory words. MeeTek Novation said it has sought legal advice on the counterclaim

05:29 and the company's solicitors are of the view that the company has a strong defence to the counterclaim.

05:40 Singapore insurer Great Eastern Holdings is in talks to buy MetLife Inc's Malaysian venture,

05:45 according to people familiar with the matter, Bloomberg reports.

05:48 The subsidiary of OCBC is conducting due diligence on M-MetLife Insurance

05:52 and seeking regulatory approval to clinch the deal, the people said.

05:56 According to Bloomberg's report, a transaction could value M-MetLife,

06:00 which the US company jointly owns with AM&B Holdings, at $250 million to $300 million.

06:07 An agreement could be reached within the next few months, the people said,

06:10 asking not to be identified because the matter is private.

06:14 Talks are ongoing and could still fall apart or face delays, they said.

06:17 A representative for AM&B said any announcements will be made in

06:21 accordance with listing requirements. Spokespeople for MetLife and Great Eastern

06:25 declined to comment. A deal would see Great Eastern prevail in its pursuit of M-MetLife,

06:30 which the Singaporean firm was interested in acquiring last year.

06:33 MetLife and AM&B teamed up to form their Malaysian insurance partnership M-MetLife in 2014.

06:39 M-MetLife offers life insurance and wealth protection services through nearly

06:43 200 M-Bank and M-MetLife branches in the country.

06:47 It reported about $307 million of gross earned premiums for the six months ended September 30,

06:52 a 16.7% increase from a year earlier, according to its latest financial report.

07:02 Property developer Ibrako has secured a contract worth $529.83 million

07:08 to build the Sarawak Second Trunk Road. In a boss filing, Ibrako said its subsidiary,

07:12 Ibrako Construction, has received a letter of acceptance from the Jabatan Kerja Raya Sarawak

07:18 to complete the new Batang Samarahan bridge and 9-kilometre new four-lane dual carriageway road

07:23 JKR R5 standard from Batang Samarahan to Batang Sadong. The contract period is for 42 months,

07:29 commencing from August 8, 2023 to February 7, 2027. Ibrako said the project will be funded via

07:36 internally generated funds and external borrowings. It is expected to contribute

07:40 positively to its earnings for the duration of the project.

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