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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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