Summary of business stories from May 24 to 30


Corporate News

EPF revises operating hours during MCO 3.0

  • The Employees Provident Fund (EPF) has revised its operating hours of its offices and counters nationwide from 8.30am to 2pm, effective from Tuesday until further notice.
  • The retirement fund said in a statement on Monday the revised hours were due to tighter standard operating procedures (SOP) under the Movement Control Order (MCO) 3.0.
  • The EPF stated walk-in visits are strictly not allowed.

Azhar returns to MRT Corp as chairman

  • MRT Corp Bhd has appointed Datuk Wira Azhar Abdul Hamid as new chairman, marking his return to the company he once helmed as its founding chief executive officer.
  • His appointment was effective May 11, MRT Corp said in a statement today.
  • Prior to returning to MRT Corp, Azhar was the chairman of FGV Holdings Bhd from 2017 to April 2021.


Paramount Corp chairman Teo Chiang Quan passes away at age 72

  • Paramount Corp Bhd chairman and executive director Datuk Teo Chiang Quan has passed away due to complications from an unexpected illness. He was 72.
  • Over and above being an astute businessman and property developer, Teo can be described as a nation-builder, Paramount Corp said in a statement Monday (May 24).
  • Teo began his career in what was known as the Malaysian Rice Mills (MRI) in 1976, which in 1980, was renamed to Paramount Corp Bhd.
  • Through his leadership and determination to succeed, Teo helped shape Paramount into the company it is today.

Captains of industry remember Teo as a stalwart in the property business

  • The Malaysian property industry has lost an icon in Datuk Teo Chiang Quan, who passed away on Monday due to complications from an unexpected illness.
  • To various property players and consultants, the Paramount Corp Bhd chairman and executive director will always be remembered as a mentor, a gentleman and his passion for the industry.
  • Housing and Local Government (KPKT) Minister Datuk Zuraida Kamaruddin said Teo was an icon among Malaysian property developers and led Paramount Corp to great heights.

EcoWorld Malaysia achieves RM2.02bil sales in H1

  • Eco World Development Group Bhd (EcoWorld Malaysia) has achieved RM2.02bil sales in the first half of its financial year 2021 (FY21), comprising the period from Nov 1,2020 to April 30,2021.
  • “We are very thankful that we have achieved RM2.02bil in sales in the first six months of FY21, ” president and CEO Datuk Chang Khim Wah said in a statement.
  • “Following a good start to FY21 with RM706mil sales recorded in the first quarter of the financial year, sales were even stronger in the second quarter with RM1.3bil achieved in this most recent quarter.


Pharmaniaga-on-track-to-fullfil-vaccine-supply” target=”_blank”>Pharmaniaga on track to fullfil vaccine supply

  • Pharmaniaga Bhd is on track to meet its contractual obligation to the government ahead of the agreed delivery schedule by supplying both filled and finished as well as finished Sinovac Covid-19 vaccine.
  • In a statement Wednesday, the pharmaceutical company said it would be able to supply a total of 8.6 million doses by end June 2021.
  • From the total completed doses, the EU certified plant has rolled out a total of 290,480 doses to the Health Ministry on May 11, which was from the 200L of bulk vaccine received in February for process validation.

Alliance Bank extends RM7b under loan modification, moratorium

  • Alliance Bank Malaysia Bhd has extended over RM7bil in loan modifications and moratoria, with an approval rate of over 95%.
  • The bank has also disbursed more than RM600mil in special relief fund and RM120mil in targeted relief and recovery facility provided by Bank Negara Malaysia.
  • Alliance Bank said on Monday it will continue to extend its payment relief assistance (PRA) packages to help individuals and businesses facing cash-flow constraints due to the COVID-19 pandemic.


Ringgit slips as investors return to safe havens

  • The ringgit opened slightly lower against the US dollar today, as investors returned to safe-haven currencies due to cautious sentiment on the global market, a dealer said.
  • At 9.05am, the local currency declined to 4.1400/1450 against the greenback from Thursday’s close of 4.1380/1410.
  • The dealer said investors reacted from the mixed US economic data, with the number of initial jobless claims came in lower than expected, which was usually bullish for the greenback.


Crypto miners halt China business after crackdown

  • Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.
  • A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday – the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply.
  • Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process which produces newly minted crypto currencies such as bitcoin.

HSBC CEO says Bitcoin not for us

  • HSBC has no plans to launch a cryptocurrency trading desk or offer the digital coins as an investment to customers, because they are too volatile and lack transparency, its Chief Executive Noel Quinn told Reuters.
  • Europe’s largest bank’s stance on cryptocurrencies comes as the world’s biggest and best-known, Bitcoin, has tumbled nearly 50% from the year’s high, after China cracked down on mining the currency and prominent advocate Elon Musk tempered his support.
  • It marks it out against rivals such as Goldman Sachs, which Reuters in March reported had restarted its cryptocurrency trading desk, and UBS which other media said was exploring ways to offer the

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