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00:04 Puncak Nyaga Holdings has dropped its RM14 billion suit against the Selangor State Government
00:10 for what it had alleged was a forced takeover of the state's water industry back in 2017.
00:16 The suit was filed following the takeover of PNSB Water
00:20 and a 70% stake in Shahbaz from Puncak Nyaga by the state for RM1.55 billion cash,
00:26 which it claimed was lower than the two companies' value of RM2.08 billion to RM2.35 billion.
00:33 It also sought loss of business opportunities amounting to RM13.496 billion plus interest.
00:40 In a filing today, Puncak Nyaga said it decided to discontinue the claims after careful consideration
00:47 of the fact that the six-year claim has yet to proceed to trial in court.
00:51 It said its decision was also due to evolving change in the challenging business environments
00:56 regulating Puncak Nyaga, where its operations are entirely in Malaysia.
01:01 The group said it is also seeking to avoid incurring more resources and costs to pursue the matter in court.
01:08 The stock rose 10.8% to RM41, valuing it at RM184.2 million.
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01:20 Communications and Digital Minister Fahmy Fazil said all participating mobile network operators
01:26 will hold equal stakes in the government-owned 5G network infrastructure outfit, DNB.
01:32 Met after officiating Ericsson Imagine Live Malaysia 2023,
01:37 he said the telcos are finalising the share subscription agreement with DNB
01:41 and the matter should be concluded very soon.
01:44 In July, Fahmy announced that five telcos will take up the stakes in DNB.
01:49 Cellcom Digi, Maxis, Telekom Malaysia, U Mobile and YTL Communications.
01:54 According to him, the 5G network coverage of populated areas in Malaysia has reached 68.8% as of August 31
02:03 and is on track to achieve the 80% target by the end of this year or early 2024.
02:09 Earlier, Fahmy was also reported as saying,
02:12 DNB's CEO is expected to be announced after the agreements are finalised.
02:17 The position has been vacant since March this year,
02:20 after Augustus Ralph Marshall stepped down upon the expiry of his two-year contract.
02:26 [Music]
02:31 Astro Malaysia Holdings said its second-quarter FY2024 bottom line
02:36 was dragged by high operating costs and unfavourable forex loss.
02:40 Quarterly net profit slumped by 76% to RM23.65 million.
02:46 This as revenue shrank 5.6% to RM869.82 million
02:51 due to a fall in subscription revenue and merchandise sales.
02:55 As for the first six months of FY2024,
02:59 Astro's net profit stood at RM39.55 million, down 80.1%,
03:04 while its top line fell 6.5% to RM1.76 billion.
03:09 The pay TV services provider did not declare any dividend.
03:12 It said this is in line with its new policy to distribute dividends annually
03:17 from consolidated profit after tax and minority interest.
03:21 This is aimed at balancing the need to reinvest in the growth of adjacent businesses,
03:25 while also preserving liquidity to strengthen its balance sheet and pay out dividends.
03:31 On its prospects, Astro said it sees prolonged macroeconomic headwinds
03:35 persisting for the remainder of FY2024.
03:39 While it maintains a cautious outlook,
03:41 its CEO Ewan Smith said the group is committed to investing in content production
03:47 with over RM300 million earmarked for this fiscal year.
03:51 Its shares fell 0.97% to 51 cent, valuing it at RM2.64 billion.
03:58 Bumi Armada said its subsidiary Armada Akia has signed a production sharing contract
04:09 with Indonesia's Ministry of Energy and Mineral Resources
04:12 for exploration in the Tarakan Basin of the North Kalimantan province.
04:17 In a boarst filing on Monday, the oil and gas service provider said
04:21 its co-bidder for the project, Paxco Tarakan,
04:24 has also entered into the exploration agreement.
04:27 The contract covers an area of 8,394 square kilometres
04:32 and contains the Aster and Tulip oil and gas discoveries.
04:36 Bumi Armada will provide and operate a floating production storage and operation
04:42 and a floating liquid natural gas or gas pipeline for the development.
04:46 It said Paxco is an independent upstream exploration and production group of companies
04:51 and the group currently operates two production sharing contracts in Indonesia.
04:56 Shares in Bumi Armada closed 2.65% lower to 55 cent,
05:01 giving it a marked capitalisation of RM4.78 billion.
05:05 HLIB Research expects the benchmark FBM-KLCI to return to the 1,465 points level
05:16 in the third quarter of this year.
05:19 This would be thanks to potential window dressing activities during the period
05:23 and Prime Minister Datuk Sri Anwar Ibrahim's productive visit to the United States.
05:27 The recent conclusion of the six state elections is also expected to bring about
05:32 an improvement in risk appetite and a pickup in merger and acquisition activity.
05:37 The benchmark index last flitted around that level in February.
05:41 As of 5pm, the KLCI was down 0.47% at 1,443.45.
05:49 In a note today, the Research House said that despite the composite index tracking
05:53 a downturn on Wall Street and facing technical challenges,
05:57 it is expected to extend its sideways consolidation phase amid the risk-off environment.
06:03 The Research House advised investors to buy on dips to take advantage of a more promising
06:08 fourth quarter 2023, setting a year-end target of 1,530 points.
06:14 [Music]
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