EVENING 5: PM: Taxes shouldn’t burden people or businesses

The Edge TV

In today’s edition of Evening 5 — PM Datuk Seri Anwar Ibrahim says Malaysia's tax policies are to only tax when necessary and not burden taxpayers. Meanwhile, Opcom Holdings wants to diversify into power generation with the acquisition of a 49% equity interest in Transgrid Ventures.

Transcript

00:00 [Music]

00:04 Prime Minister Datuk Sri Anwar Ibrahim said,

00:06 "Budget 2024 will be formulated based on the principles of tax when it's necessary

00:12 and that it should never burden the public and business community."

00:16 Pernama reported today that the PM said,

00:18 "Putrajaya's aim is to encourage taxpayers to be more productive and contribute to the nation,

00:24 but not to the point of being overtaxed."

00:26 Anwar said Putrajaya should also make sure that taxes collected are spent wisely without leakages,

00:33 so that it will not only reward taxpayers,

00:35 but also nurture the sense of belonging or responsibility in them

00:39 that is consistent with the concept of medani.

00:42 Elsewhere, Economy Minister Mohd Rafi Ziramli said,

00:45 "The implementation of the medani economy does not require any additional expenditure this year

00:50 and will still be in accordance with Government expenditure allocations tabled in Budget 2023."

00:57 He said that the government, for example,

00:59 can reprioritise budgets approved for certain projects or ministries.

01:03 [Music]

01:08 Opcom Holdings is proposing to acquire 5.39 million ordinary shares,

01:13 representing a 49% equity interest in power transmission player Transgrid Ventures

01:19 for up to RM98 million.

01:21 The company said it inked a conditional share sale agreement with M Saraswati Manikam

01:26 for the acquisition of the group and its subsidiaries,

01:29 namely Transmission Grid Ventures, Raup Energy Ventures and Transgrid Borneo.

01:34 The transaction will be satisfied via a combination of cash and issuance of new ordinary shares in Opcom.

01:40 The fibre-optic manufacturer added,

01:43 the move would enable it to diversify into power generation and transmission,

01:47 and strategically position itself in the local electricity supply industry.

01:52 The inter-conditional proposals are expected to be completed in the fourth quarter of this year.

01:57 At the close, Opcom's shares were down 3.1% to 77 cent,

02:02 valuing the group at RM295.7 million.

02:06 [Music]

02:10 KGW Group is developing e-commerce solutions to help Malaysian businesses

02:15 expand their presence worldwide, with a focus on markets in the United States.

02:20 Its MD, Datuk Roger Wong, said the solutions,

02:23 part of the business strategy outlined in KGW's prospectus,

02:27 are expected to complement its core logistics services business.

02:31 He explained that by helping Malaysian businesses establish an e-commerce channel,

02:36 KGW will be able to facilitate their cross-border trade activities

02:40 and create additional opportunities for it to provide services at the same time.

02:45 Wong was speaking to the press after the group debuted on the Ace Market of Bursa Malaysia

02:50 with an opening price of 23 cent, a premium of 9.52% from its IPO price of 21 cent.

02:57 At the close, the counter ended the day at 23 cent,

03:00 with a trading volume of just under 181 million shares.

03:04 Its market capitalization was RM111.04 million,

03:09 based on an enlarged share capsule of 482.8 million shares.

03:14 [Music]

03:19 Apparel manufacturer and fashion retailer, Gerasia Capital,

03:23 said it is unable to release its quarterly financial report

03:27 for the period ended May 31, 2023, within the July 31 deadline as required by Bursa.

03:34 In a Bursa filing today, Gerasia, a financially distressed company,

03:38 said the delay in the issuance of the quarterly report

03:40 is due to a significant loss of manpower and loss of critical finance personnel.

03:46 It said it is taking serious steps towards identifying suitable replacement candidates

03:51 to finalize its quarterly report.

03:54 Gerasia is expecting to issue and submit its quarterly report by August 18.

03:59 The firm slipped into PN17 status last January

04:02 as its shareholders' equity on a consolidated basis was 25% or less than its share capital.

04:09 Trading in its shares was suspended on April 25,

04:13 following a winding up order from the KL High Court

04:16 over unpaid debts amounting to RM28.81 million by its subsidiary, Canteran Capital.

04:22 The counter was last traded at half a cent, valuing it at RM410,000.

04:28 [Music]

04:32 Doofu Technology Corp, which saw second quarter FY2023 net profit fall 88.7% year-on-year,

04:40 warned that its FY2023 performance is expected to be considerably lower compared with FY2022.

04:47 This has given reduced demand from customers,

04:49 challenging operating conditions and uncertain market circumstances.

04:53 In a board filing today, the precision machining parts and components manufacturer said

04:59 a decline in consumer spending coupled with rising interest rates and persistent inflationary pressures

05:05 has led to reduced capital expenditures by enterprises and cloud providers.

05:10 This has affected demand for large-capacity hard disk drives

05:14 and other semiconductor-related fabrication equipment.

05:17 In the second quarter of FY2023,

05:20 Doofu posted a net profit of RM3.32 million compared with RM29.26 million in the second quarter of FY2022.

05:28 Quarterly revenue fell 48.1% year-on-year to RM47.65 million.

05:34 Its weekest in nearly six years since the third quarter of FY2017

05:39 when it posted a top line of RM43.53 million.

05:43 Still, it declared an interim dividend of 1.5 cent per share.

05:47 [Music]

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