The improvement in our local business was largely due to new orders for provision of manpower supply and mechanical rotating equipment services from various contracts that the group has with the Petronas group of companies.ubsidiary in Singapore recorded a slightly lower revenue compared to the preceding year corresponding quarter caused mainly by shortage in workforce and delay in our customers’ orders attributable to Covid-19 safety measures implemented by the government of Singapore

According to the group, its 3Q net profit jumped by almost a third from RM21.34 million last year, thanks to the higher revenues of its semiconductor and oil and gas (O&G) businesses.The company said its quarterly revenue also increased by 23% to RM116.59 million from RM94.79 million, mainly underpinned by significant contributions from its subsidiaries in Taiwan and Malaysia.

Frontken Corp Bhd emerged as one of the top gainers in the local bourse on Friday (Nov 5) after the group registered a 27.94% hike in its net profit to RM27.3 million in the third quarter ended Sept 30, 2021 (3QFY21)

Fund Manager like that when 33 sen overvalued sell ..undervalued buy...

DNeX-Beijing CGP consortium planned in Malaysia to support the development of the local semiconductor eco-system. This was through an innovation fund to be set up by DNeX to help locals design and manufacture local products for international markets including China.

Chinese partner Beijing CGP with SilTerra to focus on its commercial fabrication activities its strength as industry enabler in the areas of R&D and tech development, engineering, experimental FAB and production. The plan will entail efforts to position SilTerra as the nation's Unicorn and to leverage on its unique's position to build semiconductor industry eco-system witn the help of Beijing CGP and its limited partners' network of semiconductor companies. SilTerra can be Malaysia US$1 billion Unicorn for technology companies . With production achieving near designed capacity for SilTerra's FAB-1 of 40,000 wafers per month (wpm) and FAB-1E of up to 10,000 wpm, revenue can increase to US$300 million with a net profit of US$75 million at a valuation at US$1.5 billion.

ATA IMS net profit surged 165.2% to RM53.31 million for the third quarter ended Dec 31, 2020 from RM20.1 million a year earlier, on strong order flows coupled with improved productivity and operational efficiency.

Hong Leong Investment Bank (HLIB) Research analyst Tan J Young said in a note today that UWC’s results met the research house’s expectations.
The record-setting 1QFY21 core net profit of RM23 million (+27% quarter-on-quarter; >+100% year-on-year) matched HLIB's and the consensus full-year estimates,” he said.
HLIB maintained its ‘buy’ call for UWC, with an unchanged target price (TP) of RM8.88, pegged at 38 times FY22 (ending July 31, 2022) earnings per share (EPS).
Tan said the escalating trade intensity may eventually benefit UWC, which provides a one-stop solution as more companies shift production out of China to avoid import tariffs.
Commenting on the robust outlook for the group, Tan said the group remains optimistic about its business prospects as it had been receiving enquiries from potential local and global customers on a regular basis.
This will broaden its customer base, diversify its segmental exposure, and increase its order book in the process. UWC foresees stronger demand for chip testers ahead in tandem with the projected semiconductor equipment market growth.
It is working closely with customers in new product development as well as project transfer, at the same time targeting potential high-end customers,” he said.
Tan noted the group had undertaken the manufacturing of front-end semiconductor and fifth-generation network (5G) equipment.
It is constructing a class 10,000 cleanroom, expected to be completed by early 2021, to cater for front-end semiconductor equipment assembly. Also, UWC is expanding its assembly bay capacity. The autonomous vehicle chip tester is expected to commence mass production by the end of 1HFY21 (the first half ending Jan 31, 2021).
As for the life science and medical segment, the group expects sustainable substantial growth ahead against the backdrop of Covid-19 and increased health awareness and living quality.

UWC among top gainers on solid 1Q earnings: Integrated engineering support services provider UWC Bhd rose as much as 5.41% or 40 sen to RM7.79 after the group posted a 93.5% jump in net profit for the first quarter ended Oct 31, 2020 (1QFY21).
To recap, the group reported a net profit of RM21.71 million for 1QFY21, boosted by stronger demand for both its semiconductor and life science businesses, compared with RM11.22 million a year ago.Meanwhile, its revenue climbed 52.4% to RM71.5 million from RM46.91 million a year earlier.

Forecast would be guided by several data, including the RM109.8 billion investments approved for the manufacturing, services and primary sectors in the first nine months of this year.
He said the manufacturing sector was the biggest contributor to the approved investment value during that period at RM65.3 billion, followed by the services sector (RM42.8 billion) and the primary sector (RM1.7 billion).Of that, FDI contributed 38.8%, or RM42.6 billion, while the rest comprised domestic investments.

The Malaysian Investment Development Authority (MIDA) has identified 23 high-profile foreign investment projects in the manufacturing and services sectors, with a combined potential investment value of RM75.4 billion, which are targeted to be brought into Malaysia in 2021.
Deputy International Trade and Industry Minister Datuk Lim Ban Hong said as of Oct 31, 2020, MIDA had evaluated 786 investment projects in the two sectors before bringing them to the National Committee on Investment (NCI) for approval.The Ministry of International Trade and Industry (MITI), through MIDA, will continue its endeavour to bring in a high level of investments as in previous years.

ATA IMS to see steady order flows on back of strong demand
KUALA LUMPUR (Oct 29): ATA IMS Bhd’s order flows are expected to be steady on the back of strong demand for its key customer’s products, particularly from the Asian markets, CGS-CIMB Equities Research said today.
The electronic manufacturing services provider yesterday reported its highest-ever quarterly profit and revenue — at RM52.29 million and RM1.34 billion, respectively — for its second quarter (2Q) ended Sept 30, 2020.
“While we expect revenue and net profit to normalise in the third and fourth quarters of its 2021 financial year after the seasonally stronger second quarter, we believe order flows will remain steady on the back of strong demand for its key customer’s products, particularly from the Asian markets,” it said
The research house also expected order flows from ATA’s new customers to ramp up over 2Q of this financial year as well as the 2022 financial year, leading to better utilisation rates at its production lines.
“We gather that ATA's near-term (three-month) order flows remain intact, while its medium-to-longer-term order flows remain uncertain due to potential subsequent waves of the Covid-19 outbreak,” it said.
Hence, CGS-CIMB has raised its earnings per share forecast for ATA for financial years 2021 to 2023 by 4.2-8.4% to factor in better order flows and economies of scale.
It also kept its “add” call, with a higher target price of RM2.43 as the research house remained positive on ATA’s order outlook.

V.S. Industry - Secures Yet Another New Customer
18/10/2020 VSI will be acquiring 6 pieces of land with a total size of 414k sf, boosting production floor space by c.25%.
The additional capacity will be catered for a new US-based Customer Y, thanks to the China trade diversions.
AffinHwang Reiterate our Buy rating, with unchanged target price of RM2.70 (based on 19x CY21 target PER).
Acquiring Land & Building for Expansion…
VSI has entered into a sale and purchase and construction agreement with Ipark Development Sdn Bhd, a subsidiary of AME Elite to acquire 6 pieces of land with industrial buildings with a total land size of c.414k sq ft in Senai, Johor for RM99m. The approximate acquisition cost per sq ft is equivalent to RM239, comparably higher to the last transacted industrial plot at RM80/sf in Senai Airport City as it includes the cost of building amenities constructed to VSI’s production requirement. We are positive on the acquisition as this will increase the current production land area by c.25% to >2m sq ft, which will cater for the newly secured US-based Customer Y and as VSI’s new headquarters (HQ). The group plans to free up the existing HQ and manufacturing space for Victory’s production. VSI will be spending a total of c.RM150m for this expansion to be funded via internally generated funds and bank borrowings.
With New Customer Y Secured
Elsewhere, VSI has also secured another new US-based Customer Y, thanks to the rerouting of supply chain opportunities presented by the escalating trade tensions. During the briefing, we learnt that VSI will be producing home appliances for Customer Y, which products do not compete directly with VSI’s existing customers. Mass production of the first model will likely begin in 2QCY21, with management guiding that this customer could potentially contribute c.RM1bn revenue within the next 2 years.
Reiterate Buy With Unchanged TP of RM2.70

HeiTech Padu noted that the MoU is not expected to have any material effect on the company’s net assets per share, earnings per share, gearing, share capital and substantial shareholders’ shareholdings for the financial year ending Dec 31, 2020 (FY20). None of the directors, major shareholders of the company and persons connected to them have any interest, directly and/or indirectly, in the MoU, it said.Earlier in September, HeiTech Padu confirmed that it is one of the bidders for the government's NIIS project.

This includes sharing information in data centre-related business technical competencies and exploring future business potential in the large customer market segment of Malaysia,” said HeiTech Padu.RO’s principal activities involve engineering, construction and project management, specifically in the data centre development sector and ancillary activities.

HeiTech Padu announced that it had entered into a memorandum of understanding (MoU) with Regal Orion Sdn Bhd (RO) to explore all possible business collaborations to unlock potential business synergies via their respective competitive advantages and enhance data centre-related business activities in Malaysia.

HeiTech Padu was the developer of the incumbent Malaysian Immigration System (myIMMS), first used by the government in 1993 and which the National Integrated Immigration System (NIIS) will replace.

The signing of the historic Regional Comprehensive Economic Partnership (RCEP) agreement is significant towards realising a free and open international economic order.
It reflects our strong commitment to international trade, connectivity, rule-based multilateral trading systems and enhancing the free flow of trade and investments.
Lim said the implementation of the agreement will help to ensure the opening of markets, as well as an uninterrupted supply chain including the establishment of greater trade integration and diversifying of production networks with China.

The forum was organised in collaboration with the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) and China Construction Bank (CCB).
Speaking at the forum, MIDA chief executive officer Datuk Azman Mahmud said the government is strengthening Malaysia’s investment environment by introducing multiple economic stimulus plans and incentive measures to withstand the challenges posed by the Covid-19 pandemic.
Malaysia welcomes investments by Chinese companies, particularly those specialising in automated machines and robotics, aerospace and aeronautical, biopharma and medical devices, advanced information technology and new energy vehicles, among others.
It will undoubtedly be instrumental in pushing our economic reformation despite the pandemic.
Going forward, MIDA said Malaysia is looking to strengthen its regional connectivity with China to complement each other's advantages and expand bilateral trade and investment.
In his keynote address at the event, MITI deputy minister Datuk Lim Ban Hong said there is a need for mutually beneficial and sustainable growth partnerships, not only between China and Malaysia but also beyond to enable dynamic economic development.

Malaysia welcomes investments from China’s high technology, knowledge and capital intensive ventures, as such investments are instrumental in driving economic reformation amidst the Covid-19 pandemic, said the Malaysian Investment Development Authority (MIDA).
The agency noted that in the first nine months of 2020, China had invested RM16.8 billion in Malaysia’s manufacturing sector, involving 58 manufacturing projects.It added that the country remains as one of Malaysia's largest trading partners and is one of the country’s top foreign direct investment source.Meanwhile, MIDA said the agency, together with the Ministry of International Trade and Industry (MITI), had successfully organised the “Malaysia-China Business Forum: New Normal, New Opportunities” on Nov 18.

Abdul Rahman also sheds light on CIMB’s refined medium-term plan, now labelled Forward23+. He is a strong believer in having continuity within an organisation.Part of the plan includes eyeing opportunities amid the crisis, such as in the wealth management segment and technology.
With so many things at play and clouded by prolonged uncertainty, how will Abdul Rahman lead CIMB through these times?

In his first media interview as CIMB's group CEO, Abdul Rahman, who is new to banking, believes he will bring a fresh perspective to CIMB by “looking at the bank with different lens”.He is quick to admit that the learning curve is steep, yet he feels privileged to be given the opportunity to head the banking group. His key focus over the next four years is to deliver and create value for shareholders. For a financial institution like CIMB, he believes that if there is a metric that determines shareholder value, it would be the return on equity (ROE).

This voucher is available at all registered and selected travel agencies with a minimum purchase of a package worth RM299 per person or a three-day two-night package in Perak.These travel agencies will promote the latest packages and products under Geopark Perak as a must-visit destination for tourists that will provide opportunities to tourism product operators as well as enhance the activities to promote Geopark Lembah Kinta.She added that Kellie's Castle was also continuing with its Dark Tourism programme this year with the Kellie's Night Tour V.3 every Friday and Saturday from 8 pm to 12 midnight throughout October.She said the new initiative was expected to encourage more domestic tourists to come to Perak and stay for longer periods of time, while helping travel agencies to be more competitive and thrive under the new norms.

The decision to close the theme park is for the purpose of disinfection and to ensure the safety of the workers," she told a press conference at the launching ceremony of the Geotourism Vouchers #TravelPeraklah and Dark Tourism at Kellie's Castle here tonight.She said the State government through Tourism Perak in collaboration with tourism associations in the State had once again launched the initiative for the recovery of the tourism sector.He said the latest initiative was a continuation of the second-anniversary celebration of the Kinta Valley Geopark which indirectly aimed at helping travel agencies affected by the COVID-19 pandemic.

Only one tourism destination in Perak has been temporarily closed due to the recent spate of COVID-19 infections.Perak Housing, Local Government and Tourism Committee chairman Datuk Nolee Ashilin Mohammed Radzi said, however, no other tourist spot was affected so far.
The closure of the Sunway Lost World of Tambun theme park for 14 days beginning Tuesday was an approach taken by the theme park’s management itself after some visitors were suspected to have been positive.

Sunway Lost World of Tambun theme park closed for 14 days

Having high-profile predecessors at CIMB Group Holdings Bhd — one now the country’s finance minister, another the younger brother of a former prime minister — may have made the job a tad harder for Datuk Abdul Rahman Ahmad.Taking on the position of group chief executive officer (CEO)/executive director of CIMB in the midst of a weak economy made worse by the relentless Covid-19 pandemic, how will he steer the country’s second largest banking group through this perfect storm?

The Centre for Independent Journalism (CIJ) has called for the removal of restrictions that limit coverage of the Third Meeting of Parliament to only 15 media organisations.n a statement, the centre expressed its disappointment over the decision, and called for fair and equal access by all media to in-house parliamentary proceedings, especially in these times of crisis.

The Employees Provident Fund (EPF) will resume its counter services at its Klang office on Monday, Oct 19, 2020, in accordance with the Conditional Movement Control Order (CMCO) guidelines for the Selangor state.The resumption of services at EPF Klang follows its temporary closure from Oct 9, 2020, following the earlier CMCO imposed for the district.
All members must go through a temperature screening and check in via MySejahtera prior to entering the branch premises and they must follow the EPF social distancing measures during their entire visit.

He said that banks would not suffer losses if the moratorium is extended as repayments would merely be delayed.An extension of the blanket moratorium for three months would not burden banks as it would only defer payments for loans of about RM6 billion, a fraction of the RM32 billion profit after tax banks are expected to have reaped in 2019.The RM6 billion would not be a loss incurred by banks, but merely a delay in collecting the amount from customers until the economy is on a better footing and the blanket moratorium is no longer needed.

NUBE is confident there would be widespread support for an extension as the Covid-19 economic fallout has adversely impacted the lives of all Malaysians, more so the lower-income groups and SMEs.The country’s gross domestic product (GDP) is expected to contract by more than 5% this year. This, by itself, should be enough reason for the government and banks to do all they can to protect the welfare of the lower-income groups.He also urged for the moratorium to be extended until year end and subject to a review in 2021 if and when the economy picks up.The government must not wait for repercussions of the CMCO to take their toll on the millions of people who require help immediately. The slowdown of business activity, including at virtually empty shopping malls and other business premises, shows that employers and workers will be embroiled in more financial turmoil in the months ahead.

Sadly, these workers do not qualify for the targeted moratorium and are likely to default on their loans unless the government has a change of heart and hears their plea for help.He also said the targeted moratorium by banks is not enough to help many of those who are suffering.
The Ministry of Finance (MoF) and banks must stop giving the excuse that the current targeted moratorium, which comes with a slew of conditions, is adequate, claiming there isn’t any need to reinstate the blanket moratorium which expired at end-September,

The National Union of Bank Employees (NUBE) is demanding urgent reinstatement of the blanket loan moratorium by a further two to three months across the country at least for the bottom 40% (B40) and middle 40% (M40) income groups as well as small and medium enterprises (SMEs).
In a statement today, its general-secretary J Solomon said thousands of lowly-paid workers had either lost their jobs or are clinging to it, making them unable to service their loans at this time.
The failure to [extend the moratorium] will wreak havoc and create large clusters of families mired in poverty and unable to sustain themselves, as well as failed SMEs, all due to their inability to repay their loans as a result of the government’s and banks’ ignorance of their hardship.

MAF through the field hospital will remain there until the pandemic is under control,” he told reporters when met at the Subang Airport here today.The fight had departed at about 8.30 am before returning with Covid-19 test samples from Sabah.Last Sunday, Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob announced the MAF field hospital was expected to begin operations next Tuesday.The hospital is aimed at providing support by treating cases other than Covid-19, such as trauma and emergency surgeries as well as maternity cases and others.Meanwhile, in Tawau, Field Hospital Commander Colonel Dr Shamsul Bahary Muhamada said a full test of the systems will be conducted on Monday.He said the hospital's readiness level was now at 70% and he expects operations to begin on Tuesday.Currently, layout work is in full swing, on top of preparation of equipment and supplies which involves movement of medical facilities from the Bravo Battalion Company based at Lok Kawi Camp in Kota Kinabalu.
In addition to this, he said the field hospital also awaits the arrival of its core team from the Tuanku Mizan Armed Forces Hospital, the Lumut Armed Forces Hospital, the Terendak Armed Forces Hospital as well as the Second Medical Battalion and MAF medical elements from the Peninsula.

A total of 14,000 tonnes of medical supplies were flown to the new Malaysian Armed Forces (MAF) field hospital in Tawau, Sabah this morning.Armed Forces Health Services Division director-general Lt-Gen Datuk Pahlawan Dr Md Amin Muslan said also onboard the MAF Airbus A400M aircraft were 73 officers and personnel who will be on duty at the hospital.This is the first time we have collaborated with the Ministry of Health (MoH) to assist them especially to allow the Tawau field hospital to fully operate in dealing with the Covid-19 situation.

Elaborating, Adham said the makeshift hospital is expected to fully operate on Tuesday.
It consists of facilities from the third and fourth categories, including intensive care unit (ICU) facilities for patients who need oxygen assistance before they are sent to the Tuanku Sultanah Bahiyah Hospital, Alor Setar.The makeshift hospital is a result of strategic collaboration between the Ministry of Health (MoH) and the Malaysian Armed Forces following the success of setting up a field hospital in Tawau, Sabah.According to health director-general Tan Sri Dr Noor Hisham Abdullah yesterday, Covid-19 cases in the Pokok Sena Prison was part of the 1,525 cases under the Tembok cluster.

A "makeshift hospital" facility is being set up in the Pokok Sena Prison in Kedah to treat Covid-19 patients, said Health Minister Datuk Seri Adham Baba.He said two workshop blocks in the prison were being makeshift into a health facility to provide Covid-19 treatment, including for patients who need oxygen assistance.The facility can accommodate up to 250 patients, including from other prisons in the state, he said in a statement here today.

Mahsing had entered into a tenancy agreement with landlord Minho Kilning (Klang) Sdn Bhd to occupy part of a piece of land in the Ladang Sungai Puloh Industrial Area on Jalan Kapar in Klang, Selangor, where it will set up, install and commission its glove-making asset.

The group intends to fund the capex through internally-generated funds, bank borrowings and the proposed issuance of up to RM100 million nominal value of seven-year redeemable convertible sukuk Murabahah announced on Sept 24.
Yesterday, the group proposed to diversify into the manufacturing and trading of gloves and related healthcare products to take advantage of favourable long-term prospects of the glove industry as well as the additional demand amid the COVID-19 pandemic.
Mah Sing also said the diversification will provide an avenue to access the global market, thus reducing its over-reliance on the domestic market for its property business, which is cyclical in nature.

Its chief executive officer Datuk Dr Kalyana Sundram contends that soy, sunflower and canola are so far behind in proving their sustainability, there is little chance that they can catch up to palm oil in time to meet the proposed legislations in the European Union (EU) and the United Kingdom (UK).
He acknowledged that the EU and UK were looking to reduce deforestation in imports.

Profit Consortium Sdn Bhd took over the project in October 2015. Until now, the project, sitting in the center of Kuala Lumpur remains incomplete.Ting was also involved in the initial development of the Bakun Hydroelectric Dam in Sarawak via his company Ekran Bhd and for building the Sheraton Langkawi Beach Resort in 100 days.He kept a low profile from 2002 onwards, until he announced in 2018 that he will be embarking on the Langkawi New City project, which was expected to cost around RM30 billion after Tun Dr Mahathir Mohamad became the Prime Minister the second time.
Ting previously told the media that he had spent over 20 years on the development plan and that the project would be the biggest of its kind in the northern part of Peninsular Malaysia.The project was planned to feature 30,000 super condominium units, commercial centres, berthing facilities for ocean liners and yachts and other facilities on an 810ha reclaimed site off the west coast of the island.

Timber tycoon Tan Sri Ting Pek Khiing passed away at the age of 79 in his residence on Jalan Setia Raja, Kuching, Sarawak, this afternoon, according to a report in The Borneo Post.
The report said no further details were immediately available as the family had requested for privacy, quoting a source close to the family.Ting was one of the colourful corporate characters of the 1990s. The Sarawakian tycoon previously undertook the development of Plaza Rakyat via his company Plaza Rakyat Sdn Bhd. The project stalled in 1998 due to financial woes after the onset of the Asian financial crisis.

Brem Holdings Bhd is buying six parcels of leasehold industrial land in Serendah, Selangor for RM68.26 million to replenish its land bank. The vacant plots measure 528,439 square metres in total and are located near the Sungai Buaya interchange and toll plaza on the North-South Expressway. The purchase price translates to RM129.17 per square metre. The property and construction group is acquiring the six plots from an investment holding company, Padang Dinamik Sdn Bhd. They have a remaining lease term of 75 years until 2095. Brem said the acquisition will be financed through internally-generated funds or bank borrowing, and is expected to be completed by end-2021.

The Employees Provident Fund (EPF) said today one of its employees at the EPF Kota Kinabalu (KK) branch had tested positive for Covid-19 on Wednesday (Oct 14).
In a statement today, the EPF said the employee has not reported for work since Oct 2.
The KK branch had been temporarily closed since Oct 7 to abide by the Conditional Movement Control Order (CMCO). Nevertheless, we have also undertaken intensive sanitisation of the branch premises, while we continue to monitor the situation together with the Ministry of Health and the National Security Council.
To minimise the visitor footprint at our branches, members who want to visit a branch must first make an appointment through Janji Temu Online, or instead, opt to perform transactions online via i-Akaun. The EPF remains committed to ensuring the safety and health of everybody,” the pension fund said.

The greatest con against sustainable edible oils is being allowed by the EU. Under political and economical pressure by the US, soy has been recognised by the EU as a sustainable source of biofuels despite all the evidence against its sustainability.Soy is such a sacrosanct commodity that even vegans who boycott palm oil vociferously defend the inclusion of soy in their diet by insisting that soy is grown as animal feed. What of soy lecithin which is a common replacement as a food emulsifier and which competes in the same segment as palm oil derived emulsifiers?”
Kalyana also slammed international media for suppressing palm oil while supporting the soy and rapeseed oil industries, adding that the news media is the one fight that the MPOC must win as a first step in its endeavours to have all edible oils treated fairly.IPOSC Module 1 was held from Sept 14 to 22. Module 2, which began on Oct 12, ends on Oct 20.

Kalyana further pointed out that soy as a vegetable oil with the largest terrestrial footprint in the world, was able to avoid the spotlight.With the wildfires burning forests in South America on a scale that made the 2015 fires in Indonesia look like a campfire, the scale of soy’s impact in the world was peeled back just enough to raise global alarms.Citing independent study findings, he said the global palm oil industry, with a terrestrial footprint that contributed 2.3% to deforestation, pales in comparison to deforestation caused by the meat and soy industries. Today palm oil ranks among the most consumed of the 17 different competing oils and fats. This progressive rise up the ladder has also come with a hefty price to the industry straddled with a myriad of controversies, critics and accusations of unsustainable operations throughout the supply chain.The industry expert stressed that if there is a silver lining to the criticisms and controversies concentrated on palm oil, it has to be the fact that the industry is most ready to prove itself as a solution for mitigating climate change and biodiversity preservation.

Stressing a point In the virtual International Palm Oil Sustainability Conference (IPOSC 2020) hosted by the MPOC recently, he said despite rapeseed’s scandalous distinction, its import and use for the EU’s biofuel requirements get a free pass with no questions asked about its sustainability.
Canada, as one of the biggest sources of rapeseed for biofuels in the EU, also gets ‘unfettered access’ to the EU’s biodiesel market,

All edible oils should be treated equally in terms of sustainability without bias against palm oil, asserts the Malaysian Palm Oil Council (MPOC).

The group had entered into a tenancy agreement with landlord Minho Kilning (Klang) Sdn Bhd to occupy part of a piece of land in the Ladang Sungai Puloh Industrial Area on Jalan Kapar in Klang, Selangor, where it will set up, install and commission its glove-making asset.

Mah Sing Group Bhd will be spending up to RM150 million in capital expenditure (capex) for the first phase of its proposed rubber glove venture, which will be funded via internal funds, bank borrowings and sukuk issuance.Further to its announcement yesterday regarding the diversification of its business, Mah Sing said the capex entails the purchase of 12 new glove production lines and other plant and machinery such as boilers, chillers, compressors and wastewater treatment plant as well as the refurbishment work of a warehouse in Klang.