KUALA LUMPUR (March 18): The mandatory general offer (MGO) by JAG Capital Holdings Bhd for KUB Malaysia Bhd, at 60 sen per share, has seen it obtain 163.82 million shares, equivalent to a 29.44% stake, in KUB.

This has bumped up JAG’s shareholding in KUB to 62.72% or 349 million shares, according to a statement issued by Maybank Investment Bank, on behalf of JAG.

JAG said in the circular to shareholders that it does not intend to keep KUB’s listing status if it secures 90% of all KUB shares, but would keep KUB listed if it secures between 75% and 90%.

JAG is controlled by Minister of Plantation Industries and Commodities Datuk Seri Johari Abdul Ghani, who holds a 98.75% stake in the company.

On Jan 9, 2024, JAG was obliged to make an MGO for KUB after it had bought 1.79 million KUB shares on the open market, which raised its shareholding in the listed entity to 33.28%.

Prior to that, KUB proposed a related party transaction to buy a 86.65% stake in cables and wire manufacturer Central Cables Bhd (CCB) from its major shareholder JAG for RM119.42 million, by issuing redeemable convertible preference shares.

Shares of KUB have traded largely range-bound between 50 sen and 60 sen in the last two years.  On Monday, the counter closed one sen or 1.7% lower at 58.5 sen, valuing it at RM326 million.


Sumber : The Edge Malaysia

KOTA KINABALU: Sabah Chief Minister Datuk Seri Hajiji Noor's visit to Shenzhen in China last year drew a crowd of 1,024 visitors to the state.

Dubbed as the 44th International Tea Gathering, the event, organised by Hangjia Tea-dao Research Society, saw representatives from China, Taiwan, the United States, and more.

The person in charge of the event, Datuk Lee Jack Son, said that the entourage came to Sabah for the cultural exchange and to explore the state.

"This initiative stemmed from the Chief Minister's visit to Shenzhen in November last year. His visit triggered the community to visit Sabah," he told the media at a hotel last night.

Their itinerary, which began on Saturday and will continue until next Thursday, includes exploring tea and the mountains in Ranau, Mantanani Island in Kota Belud, and Tunku Abdul Rahman Park in Kota Kinabalu.

Lee also suggested that the trip might open up commercialisation opportunities, especially if the group could blend tea from Sabah with those from China.

Deputy Plantation and Commodities Minister Datuk Chan Foong Hin and Hangjia Tea-Dao Research Society President Ho Tsai Ping, were present at the event.

Chan, who also serves as Kota Kinabalu member of parliament, highlighted that the entourage of tea enthusiasts is making a significant contribution to Sabah's tourism industry.

"This is the third time the group has visited Malaysia. Previously, they had programmes in Kuala Lumpur and Penang.

"Initially, they planned to visit Bali, but they chose Sabah instead. If each visitor spends RM3,000 during their trip here, this program definitely demonstrates great potential for tourism."

Regarding the international tea festival held last night, Chan expressed that it was eye-opening, as he had never witnessed an event where thousands of people drink tea together.

He also added that in Malaysia, the tea-drinking culture, such as teh tarik, kopitiam, and the afternoon tea lifestyle, is influenced by people of various racial backgrounds.


Sumber : New Straits Times

KUALA LUMPUR: Deputy Agriculture and Food Security Minister Datuk Chan Foong Hin today clarified that the Facebook account under the name 'Chan Foong Hin' does not belong to him.

He said it was a fake account created by irresponsible individuals and called the public to help report the account on the platform.

"Please note that I have only one FB page (with a verified blue tick) and one FB personal account 'Foong Hin Chan'," said Chan.

"There's no such position called 'Deputy Prime Minister of Plantation & Commodities' too," he added.

Meanwhile, checks by New Straits Times on the fake account showed that the alias used is @chan.foong.hin.2, and the profile has zero friends.


Sumber : New Straits Times

PUTRAJAYA, Feb 29 — Stability is key to a country’s economic development journey, and in a pluralistic society like Malaysia, unity is a critical element to enable the people to live and work in peace, said Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.

He said that political stability is highly needed, with the concept that the various political parties in the country with their own agendas and ideologies cannot hinder national economic growth.

“Unity cannot be seen in a silo. If the various communities are only concerned about their respective communities, many differences will arise,” he said during a Madani discussion session entitled “Unity Aspirations Strengthens the Bumiputera Agenda” at the Bumiputera Economic Congress (KEB) 2024 here today.

Touching on national economic statistics, Johari said that bumiputera make up 70 per cent of the country's population but their corporate equity ownership stands at a mere 18.4 per cent.

The bumiputera poverty rate is also the highest at around 7.9 per cent.

As for bumiputera who venture into business owing to poor job opportunities or lack of educational qualifications, Johari said some are not ready to become entrepreneurs.

“They are not ready, but some have been given many government contracts, so the concept of ‘Ali Baba’ emerged, as the contracts given to them were passed along to non-bumiputera to gain quick profits.

“(To counteract this,) access to quality education is the first step, so that the bumiputera community is not left behind,” he said.

Commenting on the economy and entrepreneurship, Johari said Malaysia could not run away from the concept of unity; without it, it would be difficult to develop the country’s economy.

In his view, government assistance alone would not have a significant impact on the bumiputera economy as the community also needs to help itself by increasing its entrepreneurial knowledge.

Meanwhile, on the problem of “Ali Baba” entrepreneurs, he proposed a database be set up and monitored by the government.

He expressed hope that this would be one of the KEB 2024 resolutions, as it would help in addressing gaps in implementation.

“Without this database, we will continue to make the mistake of giving opportunities to the wrong people, who are not real entrepreneurs.

“If the banks have a Central Credit Reference Information System (CCRIS) and the private sector uses the Credit Tip-Off Service (CTOS) to verify, the government also needs to establish (a platform) for the same purpose,” he added. — Bernama


Sumber : Malay Mail

PUTRAJAYA: Plantation and commodities minister Johari Ghani has called for the government to set up a database of Bumiputera companies to distinguish the genuine and qualified businesses from those that are merely rent-seekers.

Johari said the measure was necessary to combat “Ali Baba” practices that have adversely affected the government’s efforts to empower Bumiputera businesses and communities.

He said the database would allow companies to be properly screened to determine their suitability to tender for and secure the award of government projects.

“Many government initiatives have failed due to ‘Ali Baba’ practices. We aim to support only genuine Bumiputera entrepreneurs.

“For this, the government must maintain a central database, instead of allowing each ministry to have its own,” he told a press conference on the sidelines of the 2024 Bumiputera economic conference here.

“Ali Baba” practices loosely refer to rent-seeking by Bumiputera companies who take on government jobs and subcontract the actual work to non-Bumiputera entities without adding value.

Johari, an Umno vice-president, said that without a comprehensive database, the government runs the risks of awarding contracts to undeserving people, rather than genuine Bumiputera entrepreneurs.

“If the government wants to assist Bumiputeras, there must be a credible database we can refer to (that will flag) those ineligible for government projects or contracts,” he said.

The database must be accessible to the public, he said.

Earlier, Johari took part in a forum that discussed strengthening the Bumiputera agenda, one of several programmes taking place between today and Saturday at the Putrajaya International Convention Centre.


Sumber : Free Malaysia Today